v3.26.1
Note 5 - Segmental Financial Information
 6 Months Ended
Jun. 30, 2026
Notes to Financial Statements  
Segment Reporting [Text Block]

5. Segmental Financial Information

 

Following the Spin-Off described in Note 1, the Company now reports two reportable segments. Prior to the Spin-Off, there were four reportable segments; however, the dry bulk and CBI segments were spun off, and the comparative information has been recast accordingly. The Company has identified the Chairman and Chief Executive Officer as the chief operating decision maker (“CODM”) in accordance with ASC 280, Segment Reporting. The CODM is responsible for assessing performance, allocating resources, and making strategic decisions across the Company’s business segments. The Company’s reportable segments from which it derives its revenues: (1) container vessels segment and (2) investment in leaseback vessels through NML (Notes 1 and 11) (the “NML segment”). The reportable segments reflect the internal organization of the Company and are strategic businesses that offer different services. The container vessel segment consists of transportation of containerized products through ownership and operation of container vessels. Under the NML segment, NML acquires and bareboat charters out the acquired vessels to the respective seller-lessees of the vessels, who have the obligation to purchase the vessel at the end of the bareboat agreement and the right to purchase the vessel prior to the end of the bareboat agreement at a pre-agreed price.

 

The tables below present information about the Company’s reportable segments as of December 31, 2025 and June 30, 2026, and for six-month periods ended June 30, 2025 and 2026. The CODM uses segment profit/(loss) to assess performance and allocate resources (including financial or capital resources) to each segment, primarily through segment performance reviews. Such resources allocation relies not only upon the reported segments’ results but also on CODM’s view and estimates as to the future prospects of each segment. Items included in the segment’s profit/(loss) are allocated to each segment to the extent that the items are directly or indirectly attributable to them. With regards to the items that are allocated by indirect calculation, their allocation keys are defined on the basis of each segment’s drawing on key resources. Summarized financial information concerning each of the Company’s reportable segments is as follows:

 

 

For the six-month period ended June 30, 2026

 
  

Container vessels segment

  

NML

  

Total

 

Voyage revenue

 $402,311  $-  $402,311 

Income from investments in leaseback vessels

  -   17,932   17,932 

Total revenues

 $402,311  $17,932  $420,243 
             

Less (1):

            

Voyage expenses

  (30,859)  -    

Voyage expenses-related parties

  (5,032)  -    

Vessels’ operating expenses

  (84,089)  -    

Interest and finance costs

  (31,157)  (5,352)   

Other segment items (2)

  (76,522)  -    

Segment profit

 $174,652  $12,580  $187,232 
             

Reconciliation of segment profit or loss:

            

General and administrative expenses

        (6,842)

General and administrative expenses – related parties

        (6,085)

Management fees-related parties

        (14,784)

Foreign exchange losses

        (976)

Interest income

        6,652 

Other, net

        278 

Gain on derivative instruments, net

        326 

Net income from continuing operations

       $165,801 

 

(1)

The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(2)

Other segment items for the Container vessels segment include depreciation expense of the vessels and amortization of dry-docking and special survey costs.

 

 

For the six-month period ended June 30, 2025

 
  

Container vessels segment

  

NML

  

Total

 

Voyage revenue

 $428,078  $-  $428,078 

Income from investments in leaseback vessels

  -   12,682   12,682 

Total revenues

 $428,078  $12,682  $440,760 
             

Less (1):

            

Voyage expenses

  (23,383)  -    

Voyage expenses-related parties

  (5,819)  -    

Vessels’ operating expenses

  (79,171)  -    

Interest and finance costs

  (39,727)  (5,483)   

Other segment items (2)

  (73,022)  -    

Segment profit

 $206,956  $7,199  $214,155 
             

Reconciliation of segment profit or loss:

            

General and administrative expenses

        (5,781)

General and administrative expenses – related parties

        (4,294)

Management fees-related parties

        (14,178)

Foreign exchange gains

        2,571 

Interest income

        11,779 

Other, net

        27 

Gain on derivative instruments, net

        13,767 

Net income from continuing operations

       $218,046 

 

(1)

The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(2)

Other segment items for the Container vessels segment include depreciation expense of the vessels and amortization of dry-docking and special survey costs.

 

As of June 30, 2026

 
  

Container vessels segment

  

NML

  

Total assets

 

Total Assets

 $3,589,602  $419,108  $4,008,710 

 

As of December 31, 2025

 
  

Container vessels segment

  

NML

  

Total assets

 

Total Assets

 $3,416,122  $446,540  $3,862,662