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Discontinued Operations | 12 Months Ended
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Dec. 31, 2024
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 LNG and energy transition shipping and gradually divest from its non-core assets, taking advantage of the attractive vessel valuations, the Company entered into 13 MOAs with third parties for the disposal of 13 container carrier vessels. The Company determined that the assets and liabilities, results of operations and cash flows of the 13 container carrier vessels met the criteria to be reported in discontinued operations. The container carrier vessels that the Company sold or agreed to sell following the announcement are listed below. Discontinued Operations - Memoranda of Agreement for the Sale of 12 Container Vessels(Table)
Name of Vessel |  | Type |  | TEU |  | MOA 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
M/V Manzanillo Express |  | Neo Panamax Container Vessel |  | 13,312 |  | August 7, 2025 |  | October 6, 2025
3. Discontinued Operations - Continued Summarized selected operating results of the discontinued operations for the years ended December 31, 2024, 2023 and 2022 are as follows: Discontinued Operations - Operating Results of the Discontinued Operations (Table)
| For the years ended December 31,
|  | 2024 |  | 2023 |  | 2022
Revenues | $ | 84,912 | $ | 133,122 | $ | 114,980
Expenses / (income), net: |  |  |  |  |  |
Voyage expenses |  | 1,757 |  | 3,065 |  | 3,251
Vessel operating expenses |  | 20,011 |  | 35,699 |  | 28,177
Vessel operating expenses - related party |  | 3,023 |  | 4,514 |  | 3,958
Vessel depreciation and amortization |  | 15,620 |  | 33,935 |  | 29,252
Impairment of vessel |  | — |  | 340 |  | —
Gain on sale of vessels |  | (103,807) |  | — |  | —
Operating income, net |  | 148,308 |  | 55,569 |  | 50,342
Other income / (expense), net: |  |  |  |  |  |
Interest expense and finance cost (including $304 to related party, for the year ended December 31, 2024, 2023 and 2022) |  | (10,472) |  | (16,623) |  | (11,199)
Other income / (expense), net |  | 166 |  | (23) |  | (2)
Total other expense, net |  | (10,306) |  | (16,646) |  | (11,201)
Net income from discontinued operations | $ | 138,002 | $ | 38,923 | $ | 39,141
Summarized selected balance sheet information from discontinued operations as of December 31, 2024 and 2023, was as follows: 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 |  | 763 |  | 1,227
Prepayments and other assets |  | 1,060 |  | 2,151
Inventories |  | 260 |  | 2,813
Claims |  | 49 |  | 49
Assets held for sale |  | 71,720 |  | 14,394
Total current assets of discontinued operations |  | 73,890 |  | 20,636
Vessels, net |  | 111,390 |  | 535,660
Above market acquired charters |  | — |  | 9,420
Deferred charges, net |  | — |  | 4,714
Prepayments and other assets |  | — |  | 325
Total non-current assets of discontinued operations |  | 111,390 |  | 550,119
Current portion of long-term debt, net |  | 5,185 |  | 14,842
Trade accounts payable |  | 3,288 |  | 4,976
Due to related parties |  | — |  | 3,823
Accrued liabilities |  | 12,817 |  | 10,055
Deferred revenue |  | 903 |  | 9,319
Below market acquired charters associated with vessel held for sale |  | — |  | 1,447
Total current liabilities of discontinued operations |  | 22,193 |  | 44,462
Non-current liabilities associated with vessels held for sale (including $6,000 payable to related party as of December 31, 2023) |  | 88,673 |  | 180,841
Below market acquired charters |  | — |  | 3,135
Deferred revenue |  | — |  | 9,533
Total non-current liabilities of discontinued operations | $ | 88,673 | $ | 193,509
As of December 31, 2024, the Company disposed of ten out of the 13 container carrier vessels agreed to sell. The remaining three container carrier vessels, the M/V Hyundai Privilege that was disposed of in January 2025, the M/V Hyundai Platinum that was disposed of in March 2025 and the M/V Manzanillo Express that was disposed of in October 2025, met the criteria to be classified as vessels held for sale and are included in “Total current assets from discontinued operations” in the summarized selected balance sheet information from discontinued operations as of December 31, 2024 and 2023. As of the MOAs date the M/V Hyundai Privilege, the M/V Hyundai Platinum and the M/V Manzanillo Express fair values less estimated costs to sell exceeded their carrying amount, so no impairment charge was recognized. On January 27, 2021, we entered into the Seller’s Credit Agreement with CMTC (“CMTC Seller’s Credit”) in order to defer $6.0 million of the purchase price of the M/V Long Beach Express, M/V Seattle Express and M/V Fos Express for up to five years from the Vessels’ delivery date. The CMTC Seller’s Credit was fully paid on December 30, 2024. 6,000 During the year ended December 31, 2024, we repaid in full the amounts outstanding under the 2020 CMB Financial Leasing Co., Ltd (“CMBFL”) and ICBC Financial Leasing Co., Ltd. (“ICBCFL”) sale and lease back facilities we have issued to partly finance the acquisition of the M/V Akadimos, M/V Athos and M/V Aristomenis in the total amount of $88,932. 3. Discontinued Operations - Continued For the year ended December 31, 2024, 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 / (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

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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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