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2020-02 2021-03 2020-02 2021-05 20-F false true 2025-12-31 false false 001-42684 Rubico Inc. 1T 20 Iouliou Kaisara Str 19002 Paiania Athens GR Nikolaos Papastratis 30 210 812 8107 npapastratis@rubicoinc.com 20 Iouliou Kaisara Str 19002 Paiania Athens GR Shares of common stock, par value $0.01 per share RUBI NASDAQ 385501 100000 No No Yes Yes Non-accelerated Filer true true false false U.S. GAAP false true <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">We believe that cybersecurity is fundamental in our operations and, as such, we are committed to maintaining robust governance and oversight of cybersecurity risks and to implementing comprehensive processes and procedures for identifying, assessing and managing material risks from cybersecurity threats as part of our broader risk management system and processes. <span style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000;">Our cybersecurity risk management strategy prioritizes detection, analysis and response to known, anticipated or unexpected threats; effective management of security risks; and resiliency against incidents. With the ever-changing cybersecurity landscape and continual emergence of new cybersecurity threats, our Board of Directors and senior management team ensure that adequate resources are devoted to cybersecurity risk management and the technologies, processes and people that support it. We implement risk-based controls to protect our information, the information of our customers, suppliers and other third parties, our information systems, our business operations and our vessels.</span></div> <div><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000;">As part of our cybersecurity risk management system, our information & technology management team, led by our senior IT manager with extensive experience managing information & technology systems, tracks and logs privacy and security incidents across our Company, our vessels, our customers, suppliers and other third-party service providers to remediate and resolve any such incidents.</span> Significant incidents are reviewed regularly by our information & technology management team to determine whether further escalation is appropriate. We also engage third parties, such as specialized assessors and consultants to audit our information security systems, whose findings are reported to our senior management team. <span style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000;">Any identified incident assessed as potentially being or potentially becoming material is immediately escalated for further assessment, and then reported to our senior management team who is responsible to assess its overall materiality in due time and decide whether further reference to our Board of Directors is necessary.</span> We further consult with outside counsel as appropriate, including on materiality analysis and disclosure requirements’ matters, and our senior management, in cooperation if required with our Board of Directors, makes the final materiality determinations and disclosure and other compliance decisions.</div> <div><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">As we do not have a dedicated board committee solely focused on cybersecurity, our senior management team has oversight responsibility for risks and incidents relating to cybersecurity threats, including compliance with disclosure requirements, cooperation with law enforcement, and related effects on financial and other risks, and it reports any material findings and recommendations, as appropriate, to our Board of Directors for consideration.</div> true <span style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000;">Our cybersecurity risk management strategy prioritizes detection, analysis and response to known, anticipated or unexpected threats; effective management of security risks; and resiliency against incidents. With the ever-changing cybersecurity landscape and continual emergence of new cybersecurity threats, our Board of Directors and senior management team ensure that adequate resources are devoted to cybersecurity risk management and the technologies, processes and people that support it. We implement risk-based controls to protect our information, the information of our customers, suppliers and other third parties, our information systems, our business operations and our vessels.</span> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000;">As part of our cybersecurity risk management system, our information & technology management team, led by our senior IT manager with extensive experience managing information & technology systems, tracks and logs privacy and security incidents across our Company, our vessels, our customers, suppliers and other third-party service providers to remediate and resolve any such incidents.</span> Significant incidents are reviewed regularly by our information & technology management team to determine whether further escalation is appropriate. We also engage third parties, such as specialized assessors and consultants to audit our information security systems, whose findings are reported to our senior management team. <span style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000;">Any identified incident assessed as potentially being or potentially becoming material is immediately escalated for further assessment, and then reported to our senior management team who is responsible to assess its overall materiality in due time and decide whether further reference to our Board of Directors is necessary.</span> We further consult with outside counsel as appropriate, including on materiality analysis and disclosure requirements’ matters, and our senior management, in cooperation if required with our Board of Directors, makes the final materiality determinations and disclosure and other compliance decisions.</div> <span style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000;">As part of our cybersecurity risk management system, our information & technology management team, led by our senior IT manager with extensive experience managing information & technology systems, tracks and logs privacy and security incidents across our Company, our vessels, our customers, suppliers and other third-party service providers to remediate and resolve any such incidents.</span> true <span style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000;">Any identified incident assessed as potentially being or potentially becoming material is immediately escalated for further assessment, and then reported to our senior management team who is responsible to assess its overall materiality in due time and decide whether further reference to our Board of Directors is necessary.</span> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">As we do not have a dedicated board committee solely focused on cybersecurity, our senior management team has oversight responsibility for risks and incidents relating to cybersecurity threats, including compliance with disclosure requirements, cooperation with law enforcement, and related effects on financial and other risks, and it reports any material findings and recommendations, as appropriate, to our Board of Directors for consideration.</div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">As we do not have a dedicated board committee solely focused on cybersecurity, our senior management team has oversight responsibility for risks and incidents relating to cybersecurity threats, including compliance with disclosure requirements, cooperation with law enforcement, and related effects on financial and other risks, and it reports any material findings and recommendations, as appropriate, to our Board of Directors for consideration.</div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">As we do not have a dedicated board committee solely focused on cybersecurity, our senior management team has oversight responsibility for risks and incidents relating to cybersecurity threats, including compliance with disclosure requirements, cooperation with law enforcement, and related effects on financial and other risks, and it reports any material findings and recommendations, as appropriate, to our Board of Directors for consideration.</div> true true <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Overall, our approach to cybersecurity risk management includes the following key elements:</div> <div><br/> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 63pt; vertical-align: top; text-align: right;"> <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(i)</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Continuous monitoring of cybersecurity threats, both internal and external, through the use of data analytics and network monitoring systems.</div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 63pt; vertical-align: top; text-align: right;"> <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(ii)</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Engagement of third-party consultants and other advisors to assist in assessing points of vulnerability of our information security systems.<br/> </div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 63pt; vertical-align: top; text-align: right;"> <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(iii)</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Overall assessment of cybersecurity incidents materiality and potential impact on the Company’s operations and financial condition by our senior management team and our Board of Directors, in cooperation, if considered necessary, with specialized external consultants.</div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 63pt; vertical-align: top; text-align: right;"> <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(iv)</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Oversight responsibility of cybersecurity risks and compliance with relevant disclosure requirements lies with our senior management team and our Board of Directors.</div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 63pt; vertical-align: top; text-align: right;"> <div style="text-align: left; margin-left: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">(v)</div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Training and Awareness—we have various information technology policies relating to cybersecurity. We also provide employee training that is administered on periodic and on case-by-case bases that reinforces our information technology policies, standards and practices, as well as the expectation that employees comply with these policies and identify and report potential cybersecurity risks.</div> </td> </tr> </table> </div> <div><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">We continue to invest in our cybersecurity systems and to enhance our internal controls and processes. <span style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000;">Our business strategy, results of operations and financial condition have not been materially affected by risks from cybersecurity threats, including as a result of previously identified cybersecurity incidents, but we cannot provide assurance that they will not be materially affected in the future by such risks or any future material incidents. While we have dedicated appropriate resources to identifying, assessing and managing material risks from cybersecurity threats, our efforts may not be adequate, may fail to accurately assess the severity of an incident, may not be sufficient to prevent or limit harm, or may fail to sufficiently remediate an incident in a timely fashion, any of which could harm our business, reputation, results of operations and financial condition. For more information certain risks associated with cybersecurity, see “Item 3. Key Information—D. Risk Factors Risks—We rely on our information systems to conduct our business, and failure to protect these systems against security breaches could adversely affect our business and results of operations. Additionally, if these systems fail or become unavailable for any significant period of time, our business could be harmed.”</span></div> true <span style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000;">Our business strategy, results of operations and financial condition have not been materially affected by risks from cybersecurity threats, including as a result of previously identified cybersecurity incidents, but we cannot provide assurance that they will not be materially affected in the future by such risks or any future material incidents. While we have dedicated appropriate resources to identifying, assessing and managing material risks from cybersecurity threats, our efforts may not be adequate, may fail to accurately assess the severity of an incident, may not be sufficient to prevent or limit harm, or may fail to sufficiently remediate an incident in a timely fashion, any of which could harm our business, reputation, results of operations and financial condition. For more information certain risks associated with cybersecurity, see “Item 3. Key Information—D. Risk Factors Risks—We rely on our information systems to conduct our business, and failure to protect these systems against security breaches could adversely affect our business and results of operations. Additionally, if these systems fail or become unavailable for any significant period of time, our business could be harmed.”</span> false Deloitte Certified Public Accountants S.A. Athens, Greece

