v3.26.3
Long-Term Debt
 6 Months Ended
Jun. 30, 2026
Long-Term Debt [Abstract]  
Long-Term Debt
11.
Long-Term Debt:

The amount of long-term debt shown in the accompanying unaudited condensed consolidated balance sheets of December 31, 2025 and June 30, 2026, is analyzed as follows:
 
  
Period Ended
  
Loan facilities  
December 31,
2025
   
June 30,
2026
 
$50.0 Million Term Loan Facility (a)     50,000,000       25,800,000  
€5.0 Million Term Loan     4,705,240       3,992,380  
€16.2 Million Term Loan     15,155,723       14,302,977  
€1.72 Million Term Loan     1,736,708       1,636,714  
Total long-term debt
 
$
71,597,671
    
$
45,732,071
  
Less: Deferred financing costs
    
(967,454
)
    
(451,183
)
Total long-term debt, net of deferred finance costs
  
$
70,630,217
    
$
45,280,888
  
 
                
Presented:
                
Current portion of long-term debt
  
$
5,886,012
    
$
4,058,990
  
Less: Current portion of deferred finance costs
    
(248,392
)
    
(131,682
)
Current portion of long-term debt, net of deferred finance costs
  
$
5,637,620
    
$
3,927,308
  
                 
Non-Current portion of long-term debt
    
65,711,659
      
41,673,081
  
Less: Non-Current portion of deferred finance costs
    
(719,062
)
    
(319,501
)
Non-Current portion of long-term debt, net of deferred finance costs
  
$
64,992,597
    
$
41,353,580
  

Details of the Company’s senior secured credit facilities are discussed in Note 12 to the consolidated financial statements for the year ended December 31, 2025, included in the Company’s 2025 Annual Report, and are supplemented by the below new activities within the six-month period ended June 30, 2026.


a.    $50.0 Million Term Loan Facility
 
On June 30, 2026, the Company voluntarily prepaid $22.3 million of the outstanding principal under the $50.0 million sustainability-linked senior term loan facility dated October 13, 2025, with Alpha Bank S.A., which is secured by four dry bulk vessels. Following the prepayment, the outstanding principal balance under the facility was $25.8 million. The facility’s repayment schedule was adjusted accordingly.

The annual principal payments for the Company’s outstanding debt arrangements as of June 30, 2026, required to be made after the balance sheet date, are as follows:
Twelve-month period ending June 30,
  
Amount
  
2027
  
$
4,313,054
  
2028
    
4,313,054
  
2029
    
4,313,054
  
2030
     3,742,714  
2031 and thereafter
     30,769,519  
Total long-term debt
  
$
47,451,395
  
Less: unamortized debt discount
    (1,719,324 )
Less: current portion of long-term debt
    (4,058,990 )
Long-term debt, non-current
  $ 41,673,081  


The weighted average interest rate on the Company’s long-term debt for the six months ended June 30, 2026, was 1.64%.



Total interest incurred on long-term debt for the six months ended June 30, 2025 and 2026 amounted to $0.3 million and $0.5 million, respectively, and is included in Interest and finance costs (Note 23) in the accompanying unaudited interim condensed consolidated statements of comprehensive income.

(b)
Financial Liabilities



The amount of financial liabilities shown in the accompanying unaudited condensed consolidated balance sheets of December 31, 2025 and June 30, 2026, is analyzed as follows:
   
Period Ended
  
Financial Liabilities
 
  
December 31,
2025
    
June 30,
2026
  
M/V Magic Thunder Sale and Leaseback
  
$
13,981,920
    
$
13,150,180
  
M/V Magic Perseus Sale and Leaseback
    
—
      
14,896,634
  
Total long-term financial liabilities
  
$
13,981,920
    
$
28,046,814
  
Less: Deferred financing costs
    
(386,160
)
    
(754,371
)
Total long‐term financial liabilities, net of deferred finance costs
  
$
13,595,760
    
$
27,292,443
  
                 
Presented:
                
Current portion of long-term financial liabilities
  
$
1,668,050
    
$
3,086,440
  
Less: Current portion of deferred finance costs
    
(119,060
)
    
(217,901
)
Current portion of long‐term financial liabilities, net of deferred finance costs
  
$
1,548,990
    
$
2,868,539
  
                 
Non-Current portion of long‐term financial liabilities
    
12,313,870
      
24,960,374
  
Less: Non-Current portion of deferred finance costs
    
(267,100
)
    
(536,470
)
Non-Current portion of long‐term financial liabilities, net of deferred finance costs
  
$
12,046,770
    
$
24,423,904
  


Details of the Company’s other financial liabilities are discussed in Note 12 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 15, 2026.

As of June 30, 2026, the Company had two sale and leaseback arrangements with unaffiliated Japanese counterparties relating to the M/V Magic Thunder and M/V Magic Perseus. The Company determined that, under ASC 842-40 Sale and Leaseback Transactions, both vessel transactions are failed sales and, consequently, the assets were not derecognized from the financial statements and the proceeds from the sale of the vessels were accounted for as financial liabilities. As of June 30, 2026, the weighted average remaining lease term was approximately 7.6 years and the weighted average effective interest rate was 5.82%.


Total interest incurred on financial liabilities for the six months ended June 30, 2025 and 2026 amounted to $0 and $0.8 million, respectively, and is included in Interest and finance costs (Note 23) in the accompanying unaudited interim condensed consolidated statements of comprehensive income.

As of June 30, 2026, and throughout the term of the leases, the Company has annual financial liabilities as shown in the table below:


Twelve-month period ending June 30,
  
Amount
  
2027
  
$
3,086,440
  
2028
    
3,094,896
  
2029
    
3,086,440
  
2030
    
3,086,440
  
2031 and thereafter
    
15,692,598
  
Total long-term financial liabilities
  
$
28,046,814