v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Information [Abstract]  
Segment Information
24.
Segment Information:

Following the acquisition of the MPC Capital on December 16, 2024, the Company determined that it operated in three reportable segments: (i) the dry bulk segment (ii) the containership segment and (iii) the asset management segment. These reportable segments reflect the Company’s internal organization and the way its chief operating decision maker (“CODM”), who is the Chief Executive Officer of the Company, reviews and analyzes the operating results and allocates capital within the Company. The CODM assesses segment performance using key financial measures, including revenues, operating expenses, segment operating income and net income. These metrics help the CODM assess segment profitability, optimize fleet deployment, control costs and determine capital allocation. Based on these segment performance trends, the CODM makes resource allocation decisions such as adjusting asset acquisition strategies, adjusting chartering strategies, prioritizing fleet expansion or disposals, and optimizing cost efficiencies to enhance profitability and overall segment performance. Further, the transport of dry bulk cargoes and containerized cargoes has different characteristics and the nature of trade, trading routes, charterers and cargo handling of differ in important respects. MPC Capital provides asset management services and it does not have similar economic characteristics to the other two segments. The Company does not disclose geographic information relating to its dry bulk and container ship segments because when it charters a vessel to a charterer, the charterer is free, subject to certain exemptions, to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable. For the asset management disclosure of geographic information refer to Note 18.

The table below presents information about the Company’s reportable segments as of and for the six months ended June 30, 2024, and 2025. The accounting policies followed in the preparation of the reportable segments are the same as those followed in the preparation of the Company’s unaudited interim condensed consolidated financial statements. Segment results are evaluated based on income from operations.

   
Six months ended June 30, 2024
    
Six months ended June 30, 2025
  
   
Dry bulk
segment
    
Containership
segment
    
Total
    
Dry bulk
segment
    
Containership
segment
    
Asset management
segment
    
Total
  
- Vessel revenues
  
$
30,244,797
    
$
6,424,979
    
$
36,669,776
     $
15,312,143
     $
6,170,124
     $
—     $
21,482,267
  
- Revenue from services
     —       —       —       —       —       16,803,545       16,803,545  
Total revenues
  
$
30,244,797
    
$
6,424,979
    
$
36,669,776
     $
15,312,143
     $
6,170,124
     $
16,803,545     $
38,285,812
  
Voyage expenses (including charges from related party)
    
(1,701,922
)
    
(310,852
)
    
(2,012,774
)
    
(1,341,234
)
    
(435,583
)
     —      
(1,776,817
)
Vessel operating expenses
    
(12,379,672
)
    
(2,277,979
)
    
(14,657,651
)
    
(8,387,369
)
    
(1,857,355
)
     —      
(10,244,724
)
Cost of revenue from services (exclusive of depreciation and amortization shown separately below)
     —       —       —       —       —       (10,504,581 )     (10,504,581 )
Management fees to related parties
    
(2,127,788
)
    
(358,904
)
    
(2,486,692
)
    
(1,953,033
)
    
(335,610
)
     —      
(2,288,643
)
Depreciation and amortization
    
(4,630,403
)
    
(2,757,452
)
    
(7,387,855
)
    
(4,778,984
)
    
(724,256
)
     (1,149,915 )    
(6,653,155
)
Provision for doubtful accounts
     —       —       —       —     —       (15,459)       (15,459 )
Net gain / (loss) on sale of vessels
    
19,307,595
      
—
      
19,307,595
      
(2,082,412
)
    
80,766
       —      
(2,001,646
)
Loss on vessels held for sale
     —       —       —       (5,554,777)       —     —       (5,554,777 )
Gain from a claim
     1,411,356       —       1,411,356       —       —       —       —  
Net gain on disposal of assets
     —       —       —       —       —       410,099       410,099  
Net gain from equity method investments
     —       —       —       —       —       441,493       441,493  
Net loss from equity method investments measured at fair value
     —       —       —       —       —       (25,430,461 )     (25,430,461 )
Segments operating income/(loss)
  
$
30,123,963
    
$
719,792
    
$
30,843,755
     $
(8,785,666
)
   $
2,898,086
  $
(19,445,279 )   $
(25,332,859
)
Interest and finance costs
                    
(3,580,372
)
                            
(431,125
)
Interest income
                    
1,950,245
                              
587,209
  
Foreign exchange losses
                    
(10,599
)
                            
(1,301,795
)
Less: Unallocated corporate general and administrative expenses
                    
(3,387,071
)
                            
(9,547,735
)
Less: Corporate Interest and finance costs
                    
(424,322
)
                            
(2,762,996
)
Less: Corporate Interest income
                    
1,376,609
                              
422,238
  
Less: Corporate exchange (losses)/ gains
                    
(75,059
)
                            
162,197
  
Corporate: Net gain from equity method investments measured at fair value
                                                     615,812  
Dividend income on equity securities
                    
2,853,165
                              
2,196,716
  
Dividend income from related party
                    
707,777
                              
703,889
  
Dividend income from equity method investments measured at fair value (related party)
                     —                               10,610,587  
Gains on equity securities
                    
15,025,838
                              
5,457,774
  
Other net
                     —                               2,213,634  
Net income / (loss), before taxes
                  
$
45,279,966
                             $
(16,406,454
)

A reconciliation of total segment assets to total assets presented in the accompanying unaudited interim consolidated balance sheets of December 31, 2024 and June 30, 2025, is as follows:
   
As of
December 31,
2024
    
As of
June 30,
2025
  
Dry bulk segment
  
$
194,561,173
    
$
159,207,459
  
Containership segment
    
54,030,862
      
17,739,238
  
Asset management segment
     308,393,047       313,840,644  
Cash and cash equivalents (1)
    
53,677,612
      
19,331,794
  
Prepaid expenses and other assets (1)
    
186,714,227
      
192,690,362
  
Total consolidated assets
  
$
797,376,921
    
$
702,809,497
  

(1)
Refers to assets of other, non-vessel owning, entities included in the unaudited interim consolidated financial statements.