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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net income for the year $ 69,862,177 $ 51,936,829 $ 34,253,365
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 26,076,687 23,707,797 27,814,901
Amortization of deferred finance charges 711,378 1,345,940 855,472
Amortization of operating lease right-of-use assets 99,379 99,379 104,168
Share based compensation 7,326,808 2,589,406 610,788
Change in fair value of derivatives 108,841 789,509 (1,964,307)
Proceeds from disposal of interest rate swaps 1,018,000 0 0
Equity earnings in joint ventures (15,622,836) (12,316,883) (10,862,687)
Dividends received from joint ventures 20,570,036 14,589,215 9,486,900
Impairment loss 0 2,816,873 3,167,034
Net loss/(gain) on sale of vessels (46,384) (7,645,781) 408,637
(Increase)/decrease in      
Trade and other receivables (1,971,610) 238,627 (2,675,772)
Other current assets (62,676) 139,925 28,470
Claims receivable 0 0 (500,249)
Inventories (1,664,738) 1,365,189 (819,065)
Changes in operating lease liabilities (99,379) (99,379) (104,168)
Advances and prepayments 676,228 (728,005) (43,532)
Increase/(decrease) in      
Balances with related parties (555,589) (1,532,943) 2,185,408
Trade accounts payable 628,899 (1,813,377) 3,328,208
Accrued liabilities (758,558) (100,515) 1,775,447
Deferred income (2,796,608) 2,058,409 (486,805)
Net cash provided by operating activities 103,500,055 77,440,215 66,562,213
Cash flows from investing activities      
Insurance proceeds 0 126,666 380,760
Vessels' acquisitions, advances for vessels under construction and improvement of vessels (106,169,013) (85,201) (24,230,937)
Proceeds from sale of vessels, net 34,679,584 80,109,781 25,027,379
Increase in short-term investments 0 0 (26,500,000)
Maturity in short-term investments 0 26,500,000 0
Return of investments from joint ventures 7,007,164 4,688,785 8,066,100
Net cash (used in)/provided by investing activities (64,482,265) 111,340,031 (17,256,698)
Cash flows from financing activities      
Proceeds from exercise of stock options 356,250 747,500 0
Stock repurchase (338,176) (19,080,456) 0
Deferred finance charges paid (22,167) (988,165) (534,600)
Advances from joint ventures 0 11,847 4,428,713
Advances to joint ventures (11,847) 0 (5,565,396)
Loan repayments (108,236,401) (154,870,215) (83,579,825)
Proceeds from long-term debt 70,000,000 0 59,400,000
Net cash used in financing activities (38,252,341) (174,179,489) (25,851,108)
Net increase in cash and cash equivalents and restricted cash 765,449 14,600,757 23,454,407
Cash and cash equivalents and restricted cash at beginning of year 83,755,701 69,154,944 45,700,537
Cash and cash equivalents and restricted cash at end of year 84,521,150 83,755,701 69,154,944
Cash breakdown      
Cash and cash equivalents 80,653,398 77,202,843 55,770,823
Restricted cash, current 0 659,137 2,519,601
Restricted cash, non-current 3,867,752 5,893,721 10,864,520
Total cash, cash equivalents and restricted cash shown in the statements of cash flows 84,521,150 83,755,701 69,154,944
Supplemental Cash Flow Information:      
Cash paid during the year for interest, net of amounts capitalized 9,594,744 14,695,487 9,760,448
Non cash investing activity – Vessels 476,180 63,752 135,481
Non cash financing activity – Deferred finance charges $ 0 $ 0 $ 165,666