Property and equipment, net

6 Months Ended

Jun. 30, 2025

Property, Plant and Equipment [Abstract]

Property and equipment, net

Note 6 – Property and equipment, net

Property and equipment, net consist of the following:

	As of
	June 30, 2025			December 31, 2024
	(Unaudited)			(Audited)
At Cost:
Dry-docking expenditures	$	15,998,313		$	14,342,245
Furniture and fixtures		68,964			58,174
Motor vehicles		284,462			252,916
Real property		836,276			784,966
Renovation and improvements		195,967			185,072
Tools and equipment		1,922,063			1,498,228
Vessels		34,399,918			34,399,919
		53,705,963			51,521,520
Less: Accumulated depreciation		(21,972,674	)		(19,388,059	)
Total, net	$	31,733,289		$	32,133,461

Depreciation expenses, including the depreciation expense of assets under finance leases were $2,558,809 for the six months ended June 30, 2025, and $4,758,014 and $4,257,189 for the years ended December 31, 2024 and 2023, respectively.