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<div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-spacing: 0;"> <tr style="vertical-align: top;"> <td style="text-align: right; vertical-align: top; width: 18pt;"> <div style="font-weight: bold; text-align: left;">1.</div> </td> <td style="text-align: left; vertical-align: top; width: auto;"> <div style="font-weight: bold;">Basis of Presentation and General Information</div> </td> </tr> </table> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Rubico Inc. (“Rubico”) was formed by Top Ships Inc. (the “Former Parent”) on August 11, 2022 under the laws of the Republic of the Marshall Islands to serve as the holding company of Roman Empire Inc. and Athenean Empire Inc. Top Ships Inc. contributed to Rubico Inc. its 100% interest in Roman Empire Inc. and Athenean Empire Inc. that own two 157,000 dwt suezmax tankers, the M/T Eco West Coast and the M/T Eco Malibu, built in March and May 2021 respectively. Both vessels are time chartered to Clearlake Shipping Pte Ltd.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The contribution was completed on August 1, 2025 (spin-off date) and 13,065 Common Shares and 100,000 from a new series of preferred shares, the Series D Preferred shares (the “Spin off”) were issued. The contribution of Common Shares was pro rata to the beneficial holders of the Former Parent’s outstanding common shares and to beneficial holders of the Former Parent’s outstanding common stock purchase warrants on an as-exercised basis as of June 16, 2025, the record date of the Spin-Off. 100,000 Series D perpetual Preferred shares (see Note 9) were contributed to the holder of the Series D perpetual preferred shares (the “Series D preferred shares”) of the Former Parent to mirror the rights of the Series D preferred shares of the Former Parent. The holder of the Series D preferred shares of the Former Parent is the Lax Trust, which is an irrevocable trust established for the benefit of certain family members of the President, Chief Executive Officer and Director of the Former Parent, Mr. Evangelos Pistiolis.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The accompanying consolidated financial statements include the accounts of Rubico Inc. and its subsidiaries (collectively, the “Company”). Roman Empire Inc. and Athenean Empire Inc. have been accounted using the historical carrying costs of their assets and liabilities from their dates of incorporation. For periods up to August 1, 2025, the accompanying financial statements reflect the financial position and results of the carve-out operations of Roman Empire Inc., Athenean Empire Inc. and Rubico.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">In addition, for periods, up to August 1, 2025, intercompany accounts and transactions between Athenean Empire Inc., Roman Empire Inc., Rubico and the Former Parent have been accounted for as Net Former Parent Company investment and represent contributions from or to the Former Parent. The Company as part of the Spin-off has agreed to reimburse the Former Parent for all the expenses that the latter was charged on the Company’s behalf in 2025 and up to the spin-off date. The reporting and functional currency of the Company is the United States Dollar.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;">The Company is an international provider of worldwide crude oil and passenger recreational transportation services.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Company’s vessels are managed by Central Shipping Inc. (“CSI”), a related party affiliated with the family of Evangelos J. Pistiolis, the Former Parent’s Chief Executive Officer, Director and President, Mr. Evangelos J. Pistiolis.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 2025, the Company was the sole owner of all outstanding shares of the following subsidiary companies:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: left; white-space: nowrap;"> <div style="font-style: italic; font-weight: bold;">Wholly owned Shipowning Companies (“SPC”)</div> <div style="font-style: italic; font-weight: bold;"> during years ended December 31, 2023, 2024 and 2025</div> </td> <td style="width: 17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"> <div style="font-style: italic; font-weight: bold;">Date of</div> <div style="font-style: italic; font-weight: bold;">Incorporation</div> </td> <td style="width: 17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"> <div style="font-style: italic; font-weight: bold;">Country of</div> <div style="font-style: italic; font-weight: bold;">Incorporation</div> </td> <td style="width: 17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"> <div style="font-style: italic; font-weight: bold;">Vessel</div> </td> <td style="width: 17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"> <div style="font-style: italic; font-weight: bold;">Delivery Date</div> </td> </tr> <tr> <td style="width: 32%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="font-style: italic;">Roman Empire Inc.</div> </td> <td style="width: 17%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;"> <div style="font-style: italic;"><span style="-sec-ix-hidden:Fact_ccc5bda4061b4f4f857047edd7077fb3">February 2020</span></div> </td> <td style="width: 17%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;"> <div style="font-style: italic;">Marshall Islands</div> </td> <td style="width: 17%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center; white-space: nowrap;"> <div style="font-style: italic;">Eco West Coast</div> </td> <td style="width: 17%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;"> <div style="font-style: italic;"><span style="-sec-ix-hidden:Fact_d9f7053e637140a0aed8425eccd89eca">March 2021</span></div> </td> </tr> <tr> <td style="width: 32%; vertical-align: top;"> <div style="font-style: italic;">Athenean Empire Inc.</div> </td> <td style="width: 17%; vertical-align: bottom; text-align: center;"> <div style="font-style: italic;"><span style="-sec-ix-hidden:Fact_c508225ea894401f97c94b1ce04777fe">February 2020</span></div> </td> <td style="width: 17%; vertical-align: bottom; text-align: center;"> <div style="font-style: italic;">Marshall Islands</div> </td> <td style="width: 17%; vertical-align: bottom; text-align: center;"> <div style="font-style: italic;">Eco Malibu</div> </td> <td style="width: 17%; vertical-align: bottom; text-align: center;"> <div style="font-style: italic;"><span style="-sec-ix-hidden:Fact_1c0ab9a14526436290ee4604025f7178">May 2021</span></div> </td> </tr> </table>

1 1 2 157000 157000 13065 100000 100000 <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 2025, the Company was the sole owner of all outstanding shares of the following subsidiary companies:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 32%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: left; white-space: nowrap;"> <div style="font-style: italic; font-weight: bold;">Wholly owned Shipowning Companies (“SPC”)</div> <div style="font-style: italic; font-weight: bold;"> during years ended December 31, 2023, 2024 and 2025</div> </td> <td style="width: 17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"> <div style="font-style: italic; font-weight: bold;">Date of</div> <div style="font-style: italic; font-weight: bold;">Incorporation</div> </td> <td style="width: 17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"> <div style="font-style: italic; font-weight: bold;">Country of</div> <div style="font-style: italic; font-weight: bold;">Incorporation</div> </td> <td style="width: 17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"> <div style="font-style: italic; font-weight: bold;">Vessel</div> </td> <td style="width: 17%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;"> <div style="font-style: italic; font-weight: bold;">Delivery Date</div> </td> </tr> <tr> <td style="width: 32%; vertical-align: top; background-color: rgb(204, 238, 255);"> <div style="font-style: italic;">Roman Empire Inc.</div> </td> <td style="width: 17%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;"> <div style="font-style: italic;"><span style="-sec-ix-hidden:Fact_ccc5bda4061b4f4f857047edd7077fb3">February 2020</span></div> </td> <td style="width: 17%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;"> <div style="font-style: italic;">Marshall Islands</div> </td> <td style="width: 17%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center; white-space: nowrap;"> <div style="font-style: italic;">Eco West Coast</div> </td> <td style="width: 17%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;"> <div style="font-style: italic;"><span style="-sec-ix-hidden:Fact_d9f7053e637140a0aed8425eccd89eca">March 2021</span></div> </td> </tr> <tr> <td style="width: 32%; vertical-align: top;"> <div style="font-style: italic;">Athenean Empire Inc.</div> </td> <td style="width: 17%; vertical-align: bottom; text-align: center;"> <div style="font-style: italic;"><span style="-sec-ix-hidden:Fact_c508225ea894401f97c94b1ce04777fe">February 2020</span></div> </td> <td style="width: 17%; vertical-align: bottom; text-align: center;"> <div style="font-style: italic;">Marshall Islands</div> </td> <td style="width: 17%; vertical-align: bottom; text-align: center;"> <div style="font-style: italic;">Eco Malibu</div> </td> <td style="width: 17%; vertical-align: bottom; text-align: center;"> <div style="font-style: italic;"><span style="-sec-ix-hidden:Fact_1c0ab9a14526436290ee4604025f7178">May 2021</span></div> </td> </tr> </table> 1T Eco West Coast 1T Eco Malibu

