Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information [Line Items] | |
Entity Central Index Key | 0001341170 |
Entity Registrant Name | EUROSEAS LTD. |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2023 |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2023 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-33283 |
Entity Incorporation, State or Country Code | 1T |
Entity Address, Address Line One | 4 Messogiou & Evropis Street |
Entity Address, Postal Zip Code | 151 24 |
Entity Address, City or Town | Maroussi |
Entity Address, Country | GR |
Title of 12(b) Security | Common shares, $0.03 par value |
Trading Symbol | ESEA |
Security Exchange Name | NASDAQ |
Entity Common Stock, Shares Outstanding | 7,014,331 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | false |
Document Financial Statement Error Correction [Flag] | false |
Document Accounting Standard | U.S. GAAP |
Entity Shell Company | false |
Auditor Firm ID | 1163 |
Auditor Name | Deloitte Certified Public Accountants S.A. |
Auditor Location | Athens, Greece |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | 11 Canterbury Lane |
Entity Address, Postal Zip Code | 07069 |
Entity Address, City or Town | Watchung |
Contact Personnel Name | Tasos Aslidis |
City Area Code | 908 |
Local Phone Number | 301-9091 |
Entity Address, State or Province | NJ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 58,613,304 | $ 25,845,333 |
Restricted cash | 2,994 | 2,193,173 |
Trade accounts receivable, net | 2,037,940 | 572,961 |
Other receivables | 2,276,116 | 5,515,311 |
Inventories | 2,538,342 | 2,306,177 |
Prepaid expenses | 502,833 | 350,206 |
Derivatives | 0 | 1,142,682 |
Asset held for sale | 0 | 8,909,172 |
Total current assets | 65,971,529 | 46,867,161 |
Long-term assets: | ||
Vessels, net | 267,626,155 | 216,570,426 |
Balance | 85,375,650 | 59,083,594 |
Restricted cash | 5,700,000 | 3,400,000 |
Derivatives | 0 | 2,669,244 |
Total assets | 424,673,334 | 328,590,425 |
Current liabilities | ||
Long-term bank loans, current portion | 30,839,541 | 55,419,815 |
Trade accounts payable | 5,746,510 | 5,160,068 |
Accrued expenses | 1,865,615 | 1,756,383 |
Liability associated with asset held for sale | 0 | 3,556,641 |
Accrued dividends | 105,250 | 66,375 |
Interest rate swap contracts, current liability | 56,042 | 0 |
Deferred revenues | 11,275,911 | 7,730,422 |
Total current liabilities | 51,187,810 | 73,689,704 |
Long-term liabilities | ||
Long-term bank loans, net of current portion | 99,161,871 | 51,812,086 |
Derivatives | 168,138 | 0 |
Fair value of below market time charters acquired | 7,580,306 | 34,933,438 |
Total long-term liabilities | 106,910,315 | 86,745,524 |
Total liabilities | 158,098,125 | 160,435,228 |
Commitments and contingencies | ||
Shareholders’ equity | ||
Common stock (par value $0.03, 200,000,000 shares authorized, 7,116,206 and 7,014,331 issued and outstanding, respectively | 210,430 | 213,486 |
Additional paid-in capital | 258,434,237 | 260,539,222 |
(Accumulated deficit) / Retained earnings | 7,930,542 | (92,597,511) |
Total shareholders’ equity | 266,575,209 | 168,155,197 |
Total liabilities and shareholders’ equity | 424,673,334 | 328,590,425 |
Related Party [Member] | ||
Current assets | ||
Trade accounts receivable, net | 0 | 32,146 |
Current liabilities | ||
Trade accounts payable | $ 1,298,941 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Common stock, par value (in dollars per share) | $ 0.03 | $ 0.03 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 7,014,331 | 7,116,206 |
Common stock, shares outstanding (in shares) | 7,014,331 | 7,116,206 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Time charter revenue | $ 195,779,495 | $ 189,630,465 | $ 97,977,389 |
Commissions (including $1,075,274, $2,370,381 and $2,350,919, respectively, to related party) | (6,422,112) | (6,936,221) | (4,085,717) |
Net revenue | 189,357,383 | 182,694,244 | 93,891,672 |
Operating expenses / (income) | |||
Voyage expenses | 1,284,375 | 2,476,854 | 624,734 |
Vessel operating expenses (including $233,635, $353,842 and $344,624, respectively, to related party) | 42,004,155 | 37,667,191 | 29,739,437 |
Dry-docking expenses | 3,373,648 | 9,506,675 | 4,094,693 |
Vessel depreciation | 22,835,469 | 18,522,217 | 7,203,198 |
Related party management fees | 5,720,831 | 4,920,063 | 4,294,789 |
General and administrative expenses (including $2,460,000, $2,420,000 and $2,650,000, respectively, to related party) | 4,744,907 | 4,571,030 | 3,491,120 |
Net loss / (gain) on sale of vessel | (5,158,370) | 0 | 9,417 |
Impairments loss | 13,832,716 | 0 | 0 |
Other operating income | (2,727,114) | (1,610,000) | (1,298,318) |
Gain on time charter agreements termination | (15,984,253) | 0 | 0 |
Total operating expenses, net | 69,926,364 | 76,054,030 | 48,159,070 |
Operating income | 119,431,019 | 106,640,214 | 45,732,602 |
Other (expenses)/ income | |||
Interest and other financing costs (including $50,000, $0 and $0, respectively, to related party) | (6,431,007) | (5,072,619) | (2,779,729) |
(Loss) / gain on derivatives, net | 178,128 | 4,355,657 | (27,141) |
Foreign exchange gain / (loss) | (33,634) | 54,235 | 34,418 |
Interest income | 1,404,773 | 267,429 | 3,510 |
Other expenses, net | (4,881,740) | (395,298) | (2,768,942) |
Net income | 114,549,279 | 106,244,916 | 42,963,660 |
Dividends to Series B preferred shares | 0 | 0 | (255,324) |
Preferred deemed dividend | 0 | 0 | (345,628) |
Net income attributable to common shareholders | $ 114,549,279 | $ 106,244,916 | $ 42,362,708 |
Weighted average number of shares outstanding during the year, basic (in shares) | 6,931,280 | 7,181,561 | 6,976,905 |
Earnings per share attributable to common shareholders - basic (in dollars per share) | $ 16.53 | $ 14.79 | $ 6.07 |
Weighted average number of shares outstanding during the year, diluted (in shares) | 6,936,060 | 7,190,107 | 6,993,405 |
Earnings per share attributable to common shareholders - diluted (in dollars per share) | $ 16.52 | $ 14.78 | $ 6.06 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parentheticals) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Commissions, related party | $ 2,350,919 | $ 2,370,381 | $ 1,075,274 |
Vessel operating expenses, related party | 344,624 | 353,842 | 233,635 |
Asset Impairment Charges | 13,832,716 | 0 | 0 |
Net gain on sale of vessels, related party | 142,266 | 0 | 0 |
Interest and other financing costs, related party | 0 | 0 | 50,000 |
Related Party [Member] | |||
Asset Impairment Charges | $ 2,650,000 | $ 2,420,000 | $ 2,460,000 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total | |
Balance (in shares) at Dec. 31, 2020 | 6,708,946 | ||||
Balance at Dec. 31, 2020 | $ 201,268 | $ 257,467,980 | [1] | $ (230,333,881) | $ 27,335,367 |
Net income | 0 | 0 | [1] | 42,963,660 | 42,963,660 |
Dividends to Series B preferred shares | 0 | 0 | [1] | (255,324) | (255,324) |
Preferred deemed dividend | $ 0 | 0 | [1] | (345,628) | (345,628) |
Issuance of shares (in shares) | 82,901 | ||||
Issuance of shares | $ 2,487 | 608,746 | [1] | 0 | 611,233 |
Issuance of restricted shares for stock incentive award and share-based compensation (in shares) | 49,650 | ||||
Issuance of restricted shares for stock incentive award and share-based compensation | $ 1,490 | 180,834 | [1] | 0 | 182,324 |
Issuance of shares in connection with Series B Preferred Shares converted to equity (in shares) | 453,044 | ||||
Issuance of shares in connection with Series B Preferred Shares converted to equity | $ 13,591 | 6,351,673 | 0 | 6,365,264 | |
Balance (in shares) at Dec. 31, 2021 | 7,294,541 | ||||
Balance at Dec. 31, 2021 | $ 218,836 | 264,609,233 | [1] | (187,971,173) | 76,856,896 |
Net income | $ 0 | 0 | 106,244,916 | 106,244,916 | |
Issuance of restricted shares for stock incentive award and share-based compensation (in shares) | 60,000 | ||||
Issuance of restricted shares for stock incentive award and share-based compensation | $ 1,800 | 949,585 | [1] | 0 | 951,385 |
Repurchase and cancellation of common shares (in shares) | (238,335) | ||||
Repurchase and cancellation of common shares | $ (7,150) | (5,019,596) | 0 | (5,026,746) | |
Dividends declared ($1.50 per share) | $ 0 | 0 | (10,871,254) | (10,871,254) | |
Balance (in shares) at Dec. 31, 2022 | 7,116,206 | ||||
Balance at Dec. 31, 2022 | $ 213,486 | 260,539,222 | [1] | (92,597,511) | 168,155,197 |
Net income | $ 0 | 0 | 114,549,279 | 114,549,279 | |
Issuance of restricted shares for stock incentive award and share-based compensation (in shares) | 60,500 | ||||
Issuance of restricted shares for stock incentive award and share-based compensation | $ 1,815 | 1,081,599 | 0 | 1,083,414 | |
Repurchase and cancellation of common shares (in shares) | (162,375) | ||||
Repurchase and cancellation of common shares | $ (4,871) | (3,140,564) | 0 | (3,145,435) | |
Dividends declared ($1.50 per share) | 0 | 0 | (14,021,226) | (14,021,226) | |
Offering expenses paid | $ 0 | (46,020) | 0 | (46,020) | |
Balance (in shares) at Dec. 31, 2023 | 7,014,331 | ||||
Balance at Dec. 31, 2023 | $ 210,430 | $ 258,434,237 | $ 7,930,542 | $ 266,575,209 | |
[1]Adjusted to reflect the 1-for-8 reverse stock split effected at the close of trading on December 18, 2019. |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares | 1 Months Ended | 12 Months Ended | |||||||
Nov. 30, 2023 | Aug. 31, 2023 | Jun. 30, 2023 | May 31, 2023 | Nov. 30, 2022 | Aug. 31, 2022 | May 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Dividends, per share (in dollars per share) | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | $ 2 | $ 1.5 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 114,549,279 | $ 106,244,916 | $ 42,963,660 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Vessel depreciation | (22,835,469) | (18,522,217) | (7,203,198) |
Asset Impairment Charges | 13,832,716 | 0 | 0 |
Amortization and write off of deferred charges | 475,511 | 342,861 | 223,492 |
Net loss / (gain) on sale of vessel | (5,158,370) | 0 | 9,417 |
Amortization of fair value of below market time charters acquired | (11,368,879) | (10,827,595) | (230,112) |
Gain on time charter agreements termination | (15,984,253) | 0 | 0 |
Share-based compensation | 1,083,414 | 951,385 | 182,324 |
Unrealized (gain) / loss on derivatives | 4,036,107 | (4,223,839) | (153,835) |
Changes in operating assets and liabilities: (Increase) / decrease in: | |||
Trade accounts receivable | (1,464,979) | 701,768 | 738,294 |
Prepaid expenses | (152,627) | 32,523 | (138,414) |
Other receivables | 3,239,195 | (3,792,426) | 143,739 |
Inventories | 178,138 | (31,723) | (612,032) |
Due from related company | 32,146 | (32,146) | 0 |
Increase / (decrease) in: | |||
Due to related company | 1,298,941 | (309,970) | 285,898 |
Trade accounts payable | (1,079,404) | 2,014,706 | (740,664) |
Accrued expenses | 109,232 | 53,458 | 393,352 |
Deferred revenues | 3,545,489 | 4,436,436 | 2,344,622 |
Net cash provided by operating activities | 130,007,125 | 114,082,571 | 52,612,939 |
Cash flows from investing activities: | |||
Cash paid for vessels under construction | (111,475,509) | (50,866,784) | (7,615,958) |
Cash paid for vessel acquisitions including attached time charter agreements and vessel improvements | (817,740) | (39,822,933) | (66,474,058) |
Net proceeds and advances from sale of vessels | 10,100,598 | 3,556,641 | (9,417) |
Net cash used in investing activities | (102,192,651) | (87,133,076) | (74,099,433) |
Cash flows from financing activities: | |||
Redemption of Series B preferred shares | 0 | 0 | (2,000,000) |
Proceeds from issuance of common stock, net of commissions paid | 0 | 0 | 743,553 |
Cash paid for share repurchase | (3,145,435) | (5,026,746) | 0 |
Preferred dividends paid | 0 | 0 | (424,000) |
Dividends paid | (13,982,351) | (10,804,879) | 0 |
Offering expenses paid | (102,896) | (27,633) | (123,167) |
Loan arrangement fees paid | (731,000) | (115,500) | (758,000) |
Proceeds from long-term bank loans | 92,000,000 | 19,250,000 | 75,500,000 |
Repayment of long-term bank loans | (68,975,000) | (30,284,460) | (23,791,840) |
Repayment of related party loan | 0 | 0 | (2,500,000) |
Net cash provided by / (used in) financing activities | 5,063,318 | (27,009,218) | 46,646,546 |
Net increase / (decrease) in cash, cash equivalents and restricted cash | 32,877,792 | (59,723) | 25,160,052 |
Cash, cash equivalents and restricted cash at beginning of year | 31,438,506 | 31,498,229 | 6,338,177 |
Cash, cash equivalents and restricted cash at end of year | 64,316,298 | 31,438,506 | 31,498,229 |
Cash breakdown | |||
Cash and cash equivalents | 58,613,304 | 25,845,333 | 26,530,944 |
Restricted cash, current | 2,994 | 2,193,173 | 167,285 |
Restricted cash, long term | 5,700,000 | 3,400,000 | 4,800,000 |
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | 64,316,298 | 31,438,506 | 31,498,229 |
Supplemental cash flow information | |||
Cash paid for interest, net of capitalized expenses | 5,788,025 | 5,100,982 | 2,447,089 |
Financing, and investing activities fees: | |||
Offering expenses accrued | 0 | 56,877 | 84,510 |
Capital expenditures and improvements for vessels under construction included in liabilities | 2,371,700 | 648,979 | 690,481 |
Conversion of Stock, Amount Issued | 0 | 0 | 6,365,264 |
Dividends declared but not paid | $ 105,250 | $ 66,375 | $ 0 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | B. Plan of Distribution Not |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and General Information | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Basis of Presentation and General Information Euroseas Ltd. (the “Company” or “Euroseas”) was formed on May 5, 2005 June 28, 2005, June 29, 2005, January 2007, January 31, 2007 June 26, 2015, The operations of the vessels are managed by Eurobulk Ltd. (“Eurobulk” or “Management Company” or “Manager”), a corporation controlled by members of the Pittas family. Eurobulk has an office in Greece located at 4 8 The Pittas family is the controlling shareholder of Friends Investment Company Inc., Containers Shareholders Trinity Ltd., Eurobulk Marine Holdings Inc. and Family United Navigation Co., which, in turn, collectively own 59.3% of the Company’s shares as of December 31, 2023. As of December 31, 2023, December 31, 2023, December 31, 2023. 