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Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations - Memoranda of Agreement for the Sale of 12 Container Vessels(Table)


Name of Vessel		Type		TEU		Memorandum of Agreement Date		Delivery/Expected Delivery
M/V Akadimos		Neo Panamax Container Vessel		9,288		January 31, 2024		March 8, 2024
M/V Long Beach Express		Panamax Container Vessel		5,089		December 15, 2023		February 26, 2024
M/V Seattle Express		Panamax Container Vessel		5,089		February 14, 2024		April 26, 2024
M/V Fos Express		Panamax Container Vessel		5,089		February 14, 2024		May 3, 2024
M/V Athenian		Neo Panamax Container Vessel		9,954		March 1, 2024		April 22, 2024
M/V Athos		Neo Panamax Container Vessel		9,954		March 1, 2024		April 22, 2024
M/V Aristomenis		Neo Panamax Container Vessel		9,954		March 1, 2024		May 3, 2024
M/V Hyundai Premium		Neo Panamax Container Vessel		5,023		September 12, 2024		November 22, 2024
M/V Hyundai Paramount		Neo Panamax Container Vessel		5,023		September 12, 2024		December 20, 2024
M/V Hyundai Prestige		Neo Panamax Container Vessel		5,023		September 12, 2024		December 5, 2024
M/V Hyundai Privilege		Neo Panamax Container Vessel		5,023		September 12, 2024		January 10, 2025
M/V Hyundai Platinum		Neo Panamax Container Vessel		5,023		September 12, 2024		March 10, 2025

Discontinued Operations - Operating Results of the Discontinued Operations (Table)


	For the years ended December 31,
		2024		2023		2022
Revenues	$	70,575	$	118,819	$	111,819
Expenses / (income), net:
Voyage expenses		1,400		2,707		3,091
Vessel operating expenses		17,353		33,064		27,678
Vessel operating expenses - related party		2,615		4,119		3,937
Vessel depreciation and amortization		11,018		29,333		28,230
Impairment of vessel		—		340		—
Gain on sale of vessels		(103,807)		—		—
Operating income, net		141,996		49,256		48,883
Other income / (expense), net:
Interest expense and finance cost (including $304 to related party, for the year ended December 31, 2024, 2023 and 2022)		(3,132)		(9,115)		(9,790)
Other income / (expense), net		161		(23)		—
Total other expense, net		(2,971)		(9,138)		(9,790)
Net income from discontinued operations	$	139,025	$	40,118	$	39,093

Discontinued Operations - Balance Sheet Information from Discontinued Operations (Table)


		As of December 31, 2024		As of December 31, 2023
Cash and cash equivalents	$	38	$	2
Trade accounts receivable, net		636		14
Prepayments and other assets		907		1,954
Inventories		—		2,549
Claims		49		49
Assets held for sale		71,720		14,394
Total current assets of discontinued operations		73,350		18,962
Vessels, net		—		419,672
Above market acquired charters		—		9,420
Deferred charges, net		—		4,714
Prepayments and other assets		—		325
Total non-current assets of discontinued operations		—		434,131
Current portion of long-term debt, net		—		9,659
Trade accounts payable		3,026		4,607
Due to related parties		—		3,823
Accrued liabilities		12,443		9,895
Deferred revenue		903		9,319
Below market acquired charters associated with vessel held for sale		—		1,447
Total current liabilities of discontinued operations		16,372		38,750
Non-current liabilities associated with vessels held for sale (including $6,000 payable to related party as of December 31, 2023)		—		86,983
Below market acquired charters		—		3,135
Deferred revenue		—		9,533
Total non-current liabilities of discontinued operations	$	—	$	99,651

Discontinued Operations - Gain on Sale of Vessels(Table)


Vessel		Sale price		Carrying value on sale		Other sale expenses		Gain / (loss) on sale
M/V Akadimos	$	80,000	$	(62,030)	$	(1,560)	$	16,410
M/V Seattle Express		13,200		(12,939)		(269)		(8)
M/V Fos Express		13,200		(12,931)		(284)		(15)
M/V Long Beach Express		13,050		(12,789)		(261)		—
M/V Athenian		51,000		(44,833)		(1,029)		5,138
M/V Athos		51,000		(44,760)		(1,029)		5,211
M/V Aristomenis		51,000		(45,105)		(1,029)		4,866
M/V Hyundai Premium		60,650		(34,626)		(1,825)		24,199
M/V Hyundai Paramount		60,650		(34,736)		(1,825)		24,089
M/V Hyundai Prestige		60,650		(34,908)		(1,825)		23,917
Total	$	454,400	$	(339,657)	$	(10,936)	$	103,807