Vessels, net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

4.	Vessels, net

An analysis of vessels, net is as follows:


	Vessel Cost			Accumulated depreciation			Net book value
Balance as at January 1, 2024		292,065,147			(111,217,895	)		180,847,252

Acquisitions and improvements		87,117,946			—			87,117,946
Disposal		(43,043,220	)		299,940			(42,743,280	)
Depreciation for the year		—			(16,991,900	)		(16,991,900	)

Balance as at December 31, 2024		336,139,873			(127,909,855	)		208,230,018
Acquisitions and improvements		153,107,320			—			153,107,320
Depreciation for the year		—			(25,930,557	)		(25,930,557	)

Balance as at December 31, 2025		489,247,193			(153,840,412	)		335,406,781

The additions during the year ended December 31, 2024, mainly relate to the acquisition of the vessels “Aquadisiac”, “Gstaad Grace II” and “Neptulus” (Note 3).

The disposal during the year ended December 31, 2024, relates to the sale of the vessel “Gstaad Grace II”. On April 17, 2024, the Company entered into a memorandum of agreement for the disposal of the vessel “Gstaad Grace II” to an unaffiliated third party for an aggregate consideration of $42,000,000. The vessel was delivered to her new owners on April 26, 2024. The Company realized an aggregate loss from the sale of this vessel of $1,589,702 which is included in the Company’s consolidated statement of comprehensive income under the caption “Net loss on sale of vessel” for the year ended December 31, 2024.

The additions during the year ended December 31, 2025, mainly relate to the acquisition of the vessels “Clean Imperial”, “Supra Monarch”, “Supra Pasha”, “Eco Sikousis”, “Supra Duke”, “Eco Czar”, “Supra Sovereign” and “Supra Baron” (Note 3).

As of December 31, 2024, and December 31, 2025, the Company performed an impairment review of its vessels held for use, due to the prevailing conditions in the shipping industry. As the undiscounted net operating cash flows, for the four vessels whose fair value was below their carrying value, as of December 31, 2024, exceeded each vessel’s carrying value, no impairment was recorded. As the undiscounted net operating cash flows, for the thirteen vessels whose fair value was below their carrying value, as of December 31, 2025, exceeded each vessel’s carrying value, no impairment was recorded for the year ended December 31, 2025.