XML 39 R25.htm IDEA: XBRL DOCUMENT v3.25.1
Revenues
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenues
14. Revenues
The amounts in the accompanying consolidated statements of income are analyzed as follows:
 
    
Year ended December 31,
  
    
2022
     
2023
     
2024
  
Time charter revenues
      114,996,842        124,075,851        152,829,150  
Bareboat revenues
      2,340,791        —         —   
Voyage charter revenues
      32,156,474        18,268,798        10,514,649  
Other income
      3,266,781        1,183,120        3,918,386  
  
 
 
     
 
 
     
 
 
  
Total
   
 
152,760,888
 
   
 
143,527,769
 
   
 
167,262,185
 
  
 
 
     
 
 
     
 
 
  
Time charter agreements may have renewal options for one to 12 months. The time charter party generally provides typical warranties regarding the speed and the performance of the vessel as well as some owner protective restrictions such that the vessel is sent only to safe ports by the charterer, subject always to compliance with applicable sanction laws, and carry only lawful and non-hazardous cargo. The Company may enter into time charters ranging from one month to twelve months and in isolated cases on longer terms depending on market conditions. The charterer has the full discretion over the ports visited, shipping routes and vessel speed, subject only to the owner protective restrictions discussed above.
Vessels may also be chartered under voyage charters, where a contract is made for the use of a vessel under which the Company is paid freight on the basis of moving cargo from a loading port to a discharge port. A significant portion of the voyage hire is typically paid upon the completion of the voyage.
The amount of revenue earned as demurrage relating to the Company’s voyage charters for the years ended December 31, 2022, 2023 and 2024 was $3.4 million, $4.2 million and $0.5 million, respectively and is included within “Voyage charter revenues” in the above table.
As of December 31, 2023 and 2024, receivables from the Company’s voyage charters amounted to $0.8 million and $2.9 million, respectively.
As of December 31, 2023 and 2024, the Company recognized $130,589 and $193,265, respectively, of contract fulfillment costs which mainly represent bunker expenses incurred prior to commencement of loading relating to the Company’s voyage charters. These costs are recorded in “Other current assets” in the consolidated balance sheets.
As of December 31, 2023 and 2024, revenues relating to undelivered performance obligations of the Company’s voyage charters amounted to $993,982 and $2,063,640, respectively. The Company recognized these amounts as revenues in the first quarters of 2024 and 2025, respectively.
Three of the time charters entered into in 2014, also grant the charterer an option to purchase the respective vessels during the time charter period, at stipulated prices, decreasing on a pro-rated basis by a fixed amount per year until the expiration of the time charters. These options expired in 2022 without being exercised.