4 nine two 2023 seven 2024. seven twelve December 31, 2024. February 2024, 19 April 2024, two second 2024 19 not may seven twelve The Company is engaged in the ocean transportation of containers through ownership and operation of container carrier ship-owning companies. Details of the Company’s wholly owned subsidiaries for the year ended December 31, 2023, a) Subsidiaries owning vessels in operation ● Noumea Shipping Ltd, incorporated in the Republic of Marshall Islands on May 14, 2008, 34,677 2,556 2001 May 22, 2008. ● Joanna Maritime Ltd., incorporated in the Republic of Liberia on June 10, 2013, 22,301 1,732 1999 July 4, 2013. ● Jonathan John Shipping Ltd., incorporated in the Republic of the Marshall Islands on August 19, 2016, 18,581 1,439 1997 September 29, 2016. ● Gregos Shipping Ltd., incorporated in the Republic of Liberia on May 25, 2017, 35,600 2,788 2004 June 20, 2017. ● Corfu Navigation Ltd., incorporated in the Republic of the Marshall Islands on September 18, 2017, 34,654 2,556 2001 October 29, 2017. ● Diamantis Shipowners Ltd., incorporated in the Republic of Liberia on June 3, 2019, 30,360 2,008 1998 August 2, 2019. ● Hydra Shipowners Ltd., incorporated in the Republic of Liberia on June 3, 2019, 23,351 1,740 2005 August 2, 2019. ● Spetses Shipowners Ltd., incorporated in the Republic of Liberia on June 3, 2019, 23,224 1,740 2007 August 7, 2019. ● Kea Shipowners Ltd., incorporated in the Republic of Liberia on June 3, 2019, 42,165 3,100 2007 August 7, 2019. ● Antwerp Shipping Ltd., incorporated in the Republic of the Marshall Islands on November 1, 2019, 50,726 4,253 2008 November 19, 2019. ● Keelung Shipping Ltd., incorporated in the Republic of the Marshall Islands on November 1, 2019, 50,969 4,253 2009 November 18, 2019. ● Oakland Shipping Ltd., incorporated in the Republic of the Marshall Islands on November 1, 2019, 50,787 4,253 2009 November 19, 2019. ● Busan Shipping Ltd., incorporated in the Republic of the Marshall Islands on November 1, 2019, 50,726 4,253 2009 November 21, 2019. ● Jonathan Shipowners Ltd., incorporated in the Republic of Liberia on August 25, 2021, 23,357 1,740 2006 October 18, 2021. ● Marcos Shipping Ltd., incorporated in the Republic of the Marshall Islands on September 27, 2021, 72,968 6,350 2005 December 14, 2021. ● Gregos Maritime Ltd., incorporated in the Republic of the Marshall Islands on December 14, 2020, June 29, 2021, 2,800 No. 4201 April 6, 2023. ● Terataki Shipping Ltd., incorporated in the Republic of the Marshall Islands on June 25, 2021, June 29, 2021, 2,800 No. 4202 July 6, 2023. ● Emmanuel Shipping Ltd., incorporated in the Republic of the Marshal Islands on April 27, 2022, 50,796 4,250 2005 May 24, 2022. ● Rena Shipping Ltd., incorporated in the Republic of the Marshal Islands on April 27, 2022, 50,796 4,250 2007 June 27, 2022. b) Subsidiaries owning vessels under construction ● Tender Soul Shipping Ltd., incorporated in the Republic of the Marshall Islands on January 27, 2022, January 28, 2022, 2,800 No. 4236 February 6, 2024. ● Leonidas Shipping Ltd., incorporated in the Republic of the Marshall Islands on January 27, 2022, January 28, 2022, 2,800 No. 4237 April 25, 2024. ● Monica Shipowners Ltd., incorporated in the Republic of Liberia on March 15, 2022, March 18, 2022, 1,800 No. 4248 second 2024. ● Stephania Shipping Ltd., incorporated in the Republic of Liberia on March 15, 2022, March 18, 2022, 1,800 No. 4249 second 2024. ● Pepi Shipping Ltd., incorporated in the Republic of Liberia on March 15, 2022, March 18, 2022, 1,800 No. 4250 second 2024. ● Dear Panel Shipping Ltd., incorporated in the Republic of Liberia on May 20, 2022, May 20, 2022, 2,800 No. 4251 fourth 2024. ● Symeon Shipping Ltd., incorporated in the Republic of Liberia on May 20, 2022, May 20, 2022, 2,800 No. 4252 fourth 2024. c) Non-vessel owning subsidiaries ● Manolis Shipping Ltd., incorporated in the Republic of Marshall Islands on March 16, 2007, 20,346 1,452 1995 April 12, 2007. July 2, 2020. ● Athens Shipping Ltd., incorporated in the Republic of the Marshall Islands on September 18, 2017, 32,350 2,506 2000 September 29, 2017. November 9, 2020. ● Oinousses Navigation Ltd., incorporated in the Republic of the Marshall Islands on September 18, 2017, 32,350 2,506 2000 October 23, 2017. July 17, 2020. ● Bridge Shipping Ltd., incorporated in the Republic of the Marshall Islands on September 18, 2017, 71,366 5,610 2001 December 21, 2017. January 9, 2023. ● Eurocon Ltd., incorporated in the Republic of the Marshall Islands on September 18, 2017, ● Argonaut Sponsor LLC and Argonaut Acquisition Corporation are dormant entities incorporated in the State of Delaware on February 11, 2022. During the years ended December 31, 2021, 2022 2023, 10% Year ended December 31, Charterer 2021 2022 2023 Zim Integrated Shipping Services Ltd. - 21 % 23 % Maersk Line A/S 21 % 21 % 23 % Sealand Maersk Asia Pte. Ltd. - 21 % 15 % Asyad Line LLC - - 11 % CMA CGM, Marseille 24 % 11 % 10 % Vasi Shipping Pte. Ltd., Singapore 15 % - - |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Significant Accounting Policies The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America. The following are the significant accounting policies adopted by the Company: Principles of consolidation The accompanying consolidated financial statements include the accounts of Euroseas Ltd. and its subsidiaries. Inter-company balances and transactions are eliminated on consolidation. Use of estimates The preparation of the accompanying consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the stated amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Other comprehensive income / (loss) The Company has no no Foreign currency translation The Company’s functional currency as well as the functional currency of all its subsidiaries is the U.S. dollar. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the balance sheet date. Income and expenses denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the date of the transaction. The resulting exchange gains and/or losses on settlement or translation are included in the accompanying consolidated statements of operations. Cash equivalents Cash equivalents are cash in bank accounts, time deposits or other certificates purchased with an original maturity of three Restricted cash Restricted cash reflects deposits with certain banks that can only be used to pay the current loan installments or are required to be maintained as a certain minimum cash balance per mortgaged vessel and amounts that are pledged, blocked or held as cash collateral. Trade accounts receivable The amount shown as trade accounts receivable, at each balance sheet date, includes estimated recoveries from each time charter. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate write off. No allowance for doubtful accounts was recorded for any of the periods presented. Inventories Inventories are stated at the lower of cost and net realizable value, which is the estimated selling price less reasonably predictable costs of disposal and transportation. Inventories are valued using the FIFO (First-In First-Out) method. Vessels Vessels are stated at cost, which comprises the vessel contract price, costs of major repairs and improvements upon acquisition, direct delivery and other acquisition expenses to prepare the vessel for her initial voyage, less accumulated depreciation and impairment, if any. 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; otherwise these amounts are charged to expense as incurred. Vessels under construction are presented at cost, which includes shipyard installment payments and other vessel costs incurred during the construction period that are directly attributable to the construction of the vessels, including interest costs incurred during the construction period. Expenditures for vessel repair and maintenance are charged against income in the period incurred. Vessels Held for Sale The Company may one Vessels classified as held for sale are measured at the lower of their carrying amount or fair value less the cost to sell. The resulting difference, if any, is recorded under “Loss on write-down of vessel held for sale” in the consolidated statements of operations. The vessels are no Depreciation Depreciation is calculated on a straight-line basis over the estimated useful life of the vessel with reference to the cost of the vessel, and estimated scrap value. Remaining useful lives of vessels are periodically reviewed and revised to recognize changes in conditions and such revisions, if any, are recognized over current and future periods. The Company estimates that its vessels have a useful life of 25 years from the completion of their construction. Secondhand 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 remaining useful life is adjusted at the date such regulations are adopted. The estimated salvage value of each vessel is $250 per light weight ton as of December 31, 2022 2023. Insurance claims and insurance proceeds Claims receivable are recorded on the accrual basis and represent the amounts to be received, net of deductibles incurred through each balance sheet date, for which recovery from insurance companies is probable and the claim is not Revenue and expense recognition Revenues are generated from time charters. Under a time charter agreement a contract is entered into for the use of a vessel for a specific period of time and a specified fixed or index-linked daily charter hire rate. A time charter is a contract for the use of a vessel for a specific period of time and a specified daily fixed or index-linked charter hire rate, which is generally payable 15 30 2021, 2022 2023 842, not The Company, making use of the practical expedient for lessors, elected not 842. Revenues under a time charter contract are recognized on a straight-line basis over the term of the respective time charter agreements, beginning when the vessel is delivered to the charterer until it is redelivered back to the Company, and are recorded in “Time charter revenue” in the consolidated statements of operations. Time charter agreements may Charter fees received in advance are recorded as a liability (deferred revenue) until charter services are rendered. Vessel operating expenses are comprised of all expenses relating to the operation of the vessels, including crewing, insurance, repairs and maintenance, stores, lubricants, spares and consumables, professional and legal fees and miscellaneous expenses. Vessel operating expenses are recognized as incurred; payments in advance of services or use are recorded as prepaid expenses. Under time charter agreements, voyage expenses which are also recognized as incurred by the Company include costs for draft surveys, holds cleaning, postage, extra war risk insurance and other minor miscellaneous expenses related to the voyage. The charterer is responsible for paying the cost of bunkers and other voyage expenses whilst the vessel is on time charter. Certain voyage expenses paid by the Company, such as extra war risk insurance and holds cleaning may Commissions (address and brokerage), regardless of charter type, are always paid by the Company, are deferred and amortized over the related charter period and are presented as a separate line item in revenues to arrive at net revenues in the accompanying consolidated statements of operations. Dry-docking and special survey expenses Dry-docking and special survey expenses are expensed as incurred. Pension and retirement benefit obligations crew The ship-owning companies contract the crews on board the vessels under short-term contracts (usually up to 9 months). Accordingly, they are not Dividends Dividends, if any, are recorded in the Company’s financial statements in the period in which they are declared by the Company’s board of directors. Financing costs Fees paid to lenders or required to be paid to third 470 50 not Offering expenses Expenses directly attributable to an equity offering are deferred and are either presented against paid-in capital when equity proceeds from the offering are received or are written-off and charged to “General and administrative expenses” in the consolidated statements of operations when it is probable that the offering will be aborted. Share repurchases The Company records the repurchase of its common shares at cost. Until their retirement these common shares are classified as treasury stock, which is a reduction to shareholders’ equity. Treasury shares are included in authorized and issued shares but excluded from outstanding shares. Fair value of above/below market time charters acquired The Company values any asset or liability arising from the market value of any time charter assumed when a vessel is acquired. Where vessels are acquired with existing time charters, the Company determines the present value of the difference between: (i) the contractual charter rate and (ii) the market rate for a charter of equivalent duration prevailing at the time the vessels are delivered. In discounting the charter rate differences in future periods, the Company uses its Weighted Average Cost of Capital (WACC) adjusted to account for the credit quality of the counterparties, as deemed necessary. The cost of the acquisition is allocated to the vessel and the in-place time charter attached on the basis of their relative fair values. The capitalized above-market (assets) and below-market (liabilities) charters are amortized as a reduction and increase, respectively, to time charter revenues over the remaining term of the assumed time charter. Stock incentive plan awards Share-based compensation represents vested and non-vested restricted shares granted to officers and directors as well as to non-employees and are included in “General and administrative expenses” in the consolidated statements of operations. The shares to employees and directors as well as to non-employees are measured at their fair value equal to the market value of the Company's common stock on the grant date. The shares that do not Impairment of vessels The Company reviews its vessels held for use for impairment whenever events or changes in circumstances indicate that the carrying amount of the vessels, including any related intangible assets and liabilities, may not In developing its estimates of future undiscounted net operating cash flows, the Company makes assumptions and estimates about vessels’ future performance, with the assumptions being related to charter rates, fleet utilization, vessel operating expenses, drydocking costs, vessels’ residual value and the estimated remaining useful lives of the vessels. These assumptions are based on historical trends as well as future expectations. Derivative financial instruments Derivative instruments are recorded in the balance sheet as either an asset or liability measured at its fair value with changes in the instruments' fair value recognized as either a component in other comprehensive income if specific hedge accounting criteria are met in accordance with guidance relating to “Derivatives and Hedging” or in earnings if hedging criteria are not Evaluation of purchase transactions When the Company enters into an acquisition transaction, it determines whether the acquisition transaction was the purchase of an asset or a business based on the facts and circumstances of the transaction. In accordance with Business Combinations (Topic 805 not Earnings / (loss) per common share Basic earnings / (loss) per share is computed by dividing net income / (loss) attributable to common shareholders, after the deduction of dividends paid (in cash or in-kind) to preferred shareholders if any, by the weighted-average number of common shares outstanding during the period. The weighted-average number of common shares outstanding does not December 31, 2022 2023, not Diluted earnings / (loss) per share gives effect to all potentially dilutive securities to the extent that they are dilutive, using the treasury stock method. The Company uses the treasury stock method for non-vested restricted shares, while for the preferred shares issued the Company uses the if-converted method to assess the dilutive effect. Segment reporting The Company reports financial information and evaluates its operations by total charter revenues and not Recent accounting pronouncements In November 2023, 2023 07, 2023 07” 2023 07 2023 07 280 2023 07 December 15, 2023 December 15, 2024 not No. 2023 07 . |
Note 3 - Inventories
Note 3 - Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 3. Inventories Inventories consisted of the following: 2022 2023 Lubricants 2,306,177 2,538,342 Total 2,306,177 2,538,342 |
Note 4 - Advances for Vessels U
Note 4 - Advances for Vessels Under Construction | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Advances for Vessel Under Construction [Text Block] | 4. Advances for vessels under construction On June 29, 2021, two 2,800 first April 6, 2023 second July 6, 2023 ( 5 two 8 On January 28, 2022, two 2,800 two December 31, 2022 2023, two first February 6, 2024 second April 25, 2024 ( 19 19 first second 19 On March 18, 2022, three 1,800 1,800 three second 2024. three December 31, 2022 2023, three On May 20, 2022, two 2,800 two fourth 2024. two December 31, 2022 2023 two Advances for vessels under construction of $59.1 million and $85.4 million as of December 31, 2022 2023, 11 The amounts in the accompanying audited condensed consolidated balance sheets are as follows: Costs Balance, January 1, 2022 7,615,958 Advances for vessels under construction 51,467,636 Balance, December 31, 2022 59,083,594 Advances for vessels under construction 111,194,917 Newbuilding vessel “Gregos” delivered during the period (42,356,864 ) Newbuilding vessel “Terataki” delivered during the period (42,545,997 ) Balance, December 31, 2023 85,375,650 |
Note 5 - Vessels, Net
