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Long-Term Debt | 12 Months Ended
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Dec. 31, 2024
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 December 31, 2024 and 2023, the following amounts were outstanding under our financing arrangements: Long-Term Debt - Bank Loans (Table)
|  |  | As of December 31, 2024 |  |  | As of December 31, 2023 |  | Rate of interest
| Credit facilities |  |  |  |  |  |  |
(i) | Assumed in December 2021 fully repaid in June 2024 (the “2021 credit facility”) |  | — |  |  | 101,087 |  | Margin + Secured Overnight Financing Rate (“SOFR”)
(ii) | Issued in June 2023 maturing in June 2031 (the “2023 credit facility”) |  | 90,625 |  |  | 96,875 |  | Margin + SOFR
(iii) | Issued in January 2024 maturing in December 2030 (the “2024 - LNG/C Axios II credit facility”) |  | 180,000 |  |  | — |  | Margin + SOFR
(iv) | Issued in June 2024 maturing in June 2031 (the “2024 - LNG/C Aktoras credit facility”) |  | 233,500 |  |  | — |  | Margin + SOFR
(v) | Issued in June 2024 maturing in June 2031 (the “2024 - LNG/C Aristidis I credit facility”) |  | 151,125 |  |  | — |  | Margin + SOFR
| Sale and lease back agreements |  |  |  |  |  |  |
(vi) | Assumed in September 2021 maturing in June 2030 (the “2021 Bocomm”) |  | 118,216 |  |  | 126,479 |  | Margin + SOFR
(vii) | Assumed in September 2021 maturing in November 2029 (the “2021 Bocomm”) |  | 113,210 |  |  | 120,232 |  | Margin + SOFR
(viii) | Assumed in November 2021 fully repaid in August 2024 (the “2021 CMBFL - LNG/C”) |  | — |  |  | 130,873 |  | Margin + SOFR
(ix) | Assumed in November 2021 fully repaid in August 2024 (the “2021 CMBFL - LNG/C”) |  | — |  |  | 129,829 |  | Margin + SOFR
(x) | Assumed in November 2021 maturing in July 2036 (the “2021 Shin Doun”) |  | 124,376 |  |  | 130,715 |  | Fixed rate
(xi) | Issued in December 2022 maturing in January 2031 (the “2022 Jolco”) |  | 100,273 |  |  | 104,284 |  | ($67,873: Margin + SOFR, $32,400: Fixed rate)
(xii) | Issued in February 2023 maturing in February 2033 (the “2023 CMBFL - LNG/C”) |  | 168,687 |  |  | 177,438 |  | Margin + SOFR
(xiii) | Assumed in December 2023 maturing in October 2033 (the “2023 CMBFL - LNG/C AMI”) |  | 174,212 |  |  | 196,317 |  | Margin + SOFR
(xiv) | Issued in May 2024 maturing in May 2032 (the “2023 - LNG/C Assos Jolco”) |  | 236,079 |  |  | — |  | ($192,000: Margin + SOFR, $44,079: Fixed rate)
(xv) | Issued in July 2024 maturing in July 2032 (the “2024 - LNG/C Apostolos Jolco”) |  | 235,870 |  |  | — |  | ($192,000: Margin + SOFR, $43,870: Fixed rate)
(xvi) | Issued in August 2024 maturing in July 2031 (the “2024 Bocomm - LNG/C Attalos”) |  | 158,780 |  |  | — |  | Margin + SOFR
(xvii) | Issued in August 2024 maturing in July 2031 (the “2024 Bocomm - LNG/C Asklipios”) |  | 158,780 |  |  | — |  | Margin + SOFR
| Unsecured Bonds |  |  |  |  |  |  |
(xviii) | Issued in October 2021 maturing in October 2026 (the “2021 Bonds”) |  | 156,136 |  |  | 165,984 |  | Fixed rate
(xix) | Issued in July 2022 maturing in July 2029 (the “2022 Bonds”) |  | 104,091 |  |  | 110,656 |  | Fixed rate
| Total long-term debt |  | 2,503,960 |  |  | 1,590,769 |  |
| Less: Deferred financing costs |  | 19,306 |  |  | 11,157 |  |
| Total long-term debt, net |  | 2,484,654 |  |  | 1,579,612 |  |
| Less: Current portion of long-term debt |  | 127,118 |  |  | 90,527 |  |
| Add: Current portion of deferred financing costs |  | 3,920 |  |  | 2,253 |  |
| Long-term debt, net | $ | 2,361,456 |  | $ | 1,491,338 |  |
8. Long-Term Debt – Continued Changes in the financing arrangements for the years 2024 and 2023 are as follows: · For the year 2024 “2024 Bocomm – LNG/C Asklipios” and “2024 Bocomm – LNG/C Attalos” On August 23, 2024, the Company entered into two separate sale and lease back agreements with subsidiaries of the Bank of Communications Financial Leasing Co., Ltd (“Bocomm”) for the LNG/C Asklipios and the LNG/C Attalos, the “2024 Bocomm – LNG/C Asklipios” and the “2024 Bocomm – LNG/C Attalos”, respectively, for an amount of $162,500 each with the purpose of refinancing the then outstanding balance of both vessels of $250,365 under the sale and lease back arrangements that the companies owning the vessels had entered into with CMB Financial Leasing Co., Ltd (“CMBFL”) in 2021. The new sale and lease back agreements have remaining duration, starting from August 29, 2024, when the refinancing took