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Discontinued Operations | 6 Months Ended
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Jun. 30, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | 3. Discontinued Operations Following the announcement of the Company on November 13, 2023, of its intention to shift its business focus towards liquified natural gas and energy transition shipping and gradually divest from its non-core assets, the Company entered into 12 memoranda of agreement (“MOA”) with third parties for the disposal of 12 container carrier vessels. The Company determined that the assets and liabilities, results of operations and cash flows of the 12 container carrier vessels met the criteria to be reported in discontinued operations. The container carrier vessels that the Company sold following the announcement are listed below. Discontinued Operations - Memoranda of Agreement for the Sale of 12 Container Vessels(Table)
Name of Vessel |  | Type |  | Twenty-foot Equivalent Unit (“TEU”) |  | Memorandum of Agreement Date |  | 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
Summarized selected operating results of the discontinued operations for the six-month periods ended June 30, 2025 and 2024 are as follows: Discontinued Operations - Operating Results of the Discontinued Operations (Table)
| For the six-month periods ended June 30,
|  | 2025 |  | 2024
Revenues | $ | 2,482 | $ | 43,913
Expenses / (income), net: |  |  |  |
Voyage expenses |  | 35 |  | 988
Vessel operating expenses |  | 1,065 |  | 11,121
Vessel operating expenses - related party |  | 90 |  | 1,635
Vessel depreciation and amortization |  | — |  | 8,765
Gain on sale of vessels |  | (46,213) |  | (31,602)
Operating income, net |  | 47,505 |  | 53,006
Other income / (expense), net: |  |  |  |
Interest expense and finance cost (including $152 to related party, for the six-month period ended June 30, 2024) |  | (1) |  | (2,977)
Other income, net |  | 242 |  | 126
Total other income / (expense), net |  | 241 |  | (2,851)
Net income from discontinued operations | $ | 47,746 | $ | 50,155
3. Discontinued Operations – Continued Summarized selected balance sheet information from discontinued operations as of June 30, 2025 and December 31, 2024, was as follows: Discontinued Operations - Balance Sheet Information from Discontinued Operations (Table)
|  | As of June 30, 2025 |  | As of December 31, 2024
Cash and cash equivalents | $ | 4 | $ | 38
Trade accounts receivable, net |  | 770 |  | 636
Prepayments and other assets |  | 480 |  | 907
Claims |  | 49 |  | 49
Assets held for sale |  | — |  | 71,720
Total current assets of discontinued operations |  | 1,303 |  | 73,350
Trade accounts payable |  | 9,741 |  | 3,026
Accrued liabilities |  | 7,013 |  | 12,443
Deferred revenue |  | — |  | 903
Total current liabilities of discontinued operations | $ | 16,754 | $ | 16,372
As of June 30, 2025, the Company disposed the remaining two of the 12 container carrier vessels agreed to sell. The M/V Hyundai Privilege and the M/V Hyundai Platinum were disposed of on January 10, 2025 and March 10, 2025, respectively. For the six-month period ended June 30, 2025, the Company recognized a gain on sale of vessels from discontinued operations which is analyzed as follows: Discontinued Operations - Gain on Sale of Vessels(Table)
Vessel |  | Sale price |  | Carrying value on sale |  | Other sale expenses | Gain on sale
M/V Hyundai Privilege |  | 60,650 |  | (35,646) |  | (1,825) |  | 23,179
M/V Hyundai Platinum |  | 60,650 |  | (35,791) |  | (1,825) |  | 23,034
Total | $ | 121,300 | $ | (71,437) | $ | (3,650) | $ | 46,213

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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