Discontinued operations

12 Months Ended

Dec. 31, 2025

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 period January 1, 2023 through March 7, 2023 in the consolidated statements of comprehensive income consisted of the following:

	January 1 through March 7,
	2023
REVENUES:
Time charter revenues	$	914,000
Voyage charter revenues		7,930
Pool revenues		22,447,344
Total vessel revenues		23,369,274
EXPENSES:
Voyage expenses (including $294,831 to related party for the period January 1, 2023 through March 7, 2023)		(374,396	)
Vessel operating expenses		(3,769,132	)
Management fees to related parties		(507,000	)
Depreciation and amortization		(1,493,759	)
(Provision) / Recovery of provision for doubtful accounts		266,732
Gain on sale of vessel		—
Total expenses		(5,877,555	)
Operating income		17,491,719
OTHER INCOME/(EXPENSES):
Interest and finance costs		(220,061	)
Interest income		253,165
Foreign exchange losses		(11,554	)
Total other (expenses)/income, net		21,550
Net income and comprehensive income from discontinued operations, before taxes	$	17,513,269
Income taxes		(173,937	)
Net income and comprehensive income from discontinued operations, net of taxes	$	17,339,332