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Transactions with Related Parties (Tables)
 12 Months Ended
Dec. 31, 2025
Transactions with Related Parties [Abstract]  
Balances with Related Parties
As of December 31, 2024, and December 31, 2025, balances with related parties consisted of the following:
 
   
December 31,
2024
   
December 31,
2025
 
Assets:
            
Due from Castor Ships (a) – current
   $ 1,407,506     $ 10,682,592  
Due from Castor Ships (a) – non-current
     3,504,667       2,893,839  
Due from Pavimar (b) – current
   
1,405,049
      
—
  
Investment in Toro (c) – non-current     117,560,467       117,521,579  
Due from related parties (MPC Capital) (h) - current
     3,581,070       2,472,917  
                 
Liabilities:
                
Due to Toro (d) – current
   687,500     1,069,444  
Current portion of long‐term debt, related party, net (Toro) (f)
     9,970,623       —  
Long‐term debt, related party, net (Toro) (f)
     89,921,162       —  
Accrued interest (f)- current
     364,205       —  
Due to related parties (MPC Capital) (h) - current
   $
 201,521     $
 37,162  
Valuation Methodology and Significant Other Observable Inputs
As there was no observable market for the Series A Preferred Shares, these were initially recognized at $117,222,135, being the fair value of the shares determined through Level 3 inputs of the fair value hierarchy by taking into consideration a third-party valuation. The fair value on the initial recognition is deemed to be the cost. The valuation methodology applied comprised the bifurcation of the value of the Series A Preferred Shares in two components namely, the “straight” preferred stock component and the option component. The mean of the sum of the two components was used to estimate the value for the Series A Preferred Shares at $117,222,135. The valuation methodology and the significant unobservable inputs used for each component are set out below:

 
Valuation Technique
Unobservable Input
  
Values
  
“Straight” Preferred Stock Component
Discounted cash flow model
• Weighted average cost of capital
    
12.80
%
Option Component
Black Scholes
• Volatility
    
69.00
%
• Risk-free rate
    
3.16
%
• Weighted average cost of capital
    
12.80
%
• Strike price
  
$
5.75
  
• Share price (based on the first 5 trading days
volume weighted average)
  
$
4.52
  
Related Party Long-Term Debt
   
Year Ended
  
Loan facilities
  
December 31,
2024
    
December 31,
2025
  
$100 million senior term loan facility
    
100,000,000
      
—
  
Total long-term debt, related party
  
$
100,000,000
    
$
—
  
Less: Deferred financing costs
    
(108,215
)
    
—
  
Total long-term debt, related party, net of deferred finance costs
  
$
99,891,785
    
$
—
  
                 
Presented:
                
Current portion of long-term debt, related party
  
$
10,000,000
    
$
—
  
Less: Current portion of deferred finance costs
    
(29,377
)
    
—
  
Current portion of long-term debt, related party, net of deferred finance costs
  
$
9,970,623
    
$
—
  
                 
Non-Current portion of long-term debt, related party
  
$
90,000,000
    
$
—
  
Less: Non-Current portion of deferred finance costs
    
(78,838
)
    
—
  
Non-Current portion of long-term debt, related party, net of deferred finance costs
  
$
89,921,162
    
$
—
  
Revenues from Services with Related Parties
Revenues from services with related parties
  
Year ended
December 31, 2024 (1)
    
Year ended
December 31, 2025
  
MPC Container Ships ASA
  
$
273,785
     $ 8,017,219  
Wilhelmsen Ahrenkiel Ship Management GmbH & Co. KG
     —       900,062  
MPC Energy Solutions NV
    
68,765
       686,920  
MPC Caribbean Clean Energy Limited
    
39,228
       948,938  
Other
     —       211,514  
Total
  
$
381,778
     $ 10,764,653  

(1)
Results for the year ended December 31, 2024 reflect data for the period from the acquisition of MPC Capital on December 16, 2024, through December 31, 2024.