| Discontinued Operations |
3. Discontinued Operations Following the announcement of the Company on November 13, 2023, of its intention to shift its business focus towards LNG and energy transition shipping and gradually divest from its non-core assets, taking advantage of the attractive vessel valuations, the Company entered into 14 MOAs with third parties for the disposal of 14 container carrier vessels. The Company determined that the assets and liabilities, results of operations and cash flows of the 14 container carrier vessels met the criteria to be reported in discontinued operations. The container carrier vessels that the Company sold following the announcement are listed below. Discontinued Operations - Memoranda of Agreement for the Sale of 14 Container Vessels(Table)
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| Name of Vessel |
|
Type |
|
TEU |
|
MOA Date |
|
Delivery |
| M/V Akadimos |
|
Neo Panamax Container Vessel |
|
9,288 |
|
January 31, 2024 |
|
March 8, 2024 |
| M/V Long Beach Express |
|
Panamax Container Vessel |
|
5,089 |
|
December 15, 2023 |
|
February 26, 2024 |
| M/V Seattle Express |
|
Panamax Container Vessel |
|
5,089 |
|
February 14, 2024 |
|
April 26, 2024 |
| M/V Fos Express |
|
Panamax Container Vessel |
|
5,089 |
|
February 14, 2024 |
|
May 3, 2024 |
| M/V Athenian |
|
Neo Panamax Container Vessel |
|
9,954 |
|
March 1, 2024 |
|
April 22, 2024 |
| M/V Athos |
|
Neo Panamax Container Vessel |
|
9,954 |
|
March 1, 2024 |
|
April 22, 2024 |
| M/V Aristomenis |
|
Neo Panamax Container Vessel |
|
9,954 |
|
March 1, 2024 |
|
May 3, 2024 |
| M/V Hyundai Premium |
|
Neo Panamax Container Vessel |
|
5,023 |
|
September 12, 2024 |
|
November 22, 2024 |
| M/V Hyundai Paramount |
|
Neo Panamax Container Vessel |
|
5,023 |
|
September 12, 2024 |
|
December 20, 2024 |
| M/V Hyundai Prestige |
|
Neo Panamax Container Vessel |
|
5,023 |
|
September 12, 2024 |
|
December 5, 2024 |
| M/V Hyundai Privilege |
|
Neo Panamax Container Vessel |
|
5,023 |
|
September 12, 2024 |
|
January 10, 2025 |
| M/V Hyundai Platinum |
|
Neo Panamax Container Vessel |
|
5,023 |
|
September 12, 2024 |
|
March 10, 2025 |
| M/V Manzanillo Express |
|
Neo Panamax Container Vessel |
|
13,312 |
|
August 7, 2025 |
|
October 6, 2025 |
| M/V Buenaventura Express |
|
Neo Panamax Container Vessel |
|
13,696 |
|
October 29, 2025 |
|
January 19, 2026 |
Summarized selected operating results of the discontinued operations for the years ended December 31, 2025, 2024 and 2023 are as follows: Discontinued Operations - Operating Results of the Discontinued Operations (Table)
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For the years ended December 31, |
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2025 |
|
2024 |
|
2023 |
| Revenues |
$ |
28,886 |
$ |
100,439 |
$ |
141,390 |
| Expenses |
|
|
|
|
|
|
| Voyage expenses |
|
662 |
|
2,114 |
|
3,301 |
| Vessel operating expenses |
|
6,390 |
|
22,536 |
|
36,862 |
| Vessel operating expenses - related party |
|
836 |
|
3,443 |
|
4,734 |
| Vessel depreciation and amortization |
|
6,983 |
|
20,720 |
|
36,640 |
| Impairment of vessel |
|
— |
|
— |
|
340 |
| Gain on sale of vessels |
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(53,705) |
|
(103,807) |
|
— |
| Operating income, net |
|
67,720 |
|
155,433 |
|
59,513 |
| Other (expense) / income, net: |
|
|
|
|
|
|
| Interest expense and finance cost (including $304 to related party, for the years ended December 31, 2024 and 2023) |
|
(10,572) |
|
(17,203) |
|
(20,528) |
| Other income / (expense), net |
|
217 |
|
214 |
|
(24) |
| Total other expense, net |
|
(10,355) |
|
(16,989) |
|
(20,552) |
| Net income from discontinued operations |
$ |
57,365 |
$ |
138,444 |
$ |
38,961 |
Summarized selected balance sheet information from discontinued operations as of December 31, 2025 and 2024, was as follows: Discontinued Operations - Balance Sheet Information from Discontinued Operations (Table)
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As of December 31, 2025 |
|
As of December 31, 2024 |