Note 5 - Vessels, Net | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5. Vessels, net The amounts in the accompanying consolidated balance sheets are as follows: Cost Accumulated Depreciation Net Book Value Balance, January 1, 2022 201,187,677 (25,076,191 ) 176,111,486 - Depreciation for the year - (18,522,217 ) (18,522,217 ) - Vessel held for sale (11,494,650 ) 2,995,781 (8,498,869 ) - Vessel acquisitions and improvements 67,480,026 - 67,480,026 Balance, December 31, 2022 257,173,053 (40,602,627 ) 216,570,426 - Depreciation for the year - (22,835,469 ) (22,835,469 ) - Vessel impairment (18,442,104 ) 4,609,388 (13,832,716 ) - Newbuilding vessels “Gregos” & "Terataki" delivered during the year 84,902,861 - 84,902,861 - Vessel acquisitions and improvements 2,821,053 - 2,821,053 Balance, December 31, 2023 326,454,863 (58,828,708 ) 267,626,155 Vessel improvements for the year ended December 31, 2022, five December 31, 2023, two one Vessels acquired / delivered On April 26, 2022, 50,796 4,250 2005 7 May 24, 2022 On April 26, 2022, June 14, 2022, 50,796 4,250 2007 7 June 27, 2022 On April 6, 2023, 4 On July 6, 2023, 4 Sale of vessels The Company considers the potential sale of its vessels, for scrap or further trading, depending on a vessel’s age, any additional capital expenditures required, the expected revenues from continuing to own the vessel and the overall market prospects. On December 23, 2022, 71,366 5,610 2001 fourth 2022 18 December 31, 2022, December 31, 2022. December 31, 2022. January 9, 2023. December 31, 2023. Impairment analysis In light of the prevailing conditions in the shipping industry, as of December 31, 2022 2023, September 2023, not September 30, 2023. September 30, 2023. As of December 31, 2023, twelve 9 seven |
Note 6 - Accrued Expenses
Note 6 - Accrued Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 6. Accrued Expenses The accrued expenses consisted of: December 31, 2022 December 31, 2023 Accrued payroll expenses 218,506 486,534 Accrued interest expense 470,694 648,165 Accrued general and administrative expenses 117,624 79,890 Accrued commissions 79,199 162,699 Other accrued expenses 870,360 488,327 Total 1,756,383 1,865,615 |
Note 7 - Fair Value of Below Ma
Note 7 - Fair Value of Below Market Time Charters Acquired | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Below Market Time Charters Acquired [Text Block] | 7. Fair Value of Below Market Time Charters Acquired As part of the acquisition of M/V “Marcos V”, in December 2021, July 2025, 2 As part of the acquisition of M/V “Emmanuel P”, in May 2022, March 2025, 2 As part of the acquisition of M/V “Rena P”, in June 2022, February 2025, 2 In the third 2023, two August 2023 December 31, 2023. For the years ended December 31, 2021, 2022 2023, The unamortized balance of this intangible liability as of December 31, 2023 July 2025 As of December 31, 2023, For the year ending December 31, Below market acquired charter 2024 (4,737,600 ) 2025 (2,842,706 ) Total $ (7,580,306 ) |
Note 8 - Related Party Transact
Note 8 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 8. Related Party Transactions The Company’s vessel owning companies are parties to management agreements with the Manager (see Note 1 The Company’s MMA with Eurobulk provides for an annual adjustment of the daily vessel management fee due to inflation to take effect January 1 five five 90th The MMA was renewed on January 1, 2018 five January 1, 2023. December 31, 2021 January 1, 2022, January 1, 2023 five January 1, 2028. January 1, 2023, December 31, 2023, December 31, 2023, January 1, 2024, December 31, 2023, December 31, 2023, Vessel management fees paid to the Manager amounted to $4,294,789, $4,920,063 and $5,720,831 in 2021, 2022 2023, In addition to the vessel management services, the Manager provides executive services to the Company. The amount of executive compensation was set at $2,000,000 for each of the years ended December 31, 2021 2022 December 31, 2023 December 31, 2021, 2022 2023, January 1. 2024 Amounts due to or from related company represent net disbursements and collections made on behalf of the vessel-owning companies by the Management Company during the normal course of operations for which a right of off-set exists. As of December 31, 2022, December 31, 2023, On November 1, 2019, December 31, 2021. March 2021. The Company uses brokers for various services, as is industry practice. Eurochart S.A. (“Eurochart”), an affiliated company controlled by certain members of the Pittas family, provides vessel sale and purchase services, and chartering services to the Company whereby the Company pays commission of 1% of the vessel sales price and 1.25% of charter revenues. There were no commissions to Eurochart for vessel sales in 2021, 2022, December 31, 2023 1% October 2021, May June 2022, two 2021, 2022 2023, Certain members of the Pittas family, together with another unrelated ship management company, have formed a joint venture with the insurance broker Sentinel Maritime Services Inc. (“Sentinel”). Technomar Crew Management Services Corp (“Technomar”) is a company owned by certain members of the Pittas family, together with another unrelated ship management company, which provides crewing services. Sentinel is paid a commission on insurance premiums not 5%; 2021, 2022 2023, |
Note 9 - Long-term Bank Loans
Note 9 - Long-term Bank Loans | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 9. Long-Term Bank Loans These consist of bank loans of the ship-owning companies and are as follows: Borrower December 31, 2022 December 31, 2023 Noumea Shipping Ltd. / Gregos Shipping Ltd. (a) 7,875,000 - Kea Shipowners Ltd. / Spetses Shipowners Ltd. / Hydra Shipowners Ltd. (b) 6,650,000 - Antwerp Shipping Ltd. / Busan Shipping Ltd. / Keelung Shipping Ltd. / Oakland Shipping Ltd. (c) 31,100,000 38,750,000 Jonathan John Shipping Ltd. / Corfu Navigation Ltd. (d) 7,500,000 5,500,000 Jonathan Shipowners Ltd. (e) 10,600,000 6,200,000 Marcos Shipping Ltd. (f) 26,000,000 18,000,000 Rena Shipping Ltd. / Emmanuel Shipping Ltd. (g) 18,250,000 14,250,000 Gregos Shipping Ltd. (h) - 23,900,000 Terataki Shipping Ltd. (i) - 24,400,000 107,975,000 131,000,000 Less: Current portion (55,765,000 ) (31,200,000 ) Long-term portion 52,210,000 99,800,000 Deferred charges, current portion 345,185 360,459 Deferred charges, long-term portion 397,914 638,129 Long-term bank loans, current portion net of deferred charges 55,419,815 30,839,541 Long-term bank loans, long-term portion net of deferred charges 51,812,086 99,161,871 The future annual loan repayments are as follows: To December 31: 2024 31,200,000 2025 34,750,000 2026 9,050,000 2027 26,350,000 2028 2,600,000 Thereafter 27,050,000 Total 131,000,000 (a) On May 30, 2019, 55% two May 2023. June 26, 2020, three 2020 May 2023, first first May 30, 2023, (b) On July 30, 2019, August 8, 2019. fourteen February 2023. first first February 6, 2023, three (c) On November 8, 2019, November 18, 2019. three thirteen November 2023. On November 26, 2021, November 29, 2021 sixteen first four eleven 2021 On July 13, 2023, two sixteen July 2027. first first 2023 (d) On September 6, 2021, two September 9, 2021 sixteen September 2025. first first 2021 (e) On October 22, 2021, October 26, 2021, twelve October 2024. first first 2021 December 23, 2022, (f) On December 14, 2021, sixteen twelve four December 2025. first first 2022 (g) On September 13, 2022, ten June 2025. first first 2022 December 23, 2022, (h) On March 30, 2023, No. 4201 March 31, 2023. twenty-eight twelve sixteen March 2030. 2023 first first (i) On June 29, 2023, No. 4202 twenty-four twelve twelve June 2029. 2023 first first In addition to the terms specific to each bank loan described above, all the above bank loans are secured with a pledge of all the issued shares of each borrower. The bank loan agreements also contain covenants such as minimum requirements regarding the security cover ratio covenant (the ratio of fair value of vessel to outstanding loan less cash in retention accounts), restrictions as to changes in management and ownership of the ship-owning companies, distribution of profits or assets (i.e. not December 31, 2022 2023, December 31, 2023, The publication of U.S. Dollar LIBOR for the one two December 31, 2021, June 30, 2023. 2021. not June 2023. In response to the anticipated discontinuation of LIBOR, the Alternative Reference Rate Committee, a committee convened by the Federal Reserve that includes major market participants, selected an alternative rate to replace U.S. Dollar LIBOR: the SOFR. SOFR is a broad measure of the cost of borrowing cash in the overnight U.S. treasury repo market. SOFR is now the predominant interest rate being used across cash and derivatives markets and the one not December 31, 2023, Interest expense for the years ended December 31, 2021, 2022 2023 December 31, 2022 2023 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10. Income Taxes Under the laws of the countries of the companies’ incorporation and/or vessels’ registration, the companies are not Under the United States Internal Revenue Code of 1986, 4% 883 50% not Under the Code, a corporation will be exempt from U.S. federal income tax if its stock is primarily and regularly traded on an established securities market in its country of organization, in another country that grants an “equivalent exemption” to United States corporations, or in the United States, which is referred to as the “Publicly Traded Test”. Under IRS regulations, a Company’s shares will be considered to be regularly traded on an established securities market if (i) one 50% 60 one sixth 10% not 50% 5% “5% For the taxable years 2021, 2022 2023 5% 5% not 50% |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 11. Commitments and Contingencies There are no not As of December 31, 2023, December 31, 2024, December 31, 2025 December 31, 2026. one may not not As of December 31, 2023, seven 2024. |
Note 12 - Stock Incentive Plan
Note 12 - Stock Incentive Plan | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 12. Stock Incentive Plan In May 2018, 2018 “2018 2018 2018 November 2021, "2021 2018 2021 2021 may 2021 2018 2021 three December 31, 2023 a) On November 4, 2019 July 1, 2020 July 1, 2021; b) On November 5, 2020 November 16, 2021 November 16, 2022; c) On November 19, 2021 July 1, 2022 July 1, 2023; d) On November 3, 2022 November 16, 2023 November 15, 2024; e) On November 10, 2023 July 1, 2024 July 1, 2025; All non-vested restricted shares are conditional upon the grantee’s continued service as an employee of the Company or Eurobulk or as a director of the Company until the applicable vesting date. The grantee does not The compensation cost that has been charged against income for awards was $182,324, $951,385 and $1,083,414, for the years ended December 31, 2021, 2022 2023, December 31, 2021, 2022 2023. A summary of the status of the Company’s non-vested shares as of December 31, 2021, 2022 2023, December 31, 2021, 2022 2023, Non-vested Shares Number of shares Weighted-Average Grant-Date Fair Value Non-vested on January 1, 2021 53,303 3.46 Granted 49,650 26.26 Vested (30,360 ) 3.47 Non-vested on December 31, 2021 72,593 19.05 Non-vested on January 1, 2022 72,593 19.05 Granted 60,000 18.98 Vested (48,350 ) 17.05 Non-vested on December 31, 2022 84,243 20.15 Non-vested on January 1, 2023 84,243 20.15 Granted 60,500 23.92 Vested (53,750 ) 22.26 Non-vested on December 31, 2023 90,993 21.41 As of December 31, 2023, 2021 December 31, 2021, 2022 2023 December 31, 2021, 2022 2023 |
Note 13 - Earnings Per Share
Note 13 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 13. Earnings Per Share Basic and diluted earnings per common share is computed as follows: 2021 2022 2023 Income: Net income 42,963,660 106,244,916 114,549,279 Dividends to Series B preferred shares (255,324 ) - - Preferred deemed dividend (345,628 ) - - Net income attributable to common shareholders 42,362,708 106,244,916 114,549,279 Weighted average common shares –outstanding, basic 6,976,905 7,181,561 6,931,280 Basic earnings per share 6.07 14.79 16.53 Effect of dilutive securities: Dilutive effect of non-vested shares 16,500 8,546 4,780 Weighted average common shares –outstanding, diluted 6,993,405 7,190,107 6,936,060 Diluted earnings per share 6.06 14.78 16.52 For the years ended December 31, 2021, 2022 2023, |
Note 14 - Voyage Expenses and V
Note 14 - Voyage Expenses and Vessel Operating Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Vessel Voyage and Operating Expenses [Text Block] | 14. Voyage Expenses and Vessel Operating Expenses These consisted of: Year ended December 31, 2021 2022 2023 Voyage expenses Port charges and canal dues 253,855 523,943 665,090 Bunkers 370,879 1,952,911 619,285 Total 624,734 2,476,854 1,284,375 Vessel operating expenses Crew wages and related costs 15,961,904 19,170,601 20,700,810 Insurance 2,917,042 4,364,430 4,788,264 Repairs and maintenance 1,247,176 1,563,886 1,607,116 Lubricants 2,471,994 3,426,772 3,916,827 Spares and consumable stores 5,784,004 7,443,502 8,625,958 Professional and legal fees 212,108 272,142 585,336 Other 1,145,209 1,425,858 1,779,844 Total 29,739,437 37,667,191 42,004,155 |
Note 15 - Derivative Financial
Note 15 - Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 15. Derivative Financial Instruments Interest rate swaps On October 12, 2021, November 1, 2021 November 1, 2025. 3 June 26, 2023, On June 16, 2022, one January 3, 2023 January 3, 2028. The interest rate swap contracts did not December 31, 2022 2023. Derivatives not designated as hedging instruments Balance Sheet Location December 31, 2022 December 31, 2023 Interest rate swap contracts Current assets – Derivatives 1,142,682 - Interest rate swap contracts Long - term assets – Derivatives 2,669,244 - Total derivative assets 3,811,926 - Interest rate swap contracts Current liabilities – Derivatives - 56,042 Interest rate swap contracts Long-term liabilities – Derivatives - 168,138 Total derivative liabilities - 224,180 Derivatives not designated as hedging instruments Location of gain / (loss) recognized Year Ended December 31, 2021 Year Ended December 31, 2022 Year Ended December 31, 2023 Interest rate swap contracts– Unrealized gain / (loss) (Loss) / gain on derivatives, net 153,835 4,223,839 (4,036,107 ) Interest rate swap contracts- Realized (loss) / gain (Loss) / gain on derivatives, net (180,976 ) 131,818 4,214,235 Total net (loss) / gain on interest rate swap contracts (27,141 ) 4,355,657 178,128 |
Note 16 - Financial Instruments
