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Investments in Joint Ventures | 12 Months Ended
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Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract] |
Investments in Joint Ventures | 7. Investments in joint ventures Details of each of the Company’s joint ventures at December 31, 2023 and 2024 are as follows:
|  |  |  | Proportion of ownership interest held by the Company |
Name of joint venture |  | Principal activity |  | December 31, 2023 |  |  | December 31, 2024 |
Spacegas Inc. |  | Ownership and operation of the vessel “Gas Defiance” 5 |  |  | 50.1 | % |  |  | 50.1 | %
Financial Power Inc. |  | Ownership and operation of the vessel “Gas Shuriken” 6 |  |  | 50.1 | % |  |  | 50.1 | %
Cannes View Inc |  | Ownership and operation of the vessel “Gas Haralambos” |  |  | 50.1 | % |  |  | 50.1 | %
Colorado Oil and Gas Inc. |  | Ownership and operation of the vessel “Eco Lucidity” |  |  | 50.1 | % |  |  | 50.1 | %
Frost Investments Corp. Inc. |  | Ownership and operation of the vessel “Eco Nebula” 1 |  |  | 50.1 | % |  |  | — |
MGC Agressive Holdings Inc. |  | Ownership and operation of the vessels “Eco Evoluzione”2, “Eco Etheral”3 and “Eco Sorcerer” 4 |  |  | 51.0 | % |  |  | 51.0 | %
1 | The vessel Eco Nebula was sold to an unrelated party on August 9, 2022
2 | The vessel Eco Evoluzione was sold to an unrelated party on March 29, 2023
3 | The vessel Gaschem Bremen was renamed to Eco Ethereal on April 18, 2023 and was sold to an unrelated party on April 23, 2024.
4 | The vessel Eco Sorcerer was delivered to the fleet on October 6, 2023
5 | The vessel Gas Defiance was sold to the Company on November 4, 2024 (Note 3)
6 | The vessel Gas Shuriken was sold to an unrelated party on January 21, 2025
The Company’s exposure is limited to its share of the net assets of Spacegas Inc., Financial Power Inc., Cannes View Inc., Colorado Oil and Gas Inc., Frost Investments Corp. Inc. and MGC Agressive Holdings Inc. (collectively “the joint venture entities”) proportionate to its equity interest in these companies and to any losses that may arise in connection with the loan agreements guaranteed by the Company (Note 17). The Company shares the profits and losses, cash flows and other matters relating to its investments in the joint venture entities in accordance with its ownership percentage. The Company accounts for investments in joint ventures using the equity method since it has joint control over the joint venture entities. The Company does not consolidate the joint venture entities because it does not have a controlling financial interest. The significant factors considered and judgments made in determining that the power to direct the activities of the joint venture entities that most significantly impact their economic performance are shared, are that all significant business decisions over operating and financial policies of the joint venture entities, require consent from each joint venture investor. Below is a table of equity investment activity:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2024 |
Beginning balance |  | $ | 46,632,720 |  |  | $ | 39,671,603 |
Dividends received |  |  | (19,278,000 | ) |  |  | (27,577,201 | )
Equity earnings |  |  | 12,316,883 |  |  |  | 15,622,836 |
Investments in joint ventures |  | $ | 39,671,603 |  |  | $ | 27,717,238 |
As of December 31, 2023 and 2024, the carrying value of the Company’s equity method investments was $1.93 million and $1.87 million, respectively, higher than its interest in the investees’ underlying net assets. This basis difference relates to a vessel that was under construction during 2022 and was delivered in 2023 and will be amortized over the vessel’s useful life. On December 12, 2023, as a result of the decision of the charterer of the vessel “Eco Ethereal” to exercise its option to acquire the vessel upon expiration of its charter in April 2024, the ship owning company of the vessel entered into a memorandum of agreement for the disposal of its vessel for $43,000,000. A 20% deposit was received by the MGC Agressive Holdings Inc. joint venture on November 8, 2023. The vessel was delivered to her new owners on April 23, 2024. On September 20, 2024, the ship owning company of the vessel “Gas Shuriken” entered into a memorandum of agreement for the disposal of the vessel to an unaffiliated third party for a total of $11,400,000. The vessel “Gas Shuriken” was delivered to her new owners on January 21, 2025. No impairment charge was recognized for the year ended December 31, 2024. In March 2025, Colorado Oil and Gas Inc. and Cannes View Inc., prepaid in full the then outstanding balance of $8.7 million of the term loan dated July 2019 with original maturity date July 2025 using cash on hand and the related mortgage on the vessels Eco Lucidity and Gas Haralambos was released.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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