<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 2.25pt;"> </td> <td style="width: 18pt; vertical-align: top; font-weight: bold;">2.</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-weight: bold;">Significant Accounting Policies</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Principles of Consolidation:</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts and operating results of Rubico Inc. and its subsidiaries referred to in Note 1. Intercompany balances and transactions have been eliminated on consolidation.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;"> <br/> </span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">Use of Estimates:</span> The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates mainly include vessel useful lives and residual values. Actual results may differ from these estimates.</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">Foreign Currency Translation:</span> The Company’s functional currency is the U.S. Dollar because its vessels operate in international shipping markets, and therefore primarily transacts business in U.S. Dollars. The Company’s books of account are maintained in U.S. Dollars. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies are translated to U.S. Dollars based on the year-end exchange rates and any gains and losses are included in the statements of income.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">Cash and Cash Equivalents:</span> The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">Restricted Cash:</span> The Company considers amounts that are pledged, blocked, held as cash collateral, required to be maintained with a specific bank or be maintained by the Company as minimum cash under the terms of a loan agreement, as restricted and these amounts are presented separately on the balance sheets. In the event original maturities are shorter than twelve months, such deposits are presented as current assets while if original maturities are longer than twelve months, such deposits are presented as non-current assets.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">Trade Accounts Receivable, net:</span> The amount shown as trade accounts receivable, net at each balance sheet date, includes estimated recoveries from charterers for hire billings, net of provisions for doubtful accounts and also accrued revenue resulting from straight-line revenue recognition of charter agreements that provide for varying charter rates, as well as a receivable in relation to European Union Allowances (“EUAs”) from charterers (see below). As of December 31, 2024 and 2025 EUAs due from charterers amounted to $229 and $1,021 respectively. At each balance sheet date, all potentially uncollectible accounts are assessed individually, combined with the application of a historical recoverability ratio, for purposes of determining the appropriate provision for doubtful accounts. The Company assessed that it had no potentially uncollectible accounts and hence formed no provision for doubtful accounts at December 31, 2024 and 2025 respectively.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">Inventories:</span> Inventories consist of lubricants and paints on board the vessels. Inventories are stated at the lower of cost and net realizable value. Net realizable value is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Cost, which consists of the purchase price, is determined by the first in, first out method.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">Vessel Cost:</span> Vessels are stated at cost, which consists of the contract price, pre-delivery costs and capitalized interest (if any) incurred during the construction of new building vessels and any material expenses incurred upon acquisition (improvements and delivery costs). Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Repairs and maintenance are charged to expense as incurred and are included in Vessel operating expenses in the statements of comprehensive income. Vessels acquired as asset acquisitions are stated at historical cost, which consists of the contract price less discounts, plus any material expenses incurred upon acquisition (delivery expenses and other expenditures to prepare for the vessel’s initial voyage). Vessels acquired from entities under common control are recorded at historical cost.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">Impairment of Long-Lived Assets:</span> The Company evaluates the existence of impairment indicators whenever events or changes in circumstances indicate that the carrying values of the Company’s long-lived assets are not recoverable. Such indicators of potential impairment include, vessel sales and purchases, business plans, declines in the fair market value of vessels and overall market conditions. If there are indications for impairment present, the Company determines undiscounted projected net operating cash flows for its vessels and compares it to the vessels carrying value. If the carrying value of the vessel exceeds its undiscounted future net cash flows, the carrying value is reduced to its fair value, and the difference is recognized as an impairment loss. The impairment evaluation the Company conducted as of December 31, 2024 and 2025 showed that there are no impairment indications for its vessels.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">Vessel Depreciation:</span> Depreciation is calculated using the straight-line method over the estimated useful life of the Company’s vessels, after deducting the estimated salvage value. The vessels salvage value was equal to the product of its lightweight tonnage and estimated scrap rate, of $0.43 per lightweight ton. Management estimates the useful life of the Company’s vessels to be 25 years from the date of initial delivery from the shipyard. Second hand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its useful life is adjusted at the date such regulations are adopted.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">Dry-Docking Costs:</span> All dry-docking and special survey costs are expensed in the period incurred.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">Financing Costs:</span> Fees incurred and paid to lenders for obtaining new loans or refinancing existing ones are recorded as a contra to debt and such fees are amortized to interest and finance costs over the life of the related debt using the effective interest method. Unamortized fees relating to loans prepaid or refinanced are expensed in the period when a prepayment or refinancing is made and charged to interest and finance costs. Any unamortized balance of costs relating to debt refinanced that does not meet the criteria for debt extinguishment, is amortized over the term of the refinanced debt.</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">Accounting for Revenue and Expenses:</span> Revenues are generated from time charter arrangements. A time charter is a contract for the use of a vessel for a specific period of time and a specified daily charter hire rate, which is generally payable monthly in advance. The Company’s time charter agreements are classified as operating leases pursuant to Accounting Standards Codification (“ASC”) 842 - Leases, and therefore do not fall under the scope of Accounting Standards Codification (“ASC”) 606 because: (i) the vessel is an identifiable asset; (ii) the Company as lessor, does not have substantive substitution rights; and (iii) the charterer, as lessee, has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Revenue is shown net of address commissions, if applicable, payable directly to charterers under the relevant charter agreements. Address commissions represent a common market practice discount (sales incentive) on services rendered by the Company and no identifiable benefit is received in exchange for the consideration provided to the charterer. Commissions on time charter revenues are recognized on a pro rata basis over the duration of the period.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Time charter revenue is recognized as earned on a straight-line basis over the term of the relevant time charter starting from the vessel’s delivery to the charterer, except for any agreed or estimated off-hire period. Revenue generated from variable lease payments is recognized in the period when changes in the facts and circumstances on which the variable lease payments are based occur. The Company elected to not separate the lease and non-lease components included in the time charter revenue because (i) the pattern of revenue recognition for the lease and non-lease components (included in the daily hire rate) is the same and (ii) the lease component would be classified as an operating lease. The daily hire rate represents the hire rate for a bare boat charter as well as the compensation for expenses incurred running the vessel such as crewing expense, repairs, insurance, maintenance and lubes. Both the lease and non-lease components are earned by passage of time. Under a time charter agreement, vessel management fees, broker’s commissions and operating expenses such as, crew wages, provisions and stores, technical maintenance and insurance expenses are paid by the vessel owner, whereas voyage expenses such as bunkers, port expenses, agents’ fees, and extra war risk insurance are paid by the charterer, with the exception of broker’s commissions. Vessel operating expenses are expensed as incurred. Unearned revenue represents cash received prior to year-end related to revenue applicable to periods after December 31 of each year and balances resulting from straight-line revenue recognition of charter agreements that provide for varying charter rates.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Company pays commissions to ship brokers and to CSI, associated with arranging the Company’s charters. These brokers’ commissions are recognized over the related charter period and are included in voyage expenses in the accompanying Statements of income.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">Segment Reporting: </span>The Company reports financial information and evaluates its operations by total charter revenue and not by the type of vessel or vessel employment for its customers. The Board of Directors of the Company, the chief operating decision makers, (“CODM”) assess performance for the vessel operations segment and decides how to allocate resources based on consolidated net income thus the Company has determined that it operates under one reportable segment. The CODM do not use discrete financial information to evaluate the operating results for each type of charter or vessel but is instead regularly provided with only the combined expenses as noted on the face of the consolidated statements of comprehensive income. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">Liability for European Union Allowances (“EUAs”):</span> The maritime emissions trading scheme (“ETS”), applicable from January 1, 2024, applies to all the shipowning companies of the Company and refers to emissions generated by intra-EU maritime voyages and emissions from voyages which start or end at EU ports (but the other destination is outside the EU). Since the liability derives from the choice of voyages which are directed, controlled and the benefit of which is attributed to our time charterers, the latter are responsible and liable for securing the EUAs to settle the environmental credit obligations derived from voyages they performed. However, should they fail to do so, the ultimate liability lies with the shipowning companies. As such the liability to purchase EUAs for voyages subject to ETS performed by our vessels is presented by the Company under Accounts payable and the EUAs that are receivable by the Company from our time charterers are presented under Trade accounts receivable in the accompanying consolidated balance sheets. Any EUAs that have been paid into the EUA account of Central Mare Inc. (“Central Mare”), a related party affiliated with the family of Mr. Evangelos J. Pistiolis, by our Charterers are presented under Due from/to related parties (see Note 5). Since the EU has set the first settlement of EUAs for the 2024 and 2025 voyages subject to ETS on September 30, 2025 and September 30, 2026, respectively, such receivables and liabilities have been presented as current. The liability in connection with the 2024 voyages was fully settled on September 30, 2025, as dictated by the EU. The receivable and payable EUAs as well as the EUAs paid by our time charterers to Central Mare are considered a Level 1 item in the fair value hierarchy (since the EUAs are quoted in an active market) and all such receivable and payable balances are presented at their fair value as at the reporting date.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold;"> </span><span style="font-weight: bold; font-style: italic;">Leases:</span><span style="font-weight: bold;"> </span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div><span style="font-weight: bold; font-style: italic;">Sale-leaseback transactions:</span> In accordance with ASC 842, the Company, as seller-lessee, determines whether the transfer of an asset should be accounted for as a sale in accordance with ASC 606 (existence of a contract and satisfaction of performance obligation by transferring of the control of the asset). The existence of an option for the seller-lessee to repurchase the asset precludes the accounting for the transfer of the asset as a sale unless both of the following criteria are met: (1) the exercise price of the option is the fair value of the asset at the time the option is exercised; and (2) there are alternative assets, substantially the same as the transferred asset, readily available in the marketplace. If the transfer of the asset meets the criteria of sale, the Company, as seller-lessee recognizes the transaction price for the sale when the buyer-lessor obtains control of the asset, derecognizes the carrying amount of the underlying asset and accounts for the lease in accordance with ASC 842. If the transfer does not meet the criteria of sale, the Company does not derecognize the transferred asset, accounts for any amounts received as a financing arrangement and recognizes the difference between the amount of consideration received and the amount of consideration to be paid as interest.</div> </td> </tr> </table> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div><span style="font-weight: bold; font-style: italic;">Finance lease:</span> The Company classifies a lease as a finance lease when the lease meets any of the following criteria at lease commencement:</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 36pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">i.</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The lease transfers ownership of the underlying asset to the lessee by the end of the lease term.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 36pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">ii.</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 36pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">iii.</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The lease term is for the major part of the remaining economic life of the underlying asset. However, if the commencement date falls at or near the end of the economic life of the underlying asset, this criterion shall not be used for purposes of classifying the lease.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 36pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">iv.</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the underlying asset.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 36pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">v.</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term.</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">When none of these criteria are met the Company classifies the lease as an operating lease.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div><span style="font-weight: bold; font-style: italic;">Operating lease- The Company as a lessee</span><span style="font-weight: bold;">:</span> The Company recognizes right-of-use assets (“ROU”) and corresponding lease liabilities for its operating leases. ROU assets and liabilities are recognized at the commencement date of an arrangement based on the present value of lease payments over the lease term. The operating lease ROU asset also includes any lease payments made to the lessor prior to lease commencement, less any lease incentives, and initial direct costs incurred. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term.</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">Other Comprehensive Income: </span>The Company follows the provisions of guidance regarding reporting comprehensive income which requires separate presentation of certain transactions, such as unrealized gains and losses from effective portion of cash flow hedges, change in foreign currency translation adjustments, which are recorded directly as components of stockholders’ equity<span style="font-weight: bold; font-style: italic;">.</span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">Financial liabilities:</span><span style="font-weight: bold;"> </span>Financial liabilities are classified as either financial liabilities at ‘fair value through the profit and loss’ (“FVTPL”) or ‘other financial liabilities’. Financial instruments classified as FVTPL are recognized at fair value in the balance sheet when the Company has an obligation to perform under the contractual provisions of those instruments. Financial instruments are classified as liabilities or equity in accordance with the substance of the contractual arrangement. Changes in the fair value of financial instruments are recognized in earnings, except in the cases where these financial instruments fall under the guidance in ASC 815-40, where they are initially classified in equity and are initially measured at fair value in permanent equity and subsequent changes in fair value are not subsequently measured. Other financial liabilities (including borrowings and trade and other payables) are subsequently measured at amortized cost using the effective interest rate method.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">Earnings / (Loss) per Share:</span><span style="font-weight: bold;"> </span>Basic earnings/(loss) per share are computed by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding during the year. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised. For purposes of calculating diluted earnings per share the denominator of the diluted earnings per share calculation includes the incremental shares assumed issued under the treasury stock method weighted for the period the non-vested shares were outstanding. The computation of diluted earnings per share also reflects the potential dilution that could occur if warrants to issue common stock were exercised, to the extent that they are dilutive, using the treasury stock method. Finally net income or loss available to common stockholders, when computing basic earnings/(loss) per share, is reduced to reflect any dividends or deemed dividends on preferred stock.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none;">Recent Accounting Pronouncements:</div> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"><br/> </span> </div> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> </span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none;">In November 2024, the FASB issued ASU No. 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)”. The amendments in this Update require disclosure, in the notes to financial statements, of specified information about certain costs and expenses. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods December 15, 2027. Early adoption is permitted. The amendments in ASU 2024-03 should be applied prospectively to financial statements issued for reporting periods after the effective date of this update, with retrospective application to any or all prior periods presented in the financial statements permitted. The Company evaluated the impact of this ASU on its consolidated financial statements and determined that there is no effect on its results of operations.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"><br/> </span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none;">In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the navigability and applicability of interim reporting guidance under US GAAP and adds a new disclosure principle for interim periods. The amendments are not intended to change the fundamental nature of interim reporting or expand or reduce substantive interim disclosure requirements. The ASU is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027 for public business entities and after December 15, 2028 for entities other than public business entities, with early adoption permitted. The Company is currently evaluating the impact that adopting this update may have on its consolidated financial statement disclosures.<br/> <br/> </div> <div style="text-align: justify;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">In December 2025 the FASB issued ASU No. 2025-12 to clarify, correct errors in or make other improvements to a broad range of topics in the Accounting Standards Codification (“ASC”), including ASC 260, Earnings Per Share; ASC 325, Investments — Other; and ASC 958, Not-for-Profit Entities. The guidance is effective for all entities for annual reporting periods beginning after 15 December 2026, and interim periods within those annual periods. Early adoption is permitted. Entities are required to apply the amendments to ASC 260 retrospectively to each prior reporting period presented in the period of adoption. Entities can apply all other amendments in the period of adoption either (1) prospectively to all new transactions recognized on or after the date that the entity first applies the amendments or (2) retrospectively to the beginning of the earliest comparative period presented, with an adjustment to the opening balance of retained earnings (or other appropriate components of equity or net assets in the statement of financial position) as of the beginning of the earliest comparative period presented. An entity may elect the transition method on an issue-by-issue basis (except for the ASC 260 amendments). The Company evaluated the impact of this ASU on its consolidated financial statements and determined that there is no effect on its results of operations. </span><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">There are no other recent accounting pronouncements the adoption of which is expected to have a material effect on the Company’s consolidated financial statements in the current or any future periods.</div>

<div style="text-align: justify; font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Principles of Consolidation:</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts and operating results of Rubico Inc. and its subsidiaries referred to in Note 1. Intercompany balances and transactions have been eliminated on consolidation.</div>

<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">Use of Estimates:</span> The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates mainly include vessel useful lives and residual values. Actual results may differ from these estimates.</div>

<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">Foreign Currency Translation:</span> The Company’s functional currency is the U.S. Dollar because its vessels operate in international shipping markets, and therefore primarily transacts business in U.S. Dollars. The Company’s books of account are maintained in U.S. Dollars. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies are translated to U.S. Dollars based on the year-end exchange rates and any gains and losses are included in the statements of income.</div>

<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">Cash and Cash Equivalents:</span> The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents.</div>

<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">Restricted Cash:</span> The Company considers amounts that are pledged, blocked, held as cash collateral, required to be maintained with a specific bank or be maintained by the Company as minimum cash under the terms of a loan agreement, as restricted and these amounts are presented separately on the balance sheets. In the event original maturities are shorter than twelve months, such deposits are presented as current assets while if original maturities are longer than twelve months, such deposits are presented as non-current assets.</div>