Note 16 - Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | 16. Financial Instruments The principal financial assets of the Company consist of cash and cash equivalents, restricted cash, trade accounts receivable, other receivables, derivatives and amount due from related company. The principal financial liabilities of the Company consist of long-term bank loans, trade accounts payable, accrued expenses, derivatives and amount due to related company. Interest rate risk The Company enters into interest rate swap contracts as economic hedges to manage some of its exposure to variability in its floating rate long-term bank loans. Under the terms of the interest rate swaps the Company and the bank agreed to exchange, at specified intervals the difference between a paying fixed rate and receiving floating rate interest amount calculated by reference to the agreed principal amounts and maturities. Interest rate swaps allow the Company to convert long-term bank loans issued at floating rates into equivalent fixed rates. Even though the interest rate swaps were entered into for economic hedging purposes, as noted in Note 15 not Derivatives and Hedging not December 31, 2023, one Concentration of credit risk Financial instruments, which potentially subject the Company to significant concentration of credit risk consist primarily of cash and trade accounts receivable. The Company places its temporary cash investments, consisting mostly of deposits, with high credit quality financial institutions. The Company performs periodic evaluation of the relative credit standing of these financial institutions that are considered in the Company’s investment strategy. The Company limits its credit risk with trade accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not may Fair value of financial instruments The Company follows guidance relating to “Fair value measurements”, which establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosure about fair value measurements. This statement enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The statement requires that assets and liabilities carried at fair value will be classified and disclosed in one three Level 1: Level 2: Level 3: not The estimated fair values of the Company’s financial instruments such as cash and cash equivalents and restricted cash, trade account payable, accrued expenses and amount due from / to related company approximate their individual carrying amounts as of December 31, 2022 2023, 1 December 31, 2023, 2 The fair value of the Company’s interest rate swap agreements is determined using a discounted cash flow approach based on market-based SOFR swap rates. SOFR swap rates are observable at commonly quoted intervals for the full terms of the swaps and therefore are considered Level 2 2 Recurring Fair Value Measurements Fair Value Measurement as of December 31, 2023 Total (Level 1) (Level 2) (Level 3) Liabilities Interest rate swap contracts, current portion $ 56,042 - $ 56,042 - Interest rate swap contracts, long-term portion $ 168,138 - $ 168,138 - Fair Value Measurement as of December 31, 2022 Total (Level 1) (Level 2) (Level 3) Assets Interest rate swap contracts, current portion $ 1,142,682 - $ 1,142,682 - Interest rate swap contracts, long-term portion $ 2,669,244 - $ 2,669,244 - Asset Measured at Fair Value on a Non-recurring Basis In September 2023, September 30, 2023. not Vessel Significant Other Observable Inputs (Level 2) (amounts in $million) Loss (amounts in $million) M/V Jonathan P $ 7.1 $ 13.8 The fair value is based on the Company’s best estimate of the value of the respective vessel on a time charter free basis, and is supported by vessel valuation as of September 30, 2023, December 31, 2023. fourth 2023, The Company did not December 31, 2022 2023. |
Note 17 - Common Stock
Note 17 - Common Stock | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 17. Common Stock As per the Company’s Amended and Restated Articles of Incorporation, the Company is authorized to issue 200,000,000 shares of common stock, par value $0.03 per share. Each outstanding share of common stock is entitled to one may may not may During February 2021, May 12, 2020, May 29, 2020 February 3, 2021 On June 30, 2021, In addition, during the year ended December 31, 2021, 12 In May 2022, May 2022 12 May 2023 12 not may December 31, 2022, December 31, 2023, In addition, during the years ended December 31, 2022 2023, 12 In May 2022, December 31, 2022, May, August November December 31, 2023 $0.50 February, May, August November May, June, September December 2023, |
Note 18 - Other Operating Incom
Note 18 - Other Operating Income | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Other Operating Income and Expense [Text Block] | 18. Other operating income In the year ended December 31, 2021, 2009 one March 2020 second 2020. In the year ended December 31, 2022, In the year ended December 31, 2023, All these amounts are included under “Other operating income” in the consolidated statement of operations for the year ended December 31, 2023. |
Note 19 - Subsequent Events
Note 19 - Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 19. Subsequent Events a) On January 31, 2024, one February 6, 2024, third seven seventh second seventh b) On March 27, 2024, 2004 2,788 May 1, 2024 June 30, 2024. c) On April 18, 2024, 4237 April 19 2024. first No. 4237 first d) On April 22, 2024, H4248 H4249 second 2024. forty e) On April 25, 2024, H4237 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of consolidation The accompanying consolidated financial statements include the accounts of Euroseas Ltd. and its subsidiaries. Inter-company balances and transactions are eliminated on consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of estimates The preparation of the accompanying consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the stated amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Comprehensive Income, Policy [Policy Text Block] | Other comprehensive income / (loss) The Company has no no |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency translation The Company’s functional currency as well as the functional currency of all its subsidiaries is the U.S. dollar. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the balance sheet date. Income and expenses denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the date of the transaction. The resulting exchange gains and/or losses on settlement or translation are included in the accompanying consolidated statements of operations. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash equivalents Cash equivalents are cash in bank accounts, time deposits or other certificates purchased with an original maturity of three |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted cash Restricted cash reflects deposits with certain banks that can only be used to pay the current loan installments or are required to be maintained as a certain minimum cash balance per mortgaged vessel and amounts that are pledged, blocked or held as cash collateral. |
Accounts Receivable [Policy Text Block] | Trade accounts receivable The amount shown as trade accounts receivable, at each balance sheet date, includes estimated recoveries from each time charter. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate write off. No allowance for doubtful accounts was recorded for any of the periods presented. |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost and net realizable value, which is the estimated selling price less reasonably predictable costs of disposal and transportation. Inventories are valued using the FIFO (First-In First-Out) method. |
Vessels [Policy Text Block] | Vessels Vessels are stated at cost, which comprises the vessel contract price, costs of major repairs and improvements upon acquisition, direct delivery and other acquisition expenses to prepare the vessel for her initial voyage, less accumulated depreciation and impairment, if any. 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; otherwise these amounts are charged to expense as incurred. Vessels under construction are presented at cost, which includes shipyard installment payments and other vessel costs incurred during the construction period that are directly attributable to the construction of the vessels, including interest costs incurred during the construction period. Expenditures for vessel repair and maintenance are charged against income in the period incurred. |
Assets Held For Sale [Policy Text Block] | Vessels Held for Sale The Company may one Vessels classified as held for sale are measured at the lower of their carrying amount or fair value less the cost to sell. The resulting difference, if any, is recorded under “Loss on write-down of vessel held for sale” in the consolidated statements of operations. The vessels are no |
Depreciation, Depletion, and Amortization [Policy Text Block] | Depreciation Depreciation is calculated on a straight-line basis over the estimated useful life of the vessel with reference to the cost of the vessel, and estimated scrap value. Remaining useful lives of vessels are periodically reviewed and revised to recognize changes in conditions and such revisions, if any, are recognized over current and future periods. The Company estimates that its vessels have a useful life of 25 years from the completion of their construction. Secondhand 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 remaining useful life is adjusted at the date such regulations are adopted. The estimated salvage value of each vessel is $250 per light weight ton as of December 31, 2022 2023. |
Insurance Premiums Revenue Recognition, Policy [Policy Text Block] | Insurance claims and insurance proceeds Claims receivable are recorded on the accrual basis and represent the amounts to be received, net of deductibles incurred through each balance sheet date, for which recovery from insurance companies is probable and the claim is not |
Revenue [Policy Text Block] | Revenue and expense recognition Revenues are generated from time charters. Under a time charter agreement a contract is entered into for the use of a vessel for a specific period of time and a specified fixed or index-linked daily charter hire rate. A time charter is a contract for the use of a vessel for a specific period of time and a specified daily fixed or index-linked charter hire rate, which is generally payable 15 30 2021, 2022 2023 842, not The Company, making use of the practical expedient for lessors, elected not 842. Revenues under a time charter contract are recognized on a straight-line basis over the term of the respective time charter agreements, beginning when the vessel is delivered to the charterer until it is redelivered back to the Company, and are recorded in “Time charter revenue” in the consolidated statements of operations. Time charter agreements may Charter fees received in advance are recorded as a liability (deferred revenue) until charter services are rendered. Vessel operating expenses are comprised of all expenses relating to the operation of the vessels, including crewing, insurance, repairs and maintenance, stores, lubricants, spares and consumables, professional and legal fees and miscellaneous expenses. Vessel operating expenses are recognized as incurred; payments in advance of services or use are recorded as prepaid expenses. Under time charter agreements, voyage expenses which are also recognized as incurred by the Company include costs for draft surveys, holds cleaning, postage, extra war risk insurance and other minor miscellaneous expenses related to the voyage. The charterer is responsible for paying the cost of bunkers and other voyage expenses whilst the vessel is on time charter. Certain voyage expenses paid by the Company, such as extra war risk insurance and holds cleaning may Commissions (address and brokerage), regardless of charter type, are always paid by the Company, are deferred and amortized over the related charter period and are presented as a separate line item in revenues to arrive at net revenues in the accompanying consolidated statements of operations. |
Drydocking and Special Survey Expenses [Policy Text Block] | Dry-docking and special survey expenses Dry-docking and special survey expenses are expensed as incurred. |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Pension and retirement benefit obligations crew The ship-owning companies contract the crews on board the vessels under short-term contracts (usually up to 9 months). Accordingly, they are not |
Dividends [Policy Text Block] | Dividends Dividends, if any, are recorded in the Company’s financial statements in the period in which they are declared by the Company’s board of directors. |
Financing Receivable [Policy Text Block] | Financing costs Fees paid to lenders or required to be paid to third 470 50 not |
Offering Expenses [Policy Text Block] | Offering expenses Expenses directly attributable to an equity offering are deferred and are either presented against paid-in capital when equity proceeds from the offering are received or are written-off and charged to “General and administrative expenses” in the consolidated statements of operations when it is probable that the offering will be aborted. |
Stockholders' Equity, Policy [Policy Text Block] | Share repurchases The Company records the repurchase of its common shares at cost. Until their retirement these common shares are classified as treasury stock, which is a reduction to shareholders’ equity. Treasury shares are included in authorized and issued shares but excluded from outstanding shares. |
Fair Value Measurement, Policy [Policy Text Block] | Fair value of above/below market time charters acquired The Company values any asset or liability arising from the market value of any time charter assumed when a vessel is acquired. Where vessels are acquired with existing time charters, the Company determines the present value of the difference between: (i) the contractual charter rate and (ii) the market rate for a charter of equivalent duration prevailing at the time the vessels are delivered. In discounting the charter rate differences in future periods, the Company uses its Weighted Average Cost of Capital (WACC) adjusted to account for the credit quality of the counterparties, as deemed necessary. The cost of the acquisition is allocated to the vessel and the in-place time charter attached on the basis of their relative fair values. The capitalized above-market (assets) and below-market (liabilities) charters are amortized as a reduction and increase, respectively, to time charter revenues over the remaining term of the assumed time charter. |
Share-Based Payment Arrangement [Policy Text Block] | Stock incentive plan awards Share-based compensation represents vested and non-vested restricted shares granted to officers and directors as well as to non-employees and are included in “General and administrative expenses” in the consolidated statements of operations. The shares to employees and directors as well as to non-employees are measured at their fair value equal to the market value of the Company's common stock on the grant date. The shares that do not |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Impairment of vessels The Company reviews its vessels held for use for impairment whenever events or changes in circumstances indicate that the carrying amount of the vessels, including any related intangible assets and liabilities, may not In developing its estimates of future undiscounted net operating cash flows, the Company makes assumptions and estimates about vessels’ future performance, with the assumptions being related to charter rates, fleet utilization, vessel operating expenses, drydocking costs, vessels’ residual value and the estimated remaining useful lives of the vessels. These assumptions are based on historical trends as well as future expectations. |
Derivatives, Policy [Policy Text Block] | Derivative financial instruments Derivative instruments are recorded in the balance sheet as either an asset or liability measured at its fair value with changes in the instruments' fair value recognized as either a component in other comprehensive income if specific hedge accounting criteria are met in accordance with guidance relating to “Derivatives and Hedging” or in earnings if hedging criteria are not |
Purchase Transactions [Policy Text Block] | Evaluation of purchase transactions When the Company enters into an acquisition transaction, it determines whether the acquisition transaction was the purchase of an asset or a business based on the facts and circumstances of the transaction. In accordance with Business Combinations (Topic 805 not |
Earnings Per Share, Policy [Policy Text Block] | Earnings / (loss) per common share Basic earnings / (loss) per share is computed by dividing net income / (loss) attributable to common shareholders, after the deduction of dividends paid (in cash or in-kind) to preferred shareholders if any, by the weighted-average number of common shares outstanding during the period. The weighted-average number of common shares outstanding does not December 31, 2022 2023, not Diluted earnings / (loss) per share gives effect to all potentially dilutive securities to the extent that they are dilutive, using the treasury stock method. The Company uses the treasury stock method for non-vested restricted shares, while for the preferred shares issued the Company uses the if-converted method to assess the dilutive effect. |
Segment Reporting, Policy [Policy Text Block] | Segment reporting The Company reports financial information and evaluates its operations by total charter revenues and not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting pronouncements In November 2023, 2023 07, 2023 07” 2023 07 2023 07 280 2023 07 December 15, 2023 December 15, 2024 not No. 2023 07 |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation and General Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Year ended December 31, Charterer 2021 2022 2023 Zim Integrated Shipping Services Ltd. - 21 % 23 % Maersk Line A/S 21 % 21 % 23 % Sealand Maersk Asia Pte. Ltd. - 21 % 15 % Asyad Line LLC - - 11 % CMA CGM, Marseille 24 % 11 % 10 % Vasi Shipping Pte. Ltd., Singapore 15 % - - |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 2022 2023 Lubricants 2,306,177 2,538,342 Total 2,306,177 2,538,342 |
