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Discontinued operations
 12 Months Ended
Dec. 31, 2024
Discontinued operations [Abstract]  
Discontinued operations
3.
Discontinued operations:

The Company’s discontinued operations relate to the operations of Toro, Elektra and the subsidiaries formerly comprising the Company’s Aframax/LR2 and Handysize tanker segments following completion of the Spin-Off on March 7, 2023. The Company has no continuing involvement in the Aframax/LR2 and Handysize tanker business as of and from March 7, 2023 (Note 1).

The components of the income from discontinued operations for the year ended December 31, 2022 and for the period January 1, 2023 through March 7, 2023 in the consolidated statements of comprehensive income consisted of the following:
 
  
Year Ended
December 31,
    
January 1 through
March 7,
  
 
  
2022
    
2023
  
REVENUES:
            
Time charter revenues
   $
13,656,029
     $
914,000
  
Voyage charter revenues
    
51,805,097
      
7,930
  
Pool revenues
    
46,424,742
      
22,447,344
  
Total vessel revenues
    
111,885,868
      
23,369,274
  
 
                
EXPENSES:
                
Voyage expenses (including $1,437,276 and $294,831 to related party for the year ended December 31, 2022 and for the period January 1, 2023 through March 7, 2023)
    
(29,319,414
)
    
(374,396
)
Vessel operating expenses
    
(21,708,290
)
    
(3,769,132
)
Management fees to related parties
    
(2,833,500
)
    
(507,000
)
Depreciation and amortization
    
(7,294,476
)
    
(1,493,759
)
(Provision) / Recovery of provision for doubtful accounts
    
(266,732
)
    
266,732
  
Gain on sale of vessel
    
3,222,631
      
—
  
Total expenses
    
(58,199,781
)
    
(5,877,555
)
 
                
Operating income
    
53,686,087
      
17,491,719
  
 
                
OTHER INCOME/(EXPENSES):
                
Interest and finance costs
    
(902,572
)
    
(220,061
)
Interest income
    
202,612
      
253,165
  
Foreign exchange losses
    
(6,181
)
    
(11,554
)
Total other (expenses)/income, net
    
(706,141
)
    
21,550
  
 
                
Net income and comprehensive income from discontinued operations, before taxes
  
$
52,979,946
    
$
17,513,269
  
Income taxes
    
(960,181
)
    
(173,937
)
Net income and comprehensive income from discontinued operations, net of taxes
  
$
52,019,765
    
$
17,339,332