v3.26.1
Vessels, net (Tables)
12 Months Ended
Dec. 31, 2025
Vessels, net [Abstract]  
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  
Advances for Vessels Under Construction Contract

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