Note 4 - Advances for Vessels_2
Note 4 - Advances for Vessels Under Construction (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Capitalized Vessel Construction Cost Roll Forward [Table Text Block] | Costs Balance, January 1, 2022 7,615,958 Advances for vessels under construction 51,467,636 Balance, December 31, 2022 59,083,594 Advances for vessels under construction 111,194,917 Newbuilding vessel “Gregos” delivered during the period (42,356,864 ) Newbuilding vessel “Terataki” delivered during the period (42,545,997 ) Balance, December 31, 2023 85,375,650 |
Note 5 - Vessels, Net (Tables)
Note 5 - Vessels, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Cost Accumulated Depreciation Net Book Value Balance, January 1, 2022 201,187,677 (25,076,191 ) 176,111,486 - Depreciation for the year - (18,522,217 ) (18,522,217 ) - Vessel held for sale (11,494,650 ) 2,995,781 (8,498,869 ) - Vessel acquisitions and improvements 67,480,026 - 67,480,026 Balance, December 31, 2022 257,173,053 (40,602,627 ) 216,570,426 - Depreciation for the year - (22,835,469 ) (22,835,469 ) - Vessel impairment (18,442,104 ) 4,609,388 (13,832,716 ) - Newbuilding vessels “Gregos” & "Terataki" delivered during the year 84,902,861 - 84,902,861 - Vessel acquisitions and improvements 2,821,053 - 2,821,053 Balance, December 31, 2023 326,454,863 (58,828,708 ) 267,626,155 |
Note 6 - Accrued Expenses (Tabl
Note 6 - Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2022 December 31, 2023 Accrued payroll expenses 218,506 486,534 Accrued interest expense 470,694 648,165 Accrued general and administrative expenses 117,624 79,890 Accrued commissions 79,199 162,699 Other accrued expenses 870,360 488,327 Total 1,756,383 1,865,615 |
Note 7 - Fair Value of Below _2
Note 7 - Fair Value of Below Market Time Charters Acquired (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Below Market Time Charters, Future Amortization Expense [Table Text Block] | For the year ending December 31, Below market acquired charter 2024 (4,737,600 ) 2025 (2,842,706 ) Total $ (7,580,306 ) |
Note 9 - Long-term Bank Loans (
Note 9 - Long-term Bank Loans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | Borrower December 31, 2022 December 31, 2023 Noumea Shipping Ltd. / Gregos Shipping Ltd. (a) 7,875,000 - Kea Shipowners Ltd. / Spetses Shipowners Ltd. / Hydra Shipowners Ltd. (b) 6,650,000 - Antwerp Shipping Ltd. / Busan Shipping Ltd. / Keelung Shipping Ltd. / Oakland Shipping Ltd. (c) 31,100,000 38,750,000 Jonathan John Shipping Ltd. / Corfu Navigation Ltd. (d) 7,500,000 5,500,000 Jonathan Shipowners Ltd. (e) 10,600,000 6,200,000 Marcos Shipping Ltd. (f) 26,000,000 18,000,000 Rena Shipping Ltd. / Emmanuel Shipping Ltd. (g) 18,250,000 14,250,000 Gregos Shipping Ltd. (h) - 23,900,000 Terataki Shipping Ltd. (i) - 24,400,000 107,975,000 131,000,000 Less: Current portion (55,765,000 ) (31,200,000 ) Long-term portion 52,210,000 99,800,000 Deferred charges, current portion 345,185 360,459 Deferred charges, long-term portion 397,914 638,129 Long-term bank loans, current portion net of deferred charges 55,419,815 30,839,541 Long-term bank loans, long-term portion net of deferred charges 51,812,086 99,161,871 |
Schedule of Future Annual Loan Repayments [Table Text Block] | To December 31: 2024 31,200,000 2025 34,750,000 2026 9,050,000 2027 26,350,000 2028 2,600,000 Thereafter 27,050,000 Total 131,000,000 |
Note 12 - Stock Incentive Plan
Note 12 - Stock Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Nonvested Share Activity [Table Text Block] | Non-vested Shares Number of shares Weighted-Average Grant-Date Fair Value Non-vested on January 1, 2021 53,303 3.46 Granted 49,650 26.26 Vested (30,360 ) 3.47 Non-vested on December 31, 2021 72,593 19.05 Non-vested on January 1, 2022 72,593 19.05 Granted 60,000 18.98 Vested (48,350 ) 17.05 Non-vested on December 31, 2022 84,243 20.15 Non-vested on January 1, 2023 84,243 20.15 Granted 60,500 23.92 Vested (53,750 ) 22.26 Non-vested on December 31, 2023 90,993 21.41 |
Note 13 - Earnings Per Share (T
Note 13 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2021 2022 2023 Income: Net income 42,963,660 106,244,916 114,549,279 Dividends to Series B preferred shares (255,324 ) - - Preferred deemed dividend (345,628 ) - - Net income attributable to common shareholders 42,362,708 106,244,916 114,549,279 Weighted average common shares –outstanding, basic 6,976,905 7,181,561 6,931,280 Basic earnings per share 6.07 14.79 16.53 Effect of dilutive securities: Dilutive effect of non-vested shares 16,500 8,546 4,780 Weighted average common shares –outstanding, diluted 6,993,405 7,190,107 6,936,060 Diluted earnings per share 6.06 14.78 16.52 |
Note 14 - Voyage Expenses and_2
Note 14 - Voyage Expenses and Vessel Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Voyage Vessel Operating Expenses and Commissions [Table Text Block] | Year ended December 31, 2021 2022 2023 Voyage expenses Port charges and canal dues 253,855 523,943 665,090 Bunkers 370,879 1,952,911 619,285 Total 624,734 2,476,854 1,284,375 Vessel operating expenses Crew wages and related costs 15,961,904 19,170,601 20,700,810 Insurance 2,917,042 4,364,430 4,788,264 Repairs and maintenance 1,247,176 1,563,886 1,607,116 Lubricants 2,471,994 3,426,772 3,916,827 Spares and consumable stores 5,784,004 7,443,502 8,625,958 Professional and legal fees 212,108 272,142 585,336 Other 1,145,209 1,425,858 1,779,844 Total 29,739,437 37,667,191 42,004,155 |
Note 15 - Derivative Financia_2
Note 15 - Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Derivatives not designated as hedging instruments Balance Sheet Location December 31, 2022 December 31, 2023 Interest rate swap contracts Current assets – Derivatives 1,142,682 - Interest rate swap contracts Long - term assets – Derivatives 2,669,244 - Total derivative assets 3,811,926 - Interest rate swap contracts Current liabilities – Derivatives - 56,042 Interest rate swap contracts Long-term liabilities – Derivatives - 168,138 Total derivative liabilities - 224,180 |
Derivative Instruments, Gain (Loss) [Table Text Block] | Derivatives not designated as hedging instruments Location of gain / (loss) recognized Year Ended December 31, 2021 Year Ended December 31, 2022 Year Ended December 31, 2023 Interest rate swap contracts– Unrealized gain / (loss) (Loss) / gain on derivatives, net 153,835 4,223,839 (4,036,107 ) Interest rate swap contracts- Realized (loss) / gain (Loss) / gain on derivatives, net (180,976 ) 131,818 4,214,235 Total net (loss) / gain on interest rate swap contracts (27,141 ) 4,355,657 178,128 |
Note 16 - Financial Instrumen_2
Note 16 - Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurement as of December 31, 2023 Total (Level 1) (Level 2) (Level 3) Liabilities Interest rate swap contracts, current portion $ 56,042 - $ 56,042 - Interest rate swap contracts, long-term portion $ 168,138 - $ 168,138 - Fair Value Measurement as of December 31, 2022 Total (Level 1) (Level 2) (Level 3) Assets Interest rate swap contracts, current portion $ 1,142,682 - $ 1,142,682 - Interest rate swap contracts, long-term portion $ 2,669,244 - $ 2,669,244 - |
Fair Value Measurements, Nonrecurring [Table Text Block] | Vessel Significant Other Observable Inputs (Level 2) (amounts in $million) Loss (amounts in $million) M/V Jonathan P $ 7.1 $ 13.8 |
Note 1 - Basis of Presentatio_3
Note 1 - Basis of Presentation and General Information (Details Textual) | 1 Months Ended | 12 Months Ended | |||
Feb. 29, 2024 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Apr. 30, 2024 USD ($) | |
Shareholders Ownership, Percentage | 59.30% | ||||
Working Capital Deficit | $ 14,800,000 | ||||
Net Income (Loss) Attributable to Parent | 114,549,279 | $ 106,244,916 | $ 42,963,660 | ||
Net Cash Provided by (Used in) Operating Activities | 130,007,125 | 114,082,571 | 52,612,939 | ||
Cash and Cash Equivalents, at Carrying Value | 58,613,304 | $ 25,845,333 | $ 26,530,944 | ||
Restricted Cash and Cash Equivalents | 5,700,000 | ||||
Contractual Obligation, to be Paid, Year One | $ 198,000,000 | ||||
Subsequent Event [Member] | |||||
Sale and Leaseback Financing | $ 27,000,000 | ||||
Container Carriers Vessels [Member] | |||||
Number of Vessels Under Construction | 9 | ||||
M/V Leonidas Z [Member] | Forecast [Member] | |||||
Notes and Loans Payable | $ 22,000,000 | ||||
M/V “Monica” and M/V “Stephania” [Member] | Forecast [Member] | |||||
Notes and Loans Payable | $ 45,000,000 |
Note 1 - Basis of Presentatio_4
Note 1 - Basis of Presentation and General Information - Charterers Individually Accounted for More than 10% of the Company's Voyage and Time Charter Revenues (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member] | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Zim Integrated Shipping Services Ltd. [Member] | |||
Concentration Risk, Percentage | 23% | 21% | 0% |
Maersk Line A/S [Member] | |||
Concentration Risk, Percentage | 23% | 21% | 21% |
Sealand Maersk Asia Pte. Ltd. [Member] | |||
Concentration Risk, Percentage | 15% | 21% | 0% |
Asyad Line LLC [Member] | |||
Concentration Risk, Percentage | 11% | 0% | 0% |
Charterer CMA [Member] | |||
Concentration Risk, Percentage | 10% | 11% | 24% |
Vasi Shipping Pte. Ltd., Singapore [Member] | |||
Concentration Risk, Percentage | 0% | 0% | 15% |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 0 | $ 0 | $ 0 |
Estimated Salvage Value Per Light Weight Ton of Vessel | 250 | 250 | |
Ship Owning Crew Contract Term (Month) | 9 months | ||
Number of Reportable Segments | 1 | ||
Minimum [Member] | |||
Lessor, Operating Lease, Term of Contract (Year) | 10 years | ||
Maximum [Member] | |||
Lessor, Operating Lease, Term of Contract (Year) | 4 years | ||
Lessor, Operating Lease, Option to Renewal Term (Month) | 12 months | ||
Vessels [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 25 years |
Note 3 - Inventories - Summary
Note 3 - Inventories - Summary of Inventories (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory | $ 2,538,342 | $ 2,306,177 |
Lubricant [Member] | ||
Inventory | $ 2,538,342 | $ 2,306,177 |
Note 4 - Advances for Vessels_3
Note 4 - Advances for Vessels Under Construction (Details Textual) | 12 Months Ended | |||||||
Mar. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | May 20, 2022 USD ($) | Mar. 18, 2022 USD ($) | Jan. 28, 2022 USD ($) | Jun. 29, 2021 USD ($) | |
Payments for Vessels Under Construction | $ 111,475,509 | $ 50,866,784 | $ 7,615,958 | |||||
Term Sheet With Eurobank Ergasias S.A [Member] | ||||||||
Proceeds from Issuance of Debt | $ 26,000,000 | |||||||
Two Eco Design Fuel Efficient Containerships Signed in 2021 [Member] | ||||||||
Number of Vessels Under Construction | 2 | |||||||
Construction of Vessels, Amount to Be Financed with a Combination of Debt and Equity | $ 80,500,000 | |||||||
Vessel Construction Costs | $ 4,400,000 | |||||||
Two Eco Design Fuel Efficient Containerships Signed on January 28, 2022 [Member] | ||||||||
Construction of Vessels, Amount to Be Financed with a Combination of Debt and Equity | $ 88,800,000 | |||||||
Payments Related to Shipyard Installments for Construction of Vessels | 21,300,000 | 12,800,000 | ||||||
M/V “Tender Soul” [Member] | ||||||||
Cash and Leaseback Financing Transaction | 27,000,000 | |||||||
M/V “Leonidas” [Member] | ||||||||
Cash and Leaseback Financing Transaction | $ 22,000,000 | |||||||
Three Eco Design Fuel Efficient Containerships [Member] | ||||||||
Number of Vessels Under Construction | 3 | |||||||
Construction of Vessels, Amount to Be Financed with a Combination of Debt and Equity | $ 101,600,000 | |||||||
Payments Related to Shipyard Installments for Construction of Vessels | $ 20,300,000 | 10,200,000 | ||||||
Two Eco Design Fuel Efficient Containerships [Member] | ||||||||
Number of Vessels Under Construction | 2 | |||||||
Construction of Vessels, Amount to Be Financed with a Combination of Debt and Equity | $ 89,300,000 | |||||||
Payments Related to Shipyard Installments for Construction of Vessels | 8,600,000 | |||||||
Eco Design Fuel Efficient Containerships [Member] | ||||||||
Number of Vessels Under Construction | 7 | |||||||
Construction of Vessels, Amount to Be Financed with a Combination of Debt and Equity | $ 198,000,000 | |||||||
Payments for Vessels Under Construction | $ 85,400,000 | $ 59,100,000 |
Note 4 - Advances for Vessels_4
Note 4 - Advances for Vessels Under Construction - Schedule of Advances for Vessels Under Construction (Details) - USD ($) | Dec. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Jan. 01, 2022 |
Balance | $ 85,375,650 | $ 59,083,594 | $ 7,615,958 | |
Advances for vessels under construction | $ 111,194,917 | $ 51,467,636 | ||
Vessel “Gregos” [Member] | ||||
Newbuilding vessel “Gregos” delivered during the period | (42,356,864) | |||
Vessel “Terataki” [Member] | ||||
Newbuilding vessel “Gregos” delivered during the period | $ (42,545,997) |
Note 5 - Vessels, Net (Details
Note 5 - Vessels, Net (Details Textual) | 12 Months Ended | |||||||
Sep. 30, 2023 USD ($) | Dec. 23, 2022 USD ($) | May 03, 2022 USD ($) | Apr. 26, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jul. 06, 2023 USD ($) | Apr. 06, 2023 USD ($) | |
Property, Plant and Equipment, Net, Total | $ 267,626,155 | $ 216,570,426 | ||||||
Impairment, Long-Lived Asset, Held-for-Use | $ 13,800,000 | |||||||
Asset Pledged as Collateral [Member] | Loan Agreements [Member] | ||||||||
Property, Plant and Equipment, Net, Total | $ 239,800,000 | |||||||
Number of Vessels Used As Collateral | 12 | |||||||
Installation of WBT System Improvements on Vessel [Member] | ||||||||
Payments for Improvements of Property, Plant and Equipment | $ 500,000 | 1,500,000 | ||||||
Installation of Smart Monitoring Systems Improvement on Vessels [Member] | ||||||||
Payments for Improvements of Property, Plant and Equipment | 200,000 | 400,000 | ||||||
Installation of Energy Saving Devices [Member] | ||||||||
Payments for Improvements of Property, Plant and Equipment | $ 1,700,000 | |||||||
M/V Seaspan Melbourne [Member] | ||||||||
Payments to Acquire Property, Plant, and Equipment, Total | $ 17,500,000 | |||||||
Payments to Make Property, Plant and Equipment Available for Use | 179,130 | |||||||
Payments to Acquire Property, Plant, and Equipment, Including Preparation Costs | 33,438,371 | |||||||
Seaspan Melbourne, Vessels [Member] | ||||||||
Payments to Acquire Property, Plant, and Equipment, Total | 33,259,241 | |||||||
Seaspan Melbourne, In-place Attached Time Charter [Member] | ||||||||
Payments to Acquire Property, Plant, and Equipment, Total | $ 15,759,241 | |||||||
M/V Seaspan Manila [Member] | ||||||||
Payments to Acquire Property, Plant, and Equipment, Total | $ 17,500,000 | |||||||
Payments to Make Property, Plant and Equipment Available for Use | 2,084,509 | |||||||
Payments to Acquire Property, Plant, and Equipment, Including Preparation Costs | 32,124,715 | |||||||
Seaspan Manila, Vessels [Member] | ||||||||
Payments to Acquire Property, Plant, and Equipment, Total | 30,040,206 | |||||||
Seaspan Manila, In-place Attached Time Charter [Member] | ||||||||
Payments to Acquire Property, Plant, and Equipment, Total | $ 12,540,206 | |||||||
M/V Gregos [Member] | ||||||||
Vessel Construction Costs | $ 42,356,864 | |||||||
M/V “Terataki” [Member] | ||||||||
Vessel Construction Costs | $ 42,545,997 | |||||||
M/V Akinada Bridge [Member] | ||||||||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 14,200,000 | |||||||
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ 5,200,000 | |||||||
M/V Akinada Bridge [Member] | Asset Held for Sale [Member] | ||||||||
Property, Plant and Equipment, Net, Total | 8,500,000 | |||||||
Inventory On Board | 400,000 | |||||||
M/V Akinada Bridge [Member] | Liability Associated With Asset Held for Sale [Member] | ||||||||
Advance Collected for Sale of Vessels | $ 3,600,000 | |||||||
