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Financial Instruments and Fair Value Disclosures | 6 Months Ended
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Jun. 30, 2026
Financial Instruments and Fair Value Disclosures [Abstract] |
Financial Instruments and Fair Value Disclosures | 13. Financial Instruments and Fair Value Disclosures Interest rate risk and concentration of credit risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, time deposits and accounts receivable, trade arising from operating leases. The ability and willingness of each of the Company’s counterparties to perform their obligations under a contract depend upon a number of factors that are beyond the Company’s control and may include, among other things, general economic conditions, the state of the capital markets, the condition of the shipping industry and charter hire rates. The Company’s credit risk with financial institutions is limited as it has temporary cash investments, consisting mostly of deposits, placed with various qualified financial institutions and performs periodic evaluations of the relative credit standing of those financial institutions. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and by receiving payments of hire in advance. The Company, generally, does not require collateral for its accounts receivable and does not have any agreements to mitigate credit risk. During the six months ended June 30, 2026 and 2025 charterers that individually accounted for 10 % or more of the Company’s time charter revenues were as follows: Charterer 2026 2025 Nippon Yusen Kaisha 10% 18% Cargill 11% 12% Swissmarine 16% * Bunge 11% * The Company is exposed to interest rate risk on its borrowings with variable interest rates. This exposure is partly mitigated through fixed-rate indebtedness including the Company’s bond (Note 7), an interest rate swap with DNB (Note 7) and finance liabilities that bear fixed rates (Note 8). Fair value of assets and liabilities The carrying values of financial assets reflected in the accompanying consolidated balance sheet approximate their fair values due to the short-term nature and high liquidity of these financial instruments. Cash and cash equivalents and restricted cash are classified as Level 1 instruments as they represent liquid assets with short-term maturity. The fair value of long-term bank loans with variable interest rates approximates the recorded values, as their interest rates adjust to market-observable rates. These instruments are classified within Level 2 of the fair value hierarchy. As of June 30, 2026, the Company’s lease liabilities had a carrying value of $ 109,073 (Note 8) and a fair value of $ 106,159 . Fair value measurements disclosed As of June 30, 2026, the Bond which bears a fixed interest rate and had a carrying value of $ 175,000 (Note 7), had a fair value of $ 180,688 determined using Level 1 inputs of the fair value hierarchy. Other Fair value measurements December 31, 2025 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Observable Inputs (Level 3) Assets Recurring fair value measurements Investments in equity securities $ 118,194 $ 118,194 $ - $ - Investments in a related party 338 158 - 180 Total recurring fair value measurements $ 118,532 $ 118,352 $ - $ 180 Liabilities Recurring fair value measurements Warrant liability $ 1,330 $ 1,330 $ - Interest rate swap, liability 361 - 361 Total recurring fair value measurements $ 1,691 $ 1,330 $ 361 June 30, 2026 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Observable Inputs (Level 3) Assets Recurring fair value measurements Investments in equity securities 155,235 155,235 - - Investments in related party $ 237 $ 57 $ - $ 180 Total recurring fair value measurements $ 155,472 $ 155,292 $ - $ 180 Liabilities Recurring fair value measurements Warrant liability $ 2,352 $ 2,352 $ - Interest rate swap, liability 109 - 109 Total recurring fair value measurements $ 2,461 $ 2,352 $ 109

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/825/tableOfContent + Details
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