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Note 7 - Assets Held for Sale, Asset Sales and Asset Impairments

12 Months Ended

Dec. 31, 2025

(7)

ASSETS HELD FOR SALE, ASSET SALES AND ASSET IMPAIRMENTS

In 2019, we implemented a plan, amended in 2020, (the 2019/2020 plan) to sell or recycle certain of our vessels based on a strategic decision to remove assets that were not part of our long-term plans. During 2023, we sold or recycled a total of eight of the vessels with a net book value of $4.2 million that were classified as held for sale. We completed the 2019/2020 plan and have no vessels remaining in the held for sale account as of December 31, 2025 and 2024.

We also sold 12, six and seven vessels from our active fleet in 2025, 2024 and 2023, respectively. We realized proceeds from sales or recycling of vessels and other assets for the years ended December 31, 2025, 2024 and 2023 of $17.6 million, $19.3 million and $15.5 million, respectively.

Following is the summary of vessel sales and the gains on sales of vessels for the years ended December 31:

(In Thousands, except number of vessels)	2025		2024		2023

Vessels sold from active fleet		12		6		7
Gain on sale of active vessels, net	$	13,682	$	15,677	$	5,613

Vessels sold/recycled from assets held for sale		—		—		8
Gain on vessels sold/recycled from assets held for sale, net	$	—	$	—	$	3,088
Total vessels sold/recycled		12		6		15
Total gain on sales of vessels, net	$	13,682	$	15,677	$	8,701

No impairment was recorded for the three years ended December 31, 2025.

During the years ended December 31, 2025, 2024 and 2023, we have not identified conditions or circumstances that would indicate impairment of any of our long-lived asset groups. We continue to monitor the expected future cash flows and the fair market value of our asset groups for impairment.

Please refer to Note (1) - “Nature of Operations and Summary of Significant Accounting Policies” for a discussion of our accounting policy for accounting for the impairment of long-lived assets.