Vessels Unencumbered [Member] | ||||||||
Number of Vessels Unencumbered | 7 |
Note 5 - Vessels, Net - Summary
Note 5 - Vessels, Net - Summary of Vessels (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net book value | $ 216,570,426 | ||
Vessel depreciation | (22,835,469) | $ (18,522,217) | $ (7,203,198) |
- Depreciation for the year | (22,835,469) | (18,522,217) | (7,203,198) |
Net book value | 267,626,155 | 216,570,426 | |
Vessels [Member] | |||
Costs | 257,173,053 | 201,187,677 | |
Accumulated depreciation | (40,602,627) | (25,076,191) | |
Net book value | 216,570,426 | 176,111,486 | |
Vessel depreciation | (22,835,469) | (18,522,217) | |
- Depreciation for the year | (22,835,469) | (18,522,217) | |
- Vessel held for sale | (11,494,650) | ||
- Vessel held for sale | 2,995,781 | ||
- Vessel held for sale | (8,498,869) | ||
- Vessel acquisitions and improvements | 2,821,053 | 67,480,026 | |
Net book value | 267,626,155 | 216,570,426 | 176,111,486 |
- Vessel impairment | (18,442,104) | ||
- Vessel impairment | 4,609,388 | ||
- Vessel impairment | (13,832,716) | ||
- Newbuilding vessels “Gregos” & "Terataki" delivered during the year | 84,902,861 | ||
Costs | 326,454,863 | 257,173,053 | 201,187,677 |
Accumulated depreciation | $ (58,828,708) | $ (40,602,627) | $ (25,076,191) |
Note 6 - Accrued Expenses - Sum
Note 6 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Accrued payroll expenses | $ 486,534 | $ 218,506 |
Accrued interest expense | 648,165 | 470,694 |
Accrued general and administrative expenses | 79,890 | 117,624 |
Accrued commissions | 162,699 | 79,199 |
Other accrued expenses | 488,327 | 870,360 |
Total | $ 1,865,615 | $ 1,756,383 |
Note 7 - Fair Value of Below _3
Note 7 - Fair Value of Below Market Time Charters Acquired (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2022 | |
Gain (Loss) on Contract Termination | $ 15,984,253 | $ 15,984,253 | $ 0 | $ 0 | |
Amortization of Fair Value of Below-market Time Charters Acquired | 11,368,879 | 10,827,595 | 230,112 | ||
Below Market Time Charters Acquired, Noncurrent | 7,580,306 | $ 34,933,438 | |||
Below Market Time Charters, Accumulated Amortization | $ 10,111,392 | ||||
Below Market Time Charters, Weighted Average Amortization Life (Year) | 1 year 6 months 10 days | ||||
Fair Value, Inputs, Level 2 [Member] | M/V Marcos V [Member] | |||||
Below Market Time Charters, Fair Value | $ 17,691,698 | ||||
Fair Value, Inputs, Level 2 [Member] | M/V Emmanuel P [Member] | |||||
Below Market Time Charters, Fair Value | $ 15,759,241 | ||||
Fair Value, Inputs, Level 2 [Member] | M/V Rena P [Member] | |||||
Below Market Time Charters, Fair Value | $ 12,540,206 |
Note 7 - Fair Value of Below _4
Note 7 - Fair Value of Below Market Time Charters Acquired - Amortization of Intangible Liability (Details) | Dec. 31, 2022 USD ($) |
2024 | $ (4,737,600) |
2025 | (2,842,706) |
Total | $ (7,580,306) |
Note 8 - Related Party Transa_2
Note 8 - Related Party Transactions (Details Textual) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||
Jan. 01, 2024 USD ($) | Jan. 01, 2024 EUR (€) | Jan. 01, 2023 USD ($) | Jan. 01, 2023 EUR (€) | Jan. 01, 2022 EUR (€) | Jan. 01, 2018 | Jan. 01, 2012 | Jun. 30, 2022 USD ($) | May 31, 2022 USD ($) | Oct. 31, 2021 USD ($) | Sep. 30, 2020 | Dec. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) $ / € | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | Nov. 01, 2019 USD ($) | |
Related Party Agreement Term (Year) | 5 years | 5 years | 5 years | 5 years | ||||||||||||||
Service Management Costs Daily Fee Related Party | $ 853 | € 775 | € 720 | € 685 | ||||||||||||||
Related Party Transaction Daily Fee Per Vessel Per Day in Lay Up | $ 426 | € 387.5 | € 360 | € 342.5 | ||||||||||||||
Foreign Currency Exchange Rate, Remeasurement (in USD per EUR) | $ / € | 1.1 | |||||||||||||||||
Accounts Receivable, after Allowance for Credit Loss, Current | $ 2,037,940 | $ 572,961 | ||||||||||||||||
Eurobulk Ltd. [Member] | ||||||||||||||||||
Related Party Transaction, Amounts of Transaction | 2,150,000 | 2,000,000 | $ 2,000,000 | |||||||||||||||
Eurobulk Ltd. [Member] | Vessel Management Fees [Member] | ||||||||||||||||||
Related Party Transaction, Amounts of Transaction | 5,720,831 | 4,920,063 | 4,294,789 | |||||||||||||||
Eurobulk Ltd. [Member] | Fixed Management Fees [Member] | Special Bonus to Employees and Consultants [Member] | ||||||||||||||||||
Related Party Transaction, Amounts of Transaction | 500,000 | 420,000 | 460,000 | |||||||||||||||
Eurobulk Ltd. [Member] | Executive Management Fees [Member] | Special Bonus to Employees and Consultants [Member] | ||||||||||||||||||
Related Party Transaction, Amounts of Transaction | 2,650,000 | 2,420,000 | 2,460,000 | |||||||||||||||
Annual Compensation [Member] | Eurobulk Ltd. [Member] | Forecast [Member] | ||||||||||||||||||
Related Party Transaction, Amounts of Transaction | $ 2,250,000 | |||||||||||||||||
Related Party [Member] | ||||||||||||||||||
Accounts Receivable, after Allowance for Credit Loss, Current | 0 | $ 32,146 | ||||||||||||||||
Accounts Payable | $ 1,298,941 | |||||||||||||||||
First Debt Agreement [Member] | Colby Trading Ltd [Member] | ||||||||||||||||||
Notes and Loans Payable | $ 2,500,000 | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8% | |||||||||||||||||
Second Debt Agreement [Member] | Colby Trading Ltd [Member] | ||||||||||||||||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total | 50,000 | |||||||||||||||||
Eurochart [Member] | Vessel Sales [Member] | ||||||||||||||||||
Related Party Transaction Commission, Percentage | 1% | 1% | 1% | |||||||||||||||
Commission for Sale of Vessels | $ 142,266 | $ 0 | 0 | |||||||||||||||
Eurochart [Member] | Charter Revenues [Member] | ||||||||||||||||||
Related Party Transaction, Amounts of Transaction | 2,350,919 | $ 2,370,381 | 1,075,274 | |||||||||||||||
Related Party Transaction Commission, Percentage | 1.25% | |||||||||||||||||
Eurochart [Member] | Vessel Sales, Commission [Member] | ||||||||||||||||||
Related Party Transaction, Amounts of Transaction | 400,000 | |||||||||||||||||
Eurochart [Member] | Vessel Sales, Commission [Member] | MV Jonathan P [Member] | ||||||||||||||||||
Related Party Transaction, Amounts of Transaction | $ 255,000 | |||||||||||||||||
Eurochart [Member] | Vessel Sales, Commission [Member] | M/V Emmanuel P [Member] | ||||||||||||||||||
Related Party Transaction, Amounts of Transaction | $ 175,000 | $ 175,000 | ||||||||||||||||
Sentinel [Member] | ||||||||||||||||||
Related Party Transaction Commission on Premium, Maximum, Percentage | 5% | |||||||||||||||||
Sentinel [Member] | Crew Fees [Member] | ||||||||||||||||||
Related Party Transaction, Amounts of Transaction | 108,208 | $ 118,614 | 77,896 | |||||||||||||||
Technomar [Member] | ||||||||||||||||||
Related Party Transaction Amounts of Transaction Per Crew Member Per Month | 50 | |||||||||||||||||
Technomar [Member] | Crew Fees [Member] | ||||||||||||||||||
Related Party Transaction, Amounts of Transaction | $ 236,416 | $ 235,228 | $ 155,739 | |||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||
Service Management Costs Daily Fee Related Party | $ 891 | € 810 | ||||||||||||||||
Related Party Transaction Daily Fee Per Vessel Per Day in Lay Up | $ 446 | € 405 |
Note 9 - Long-term Bank Loans_2
Note 9 - Long-term Bank Loans (Details Textual) | 1 Months Ended | 7 Months Ended | 12 Months Ended | |||||||||||||||||
Jul. 13, 2023 USD ($) | Jun. 29, 2023 USD ($) | Mar. 31, 2023 USD ($) | Feb. 06, 2023 USD ($) | Sep. 13, 2022 USD ($) | Dec. 14, 2021 USD ($) | Nov. 26, 2021 USD ($) | Oct. 22, 2021 USD ($) | Sep. 06, 2021 USD ($) | Jun. 26, 2020 USD ($) | Nov. 08, 2019 USD ($) | Jul. 30, 2019 USD ($) | May 30, 2019 USD ($) | May 31, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2019 | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | ||
Long-Term Debt, Gross | $ 131,000,000 | $ 107,975,000 | ||||||||||||||||||
Restricted Cash | 5,702,994 | 5,593,173 | ||||||||||||||||||
Interest Expense, Operating and Nonoperating | 5,955,496 | 4,729,759 | $ 2,556,237 | |||||||||||||||||
Interest Costs Capitalized | 3,410,933 | 544,639 | ||||||||||||||||||
Term Sheet, Piraeus S.A. [Member] | ||||||||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 40,000,000 | |||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 20,000,000 | $ 4,340,000 | ||||||||||||||||||
Debt Instrument, Periodic Payment, Total | $ 1,250,000 | |||||||||||||||||||
Debt Instrument, Face Amount | $ 16,500,000 | |||||||||||||||||||
Debt Instrument Number of Quarterly Payments | 16 | 16 | ||||||||||||||||||
Payments of Debt Issuance Costs | $ 250,000 | $ 115,000 | ||||||||||||||||||
Long-Term Debt, Gross | $ 28,380,000 | |||||||||||||||||||
Debt Instrument, Covenant, Security Cover Ratio | 125% | |||||||||||||||||||
Term Sheet, Piraeus S.A., First Four Installments [Member] | ||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | $ 1,500,000 | |||||||||||||||||||
Term Sheet, Piraeus S.A., Eleven Installments [Member] | ||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | $ 560,000 | |||||||||||||||||||
Jonathan John Shipping Ltd., and Corfu Navigation Ltd. [Member] | ||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 2,000,000 | |||||||||||||||||||
Debt Instrument, Periodic Payment, Total | 500,000 | |||||||||||||||||||
Debt Instrument, Face Amount | 10,000,000 | |||||||||||||||||||
Payments of Debt Issuance Costs | $ 225,000 | |||||||||||||||||||
Long-Term Debt, Gross | [1] | 5,500,000 | 7,500,000 | |||||||||||||||||
Debt Instrument, Covenant, Security Cover Ratio | 120% | |||||||||||||||||||
Debt Instrument, Periodic Payment, Number of Payments | 16 | |||||||||||||||||||
Jonathan John Shipping Ltd. [Member] | ||||||||||||||||||||
Debt Instrument, Face Amount | $ 3,500,000 | |||||||||||||||||||
Corfu Navigation Ltd. [Member] | ||||||||||||||||||||
Debt Instrument, Face Amount | $ 6,500,000 | |||||||||||||||||||
Term Loan, HSBC Bank plc [Member] | ||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 9,250,000 | $ 1,800,000 | ||||||||||||||||||
Debt Instrument, Periodic Payment, Total | 1,000,000 | 1,100,000 | ||||||||||||||||||
Debt Instrument, Face Amount | $ 19,250,000 | $ 15,000,000 | ||||||||||||||||||
Debt Instrument Number of Quarterly Payments | 10 | 12 | ||||||||||||||||||
Payments of Debt Issuance Costs | $ 117,500 | $ 115,500 | ||||||||||||||||||
Debt Instrument, Covenant, Security Cover Ratio | 130% | 130% | ||||||||||||||||||
Term Loan With Eurobank Ergasias S.A. by Marcos Shipping Ltd. [Member] | ||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 7,000,000 | |||||||||||||||||||
Debt Instrument, Face Amount | $ 34,000,000 | |||||||||||||||||||
Debt Instrument Number of Quarterly Payments | 16 | |||||||||||||||||||
Payments of Debt Issuance Costs | $ 300,000 | |||||||||||||||||||
Debt Instrument, Covenant, Security Cover Ratio | 120% | |||||||||||||||||||
Term Loan With Eurobank Ergasias S.A. by Marcos Shipping Ltd., Twelve Installments [Member] | ||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | $ 2,000,000 | |||||||||||||||||||
Term Loan With Eurobank Ergasias S.A. by Marcos Shipping Ltd., Four Installments [Member] | ||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | $ 750,000 | |||||||||||||||||||
Term Sheet With Major Commercial Banking Institution [Member] | ||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 10,400,000 | $ 10,400,000 | ||||||||||||||||||
Payments of Debt Issuance Costs | $ 221,000 | |||||||||||||||||||
Debt Instrument, Covenant, Security Cover Ratio | 120% | |||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 26,000,000 | $ 26,000,000 | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Amount, Percent of the Vessel's Market Value for Financing | 67% | 67% | ||||||||||||||||||
Proceeds from Issuance of Debt | $ 26,000,000 | |||||||||||||||||||
Debt Instrument, Number of Consecutive Quarterly Installments | 28 | |||||||||||||||||||
Loan Payable, Twelve Quarterly Instruments | $ 700,000 | |||||||||||||||||||
Loan Payable, Sixteen Quarterly Instruments | $ 450,000 | |||||||||||||||||||
Term Sheet With National Bank of Greece S.A [Member] | ||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 14,000,000 | |||||||||||||||||||
Debt Instrument, Face Amount | $ 26,000,000 | |||||||||||||||||||
Debt Instrument Number of Quarterly Payments | 24 | |||||||||||||||||||
Payments of Debt Issuance Costs | $ 260,000 | |||||||||||||||||||
Debt Instrument, Covenant, Security Cover Ratio | 125% | |||||||||||||||||||
Secured Overnight Financing Rate (SOFR) [Member] | Term Sheet, Piraeus S.A. [Member] | ||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.60% | |||||||||||||||||||
Secured Overnight Financing Rate (SOFR) [Member] | Jonathan John Shipping Ltd., and Corfu Navigation Ltd. [Member] | ||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||||||||||||||||||
Secured Overnight Financing Rate (SOFR) [Member] | Term Loan, HSBC Bank plc [Member] | ||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.95% | 2.35% | ||||||||||||||||||
Secured Overnight Financing Rate (SOFR) [Member] | Term Loan With Eurobank Ergasias S.A. by Marcos Shipping Ltd. [Member] | ||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.80% | |||||||||||||||||||
Secured Overnight Financing Rate (SOFR) [Member] | Term Sheet With Major Commercial Banking Institution [Member] | ||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.15% | |||||||||||||||||||
Secured Overnight Financing Rate (SOFR) [Member] | Term Sheet With National Bank of Greece S.A [Member] | ||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.15% | |||||||||||||||||||
Loan Equivalent to Deposits [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Term Sheet, Piraeus S.A. [Member] | ||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.90% | |||||||||||||||||||
Loan Exceeding Deposit Amount [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Term Sheet, Piraeus S.A. [Member] | ||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||||||||||||||||||
First Twelve Installments [Member] | Term Sheet With National Bank of Greece S.A [Member] | ||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | $ 800,000 | |||||||||||||||||||
Second Twelve Installments [Member] | Term Sheet With National Bank of Greece S.A [Member] | ||||||||||||||||||||
Debt Instrument, Periodic Payment, Total | $ 200,000 | |||||||||||||||||||
Eurobank Ergasias S.A. [Member] | Corfu Navigation Ltd., Jonathan John Shipping Ltd. and Bridge Shipping Ltd. [Member] | ||||||||||||||||||||
Short-term Debt, Refinanced, Amount | $ 5,525,000 | |||||||||||||||||||
Eurobank Ergasias S.A. [Member] | Revolving Loan Facility [Member] | ||||||||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 12,000,000 | |||||||||||||||||||
Debt Instrument, Number of Periodic Payments | 16 | |||||||||||||||||||
Debt Instrument, Periodic Payment, Total | $ 375,000 | |||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 7,125,000 | $ 6,000,000 | ||||||||||||||||||
Debt Instrument, Deferred Amount | $ 1,125,000 | |||||||||||||||||||
Debt Instrument, Number of Periodic Payments, Deferred | 3 | |||||||||||||||||||
Repayments of Long-Term Debt | $ 7,500,000 | |||||||||||||||||||
Eurobank Ergasias S.A. [Member] | Revolving Loan Facility [Member] | Secured Overnight Financing Rate (SOFR) [Member] | ||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.90% | |||||||||||||||||||
HSBC Bank PLC [Member] | ||||||||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 12,500,000 | |||||||||||||||||||
Debt Instrument, Number of Periodic Payments | 14 | |||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 6,200,000 | |||||||||||||||||||
Repayments of Long-Term Debt | $ 6,650,000 | |||||||||||||||||||
Debt Instrument, Periodic Payment, Total | $ 450,000 | |||||||||||||||||||
HSBC Bank PLC [Member] | Secured Overnight Financing Rate (SOFR) [Member] | ||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.95% | |||||||||||||||||||
Piraeus Bank S.A. [Member] | Second Debt Agreement [Member] | ||||||||||||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 32,000,000 | |||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 17,400,000 | |||||||||||||||||||
