| Related Party Transactions Accounts payable to related parties consist of the following: | | | | | | | | | | | | | | | | | | | September 30, 2026 | | Activity | | December 31, 2025 | | | | | | | | | | | | | | | | | | | | | | | | | MTM Ship Management (“MTM”) (i) | $ | 1,331 | | | $ | 525 | | | $ | 806 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total accounts payable to related parties | $ | 1,331 | | | $ | 525 | | | $ | 806 | |
i.MTM Ship Management (“MTM”) is considered a related party because a former member of the Company’s Board of Directors, Christina Tan, has an indirect ownership interest in MTM. Ms. Tan is a partial owner of Strategic Investment LLC, which beneficially owns approximately 29% of the Company’s outstanding common shares and has an indirect ownership interest in MTM. Ms. Tan resigned from the Company’s Board of Directors on December 18, 2025.
The Company has a technical management agreement with MTM Ship Management (“MTM”), under which MTM serves as the technical manager for certain vessels within the merged entity’s fleet. Pursuant to the agreement, MTM provides services including vessel maintenance, crew management, procurement, and regulatory compliance. During the three months ended September 30, 2026 and September 30, 2025, the Company incurred technical management fees of approximately $651 and $534 under this arrangement. During the nine months ended September 30, 2026 and September 30, 2025, the Company incurred technical management fees of approximately $1,953 and $1,659 under this arrangement. These fees are included in Vessel operating expense in the accompanying condensed consolidated statements of operations.
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