Advances for Vessels

12 Months Ended

Dec. 31, 2023

Advances For Assets Acquisition And Assets Under Construction

Advances for Vessels

Advances for Vessels

Advances for vessels are comprised of the following:

Balance, January 1, 2022	$	56,484
Additions for advances, including capitalized expenses and interest	185,149
Transferred to vessel cost (refer to Note 4)	(165,353)
Balance, December 31, 2022	76,280
Additions for advances, including capitalized expenses and interest	206,242
Transferred to vessel cost (refer to Note 4)	(192,819)
Balance, December 31, 2023	$	89,703

Advances paid for vessels represent advances paid for vessel acquisitions, vessels under construction and vessel improvements and comprise payments of installments that were due to the respective shipyard or third-party sellers, capitalized interest, certain capitalized expenses and expenditures for major improvements and regulatory compliance. During the years ended December 31, 2022 and December 31, 2023, such payments were made for the following vessels:

•During the year ended December 31, 2022: advances for Vassos, Climate Respect, Climate Ethics, Climate Justice, Hull 1138 and Hull 1139, Maria, Michalis H, Aghia Sofia and BWTS and Scrubbers retrofitting and improvements for several vessels; and

•During the year ended December 31, 2023: advances for Climate Justice, Climate Ethics, Pedhoulas Trader, Morphou, Rizokarpaso, Ammoxostos, Kerynia, Hull 1138, Hull 1139, Hull 11115, Hull 11166, Hull 386 and Hull 387 and BWTS and Scrubbers retrofitting and improvements for several vessels.