XML 23 R13.htm IDEA: XBRL DOCUMENT v3.25.2
Long-Term Debt and Financial Liabilities, net
 6 Months Ended
Jun. 30, 2025
Notes and other explanatory information [abstract]  
Long-Term Debt and Financial Liabilities, net

8.           Long-Term Debt and Financial Liabilities, net

 

Long-term debt (a,b) and financial liabilities (c,d) in the condensed consolidated statement of financial position are analysed as follows:

 

 

 

Borrowers / Lenders

   Principal   Deferred finance costs   Modification of Loan   Accrued Interest   Amortized cost

 

(a)

Serena Maritime Limited, Salaminia Maritime Limited, Talisman Maritime Limited and Argo Maritime Limited. / First Citizens Bank & Trust Company (formerly known as CIT Bank N.A.)

   39,605   (279)  

(116)

  

391

   39,601
(b)

Calypso Shipholding S.A. / Marguerite Maritime S.A.

   21,820   (296)   —   129   21,653
  Total Long-term debt at June 30, 2025   61,425   (575)   (116)   520   61,254
  Less: Current Portion   (6,164)   245   116   (520)   (6,323)
  Long-Term Portion   55,261   (330)   —   —   54,931
                       
                       
  Total Long-term debt at December 31, 2024   66,540   (719)   (194)   589   66,216
  Less: Current Portion   (6,771)   271   143   (589)   (6,946)
  Long-Term Portion   59,769   (448)   (51)   —   59,270
                       

(c)

 Daxos Maritime Limited / SK Shipholding S.A.   26,998   (301)  

—

  

—

   26,697
                       
(d) Paralus Shipholding S.A. / Shankyo Shoji Co. Ltd. and Greatsail Shipping S.A.   24,522   (268)  

—

  

—

   24,254
                       
  Total Financial liabilities at June 30, 2025   51,520   (569)   —   —   50,951
  Less: Current Portion   (1,917)   57   —   —   (1,860)
  Long-Term Portion   49,603   (512)   —   —   49,091
                       
                       
  Total Financial liabilities at December 31, 2024   52,471   (597)   —   —   51,874
  Less: Current Portion   (1,916)   56   —   —   (1,860)
  Long-Term Portion   50,555   (541)   —   —   50,014

 

 

Details of the Company’s credit facilities are discussed in Note 11 of the Company’s consolidated financial statements for the year ended December 31, 2024, included in the 2024 Annual Report.

 

As at June 30, 2025, the Company was in compliance with the loan covenants of the agreement with the lenders.

 

During the period ended June 30, 2025 the Company had the following developments:

 

(a)   On February 4, 2025, the Company, through a wholly owned subsidiary, entered into an agreement to sell the 2007-built River Globe. On February 28, 2025 the Company prepaid the total remaining amount of $1,879 of the loan of Devocean Maritime Ltd. (the owning company of the vessel River Globe) in order to be able to conclude the sale and delivery of the vessel to the new owners which took place on March 17, 2025. 

 

The contractual annual principal payments relating to the First Citizens Bank & Trust Company (formerly known as CIT Bank N.A.) loan facility, the Marguerite Loan Facility, the SK Shipholding S.A. sale and bareboat back arrangement and the Shankyo Shoji Co. Ltd. and Greatsail Shipping S.A. sale and bareboat back arrangement to be made subsequent to June 30, 2025, were as follows:

  

 

8.           Long-term Debt and Finance Liabilities, net (continued)

 

June 30,   First Citizens Bank & Trust Company (formerly known as CIT Bank N.A.)   Marguerite Maritime S.A.   SK Shipholding S.A.   Shankyo Shoji Co. Ltd. and Greatsail Shipping S.A.  
Total
2026   20,105   1,180   1,095   821   23,201
2027   2,000   1,180   1,095   821   5,096
2028   17,500   1,180   1,162   885   20,727
2029   —   18,280   1,168   931   20,379
2030 and thereafter   —   —   22,478   21,064   43,542
Total   39,605   21,820   26,998   24,522   112,945