Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2026

Accounts payable to related parties consist of the following:


	March 31, 2026		Activity		December 31, 2025




MTM Ship Management (“MTM”) (i)	$	1,761	955		$	806

Commissions payable (trade payables) (ii)	106		106		—





Total accounts payable to related parties	$	1,867	$	1,061	$	806

i.MTM Ship Management (“MTM”) is considered a related party because a former member of the Company’s Board of Directors, Christina Tan, has an indirect ownership interest in MTM. Ms. Tan is a partial owner of Strategic Investment LLC, which beneficially owns approximately 29% of the Company’s outstanding common shares and has an indirect ownership interest in MTM. Ms. Tan resigned from the Company’s Board of Directors on December 18, 2025.

ii.Phoenix Bulk Carriers (Brasil) Intermediacoes Maritimas Ltda. - a wholly-owned Company of a member of the Board of Directors.