Vessels, net

6 Months Ended

Jun. 30, 2026

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		311,593			(43,127	)		268,466
— Foreign currency translation differences		(827	)		12			(815	)
— Depreciation		-			(5,051	)		(5,051	)
Balance, June 30, 2026		310,766			(48,166	)		262,600

As of June 30, 2026 title of ownership is held by the relevant lenders in respect of vessels with a carrying value of $237,283 to secure the relevant sale and lease back financing transactions and in the case of vessels financed via bank loans a vessel with a carrying value of $25,317 has been mortgaged as security under its respective loan facility.

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		18,207
— Advances paid		61,020
— Capitalized expenses		1,259
— Capitalized Imputed Interest		1,156
— Disposals		(18,292	)
— Foreign currency translation differences		(409	)
Balance, June 30, 2026		62,941