<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">Trade Accounts Receivable, net:</span> The amount shown as trade accounts receivable, net at each balance sheet date, includes estimated recoveries from charterers for hire billings, net of provisions for doubtful accounts and also accrued revenue resulting from straight-line revenue recognition of charter agreements that provide for varying charter rates, as well as a receivable in relation to European Union Allowances (“EUAs”) from charterers (see below). As of December 31, 2024 and 2025 EUAs due from charterers amounted to $229 and $1,021 respectively. At each balance sheet date, all potentially uncollectible accounts are assessed individually, combined with the application of a historical recoverability ratio, for purposes of determining the appropriate provision for doubtful accounts. The Company assessed that it had no potentially uncollectible accounts and hence formed no provision for doubtful accounts at December 31, 2024 and 2025 respectively.</div>

229000 1021000

<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">Inventories:</span> Inventories consist of lubricants and paints on board the vessels. Inventories are stated at the lower of cost and net realizable value. Net realizable value is defined as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Cost, which consists of the purchase price, is determined by the first in, first out method.</div>

<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">Vessel Cost:</span> Vessels are stated at cost, which consists of the contract price, pre-delivery costs and capitalized interest (if any) incurred during the construction of new building vessels and any material expenses incurred upon acquisition (improvements and delivery costs). Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Repairs and maintenance are charged to expense as incurred and are included in Vessel operating expenses in the statements of comprehensive income. Vessels acquired as asset acquisitions are stated at historical cost, which consists of the contract price less discounts, plus any material expenses incurred upon acquisition (delivery expenses and other expenditures to prepare for the vessel’s initial voyage). Vessels acquired from entities under common control are recorded at historical cost.</div>

<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">Impairment of Long-Lived Assets:</span> The Company evaluates the existence of impairment indicators whenever events or changes in circumstances indicate that the carrying values of the Company’s long-lived assets are not recoverable. Such indicators of potential impairment include, vessel sales and purchases, business plans, declines in the fair market value of vessels and overall market conditions. If there are indications for impairment present, the Company determines undiscounted projected net operating cash flows for its vessels and compares it to the vessels carrying value. If the carrying value of the vessel exceeds its undiscounted future net cash flows, the carrying value is reduced to its fair value, and the difference is recognized as an impairment loss. The impairment evaluation the Company conducted as of December 31, 2024 and 2025 showed that there are no impairment indications for its vessels.</div>

<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">Vessel Depreciation:</span> Depreciation is calculated using the straight-line method over the estimated useful life of the Company’s vessels, after deducting the estimated salvage value. The vessels salvage value was equal to the product of its lightweight tonnage and estimated scrap rate, of $0.43 per lightweight ton. Management estimates the useful life of the Company’s vessels to be 25 years from the date of initial delivery from the shipyard. Second hand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its useful life is adjusted at the date such regulations are adopted.</div>

430

P25Y

<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">Dry-Docking Costs:</span> All dry-docking and special survey costs are expensed in the period incurred.</div>

<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">Financing Costs:</span> Fees incurred and paid to lenders for obtaining new loans or refinancing existing ones are recorded as a contra to debt and such fees are amortized to interest and finance costs over the life of the related debt using the effective interest method. Unamortized fees relating to loans prepaid or refinanced are expensed in the period when a prepayment or refinancing is made and charged to interest and finance costs. Any unamortized balance of costs relating to debt refinanced that does not meet the criteria for debt extinguishment, is amortized over the term of the refinanced debt.</div>

<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">Accounting for Revenue and Expenses:</span> Revenues are generated from time charter arrangements. A time charter is a contract for the use of a vessel for a specific period of time and a specified daily charter hire rate, which is generally payable monthly in advance. The Company’s time charter agreements are classified as operating leases pursuant to Accounting Standards Codification (“ASC”) 842 - Leases, and therefore do not fall under the scope of Accounting Standards Codification (“ASC”) 606 because: (i) the vessel is an identifiable asset; (ii) the Company as lessor, does not have substantive substitution rights; and (iii) the charterer, as lessee, has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Revenue is shown net of address commissions, if applicable, payable directly to charterers under the relevant charter agreements. Address commissions represent a common market practice discount (sales incentive) on services rendered by the Company and no identifiable benefit is received in exchange for the consideration provided to the charterer. Commissions on time charter revenues are recognized on a pro rata basis over the duration of the period.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Time charter revenue is recognized as earned on a straight-line basis over the term of the relevant time charter starting from the vessel’s delivery to the charterer, except for any agreed or estimated off-hire period. Revenue generated from variable lease payments is recognized in the period when changes in the facts and circumstances on which the variable lease payments are based occur. The Company elected to not separate the lease and non-lease components included in the time charter revenue because (i) the pattern of revenue recognition for the lease and non-lease components (included in the daily hire rate) is the same and (ii) the lease component would be classified as an operating lease. The daily hire rate represents the hire rate for a bare boat charter as well as the compensation for expenses incurred running the vessel such as crewing expense, repairs, insurance, maintenance and lubes. Both the lease and non-lease components are earned by passage of time. Under a time charter agreement, vessel management fees, broker’s commissions and operating expenses such as, crew wages, provisions and stores, technical maintenance and insurance expenses are paid by the vessel owner, whereas voyage expenses such as bunkers, port expenses, agents’ fees, and extra war risk insurance are paid by the charterer, with the exception of broker’s commissions. Vessel operating expenses are expensed as incurred. Unearned revenue represents cash received prior to year-end related to revenue applicable to periods after December 31 of each year and balances resulting from straight-line revenue recognition of charter agreements that provide for varying charter rates.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Company pays commissions to ship brokers and to CSI, associated with arranging the Company’s charters. These brokers’ commissions are recognized over the related charter period and are included in voyage expenses in the accompanying Statements of income.</div>

<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">Segment Reporting: </span>The Company reports financial information and evaluates its operations by total charter revenue and not by the type of vessel or vessel employment for its customers. The Board of Directors of the Company, the chief operating decision makers, (“CODM”) assess performance for the vessel operations segment and decides how to allocate resources based on consolidated net income thus the Company has determined that it operates under one reportable segment. The CODM do not use discrete financial information to evaluate the operating results for each type of charter or vessel but is instead regularly provided with only the combined expenses as noted on the face of the consolidated statements of comprehensive income. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable.</div>

<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">Liability for European Union Allowances (“EUAs”):</span> The maritime emissions trading scheme (“ETS”), applicable from January 1, 2024, applies to all the shipowning companies of the Company and refers to emissions generated by intra-EU maritime voyages and emissions from voyages which start or end at EU ports (but the other destination is outside the EU). Since the liability derives from the choice of voyages which are directed, controlled and the benefit of which is attributed to our time charterers, the latter are responsible and liable for securing the EUAs to settle the environmental credit obligations derived from voyages they performed. However, should they fail to do so, the ultimate liability lies with the shipowning companies. As such the liability to purchase EUAs for voyages subject to ETS performed by our vessels is presented by the Company under Accounts payable and the EUAs that are receivable by the Company from our time charterers are presented under Trade accounts receivable in the accompanying consolidated balance sheets. Any EUAs that have been paid into the EUA account of Central Mare Inc. (“Central Mare”), a related party affiliated with the family of Mr. Evangelos J. Pistiolis, by our Charterers are presented under Due from/to related parties (see Note 5). Since the EU has set the first settlement of EUAs for the 2024 and 2025 voyages subject to ETS on September 30, 2025 and September 30, 2026, respectively, such receivables and liabilities have been presented as current. The liability in connection with the 2024 voyages was fully settled on September 30, 2025, as dictated by the EU. The receivable and payable EUAs as well as the EUAs paid by our time charterers to Central Mare are considered a Level 1 item in the fair value hierarchy (since the EUAs are quoted in an active market) and all such receivable and payable balances are presented at their fair value as at the reporting date.</div>

<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold;"> </span><span style="font-weight: bold; font-style: italic;">Leases:</span><span style="font-weight: bold;"> </span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div><span style="font-weight: bold; font-style: italic;">Sale-leaseback transactions:</span> In accordance with ASC 842, the Company, as seller-lessee, determines whether the transfer of an asset should be accounted for as a sale in accordance with ASC 606 (existence of a contract and satisfaction of performance obligation by transferring of the control of the asset). The existence of an option for the seller-lessee to repurchase the asset precludes the accounting for the transfer of the asset as a sale unless both of the following criteria are met: (1) the exercise price of the option is the fair value of the asset at the time the option is exercised; and (2) there are alternative assets, substantially the same as the transferred asset, readily available in the marketplace. If the transfer of the asset meets the criteria of sale, the Company, as seller-lessee recognizes the transaction price for the sale when the buyer-lessor obtains control of the asset, derecognizes the carrying amount of the underlying asset and accounts for the lease in accordance with ASC 842. If the transfer does not meet the criteria of sale, the Company does not derecognize the transferred asset, accounts for any amounts received as a financing arrangement and recognizes the difference between the amount of consideration received and the amount of consideration to be paid as interest.</div> </td> </tr> </table> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div><span style="font-weight: bold; font-style: italic;">Finance lease:</span> The Company classifies a lease as a finance lease when the lease meets any of the following criteria at lease commencement:</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 36pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">i.</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The lease transfers ownership of the underlying asset to the lessee by the end of the lease term.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 36pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">ii.</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 36pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">iii.</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The lease term is for the major part of the remaining economic life of the underlying asset. However, if the commencement date falls at or near the end of the economic life of the underlying asset, this criterion shall not be used for purposes of classifying the lease.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 36pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">iv.</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already reflected in the lease payments equals or exceeds substantially all of the fair value of the underlying asset.</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 36pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">v.</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term.</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">When none of these criteria are met the Company classifies the lease as an operating lease.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div><span style="font-weight: bold; font-style: italic;">Operating lease- The Company as a lessee</span><span style="font-weight: bold;">:</span> The Company recognizes right-of-use assets (“ROU”) and corresponding lease liabilities for its operating leases. ROU assets and liabilities are recognized at the commencement date of an arrangement based on the present value of lease payments over the lease term. The operating lease ROU asset also includes any lease payments made to the lessor prior to lease commencement, less any lease incentives, and initial direct costs incurred. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term.</div> </td> </tr> </table>

<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">Other Comprehensive Income: </span>The Company follows the provisions of guidance regarding reporting comprehensive income which requires separate presentation of certain transactions, such as unrealized gains and losses from effective portion of cash flow hedges, change in foreign currency translation adjustments, which are recorded directly as components of stockholders’ equity<span style="font-weight: bold; font-style: italic;">.</span></div>

<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">Financial liabilities:</span><span style="font-weight: bold;"> </span>Financial liabilities are classified as either financial liabilities at ‘fair value through the profit and loss’ (“FVTPL”) or ‘other financial liabilities’. Financial instruments classified as FVTPL are recognized at fair value in the balance sheet when the Company has an obligation to perform under the contractual provisions of those instruments. Financial instruments are classified as liabilities or equity in accordance with the substance of the contractual arrangement. Changes in the fair value of financial instruments are recognized in earnings, except in the cases where these financial instruments fall under the guidance in ASC 815-40, where they are initially classified in equity and are initially measured at fair value in permanent equity and subsequent changes in fair value are not subsequently measured. Other financial liabilities (including borrowings and trade and other payables) are subsequently measured at amortized cost using the effective interest rate method.</div>

