Related Party Transactions

12 Months Ended

Dec. 31, 2022

RELATED PARTY TRANSACTIONS

Amounts and notes payable to related parties consist of the following:


	December 31, 2021		Activity		December 31, 2022
Included in trade accounts receivable and voyage revenue on the consolidated balance sheets and statements of income, respectively:
Trade receivables due from King George Slag(i)	$	—	$	—	$	—

Included in accounts payable and accrued expenses on the consolidated balance sheets:
Trade payables due to Seamar (i)	$	2,847,910	$	(1,204,104)	$	1,643,806
Commissions payable (trade payables) (ii)	38,896		(38,896)		—

Included in current related party notes payable on the consolidated balance sheets:
Interest payable – 2011 Founders Note	242,852		(242,852)		—
Total current related party notes payable	$	242,852	$	(242,852)	$	—

i.Seamar Management S.A. ("Seamar") Seamar Management S.A. ("Seamar") is a joint venture of which the Company owns 51% at December 31, 2022 and 2021.

ii.Phoenix Bulk Carriers (Brasil) Intermediacoes Maritimas Ltda. - a wholly-owned company of a member of the Board of Directors

Under the terms of a technical management agreement between the Company and Seamar Management S.A. (Seamar), an equity method investee, Seamar is responsible for the day-to-day operation of some of the Company’s owned vessels. During the years ended December 31, 2022 and 2021, the Company incurred technical management fees of $3,280,920 and $2,847,120 under this arrangement, which is included in vessel operating expenses in the consolidated statements of income. The total amounts payable to Seamar at December 31, 2022 and 2021, (including amounts due for vessel operating expenses), were $1,643,806 and $2,847,910, respectively.