v3.26.3
Unaudited interim condensed consolidated statements of cash flows - USD ($)
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 62,779,787 $ 24,050,420
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 16,125,505 10,749,128
Non – cash lease expense 46,941 38,849
Share based compensation 1,101,156 1,560,719
Unrealized foreign exchange (gain)/loss on time deposits 586,884 (1,030,640)
Changes in operating assets and liabilities:    
Trade and other receivables (5,262,544) 670,769
Other current assets (131,863) 485,977
Claims receivable (430,325) 0
Inventories (5,701,149) 1,319,526
Changes in operating lease liabilities (46,941) (38,849)
Advances and prepayments (426,482) 25,021
Due from related party 6,250 2,084
Trade accounts payable 7,899,973 955,699
Due to related parties 291,101 2,990,748
Accrued liabilities 2,177,330 (132,345)
Deferred income (745,369) 765,748
Net cash provided by operating activities 78,270,254 42,412,854
Cash flows from investing activities:    
Payments for acquisition and capitalized expenses of vessels 0 (417,320)
Increase in bank time deposits (331,215,788) (101,608,390)
Maturity of bank time deposits 266,199,344 157,081,011
Net cash provided by/(used in) investing activities (65,016,444) 55,055,301
Cash flows from financing activities:    
Stock repurchases (10,630,491) 0
Dividends paid on preferred shares (876,122) (868,075)
Repayment of seller and capital expenditures financing 0 (36,700,000)
Net cash used in financing activities (11,506,613) (37,568,075)
Net increase in cash and cash equivalents 1,747,197 59,900,080
Cash and cash equivalents at the beginning of the period 5,771,505 67,783,531
Cash and cash equivalents at the end of the period 7,518,702 127,683,611
Cash breakdown    
Cash and cash equivalents 7,518,702 127,683,611
Total cash and cash equivalents shown in the statement of cash flows 7,518,702 127,683,611
Supplemental cash flow information:    
Cash paid for interest in relation to seller financing   1,222,145
Non cash investing activity – Dividend income from related party included in investment in related party 347,917 160,416
Non cash investing activity – Vessels acquisition included in payable to related parties 31,828,000 129,295,000
Non cash financing activity – Dividend on preferred series A included in payables to related parties 3,359 6,838
Non cash investing activity – Non-cash consideration of vessels acquisition $ 3,580,000 $ 0