XML 39 R15.htm IDEA: XBRL DOCUMENT
v3.22.1

Vessels, net/ Advances for vessel acquisition | 12 Months Ended
--- | ---
Dec. 31, 2021
Vessels, net/ Advances for vessel acquisition [Abstract] |
Vessels, net/ Advances for vessel acquisition |
6. | Vessels, net/ Advances for vessel acquisition:
(a) Vessels, net: The amounts in the accompanying consolidated balance sheets are analyzed as follows:
|  | Vessel Cost |  |  | Accumulated depreciation |  |  | Net Book Value |
Balance December 31, 2019 |  |  | 24,810,061 |  |  |  | (1,110,032 | ) |  |  | 23,700,029 |
— Acquisitions, improvements, and other vessel costs |  |  | 36,096,033 |  |  |  | — |  |  |  | 36,096,033 |
— Period depreciation |  |  | — |  |  |  | (1,750,434 | ) |  |  | (1,750,434 | )
Balance December 31, 2020 |  |  | 60,906,094 |  |  |  | (2,860,466 | ) |  |  | 58,045,628 |
— Acquisitions, improvements, and other vessel costs |  |  | 299,460,599 |  |  |  | — |  |  |  | 299,460,599 |
— Transfers from Advances for vessel acquisitions (b) |  |  | 49,687,450 |  |  |  | — |  |  |  | 49,687,450 |
— Period depreciation |  |  | — |  |  |  | (13,227,748 | ) |  |  | (13,227,748 | )
Balance December 31, 2021 |  |  | 410,054,143 |  |  |  | (16,088,214 | ) |  |  | 393,965,929 |
Vessel Acquisitions and other Capital Expenditures: During the year ended December 31, 2021, the Company agreed to acquire 14 dry bulk carriers and nine tanker vessels for an aggregate cash consideration of $363.6 million (the “2021 Vessel Acquisitions”). Of the 2021 Vessel Acquisitions, 22 were concluded during the year ended December 31, 2021, whereas the last one, this of the Magic Callisto, was concluded on January 4, 2022 (Note 18). The 2021 Vessel Acquisitions were financed with cash on hand and the net proceeds from the debt and equity financings discussed under Notes 7 and 8 below. Details regarding the 2021 Vessel Acquisitions delivered as of December 31, 2020 and 2021, are presented below.
Vessel Name | Vessel Type | DWT | Year Built | Country of Construction | Purchase Price (in million) | Delivery Date
2020 Acquisitions
Magic Rainbow | Panamax | 73,593 | 2007 | China | $7.85 | 08/08/2020
Magic Horizon | Panamax | 76,619 | 2010 | Japan | $12.75 | 10/09/2020
Magic Nova | Panamax | 78,833 | 2010 | Japan | $13.86 | 10/15/2020
2021 Acquisitions
Magic Venus | Kamsarmax | 83,416 | 2010 | Japan | $15.85 | 03/02/2021
Wonder Polaris | Aframax LR2 | 115,351 | 2005 | S. Korea | $13.60 | 03/11/2021
Magic Orion | Capesize | 180,200 | 2006 | Japan | $17.50 | 03/17/2021
Magic Argo | Kamsarmax | 82,338 | 2009 | Japan | $14.50 | 03/18/2021
Wonder Sirius | Aframax LR2 | 115,341 | 2005 | S. Korea | $13.60 | 03/22/2021
Magic Twilight | Kamsarmax | 80,283 | 2010 | S. Korea | $14.80 | 04/09/2021
Magic Thunder | Kamsarmax | 83,375 | 2011 | Japan | $16.85 | 04/13/2021
Magic Vela | Panamax | 75,003 | 2011 | China | $14.50 | 05/12/2021
Magic Nebula | Kamsarmax | 80,281 | 2010 | S. Korea | $15.45 | 05/20/2021
Wonder Vega | Aframax | 106,062 | 2005 | S. Korea | $14.80 | 05/21/2021
Magic Starlight | Kamsarmax | 81,048 | 2015 | China | $23.50 | 05/23/2021
Wonder Avior | Aframax LR2 | 106,162 | 2004 | S. Korea | $12.00 | 05/27/2021
Wonder Arcturus | Aframax LR2 | 106,149 | 2002 | S. Korea | $10.00 | 05/31/2021
Wonder Mimosa | Handysize | 36,718 | 2006 | S. Korea | $7.25 | 05/31/2021
Magic Eclipse | Panamax | 74,940 | 2011 | Japan | $18.48 | 06/07/2021
Wonder Musica | Aframax LR2 | 106,290 | 2004 | S. Korea | $12.00 | 06/15/2021
Wonder Formosa | Handysize | 36,660 | 2006 | S. Korea | $8.00 | 06/22/2021
Magic Pluto | Panamax | 74,940 | 2013 | Japan | $19.06 | 08/06/2021
Magic Perseus | Kamsarmax | 82,158 | 2013 | Japan | $21.00 | 08/09/2021
Magic Mars | Panamax | 76,822 | 2014 | S. Korea | $20.40 | 09/20/2021
Magic Phoenix | Panamax | 76,636 | 2008 | Japan | $18.75 | 10/26/2021
Wonder Bellatrix | Aframax LR2 | 115,341 | 2006 | S. Korea | $18.15 | 12/23/2021
During the year ended December 31, 2021, the Company incurred aggregate vessel improvement costs of $1.8 million mainly relating to (i) the purchase and installation of a ballast water management system (“BWMS”) on the Wonder Mimosa during the vessel’s dry dock that was initiated late in the second quarter of 2021 and concluded early in the third quarter of 2021, and (ii) the consideration paid to acquire the BWMS equipment of the Magic Vela and additional BWMS installation costs incurred during the vessel’s dry dock that was initiated in the third quarter and concluded in the fourth quarter of 2021. During the year ended December 31, 2020, the Company incurred aggregate vessel improvement costs of $1.0 million relating to (i) the purchase and partial installation of a BWMS on the Magic P, and (ii) the purchase and installation of a BWMS on the Magic Sun. As of December 31, 2021, 13 of the 28 vessels in the Company’s fleet having an aggregate carrying value of $164.7 million were first priority mortgaged as collateral to their loan facilities (Note 7). Consistent with prior practices, the Company reviewed all its vessels for impairment, and none were found to be impaired at December 31, 2020 and December 31, 2021.
(b) | Advances for vessel acquisition
The amounts in the accompanying consolidated balance sheets are analyzed as follows:
|  | Vessel Cost |
Balance December 31, 2020 |  | $ | — |
— Advances for vessel acquisitions and other vessel pre-delivery costs |  |  | 52,055,615 |
—Transfer to Vessels, net (a) |  |  | (49,687,450 | )
Balance December 31, 2021 |  | $ | 2,368,165 |
During the year ended December 31, 2021, the Company took delivery of the vessels discussed under (a) above and, hence, certain advances paid in the period for these vessels were transferred from Advances for vessel acquisitions to Vessels, net. The balance of Advances for vessel acquisition as of December 31, 2021, reflects the advance payment made for the acquisition of the Magic Callisto (Note 18).

X
- References No definition available. + Details
Name: | us-gaap_PropertyPlantAndEquipmentAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916 + Details
Name: | us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration