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Transactions with Related Parties (Tables)

12 Months Ended

Dec. 31, 2024

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 income		2022				2023				2024
Management fees		Management fees – related Party			5,242,990				4,531,920				4,258,240
Brokerage commissions		Voyage expenses – related Party			1,871,071				1,779,488				2,063,228
Superintendent fees		Vessels’ operating expenses – related party			120,000				110,500				120,000
Crew management fees		Vessels’ operating expenses – related party			915,450				800,750				755,002
Supervision fees		Vessels, net			—				—				1,100,000
Commissions – vessels purchased		Vessels, net			—				—				1,170,000
Commissions – vessels sold		Net loss/(gain) on sale of vessels			120,250				728,150				—
Commissions – assets held for sale		Impairment loss			108,000				353,400				—
Executive compensation		General and administrative expenses			924,503				970,382				946,007
Rental expense		General and administrative expenses			88,326				104,167				103,445

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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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