v3.26.1
Property and equipment, net
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Property and equipment, net

Note 6 – Property and equipment, net

 

Property and equipment, net consist of the following:

 

         
   As of 
  

June 30,

2025

   December 31, 2024 
   (Unaudited)   (Audited) 
At Cost:          
Dry-docking expenditures  $15,998,313   $14,342,245 
Furniture and fixtures   68,964    58,174 
Motor vehicles   284,462    252,916 
Real property   836,276    784,966 
Renovation and improvements   195,967    185,072 
Tools and equipment   1,922,063    1,498,228 
Vessels   34,399,918    34,399,919 
Total, at cost   53,705,963    51,521,520 
Less: Accumulated depreciation   (21,972,674)   (19,388,059)
Total, net  $31,733,289   $32,133,461 

 

Depreciation expenses, including the depreciation expense of assets under finance leases were $2,558,809 for the six months ended June 30, 2025, and $4,758,014 and $4,257,189 for the years ended December 31, 2024 and 2023, respectively.