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Related Party Transactions | 12 Months Ended
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Dec. 31, 2023
Related Party Transactions [Abstract] |
Related Party Transactions | RELATED PARTY TRANSACTIONS Amounts and notes payable to related parties consist of the following:
|  | December 31, 2022 |  | Activity |  | December 31, 2023
Included in accounts payable and accrued expenses on the consolidated balance sheets: |  |  |  |  |  |
Trade payables due to Seamar (i) |  | $ | 1,643,806 |  |  | $ | (153,746) |  |  | $ | 1,490,060 |
i.Seamar Management S.A. ("Seamar") Seamar Management S.A. ("Seamar") is a joint venture of which the Company owns 51% at December 31, 2023 and 2022. 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, 2023 and 2022, the Company incurred technical management fees of $3,328,800 and $3,280,920 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, 2023 and 2022, (including amounts due for vessel operating expenses), were $1,490,060 and $1,643,806, respectively.

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