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Income taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income taxes

Schedule of Components of Income Tax

The components of income tax are as follows:

​

​	​	​	​	​	​	​
​		For the years ended December 31
In thousands of U.S. Dollars		2024		2023		2022
Current tax expenses	​	(215)		(435)		(207)
Income tax expense for year	​	(215)		(435)		(207)

Schedule of differences between income taxes expected at the Bermuda statutory income tax rate of zero percent and the reported income tax expense

The differences between income taxes expected at the Marshall Islands statutory income tax rate for non-resident companies of zero percent and the reported income tax expense are summarized as follows.

​

​	​	​	​	​	​	​	​
​	​	For the years ended December 31
​		2024		2023		2022
Marshall Islands statutory income tax rate		0.00	%	0.00	%	0.00	%
Income subject to tax in other jurisdictions		0.16	%	0.37	%	0.15	%
Effective tax rate		0.16	%	0.37	%	0.15	%

​

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

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