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v3.26.1

Vessels, net | 12 Months Ended
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Dec. 31, 2025
Vessels, net [Abstract] |
Vessels, net |
4. | (a) Vessels, net:
The amounts in the consolidated balance sheets are analyzed as follows:
|  | Vessel Cost |  |  | Accumulated Depreciation |  |  | Net Book Value |
Balance, December 31, 2023 |  |  | 409,264 |  |  |  | (34,554 | ) |  |  | 374,710 |
— Depreciation |  |  | - |  |  |  | (13,336 | ) |  |  | (13,336 | )
Balance, December 31, 2024 |  |  | 409,264 |  |  |  | (47,890 | ) |  |  | 361,374 |
— Additions |  |  | 28,017 |  |  |  | (1,556 | ) |  |  | 26,461 |
— Rubico Spin-off |  |  | (126,646 | ) |  |  | 18,716 |  |  |  | (107,930 | )
— Foreign currency translation differences |  |  | 958 |  |  |  | (126 | ) |  |  | 832 |
— Depreciation |  |  | - |  |  |  | (12,271 | ) |  |  | (12,271 | )
Balance, December 31, 2025 |  |  | 311,593 |  |  |  | (43,127 | ) |  |  | 268,466 |
As of December 31, 2025 title of ownership is held by the relevant lenders in respect of vessels with a carrying value of $241,857 to secure the relevant sale and lease back financing transactions and in the case of vessels financed via bank loans a vessel with a carrying value of $26,609 has been mortgaged as security under its respective loan facility.
4. | (b) Advances for vessels under construction:
An analysis of Advances for vessels under construction is as follows:
|  | Advances for vessels under construction |
Balance, December 31, 2024 |  |  | - |
— Additions |  |  | 8,567 |
— Advances paid |  |  | 7,599 |
— Capitalized expenses |  |  | 1,082 |
— Capitalized Imputed interest |  |  | 629 |
— Foreign currency translation differences |  |  | 330 |
Balance, December 31, 2025 |  |  | 18,207 |

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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