Long-Term borrowings (Tables)

6 Months Ended

Jun. 30, 2026

Long-Term borrowings

Schedule of borrowing agreements


					Unamortized		Outstanding
					Deferred		Net of Loan
					Financing Fees		Financing Fees
		Outstanding Balance as			as of June 30,		as of June 30,		Interest Rate
Vessel		of June 30, 2026			2026		2026		(SOFR(S)+Margin)
Milos		$	28,175,000		100,703		28,074,297		S+1.75	%
Poliegos			24,888,000		187,887		24,700,113		S+1.60	%
Kimolos			25,600,000		75,444		25,524,556		S+1.90	%
Folegandros			25,600,000		75,444		25,524,556		S+1.90	%
Nissos Sikinos			33,337,500		168,935		33,168,565		S+1.85	%
Nissos Sifnos			33,337,500		170,155		33,167,345		S+1.85	%
Nissos Piperi			44,475,000		265,017		44,209,983		S+1.30	%
Nissos Serifopoula			44,475,000		206,967		44,268,033		S+1.30	%
Nissos Tigani			45,000,000		331,850		44,668,150		S+1.20	%
Nissos Rhenia			50,000,000		316,052		49,683,948		S+1.25	%
Nissos Despotiko			50,000,000		421,451		49,578,549		S+1.30	%
Nissos Donoussa			50,035,000		732,988		49,302,012		S+1.65	%
Nissos Kythnos			51,674,584		150,994		51,523,590		S+1.40	%*
Nissos Keros			35,400,000		104,334		35,295,666		S+1.90	%
Nissos Anafi			61,000,000		340,422		60,659,578		S+1.40	%
Nissos Kea			61,400,000		366,097		61,033,903		S+1.35	%
Nissos Nikouria			62,400,000		339,232		62,060,768		S+1.40	%
Total		$	726,797,584		4,353,972		722,443,612		S+1.49	%
Other Finance-lease liabilities							50,171
Total							722,493,783

*Please refer to paragraph $60.0 Million Secured Term Loan Facility for more information. (Note 12 of the 2025 Annual Report).

Schedule of lease liabilities with respect to the Right-of-Use assets

The Group has recognized the following finance liabilities with respect to the Right-of-Use assets:


		As of June 30,			As of December 31,
		2026			2025
Office space		$	50,171		$	60,740
Total		$	50,171		$	60,740

The maturities of lease liabilities are the following:


		As of June 30,			As of December 31,
		2026			2025
No later than one year		$	24,965		$	24,965
Later than one year and not later than five years			29,125			41,607
Total undiscounted cash flows		$	54,090		$	66,572
Less: Imputed interest			(3,919)			(5,832)
Carrying value of operating lease liabilities			50,171			60,740

Schedule of debt

Long-term debt net of current portion and current portion of long-term borrowings are analyzed as follows:


		Long-term
		borrowings,
		net of current			Current portion of
As of December 31, 2025		portion			long-term borrowings			Total
Outstanding loan balance		$	472,910,730		$	136,860,673		$	609,771,403
Loan financing fees			(2,365,986)			(2,366,260)			(4,732,246)
Total		$	470,544,744		$	134,494,413		$	605,039,157


		Long-term
		borrowings,
		net of current			Current portion of
As of June 30, 2026		portion			long-term borrowings			Total
Outstanding loan balance		$	673,983,876		$	52,813,708		$	726,797,584
Loan financing fees			(3,226,281)			(1,127,691)			(4,353,972)
Total		$	670,757,595		$	51,686,017		$	722,443,612

The borrowings are repayable as follows:


USD		As of June 30, 2026			As of December 31, 2025
No later than one year		$	52,813,708		$	136,860,673
Later than one year and not later than five years			375,933,876			338,510,730
Thereafter			298,050,000			134,400,000
Total		$	726,797,584		$	609,771,403
Less: Amounts due for settlement within 12 months			(52,813,708)			(136,860,673)
Long-term borrowings, net of current portion		$	673,983,876		$	472,910,730