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Lease financings

6 Months Ended

Jun. 30, 2024

Lease Financings

Lease financings

7.         Lease financings:

Details of the Company’s lease financings are discussed in Note 7 of the Company’s consolidated financial statements for the year ended December 31, 2023, included in the 2023 Annual Report.

The Company’s lease financings bear interest at Secured Overnight Finance Rate (“SOFR”) plus a margin. The corresponding interest expense of the Company’s bareboat lease financing activities is included within “Interest and finance costs” in the unaudited interim condensed consolidated income statements (Note 8).

The principal payments required to be made after June 30, 2024, for the Company’s outstanding finance lease obligations recognized on the balance sheet, as of that date, are as follows:

Lease financings - Capital lease obligations, Principal payments (Table)

Twelve month periods ending		Amount
June 30, 2025	$	2,731
June 30, 2026		2,731
June 30, 2027		2,731
June 30, 2028		2,731
June 30, 2029		4,383
June 30, 2030 and thereafter		1,364
Total bareboat lease minimum payments	$	16,671
Unamortized lease issuance costs		(73)
Total bareboat lease minimum payments, net	$	16,598
Lease financing short term		2,731
Lease financing long term, net of unamortized lease issuance costs		13,867

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- References

No definition available.

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- Definition

The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 440
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/440/tableOfContent

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