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Advances for Vessel Under Construction and Acquisitions

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Advances for Vessel Under Construction and Acquisitions

5. Advances for Vessel Under Construction and Acquisitions

The amounts shown in the accompanying consolidated balance sheet as of December 31, 2020 mainly represent advance payments to a shipbuilder for one LPG carrier under construction that the Company agreed to acquire in 2019. The vessel, which was named “Eco Blizzard”, was delivered to the Company on February 5, 2021 after the payment of the delivery installment to the shipbuilder amounting to $23,152,125.

For the years ended December 31, 2020 and 2021, the movement of the account, advances for vessel under construction and acquisitions was as follows:


Balance, December 31, 2019	2,988,903
Advance for vessel under construction	2,891,283
Capitalized interest	168,344
Supervision fees (Note 3)	210,970
Other capitalized expenses	279,615

Balance, December 31, 2020	6,539,115
Advance for vessel under construction	23,152,125
Supervision fees (Note 3)	236,521
Commissions - vessels purchased (Note 3)	289,347
Capitalized interest	20,060
Other capitalized expenses	129,729
Transfer to vessels. Net (Note 6)	(30,366,897	)
Balance, December 31, 2021	—