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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net (loss)/income for the year $ 51,936,829 $ 34,253,365 $ (35,123,208)
Adjustments to reconcile net (loss)/income to net cash provided by operating activities:      
Depreciation 23,707,797 27,814,901 37,125,903
Amortization of deferred finance charges 1,345,940 855,472 1,157,804
Non-cash lease expense 99,379 104,168 89,638
Share based compensation 2,589,406 610,788 610,788
Change in fair value of derivatives 789,509 (1,964,307) (240,153)
Equity earnings in joint ventures (12,316,883) (10,862,687) (8,326,701)
Dividends received from joint ventures 14,589,215 9,486,900 0
Impairment loss 2,816,873 3,167,034 44,616,214
Net loss/(gain) on sale of vessels (7,645,781) 408,637 304,210
(Increase)/decrease in      
Trade and other receivables 238,627 (2,675,772) (977,005)
Other current assets 139,925 28,470 10,624
Claims receivable 0 (500,249) 57,895
Inventories 1,365,189 (819,065) 644,079
Changes in operating lease liabilities (99,379) (104,168) (89,638)
Advances and prepayments (728,005) (43,532) (100,482)
Increase/(decrease) in      
Balances with related parties (1,532,943) 2,185,408 (3,231,923)
Trade accounts payable (1,813,377) 3,328,208 262,569
Accrued liabilities (100,515) 1,775,447 557,086
Deferred income 2,058,409 (486,805) 3,690,981
Net cash provided by operating activities 77,440,215 66,562,213 41,038,681
Cash flows from investing activities      
Insurance proceeds 126,666 380,760 0
Vessels' acquisitions, advances for vessels under construction and improvement of vessels (85,201) (24,230,937) (25,224,746)
Proceeds from sale of vessels, net 80,109,781 25,027,379 7,795,790
Increase in short-term investments 0 (26,500,000) 0
Maturity in short-term investments 26,500,000 0 0
Investment in joint ventures 0 0 (3,348,675)
Return of investments from joint ventures 4,688,785 8,066,100 1,530,000
Net cash (used in)/provided by investing activities 111,340,031 (17,256,698) (19,247,631)
Cash flows from financing activities      
Proceeds from exercise of stock options 747,500 0 0
Stock repurchase (19,080,456) 0 0
Deferred finance charges paid (988,165) (534,600) (1,463,766)
Advances from joint ventures 11,847 4,428,713 0
Advances to joint ventures 0 (5,565,396) 0
Customer deposits paid 0 0 (600,000)
Loan repayments (154,870,215) (83,579,825) (173,012,428)
Proceeds from long-term debt 0 59,400,000 150,650,000
Cash retained by Imperial at spin-off 0 0 (4,704,521)
Net cash used in financing activities (174,179,489) (25,851,108) (29,130,715)
Net (decrease)/increase in cash and cash equivalents and restricted cash 14,600,757 23,454,407 (7,339,665)
Cash and cash equivalents and restricted cash at beginning of year 69,154,944 45,700,537 53,040,202
Cash and cash equivalents and restricted cash at end of year 83,755,701 69,154,944 45,700,537
Cash breakdown      
Cash and cash equivalents 77,202,843 55,770,823 31,304,151
Restricted cash, current 659,137 2,519,601 2,198,775
Restricted cash, non-current 5,893,721 10,864,520 12,197,611
Total cash, cash equivalents and restricted cash shown in the statements of cash flows 83,755,701 69,154,944 45,700,537
Supplemental Cash Flow Information:      
Cash paid during the year for interest, net of amounts capitalized 14,695,487 9,760,448 8,607,590
Non cash investing activity – Vessels 63,752 135,481 217,570
Non cash financing activity – Deferred finance charges 985,833 165,666 0
Distribution of net assets of Imperial Petroleum Inc. to stockholders (Note 1) $ 0 $ 0 $ 57,162,103