4.
Equity Method Investments:
Details of the Company’s equity method investments
did not change in the six-month period ended June 30, 2026, and are discussed in Note 4 of the Company’s consolidated financial
statements for the year ended December 31, 2025, included in the 2025 Annual Report.
| a) | Interchart Shipping Inc. (or “Interchart”): In January 2026, the Company sold its
holding to an unrelated party, resulting in a gain of $194
which is presented under “Other operational gain” in the unaudited interim condensed consolidated income
statement for the six-month period ended June 30, 2026. The income or loss on investment is presented under “Equity in
income/(loss) of investee” in the unaudited interim condensed consolidated income statements and amounted to ($55) and nil
for the six-month periods ended June 30, 2025 and 2026 respectively. The related expenses for chartering, brokering and commercial
services provided are presented under “Voyage expenses” in the unaudited interim condensed consolidated income
statements and amounted to $2,070
and nil for the six-month periods ended June 30, 2025 and 2026, respectively. (55) 0 0 |
| b) | StarOcean Manning Philippines Inc.
(or “Starocean”): The Company has a 25%
ownership interest in Starocean. This investment is accounted for as an equity method investment.
It is presented within “Long term investment” in the unaudited consolidated balance
sheets and amounted to $294
as of December 31, 2025 and $327
as of June 30, 2026. The income on investment is presented under “Equity in income/(loss)
of investee” in the unaudited interim condensed consolidated income statements
and for the six-month periods ended June 30, 2025 and 2026 amounted to $37
and $33,
respectively. |
| c) | Capesize Chartering Ltd. (or “CCL
Pool”): The Company holds 33%
of the CCL Pool. The investment in CCL Pool is presented within “Long term investment”
in the unaudited consolidated balance sheets and amounted to $125
as of December 31, 2025 and as of June 30, 2026. The Company’s subsequent share of
results of CCL Pool was insignificant for the six-month periods ended June 30, 2025 and 2026. |
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