v3.26.1
Condensed consolidated statements of cash flows - USD ($)
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES    
Profit for the period $ 318,628,951 $ 39,442,842
Adjustments to reconcile profit to net cash provided by operating activities:    
Depreciation and amortization 24,748,387 20,565,522
Interest expense 19,182,901 21,847,738
Amortization of loan financing fees and modification gain 620,214 637,847
Unrealized gain, net on derivatives (278,397) (2,465,940)
Interest income (2,431,082) (815,603)
Unrealized foreign exchange loss/ (gain) 37,259 (1,082,093)
Loss on debt extinguishment 1,363,059 1,125,951
Total reconciliation adjustments 43,242,341 39,813,422
Changes in working capital:    
Trade and other receivables (49,071,629) (4,570,218)
Prepaid expenses and other current assets and non-current assets (6,583,968) (4,305,186)
Inventories (12,389,004) 2,364,436
Trade payables 18,492,989 (1,355,333)
Accrued expenses and other current liabilities and non-current liabilities 4,475,817 795,879
Deferred revenue 2,825,340  
Claims receivable (292,304) (77,521)
Due to related parties   (530,030)
Due from related parties (2,188,977) (623,462)
Total changes in working capital (44,731,736) (8,301,435)
Interest paid (18,242,263) (21,667,504)
Net cash provided by operating activities 298,897,293 49,287,325
CASH FLOWS FROM INVESTING ACTIVITIES    
Increase in restricted cash (19,306,188) (637,445)
Payments for special survey and drydocking costs (1,611,947) (1,974,583)
Payments for vessels and advances for acquisition of vessels (275,819,213)  
Interest received 2,457,127 719,353
Net cash used in investing activities (294,280,221) (1,892,675)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from long-term borrowings 235,000,000 131,000,000
Repayments of long-term borrowings (117,973,818) (146,619,421)
Net proceeds from common share issuance 124,400,133  
Dividends paid (138,608,525) (21,570,052)
Payments of loan financing fees (1,605,000) (884,000)
Net cash provided by/ (used in) financing activities 101,212,790 (38,073,473)
Effects of exchange rate changes of cash held in foreign currency 124,869 1,088,578
Net change in cash and cash equivalents 105,829,862 9,321,177
Cash and cash equivalents at beginning of period 116,636,741 49,343,664
Cash and cash equivalents at end of period $ 222,591,472 $ 59,753,419