Note 4 - Segmental Financial Information

12 Months Ended

Dec. 31, 2023

Segmental Financial Information [Abstract]

Segment Reporting Disclosure [Text Block]

4. Segmental Financial Information

The Company has four reportable segments from which it derives its revenues: (1) container vessels segment, (2) dry bulk vessels segment, (3) dry bulk operating platform segment (“CBI segment”) and (4) investment in leaseback vessels through NML (Notes 1 and 12) (“NML segment”). The reportable segments reflect the internal organization of the Company and are strategic businesses that offer different services. The container vessel business segment consists of transportation of containerized products through ownership and operation of container vessels. The dry bulk business segment consists of transportation of dry bulk cargoes through ownership and operation of dry bulk vessels. Under the operating platform segment, CBI charters-in/out dry bulk vessels and enters into contracts of affreightment, FFAs and may also utilize hedging solutions. Under the NML segment, NML acquires and bareboat charters out the acquired vessels to the respective seller-lessee of the vessels, who have the obligation to purchase the vessel at the end of the bareboat agreement and the right to purchase the vessel prior to the end of the bareboat agreement at a pre-agreed price.

The tables below present information about the Company’s reportable segments as of December 31, 2022 and December 31, 2023, and for the years ended December 31, 2021, 2022 and 2023. The Company measures segment performance based on net income. Items included in the segment’s net income are allocated to the extent that the items are directly or indirectly attributable to the segments. With regards to the items that are allocated by indirect calculation, their allocations keys are defined on the basis of each segment’s drawing on key resources. The Other segment includes items that due to their nature are not allocated to any of the Company’s reportable segments. As of December 31, 2022 and December 31, 2023 and for the years ended December 31, 2021, 2022 and 2023, Other segment includes equity method investments’ balances, due from related parties balances, cash balances and short-term investments. Summarized financial information concerning each of the Company’s reportable segments is as follows:

For the year ended December 31, 2023
	Container vessels segment			Dry bulk vessels segment			CBI			NML			Other			Eliminations			Total
Voyage revenue	$	839,374		$	155,892		$	507,225		$	-		$	-		$	-		$	1,502,491
Intersegment voyage revenue		-			11,902			-			-			-			(11,902	)		-
Income from investment in leaseback vessels		-			-			-			8,915			-			-			8,915
Depreciation		(126,719	)		(39,621	)		-			-			-			-			(166,340	)
Amortization of dry-docking and special survey costs		(15,344	)		(4,438	)		-			-			-			-			(19,782	)
Interest income		18,247			11,635			2,316			249			-			-			32,447
Interest and finance costs		(117,036	)		(23,941	)		(1,243	)		(2,208	)		(1	)		-			(144,429	)
Income from equity method investments		-			-			-			-			764			-			764
Net Income/ (Loss) for the Year	$	507,041		$	(43,070	)	$	(88,106	)	$	4,513		$	641		$	-		$	381,019

For the year ended December 31, 2022
	Container vessels segment			Dry bulk vessels segment			CBI			Other		Eliminations			Total
Voyage revenue	$	797,392		$	316,100		$	367		$	-	$	-		$	1,113,859
Intersegment voyage revenue		-			800			-			-		(800	)		-
Depreciation		(126,340	)		(39,658	)		-			-		-			(165,998	)
Amortization of dry-docking and special survey costs		(11,831	)		(1,655	)		-			-		-			(13,486	)
Interest income		3,666			2,290			-			-		-			5,956
Interest and finance costs		(101,888	)		(20,333	)		(12	)		-		-			(122,233	)
Income from equity method investments		-			-			-			2,296		-			2,296
Net Income/ (Loss) for the Year	$	458,494		$	97,405		$	(3,503	)	$	2,296	$	-		$	554,692

For the year ended December 31, 2021
	Container vessels segment			Dry bulk vessels segment			Other		Total
Voyage revenue	$	678,292		$	115,347		$	-	$	793,639
Depreciation		(125,811	)		(11,147	)		-		(136,958	)
Amortization of dry-docking and special survey costs		(10,346	)		(87	)		-		(10,433	)
Interest income		1,587			-			-		1,587
Interest and finance costs		(81,887	)		(4,160	)		-		(86,047	)
Income from equity method investments		-			-			12,859		12,859
Net Income for the Year	$	303,490		$	56,814		$	74,817	$	435,121

As of December 31, 2023
	Container vessels segment		Dry bulk vessels segment		CBI		NML		Other		Eliminations			Total
Total Assets	$	3,153,806	$	734,817	$	455,568	$	238,667	$	707,284	$	(3,120	)	$	5,287,022

As of December 31, 2022
	Container vessels segment		Dry bulk vessels segment		CBI		Other		Eliminations			Total
Total Assets	$	3,272,559	$	771,027	$	101,807	$	751,838	$	(1,002	)	$	4,896,229