<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">Earnings / (Loss) per Share:</span><span style="font-weight: bold;"> </span>Basic earnings/(loss) per share are computed by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding during the year. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised. For purposes of calculating diluted earnings per share the denominator of the diluted earnings per share calculation includes the incremental shares assumed issued under the treasury stock method weighted for the period the non-vested shares were outstanding. The computation of diluted earnings per share also reflects the potential dilution that could occur if warrants to issue common stock were exercised, to the extent that they are dilutive, using the treasury stock method. Finally net income or loss available to common stockholders, when computing basic earnings/(loss) per share, is reduced to reflect any dividends or deemed dividends on preferred stock.</div>

<div style="text-align: justify; font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none;">Recent Accounting Pronouncements:</div> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> </span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"><br/> </span> </div> <div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> </span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none;">In November 2024, the FASB issued ASU No. 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)”. The amendments in this Update require disclosure, in the notes to financial statements, of specified information about certain costs and expenses. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods December 15, 2027. Early adoption is permitted. The amendments in ASU 2024-03 should be applied prospectively to financial statements issued for reporting periods after the effective date of this update, with retrospective application to any or all prior periods presented in the financial statements permitted. The Company evaluated the impact of this ASU on its consolidated financial statements and determined that there is no effect on its results of operations.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"><br/> </span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; color: rgb(0, 0, 0); font-variant: normal; text-transform: none;">In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the navigability and applicability of interim reporting guidance under US GAAP and adds a new disclosure principle for interim periods. The amendments are not intended to change the fundamental nature of interim reporting or expand or reduce substantive interim disclosure requirements. The ASU is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027 for public business entities and after December 15, 2028 for entities other than public business entities, with early adoption permitted. The Company is currently evaluating the impact that adopting this update may have on its consolidated financial statement disclosures.<br/> <br/> </div> <div style="text-align: justify;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">In December 2025 the FASB issued ASU No. 2025-12 to clarify, correct errors in or make other improvements to a broad range of topics in the Accounting Standards Codification (“ASC”), including ASC 260, Earnings Per Share; ASC 325, Investments — Other; and ASC 958, Not-for-Profit Entities. The guidance is effective for all entities for annual reporting periods beginning after 15 December 2026, and interim periods within those annual periods. Early adoption is permitted. Entities are required to apply the amendments to ASC 260 retrospectively to each prior reporting period presented in the period of adoption. Entities can apply all other amendments in the period of adoption either (1) prospectively to all new transactions recognized on or after the date that the entity first applies the amendments or (2) retrospectively to the beginning of the earliest comparative period presented, with an adjustment to the opening balance of retained earnings (or other appropriate components of equity or net assets in the statement of financial position) as of the beginning of the earliest comparative period presented. An entity may elect the transition method on an issue-by-issue basis (except for the ASC 260 amendments). The Company evaluated the impact of this ASU on its consolidated financial statements and determined that there is no effect on its results of operations. </span><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">There are no other recent accounting pronouncements the adoption of which is expected to have a material effect on the Company’s consolidated financial statements in the current or any future periods.</div>

2645000

11332000

-2956000

2088000

6780000

5763000

26000000

30508000

18500000

4000000

126646000

12096000

114550000

4181000

126646000

16277000

110369000

4180000

126646000

20457000

106189000

<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 18pt; vertical-align: top; font-weight: bold;">5.</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-weight: bold;">Transaction with Related Parties</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">(a) Central Mare Inc.– Executive Officers and Other Personnel Agreements: <span style="font-weight: normal; font-style: normal;">On August 1, 2025, the Company entered into separate agreements with Central Mare, pursuant to which Central Mare provides the Company with its executive officers (Chief Executive Officer and Chief Financial Officer) and a number of Managerial and administrative employees.</span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;"> </span><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Former Parent has agreed with Central Mare to manage and collect on its behalf all of the EUAs due to the Former Parent from the Former Parent’s (and hence the Company’s) charterers. The Company has entered into the same agreement with Central Mare subsequent to the spin-off date. As of December 31, 2024 and 2025, the amounts due from Central Mare were $351 and $1,099 respectively, referring exclusively to EUA’s collected on the Company’s behalf from the Company’s charterers. Such amount is included in Due from related parties in the accompanying consolidated balance sheets.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The fees charged by and expenses relating to Central Mare for the years ended December 31, 2023, 2024 and 2025 are as follows:</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; width: 25%;" valign="bottom"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; width: 1.01%;" valign="bottom"> </td> <td colspan="5" style="vertical-align: bottom; text-align: center;" valign="bottom"> <div style="font-weight: bold;">Year ended December 31,</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%;" valign="bottom"> </td> <td style="vertical-align: bottom; width: 50%;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px; width: 25%;" valign="bottom"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1.01%;" valign="bottom"> </td> <td style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); width: 7%;" valign="bottom"> <span style="font-weight: bold;">2023</span></td> <td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1.01%;" valign="bottom"> </td> <td style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); width: 7%;" valign="bottom"> <span style="font-weight: bold;">2024</span></td> <td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1.01%;" valign="bottom"> </td> <td style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); width: 7%;" valign="bottom"><span style="font-weight: bold;">2025 </span><br/> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1.01%;" valign="bottom"> </td> <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 50%;" valign="bottom"> <div style="text-align: justify; font-weight: bold;">Presented in:</div> </td> </tr> <tr> <td style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 25%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Executive officers and other personnel expenses</div> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.01%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 7%;" valign="bottom"> <div>-</div> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.01%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 7%;" valign="bottom"> <div>-</div> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.01%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 7%;" valign="bottom"> <div>48</div> </td> <td colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.01%;" valign="bottom"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 50%;" valign="bottom"> <div style="text-align: justify;">General and administrative expenses – Consolidated statements of comprehensive income</div> </td> </tr> <tr> <td style="vertical-align: middle; width: 25%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total</div> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; width: 1.01%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"> <div style="font-weight: bold;">-</div> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; width: 1.01%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"> <div style="font-weight: bold;">-</div> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; width: 1.01%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"> <div style="font-weight: bold;">48</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 50%;" valign="bottom"> </td> </tr> </table> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">(b) Central Shipping Inc.(“CSI”) Management Agreements:</span> On May 28, 2020, the Company’s vessel-owning subsidiaries entered into two management agreements, one for each vessel, with CSI (the “CSI Management Agreements”) and the Company entered into a letter agreement with CSI on July 15, 2025, as amended on December 30, 2025 (“CSI Letter Agreement”). The CSI Management Agreements and the CSI Letter Agreement (together the “Management Agreements”) can only be terminated subject to an eighteen-month advance notice, subject to a termination fee equal to twelve months of fees payable under the Management Agreements.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Pursuant to the Management Agreements, the Company pays a management fee of $670 per day for the provision of technical, commercial, operation, insurance, bunkering and crew management, commencing three months before the vessel is scheduled to be delivered by the shipyard. In addition, the Management Agreements provide for payment to CSI of: (i) $609 per day for superintendent visits plus actual expenses; (ii) a chartering commission of 1.25% on all freight, hire and demurrage revenues; (iii) a commission of 1.00% on all gross vessel sale proceeds or the purchase price paid for vessels; (iv) in the case of a vessel under construction a 1.00% of commission denoted as “Newbuilding vessels monitoring fee” that is payable as follows: 25% of the commission on the purchase of the newbuilding construction contract, 25% of the commission on the steel cutting of the newbuilding vessel, 25% of the commission on launching of the newbuilding vessel and 25% of the commission on the delivery of the newbuilding vessel to the Company (“steel cutting” and “launching” are newbuilding vessel construction milestones, evidenced by notices received by the shipyard) and (v) a financing fee of 0.2% on derivative agreements and loan financing or refinancing. CSI will perform supervision services for any newbuilding vessels while the vessels are under construction, for which the Company will pay CSI the actual cost of the supervision services plus a fee of 7% of such supervision services.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">CSI provides, at cost, all accounting, reporting and administrative services. Finally, the Management Agreements provide for a performance incentive fee for the provision of management services to be determined at the discretion of the Company’s Board of Directors. The Management Agreements have an initial term of five years, after which they will continue to be in effect until terminated by either party subject to an eighteen-month advance notice of termination. Pursuant to the terms of the Management Agreements, all fees payable to CSI are adjusted annually according to the US Consumer Price Inflation (“CPI”) of the previous year and if CPI is less than 2% then a 2% increase is effected and if CPI is more than 5% than a 5% increase is effected.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 2024 and 2025 CSI was owed $- and $160 by the Company. The fees charged by and expenses relating to CSI for the years ended December 31, 2023, 2024 and 2025 are as follows</div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 3.3pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; width: 25%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; white-space: nowrap;" valign="bottom"> </td> <td colspan="5" style="vertical-align: top;" valign="bottom"> <div style="text-align: center; color: #000000; font-weight: bold;">Year ended December 31,</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.01%; white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: middle; width: 50%;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px; width: 25%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1.01%;" valign="bottom"> </td> <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); width: 7%;" valign="bottom"> <div style="text-align: center; color: #000000; font-weight: bold;"> 2023</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1.01%;" valign="bottom"> </td> <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); width: 7%;" valign="bottom"> <div style="text-align: center; color: #000000; font-weight: bold;">2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; width: 1.01%; white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); width: 7%;" valign="bottom"> <div style="text-align: center; color: #000000; font-weight: bold;">2025</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; width: 1.01%; white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; width: 50%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: justify; color: #000000; font-weight: bold;">Presented in:</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 25%; background-color: rgb(204, 238, 255); text-align: left;"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Management fees</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: #000000;">460</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: #000000;">477</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: #000000;">489</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; width: 50%; background-color: rgb(204, 238, 255); text-align: left;"> <div style="color: rgb(0, 0, 0);">Management fees – related party –Statements of comprehensive income</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 25%; text-align: left;"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Superintendent fees</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"> <div style="color: #000000;">13</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"> <div style="color: #000000;">14</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.01%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"> <div style="color: #000000;">9</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.01%; white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; width: 50%; text-align: left;"> <div style="color: rgb(0, 0, 0);">Vessel operating expenses – Statements of comprehensive income</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 25%; background-color: rgb(204, 238, 255); text-align: left;"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Accounting and reporting cost*</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: #000000;">90</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: #000000;">90</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: #000000;">199</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; width: 50%; background-color: rgb(204, 238, 255); text-align: left;">Management fees – related party – Statements of comprehensive income</td> </tr> <tr> <td style="vertical-align: bottom; width: 25%; text-align: left;"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Financing fees</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"> <div style="color: #000000;">164</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"> <div style="color: #000000;">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.01%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"> <div style="color: #000000;">209</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.01%; white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; width: 50%; text-align: left;"> <div style="color: rgb(0, 0, 0);">Net in Current and Non-current portions of long-term debt – Balance sheet</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 25%; background-color: rgb(204, 238, 255); text-align: left;"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Commission on charter hire agreements</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: #000000;">310</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: #000000;">302</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: #000000;">295</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; width: 50%; background-color: rgb(204, 238, 255); text-align: left;">Voyage expenses - Statements of comprehensive income</td> </tr> <tr> <td style="vertical-align: bottom; width: 25%; text-align: left;"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Newbuilding vessels monitoring fee</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"> <div style="color: #000000;">-</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"> <div style="color: #000000;">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.01%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"> <div style="color: #000000;">432</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.01%; white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; width: 50%; text-align: left;"> <div style="color: rgb(0, 0, 0);">Deferred Charges- related party- Balance sheet</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 25%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: #000000; font-weight: bold;">1,037</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: #000000; font-weight: bold;">883</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: #000000; font-weight: bold;">1,633</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; width: 50%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> </tr> </table> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">*</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Accounting and reporting cost for the years ended December 31, 2023 and 2024 and for the period from January 1, 2025 to the spin off date represents an allocation of the expenses incurred by the Former Parent based on the number of calendar days of the Company’s vessels to total calendar days of the Former Parent’s fleet.</div> </td> </tr> </table> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">(c) Short-term loans from Top Ships Inc. (“Top Ships bridge loan”) and Tribus Sororibus Lax Inc. (“Tribus” and “Tribus bridge loan”):</span> On November 7, 2025 the Company entered into an unsecured short-term credit facility for up to $9,000 with Top Ships Inc and up to $11,500 with Tribus, a related party affiliated with the President, Chief Executive Officer and Director of the Former Parent, Mr. Evangelos Pistiolis. The Top Ships bridge loan and Tribus bridge loan were obtained to facilitate the refinancing of M/T Eco Malibu. Both facilities bore an interest of 6.0% per annum, an arrangement fee of 2.0% and a prepayment fee of 1.0% in case the Company prepaid the loan outstanding balance before its original maturity of 90 days. The total amount of $20,500 was drawn down on November 7, 2025. Rubico prepaid the outstanding amount of $20,500 on November 12, 2025 together with interest, arrangement fees and prepayment fees. Related party interest expense, arrangement fees and prepayment fees for the year ended December 31, 2025 incurred in connection with these credit facilities, amounted to $19, $451 and $205 respectively and are included in interest and finance costs in the accompanying consolidated statements of comprehensive income. As of December 31, 2025, there were no interest, arrangement or prepayment fees due to Top Ships Inc or Tribus. Due to the related party nature, the abovementioned transactions were approved by a special committee of the Company’s board of directors (the “Special Committee”), of which all of the directors were independent after obtaining a fairness opinion relating to the bridge loans. As of December 31, 2025, the Former Parent owed $139 to the Company. <br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">(d) Advances for asset acquisitions to related party:</span> On December 4, 2025, the Company entered into a letter of intent (“LOI”) relating to the prospective purchase from the Former Parent of Roman Explorer Inc. (see below) whereby the Former Parent was precluded from marketing or selling the Newbuilding Yacht until March 31, 2026. The consideration for the LOI was $4,000 (“LOI advance”) and it was netted-off against the New Yacht consideration (see below). The consideration was refundable in case the Company elected not to proceed with the acquisition of Roman Explorer Inc. The Company on December 31, 2025 (the “Newbuilding Yacht SPA signing date”) entered into an SPA for the purchase from the Former Parent of Roman Explorer Inc., a wholly owned subsidiary that owns 100% of the Newbuilding Yacht for a consideration of $38,000 (the “New Yacht Consideration”). On the Newbuilding Yacht SPA signing date, the Company settled $19,500 of the New Yacht Consideration by netting-off the LOI advance and by paying $15,500. The remaining $18,500 will be settled in installments over a period of 300 days following the Company’s entry into the Newbuilding Yacht SPA. Under certain circumstances the Former Parent can demand the payment of installments in the form of newly-issued Series E Perpetual Convertible Preferred Shares (see below). As of the date of these financial statements the Company had settled $23,500 of the New Yacht consideration. In connection with the signing of the Newbuilding Yacht SPA the Company was charged with $432 from CSI as a newbuilding monitoring fee (see Note 5b). The abovementioned transaction was approved by a special committee of the Company’s board of directors (the “Special Committee”), of which all of the directors were independent. The Special Committee obtained a fairness opinion relating to the consideration of the transaction from an independent financial advisor.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">(e) Series E Perpetual Convertible Preferred Shares:</span> As contemplated by the Newbuilding Yacht SPA, the Former Parent may under certain circumstances demand the payment of installments in the form of newly-issued Series E Perpetual Convertible Preferred Shares (the “Series E Preferred Shares”, see Note 9). As of December 31, 2025 no Series E Preferred Shares are issued.<br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-style: italic;"><br/> </span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-style: italic;"><span style="font-weight: bold;">(f) General and administrative expenses allocation prior to Spin-off:</span> </span>Until the spin-off date, part of the general and administrative expenses incurred by the Former Parent have been allocated to the Company based on the number of calendar days of the Company’s vessels to total calendar days of the Former Parent’s fleet.<br/> </div>

351000

1099000

<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The fees charged by and expenses relating to Central Mare for the years ended December 31, 2023, 2024 and 2025 are as follows:</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; width: 25%;" valign="bottom"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; width: 1.01%;" valign="bottom"> </td> <td colspan="5" style="vertical-align: bottom; text-align: center;" valign="bottom"> <div style="font-weight: bold;">Year ended December 31,</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%;" valign="bottom"> </td> <td style="vertical-align: bottom; width: 50%;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px; width: 25%;" valign="bottom"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1.01%;" valign="bottom"> </td> <td style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); width: 7%;" valign="bottom"> <span style="font-weight: bold;">2023</span></td> <td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1.01%;" valign="bottom"> </td> <td style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); width: 7%;" valign="bottom"> <span style="font-weight: bold;">2024</span></td> <td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; width: 1.01%;" valign="bottom"> </td> <td style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); width: 7%;" valign="bottom"><span style="font-weight: bold;">2025 </span><br/> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1.01%;" valign="bottom"> </td> <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 50%;" valign="bottom"> <div style="text-align: justify; font-weight: bold;">Presented in:</div> </td> </tr> <tr> <td style="vertical-align: middle; background-color: rgb(204, 238, 255); width: 25%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt;">Executive officers and other personnel expenses</div> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.01%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 7%;" valign="bottom"> <div>-</div> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.01%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 7%;" valign="bottom"> <div>-</div> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.01%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 7%;" valign="bottom"> <div>48</div> </td> <td colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1.01%;" valign="bottom"> </td> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 50%;" valign="bottom"> <div style="text-align: justify;">General and administrative expenses – Consolidated statements of comprehensive income</div> </td> </tr> <tr> <td style="vertical-align: middle; width: 25%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; font-weight: bold;">Total</div> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; width: 1.01%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"> <div style="font-weight: bold;">-</div> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; width: 1.01%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"> <div style="font-weight: bold;">-</div> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; width: 1.01%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"> <div style="font-weight: bold;">48</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 50%;" valign="bottom"> </td> </tr> </table> </div>

48000

2 1 P18M P12M 670 P3M 609 0.0125 0.01 0.01 0.25 0.25 0.25 0.25 0.002 0.07 P5Y P18M 0.02 0.02 0.05 0.05

<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 2024 and 2025 CSI was owed $- and $160 by the Company. The fees charged by and expenses relating to CSI for the years ended December 31, 2023, 2024 and 2025 are as follows</div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 3.3pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; width: 25%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; white-space: nowrap;" valign="bottom"> </td> <td colspan="5" style="vertical-align: top;" valign="bottom"> <div style="text-align: center; color: #000000; font-weight: bold;">Year ended December 31,</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.01%; white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: middle; width: 50%;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px; width: 25%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1.01%;" valign="bottom"> </td> <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); width: 7%;" valign="bottom"> <div style="text-align: center; color: #000000; font-weight: bold;"> 2023</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1.01%;" valign="bottom"> </td> <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); width: 7%;" valign="bottom"> <div style="text-align: center; color: #000000; font-weight: bold;">2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; width: 1.01%; white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); width: 7%;" valign="bottom"> <div style="text-align: center; color: #000000; font-weight: bold;">2025</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; width: 1.01%; white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; width: 50%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: justify; color: #000000; font-weight: bold;">Presented in:</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 25%; background-color: rgb(204, 238, 255); text-align: left;"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Management fees</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: #000000;">460</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: #000000;">477</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: #000000;">489</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; width: 50%; background-color: rgb(204, 238, 255); text-align: left;"> <div style="color: rgb(0, 0, 0);">Management fees – related party –Statements of comprehensive income</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 25%; text-align: left;"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Superintendent fees</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"> <div style="color: #000000;">13</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"> <div style="color: #000000;">14</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.01%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"> <div style="color: #000000;">9</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.01%; white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; width: 50%; text-align: left;"> <div style="color: rgb(0, 0, 0);">Vessel operating expenses – Statements of comprehensive income</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 25%; background-color: rgb(204, 238, 255); text-align: left;"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Accounting and reporting cost*</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: #000000;">90</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: #000000;">90</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: #000000;">199</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; width: 50%; background-color: rgb(204, 238, 255); text-align: left;">Management fees – related party – Statements of comprehensive income</td> </tr> <tr> <td style="vertical-align: bottom; width: 25%; text-align: left;"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Financing fees</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"> <div style="color: #000000;">164</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"> <div style="color: #000000;">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.01%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"> <div style="color: #000000;">209</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.01%; white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; width: 50%; text-align: left;"> <div style="color: rgb(0, 0, 0);">Net in Current and Non-current portions of long-term debt – Balance sheet</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 25%; background-color: rgb(204, 238, 255); text-align: left;"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Commission on charter hire agreements</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: #000000;">310</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: #000000;">302</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: #000000;">295</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; width: 50%; background-color: rgb(204, 238, 255); text-align: left;">Voyage expenses - Statements of comprehensive income</td> </tr> <tr> <td style="vertical-align: bottom; width: 25%; text-align: left;"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: rgb(0, 0, 0);">Newbuilding vessels monitoring fee</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"> <div style="color: #000000;">-</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"> <div style="color: #000000;">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.01%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%;" valign="bottom"> <div style="color: #000000;">432</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.01%; white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; width: 50%; text-align: left;"> <div style="color: rgb(0, 0, 0);">Deferred Charges- related party- Balance sheet</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 25%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: #000000; font-weight: bold;">1,037</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: #000000; font-weight: bold;">883</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: #000000; font-weight: bold;">1,633</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td style="vertical-align: bottom; width: 50%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> </tr> </table> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">*</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Accounting and reporting cost for the years ended December 31, 2023 and 2024 and for the period from January 1, 2025 to the spin off date represents an allocation of the expenses incurred by the Former Parent based on the number of calendar days of the Company’s vessels to total calendar days of the Former Parent’s fleet.</div> </td> </tr> </table> </div>

160000

460000 477000 489000 13000 14000 9000 90000 90000 199000 164000 0 209000 310000 302000 295000 0 0 432000

