Discontinued Operations (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Discontinued Operations and Disposal Groups [Abstract] |
|
| Discontinued Operations - Memoranda of Agreement for the Sale of 14 Container Vessels(Table) |
Discontinued Operations - Memoranda of Agreement for the Sale of 14 Container Vessels(Table)
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|
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|
|
|
|
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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 |
|
| Discontinued Operations - Operating Results of the Discontinued Operations (Table) |
Discontinued Operations - Operating Results of the Discontinued Operations (Table)
| |
|
|
|
|
|
|
| |
For the years ended December 31, |
| |
|
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 |
|
(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 |
|
| Discontinued Operations - Balance Sheet Information from Discontinued Operations (Table) |
Discontinued Operations - Balance Sheet Information from Discontinued Operations (Table)
| |
|
|
|
|
| |
|
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 |
|
| Discontinued Operations - Gain on Sale of Vessels 2025 (Table) |
Discontinued Operations - Gain on Sale of Vessels 2025 (Table)
| |
|
|
|
|
|
|
|
| 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 |
|
| Discontinued Operations - Gain on Sale of Vessels 2024 (Table) |
Discontinued Operations - Gain on Sale of Vessels 2024 (Table)
| |
|
|
|
|
|
|
|
| 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 |
|