place, of seven years. “2024 – LNG/C Aristidis I credit facility” On June 25, 2024, the vessel-owning company of the LNG/C Aristidis I entered into a new credit facility, the “2024 – LNG/C Aristidis I credit facility”, of up to $155,000, mainly for the full repayment of the 2021 credit facility. The Company is acting as a parent guarantor. The Company drew down the full amount of the facility on June 26, 2024. The facility has a duration of seven years. “2021 credit facility” On June 28, 2024, the Company fully repaid $99,403 of the then outstanding 2021 credit facility through the 2024 – LNG/C Aristidis I credit facility. “2024 – LNG/C Apostolos Jolco” On June 25, 2024, the vessel-owning company of the LNG/C Apostolos entered into a new sale and lease back agreement, the “2024 – LNG/C Apostolos Jolco”, of up to $240,000, for the purpose of full repayment of the 2024 – LNG/C Apostolos credit facility. On July 16, 2024, the Company drew down the full amount of 2024-LNG/C Apostolos Jolco. The sale and lease back agreement has a duration of eight years. “2024 – LNG/C Apostolos credit facility” On June 20, 2024, the vessel-owning company of the LNG/C Apostolos entered into a new credit facility, the “2024 – LNG/C Apostolos credit facility”, of up to $192,000, for the purpose of partially financing the construction of the vessel (Note 6). During June 2024 the Company drew down the full amount of the facility. The facility was fully repaid on July 16, 2024, through the 2024 – LNG/C Apostolos Jolco. “2024 – LNG/C Aktoras credit facility” On May 31, 2024, the vessel-owning company of the LNG/C Aktoras entered into a new credit facility, the “2024 – LNG/C Aktoras credit facility”, of up to $240,000, for the purpose of partially financing the construction of the vessel (Note 6). The Company is acting as a parent guarantor. During June 2024, the Company drew down the full amount of the facility. The facility has a duration of seven years. “2021 Bocomm” On May 14, 2024, the Company agreed with Bocomm to amend certain of the terms included in two separate sale and lease back agreements that the companies owning the vessels LNG/C Aristos I and the LNG/C Aristarchos had entered into with Bocomm in 2021. Specifically, effective from May 2024, the Company agreed to reduce the interest paid on the outstanding amount and extended the maturity for both facilities by two years. “2023 – LNG/C Assos Jolco” On December 22, 2023, the Company entered into a new sale and lease back agreement of up to $240,000, for the purpose of partially financing the acquisition of the shares of the vessel-owning company of the LNG/C Assos (Note 6a). The full amount of the sale and lease back agreement was drawn in May 2024. The 2023 LNG/C Assos Jolco, has a duration of eight years. “2024 – LNG/C Axios II credit facility” On December 20, 2023, the vessel-owning company of the LNG/C Axios II entered into a new credit facility, the “2024 – LNG/C Axios II credit facility”, of up to $190,000, for the purpose of partially financing the construction of the vessel (Note 6). The Company is acting as a parent guarantor. The Company drew down the full amount of the facility on January 2, 2024, upon the completion of the acquisition of the vessel from CMTC. The facility has a duration of seven years. “Umbrella Seller’s Credit” On December 21, 2023, upon entering the Umbrella Agreement the Company entered into an unsecured seller’s credit agreement with CMTC, the “Umbrella Seller’s Credit” in an amount of up to $220,000 in order to finance a portion of the purchase price of the 11 new 174,000 CBM LNG/C vessels under construction (Note 5). The Umbrella Seller’s Credit provides for interest at a rate of 7.5% per annum and has a maturity date of June 30, 2027. On January 2, 2024, upon the delivery of the LNG/C Axios II, the Company utilized a portion of $92,600. On February 28, March 11 and April 24, 2024, after the deliveries of the M/V Long Beach Express, the M/V Akadimos and the M/V Athenian, to their new owners (Note 3), the Company repaid the amounts of $12,789, $39,973 and $39,838, respectively, leaving the remaining unutilized amount at $127,400. Following the sales of the M/V Athenian and the M/V Athos (April 22, 2024), the M/V Seattle Express (April 26, 2024), the M/V Aristomenis (May 3, 2024) and the M/V Fos Express (May 3, 2024), the unutilized amount was reduced by $85,236 at $42,164. On June 5 and June 28, 2024, upon the deliveries of the LNG/C Aktoras and the LNG/C Apostolos, the Company utilized the remaining portion of $39,900 and $2,264, respectively. On November 26, 2024, after the delivery of the M/V Hyundai Premium, to its new owner (Note 3), the Company fully repaid the amount of $42,164. 