1037000

883000

1633000

9000000

11500000

0.06

0.02 0.02 0.01 0.01

P90D

20500000

19000

451000 205000 0

0 0

139000

4000000 1

38000000

19500000

15500000

18500000

P300D 23500000 432000

2 2

<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Future minimum time-charter receipts of the Company’s vessels in operation as of December 31, 2025, based on commitments relating to its non-cancellable time charter contracts as of December 31, 2025, are as follows:</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; text-align: left;"> <div style="color: rgb(0, 0, 0); font-weight: bold;">Year ending December 31,</div> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: middle; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: #000000; font-weight: bold;">Time Charter receipts</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">2026</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000;">22,666</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; width: 88%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">2027</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000;">21,950</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">2028</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000;">21,952</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; width: 88%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">2029</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000;">21,892</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">2030 and thereafter</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000;">18,894</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; width: 88%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">Total</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000; font-weight: bold;">107,354</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table>

22666000

21950000

21952000

21892000

18894000

107354000

<table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 18pt; vertical-align: top; font-weight: bold;">7.</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-weight: bold;">Debt</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The amounts in the balance sheets are analyzed as follows:</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom;" valign="bottom"> <div style="text-align: justify; color: #000000; font-weight: bold;"><br/> </div> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom;" valign="bottom"> <div style="text-align: center; color: #000000; font-weight: bold;">December 31,</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> <div style="color: rgb(0, 0, 0); font-weight: bold;">Financier/ Vessel</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; color: #000000; font-weight: bold;"> 2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; color: #000000; font-weight: bold;">2025</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom;" valign="bottom"> <div style="text-align: justify; color: #000000; font-weight: bold;">Total long term debt:</div> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: middle;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: middle;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000;">AVIC Facility (M/T Eco West Coast)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000;">38,617</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000;">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="color: #000000;">Huarong Facility (M/T Eco Malibu)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000;">38,800</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000;">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; color: #000000;">New Huarong Facility (M/T Eco West Coast and M/T Eco Malibu)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000; font-weight: bold;">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000;">83,625</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: justify; color: #000000; font-weight: bold;">Total long term debt</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000; font-weight: bold;">77,417</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000; font-weight: bold;">83,625</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; color: #000000;">Less: Deferred finance fees</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000;">(1,616</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: #000000;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000;">(1,343</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: #000000;">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: justify; color: #000000; font-weight: bold;">Total long term debt net of deferred finance fees</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000; font-weight: bold;">75,801</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000; font-weight: bold;">82,282</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: justify; color: #000000;">Presented:</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; color: #000000; font-weight: bold;">Current portion of long term debt</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000; font-weight: bold;">4,221</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000; font-weight: bold;">4,345</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: justify; color: #000000; font-weight: bold;">Long term debt</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000; font-weight: bold;">71,580</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000; font-weight: bold;">77,937</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: justify; color: #000000; font-weight: bold;">Total Debt net of deferred finance fees</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000; font-weight: bold;">75,801</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000; font-weight: bold;">82,282</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Financings committed under sale and leaseback agreements</span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold;"> </span><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The below sale and leaseback agreements (“SLB”s) contain, customary covenants and event of default clauses, including cross-default provisions and restrictive covenants.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The New Huarong Facility (defined below) contains performance requirements including (i) a ratio of total net debt to the aggregate market value of the Company’s fleet, current or future, of no more than 85% and (ii) minimum free liquidity of $400 for M/T Eco West Coast and $500 for M/T Eco Malibu at the Company’s level. </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The SLBs included below (excluding the New Huarong Facility) contained, customary covenants and event of default clauses, including cross-default provisions and restrictive covenants and performance requirements including (i) a ratio of total net debt to the aggregate market value of the fleet applicable to the Company and to the <span style="color: #000000;">Former</span> Parent, current or future, of no more than 75% and (ii) minimum free liquidity of $500 per delivered vessel owned/operated applicable to the Company and to the <span style="color: #000000;">Former</span> Parent.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Additionally, all the SLBs contain restrictions on the relative shipowning company incurring further indebtedness or guarantees and paying dividends when in default or if such dividend payment would result in an event of default or a termination event under the SLB agreements. All the SLBs have change of control provisions whereby there may not be a change of control of the Company, save with the prior written consent of the financier.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Finally, the AVIC SLB and the Huarong Facility had an asset cover ratio covenant of 120% and the New Huarong Facility has an asset cover ratio covenant of 117.6%.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The below SLBs are secured mainly by the following:</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-spacing: 0;"> <tr style="vertical-align: top;"> <td style="text-align: right; vertical-align: top; width: 18pt;"> <div style="text-align: justify;">•</div> </td> <td style="text-align: left; vertical-align: top; width: auto;"> <div style="text-align: justify;">Ownership of the vessel financed;</div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-spacing: 0;"> <tr style="vertical-align: top;"> <td style="text-align: right; vertical-align: top; width: 18pt;"> <div style="text-align: justify;">•</div> </td> <td style="text-align: left; vertical-align: top; width: auto;"> <div style="text-align: justify;">Assignment of insurances and earnings of the vessel financed;</div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-spacing: 0;"> <tr style="vertical-align: top;"> <td style="text-align: right; vertical-align: top; width: 18pt;"> <div style="text-align: justify;">•</div> </td> <td style="text-align: left; vertical-align: top; width: auto;"> <div style="text-align: justify;">Specific assignment of any time charters of the vessel financed with duration of more than 12 months;</div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-spacing: 0;"> <tr style="vertical-align: top;"> <td style="text-align: right; vertical-align: top; width: 18pt;"> <div style="text-align: justify;">•</div> </td> <td style="text-align: left; vertical-align: top; width: auto;"> <div style="text-align: justify;">Corporate guarantee of the Company and of the <span style="color: #000000;">Former</span> Parent;</div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-spacing: 0;"> <tr style="vertical-align: top;"> <td style="text-align: right; vertical-align: top; width: 18pt;"> <div style="text-align: justify;">•</div> </td> <td style="text-align: left; vertical-align: top; width: auto;"> <div style="text-align: justify;">Pledge of the shares of the relative shipowning subsidiary;</div> </td> </tr> </table> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-spacing: 0;"> <tr style="vertical-align: top;"> <td style="text-align: right; vertical-align: top; width: 18pt;"> <div style="text-align: justify;">•</div> </td> <td style="text-align: left; vertical-align: top; width: auto;"> <div style="text-align: justify;">Pledge over the earnings account of the vessel financed.</div> </td> </tr> </table> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">AVIC Facility</span></div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 210.4pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">On December 14, 2023 the Company consummated an SLB with AVIC International Leasing Co. Ltd (“AVIC” and the “AVIC Facility”), for $41,000 for the refinancing of the M/T Eco West Coast. The Company bareboat chartered back the vessel for a period of ten years at bareboat hire rates comprising of 120 consecutive monthly installments of $183.3 and a balloon payment of $19,000 payable on the last installment, plus interest based on <span style="-sec-ix-hidden:Fact_f5779fa5546144298f6759047f2deecd">Term SOFR</span> plus 2.65%.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">As part of this transaction, the Company had continuous options to buy back the vessel at purchase prices stipulated in the bareboat agreement depending on when the option would be exercised and at the end of the ten-year period the Company had an obligation to buy back the vessel at a cost represented by the balloon payment.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The AVIC Facility was accounted for as a financing transaction, as control remained with the Company and M/T Eco West Coast continued to be recorded as an asset on the Company’s balance sheet.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Company purchased M/T Eco West Coast on November 6, 2025, for $36,783, with funds from the New Huarong Facility (see below) and the Company accelerated the amortization of deferred financing fees amounting to $767 and also incurred purchase fees of $736.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Huarong Facility</span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">On December 20, 2023 the Company consummated an SLB with China Huarong Shipping Financial Leasing Co Ltd. (“Huarong” and the “Huarong Facility”), for $41,000 for the refinancing of the M/T Eco Malibu. The Company bareboat chartered back the vessel for a period of ten years at bareboat hire rates comprising of 120 consecutive monthly installments of $183.3 and a balloon payment of $19,000 payable on the last installment, plus interest based on <span style="-sec-ix-hidden:Fact_25e022dfa1724d349ad23a6164b6aa70">Term SOFR</span> plus 2.50%.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">As part of this transaction, the Company had continuous options to buy back the vessel at purchase prices stipulated in the bareboat agreement depending on when the option would be exercised and at the end of the ten-year period the Company had an obligation to buy back the vessel at a cost represented by the balloon payment.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Huarong Facility was accounted for as a financing transaction, as control remained with the Company and M/T Eco Malibu continued to be recorded as an asset on the Company’s balance sheet.</div> <div><br/></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Company purchased M/T Eco Malibu on November 12, 2025 for $36,783. Following the vessel’s purchase that was facilitated via Company’s cash and two related party short-term bridge loans from the Former Parent and Tribus (see Note 5), the Company concluded the refinancing of M/T Eco Malibu with the same institution (see “New Huarong Facility” below).</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Company transferred $19,050 to the Former Parent out of the net proceeds from the AVIC Facility and the Huarong facility (after their previous facilities prepayment).</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">New Huarong Facility</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">On August 7, 2025, the Company entered into a new SLB financing facility with Huarong (the “New Huarong Facility”) in the aggregate amount of $84,000 ($42,000 for each vessel), for the purpose of refinancing the Huarong Facility and the AVIC Facility secured by the vessels M/T Eco West Coast and M/T Eco Malibu, respectively. Pursuant to the SLB terms, the Company bareboat chartered back each vessel for a period of ten years at bareboat hire rates comprising of 120 consecutive monthly installments of $183 for M/T Eco West Coast and $192 for M/T Eco Malibu, along with a purchase obligation of $20,000 for M/T Eco West Coast and $19,000 for M/T Eco Malibu at the expiry of each bareboat charter respectively, bearing an interest rate of 3-month <span style="-sec-ix-hidden:Fact_2b6c86f86d844960b2e23b4ae18784a5">term SOFR</span> plus a margin of 1.95% per annum for M/T Eco West Coast and a margin of 2.10% per annum for M/T Eco Malibu.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Under the New Huarong Facility terms, the Company has the option to buy back the vessels after the first year at purchase prices stipulated in the bareboat charter agreement depending on when the option is exercised and has a purchase obligation at the end of the 10 year period. Concurrently with entry into the New Huarong Facility, the <span style="color: #000000;">Former</span> Parent provided a guarantee of the Company’s obligations in connection with SLBs that the Former Parent entered into for its fleet with Huarong for a total amount of $207,000. Both the Parent’s and the Company’s facilities include cross default provisions, whereby if the <span style="color: #000000;">Former</span> Parent defaults under his SLBs, the Company’s SLBs will be declared in default as well. In connection with the New Huarong Facility, both the Company and the <span style="color: #000000;">Former</span> Parent provided a guarantee of the obligations of the vessel-owning subsidiaries of M/T Eco West Coast and M/T Eco Malibu under their respective corporate guarantees. The New Huarong Facility was consummated on November 6, 2025 and November 12, 2025 for M/T Eco West Coast and M/T Eco Malibu, respectively.</div> <div> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">The New Huarong Facility was accounted for as a financing transaction, as control will remain with the Company and the two vessels will continue to be recorded as assets on the Company’s balance sheet.<span style="color: rgb(0, 0, 0);"> </span>In addition, the Company has an obligation to repurchase the vessels. Finally, the Company treated the refinancing of the Huarong facility with the New Huarong Facility as a debt modification.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">The applicable SOFR as of December 31, 2025 was approximately 3.74%.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">Scheduled Principal Repayments: </span>The Company’s annual principal payments required to be made after December 31, 2025 on its loan obligations, are as follows:</div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 453.3pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: top;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Years</div> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">December 31, 2026</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">4,500</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">December 31, 2027</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">4,500</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">December 31, 2028</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">4,500</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">December 31, 2029</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">4,500</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">December 31, 2030 and thereafter</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">65,625</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">83,625</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 155.5pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 2025, the Company was in compliance with all debt covenants with respect to the New Huarong Facility. The fair value of debt outstanding on December 31, 2025, after excluding unamortized financing fees, approximates its carrying amount due the fact that it has variable interest rates (SOFR).</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;"> </span><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">Financing Costs: </span>The net additions in deferred financing costs amounted to $26 and $1,133 during the years ended December 31, 2024 and 2025.</div>

