Transactions with Related Parties |
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| Transactions with Related Parties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Transactions with Related Parties |
Details of the Company’s transactions with related parties are discussed in Note 3 of the consolidated financial statements for the year ended December 31, 2025,
included in the Company’s 2025 Annual Report on Form 20-F filed with the SEC on April 8, 2026, and are supplemented by the below new activities within the period.
Related party transactions incurred during the six-month period ended June 30, 2026
Transactions with Seanergy
Rights of First Offer
On May 29, 2026, following United exercising its right of first offer, the
Company entered into a charter acquisition agreement with Seanergy for the acquisition, acceptance and assumption of all the bareboat charter rights and obligations under the existing bareboat charter arrangement for the Squireship for an aggregate purchase price of $29,500 (Note 5 and Note 7). A special committee of disinterested members of the Company’s Board of Directors negotiated the terms and approved the agreement.
On February 6, 2026, following United exercising its right of first offer, the
Company entered into an agreement with Seanergy for the acquisition of the Dukeship through an 18-month bareboat charter (Note
6). A special committee of disinterested members of the Company’s Board of Directors negotiated the terms and approved the agreement.
Management Agreements:
Master Management Agreement
During the six-month periods ended June 30, 2026 and 2025, an amount of $3,144 and $188 related to repayments to Seanergy and payments
for working capital purposes from Seanergy funds, respectively, and is presented under “Cash flows from financing activities” in the unaudited interim condensed consolidated statements of cash flows.
Technical Management Agreements
In relation to the technical management, Seanergy Shipmanagement Corp. (“Seanergy Shipmanagement”) is responsible for arranging the day-to-day operations,
inspections, maintenance, repairs, drydocking, purchasing, insurance and claims handling. Since December 31, 2025, Synthesea, Chrisea, Nisea, Cretansea (up to her sale on May 19, 2026), Dukeship as of February 12, 2026 and Squireship with effect as of the commencement of the novated bareboat charter period, on June 8, 2026, are under technical
management agreements with Seanergy Shipmanagement for a fixed management fee of $14 per month per vessel. Since January 1, 2026, the
Company pays V. Ships fixed management fees of $11.5 for the Exelixsea.
The below table presents the analysis of “Management fees – related party” charged from Seanergy and Seanergy Shipmanagement in connection with the above agreements as
presented in the accompanying unaudited interim condensed consolidated statement of operations:
The below table presents the fees charged from
Seanergy Management in connection with the above agreements:
The below table presents the analysis of “Due to Related
Parties” as presented in the accompanying condensed consolidated balance sheets:
The below table presents the analysis of “Due from Related Parties” as presented in the accompanying condensed consolidated
balance sheets:
On March 9, 2026, the Compensation Committee of the Company granted 114,000 shares to certain
employees of the Company’s service providers (Note 16).
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