| Equity Method Investments |
The Company holds investments in certain companies that are accounted for pursuant
to the equity method. As of June 30, 2025, the Company held the following ownership interests in the outstanding common stock of entities which are significant from the Company’s perspective:
| |
|
Period Ended
|
|
| |
|
December 31, 2024
|
|
|
June 30, 2025
|
|
|
Equity method investments
|
|
Ownership interest
|
|
|
Carrying
amount
|
|
|
Ownership
interest
|
|
|
Carrying
amount
|
|
|
Wilhelmsen Ahrenkiel Ship Management GmbH & Co. KG
|
|
|
50.0 |
% |
|
$
|
17,808,231 |
|
|
|
50.0
|
%
|
|
$
|
20,317,954
|
|
|
BB Amstel B.V.
|
|
|
41.5 |
% |
|
|
7,443,176 |
|
|
|
41.5
|
%
|
|
|
8,343,695
|
|
|
MPC Caribbean Clean Energy Limited, Barbados
|
|
|
22.2 |
% |
|
|
5,032,570 |
|
|
|
22.2
|
%
|
|
|
5,658,476
|
|
|
Barber Ship Management Germany GmbH & Co. KG
|
|
|
50.0 |
% |
|
|
3,922,745 |
|
|
|
50.0
|
%
|
|
|
4,391,583
|
|
|
BestShip GmbH & Cie. KG
|
|
|
-
|
|
|
|
-
|
|
|
|
50.0
|
%
|
|
|
3,651,166
|
|
|
Other
|
|
|
-
|
|
|
|
16,297,000 |
|
|
|
-
|
|
|
|
9,395,790
|
|
|
Total
|
|
|
-
|
|
|
$
|
50,503,722 |
|
|
|
-
|
|
|
$
|
51,758,664
|
|
As of June 30, 2025, the Company also held the following ownership interests in the
outstanding common stock of entities and for which the fair value option was elected:
| |
Period Ended
|
|
| |
December 31, 2024
|
|
June 30, 2025
|
|
|
Equity method investments measured at fair value
|
Ownership
interest
|
|
Carrying
amount
|
|
Ownership
interest
|
|
Carrying
amount
|
|
|
MPC Container Ships ASA
|
|
|
13.7 |
% |
|
|
111,586,255
|
|
|
|
17.14
|
%
|
|
|
117,930,189
|
|
|
MPC Energy Solutions NV
|
|
|
20.5 |
% |
|
|
3,868,793
|
|
|
|
20.5
|
%
|
|
$
|
4,548,760
|
|
|
Total
|
|
|
|
|
|
|
115,455,048
|
|
|
|
-
|
|
|
$
|
122,478,949
|
|
|
|
|
Equity method
investments
measured at
fair value
|
|
|
Balance December 31, 2024
|
|
$
|
115,455,048
|
|
|
Equity securities acquired
|
|
|
21,523,683
|
|
|
Unrealized loss on equity method investments revalued at fair value at end of
the period
|
|
|
(24,814,649
|
)
|
|
Unrealized foreign exchange loss from equity method investments
measured at fair value (1i)
|
|
|
(1,084,348
|
)
|
Unrealized foreign exchange gain from equity method investments measured at fair value – OCI portion- (1ii)
|
|
|
11,399,215 |
|
Balance June 30, 2025
|
|
$ |
122,478,949 |
|
|
(1)
|
The amount
presented includes foreign exchange differences arising from (i) translation into the functional currency to reflect the end-of-period exchange rates and any gains or losses are included in the unaudited interim condensed consolidated
statements of comprehensive income and (ii) translation of the accounts of foreign subsidiaries with non-USD functional currencies and the resulting cumulative translation adjustments are recorded in Other Comprehensive Income (OCI)
in the unaudited interim condensed consolidated statements of comprehensive income and accumulated in Accumulated Other Comprehensive Income (AOCI) within equity.
|
For those equity method investments that are considered significant for the interim
financial statements from the Company’s perspective, summarized consolidated financial information is provided below.
|
MPC Container Ships ASA (in thousands)
|
|
June 30, 2025
|
|
|
Current assets
|
|
$
|
415,198
|
|
|
Non-current assets
|
|
|
1,035,675
|
|
|
Current liabilities
|
|
|
140,312
|
|
|
Non-current liabilities
|
|
|
431,343
|
|
|
Market value (June 30, 2025)
|
|
|
699,390
|
|
|
Revenue
|
|
|
264,958
|
|
|
Net income
|
|
|
137,844
|
|
|
Total comprehensive income
|
|
$
|
137,432
|
|
|