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Segment Reporting | 12 Months Ended
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Dec. 31, 2025
Segment Reporting [Abstract] |
Segment Reporting |
18. | Segment Reporting
Following the acquisition of M/Y Para Bellvm on April 11, 2025, the Company determined that it operated in two reportable segments: (i) the tanker segment and (ii) the megayacht segment. These reportable segments reflect the Company’s internal organization and the way its chief operating decision maker (“CODM”), who is the Chief Executive Officer of the Company, reviews and analyzes the operating results and allocates capital within the Company. The CODM assesses segment performance using key financial measures, including revenues, operating expenses, segment operating income and net income. These metrics help the CODM assess segment profitability, optimize fleet deployment, control costs and determine capital allocation. Based on these segment performance trends, the CODM makes resource allocation decisions such as adjusting asset acquisition strategies, adjusting chartering strategies, prioritizing fleet expansion or disposals, and optimizing cost efficiencies to enhance profitability and overall segment performance. Further, the transport of crude oil has different characteristics and the nature of trade, trading routes, charterers and cargo handling differ in important respects. The chartering of a megayacht like M/Y Para Bellvm consists of a different service and it does not have similar economic characteristics to the tanker segment. The Company does not disclose geographic information relating to either of our segments because when the Company charters either a tanker or M/Y Para Bellvm to a charterer, the charterer is free, subject to certain exemptions, to trade or, in the case of M/Y Para Bellvm travel, with the vessel worldwide and as a result the disclosure of geographic information is impracticable. The table below presents information about the Company’s reportable segments for the year ended December 31, 2025. The accounting policies followed in the preparation of the reportable segments are the same as those followed in the preparation of the Company’s consolidated financial statements. Segment results are evaluated based on income from operations.
|  | Year ended December 31, 2025 |
|  | Tanker Segment |  |  | Megayacht Segment |  |  | Total |
REVENUES: |  |  |  |  |  |  |  |  |
Time charter revenues |  |  | 67,121 |  |  |  | 4,351 |  |  |  | 71,472 |
Time charter revenues from related parties |  |  | 8,943 |  |  |  | - |  |  |  | 8,943 |
Total revenues |  |  | 76,064 |  |  |  | 4,351 |  |  |  | 80,415 |
EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |
Voyage expenses |  |  | 1,594 |  |  |  | 907 |  |  |  | 2,501 |
Operating lease expenses |  |  | 10,301 |  |  |  | - |  |  |  | 10,301 |
Other vessel operating expenses |  |  | 17,082 |  |  |  | 1,313 |  |  |  | 18,395 |
Vessel depreciation |  |  | 11,586 |  |  |  | 685 |  |  |  | 12,271 |
Management fees-related parties-direct |  |  | 1,734 |  |  |  | 178 |  |  |  | 1,912 |
Segments operating results |  |  | 33,767 |  |  |  | 1,268 |  |  |  | 35,035 |
General and administrative expenses |  |  |  |  |  |  |  |  |  |  | (7,617 | )
Management fees-related parties-overhead costs |  |  |  |  |  |  |  |  |  |  | (1,138 | )
Interest and finance costs |  |  |  |  |  |  |  |  |  |  | (23,406 | )
Interest income |  |  |  |  |  |  |  |  |  |  | 385 |
Equity losses in unconsolidated joint ventures |  |  |  |  |  |  |  |  |  |  | (173 | )
Net income |  |  |  |  |  |  |  |  |  |  | 3,086 |
A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets as of December 31, 2025 is as follows:
|  | As of December 31, 2025 |
Tanker segment |  |  | 246,582 |
Megayacht segment |  |  | 44,919 |
Cash and cash equivalents including restricted cash |  |  | 22,222 |
Investments in unconsolidated joint ventures |  |  | 7,881 |
Advances for asset acquisitions to related parties |  |  | 11,500 |
Other fixed assets, net |  |  | 505 |
Total consolidated assets |  |  | 333,609 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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