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v3.22.4

Segment Information | 12 Months Ended
--- | ---
Dec. 31, 2022
Segment Information [Abstract] |
Segment Information |
17. | Segment Information:
In late 2022, the Company acquired two containerships for the first time. As a result of the different characteristics of the containerships acquired in relation to the Company’s other three operating segments, the Company determined that, with effect from the fourth quarter of 2022, it operated in four reportable segments: (i) dry bulk, (ii) Aframax/LR2 tanker, (iii) Handysize tanker and (iv) containerships. The reportable segments reflect the internal organization of the Company and the way the chief operating decision maker reviews the operating results and allocates capital within the Company. In addition, the transport of dry cargo commodities, which are carried by dry bulk vessels, has different characteristics to the transport of crude oil (carried by Aframax/LR2 tankers) and differs again from the transport of oil products (carried by Handysize tanker vessels) and the transport of containerized products (carried by containerships). Further, dry bulk vessels trade on different types of charter contracts as compared to tanker vessels, predominantly being employed in the time charter market, whereas our tanker vessels participate predominantly in pools, as well as in the voyage charter market. The transportation of crude oil also has different characteristics to the transportation of oil products in terms of trading routes and cargo handling. In addition, the transportation of containerized goods, the nature of trade, as well as the trading routes, charterers and cargo handling, is different from the other three segments. The table below presents information about the Company’s reportable segments as of and for the year ended December 31, 2020, when the Company had one reportable segment, and for the years ended December 31, 2021 and 2022, when the Company had more than one reportable segments. 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/ (loss) from operations.
|  | Year ended December 31, |  |  | Year ended December 31, |  |  | Year ended December 31, |
|  | 2020 |  |  | 2021 |  |  | 2022 |
|  | Dry bulk segment |  |  | Dry bulk segment |  |  | Aframax/LR2 tanker segment |  |  | Handysize tanker segment |  |  | Total |  |  | Dry bulk segment |  |  | Aframax/LR2 tanker segment |  |  | Handysize tanker segment |  |  | Container ship segment |  |  | Total |
- Time charter revenues |  | $ | 12,487,692 |  |  | $ | 102,785,442 |  |  | $ | 9,115,257 |  |  | $ | — |  |  | $ | 111,900,699 |  |  | $ | 148,930,997 |  |  | $ | 13,656,029 |  |  | $ | — |  |  | $ | 1,285,133 |  |  | $ | 163,872,159 |
- Voyage charter revenues |  |  | — |  |  |  | — |  |  |  | 15,002,012 |  |  |  | — |  |  |  | 15,002,012 |  |  |  | — |  |  |  | 51,805,097 |  |  |  | — |  |  |  | — |  |  |  | 51,805,097 |
- Pool revenues |  |  | — |  |  |  | — |  |  |  | 2,442,144 |  |  |  | 2,704,855 |  |  |  | 5,146,999 |  |  |  | — |  |  |  | 30,787,089 |  |  |  | 15,637,653 |  |  |  | — |  |  |  | 46,424,742 |
Total vessel revenues |  | $ | 12,487,692 |  |  | $ | 102,785,442 |  |  | $ | 26,559,413 |  |  | $ | 2,704,855 |  |  | $ | 132,049,710 |  |  | $ | 148,930,997 |  |  | $ | 96,248,215 |  |  | $ | 15,637,653 |  |  | $ | 1,285,133 |  |  | $ | 262,101,998 |
Voyage expenses (including charges from related party) |  |  | (584,705 | ) |  |  | (1,891,265 | ) |  |  | (11,003,925 | ) |  |  | (55,593 | ) |  |  | (12,950,783 | ) |  |  | (3,649,943 | ) |  |  | (29,100,348 | ) |  |  | (219,066 | ) |  |  | (71,333 | ) |  |  | (33,040,690 | )
Vessel operating expenses |  |  | (7,447,439 | ) |  |  | (26,841,600 | ) |  |  | (9,776,724 | ) |  |  | (2,585,147 | ) |  |  | (39,203,471 | ) |  |  | (40,697,898 | ) |  |  | (17,386,009 | ) |  |  | (4,322,281 | ) |  |  | (561,656 | ) |  |  | (62,967,844 | )
Management fees to related parties |  |  | (930,500 | ) |  |  | (4,890,900 | ) |  |  | (1,433,950 | ) |  |  | (419,900 | ) |  |  | (6,744,750 | ) |  |  | (6,481,000 | ) |  |  | (2,167,000 | ) |  |  | (666,500 | ) |  |  | (81,400 | ) |  |  | (9,395,900 | )
Depreciation and amortization |  |  | (1,904,963 | ) |  |  | (10,528,711 | ) |  |  | (3,087,764 | ) |  |  | (746,353 | ) |  |  | (14,362,828 | ) |  |  | (18,039,966 | ) |  |  | (5,889,352 | ) |  |  | (1,405,124 | ) |  |  | (495,271 | ) |  |  | (25,829,713 | )
Provision for doubtful accounts |  |  | (37,103 | ) |  |  | (2,483 | ) |  |  | — |  |  |  | — |  |  |  | (2,483 | ) |  |  | — |  |  |  | (266,732 | ) |  |  | — |  |  |  | — |  |  |  | (266,732 | )
Gain on sale of vessel |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,222,631 |  |  |  | — |  |  |  | — |  |  |  | 3,222,631 |
Segments operating income/(loss) |  | $ | 1,582,982 |  |  | $ | 58,630,483 |  |  | $ | 1,257,050 |  |  | $ | (1,102,138 | ) |  | $ | 58,785,395 |  |  | $ | 80,062,190 |  |  | $ | 44,661,405 |  |  | $ | 9,024,682 |  |  | $ | 75,473 |  |  | $ | 133,823,750 |
Interest and finance costs |  |  | (810,317 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2,631,318 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (8,545,149 | )
Interest income |  |  | 9,387 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11,651 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,485,368 |
Foreign exchange (losses)/gains |  |  | (28,455 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 31,325 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 99,134 |
Less: Unallocated corporate general and administrative expenses |  |  | (1,130,953 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,266,310 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (7,043,937 | )
Less: Corporate Interest and finance costs |  |  | (1,379,260 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (223,680 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (38,905 | )
Less: Corporate Interest income |  |  | 25,589 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 63,472 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 72,735 |
Less: Corporate exchange (losses)/ gains |  |  | (866 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (2,709 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,566 |
Dividend on equity securities |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 24,528 |
Profit from equity securities |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 27,450 |
Net (loss)/income and comprehensive (loss)/income, before taxes |  | $ | (1,731,893 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 52,767,826 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 119,909,540 |
A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets of December 31, 2021, and 2022, is as follows:
|  | Year Ended December 31, 2021 |  |  | Year Ended December 31, 2022 |
Dry bulk segment |  | $ | 314,407,704 |  |  | $ | 339,599,683 |
Aframax tanker segment |  |  | 104,953,507 |  |  |  | 134,093,678 |
Handysize tanker segment |  |  | 19,093,379 |  |  |  | 23,385,458 |
Containership segment |  |  | — |  |  |  | 52,850,927 |
Cash and cash equivalents (1) |  |  | 23,950,795 |  |  |  | 82,336,406 |
Prepaid expenses and other assets (1) |  |  | 508,057 |  |  |  | 654,796 |
Total consolidated assets |  | $ | 462,913,442 |  |  | $ | 632,920,948 |
(1) | Refers to assets of other, non-vessel owning, entities included in the consolidated financial statements.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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