Piraeus Bank S.A. [Member] | Second Debt Agreement, First Payments [Member] | ||||||||||||||||||||
Debt Instrument, Number of Periodic Payments | 3 | |||||||||||||||||||
Debt Instrument, Periodic Payment, Total | $ 1,400,000 | |||||||||||||||||||
Piraeus Bank S.A. [Member] | Second Debt Agreement, Second Payments [Member] | ||||||||||||||||||||
Debt Instrument, Number of Periodic Payments | 13 | |||||||||||||||||||
Debt Instrument, Periodic Payment, Total | $ 800,000 | |||||||||||||||||||
Piraeus Bank S.A. [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Second Debt Agreement [Member] | ||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||||||||||||||||||
[1]On September 6, 2021, the Company signed a term loan facility with Sinopac Capital International (HK) Limited (“Sinopac”) for an amount of up to $10,000,000, in order to refinance the existing indebtedness of M/V “Aegean Express” and M/V “EM Corfu”, amounting to $5,525,000 as of the date of refinancing, and for working capital purposes. The facility was available in two advances. Both advances of $3,500,000 and $6,500,000 were drawn on September 9, 2021 by Jonathan John Shipping Ltd. and Corfu Navigation Ltd. as the borrowers. The loan is payable in sixteen consecutive quarterly installments of $500,000 each, followed by a balloon payment of $2,000,000 to be paid together with the last installment in September 2025. The loan bears interest at SOFR plus a margin of 3.50%. The loan is secured with the following: (i) first priority mortgages over M/V “Aegean Express” and M/V “EM Corfu”, (ii) first assignment of earnings and insurance of the abovementioned vessels and (iii) other covenants and guarantees similar to the remaining loans of the Company. The security cover ratio covenant for this facility stands at 120%. The Company paid loan arrangement fees of $225,000 within 2021 for this loan. |
Note 9 - Long-term Bank Loans -
Note 9 - Long-term Bank Loans - Summary of Long-term Debt (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | |
Long-term debt, gross | $ 131,000,000 | $ 107,975,000 | |
Less: Current portion | (31,200,000) | (55,765,000) | |
Long-term portion | 99,800,000 | 52,210,000 | |
Deferred charges, current portion | 360,459 | 345,185 | |
Deferred charges, long-term portion | 638,129 | 397,914 | |
Long-term bank loans, current portion net of deferred charges | 30,839,541 | 55,419,815 | |
Long-term bank loans, long-term portion net of deferred charges | 99,161,871 | 51,812,086 | |
Noumea Shipping Ltd., Gregos Shipping Ltd. [Member] | |||
Long-term debt, gross | [1] | 0 | 7,875,000 |
Kea Shipowners Ltd. / Spetses Shipowners Ltd. / Hydra Shipowners Ltd. [Member] | |||
Long-term debt, gross | [2] | 0 | 6,650,000 |
Antwerp Shipping Ltd. / Busan Shipping Ltd. / Keelung Shipping Ltd. / Oakland Shipping Ltd. [Member] | |||
Long-term debt, gross | [3] | 38,750,000 | 31,100,000 |
Jonathan John Shipping Ltd., and Corfu Navigation Ltd. [Member] | |||
Long-term debt, gross | [4] | 5,500,000 | 7,500,000 |
Jonathan Shipowners Ltd. [Member] | |||
Long-term debt, gross | [5] | 6,200,000 | 10,600,000 |
Marcos Shippting Ltd. [Member] | |||
Long-term debt, gross | [6] | 18,000,000 | 26,000,000 |
Rena Shipping Ltd. [Member] | |||
Long-term debt, gross | [7] | 14,250,000 | 18,250,000 |
Gregos Shipping Ltd. 1[Member] | |||
Long-term debt, gross | [8] | 23,900,000 | 0 |
Terataki Shipping, Ltd. [Member] | |||
Long-term debt, gross | [9] | $ 24,400,000 | $ 0 |
[1]On May 30, 2019, the Company signed a term loan facility with Eurobank Ergasias S.A. (“Eurobank”) in relation to the financing of M/V “EM Astoria” and M/V “Evridiki G” totaling $12.0 million or 55% of the aggregate market value of the two aforementioned vessels. The loan was used to refinance the existing facilities of Noumea Shipping Ltd. and Gregos Shipping Ltd. and to provide working capital. The loan was payable in 16 equal consecutive quarterly principal installments of $375,000 followed by a balloon amount of $6,000,000 payable together with the last principal installment in May 2023. The margin of the loan was 3.90% over the Secured Overnight Financing Rate, or “SOFR”. On June 26, 2020, Eurobank agreed to defer the amount of $1,125,000 (the remaining three installments of 2020) to be repaid together with the balloon payment in May 2023, increasing the balloon amount to $7,125,000. The loan was secured with (i) first priority mortgages over M/V “Evridiki G” and M/V “EM Astoria”, (ii) first assignment of earnings and insurance of the aforementioned vessels, (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to the remaining loans of the Company. On May 30, 2023, Noumea Shipping Ltd. and Gregos Shipping Ltd. repaid the full amount of outstanding indebtedness amounting to $7,500,000, by using the Company’s own funds and became unencumbered.[2]On July 30, 2019, the Company signed a term loan facility with HSBC Bank Plc. (“HSBC”) for an amount of $12,500,000. The loan was used to partly finance the acquisition of M/V “EM Hydra”, M/V “EM Kea” and M/V “EM Spetses”. The loan was drawn in tranches upon the delivery of each vessel to the Company with the last drawdown taking place on August 8, 2019. The loan was payable in fourteen consecutive equal quarterly installments of $450,000 plus a balloon payment of $6,200,000 payable together with the last instalment in February 2023. The loan bore interest at SOFR plus a margin of 2.95%. The loan was secured with (i) first priority mortgages over M/V “EM Hydra”, M/V “EM Kea” and M/V “EM Spetses” (ii) first assignment of earnings and insurance of the abovementioned vessels, (iii) a corporate guarantee of Euroseas Ltd. and other covenants and guarantees similar to the remaining loans of the Company. On February 6, 2023, the Company repaid the full amount of outstanding indebtedness amounting to $6,650,000, by using the Company’s own funds and the three abovementioned vessels became unencumbered.[3]On November 8, 2019, the Company signed a term loan facility with Piraeus Bank S.A. (“Piraeus”) for an amount of $32,000,000. The loan was used to partly finance the acquisition of M/V “Synergy Antwerp”, M/V “Synergy Busan”, M/V “Synergy Keelung” and M/V “Synergy Oakland”. The loan was drawn in tranches upon the delivery of each vessel to the Company with the last drawdown taking place on November 18, 2019. The loan was payable in three consecutive equal quarterly instalments of $1,400,000 followed by thirteen consecutive equal quarterly instalments of $800,000 and a balloon payment of $17,400,000 payable together with the last instalment in November 2023. The loan bore interest at SOFR plus a margin of 3.50%. On November 26, 2021, the Company signed a new facility agreement with Piraeus in addition to the existing abovementioned facility and on November 29, 2021 drew the amount of $16,500,000 in order to finance general corporate needs of the Company. The loan was payable in sixteen consecutive quarterly instalments, the first four in the amount of $1,500,000 each, the next eleven in the amount of $560,000 each and a final balloon instalment of $4,340,000. The loan bore interest at SOFR plus a margin of 2.60%. The Company paid loan arrangement fees of $115,000 within 2021 for this loan. F- 31 Euroseas Ltd. and Subsidiaries Notes to consolidated financial statements as of December 31, 2022 and 2023 and for the years ended December 31, 2021, 2022 and 2023 (All amounts expressed in U.S. Dollars) 9. Long-Term Bank Loans – continued On July 13, 2023, the Company signed and drew a new term loan facility with Piraeus of $40,000,000 in order to refinance all the outstanding amounts of the two previous loans amounting to $28,380,000 as of the date of refinancing and provide working capital to cover general corporate needs of the Company. The loan is payable in sixteen consecutive quarterly instalments in the amount of $1,250,000 each and a final balloon instalment of $20,000,000 to be paid together with the last instalment in July 2027. A margin of 0.9% above SOFR is applicable to the portion of the loan equivalent to the Company’s aggregate deposits held in an account with the Lender and pledged in favor of the Lender, whereas the margin applicable on the remaining part of the loan outstanding amounts to 2.25% above SOFR. The loan is secured with the following: (i) first priority mortgages over M/V "Synergy Antwerp”, M/V "Synergy Busan”, M/V "Synergy Keelung” and M/V "Synergy Oakland”, (ii) first assignment of earnings and insurance and (iii) other covenants and guarantees similar to the remaining loans of the Company. The Company paid loan arrangement fees of $250,000 within 2023 for this loan. The security cover ratio covenant for the facility was set to 125%, the same with the existing facility.[4]On September 6, 2021, the Company signed a term loan facility with Sinopac Capital International (HK) Limited (“Sinopac”) for an amount of up to $10,000,000, in order to refinance the existing indebtedness of M/V “Aegean Express” and M/V “EM Corfu”, amounting to $5,525,000 as of the date of refinancing, and for working capital purposes. The facility was available in two advances. Both advances of $3,500,000 and $6,500,000 were drawn on September 9, 2021 by Jonathan John Shipping Ltd. and Corfu Navigation Ltd. as the borrowers. The loan is payable in sixteen consecutive quarterly installments of $500,000 each, followed by a balloon payment of $2,000,000 to be paid together with the last installment in September 2025. The loan bears interest at SOFR plus a margin of 3.50%. The loan is secured with the following: (i) first priority mortgages over M/V “Aegean Express” and M/V “EM Corfu”, (ii) first assignment of earnings and insurance of the abovementioned vessels and (iii) other covenants and guarantees similar to the remaining loans of the Company. The security cover ratio covenant for this facility stands at 120%. The Company paid loan arrangement fees of $225,000 within 2021 for this loan.[5]On October 22, 2021, the Company signed a term loan facility with HSBC, and on October 26, 2021, a loan of $15,000,000 was drawn by Jonathan Shipowners Ltd. in order to post-delivery finance part of the acquisition cost of M/V “Jonathan P” and to finance general corporate purposes of the Company. The loan is payable in twelve consecutive quarterly installments of $1,100,000 followed by a balloon payment of $1,800,000 payable together with the last installment in October 2024. The loan bears interest at SOFR plus a margin of 2.35%. The loan is secured with the following: (i) first priority mortgage over M/V “Jonathan P”, (ii) first assignment of earnings and insurance of the abovementioned vessel and (iii) other covenants and guarantees similar to the remaining loans of the Company. The security cover ratio covenant for this facility stands at 130%. The Company paid loan arrangement fees of $117,500 within 2021 for this loan. On December 23, 2022, following an assignment agreement between HSBC Bank plc. and Piraeus Bank S.A., the remaining balance of the loan was transferred to Piraeus Bank S.A. with all other terms and conditions remaining unchanged.[6]On December 14, 2021, the Company signed a term loan facility with Eurobank Ergasias S.A. (“Eurobank”), and a loan of $34,000,000 was drawn by Marcos Shipping Ltd. in order to finance part of the acquisition cost of M/V “Marcos V”. The loan is payable in sixteen consecutive quarterly installments, comprising twelve installments of $2,000,000 followed by four installments of $750,000 each and by a balloon payment of $7,000,000 payable together with the last installment in December 2025. The loan bears interest at SOFR plus a margin of 2.80%. The loan is secured with the following: (i) first priority mortgage over M/V “Marcos V”, (ii) first assignment of earnings and insurance of the abovementioned vessel and (iii) other covenants and guarantees similar to the remaining loans of the Company. The security cover ratio covenant for this facility stands at 120%. The Company paid loan arrangement fees of $300,000 within 2022 for this loan.[7]On September 13, 2022, the Company signed a term loan facility with HSBC, and a loan of $19,250,000 was drawn by Rena Shipping Ltd. and Emmanuel Shipping Ltd., in order to finance general corporate purposes of the borrowers and the guarantor, being the Company. The loan is payable in ten consecutive quarterly installments of $1,000,000 each followed by a balloon payment of $9,250,000 payable together with the last installment in June 2025. The loan bears interest at SOFR plus a margin of 1.95%. The loan is secured with the following: (i) first priority mortgages over M/V “Emmanuel P” and M/V “Rena P”, (ii) first assignment of earnings and insurance of the abovementioned vessels and (iii) other covenants and guarantees similar to the remaining loans of the Company. The security cover ratio covenant for this facility stands at 130%. The Company paid loan arrangement fees of $115,500 within 2022 for this loan. On December 23, 2022, following an assignment agreement between HSBC Bank plc. and Piraeus Bank S.A., the remaining balance of the loan was transferred to Piraeus Bank S.A. with all other terms and conditions remaining unchanged.[8]On March 30, 2023, the Company signed a loan agreement with Eurobank for a loan up to the lesser of $26.0 million or up to 67% of the vessel’s market value, in order to finance part of the construction cost of M/V “Gregos” (Hull No. 4201). A loan of $26,000,000 was drawn by Gregos Maritime Ltd. on March 31, 2023. The loan is payable in twenty-eight consecutive quarterly instalments, twelve in the amount of $700,000 and sixteen in the amount of $450,000, with a $10,400,000 balloon payment to be made with the last installment in March 2030. The interest rate margin is 2.15% over SOFR. The Company paid loan arrangement fees of $221,000 within 2023 for this loan. The security cover ratio covenant for this facility stands at 120%. The loan is secured with (i) first priority mortgage over M/V "Gregos", (ii) first assignment of earnings and insurance of M/V "Gregos" and (iii) other covenants and guarantees similar to the remaining loans of the Company.[9]On June 29, 2023, the Company signed a loan agreement with the National Bank of Greece S.A., and a loan of $26,000,000 was drawn by Terataki Shipping Ltd., in order to finance part of the construction cost of M/V “Terataki” (Hull No. 4202). The loan is payable in twenty-four consecutive quarterly instalments, twelve in the amount of $800,000 and twelve in the amount of $200,000, with a $14,000,000 balloon payment to be made with the last installment in June 2029. The interest rate margin is 2.15% over SOFR. The Company paid loan arrangement fees of $260,000 within 2023 for this loan. The security cover ratio covenant for this facility stands at 125%. The loan is secured with (i) first priority mortgage over M/V "Terataki", (ii) first assignment of earnings and insurance of M/V "Terataki" and (iii) other covenants and guarantees similar to the remaining loans of the Company. |
Note 9 - Long-term Bank Loans_3
Note 9 - Long-term Bank Loans - Summary of Future Annual Loan Repayments for Long-term Debt (Details) | Dec. 31, 2023 USD ($) |
2024 | $ 31,200,000 |
2025 | 34,750,000 |
2026 | 9,050,000 |
2027 | 26,350,000 |
2028 | 2,600,000 |
Thereafter | 27,050,000 |
Total | $ 131,000,000 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Effective United States Tax on U.S. Source Shipping | 4% | 4% | 4% |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Details Textual) $ in Millions | Dec. 31, 2023 USD ($) |
Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements | $ 250.9 |
Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements, Due in Rolling Year One | 159.2 |
Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements, Due in Rolling Year Two | 70.8 |
Future Gross Minimum Revenues Under Non-cancellable Time Charter Agreements, Due in Rolling Year Three | $ 20.9 |
Eco Design Fuel Efficient Containerships [Member] | |
Number of Vessels Under Construction | 7 |
Construction of Vessels, Amount to Be Financed with a Combination of Debt and Equity | $ 198 |
