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Commitments and Contingencies | 6 Months Ended
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Jun. 30, 2026
Commitments and Contingencies [Abstract] |
Commitments and Contingencies |
8. | Commitments and Contingencies
(a) Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company’s vessels. Currently, management is not aware of any claims or contingent liabilities, which should be disclosed, or for which a provision should be established and has not in the accompanying unaudited interim consolidated financial statements. The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying unaudited interim consolidated financial statements. The Company’s vessels are covered for pollution in the amount of $1 billion per vessel per incident, by the protection and indemnity association (“P&I Association”) in which the Company’s vessels are entered. The Company’s vessels are subject to calls payable to their P&I Association and may be subject to supplemental calls which are based on estimates of premium income and anticipated and paid claims. Such estimates are adjusted each year by the Board of Directors of the P&I Association until the closing of the relevant policy year, which generally occurs within three years from the end of the policy year. Supplemental calls, if any, are expensed when they are announced and according to the period they relate to. The Company is not aware of any supplemental calls outstanding in respect of any policy year. (b) As of June 30, 2026, the Company has entered into three shipbuilding contracts for the construction of one Aframax and two Suezmax tankers (Note 5). As of June 30, 2026, the remaining aggregate instalments under the contracts for the construction of Hulls H1624, H1627 and H1628 amount to $175,296. (c) As of June 30, 2026, the Company’s fleet was operating under time-charters. The minimum contractual annual charter revenues, net of related commissions to third parties (including related parties), to be generated from the existing as of June 30, 2026, non-cancelable time charter contract for the operating fleet are estimated at $97,287 until June 30, 2027, at $87,251 until June 30, 2028, at $67,033 until June 30, 2029, at $44,951 until June 30, 2030 and at $12,269 until June 30, 2031.

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