v3.26.1
Vessels, net
6 Months Ended
Jun. 30, 2026
Vessels, net [Abstract]  
Vessels, net
4. (a) Vessels, net

The balances in the accompanying unaudited interim condensed consolidated balance sheets are analyzed as follows:

   
Vessel Cost
   
Accumulated
Depreciation
   
Net
Book Value
 
Balance, December 31, 2025
   
126,646
     
(20,457
)
   
106,189
 
— Depreciation
   
-
     
(2,089
)
   
(2,089
)
Balance, June 30, 2026
   
126,646
     
(22,546
)
   
104,100
 

As of June 30, 2026 the titles of ownership of both our operating vessels are held by the respective lenders to secure the relevant sale and lease back financing transactions (see Note 7).

4. (b) Advances for vessels under construction:

An analysis of Advances for vessels under construction is as follows:

   
Advances for
vessels under
construction
 
Balance, December 31, 2025
   
-
 
— Additions
   
18,292
 
— Capitalized Newbuilding vessel monitoring fees
   
432
 
— Advances paid
   
11,932
 
— Capitalized expenses
   
494
 
— Capitalized Imputed interest
   
376
 
— Foreign currency translation differences
   
(165
)
Balance, June 30, 2026
   
31,361