8. Long-Term Debt – Continued · For the year 2023 “2023 CMBFL - LNG/C AMI” On December 21, 2023, upon the completion of the acquisition of the shares of the vessel-owning company of the LNG/C Amore Mio I (Note 6) the Company assumed the outstanding balance of $196,317 of the sale and leaseback agreement that the vessel-owning company had entered into with a subsidiary of CMBFL. The lease agreement has remaining duration, from the date of the vessels’ acquisition from the Company of 10 years. “2023 credit facility” On June 13, 2023, the Company entered into a new credit facility, the “2023 credit facility”, of up to $100,000, for the purpose of partially financing the acquisition of the shares of the vessel-owning company of the M/V Buenaventura Express (Note 6). The full amount of the facility was drawn on June 15, 2023, and has a duration of eight years. “2023 CMBFL - LNG/C” On February 7, 2023, the Company entered into a new sale and lease back agreement, the “2023 CMBFL - LNG/C”, of up to $184,000, for the purpose of partially financing the acquisition of the shares of the vessel-owning company of the LNG/C Asterix I (Note 6). The full amount of the sale and lease back agreement was drawn on February 17, 2023, and has duration of 10 years. “2022 Jolco” On December 23, 2022, the Partnership entered into a new sale and lease back agreement of up to $108,000, for the purpose of partially financing the acquisition of the shares of the vessel-owning company of the M/V Itajai Express (Note 6). The full amount of the sale and lease back agreement was drawn on January 6, 2023 and has a duration of eight years. All the Company’s sale and leaseback agreements were classified as financing arrangements since the existence of various purchase options retained by the Company commencing from the first-year anniversary and including either an obligation or an option to acquire each vessel at expiration at a predetermined price, precludes the transfer of control over the vessels. During the year ended December 31, 2024, the Company prepaid the amount of $676,532 as a result of the refinancing of the outstanding indebtedness of the LNG/C Aristidis I, the LNG/C Attalos, the LNG/C Asklipios and the LNG/C Apostolos and the repayment in full of the Umbrella Seller’s Credit and repaid the amount of $110,628, in line with the amortization schedule of its financing arrangements. During the year ended December 31, 2023, the Company repaid the amount of $70,154, in line with the amortization schedule of its financing arrangements. 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, 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 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 €100,000;
| · | the Company deposit to the DSRA 50% of any cash disbursements to unitholders (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).
As of December 31, 2024 and 2023 the Company was in compliance with all financial covenants. 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 December 31, 2024, there was no available undrawn amount under Company’s financing arrangements. 0 8. Long-Term Debt – Continued For the years ended December 31, 2024, 2023 and 2022, the Company recorded interest expense of $127,548, $86,140 and $42,672 net of capitalized interest of $19,077, $269 and $0 respectively, which is included in “Interest expense and finance cost” in the consolidated statements of comprehensive income. For the years ended December 31, 2024, 2023 and 2022 the weighted average interest on the Company’s long-term debt was 6.5%, 6.2% and 4.0% respectively. As of December 31, 2024, the required annual payments to be made subsequently to December 31, 2024, are as follows: Long-Term Debt - Required Annual Loan Payments (Table)
For the year ending December 31, |  | Amount
2025 | $ | 127,119
2026 |  | 284,826
2027 |  | 112,891
2028 |  | 114,719
2029 |  | 304,529
Thereafter |  | 1,559,876
Total | $ | 2,503,960

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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 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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