XML 50 R32.htm IDEA: XBRL DOCUMENT v3.25.1
Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Information [Abstract]  
Segment Information
25.
Segment Information:
 
Following the acquisition of the MPC Capital on December 16, 2024, the Company determined that it operated in three reportable segments, from two segments that operated as of December 31, 2023: (i) the dry bulk segment (ii) the containership segment and (iii) the asset management segment. These reportable segments reflect the Company’s internal organization and the way its chief operating decision maker (“CODM”), who is the Chief Executive Officer of the Company, reviews and analyzes the operating results and allocates capital within the Company. The CODM assesses segment performance using key financial measures, including revenues, operating expenses, segment operating income and net income. These metrics help the CODM assess segment profitability, optimize fleet deployment, control costs and determine capital allocation. Based on these segment performance trends, the CODM makes resource allocation decisions such as adjusting asset acquisition strategies, adjusting chartering strategies, prioritizing fleet expansion or disposals, and optimizing cost efficiencies to enhance profitability and overall segment performance. Further, the transport of dry bulk cargoes and containerized cargoes has different characteristics and the nature of trade, trading routes, charterers and cargo handling of differ in important respects. MPC Capital provides asset management services and it does not have similar economic characteristics to the other two segments. We do not disclose geographic information relating to our dry bulk and container ship segments because when we charter a vessel to a charterer, the charterer is free, subject to certain exemptions, to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable. For the asset management disclosure of geographic information refer to Note 19.

The table below presents information about the Company’s reportable segments as of and for the years ended December 31, 2022, 2023 and 2024. 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, 2022
    
Year ended December 31, 2023
    
Year ended December 31, 2024
  
   
Dry bulk
segment
    
Container
ship
segment
    
Total
    
Dry bulk
segment
    
Container
ship
segment
    
Total
    
Dry bulk
segment
    
Container
ship
segment
    
Asset management segment
    
Total
  
- Time charter revenues
  
$
148,930,997
    
$
1,285,133
    
$
150,216,130
    
$
82,996,018
    
$
14,519,493
    
$
97,515,511
      
49,704,809
      
15,364,194
      
—
      
65,069,003
  
- Revenue from services
    
—
      
—
      
—
      
—
      
—
      
—
      
—
      
—
      
1,174,376
      
1,174,376
  
Total revenues
  
$
148,930,997
    
$
1,285,133
    
$
150,216,130
    
$
82,996,018
    
$
14,519,493
    
$
97,515,511
      
49,704,809
      
15,364,194
      
1,174,376
      
66,243,379
  
Voyage expenses (including charges from related party)
    
(3,649,944
)
    
(71,333
)
    
(3,721,277
)
    
(4,425,879
)
    
(626,349
)
    
(5,052,228
)
    
(3,142,501
)
    
(1,106,355
)
    
—
      
(4,248,856
)
Vessel operating expenses
    
(40,697,898
)
    
(561,656
)
    
(41,259,554
)
    
(36,876,772
)
    
(5,036,856
)
    
(41,913,628
)
    
(21,531,189
)
    
(4,657,584
)
    
—
      
(26,188,773
)
Cost of revenue from services (exclusive of depreciation and amortization shown separately below)
    
—
      
—
      
—
      
—
      
—
      
—
      
—
      
—
      
(1,117,476
)
    
(1,117,476
)
Management fees to related parties
    
(6,481,000
)
    
(81,400
)
    
(6,562,400
)
    
(6,469,699
)
    
(697,698
)
    
(7,167,397
)
    
(3,956,453
)
    
(852,149
)
    
—
      
(4,808,602
)
Depreciation and amortization
    
(18,039,966
)
    
(495,271
)
    
(18,535,237
)
    
(16,689,989
)
    
(5,386,842
)
    
(22,076,831
)
    
(9,593,639
)
    
(5,330,681
)
    
(112,686
)
    
(15,037,006
)
Provision for doubtful accounts
    
—
      
—
      
—
      
—
      
—
      
—
      
(4,823
)
    
—
      
—
      
(4,823
)
Net gain on sale of vessels
    
—
      
—
      
—
      
6,383,858
      
—
      
6,383,858
      
19,298,394
      
—
      
—
      
19,298,394
  
Loss on vessels held for sale
    
—
      
—
      
—
      
—
      
—
      
—
      
—
      
(3,629,521
)
    
—
      
(3,629,521
)
Gain from a claim
    
—
      
—
      
—
      
—
      
—
      
—
      
1,418,096
      
—
      
—
      
1,418,096
  
Net gain on disposal
    
—
      
—
      
—
      
—
      
—
      
—
      
—
      
—
      
158,440
      
158,440
  
Net gain from equity method investments measured at fair value
    
—
      
—
      
—
      
—
      
—
      
—
      
—
      
—
      
2,687,236
      
2,687,236
  
Segments operating income/(loss)
  
$
80,062,189
    
$
75,473
    
$
80,137,662
    
$
24,917,537
    
$
2,771,748
    
$
27,689,285
      
32,192,694
      
(212,096
)
    
2,789,890
      
34,770,488
  
Interest and finance costs
                    
(7,642,577
)
                    
(10,883,521
)
                            
(4,636,880
)
Interest income
                    
1,282,756
                      
2,631,798
                              
4,098,120
  
Foreign exchange (losses)/gains
                    
105,314
                      
(84,127
)
                            
9,131
  
Less: Unallocated corporate general and administrative expenses
                    
(7,043,937
)
                    
(5,681,371
)
                            
(13,343,878
)
Less: Corporate Interest and finance costs
                    
(38,905
)
                    
(376,122
)
                            
(1,449,475
)
Less: Corporate Interest income
                    
72,735
                      
578,088
                              
2,784,599
  
Less: Corporate exchange (losses)/ gains
                    
4,568
                      
(8,618
)
                            
(170,273
)
Dividend income on equity securities
                    
24,528
                      
1,312,222
                              
6,692,418
  
Dividend income from related party
                    
—
                      
1,166,667
                              
1,423,332
  
Gains / (losses) on equity securities
                    
27,450
                      
5,136,649
                              
(14,738,660
)
Net income from continuing operations, before taxes
                  
$
66,929,594
                    
$
21,480,950
                              
15,438,922
  
Net income from discontinued operations, before taxes
                    
52,979,946
                      
17,513,269
                              
—
  
Net income, before taxes
                    
119,909,540
                      
38,994,219
                              
15,438,922
  

A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets of December 31, 2023 and 2024, is as follows:

   
As of
December 31,
2023
    
As of
December 31,
2024
  
Dry bulk segment
  
$
259,759,770
    
$
194,561,173
  
Containership segment     46,202,603       54,030,862  
Asset management segment
     —       308,393,047  
Cash and cash equivalents (1)
    
103,822,505
      
53,677,612
  
Prepaid expenses and other assets (1)
    
195,257,101
      
186,714,227
  
Total consolidated assets
  
$
605,041,979
    
$
797,376,921
  

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