XML 24 R17.htm IDEA: XBRL DOCUMENT v3.25.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies [Abstract]  
Commitments and Contingencies
9.
 
Commitments and Contingencies
a)
 
Various
 
claims, suits,
 
and complaints,
 
including those
 
involving government
 
regulations and
 
product
liability,
 
arise
 
in
 
the
 
ordinary
 
course
 
of
 
the
 
shipping
 
business.
 
In
 
addition,
 
losses
 
may
 
arise
 
from
d
isputes with
 
charterers, agents, insurance
 
and other
 
claims with
 
suppliers relating to
 
the operations
of
 
the
 
Company’s
 
vessels.
 
The
 
Company
 
accrues for
 
the
 
cost
 
of
 
environmental and
 
other
 
liabilities
when management becomes
 
aware that
 
a liability is
 
probable and is
 
able to
 
reasonably estimate the
probable exposure.
 
The Company’s
 
vessels are
 
covered for
 
pollution in
 
the amount
 
of $
1
 
billion per
vessel per incident, by the P&I Association in which the Company’s vessels
 
are entered.
 
b)
 
Pursuant
 
to
 
the
 
sale
 
and
 
lease
 
back
 
agreements
 
signed
 
between
 
the
 
Company
 
and
 
its
counterparties, the Company has purchase obligations
 
amounting to $
50,400
, at the end
 
of the lease
agreements described in Note 8.
 
c)
 
On March
 
30, 2023,
 
the Company
 
entered into
 
a
 
corporate guarantee
 
with Nordea
 
under which
 
the
Company
 
guarantees
 
the
 
performance
 
by
 
Bergen
 
of
 
all
 
of
 
its
 
obligations
 
under
 
the
 
loan
 
until
 
the
maturity of the
 
loan on March 30,
 
2028 (Note 3 (b)).
 
The Company considers the
 
likelihood of having
to make any
 
payments under the
 
guarantee to be
 
remote, as the
 
loan is also
 
secured by an
 
account
pledge
 
by
 
Bergen,
 
first
 
preferred
 
mortgage
 
on
 
the
 
vessel,
 
a
 
first
 
priority
 
general
 
assignment
 
of
 
the
earnings,
 
insurances
 
and
 
requisition
 
compensation
 
of
 
the
 
vessel,
 
a
 
charter
 
party
 
assignment,
 
a
partnership interests
 
security deed,
 
and a
 
manager’s undertaking. Accordingly,
 
as of
 
June 30,
 
2025,
the Company did not record a provision for losses under the guarantee of Bergen’s loan amounting to
$
12,910
 
on that date.
d)
 
As
 
of
 
June
 
30,
 
2025,
 
the
 
Company
 
had
 
total
 
obligations
 
under
 
shipbuilding
 
contracts
 
(Note
 
5),
 
as
follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period
Amount
Year 1
$
4,600
Year 2
9,200
Year 3
59,800
Total
$
73,600
As of
 
June 30, 2025,
 
the Company’s
 
vessels, owned and
 
chartered-in, were fixed
 
under time charter
agreements, considered operating
 
leases. The minimum
 
contractual gross charter
 
revenue expected
to
 
be
 
generated from
 
fixed
 
and
 
non-cancelable
 
time
 
charter
 
contracts
 
existing
 
as
 
of
 
June
 
30,
 
2025
and until their expiration was as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period
Amount
Year 1
$
112,145
Year 2
11,726
 
Total
$
123,871