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Long-Term Debt | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Long-Term Debt | 8. Long-Term Debt Long-term debt consists of the following credit facilities, sale and lease back agreements, seller’s credits and unsecured bonds, collectively the “financing arrangements”. As of June 30, 2025 and December 31, 2024, the following amounts were outstanding under our financing arrangements: Long-Term Debt - Bank Loans (Table)
|  |  | As of June 30, 2025 |  | As of December 31, 2024 | Rate of interest
| Credit facilities |  |  |  |  |
(i) | Issued in October 2022 maturing in October 2028 (the “2022 credit facility”) |  | 91,700 |  | 94,360 | Margin + Secured Overnight Financing Rate (“SOFR”)
(ii) | Issued in June 2023 maturing in June 2031 (the “2023 credit facility”) |  | 87,500 |  | 90,625 | Margin + SOFR
(iii) | Issued in January 2024 maturing in December 2030 (the “2024 – LNG/C Axios II credit facility ”) |  | 175,000 |  | 180,000 | Margin + SOFR
(iv) | Issued in June 2024 maturing in June 2031 (the “2024 – LNG/C Aktoras credit facility”) |  | 227,000 |  | 233,500 | Margin + SOFR
(v) | Issued in June 2024 maturing in June 2031 (the “2024 – LNG/C Aristidis I credit facility”) |  | 147,250 |  | 151,125 | Margin + SOFR
| Sale and lease back agreements |  |  |  |  |
(vi) | Assumed in September 2021 maturing in June 2030 (the “2021 Bocomm”) |  | 115,123 |  | 118,216 | Margin + SOFR
(vii) | Assumed in September 2021 maturing in November 2029 (the “2021 Bocomm”) |  | 110,260 |  | 113,210 | Margin + SOFR
(viii) | Assumed in November 2021 maturing in July 2036 (the “2021 Shin Doun”) |  | 121,175 |  | 124,376 | Fixed rate
(ix) | Issued in December 2022 maturing in January 2031 (the “2022 Jolco”) |  | 98,179 |  | 100,273 | ($65,779: Margin + SOFR, $32,400: Fixed rate)
(x) | Issued in February 2023 maturing in February 2033 (the “2023 CMBFL - LNG/C”) |  | 164,313 |  | 168,687 | Margin + SOFR
(xi) | Assumed in December 2023 maturing in October 2033 (the “2023 CMBFL - LNG/C AMI”) |  | 163,159 |  | 174,212 | Margin + SOFR
(xii) | Issued in May 2024 maturing in May 2032 (the “2023 – LNG/C Assos Jolco”) |  | 231,445 |  | 236,079 | ($190,045: Margin + SOFR, $41,400: Fixed rate)
(xiii) | Issued in July 2024 maturing in July 2032 (the “2024 – LNG/C Apostolos Jolco”) |  | 231,232 |  | 235,870 | ($189,832: Margin + SOFR, $41,400: Fixed rate)
(xiv) | Issued in August 2024 maturing in July 2031 (the “2024 Bocomm – LNG/C Attalos”) |  | 154,315 |  | 158,780 | Margin + SOFR
(xv) | Issued in August 2024 maturing in July 2031 (the “2024 Bocomm – LNG/C Asklipios”) |  | 154,315 |  | 158,780 | Margin + SOFR
| Unsecured Bonds |  |  |  |  |
(xvi) | Issued in October 2021 maturing in October 2026 (the “2021 Bonds”) |  | 175,624 |  | 156,136 | Fixed rate
(xvii) | Issued in July 2022 maturing in July 2029 (the “2022 Bonds”) |  | 117,082 |  | 104,091 | Fixed rate
| Total long-term debt |  | 2,564,672 |  | 2,598,320 |
| Less: Deferred financing costs |  | 18,017 |  | 19,808 |
| Total long-term debt, net |  | 2,546,655 |  | 2,578,512 |
| Less: Current portion of long-term debt |  | 133,162 |  | 132,439 |
| Add: Current portion of deferred financing costs |  | 4,086 |  | 4,056 |
| Long-term debt, net | $ | 2,417,579 | $ | 2,450,129 |
8. Long-Term Debt – Continued Details of the Company’s financing arrangements are discussed in Note 8 of the Company’s Consolidated Financial Statements for the year ended December 31, 2024. On June 26, 2025, the vessel-owning companies of two LCO2 – HMG/C currently under construction, entered into a new credit facility, the “2025 - LCO2 – HMG/C credit facility”, for an amount of $101,702 which may increase up to a total of $117,347 million if long term employment is secured, with the purpose of financing the delivery from the shipyard of the two vessels under construction (the LCO2 - HMG/C Amadeus (Hull - 8399) and the LCO2 - HMG/C Athenian (Hull - 8405)). The Company is acting as a parent guarantor. The facility is expected to be drawn down in two different tranches in April and November 2026, respectively, each with a duration of five years each. During the six-month period ended June 30, 2025 the Company repaid the amount of $66,127, in line with the amortization schedule of its financing arrangements. For the six-month periods ended June 30, 2025, and 2024, the Company recorded interest expense net of capitalized interest (Note 6) of $57,442 and $60,925, respectively and the weighted average interest rate of the Company’s financing arrangements was 5.3% and 6.8%, respectively. As of June 30, 2025, the required annual payments to be made subsequently to June 30, 2025, are as follows: Long-Term Debt - Required Annual Loan Payments (Table)
