v3.26.1
Segment Reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting

18.
Segment Reporting

 

Following the acquisition of M/Y Para Bellvm on April 11, 2025, the Company determined that it operated in two reportable segments: (i) the tanker segment and (ii) the megayacht 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 crude oil has different characteristics and the nature of trade, trading routes, charterers and cargo handling differ in important respects. The chartering of a megayacht like M/Y Para Bellvm consists of a different service and it does not have similar economic characteristics to the tanker segment. The Company does not disclose geographic information relating to either of our segments because when the Company charters either a tanker or M/Y Para Bellvm to a charterer, the charterer is free, subject to certain exemptions, to trade or, in the case of M/Y Para Bellvm travel, with the vessel worldwide and as a result the disclosure of geographic information is impracticable.

The table below presents information about the Company’s reportable segments for the year ended December 31, 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 consolidated financial statements. Segment results are evaluated based on income from operations.

   
Year ended December 31, 2025
  
   
Tanker Segment
    
Megayacht Segment
    
Total
  
REVENUES:
                  
Time charter revenues
    
67,121
      
4,351
      
71,472
  
Time charter revenues from related parties
    
8,943
      
-
      
8,943
  
Total revenues
    
76,064
      
4,351
      
80,415
  
EXPENSES:
                        
Voyage expenses
    
1,594
      
907
      
2,501
  
Operating lease expenses
    
10,301
      
-
      
10,301
  
Other vessel operating expenses
    
17,082
      
1,313
      
18,395
  
Vessel depreciation
    
11,586
      
685
      
12,271
  
Management fees-related parties-direct
    
1,734
      
178
      
1,912
  
Segments operating results
    
33,767
      
1,268
      
35,035
  
General and administrative expenses
                    
(7,617
)
Management fees-related parties-overhead costs
                    
(1,138
)
Interest and finance costs
                    
(23,406
)
Interest income
                    
385
  
Equity losses in unconsolidated joint ventures
                    
(173
)
Net income
                    
3,086
  

A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets as of December 31, 2025 is as follows:

   
As of December 31, 2025
  
Tanker segment
    
246,582
  
Megayacht segment
    
44,919
  
Cash and cash equivalents including restricted cash
    
22,222
  
Investments in unconsolidated joint ventures
    
7,881
  
Advances for asset acquisitions to related parties
    
11,500
  
Other fixed assets, net
    
505
  
Total consolidated assets
    
333,609