XML 49 R26.htm IDEA: XBRL DOCUMENT v3.24.0.1
Segment Information
 12 Months Ended
Dec. 31, 2023
Segment Information [Abstract]  
Segment Information
19.
Segment Information:
 
In late 2022, the Company acquired two containerships. As a result of the different characteristics of such containerships in relation to the Company’s other operating segments, the Company determined that, with effect from the fourth quarter of 2022, it operated in two reportable segments: (i) the dry bulk segment and (ii)  the containership segment, each on a continued operations basis. The reportable segments reflect the internal organization of the Company and the way the chief operating decision maker reviews the operating results and allocates capital within the Company. In addition, the transport of dry cargo commodities, which are carried by dry bulk vessels, has different characteristics to the transport of containerized products, which are carried by containerships. Furthermore, the nature of trade, as well as the trading routes, charterers and cargo handling, is different in the containership segment and the dry-bulk segment.

The table below presents information about the Company’s reportable segments as of and for the years ended December 31, 2021, 2022, and 2023. The accounting policies followed in the preparation of the reportable segments are the same as those followed in the preparation of the Company’s consolidated financial statements. Segment results are evaluated based on income from operations.

 
Year ended
December 31,
    
Year ended
December 31,
    
Year ended
December 31,
  
    2021     2022     2023  
   
Dry bulk
segment
    
Dry bulk
segment
    
Container
ship
segment
    
Total
    
Dry bulk
segment
    
Container
ship
segment
    
Total
  
  - Time charter revenues
  
$
102,785,442
    
$
148,930,997
    
$
1,285,133
    
$
150,216,130
    
$
82,996,018
    
$
14,519,493
    
$
97,515,511
  
Total vessel revenues
  
$
102,785,442
    
$
148,930,997
    
$
1,285,133
    
$
150,216,130
    
$
82,996,018
    
$
14,519,493
    
$
97,515,511
  
Voyage expenses (including charges from related party)
    
(1,891,265
)
    
(3,649,944
)
    
(71,333
)
    
(3,721,277
)
    
(4,425,879
)
    
(626,349
)
    
(5,052,228
)
Vessel operating expenses
    
(26,841,600
)
    
(40,697,898
)
    
(561,656
)
    
(41,259,554
)
    
(36,876,772
)
    
(5,036,856
)
    
(41,913,628
)
Management fees to related parties
    
(4,890,900
)
    
(6,481,000
)
    
(81,400
)
    
(6,562,400
)
    
(6,469,699
)
    
(697,698
)
    
(7,167,397
)
Depreciation and amortization
    
(10,528,711
)
    
(18,039,966
)
    
(495,271
)
    
(18,535,237
)
    
(16,689,989
)
    
(5,386,842
)
    
(22,076,831
)
Provision for doubtful accounts
    
(2,483
)
    
—
      
—
      
—
      
—
      
—
      
—
  
Net gain on sale of vessels
    
—
      
—
      
—
      
—
      
6,383,858
      
—
      
6,383,858
  
Segments operating income/(loss)
  
$
58,630,483
    
$
80,062,189
    
$
75,473
    
$
80,137,662
    
$
24,917,537
    
$
2,771,748
    
$
27,689,285
  
Interest and finance costs
    
(2,125,307
)
                    
(7,642,577
)
                    
(10,883,521
)
Interest income
    
11,000
                      
1,282,756
                      
2,631,798
  
Foreign exchange (losses)/gains
    
15,999
                      
105,314
                      
(84,127
)
Less: Unallocated corporate general and administrative expenses
    
(3,266,310
)
                    
(7,043,937
)
                    
(5,681,371
)
Less: Corporate Interest and finance costs
    
(223,680
)
                    
(38,905
)
                    
(376,122
)
Less: Corporate Interest income
    
63,472
                      
72,735
                      
578,088
  
Less: Corporate exchange (losses)/ gains
    
(2,709
)
                    
4,568
                      
(8,618
)
Dividend income on equity securities
     —                       24,528                      
1,312,222
  
Dividend income from related party     —                       —                       1,166,667  
Gains on equity securities
    
—
                      
27,450
                      
5,136,649
  
Net income and comprehensive income from continuing operations, before taxes
   $
53,102,948                     $
66,929,594                     $ 21,480,950  
Net (loss) / income and Comprehensive (loss) / income from discontinued operations, before taxes
     (335,122 )                     52,979,946                       17,513,269  
Net income and Comprehensive income, before taxes
  

52,767,826
                    

119,909,540
                    

38,994,219
  

A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets of December 31, 2022 and 2023, is as follows:

   
As of
December 31,
2022
    
As of
December 31,
2023
  
Dry bulk segment
  
$
339,780,007
    
$
259,759,770
  
Containership segment     52,872,276       46,202,603  
Cash and cash equivalents (1)
    
82,336,438
      
103,822,505
  
Prepaid expenses and other assets (1)
    
680,745
      
195,257,101
  
Total assets from continuing operations
  $
475,669,466     $ 605,041,979  
Total assets from discontinued operations   $ 157,479,104     $
—  
Total consolidated assets
  
$
633,148,570
    
$
605,041,979
  

(1)
Refers to assets of other, non-vessel owning, entities included in the consolidated financial statements.