<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The amounts in the balance sheets are analyzed as follows:</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom;" valign="bottom"> <div style="text-align: justify; color: #000000; font-weight: bold;"><br/> </div> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="6" style="vertical-align: bottom;" valign="bottom"> <div style="text-align: center; color: #000000; font-weight: bold;">December 31,</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px; text-align: left;"> <div style="color: rgb(0, 0, 0); font-weight: bold;">Financier/ Vessel</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; color: #000000; font-weight: bold;"> 2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; color: #000000; font-weight: bold;">2025</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom;" valign="bottom"> <div style="text-align: justify; color: #000000; font-weight: bold;">Total long term debt:</div> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: middle;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: middle;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000;">AVIC Facility (M/T Eco West Coast)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000;">38,617</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000;">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="color: #000000;">Huarong Facility (M/T Eco Malibu)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000;">38,800</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000;">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; color: #000000;">New Huarong Facility (M/T Eco West Coast and M/T Eco Malibu)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000; font-weight: bold;">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000;">83,625</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: justify; color: #000000; font-weight: bold;">Total long term debt</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000; font-weight: bold;">77,417</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000; font-weight: bold;">83,625</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; color: #000000;">Less: Deferred finance fees</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000;">(1,616</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: #000000;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000;">(1,343</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: #000000;">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: justify; color: #000000; font-weight: bold;">Total long term debt net of deferred finance fees</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000; font-weight: bold;">75,801</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000; font-weight: bold;">82,282</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: justify; color: #000000;">Presented:</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> <div style="text-align: justify; color: #000000; font-weight: bold;">Current portion of long term debt</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000; font-weight: bold;">4,221</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000; font-weight: bold;">4,345</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: justify; color: #000000; font-weight: bold;">Long term debt</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000; font-weight: bold;">71,580</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000; font-weight: bold;">77,937</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 76%;" valign="bottom"> <div style="text-align: justify; color: #000000; font-weight: bold;">Total Debt net of deferred finance fees</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000; font-weight: bold;">75,801</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000; font-weight: bold;">82,282</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table>

M/T Eco West Coast

38617000

M/T Eco Malibu

38800000

M/T Eco West Coast and M/T Eco Malibu

83625000

77417000

83625000

1616000

1343000

75801000

82282000

4221000

4345000

71580000

77937000

75801000

82282000

0.85 400000 500000 0.75 0.75 500000 500000 1.20 1.20 1.176 P12M P12M P12M

41000000

P10Y

120

monthly

183300

19000000

0.0265

P10Y

36783000

767000

736000

41000000

P10Y

120

monthly

183300

19000000

0.025

36783000

2 19050000

84000000

42000000

P10Y

120 120

monthly

183000

192000

20000000 19000000 P3M

0.0195

0.021

P10Y

207000000

2 0.0374

<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">Scheduled Principal Repayments: </span>The Company’s annual principal payments required to be made after December 31, 2025 on its loan obligations, are as follows:</div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 453.3pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: top;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Years</div> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">December 31, 2026</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">4,500</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">December 31, 2027</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">4,500</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">December 31, 2028</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">4,500</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">December 31, 2029</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">4,500</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">December 31, 2030 and thereafter</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">65,625</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 88%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">83,625</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table>

4500000

65625000

83625000

26000 1133000

45200000

6780000

4520000

33900000

0.85

35500000

41656000

18000000

21121000

17500000

20535000

14500000

4000000

1000000000

0.01

20000000

0.01

13065 100000 1 100000 1000

320

4680

1500000

30000000 15500000

132179

4645000

882000

52629 1

1 142.51 P45D 7894

7894

18 0.05 2631

2631

7518000

658000

177520

9793

-1555000

1000 4 1.20 0.80

0.6

1000 1000

1000

0.15 0.15 0.20 0.20 0.15 0.15 0.15 0.15 1.20 0.80

0.6

1000 1000

1000

0.15 0.15 0.20 0.20 0.15 0.15

<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The components of the calculation of basic and diluted earnings per share for the years ended December 2023, 2024 and 2025 are as follows:</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%; border-spacing: 0;"> <tr> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 63.06%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.03%;" valign="bottom"> </td> <td colspan="10" style="vertical-align: top;" valign="bottom"> <div style="text-align: center; font-weight: bold;">Year ended December 31,</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.03%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 63.06%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.03%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.03%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9.24%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold; text-align: center;">2023</div> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; width: 1.03%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.03%; text-align: center; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; width: 1.03%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9.24%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold; text-align: center;">2024</div> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; width: 1.03%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.03%; text-align: center; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; width: 1.03%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9.24%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="font-weight: bold; text-align: center;">2025</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.03%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">Net Income</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.03%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.03%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9.24%; background-color: rgb(204, 238, 255);" valign="bottom"> <div>6,631</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.03%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.03%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.03%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9.24%; background-color: rgb(204, 238, 255);" valign="bottom"> <div>5,944</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.03%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.03%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.03%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9.24%; background-color: rgb(204, 238, 255);" valign="bottom"> <div>2,645</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.03%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom;" valign="bottom"> <div>Weighted average common shares outstanding, basic and dilutive</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.03%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.03%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9.24%;" valign="bottom"> <div>13,065</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.03%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.03%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.03%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9.24%;" valign="bottom"> <div>13,065</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.03%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.03%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.03%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9.24%;" valign="bottom"> <div>53,907</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.03%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">Earnings per share, basic and diluted</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.03%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.03%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9.24%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">507.54<br/> </div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.03%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.03%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.03%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9.24%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">454.96<br/> </div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.03%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.03%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1.03%; background-color: rgb(204, 238, 255);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9.24%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="font-weight: bold;">49.07<br/> </div> </td> <td colspan="1" style="vertical-align: bottom; width: 1.03%; background-color: rgb(204, 238, 255); white-space: nowrap;" valign="bottom"> </td> </tr> </table>

6631000

5944000

2645000

13065

53907

507.54

454.96

49.07

2230

3006000

2932000

2949000

367000

362000

363000

338000 347000 117000 1034000 944000 899000 71000 70000 68000 4816000 4655000 4396000 <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;"> <tr> <td style="width: 18pt; vertical-align: top; font-weight: bold;">12.</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-weight: bold;">Interest and Finance Costs</div> </td> </tr> </table> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 338.7pt; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The amounts in the consolidated statements of comprehensive income are analyzed as follows:</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Interest and Finance Costs</div> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="10" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: #000000; font-weight: bold;">Year ended December 31,</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; color: #000000; font-weight: bold;"> 2023</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; color: #000000; font-weight: bold;">2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; color: #000000; font-weight: bold;">2025</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Interest on debt (including $<span style="text-indent: 0pt;">-</span>, $<span style="text-indent: 0pt;">-</span> and $<span style="text-indent: 0pt;">19</span> respectively, to related party)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000;">5,126</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000;">6,224</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000;">5,201</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Bank charges and other financial costs</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000;">28</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000;">82</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000;">57</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom">Offering costs expensed attributable to warrants treated as liability <br/> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">-</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">-</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">658</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 64%; white-space: nowrap;" valign="bottom">Debt prepayment fees (including $-, $- and $205 respectively, to related party) <br/> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">-</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">-</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">941</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Amortization and write-off of financing fees</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000;">713</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000;">195</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000;">1,405</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000; font-weight: bold;">5,867</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000; font-weight: bold;">6,501</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000; font-weight: bold;">8,262</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The amounts in the consolidated statements of comprehensive income are analyzed as follows:</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Interest and Finance Costs</div> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="10" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: #000000; font-weight: bold;">Year ended December 31,</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; color: #000000; font-weight: bold;"> 2023</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; color: #000000; font-weight: bold;">2024</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; color: #000000; font-weight: bold;">2025</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Interest on debt (including $<span style="text-indent: 0pt;">-</span>, $<span style="text-indent: 0pt;">-</span> and $<span style="text-indent: 0pt;">19</span> respectively, to related party)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000;">5,126</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000;">6,224</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000;">5,201</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Bank charges and other financial costs</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000;">28</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000;">82</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000;">57</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom">Offering costs expensed attributable to warrants treated as liability <br/> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">-</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">-</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom">658</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td rowspan="1" style="vertical-align: bottom; width: 64%; white-space: nowrap;" valign="bottom">Debt prepayment fees (including $-, $- and $205 respectively, to related party) <br/> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">-</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">-</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom">941</td> <td colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Amortization and write-off of financing fees</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000;">713</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000;">195</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000;">1,405</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000; font-weight: bold;">5,867</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000; font-weight: bold;">6,501</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000; font-weight: bold;">8,262</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table>

19000

5126000

6224000

5201000

28000 82000 57000 0 0 658000 0 0 205000 0 0 941000 713000 195000 1405000

5867000

6501000

8262000

12746000

554000

5782000

4227000

-1555000

<div style="text-align: justify; color: rgb(33, 37, 41); font-family: 'Times New Roman'; font-size: 10pt;">Revenues are comprised of the following:</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; color: #000000; font-weight: bold;"> 2023</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; color: #000000; font-weight: bold;">2024</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; color: #000000; font-weight: bold;">2025</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Time charter revenues</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000;">24,478</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000;">24,205</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: #000000;">23,523</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%;" valign="bottom"> <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000; font-weight: bold;">24,478</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000; font-weight: bold;">24,205</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: #000000; font-weight: bold;">23,523</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table>

24478000

24205000

23523000

24478000

24205000

23523000

P3Y

P1Y

P30M

P36M

P46M

P50M

854700

1 4.68

1 0.08

0.08

4.68

P5Y

1282050

3400000

47499

4236000

4236

P7Y

0.85

45200000

0.018

quarterly

506000

P10Y

18200000

Adjusted to reflect the reverse stock splits effected in December 2025 and February 2026 (see Note 9) Accounting and reporting cost for the years ended December 31, 2023 and 2024 and for the period from January 1, 2025 to the spin off date represents an allocation of the expenses incurred by the Former Parent based on the number of calendar days of the Company’s vessels to total calendar days of the Former Parent’s fleet.