Leases (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Lessee Disclosure [Abstract] |
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| Schedule of Hire Expenses Recognized and Paid for Vessel Leases Excluded from Operating Lease Right-of-Use Assets and Liabilities |
Charter hire expenses for one vessel 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:
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Description |
Location in unaudited interim condensed consolidated statements of operations |
June 30, 2025 |
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June 30, 2024 |
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Vessels operating leases |
Charter-in expenses |
- |
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1,320,063 |
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| Schedule of Right-of-Use Assets and Lease Liabilities |
Right-of-use assets and lease liabilities as of June 30, 2025 and December 31, 2024 were as follows:
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Description |
Location in balance sheet |
June 30, 2025 |
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December 31, 2024 |
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Non-current assets: |
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Office leases |
Right-of-use assets from operating leases |
803,871 |
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412,828 |
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Vessels leases |
Right-of-use assets from operating leases |
44,273,116 |
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4,634,662 |
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45,076,987 |
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5,047,490 |
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Liabilities: |
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Office leases |
Operating lease liabilities, current portion |
427,137 |
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254,877 |
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Vessel leases |
Operating lease liabilities, current portion |
8,026,863 |
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4,634,662 |
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Lease liabilities - current portion |
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8,454,000 |
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4,889,539 |
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Office leases |
Operating lease liabilities, non-current portion |
397,620 |
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179,593 |
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Vessel leases |
Operating lease liabilities, non-current portion |
36,246,254 |
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- |
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Lease liabilities – non-current portion |
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36,643,874 |
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179,593 |
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| Schedule of Future Lease Payments for Operating Leases |
The aggregate future lease payments for the Company’s operating leases as of June 30, 2025 were as follows:
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Remaining of 2025 |
5,337,938 |
2026 |
10,634,315 |
2027 |
10,834,225 |
2028 |
10,899,372 |
2029 |
11,448,081 |
2030 |
1,887,772 |
Total lease payments |
51,041,703 |
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Less: imputed interest |
(5,943,829) |
Present value of lease liabilities |
45,097,874 |
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| Summary of Lease Expenses |
The table below presents the components of the Company’s lease expenses.
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Description |
Location in unaudited interim condensed consolidated statements of operations |
Six Month Period Ended June 30, 2025 |
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Six Month Period Ended June 30, 2024 |
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Lease expense for office leases |
Operating lease expenses |
210,576 |
|
175,901 |
Lease expense for vessel leases |
Operating lease expenses |
7,006,887 |
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4,732,000 |
Total |
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7,217,463 |
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4,907,901 |
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