Financial Instruments and Fair Value Disclosures (Tables)

12 Months Ended

Dec. 31, 2024

Financial Instruments and Fair Value Disclosures [Abstract]

Derivative Contracts Measured on Recurring Basis

The company enters in forward and options agreement to hedge against foreign currency risks. As of December 31, 2024, foreign currency derivatives can be analyzed as follows:

In thousands	Derivatives assets (current)				Derivatives liabilities (current)
	Fair Value		Nominal Value		Fair Value		Nominal Value
Hedge accounting	$	0	$	0	$	246	$	5,213
Economic hedging		1,108		23,106		1,144		26,979
Total	$	1,108	$	23,106	$	1,390	$	32,192

Assets Measured at Fair Value on Non-recurring Basis

As of December 31, 2024, the estimated fair value of the Company’s vessels measured at fair value on a non-recurring basis is based on the memorandum of agreement price and is categorized based upon the fair value hierarchy as follows: In November 2024, the vessel M/V Ariana A having a carrying value of $19,799,521 (including unamortized deferred charges), was recorded at a fair value less cost to sell of $ 16,170,000, resulting in loss of $ 3,629,521 (Note 7).

	December 31, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)
Non-Recurring measurements:
Vessels	$	16,500,000		-	$	16,500,000		-
Total	$	16,500,000		-	$	16,500,000		-