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Commitments and Contingencies | 12 Months Ended
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Dec. 31, 2022
Commitments and Contingencies [Abstract] |
Commitments and Contingencies |
10. | Commitments and Contingencies:
Various claims, lawsuits, 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 such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying 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 consolidated financial statements. The Company is covered for liabilities associated with the vessels’ actions to the maximum limits as provided by Protection and Indemnity (P&I) Clubs, members of the International Group of P&I Clubs.
(a) | Commitments under Contracts for BWTS Installation
As of December 31, 2022, it was estimated that the remaining contractual obligations related to BWTS installations on certain of the Company’s vessels, excluding installation costs, were on aggregate approximately €1.4 million (or $1.5 million on the basis of a Euro/US Dollar exchange rate of €1.0000/$1.0675 as of December 31, 2022), of which €0.2 million (or $0.2 million) are due in 2023 and €1.2 million (or $1.3 million) are due in 2024. These costs will be capitalized and depreciated over the remainder of the life of each vessel.
(b) | Commitments under long-term lease contracts
The following table sets forth the future minimum contracted lease payments to the Company (gross of charterers’ commissions), based on the Company’s vessels’ commitments to non-cancelable time charter contracts as of December 31, 2022. Non-cancelable time charter contracts include both fixed-rate time charters or charters linked to the Baltic Dry Index (“BDI”). For index linked contracts, contracted lease payments have been calculated using the BDI linked rate as measured at the commencement date. In addition, certain of the variable-rate contracts have the option at the Company’s option to convert to a fixed rate for a predetermined period, in such cases where lease payments have been converted to a fixed rate, the minimum contracted lease payments for this period are calculated using the agreed converted fixed rate. The calculation does not include any assumed off-hire days.
Twelve-month period ending December 31, |  | Amount |
2023 |  | $ | 81,496,819 |
2024 |  |  | 2,142,100 |
Total |  | $ | 83,638,919 |

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