Leases (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Lessee Disclosure [Abstract] |
|
| Schedule of Hire Expenses Recognized and Paid for Vessel Leases Excluded from Operating Lease Right-of-Use Assets and Liabilities |
Charter hire expenses recognized and paid for vessels time chartered in, that are excluded from operating lease right-of-use asset and lease liability recognition due to original duration of not more than one year, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Location in consolidated
statements of income |
|
2024 |
|
|
2023 |
|
|
2022 |
|
Vessels operating leases |
|
Charter-in expenses |
|
|
1,320,063 |
|
|
|
10,505,532 |
|
|
|
3,412,929 |
|
|
| Schedule of Right-of-Use Assets and Lease Liabilities |
Right-of-use assets and lease liabilities as of December 31, 2024 and 2023 were as follows:
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Location in balance sheet |
|
December 31, 2024 |
|
|
December 31, 2023 |
|
Non-current assets: |
|
|
|
|
|
|
|
|
Office leases |
|
Right-of-use assets from operating leases |
|
|
412,828 |
|
|
|
394,401 |
|
Vessel lease |
|
Right-of-use assets from operating leases |
|
|
4,634,662 |
|
|
|
13,645,941 |
|
|
|
|
|
|
5,047,490 |
|
|
|
14,040,342 |
|
Liabilities: |
|
|
|
|
|
|
|
|
Office leases |
|
Operating lease liabilities, current portion |
|
|
254,877 |
|
|
|
275,322 |
|
Vessel lease |
|
Operating lease liabilities, current portion |
|
|
4,634,662 |
|
|
|
9,011,280 |
|
Lease liabilities - current portion |
|
|
|
|
4,889,539 |
|
|
|
9,286,602 |
|
Office leases |
|
Operating lease liabilities, non-current portion |
|
|
179,593 |
|
|
|
119,079 |
|
Vessel lease |
|
Operating lease liabilities, non-current portion |
|
|
- |
|
|
|
4,634,661 |
|
Lease liabilities – non-current portion |
|
|
|
|
179,593 |
|
|
|
4,753,740 |
|
|
| Schedule of Future Lease Payments for Operating Leases |
The aggregate future lease payments for the Company’s operating leases that have been recognized within ROU assets as of December 31, 2024 were as follows:
|
|
|
|
|
2025 |
|
|
4,952,033 |
|
2026 |
|
|
153,390 |
|
2027 |
|
|
33,667 |
|
Total lease payments |
|
|
5,139,090 |
|
Less: imputed interest |
|
|
(69,958 |
) |
Present value of lease liabilities |
|
|
5,069,132 |
|
|
| Summary of Lease Expenses |
The table below presents the components of the Company’s lease expenses.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description |
|
Location in consolidated
statements of income |
|
2024 |
|
|
2023 |
|
|
2022 |
|
Lease expense for office leases |
|
Operating lease expenses |
|
|
390,632 |
|
|
|
289,442 |
|
|
|
182,606 |
|
Lease expense for vessel lease |
|
Operating lease expenses |
|
|
9,476,459 |
|
|
|
7,788,392 |
|
|
|
3,332,420 |
|
Total |
|
|
|
|
9,867,091 |
|
|
|
8,077,834 |
|
|
|
3,515,026 |
|
|