| Vessels, net |
3.Vessels, net Vessels, net are analyzed as follows: | | | | | | | | | | | | | | | Dry-docking and | | | | | | Vessels’ cost | | special survey costs | | Total | Cost | | | | | | | | | | Balance – January 1, 2025 | | $ | 1,138,221,805 | | $ | 21,843,553 | | $ | 1,160,065,358 | Fully amortized Drydock component | | | — | | | (1,600,000) | | | (1,600,000) | Additions | | | 1,720,000 | | | 3,218,335 | | | 4,938,335 | Balance – December 31, 2025 | | $ | 1,139,941,805 | | | 23,461,888 | | | 1,163,403,693 | Transfer from Advances for acquisition of vessels | | | 293,346,265 | | | 2,400,000 | | | 295,746,265 | Additions | | | 111,560 | | | 374,842 | | | 486,402 | Balance – June 30, 2026 | | $ | 1,433,399,630 | | | 26,236,730 | | | 1,459,636,360 | | | | | | | | | | | Accumulated Depreciation | | | | | | | | | | Balance – January 1, 2025 | | $ | (195,677,625) | | $ | (5,790,213) | | $ | (201,467,838) | Fully amortized Drydock component | | | — | | | 1,600,000 | | | 1,600,000 | Depreciation charge for the year | | | (37,111,815) | | | (4,306,861) | | | (41,418,676) | Balance – December 31, 2025 | | $ | (232,789,440) | | | (8,497,074) | | | (241,286,514) | Depreciation charge for the period | | | (22,251,596) | | | (2,485,854) | | | (24,737,450) | Balance – June 30, 2026 | | | (255,041,036) | | | (10,982,928) | | | (266,023,964) | | | | | | | | | | | Net Book Value – December 31, 2025 | | $ | 907,152,365 | | $ | 14,964,814 | | $ | 922,117,179 | Net Book Value – June 30, 2026 | | $ | 1,178,358,594 | | $ | 15,253,802 | | $ | 1,193,612,396 |
Depreciation for the six-month period ended June 30, 2026, presented in the consolidated statements of profit or loss and other comprehensive income, includes an amount of $10,937 connected with the Right-of-Use assets of the Group. Depreciation for the six-month period ended June 30, 2025, presented in the consolidated statements of profit or loss and other comprehensive income, includes an amount of $10,937 connected with the Right-of-Use assets of the Group. As of June 30, 2026, the charter-free market value of all our vessels exceeded their carrying value. Thus, no recoverable amount test was deemed necessary to be performed for any of our vessels. The Group has pledged the above vessels to secure its loan facilities (see also Note 5).
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