Commitments and Contingencies |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies | 14. Commitments and Contingencies
Contingencies
Various claims, suits, 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.
The Company accrues the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure.
An estimated loss from a contingency should be accrued by a charge to expense and a liability recorded only if all of the following conditions are met:
Currently, the Company is not aware of any such claims or contingent liabilities which should be disclosed or for which a provision should be established in the consolidated financial statements.
Commitments
(A) Lease Commitments: Future minimum charter hire receipts, excluding any profit share revenue that may arise, based on non-cancellable time and bareboat charter contracts, as of June 30, 2025, were:
(B) Vessels Under Construction Commitments: As of June 30, 2025, the Company, had outstanding commitments relating to acquisitions of vessels and vessels under construction amounting to $489,300 and $1,318,726, respectively which will be financed through the issuance of debt and cash at hand (Notes 5, 6).
The following table contains details of vessels under construction commitments:
(C) Supervision Services Commitments: As of June 30, 2025, the Company had outstanding commitments relating to supervision services agreements for vessels under construction, amounting to $4,933 (Notes 5, 6).
The following table contains details of supervision services commitments:
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