| Discontinued Operations [Text Block] |
3. Discontinued Operations:
The Company’s discontinued operations relate to the operations of its dry bulk-related businesses, which formerly comprised the Company’s CBI and dry bulk segments. Following completion of the Spin-Off on May 6, 2025, the Company has no continuing involvement in the dry bulk-related businesses as of such date (Note 1).
The components of assets and liabilities of discontinued operations in the consolidated balance sheet as of December 31, 2024 consisted of the following:
| | | December 31, 2024 | |
| CURRENT ASSETS: | | | | |
| Cash and cash equivalents | | $ | 47,754 | |
| Restricted cash | | | 941 | |
| Margin deposits | | | 45,221 | |
| Accounts receivable, net | | | 39,646 | |
| Inventories | | | 44,500 | |
| Due from related parties | | | 7,014 | |
| Fair value of derivatives | | | 197 | |
| Insurance claims receivable | | | 2,842 | |
| Prepayments and other assets | | | 49,795 | |
| Total current assets of discontinued operations | | $ | 237,910 | |
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| FIXED ASSETS, NET: | | | | |
| Vessels and advances, net | | $ | 671,844 | |
| Fixed assets of discontinued operations | | $ | 671,844 | |
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| NON-CURRENT ASSETS: | | | | |
| Accounts receivable, net, non-current | | $ | 1,610 | |
| Deferred charges, net | | | 19,119 | |
| Due from related parties, non-current | | | 1,050 | |
| Fair value of derivatives, non-current | | | 147 | |
| Restricted cash, non-current | | | 9,236 | |
| Operating leases, right-of-use assets | | | 297,975 | |
| Total non-current assets of discontinued operations | | $ | 329,137 | |
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| CURRENT LIABILITIES: | | | | |
| Current portion of long-term debt, net of deferred financing costs | | $ | 30,505 | |
| Accounts payable | | | 41,477 | |
| Due to related parties | | | 5,319 | |
| Operating lease liabilities, current portion | | | 205,172 | |
| Accrued liabilities | | | 11,213 | |
| Unearned revenue | | | 22,911 | |
| Fair value of derivatives | | | 14,465 | |
| Other current liabilities | | | 3,905 | |
| Total current liabilities of discontinued operations | | $ | 334,967 | |
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| NON-CURRENT LIABILITIES: | | | | |
| Long-term debt, net of current portion and deferred financing costs | | $ | 305,724 | |
| Operating lease liabilities, non-current portion | | | 87,424 | |
| Fair value of derivatives, non-current portion | | | 5,174 | |
| Total non-current liabilities of discontinued operations | | $ | 398,322 | |
The components of the income /(loss) from discontinued operations for the six-month period ended June 30, 2024 and for the period from January 1, 2025 to May 6, 2025 in the unaudited consolidated statements of income consisted of the following:
| | | Six-month period ended June 30, 2024 | | | From the period from January 1, 2025 to May 6, 2025 | |
| REVENUES: | | | | | | | | |
| Voyage revenue | | $ | 520,332 | | | $ | 239,719 | |
| Voyage revenue – related parties | | | 31,776 | | | | 87,683 | |
| Total voyage revenue | | | 552,108 | | | | 327,402 | |
| EXPENSES: | | | | | | | | |
| Voyage expenses | | | (172,271 | ) | | | (107,383 | ) |
| Charter-in hire expenses | | | (308,557 | ) | | | (166,506 | ) |
| Voyage expenses-related parties | | | (2,203 | ) | | | (3,765 | ) |
| Vessels’ operating expenses | | | (41,372 | ) | | | (27,165 | ) |
| General and administrative expenses | | | (3,919 | ) | | | (8,950 | ) |
| Management and agency fees-related parties | | | (15,102 | ) | | | (10,760 | ) |
| Amortization of dry-docking and special survey costs | | | (2,984 | ) | | | (2,337 | ) |
| Depreciation | | | (17,980 | ) | | | (14,044 | ) |
| Gain / (loss) on sale of vessels, net | | | 3,422 | | | | (4,669 | ) |
| Loss on vessel held for sale | | | (2,308 | ) | | | (1,579 | ) |
| Vessel impairment loss | | | - | | | | (179 | ) |
| Foreign exchange gains | | | 46 | | | | 219 | |
| Operating loss | | | (11,120 | ) | | | (19,716 | ) |
| OTHER INCOME / (EXPENSES): | | | | | | | | |
| Interest income | | | 1,021 | | | | 239 | |
| Interest and finance costs | | | (11,889 | ) | | | (7,313 | ) |
| Other, net | | | 868 | | | | (47 | ) |
| Gain /(loss) on derivative instruments, net | | | 24,996 | | | | (710 | ) |
| Total other income / (expenses), net | | | 14,996 | | | | (7,831 | ) |
| Net income / (loss) from discontinued operations | | $ | 3,876 | | | $ | (27,547 | ) |
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