| Cash and cash equivalents |
$ |
680 |
$ |
1,371 |
| Trade accounts receivable |
|
92 |
|
800 |
| Prepayments and other assets |
|
1,205 |
|
1,226 |
| Inventories |
|
— |
|
417 |
| Claims |
|
49 |
|
49 |
| Assets held for sale |
|
122,212 |
|
71,720 |
| Current assets of discontinued operations |
|
124,238 |
|
75,583 |
| Vessels, net |
|
— |
|
237,645 |
| Non-current assets of discontinued operations |
|
— |
|
237,645 |
| Current portion of long-term debt, net |
|
— |
|
11,257 |
| Trade accounts payable |
|
2,446 |
|
3,530 |
| Accrued liabilities |
|
9,017 |
|
13,440 |
| Deferred revenue |
|
— |
|
903 |
| Liabilities associated with vessel held for sale |
|
92,051 |
|
— |
| Current liabilities of discontinued operations |
|
103,514 |
|
29,130 |
| Non-current liabilities associated with vessels held for sale |
|
— |
|
172,172 |
| Below market acquired charters |
|
— |
|
9,736 |
| Non-current liabilities of discontinued operations |
$ |
— |
$ |
181,908 |
3. Discontinued Operations – Continued As of December 31, 2025, the Company disposed of 13 out of the 14 container carrier vessels agreed to sell. The remaining container carrier vessel, the M/V Buenaventura Express, that was disposed of on January 19, 2026, met the criteria to be classified as vessel held for sale and is included in “Assets held for sale” in the summarized selected balance sheet information from discontinued operations as of December 31, 2025. As of the MOA date the M/V Buenaventura Express fair value less estimated costs to sell exceeded its carrying amount, so no impairment charge was recognized. On January 27, 2021, the Company entered into the Seller’s Credit Agreement with CMTC (“CMTC Seller’s Credit”) in order to defer $6,000 of the purchase price of the M/V Long Beach Express, M/V Seattle Express and M/V Fos Express for up to five years from the vessels’ delivery date. The CMTC Seller’s Credit was fully paid on December 30, 2024. 6,000 During the year ended December 31, 2024, the Company repaid in full the amounts outstanding under the 2020 CMB Financial Leasing Co., Ltd (“CMBFL”) and ICBC Financial Leasing Co., Ltd. (“ICBCFL”) sale and lease back facilities the Company has issued to partly finance the acquisition of the M/V Akadimos, M/V Athos and M/V Aristomenis in the total amount of $88,932. For the year ended December 31, 2025, the Company recognized a gain on sale of vessels from discontinued operations which is analyzed as follows: Discontinued Operations - Gain on Sale of Vessels 2025 (Table)
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| Vessel |
|
Sale price |
|
Carrying value on sale |
|
Other sale expenses |
Gain on sale |
| M/V Hyundai Privilege |
$ |
60,650 |
$ |
(35,647) |
$ |
(1,824) |
$ |
23,179 |
| M/V Hyundai Platinum |
|
60,650 |
|
(35,792) |
|
(1,824) |
|
23,034 |
| M/V Manzanillo Express |
|
118,500 |
|
(108,631) |
|
(2,377) |
|
7,492 |
| Total |
$ |
239,800 |
$ |
(180,070) |
$ |
(6,025) |
$ |
53,705 | For the year ended December 31, 2024, the Company recognized a gain on sale of vessels from discontinued operations which is analyzed as follows: Discontinued Operations - Gain on Sale of Vessels 2024 (Table)
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|
| Vessel |
|
Sale price |
|
Carrying value on sale |
|
Other sale expenses |
Gain / (loss) on sale |
| M/V Akadimos |
$ |
80,000 |
$ |
(62,030) |
$ |
(1,560) |
$ |
16,410 |
| M/V Seattle Express |
13,200 |
|
(12,939) |
|
(269) |
|
(8) |
| M/V Fos Express |
|
13,200 |
|
(12,931) |
|
(284) |
|
(15) |
| M/V Long Beach Express |
|
13,050 |
|
(12,789) |
|
(261) |
|
— |
| M/V Athenian |
|
51,000 |
|
(44,833) |
|
(1,029) |
|
5,138 |
| M/V Athos |
|
51,000 |
|
(44,760) |
|
(1,029) |
|
5,211 |
| M/V Aristomenis |
|
51,000 |
|
(45,105) |
|
(1,029) |
|
4,866 |
| M/V Hyundai Premium |
|
60,650 |
|
(34,626) |
|
(1,825) |
|
24,199 |
| M/V Hyundai Paramount |
|
60,650 |
|
(34,736) |
|
(1,825) |
|
24,089 |
| M/V Hyundai Prestige |
|
60,650 |
|
(34,908) |
|
(1,825) |
|
23,917 |
| Total |
$ |
454,400 |
$ |
(339,657) |
$ |
(10,936) |
$ |
103,807 |
|