For the year ending June 30, |  | Amount
2026 | $ | 133,162
2027 |  | 301,715
2028 |  | 119,089
2029 |  | 191,456
2030 |  | 399,776
Thereafter |  | 1,419,474
Total | $ | 2,564,672
All the Company’s sale and leaseback agreements were classified as financing arrangements because they include various purchase options retained by the Company commencing from the first-year anniversary and either an obligation or an option to acquire each vessel at expiration at a predetermined price, precluding the transfer of control over the vessels. The Company’s credit facilities and sale and lease back agreements contain customary ship finance covenants, including restrictions on changes in management and ownership of the mortgaged vessels, the incurrence of additional indebtedness and the mortgaging of vessels and requirements such as that the ratio of EBITDA to net interest expenses be no less than 2:1, a minimum cash requirement of $500 per vessel, as well as that the ratio of net total indebtedness to the total assets of the Company adjusted for the market value of the fleet not exceed 0.75:1. The Company’s financing arrangements also contain a collateral maintenance requirement under which the aggregate fair market value of the collateral vessels should not be less than 125% of the outstanding amounts under the 2022 credit facility, 120% of the outstanding amount under the 2023 credit facility and the 2024 – LNG/C Aristidis I credit facility, 111% of the outstanding amount under the 2021 Bocomm, the 2024 Bocomm – LNG/C Asklipios and the 2024 Bocomm – LNG/C Attalos and 110% of the outstanding amount under the 2023 CMBFL - LNG/C AMI, the 2023 CMBFL - LNG/C, the 2024 – LNG/C Aktoras credit facility and the 2024 – LNG/C Axios II credit facility. Also, the vessel-owning companies may pay dividends or make distributions only when no event of default has occurred and the payment of such dividend or distribution has not resulted in a breach of any of the financial covenants. In addition, the 2022 and 2021 Bonds contain requirements such as that the ratio of EBITDA to net interest expenses be no less than 2:1, a restricted cash requirement and that the ratio of net total indebtedness to the total assets of the Company adjusted for the market value of the fleet not exceed 0.75:1. In addition, the 2022 and 2021 Bonds require that:
| • | the Company maintain a pledged Debt Service Reserve Account (“DSRA”) with a minimum balance of €100,000;
| • | the Company deposit to the DSRA 50% of any cash disbursements to shareholders (e.g., dividends) exceeding $20,000 per annum, capped at 1/3 of the par value of the 2022 and 2021 Bonds outstanding at the time; and
| • | if the Company’s Market Value Adjusted Net Assets (“MVAN”) falls below $300,000 then to deposit to the DSRA the difference between the MVAN and the $300,000 (capped to 1/3 of the par value of the 2022 and 2021 Bonds outstanding).
The Company’s credit facilities and sale and lease back agreements include a general assignment of the earnings, insurances and requisition compensation of the respective collateral vessel or vessels. They also require additional security, such as pledge and charge on current accounts and mortgage interest insurance. As of June 30, 2025, and December 31, 2024, the Company was in compliance with all financial debt covenants. As of June 30, 2025, the Company had available undrawn amount under Company’s financing arrangements amounting to $101,702.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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