| Vessels, net |
The amounts in the consolidated balance sheets are
analyzed as follows:
| |
|
Vessel Cost
|
|
|
Accumulated
Depreciation
|
|
|
Net Book Value
|
|
|
Balance, December 31, 2023
|
|
|
409,264 |
|
|
|
(34,554 |
) |
|
|
374,710 |
|
|
— Depreciation
|
|
|
- |
|
|
|
(13,336 |
) |
|
|
(13,336 |
) |
|
Balance, December 31, 2024
|
|
|
409,264 |
|
|
|
(47,890 |
) |
|
|
361,374 |
|
|
— Additions
|
|
|
28,017 |
|
|
|
(1,556 |
) |
|
|
26,461 |
|
— Rubico Spin-off
|
|
|
(126,646 |
) |
|
|
18,716 |
|
|
|
(107,930 |
) |
— Foreign currency translation differences
|
|
|
958 |
|
|
|
(126 |
) |
|
|
832 |
|
— Depreciation
|
|
|
- |
|
|
|
(12,271 |
) |
|
|
(12,271 |
) |
|
Balance, December 31, 2025
|
|
|
311,593 |
|
|
|
(43,127 |
) |
|
|
268,466 |
|
As of December 31, 2025 title of ownership is
held by the relevant lenders in respect of vessels with a carrying value of $241,857 to secure the relevant sale and lease back
financing transactions and in the case of vessels financed via bank loans a vessel with a carrying value of $26,609 has been mortgaged
as security under its respective loan facility.
|
4.
|
(b) Advances for vessels under construction:
|
An analysis of Advances for vessels under
construction is as follows:
| |
|
Advances for
vessels under
construction
|
|
|
Balance, December 31, 2024
|
|
|
-
|
|
|
— Additions
|
|
|
8,567
|
|
|
— Advances paid
|
|
|
7,599
|
|
|
— Capitalized expenses
|
|
|
1,082
|
|
|
— Capitalized Imputed interest
|
|
|
629
|
|
|
— Foreign currency translation differences
|
|
|
330
|
|
|
Balance, December 31, 2025
|
|
|
18,207
|
|
|