Note 12 - Stock Incentive Pla_2
Note 12 - Stock Incentive Plan (Details Textual) | 1 Months Ended | 12 Months Ended | ||||||||
Nov. 10, 2023 shares | Dec. 03, 2022 shares | Nov. 19, 2021 shares | Nov. 05, 2020 shares | Nov. 04, 2019 shares | Jul. 31, 2014 shares | Nov. 30, 2021 shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | |
Share-Based Payment Arrangement, Expense | $ | $ 1,083,414 | $ 951,385 | $ 182,324 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested Options Forfeited, Number of Shares (in shares) | 0 | 0 | 0 | |||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ | $ 1,791,719 | |||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 9 months 14 days | |||||||||
Restricted Stock [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 60,500 | 60,000 | 49,650 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Granted in Period, Fair Value | $ | $ 1,447,160 | $ 1,138,800 | $ 1,303,809 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value | $ | $ 1,282,185 | $ 978,025 | $ 663,347 | |||||||
The 2014 Plan [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 75,000 | 225,000 | ||||||||
Share Based Compensation Arrangement By Share Based Payment Awarded Term (Year) | 10 years | 10 years | ||||||||
The 2014 Plan [Member] | Restricted Stock [Member] | The 17 Key Persons [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 15,444 | |||||||||
Number of Key People Issued Awards | 17 | |||||||||
The 2014 Plan [Member] | Restricted Stock [Member] | The 17 Key Persons [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50% | |||||||||
The 2014 Plan [Member] | Restricted Stock [Member] | The 17 Key Persons [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50% | |||||||||
The 2014 Plan [Member] | Restricted Stock [Member] | Officers and Directors [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 31,000 | 31,000 | 27,700 | 27,100 | 8,713 | |||||
The 2014 Plan [Member] | Restricted Stock [Member] | Eurobulk Employees [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 29,500 | 29,000 | 21,950 | 18,800 | 6,731 | |||||
The 2014 Plan [Member] | Restricted Stock [Member] | The 16 Key Persons [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 45,900 | |||||||||
Number of Key People Issued Awards | 16 | |||||||||
The 2014 Plan [Member] | Restricted Stock [Member] | The 16 Key Persons [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50% | |||||||||
The 2014 Plan [Member] | Restricted Stock [Member] | The 16 Key Persons [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50% | |||||||||
The 2014 Plan [Member] | Restricted Stock [Member] | The 21 Key Persons [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 49,650 | |||||||||
Number of Key People Issued Awards | 21 | |||||||||
The 2014 Plan [Member] | Restricted Stock [Member] | The 21 Key Persons [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50% | |||||||||
The 2014 Plan [Member] | Restricted Stock [Member] | The 21 Key Persons [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50% | |||||||||
The 2014 Plan [Member] | Restricted Stock [Member] | The 31 Key Persons [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 60,000 | |||||||||
Number of Key People Issued Awards | 31 | |||||||||
The 2014 Plan [Member] | Restricted Stock [Member] | The 31 Key Persons [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50% | |||||||||
The 2014 Plan [Member] | Restricted Stock [Member] | The 32 Key Persons [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 60,500 | |||||||||
Number of Key People Issued Awards | 32 | |||||||||
The 2014 Plan [Member] | Restricted Stock [Member] | The 32 Key Persons [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50% | 50% | ||||||||
The 2014 Plan [Member] | Restricted Stock [Member] | The 32 Key Persons [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50% |
Note 12 - Stock Incentive Pla_3
Note 12 - Stock Incentive Plan - Summary of the Status of the Company's Non-vested Shares (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Non-vested (in shares) | 84,243 | 72,593 | 53,303 |
Non-vested, weighted average grant date fair value (in dollars per share) | $ 20.15 | $ 19.05 | $ 3.46 |
Granted (in shares) | 60,500 | 60,000 | 49,650 |
Granted, weighted average grant date fair value (in dollars per share) | $ 23.92 | $ 18.98 | $ 26.26 |
Vested (in shares) | (53,750) | (48,350) | (30,360) |
Vested, weighted average grant date fair value (in dollars per share) | $ 22.26 | $ 17.05 | $ 3.47 |
Non-vested (in shares) | 90,993 | 84,243 | 72,593 |
Non-vested, weighted average grant date fair value (in dollars per share) | $ 21.41 | $ 20.15 | $ 19.05 |
Note 13 - Earnings Per Share (D
Note 13 - Earnings Per Share (Details Textual) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Weighted Average Number of Shares Outstanding, Diluted, Adjustment, Total (in shares) | 4,780 | 8,546 | 16,500 |
Note 13 - Earnings Per Share -
Note 13 - Earnings Per Share - Summary of Basic and Diluted Loss Per Common Share (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income | $ 114,549,279 | $ 106,244,916 | $ 42,963,660 |
Dividends to Series B preferred shares | 0 | 0 | (255,324) |
Preferred deemed dividend | 0 | 0 | (345,628) |
Net income attributable to common shareholders | $ 114,549,279 | $ 106,244,916 | $ 42,362,708 |
Weighted average common shares –outstanding, basic (in shares) | 6,931,280 | 7,181,561 | 6,976,905 |
Basic earnings per share (in dollars per share) | $ 16.53 | $ 14.79 | $ 6.07 |
Dilutive effect of non-vested shares (in shares) | 4,780 | 8,546 | 16,500 |
Weighted average common shares –outstanding, diluted (in shares) | 6,936,060 | 7,190,107 | 6,993,405 |
Diluted earnings per share (in dollars per share) | $ 16.52 | $ 14.78 | $ 6.06 |
Series B Preferred Stock [Member] | |||
Dividends to Series B preferred shares | $ 0 | $ 0 | $ (255,324) |
Note 14 - Voyage Expenses and_3
Note 14 - Voyage Expenses and Vessel Operating Expenses - Summary of Voyage, Vessel, Operating Expenses and Commissions (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Voyage expenses | $ 1,284,375 | $ 2,476,854 | $ 624,734 |
Vessel operating expenses | 42,004,155 | 37,667,191 | 29,739,437 |
Port Charges and Canal Dues [Member] | |||
Voyage expenses | 665,090 | 523,943 | 253,855 |
Bunkers [Member] | |||
Voyage expenses | 619,285 | 1,952,911 | 370,879 |
Crew Wages and Related Costs [Member] | |||
Vessel operating expenses | 20,700,810 | 19,170,601 | 15,961,904 |
Insurance [Member] | |||
Vessel operating expenses | 4,788,264 | 4,364,430 | 2,917,042 |
Repairs and Maintenance [Member] | |||
Vessel operating expenses | 1,607,116 | 1,563,886 | 1,247,176 |
Lubricants [Member] | |||
Vessel operating expenses | 3,916,827 | 3,426,772 | 2,471,994 |
Spares and Consumable Stores [Member] | |||
Vessel operating expenses | 8,625,958 | 7,443,502 | 5,784,004 |
Professional and Legal Fees [Member] | |||
Vessel operating expenses | 585,336 | 272,142 | 212,108 |
Other Vessel Operating Expenses [Member] | |||
Vessel operating expenses | $ 1,779,844 | $ 1,425,858 | $ 1,145,209 |
Note 15 - Derivative Financia_3
Note 15 - Derivative Financial Instruments (Details Textual) - Interest Rate Swap [Member] | Jun. 26, 2023 USD ($) | Dec. 31, 2023 USD ($) | Jun. 16, 2022 USD ($) | Oct. 12, 2021 USD ($) | Oct. 17, 2014 |
Eurobank [Member] | |||||
Derivative, Number of Instruments Held, Total | 1 | 1 | |||
Derivative, Notional Amount | $ 20,000,000 | $ 10,000,000 | |||
Derivative, Fixed Interest Rate | 1.09% | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain | $ 846,000 | ||||
Piraeus Bank S.A. [Member] | |||||
Derivative, Notional Amount | $ 20,000,000 | ||||
Derivative, Fixed Interest Rate | 3.41% |
Note 15 - Derivative Financia_4
Note 15 - Derivative Financial Instruments - Derivatives Not Designated as Hedging Instruments by Account Type (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Interest rate swap contracts, current | $ 0 | $ 1,142,682 |
Interest rate swap contracts, noncurrent | 0 | 2,669,244 |
Total derivative assets | 0 | 3,811,926 |
Interest rate swap contracts, current liability | 56,042 | 0 |
Interest rate swap contracts, noncurrent liability | 168,138 | 0 |
Total derivative liabilities | $ 224,180 | $ 0 |
Note 15 - Derivative Financia_5
Note 15 - Derivative Financial Instruments - Gain or Loss on Derivatives Not Designated as Hedging Instruments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Gain (loss) on derivatives | $ 178,128 | $ 4,355,657 | $ (27,141) |
Not Designated as Hedging Instrument [Member] | |||
Gain (loss) on derivatives | 178,128 | 4,355,657 | (27,141) |
Not Designated as Hedging Instrument [Member] | Interest Rate Contracts, Unrealized (Loss) / Gain [Member] | |||
Gain (loss) on derivatives | (4,036,107) | 4,223,839 | 153,835 |
Not Designated as Hedging Instrument [Member] | Interest Rate Contracts, Realized (Loss) / Gain [Member] | |||
Gain (loss) on derivatives | $ 4,214,235 | $ 131,818 | $ (180,976) |
Note 16 - Financial Instrumen_3
Note 16 - Financial Instruments (Details Textual) | 3 Months Ended | 12 Months Ended | |||||
Sep. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Oct. 12, 2021 USD ($) | Oct. 17, 2014 | |
Impairment, Long-Lived Asset, Held-for-Use | $ 13,800,000 | ||||||
Depreciation | $ 22,835,469 | $ 18,522,217 | $ 7,203,198 | ||||
Property, Plant and Equipment, Net, Total | $ 267,626,155 | 267,626,155 | $ 216,570,426 | ||||
MV Jonathan P [Member] | |||||||
Impairment, Long-Lived Asset, Held-for-Use | 13,800,000 | ||||||
Depreciation | 200,000 | ||||||
Property, Plant and Equipment, Net, Total | $ 6,900,000 | $ 6,900,000 | |||||
Interest Rate Swap [Member] | Eurobank [Member] | |||||||
Derivative, Number of Instruments Held, Total | 1 | 1 | 1 | ||||
Derivative, Notional Amount | $ 20,000,000 | $ 20,000,000 | $ 10,000,000 |
Note 16 - Financial Instrumen_4
Note 16 - Financial Instruments - Recurring Fair Value Measurements (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Interest rate swap contracts, current | $ 0 | $ 1,142,682 |
Interest rate swap contracts, noncurrent | 0 | 2,669,244 |
Derivatives | 0 | 1,142,682 |
Derivatives | 168,138 | 0 |
Fair Value, Recurring [Member] | ||
Interest rate swap contracts, current | 56,042 | 1,142,682 |
Interest rate swap contracts, noncurrent | 168,138 | |
Derivatives | 56,042 | 1,142,682 |
Derivatives | 2,669,244 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Interest rate swap contracts, current | 0 | 0 |
Interest rate swap contracts, noncurrent | 0 | |
Derivatives | 0 | 0 |
Derivatives | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Interest rate swap contracts, current | 56,042 | 1,142,682 |
Interest rate swap contracts, noncurrent | 168,138 | |
Derivatives | 56,042 | 1,142,682 |
Derivatives | 2,669,244 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Interest rate swap contracts, current | 0 | 0 |
Interest rate swap contracts, noncurrent | 0 | |
Derivatives | $ 0 | 0 |
Derivatives | $ 0 |
Note 16 - Financial Instrumen_5
Note 16 - Financial Instruments - Fair Value measurement on a Non-recurring Basis (Details) - Fair Value, Nonrecurring [Member] - MV Jonathan P [Member] $ in Millions | 1 Months Ended |
Sep. 30, 2023 USD ($) | |
M/V Jonathan P | $ 13.8 |
Fair Value, Inputs, Level 2 [Member] | |
M/V Jonathan P | $ 7.1 |
Note 17 - Common Stock (Details
Note 17 - Common Stock (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||||||
Nov. 30, 2023 | Aug. 31, 2023 | Jun. 30, 2023 | May 31, 2023 | Nov. 30, 2022 | Aug. 31, 2022 | May 31, 2022 | Jun. 30, 2021 | Feb. 28, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2020 | |
Common Stock, Shares Authorized (in shares) | 200,000,000 | 200,000,000 | 200,000,000 | ||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.03 | $ 0.03 | $ 0.03 | ||||||||||
Proceeds from Issuance of Common Stock | $ 0 | $ 0 | $ 743,553 | ||||||||||
Conversion of Stock, Amount Issued | 0 | 0 | $ 6,365,264 | ||||||||||
Stock Repurchased and Retired During Period, Value | $ 3,145,435 | $ 5,026,746 | |||||||||||
Common Stock, Dividends, Per Share, Declared (in dollars per share) | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | $ 0.5 | $ 2 | $ 1.5 | ||||
Dividends, Common Stock, Total | $ 14,021,226 | $ 10,871,254 | |||||||||||
Share Repurchase Program [Member] | |||||||||||||
Stock Repurchase Program, Authorized Amount | $ 20,000,000 | ||||||||||||
Stock Repurchased and Retired During Period, Shares (in shares) | 162,375 | 238,335 | |||||||||||
Stock Repurchased and Retired During Period, Value | $ 3,150,000 | $ 5,030,000 | |||||||||||
Directors, Officers, and Employees [Member] | |||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares) | 60,500 | 60,000 | 49,650 | ||||||||||
Conversion of Series B Preferred Stock to Common Stock [Member] | |||||||||||||
Conversion of Stock, Shares Converted (in shares) | 6,365 | ||||||||||||
Conversion of Stock, Shares Issued (in shares) | 453,044 | ||||||||||||
Conversion of Stock, Amount Issued | $ 6,365,000 | ||||||||||||
ATM Common Stock Offering [Member] | |||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 82,901 | ||||||||||||
Proceeds from Issuance of Common Stock | $ 740,000 |
Note 18 - Other Operating Inc_2
Note 18 - Other Operating Income (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2017 | |
Other Operating Expenses, Income from Collection of Previously Written off Accounts | $ 2,730,000 | $ 1,610,000 | $ 200,000 | |
Other Operating Expenses, Income | $ 2,727,114 | 1,610,000 | 1,298,318 | |
Other Operating Expense (Income) From Settlement of Acccounts With Charterers | 350,000 | |||
M/V Manolis P [Member] | ||||
Other Operating Expenses, Income | 1,000,000 | |||
M/V Akinada Bridge [Member] | ||||
Other Operating Income Related to Unrepaired Damage Claim | $ 1,960,000 | |||
Alterwall Business Inc. Vs. Fuel Oil Supplier [Member] | Settled Litigation [Member] | Alterwall Business Inc. [Member] | ||||
Payments for Legal Settlements | 60,000 | |||
Alterwall Business Inc. Vs. Fuel Oil Supplier [Member] | Pending Litigation [Member] | Alterwall Business Inc. [Member] | ||||
Gain (Loss) Related to Litigation Settlement, Total | $ 100,000 | |||
Estimated Litigation Liability | $ 150,000 |
Note 19 - Subsequent Events (De
Note 19 - Subsequent Events (Details Textual) | 1 Months Ended | ||||||
Apr. 22, 2024 USD ($) | Apr. 19, 2024 USD ($) | Apr. 18, 2024 USD ($) | Mar. 27, 2024 USD ($) | Jan. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2023 USD ($) | |
Term Sheet With Major Commercial Banking Institution [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 26,000,000 | $ 26,000,000 | |||||
Line of Credit Facility, Maximum Borrowing Amount, Percent of the Vessel's Market Value for Financing | 67% | 67% | |||||
Proceeds from Issuance of Debt | $ 26,000,000 | ||||||
Debt Instrument, Number of Consecutive Quarterly Installments | 28 | ||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 10,400,000 | $ 10,400,000 | |||||
Term Sheet With Major Commercial Banking Institution [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.15% | ||||||
Term Sheet With Major Commercial Banking Institution [Member] | Forecast [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 45,000,000 | $ 22,000,000 | |||||
Line of Credit Facility, Maximum Borrowing Amount, Percent of the Vessel's Market Value for Financing | 55% | ||||||
Proceeds from Issuance of Debt | $ 22,000,000 | ||||||
Debt Instrument, Number of Consecutive Quarterly Installments | 40 | 20 | |||||
Debt Instrument, Periodic Payment, Total | $ 562,500 | $ 300,000 | |||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 22,500,000 | $ 16,000,000 | |||||
Term Sheet With Major Commercial Banking Institution [Member] | Forecast [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.95% | 2.10% | |||||
M/V “Tender Soul” [Member] | Subsequent Event [Member] | |||||||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 27,000,000 | ||||||
M/V EM Astoria [Member] | Subsequent Event [Member] | |||||||
Proceeds from Sale of Property, Plant, and Equipment, Total | $ 10,000,000 | ||||||
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ 6,000,000 |