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Transactions with Related Parties (Tables)

12 Months Ended

Dec. 31, 2023

Related Party Transactions [Abstract]

Summary of Charged By Our Related Parties

The amounts charged by the Company’s related parties comprised the following:

				Year ended December 31,
		Location in statement of operations		2021				2022				2023
Management fees		Management fees – related party			5,831,900				5,242,990				4,531,920
Brokerage commissions		Voyage expenses – related party			1,867,100				1,871,071				1,779,488
Superintendent fees		Vessels’ operating expenses – related party			117,000				120,000				110,500
Crew management fees		Vessels’ operating expenses – related party			948,750				915,450				800,750
Commissions – vessels sold		Net loss/(gain) on sale of vessels			81,000				120,250				728,150
Commissions – assets held for sale		Impairment loss			125,000				108,000				353,400
Executive compensation		General and administrative expenses			1,028,386				924,503				970,382
Rental expense		General and administrative expenses			97,726				88,326				104,167

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- Definition

Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates.

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