Vessels, net

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

6. Vessels, net

The amounts shown in the accompanying consolidated balance sheets are analyzed as follows:


	Vessel cost			Accumulated Depreciation			Net Book Value
Balance, December 31, 2022		828,019,413			(199,540,960	)		628,478,453

Impairment loss		(15,722,992	)		12,906,119			(2,816,873	)
Disposals		(78,933,759	)		15,908,259			(63,025,500	)
Transfer to Assets held for sale		(34,633,200	)		—			(34,633,200	)
Depreciation for the year		—			(23,707,797	)		(23,707,797	)

Balance, December 31, 2023		698,729,462			(194,434,379	)		504,295,083

Additions		129,996,020			—			129,996,020

Depreciation for the year		—			(26,076,687	)		(26,076,687	)

Balance, December 31, 2024		828,725,482			(220,511,066	)		608,214,416

On February 14, 2022, the Company concluded a memorandum of agreement for the disposal of the vessel “Gas Inspiration” to an unaffiliated third party for $9,650,000. The vessel was delivered to her new owners on March 22, 2022. The Company disposed the vessel “Gas Inspiration” as the agreed selling price was a suitable opportunity for the Company and realized an aggregate loss from the sale of this vessel of $345,278 which is included in the Company’s consolidated statement of income under the caption “Net loss/(gain) on sale of vessels” for the year ended December 31, 2022.

As of March 31, 2022, the Company performed an impairment review of its vessels held for use, due to the prevailing conditions in the shipping industry. As a result of the impairment review, undiscounted net operating cash flows exceeded each vessel’s carrying value with the exception of one vessel and therefore the Company identified and recorded an impairment loss of $529,532 which is presented under the caption “Impairment loss” in the consolidated statement of income for the year ended December 31, 2022.

On April 19, 2022, the Company entered into a memorandum of agreement for the disposal of the vessel “Gas Monarch” to an unaffiliated third party for $2,375,000. The vessel was delivered to her new owners on May 23, 2022. The Company disposed the vessel “Gas Monarch” as the agreed selling price was a suitable opportunity for the Company and realized an aggregate loss from the sale of this vessel of $90,855 which is included in the Company’s consolidated statement of income under the caption “Net loss on sale of vessels” for the year ended December 31, 2022.

On November 24, 2022, the Company entered into a memorandum of agreement for the disposal of the vessel “Gas Prodigy” to an unaffiliated third party for $5,100,000. The vessel was classified as vessel held for sale as of December 31, 2022 and was recorded at its selling price of $5,100,000 less estimated selling expenses of $170,093. The total impairment charge recognized in the Company’s consolidated statement of income for the year ended December 31, 2022

amounted

to $2,026,333. The Company decided to dispose the vessel “Gas Prodigy” as the agreed selling price was a suitable opportunity for the Company. The vessel was delivered to her new owners on January 4, 2023.

On December 15, 2022, the Company entered into a memorandum of agreement for the disposal of the vessel “Gas Spirit” to an unaffiliated third party for $5,700,000. The vessel was classified as vessel held for sale

as of December 31, 2022 and was recorded at its selling price of $5,700,000 less estimated selling expenses of $50,311. The total impairment charge recognized in the Company’s consolidated statement of income for the year ended December 31, 2022 amounted to $565,591. An amount of $1,140,000 in connection with this sale was collected in December 2022 and was included under the caption “Accrued and other liabilities” in the consolidated balance sheet as of December 31, 2022. The Company decided to dispose the vessel “Gas Spirit” as the agreed selling price was a suitable opportunity for the Company. The vessel was delivered to her new owners on January 19, 2023 and the Company realized a loss from the sale of this vessel of $23,354 which is included in the Company’s consolidated statement of income under the caption “Net loss/(gain) on sale of vessels” for the year ended December 31, 2023.

On February 13, 2023, the Company concluded a memorandum of agreement for the disposal of the vessel “Gas Galaxy” to an unaffiliated third party for $2,100,000. The Company disposed the vessel “Gas Galaxy” as the agreed selling price was a suitable opportunity for the Company. This vessel had a net book value, after impairment amounting to $45,578, of $2,100,000 as of December 31, 2022. The vessel was delivered to her new owners on April 4, 2023 and an impairment loss of $57,320 was recognized in the Company’s consolidated statement of income for the year ended December 31, 2023.

On April 26, 2023, the Company entered into four memorandum of agreements for the disposal of the vessels “Eco Texiana”, “Eco Enigma”, “Eco Czar” and “Eco Nemesis” to an unaffiliated third party for a total of $70,715,000. The vessels “Eco Texiana”, “Eco Enigma”, “Eco Czar” and “Eco Nemesis” were delivered to their new owner on May 26, 2023, June 14, 2023, July 18, 2023 and August 4, 2023 respectively. The vessel “Eco Nemesis” was classified as vessels held for sale as of June 30, 2023 and was recorded at its selling price of $16,950,000. The Company realized an aggregate gain from the sale of the vessels of $7,669,135 which is included in the Company’s consolidated statement of income under the caption “Net loss/(gain) on sale of vessels” for the year ended December 31, 2023.

On May 26, 2023, the Company entered into two memorandum of agreements for the disposal of the vessels “Eco Green” and “Eco Dream” to unaffiliated third parties for a total of $35,340,000. The Company decided to dispose these vessels as the agreed selling price was a suitable opportunity for the Company. These vessels, together with their inventories on board amounting to $246,725, were classified as assets held for sale as of December 31, 2023 and were recorded at their selling price of $35,340,000 less estimated selling expenses of $706,800. The total impairment charge recognized in the Company’s consolidated statement of income for the year ended December 31, 2023 amounted to $2,759,553. The vessel “Eco Green” was delivered to her new owners on January 9, 2024, whereas the vessel “Eco Dream” was delivered to her owners on January 17, 2024 and the Company realized a gain from the sale of these vessels of $46,384 which is included in the Company’s consolidated statement of income under the caption “Net loss/(gain) on sale of vessels” for the year ended December 31, 2024.

Additions during the year ended December 31, 2024 mainly relate to the acquisition of the vessels Eco Oracle, Eco Wizard and Gas Defiance (Note 3).

As of December 31, 2024, 3 vessels with a carrying value of $159,912,825 (2023: 12 vessels with a carrying value of $282,953,442) have been mortgaged as collateral to secure the Company’s bank loans (Note 9).

As of December 31, 2023 and 2024, the Company performed an impairment review of its vessels held for use, due to the prevailing conditions in the shipping industry. As a result of the impairment review, undiscounted net operating cash flows exceeded each vessel’s carrying value.