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Long-term Debt
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Long-term Debt
5.
Long-term Debt
 
Term Loans
   
Drawn
     
December 31,
  
    
Amount
     
2022
     
2023
  
Issued in
November 202
1 maturing in
November 202
6 (“term loan A”)
      28,000,000        23,196,000        —   
  
 
 
     
 
 
     
Issued in
September 202
2 maturing in
September 202
6 (“term loan B”)
      17,000,000        16,450,000        —   
  
 
 
     
 
 
     
Issued in
November 202
2 maturing in
November 202
7 (“term loan C”)
      30,792,500        30,792,500        —   
     
 
 
     
Total
         70,438,500        —   
Current portion of long-term debt
         10,324,000        —   
Long-term debt
         60,114,500        —   
     
 
 
     
Total debt
         70,438,500        —   
Current portion of deferred finance charges
         147,462        —   
Deferred finance charges
non-current
         326,577        —   
     
 
 
     
Total deferred finance charges
         474,039        —   
     
 
 
     
Total debt
         70,438,500        —   
Less: Total deferred finance charges
         474,039        —   
     
 
 
     
Total debt, net of deferred finance charges
         69,964,461        —   
Less: Current portion of long-term debt, net of current portion of deferred finance charges
         10,176,538        —   
     
 
 
     
Total long – term debt
         59,787,923        —   
     
 
 
     
On March 10, 2023, the Company prepaid $23.2 
million representing the then outstanding balance of the term loan A using cash on hand and the related mortgages of the vessels “Magic Wand”, “Clean Thrasher”, “Clean Sanctuary” and “Stealth Berana” w
as
released.

In the first quarter of 2023, the Company repaid the amount of $1.4 million in line with the amortization schedule of the term loans B and C, and then proceeded with their full prepayment as follows:
On April 7, 2023, the Company prepaid $30.0 
million representing the then outstanding balance of the term loan C using cash on hand and the related mortgages of the vessels “Suez Enchanted” and “Suez Protopia” were released.
On April 2
5
, 2023, the Company prepaid $15.9 
million representing the then outstanding balance of the term loan B using cash on hand and the related mortgages of the vessels “Clean Nirvana” and “Clean Justice” were released.
Bank loan interest expense for the above loans for the years ended December 31, 2021, 2022 and 2023 amounted to $87,724, $1,444,884 and $1,271,409, respectively. Interest expense is included in interest and finance costs in the consolidated statements of operations. For the years ended December 31, 2021, 2022 and 2023, the amortization of deferred financing charges amounted to $32,587, $94,007 and $474,039, respectively, and is included in interest and finance costs in the consolidated statements of operations. The interest rate on the outstanding loans as of December 31, 2022
w
a
s
based on LIBOR for term loans A and C and on SOFR for term loan B plus a margin that range
d
 between 1.95% and 2.55%. The average interest rate (including the margin) on the above loans was 7.55% for the year ended December 31, 2023 (2022: 6.28%).