On October 14, 2024, the Company signed two contracts for the construction of two 63,500 DWT eco-design fuel efficient ultramax bulk carriers. The vessels will be built at Nantong Xiangyu Shipbuilding in China. The two newbuildings are scheduled to be delivered during the second and third quarter of 2027. The total contracted consideration for the construction of the two vessels is approximately $71.8 million and will be financed with a combination of debt and equity. During the years ended December 31, 2024 and 2025, the Company paid $7.2 million and $7.2 million, respectively, related to shipyard installments as well as other costs related to the construction of these two vessels. See Note 10 for the outstanding commitments to the shipyard.

The amounts in the accompanying consolidated balance sheets are as follows: