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Basis of Presentation and General Information</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;"> </span><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The accompanying consolidated financial statements include the accounts of OceanPal Inc. (the ‘‘Company”, or “OceanPal”, or “OP”), and its wholly owned subsidiaries (collectively, the “Company”). OP was incorporated by Diana Shipping Inc. (“Diana Shipping” or “DSI”) on April 15, 2021, under the laws of the Republic of the Marshall Islands, having a share capital of 500 shares, par value $0.01 per share, issued to DSI. On June 24, 2021, OP filed a confidential registration statement on Form 20-F with the US Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, to effect a spin-off of three of DSI’s vessel owning subsidiaries together with working capital in exchange of common and preferred stock to DSI’s stockholders and DSI, respectively (the “Spin-Off”) (Note 3(c)). On November 29, 2021, the registration statement was declared effective. Upon Spin-Off consummation, the Company’s articles of incorporation and bylaws were amended. Under the amended articles of incorporation, the Company’s authorized share capital increased from 500 to one billion shares of common stock at par value $0.01 and 100,000,000 preferred stock at par value $0.01. In June 2023, the Company’s articles of incorporation and bylaws were further amended.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The Company’s shares trade on the Nasdaq Capital Market under the ticker symbol “OP”.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Effective December 22, 2022, and June 8, 2023, the Company effected a <span style="-sec-ix-hidden:Fact_ec0c364eeacf4d33836319c42cce7d9d">one-for-ten</span> and a <span style="-sec-ix-hidden:Fact_adc69ebc46b84fb5861e19814a594c5f">one-for-twenty</span> reverse stock split, respectively, on its then issued and outstanding common stock (Note 7(a)). All share and per share amounts disclosed in the accompanying consolidated financial statements give effect to these reverse stock splits, retroactively, as applicable, for all periods presented.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The comparative consolidated financial statements for the period from inception (April 15, 2021) through December 31, 2021, include only the accounts of OceanPal Inc. from inception date April 15, 2021 through November 29, 2021, as the accounts of the Company’s wholly owned subsidiaries have been consolidated from November 30, 2021 (i.e. upon the Spin-Off consummation and the acquisition of the three ship-owning subsidiaries by the Company) when the operation of the Company’s vessels under OceanPal Inc.’s ownership started. Operations prior to November 30, 2021, consisted principally of organizational expenses.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The Company is engaged in the ocean transportation of cargoes worldwide through the ownership and operation of vessels. Each of the vessels is owned through a separate wholly owned subsidiary. As of December 31, 2023, the Company was the sole owner of all outstanding shares of the following subsidiaries:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; color: #000000;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="color: rgb(0, 0, 0);">Cypres Enterprises Corp. (“Cypres”), a company incorporated in the Republic of Panama on September 7, 2000, owner of the 2004 built Panamax dry bulk carrier Protefs,</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; color: #000000;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="color: rgb(0, 0, 0);">Darien Compania Armadora S.A. (“Darien”), a company incorporated in the Republic of Panama on December 22, 1993, owner of the 2005 built Panamax dry bulk carrier Calipso,</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; color: #000000;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="color: rgb(0, 0, 0);">Marfort Navigation Company Limited (“Marfort”), a company incorporated in the Republic of Cyprus on August 10, 2007, owner of the 2005 built Capesize dry bulk carrier Salt Lake City,</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; color: #000000;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="color: rgb(0, 0, 0);">Darrit Shipping Company Inc. (“Darrit”), a company incorporated in the Republic of the Marshall Islands on June 02, 2022, owner of the 2005 built Capesize dry bulk carrier Baltimore, and</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; color: #000000;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="color: rgb(0, 0, 0);">Fiji Shipping Company Inc. (“Fiji”), a company incorporated in the Republic of the Marshall Islands on January 27, 2023, owner of the 2005 built Panamax dry bulk carrier Melia (Notes 3(c) and 5).</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The Company operates its own fleet through Diana Wilhelmsen Management Limited (or “DWM”) (Note 3(a)) and Steamship Shipbroking Enterprises Inc. (or “Steamship”) (Note 3(b)).</div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold;">Uncertainties caused by worldwide health and geopolitical events: </span>As of December 31, 2023, COVID-19 was no longer considered a global health emergency, however the ongoing public health concerns from the COVID-19 pandemic continue to unfold. Additionally, the ongoing conflict between Russia and the Ukraine, has disrupted supply chains and caused instability in the energy markets and the global economy, which have experienced significant volatility. In particular, the conflict in Ukraine and related sanctions measures imposed against Russia has and is disrupting energy production and trade patterns, including shipping in the Black Sea and elsewhere, and has also impacted the price of certain dry bulk goods, such as grain, as well as energy and fuel prices. Notably, various jurisdictions have imposed sanctions against Russia directly targeting the maritime transport of goods originating from Russia, such as of oil products and agricultural commodities such as potash. Further, on October 7, 2023, an ongoing armed conflict between Israel and the Palestinian militant group Hamas, which the United States and the European Union classify as a terrorist organization, has been taking place in and around the Gaza Strip, and there has been a notable uptick in hostilities in the Middle East, including reports of vessel hijacking incidents and missile attacks on vessels from threat actors in the Gulf of Aden and the Red Sea. To date, no apparent consequences have been identified on the Company’s business, or counterparties, by COVID-19 or the armed conflicts in Ukraine and the Gaza Strip and their implications. None of the Company’s contracts have been affected by the events in Ukraine and Gaza.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Given the dynamic nature of these circumstances, and as volatility continues, the full extent of the repercussions of the ongoing COVID-19 global pandemic and/or the Russo-Ukrainian and Israel-Hamas armed conflicts, and/or other ongoing hostilities occurring in the Middle East, including in the Gulf of Aden and the Red Sea,  may have either a direct or indirect impact on the industry and on the Company’s business which is difficult to be predicted, insofar as it is possible that in the future third parties with whom the Company has or will have contracts that may be impacted by such events, i.e. current or future sanctions’ measures imposed in connection with the conflicts. The related financial reporting implications cannot be reasonably estimated at this time, although they could materially affect the Company’s business, results of operations and financial condition in the future. As a result, certain of the Company’s estimates and assumptions carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, the Company’s estimates may change in future periods. The overall impact on the Company’s business, and the efficacy of any measures the Company takes in response to the challenges presented by these geopolitical events, will depend on how those events will further develop, the duration and extent of the restrictive measures that are associated with such events and their impact on global economy and trade, which is still uncertain.</span> <span style="color: rgb(0, 0, 0);">The Company is constantly monitoring the developing situation, as well as its charterers’ and other counterparties’ response to the market and continuously evaluates the effect on its operations. Also, the Company monitors inflation in the United States of America, Eurozone and other countries, including ongoing global prices pressures that are driving up energy and commodity prices in the wake of the armed conflicts in Ukraine and the Middle East, which continue to have a moderate effect on the Company’s operating expenses.</span></div> 500 0.01 3 500 1000000000 0.01 100000000 0.01 3 <div style="text-align: justify; color: #000000; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">2. Significant Accounting Policies – Recent Accounting Pronouncements</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">a) Principles of consolidation</span>: The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and include the accounts of OceanPal Inc. and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated upon consolidation. Under Accounting Standards Codification (“ASC”) 810 “Consolidation”, the Company consolidates entities in which it has a controlling financial interest, by first considering if an entity meets the definition of a variable interest entity (“VIE”) for which the Company is deemed to be the primary beneficiary under the VIE model, or if the Company controls an entity through a majority of voting interest based on the voting interest model. The Company evaluates financial instruments, service contracts, and other arrangements to determine if any variable interests relating to an entity exist. For entities in which the Company has a variable interest, the Company determines if the entity is a VIE by considering whether the entity’s equity investment at risk is sufficient to finance its activities without additional subordinated financial support and whether the entity’s at-risk equity holders have the characteristics of a controlling financial interest. In performing the analysis of whether the Company is the primary beneficiary of a VIE, the Company considers whether it individually has the power to direct the activities of the VIE that most significantly affect the entity’s performance and also has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. If the Company holds a variable interest in an entity that previously was not a VIE, the Company reconsiders the initial determination of whether the entity has become a VIE if certain types of events (“reconsideration events”) occur. The Company has identified it has variable interests in RFSea Infrastructure II AS (“RFSea”) and that RFSea is a variable interest entity as of December 31, 2023, but is not the primary beneficiary of such entity (Note 4).The Company’s evaluation did not result in identification of consolidated variable interest entities as of December 31, 2023, and 2022.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">b) Use of estimates: </span>The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;"> </span><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">c)</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;"> Other comprehensive (loss)/ income: </span>The Company has no other comprehensive (loss)/income and accordingly comprehensive (loss)/income equals net (loss)/income for the periods presented.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;"> </span><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">d) Foreign currency translation: </span>The functional currency of the Company is the U.S. dollar because the Company’s vessels operate in international shipping markets, and therefore primarily transact business in U.S. dollars. The Company’s accounting records are maintained in U.S. dollars. Transactions involving other currencies during the year are converted into U.S. dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities which are denominated in other currencies are translated into U.S. dollars at the year-end exchange rates. Resulting gains or losses are reflected separately in the accompanying consolidated statements of comprehensive (loss)/income.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;"> </span><br/> </div> <div style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; font-style: italic;">e) Cash and cash equivalents: </span>The Company considers highly liquid investments such as time deposits, certificates of deposit and their equivalents with an original maturity of up to about three months to be cash equivalents. Interest earned on cash and cash equivalents is separately presented in the accompanying consolidated statements of comprehensive (loss)/income under “Interest Income”.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;"> </span><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic; color: #000000;">f) Accounts receivable, trade, net:</span> The amount shown as accounts receivable, trade, net at each balance sheet date, includes receivables from charterers for hire from lease agreements, net of allowance for doubtful accounts related to expected uncollectible accounts receivable, if any. At each balance sheet date, all potentially uncollectible accounts are assessed individually for the purpose of determining the appropriate allowance for doubtful accounts. The Company assessed its accounts receivable, trade and its credit risk relating to its charterers, also considering the global pandemic and geopolitical events and the effect that these events could have on its accounts. The Company recognizes allowance for doubtful accounts deriving from the collectability assessment as direct reduction to lease income, which for 2023, 2022 and 2021 amounted to $33, $15, and <span style="-sec-ix-hidden:Fact_4bfeece95f5d433f9cd4e96ded288d51">nil</span>, respectively. The Company does not recognize interest income on trade <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">receivables as all balances are usually settled within a year.</span> The Company classifies accounts receivable, trade, net from charterers in dispute within “Prepaid expenses and other assets, net” in the accompanying consolidated balance sheets (Note 6).</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;"> </span><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">g) Inventories: </span>Inventories consist of lubricants and victualling which are stated, on a consistent basis, at the lower of cost or net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. When evidence exists that the net realizable value of inventory is lower than its cost, the difference is recognized as a loss in earnings in the period in which it occurs. Cost is determined by the first in, first out method. Inventories may also consist of bunkers when on the balance sheet date a vessel is without employment, or remains idle. Bunkers, if any, are also stated at the lower of cost or net realizable value and cost is determined by the first in, first out method.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">h) Equity method investments: </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Investments in the equity of entities over which the Company exercises significant influence but does not exercise control are accounted for by the equity method of accounting in accordance with ASC 321 “Investments-Equity securities”. In reaching such a conclusion,</span> the Company first assesses whether it holds variable interests in the investee and further, whether the investee meets the definition of a VIE. The Company then determines whether it is the investee’s primary beneficiary by considering any special rights (in terms of voting, board representation, kick out rights, or otherwise), that grant it with the power to direct the activities of the investee. In case the investee does not fall under the consolidation guidance, <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Company records such an investment at cost and adjusts the carrying amount for its share of the earnings or losses of the entity subsequent to the date of investment and reports the recognized earnings or losses in income. Dividends received, if any, reduce the carrying amount of the investment. When the carrying value of an equity method investment equals or exceeds the Company’s interest because of losses, the Company does not recognize further losses, unless the Company has made advances, incurred obligations, or has made payments on behalf of the investee and is committed to provide further financial support to the investee. At each reporting period, the Company also evaluates whether a loss in the value of an investment that is other than a temporary decline should be recognized. In its assessment, the Company evaluates indicators such as market conditions, the investee’s performance, and the ability to sustain an earnings capacity that would justify the carrying amount of the investment and its ability to continue as a going concern. Measurement of the impairment loss is based on the fair value of the investment. </span>As of December 31, 2023, with regards to its investment in RFSea, the Company determined that it had variable interests in RFSea and that RFSea was a VIE, but the Company was not the primary beneficiary of such entity. The Company further evaluated that no loss in the value of its investment in RFSea should be recognized<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> (Note 4).</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">i</span>) <span style="font-weight: bold; font-style: italic;">Insurance claims</span>: The Company records insurance claims for insured loss recoveries due to fixed assets damage and for insured crew medical expenses. Insurance claims are recorded, net of any deductible amounts, at the time when the Company’s vessels suffer insured damages or at the time when crew medical expenses are incurred, recovery is probable under the related insurance policies, the Company can estimate the amount of such recovery and the claim is not subject to litigation. During 2023, the Company incurred insurance recoveries from damage to one of its vessels and from medical claims amounting to $1,058 in the aggregate, included in the accompanying 2023 consolidated statements of comprehensive (loss)/income under “Vessel operating expenses”. No insurance claim recoveries were incurred during 2022 and the period from inception date (April 15, 2021) to December 31, 2021.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">j) Vessels, net</span>: Vessels are stated at cost which consists of the contract price and any material expenses incurred upon acquisition or during construction. 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. As of the balance sheet date, vessels are stated at cost less accumulated depreciation expense and impairment charge, if any. In case of vessel acquisitions, if the agreed contract price includes non-cash consideration through the issuance of equity instruments to the seller, the vessel acquisition is accounted for under the provisions of ASC 360 and the non-cash consideration is assessed through fair value measurement.</div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;"> <br/> </span></div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">k) Impairment of long-lived assets:</span> Long-lived assets are reviewed for impairment whenever events or changes in circumstances (such as market conditions, obsolesce or damage to the asset, potential sales and other business plans) indicate that the carrying amount of an asset may not be recoverable. When the estimate of undiscounted projected net operating cash flows, expected to be generated by the use of an asset over its remaining useful life and its eventual disposition is less than its carrying amount plus unamortized dry-docking costs, the Company evaluates the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset, determined primarily by third party valuations The bulker sector has recently experienced decreased charter rates and decreased vessel market values, which are conditions that the Company considers as indicators of a potential impairment. In developing estimates of future undiscounted projected net operating cash flows, the Company makes assumptions and estimates about the vessels’ future performance, with the significant assumptions being related to future charter rates for the unfixed days and future fleet utilization rates. Other assumptions used are: charter rates calculated for the fixed days using the fixed charter rate of each vessel from existing time charters, the expected outflows for scheduled vessels’ maintenance, vessel operating expenses, estimated remaining useful life of each vessel, and the vessels’ residual value if sold for scrap. The assumptions used to develop estimates of future undiscounted projected net operating cash flows are based on historical trends as well as future expectations, employment prospects under the then current market conditions and a vessels’ age. In particular, for the unfixed days, the Company uses the most recent historical ten-year average market rates available for each type of vessel over the remaining estimated life of each vessel, as applicable, net of commissions. Historical ten-year average market rates are in line with the Company’s overall chartering strategy, and they reflect the full operating history of vessels of the same type and particulars with the Company’s operating fleet. In addition, effective fleet utilization is assumed to be 98%, which is additionally affected by the period(s) each vessel is expected to undergo her scheduled maintenance, assumptions in line with the Company’s historical performance and its expectations for future fleet utilization under its fleet employment strategy. This calculation is then compared with the vessels’ net book value plus unamortized dry-docking costs. The difference between the carrying amount of the vessel plus unamortized dry-docking costs and their fair value, if any, is recognized in the Company’s accounts as impairment loss. No impairment loss was identified or recorded in the years ended December 31, 2023 and 2022 and for the period from inception (April 15, 2021) through December 31, 2021.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">l) Vessel depreciation: </span>Depreciation is computed using the straight-line method over the estimated useful life of the vessels, after considering the estimated salvage (scrap) value. Each vessel’s salvage value is equal to the product of its lightweight tonnage and estimated scrap rate. In 2023, the Company identified that the estimated scrap rate used for the determination of annual depreciation was not in line with the current average historical rate and as such, the estimated scrap rate is revised (Note 5). Management estimates the useful life of the Company’s vessels to be 25 years from the date of initial delivery from the shipyard. 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.</div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;"> <br/> </span></div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">m) Accounting for dry-docking costs</span>: The Company follows the deferral method of accounting for dry-docking costs whereby actual costs incurred are deferred and amortized on a straight-line basis over the period through the date the next dry-docking is scheduled to become due. Unamortized dry-docking costs of vessels that are sold or impaired are written off and included in the calculation of the resulting gain or loss in the year of the vessel’s sale or impairment.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;"> </span><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">n) Concentration of credit risk</span>: Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash, trade accounts receivable and amounts due to/from related parties. The Company places its temporary cash investments, consisting mostly of deposits, with various qualified financial institutions and performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s investment strategy. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its accounts receivable and does not have any agreements to mitigate credit risk (Note 11).</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;"> </span><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">o) Accounting for revenues and expenses: </span>Revenues are generated from time charter agreements which contain a lease as they meet the criteria of a lease under ASC 842. Agreements with the same charterer are accounted for as separate agreements according to their specific terms and conditions. All agreements contain a minimum non-cancellable period and an extension period at the option of the charterer. Each lease term is assessed at the inception of that lease. Under a time charter agreement, the charterer pays a daily hire for the use of the vessel and reimburses the owner for hold cleanings, extra insurance premiums for navigating in restricted areas and damages caused by the charterers. The charterer pays to third parties port, canal and bunkers consumed during the term of the time charter agreement. Such costs are considered direct costs and are not recorded as they are directly paid by charterers, unless they are for the account of the owner, in which case they are included in voyage expenses. The Company incurs voyage expenses such as commissions, bunkers (fuel oil and diesel oil), and port expenses relating to owners’ matters. When a vessel is delivered to a charterer, bunkers are purchased by the charterer and sold back to the Company on the redelivery of the vessel. Bunker gain, or loss, results when a vessel is redelivered by a charterer and delivered to the next charterer at different bunker prices, or quantities. For the years ended December 31, 2023 and 2022 and for the period from inception (April 15, 2021) through December 31, 2021, the Company incurred loss, loss and gain on bunkers amounting to $186, $1,949, and $63 respectively, primarily resulting from the difference in the value of bunkers paid by the Company when the vessel was redelivered to the Company from the charterer under the vessel’s previous time charter agreement and the value of bunkers sold by the Company when the vessel was delivered to a new charterer. This gain or loss is included in “Voyage expenses” in the accompanying consolidated statements of comprehensive (loss)/income. Under a time charter agreement, the owner pays for the operation and the maintenance of the vessel, including crew, insurance, spares and repairs, which are recognized in operating expenses. Revenues from time charter agreements providing for variable lease payments are accounted for as operating leases and thus recognized on a straight-line basis over the non-cancellable rental periods of such agreements, as the service is performed. The Company, as lessor, has elected to apply the practical expedient not to allocate the consideration in the agreement to the separate lease and non-lease components (operation and maintenance of the vessel) as their timing and pattern of transfer to the charterer, as the lessee, are the same and the lease component, if accounted for separately, would be classified as an operating lease, as the criteria of the paragraphs ASC 842-10-15-42A through 42B are met. Additionally, the lease component is considered the predominant component as the Company has assessed that more value is ascribed to the vessel rather than to the services provided under the time charter contracts. Also, the Company elected to apply a package of practical expedients which does not require the Company, as a lessor, to reassess: (1) whether any expired or existing contracts are or contain leases; (2) lease classification for any expired or existing leases; and (3) whether initial direct costs for any expired or existing leases would qualify for capitalization under ASC 842. Apart from the agreed hire rate, the owner may be entitled to an additional income, such as ballast bonus, which is considered as reimbursement of owner’s expenses and is recognized together with the lease component over the duration of the charter. The Company has made an accounting policy election to recognize the related ballast costs incurred, mainly consisting of bunkers’ consumption, over the period between the charter party date or the prior redelivery date (whichever is latest) and the delivery date to the charterer, as contract fulfillment costs are amortized over the charter period in accordance with ASC 340-40. Commissions paid to brokers are deferred and amortized over the related charter period to the extent revenue has been deferred, since commissions are earned as the Company’s revenues are earned. Unearned revenue includes cash received prior to the balance sheet date for which all criteria to recognize revenue have not been met. The majority of the vessels are employed on short to medium-term time charter contracts, which provides flexibility in responding to market developments. The Company monitors developments in the dry bulk shipping industry on a regular basis and adjusts the charter hire periods for the vessels according to prevailing market conditions.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;"> </span><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">p) Repairs and maintenance:</span> All repair and maintenance expenses including underwater inspection expenses are expensed in the year incurred. Such costs are included in “Vessel operating expenses” in the accompanying consolidated statements of comprehensive (loss)/income.</div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">q) (Loss)/Earnings per common share:</span> Basic (loss)/earnings per common share are computed by dividing net (loss)/income available to common stockholders by the weighted average number of common shares outstanding during the year. Unvested preferred shares granted under the Company’s equity incentive plan, and Class A warrants are entitled to receive dividends which are not refundable, and therefore are considered participating securities for basic earnings per share calculation purposes, using the two-class method. The two-class method is an earnings allocation method under which EPS is calculated for each class of common stock and participating security considering both dividends declared (or accumulated) and participation rights in undistributed earnings as if all such earnings had been distributed during the period. Under this method, net (loss)/income is reduced by the amount of dividends declared or accumulated in the current period for common stockholders and participating security holders. The remaining earnings or “undistributed earnings” are allocated between common stock and participating securities to the extent that each security may share in earnings as if all of the earnings for the period had been distributed. Once calculated, the (loss)/earnings per common share is computed by dividing the net (loss)/income attributable to common stockholders by the weighted average number of common shares outstanding during each year presented. Diluted (loss)/earnings per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted at the beginning of the periods presented, or issuance date, if later. Diluted (loss)/earnings attributable to common stockholders per common share is computed by dividing the net (loss)/income attributable to common stockholders by the weighted average number of common shares outstanding plus the dilutive effect of warrants and shares issued and outstanding under the Company’s equity incentive plan during the applicable periods and the dilutive effect of convertible securities during the applicable periods as well. The treasury stock method is used to compute the dilutive effect of warrants and shares issued under the Company’s equity incentive plan. The if converted method is used to compute the dilutive effect of shares which could be issued upon conversion of the convertible preferred stock. The two-class method is used for diluted (loss)/earnings per common share when such is the most dilutive method, considering anti – dilution sequencing as per ASC 260. For purposes of the if converted calculation, the conversion price of convertible preferred stock is based on the fixed conversion price or on the average market price when the number of shares that may be issued is variable. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted earnings per share.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">r) Segment reporting: </span>The Company engages in the operation of dry-bulk vessels which has been identified as one reportable segment. The operation of the vessels is the main source of revenue generation, the services provided by the vessels are similar and they all operate under the same economic environment. Additionally, the vessels do not operate in specific geographic areas, as they trade worldwide; they do not trade in specific trade routes, as their trading (route and cargo) is dictated by the charterers; and the Company does not evaluate the operating results for each type of dry bulk vessel (i.e., Panamax or Capesize) for the purpose of making decisions about allocating resources and assessing performance.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;"> </span><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">s) Fair value measurements</span>: The Company follows the provisions of ASC 820 “Fair Value Measurements and Disclosures”, which defines fair value and provides guidance for using fair value to measure assets, liabilities and equity instruments classified in stockholders’ equity. The guidance creates a fair value hierarchy of measurement and describes fair value as the price that would be received to sell an asset or paid to transfer a liability or the consideration to transfer equity interests issued in an orderly transaction between market participants in the market in which the reporting entity transacts. The fair value measurement assumes that an instrument classified in stockholders’ equity is transferred to a market participant at the measurement date. The transfer of an instrument classified in stockholders’ equity assumes that the instrument would remain outstanding, and the market participant takes on the rights and responsibilities associated with the instrument. In accordance with the requirements of accounting guidance relating to Fair Value Measurements, the Company classifies and discloses its assets, liabilities and equity instruments classified in stockholders’ equity carried at the fair value in one of the following categories: Level 1: Quoted market prices in active markets for identical assets or liabilities or equity instruments; Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data; Level 3: Unobservable inputs that are not corroborated by market data.</div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="margin: 0px 0px; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="font-weight: bold; font-style: italic;">t) Share based payments:</span> The Company issues restricted share awards which are measured at fair value on their grant date and are not subsequently re-measured. That cost is recognized over the period during which an employee is required to provide service in exchange for the award—the requisite service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service. Forfeitures of awards are accounted for when and if they occur. If an equity award is modified after the grant date, incremental compensation cost will be recognized in an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification.</div> <div style="margin: 0px 0px; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="font-weight: bold; font-style: italic;"> <br/> </span></div> <div style="margin: 0px 0px; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="font-weight: bold; font-style: italic;">u) Going concern: </span>The Company follows the provisions of ASC 205-40 “Presentation of financial statements – Going Concern”, which provides guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and on related required footnote disclosures. Management evaluates, at each reporting period, whether there are conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year from the date the financial statements are issued.</div> <div style="margin: 0px 0px; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="font-weight: bold; font-style: italic;"> <br/> </span></div> <div style="margin: 0px 0px; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="font-weight: bold; font-style: italic;">v) Financial instruments, credit losses</span>: At each reporting date, the Company evaluates its financial assets individually for credit losses and presents such assets in the net amount expected to be collected on such financial asset. When financial assets present similar risk characteristics, these are evaluated on a collective basis. When developing an estimate of expected credit losses the Company considers available information relevant to assessing the collectability of cash flows such as internal information, past events, current conditions and reasonable and supportable forecasts. No provision for credit losses were recorded in 2023, 2022 and the period from inception (April 15, 2021) through December 31, 2021. </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">w) Evaluation of nonmonetary transactions:</span> When the Company enters into a nonmonetary transaction as defined broadly under ASC 845, it determines whether the transaction is a contribution of an asset or a business by assessing the definition of a business under ASC 805 and whether the transaction is pro-rata. A transaction is considered pro rata if each owner receives an ownership interest in the transferee in proportion to its existing ownership interest in the transferor (even if the transferor retains an ownership interest in the transferee). In accordance with FASB Topic 805 Business Combinations: Clarifying the Definition of a Business, if substantially all of the fair value of the gross assets acquired are concentrated in a single identifiable asset or group of similar identifiable assets, then the set is not a business. To be considered a business, a set must include an input and a substantive process that together significantly contributes to the ability to create an output. All assets contributed under nonmonetary transactions that do not meet the definition of a business, are measured at their fair values on the transaction date in accordance with ASC 845, if the fair value is objectively measurable and clearly realizable in an outright sale at or near the distribution.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic; color: #000000;">x) Distinguishing liabilities from equity: </span><span style="color: #000000;">The Company follows the provisions of ASC 480 “Distinguishing liabilities from equity” to determine the classification of certain freestanding financial instruments as either liabilities or equity. In its assessment, the Company analyzes key features of these financial instruments to determine whether they are more akin to equity or to debt. It then identifies any embedded features in those instruments and examines whether the identified embedded features fall under the definition of a derivative according to the provisions of ASC 815 or whether those features require bifurcation (other than those with de minimis value) or affect classification in permanent equity. Financial instruments meeting the classification of liability are initially measured at fair value and are subsequently remeasured at each balance sheet date with the offsetting adjustments recorded within the consolidated statements of </span>comprehensive (loss)/income<span style="color: rgb(0, 0, 0);">. Upon settlement or termination, instruments classified as liabilities at fair value are marked to their fair value at the settlement date and then the liability gets settled. The Company values its instruments classified as liabilities using either the Black-Scholes option pricing model or other acceptable valuation models, including the binominal option pricing model (Note 7).</span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0);"> <br/> </span></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">y) Redemption of shares or convertible preferred stock for issuance of shares of common stock: </span>In the case of conversion of preferred stock to common stock, with the conversion feature assessed by the Company at first using the provisions of ASC 480-10-25-14 and then determined as requiring evaluation as a redemption feature (Note 2(x)), the Company follows redemption accounting. A redemption of preferred stock according to its original terms may be paid using cash, other instruments issued by the issuer or other assets (individually and collectively, the consideration) and may include a premium or discount. As per ASC 260-10-S99-2, a premium paid on redemption represents a return similar to a dividend to/from the preferred holder. In particular, when the Company determines that on the redemption date there is a difference in the carrying value of the preferred stock, as compared to the fair value of the common shares issued, that value represents a dividend to/from the preferred holders, which should be deducted from (if a premium) or added to (if a discount) the net (loss)/ income to arrive at the net (loss)/income available to common stockholders (Note 8).</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold;">z) </span><span style="font-weight: bold; font-style: italic;">Offering expenses: </span>Expenses directly attributable to an equity offering are deferred and offset against the proceeds of the offering within additional paid-in capital, unless the offering is aborted, in which case they are written-off and charged to net (loss)/income. Deferred offering expenses in relation to ongoing offerings that have not materialized as of December 31, 2023 and 2022, amounted to $59 and $376, respectively, and are included in “Deferred charges, net” in the accompanying consolidated balance sheets.</div> <div style="text-align: justify; color: #000000; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; color: #000000; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">New Accounting Pronouncements <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">- Not yet adopted</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">In October 2023, the Financial Accounting Standards Board issued Accounting Standard Update (“ASU”) No. 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative”. The amendments in this Update modify the disclosure or presentation requirements of a variety of Topics in the Codification. The effective date for each amendment of the ASU 2023-06 will be, the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The amendments in ASU 2023-06 should be applied prospectively. The Company has assessed that the adoption of this standard will not have any impact on the Company’s consolidated financial statements and related disclosures.</div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures (or ASU 2023-07). ASU 2023-07 introduced updates for how significant segment expense categories and amounts for each reportable segment are disclosed. A significant segment expense is defined as an expense that is: a) Significant to the segment, b) Regularly provided to or easily computed from information regularly provided to the chief operating decision maker, and c) Included in the reported measure of segment profit or loss. The additional disclosure for segmented reporting is intended to provide additional information to financial statement users as now expenses such as direct expenses, shared expenses, allocated corporate overhead, or significant interest expense need to be disaggregated and reported separately for each segment. ASU 2023-07 also requires that all segment-related disclosures required by FASB Topic 280 (Segment Reporting) be made also by entities that have a single reportable segment. ASU 2023-07 is effective for public entities for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024, and early adoption is permitted. Upon adoption, a public entity will apply the ASU as of the beginning of the earliest period presented. The Company has assessed that the adoption of this standard will not have any impact on the Company’s consolidated financial statements and related disclosures.</div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">a) Principles of consolidation</span>: The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and include the accounts of OceanPal Inc. and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated upon consolidation. Under Accounting Standards Codification (“ASC”) 810 “Consolidation”, the Company consolidates entities in which it has a controlling financial interest, by first considering if an entity meets the definition of a variable interest entity (“VIE”) for which the Company is deemed to be the primary beneficiary under the VIE model, or if the Company controls an entity through a majority of voting interest based on the voting interest model. The Company evaluates financial instruments, service contracts, and other arrangements to determine if any variable interests relating to an entity exist. For entities in which the Company has a variable interest, the Company determines if the entity is a VIE by considering whether the entity’s equity investment at risk is sufficient to finance its activities without additional subordinated financial support and whether the entity’s at-risk equity holders have the characteristics of a controlling financial interest. In performing the analysis of whether the Company is the primary beneficiary of a VIE, the Company considers whether it individually has the power to direct the activities of the VIE that most significantly affect the entity’s performance and also has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. If the Company holds a variable interest in an entity that previously was not a VIE, the Company reconsiders the initial determination of whether the entity has become a VIE if certain types of events (“reconsideration events”) occur. The Company has identified it has variable interests in RFSea Infrastructure II AS (“RFSea”) and that RFSea is a variable interest entity as of December 31, 2023, but is not the primary beneficiary of such entity (Note 4).The Company’s evaluation did not result in identification of consolidated variable interest entities as of December 31, 2023, and 2022.</div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">b) Use of estimates: </span>The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">c)</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;"> Other comprehensive (loss)/ income: </span>The Company has no other comprehensive (loss)/income and accordingly comprehensive (loss)/income equals net (loss)/income for the periods presented.</div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">d) Foreign currency translation: </span>The functional currency of the Company is the U.S. dollar because the Company’s vessels operate in international shipping markets, and therefore primarily transact business in U.S. dollars. The Company’s accounting records are maintained in U.S. dollars. Transactions involving other currencies during the year are converted into U.S. dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities which are denominated in other currencies are translated into U.S. dollars at the year-end exchange rates. Resulting gains or losses are reflected separately in the accompanying consolidated statements of comprehensive (loss)/income.</div> <div style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; font-style: italic;">e) Cash and cash equivalents: </span>The Company considers highly liquid investments such as time deposits, certificates of deposit and their equivalents with an original maturity of up to about three months to be cash equivalents. Interest earned on cash and cash equivalents is separately presented in the accompanying consolidated statements of comprehensive (loss)/income under “Interest Income”.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic; color: #000000;">f) Accounts receivable, trade, net:</span> The amount shown as accounts receivable, trade, net at each balance sheet date, includes receivables from charterers for hire from lease agreements, net of allowance for doubtful accounts related to expected uncollectible accounts receivable, if any. At each balance sheet date, all potentially uncollectible accounts are assessed individually for the purpose of determining the appropriate allowance for doubtful accounts. The Company assessed its accounts receivable, trade and its credit risk relating to its charterers, also considering the global pandemic and geopolitical events and the effect that these events could have on its accounts. The Company recognizes allowance for doubtful accounts deriving from the collectability assessment as direct reduction to lease income, which for 2023, 2022 and 2021 amounted to $33, $15, and <span style="-sec-ix-hidden:Fact_4bfeece95f5d433f9cd4e96ded288d51">nil</span>, respectively. The Company does not recognize interest income on trade <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">receivables as all balances are usually settled within a year.</span> The Company classifies accounts receivable, trade, net from charterers in dispute within “Prepaid expenses and other assets, net” in the accompanying consolidated balance sheets (Note 6).</div> 33000 15000 <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">g) Inventories: </span>Inventories consist of lubricants and victualling which are stated, on a consistent basis, at the lower of cost or net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. When evidence exists that the net realizable value of inventory is lower than its cost, the difference is recognized as a loss in earnings in the period in which it occurs. Cost is determined by the first in, first out method. Inventories may also consist of bunkers when on the balance sheet date a vessel is without employment, or remains idle. Bunkers, if any, are also stated at the lower of cost or net realizable value and cost is determined by the first in, first out method.</div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">h) Equity method investments: </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Investments in the equity of entities over which the Company exercises significant influence but does not exercise control are accounted for by the equity method of accounting in accordance with ASC 321 “Investments-Equity securities”. In reaching such a conclusion,</span> the Company first assesses whether it holds variable interests in the investee and further, whether the investee meets the definition of a VIE. The Company then determines whether it is the investee’s primary beneficiary by considering any special rights (in terms of voting, board representation, kick out rights, or otherwise), that grant it with the power to direct the activities of the investee. In case the investee does not fall under the consolidation guidance, <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Company records such an investment at cost and adjusts the carrying amount for its share of the earnings or losses of the entity subsequent to the date of investment and reports the recognized earnings or losses in income. Dividends received, if any, reduce the carrying amount of the investment. When the carrying value of an equity method investment equals or exceeds the Company’s interest because of losses, the Company does not recognize further losses, unless the Company has made advances, incurred obligations, or has made payments on behalf of the investee and is committed to provide further financial support to the investee. At each reporting period, the Company also evaluates whether a loss in the value of an investment that is other than a temporary decline should be recognized. In its assessment, the Company evaluates indicators such as market conditions, the investee’s performance, and the ability to sustain an earnings capacity that would justify the carrying amount of the investment and its ability to continue as a going concern. Measurement of the impairment loss is based on the fair value of the investment. </span>As of December 31, 2023, with regards to its investment in RFSea, the Company determined that it had variable interests in RFSea and that RFSea was a VIE, but the Company was not the primary beneficiary of such entity. The Company further evaluated that no loss in the value of its investment in RFSea should be recognized<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> (Note 4).</span></div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">i</span>) <span style="font-weight: bold; font-style: italic;">Insurance claims</span>: The Company records insurance claims for insured loss recoveries due to fixed assets damage and for insured crew medical expenses. Insurance claims are recorded, net of any deductible amounts, at the time when the Company’s vessels suffer insured damages or at the time when crew medical expenses are incurred, recovery is probable under the related insurance policies, the Company can estimate the amount of such recovery and the claim is not subject to litigation. During 2023, the Company incurred insurance recoveries from damage to one of its vessels and from medical claims amounting to $1,058 in the aggregate, included in the accompanying 2023 consolidated statements of comprehensive (loss)/income under “Vessel operating expenses”. No insurance claim recoveries were incurred during 2022 and the period from inception date (April 15, 2021) to December 31, 2021.</div> 1 1058000 0 0 <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">j) Vessels, net</span>: Vessels are stated at cost which consists of the contract price and any material expenses incurred upon acquisition or during construction. 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. As of the balance sheet date, vessels are stated at cost less accumulated depreciation expense and impairment charge, if any. In case of vessel acquisitions, if the agreed contract price includes non-cash consideration through the issuance of equity instruments to the seller, the vessel acquisition is accounted for under the provisions of ASC 360 and the non-cash consideration is assessed through fair value measurement.</div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">k) Impairment of long-lived assets:</span> Long-lived assets are reviewed for impairment whenever events or changes in circumstances (such as market conditions, obsolesce or damage to the asset, potential sales and other business plans) indicate that the carrying amount of an asset may not be recoverable. When the estimate of undiscounted projected net operating cash flows, expected to be generated by the use of an asset over its remaining useful life and its eventual disposition is less than its carrying amount plus unamortized dry-docking costs, the Company evaluates the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset, determined primarily by third party valuations The bulker sector has recently experienced decreased charter rates and decreased vessel market values, which are conditions that the Company considers as indicators of a potential impairment. In developing estimates of future undiscounted projected net operating cash flows, the Company makes assumptions and estimates about the vessels’ future performance, with the significant assumptions being related to future charter rates for the unfixed days and future fleet utilization rates. Other assumptions used are: charter rates calculated for the fixed days using the fixed charter rate of each vessel from existing time charters, the expected outflows for scheduled vessels’ maintenance, vessel operating expenses, estimated remaining useful life of each vessel, and the vessels’ residual value if sold for scrap. The assumptions used to develop estimates of future undiscounted projected net operating cash flows are based on historical trends as well as future expectations, employment prospects under the then current market conditions and a vessels’ age. In particular, for the unfixed days, the Company uses the most recent historical ten-year average market rates available for each type of vessel over the remaining estimated life of each vessel, as applicable, net of commissions. Historical ten-year average market rates are in line with the Company’s overall chartering strategy, and they reflect the full operating history of vessels of the same type and particulars with the Company’s operating fleet. In addition, effective fleet utilization is assumed to be 98%, which is additionally affected by the period(s) each vessel is expected to undergo her scheduled maintenance, assumptions in line with the Company’s historical performance and its expectations for future fleet utilization under its fleet employment strategy. This calculation is then compared with the vessels’ net book value plus unamortized dry-docking costs. The difference between the carrying amount of the vessel plus unamortized dry-docking costs and their fair value, if any, is recognized in the Company’s accounts as impairment loss. No impairment loss was identified or recorded in the years ended December 31, 2023 and 2022 and for the period from inception (April 15, 2021) through December 31, 2021.</div> P10Y P10Y 0.98 0 0 0 <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">l) Vessel depreciation: </span>Depreciation is computed using the straight-line method over the estimated useful life of the vessels, after considering the estimated salvage (scrap) value. Each vessel’s salvage value is equal to the product of its lightweight tonnage and estimated scrap rate. In 2023, the Company identified that the estimated scrap rate used for the determination of annual depreciation was not in line with the current average historical rate and as such, the estimated scrap rate is revised (Note 5). Management estimates the useful life of the Company’s vessels to be 25 years from the date of initial delivery from the shipyard. 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.</div> P25Y <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">m) Accounting for dry-docking costs</span>: The Company follows the deferral method of accounting for dry-docking costs whereby actual costs incurred are deferred and amortized on a straight-line basis over the period through the date the next dry-docking is scheduled to become due. Unamortized dry-docking costs of vessels that are sold or impaired are written off and included in the calculation of the resulting gain or loss in the year of the vessel’s sale or impairment.</div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">n) Concentration of credit risk</span>: Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash, trade accounts receivable and amounts due to/from related parties. The Company places its temporary cash investments, consisting mostly of deposits, with various qualified financial institutions and performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s investment strategy. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its accounts receivable and does not have any agreements to mitigate credit risk (Note 11).</div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">o) Accounting for revenues and expenses: </span>Revenues are generated from time charter agreements which contain a lease as they meet the criteria of a lease under ASC 842. Agreements with the same charterer are accounted for as separate agreements according to their specific terms and conditions. All agreements contain a minimum non-cancellable period and an extension period at the option of the charterer. Each lease term is assessed at the inception of that lease. Under a time charter agreement, the charterer pays a daily hire for the use of the vessel and reimburses the owner for hold cleanings, extra insurance premiums for navigating in restricted areas and damages caused by the charterers. The charterer pays to third parties port, canal and bunkers consumed during the term of the time charter agreement. Such costs are considered direct costs and are not recorded as they are directly paid by charterers, unless they are for the account of the owner, in which case they are included in voyage expenses. The Company incurs voyage expenses such as commissions, bunkers (fuel oil and diesel oil), and port expenses relating to owners’ matters. When a vessel is delivered to a charterer, bunkers are purchased by the charterer and sold back to the Company on the redelivery of the vessel. Bunker gain, or loss, results when a vessel is redelivered by a charterer and delivered to the next charterer at different bunker prices, or quantities. For the years ended December 31, 2023 and 2022 and for the period from inception (April 15, 2021) through December 31, 2021, the Company incurred loss, loss and gain on bunkers amounting to $186, $1,949, and $63 respectively, primarily resulting from the difference in the value of bunkers paid by the Company when the vessel was redelivered to the Company from the charterer under the vessel’s previous time charter agreement and the value of bunkers sold by the Company when the vessel was delivered to a new charterer. This gain or loss is included in “Voyage expenses” in the accompanying consolidated statements of comprehensive (loss)/income. Under a time charter agreement, the owner pays for the operation and the maintenance of the vessel, including crew, insurance, spares and repairs, which are recognized in operating expenses. Revenues from time charter agreements providing for variable lease payments are accounted for as operating leases and thus recognized on a straight-line basis over the non-cancellable rental periods of such agreements, as the service is performed. The Company, as lessor, has elected to apply the practical expedient not to allocate the consideration in the agreement to the separate lease and non-lease components (operation and maintenance of the vessel) as their timing and pattern of transfer to the charterer, as the lessee, are the same and the lease component, if accounted for separately, would be classified as an operating lease, as the criteria of the paragraphs ASC 842-10-15-42A through 42B are met. Additionally, the lease component is considered the predominant component as the Company has assessed that more value is ascribed to the vessel rather than to the services provided under the time charter contracts. Also, the Company elected to apply a package of practical expedients which does not require the Company, as a lessor, to reassess: (1) whether any expired or existing contracts are or contain leases; (2) lease classification for any expired or existing leases; and (3) whether initial direct costs for any expired or existing leases would qualify for capitalization under ASC 842. Apart from the agreed hire rate, the owner may be entitled to an additional income, such as ballast bonus, which is considered as reimbursement of owner’s expenses and is recognized together with the lease component over the duration of the charter. The Company has made an accounting policy election to recognize the related ballast costs incurred, mainly consisting of bunkers’ consumption, over the period between the charter party date or the prior redelivery date (whichever is latest) and the delivery date to the charterer, as contract fulfillment costs are amortized over the charter period in accordance with ASC 340-40. Commissions paid to brokers are deferred and amortized over the related charter period to the extent revenue has been deferred, since commissions are earned as the Company’s revenues are earned. Unearned revenue includes cash received prior to the balance sheet date for which all criteria to recognize revenue have not been met. The majority of the vessels are employed on short to medium-term time charter contracts, which provides flexibility in responding to market developments. The Company monitors developments in the dry bulk shipping industry on a regular basis and adjusts the charter hire periods for the vessels according to prevailing market conditions.</div> -186000 -1949000 63000 <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">p) Repairs and maintenance:</span> All repair and maintenance expenses including underwater inspection expenses are expensed in the year incurred. Such costs are included in “Vessel operating expenses” in the accompanying consolidated statements of comprehensive (loss)/income.</div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">q) (Loss)/Earnings per common share:</span> Basic (loss)/earnings per common share are computed by dividing net (loss)/income available to common stockholders by the weighted average number of common shares outstanding during the year. Unvested preferred shares granted under the Company’s equity incentive plan, and Class A warrants are entitled to receive dividends which are not refundable, and therefore are considered participating securities for basic earnings per share calculation purposes, using the two-class method. The two-class method is an earnings allocation method under which EPS is calculated for each class of common stock and participating security considering both dividends declared (or accumulated) and participation rights in undistributed earnings as if all such earnings had been distributed during the period. Under this method, net (loss)/income is reduced by the amount of dividends declared or accumulated in the current period for common stockholders and participating security holders. The remaining earnings or “undistributed earnings” are allocated between common stock and participating securities to the extent that each security may share in earnings as if all of the earnings for the period had been distributed. Once calculated, the (loss)/earnings per common share is computed by dividing the net (loss)/income attributable to common stockholders by the weighted average number of common shares outstanding during each year presented. Diluted (loss)/earnings per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted at the beginning of the periods presented, or issuance date, if later. Diluted (loss)/earnings attributable to common stockholders per common share is computed by dividing the net (loss)/income attributable to common stockholders by the weighted average number of common shares outstanding plus the dilutive effect of warrants and shares issued and outstanding under the Company’s equity incentive plan during the applicable periods and the dilutive effect of convertible securities during the applicable periods as well. The treasury stock method is used to compute the dilutive effect of warrants and shares issued under the Company’s equity incentive plan. The if converted method is used to compute the dilutive effect of shares which could be issued upon conversion of the convertible preferred stock. The two-class method is used for diluted (loss)/earnings per common share when such is the most dilutive method, considering anti – dilution sequencing as per ASC 260. For purposes of the if converted calculation, the conversion price of convertible preferred stock is based on the fixed conversion price or on the average market price when the number of shares that may be issued is variable. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted earnings per share.</div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">r) Segment reporting: </span>The Company engages in the operation of dry-bulk vessels which has been identified as one reportable segment. The operation of the vessels is the main source of revenue generation, the services provided by the vessels are similar and they all operate under the same economic environment. Additionally, the vessels do not operate in specific geographic areas, as they trade worldwide; they do not trade in specific trade routes, as their trading (route and cargo) is dictated by the charterers; and the Company does not evaluate the operating results for each type of dry bulk vessel (i.e., Panamax or Capesize) for the purpose of making decisions about allocating resources and assessing performance.</div> 1 <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">s) Fair value measurements</span>: The Company follows the provisions of ASC 820 “Fair Value Measurements and Disclosures”, which defines fair value and provides guidance for using fair value to measure assets, liabilities and equity instruments classified in stockholders’ equity. The guidance creates a fair value hierarchy of measurement and describes fair value as the price that would be received to sell an asset or paid to transfer a liability or the consideration to transfer equity interests issued in an orderly transaction between market participants in the market in which the reporting entity transacts. The fair value measurement assumes that an instrument classified in stockholders’ equity is transferred to a market participant at the measurement date. The transfer of an instrument classified in stockholders’ equity assumes that the instrument would remain outstanding, and the market participant takes on the rights and responsibilities associated with the instrument. In accordance with the requirements of accounting guidance relating to Fair Value Measurements, the Company classifies and discloses its assets, liabilities and equity instruments classified in stockholders’ equity carried at the fair value in one of the following categories: Level 1: Quoted market prices in active markets for identical assets or liabilities or equity instruments; Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data; Level 3: Unobservable inputs that are not corroborated by market data.</div> <div style="margin: 0px 0px; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="font-weight: bold; font-style: italic;">t) Share based payments:</span> The Company issues restricted share awards which are measured at fair value on their grant date and are not subsequently re-measured. That cost is recognized over the period during which an employee is required to provide service in exchange for the award—the requisite service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service. Forfeitures of awards are accounted for when and if they occur. If an equity award is modified after the grant date, incremental compensation cost will be recognized in an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modification.</div> <div style="margin: 0px 0px; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="font-weight: bold; font-style: italic;">u) Going concern: </span>The Company follows the provisions of ASC 205-40 “Presentation of financial statements – Going Concern”, which provides guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and on related required footnote disclosures. Management evaluates, at each reporting period, whether there are conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year from the date the financial statements are issued.</div> <div style="margin: 0px 0px; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><span style="font-weight: bold; font-style: italic;">v) Financial instruments, credit losses</span>: At each reporting date, the Company evaluates its financial assets individually for credit losses and presents such assets in the net amount expected to be collected on such financial asset. When financial assets present similar risk characteristics, these are evaluated on a collective basis. When developing an estimate of expected credit losses the Company considers available information relevant to assessing the collectability of cash flows such as internal information, past events, current conditions and reasonable and supportable forecasts. No provision for credit losses were recorded in 2023, 2022 and the period from inception (April 15, 2021) through December 31, 2021. </div> 0 0 0 <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic;">w) Evaluation of nonmonetary transactions:</span> When the Company enters into a nonmonetary transaction as defined broadly under ASC 845, it determines whether the transaction is a contribution of an asset or a business by assessing the definition of a business under ASC 805 and whether the transaction is pro-rata. A transaction is considered pro rata if each owner receives an ownership interest in the transferee in proportion to its existing ownership interest in the transferor (even if the transferor retains an ownership interest in the transferee). In accordance with FASB Topic 805 Business Combinations: Clarifying the Definition of a Business, if substantially all of the fair value of the gross assets acquired are concentrated in a single identifiable asset or group of similar identifiable assets, then the set is not a business. To be considered a business, a set must include an input and a substantive process that together significantly contributes to the ability to create an output. All assets contributed under nonmonetary transactions that do not meet the definition of a business, are measured at their fair values on the transaction date in accordance with ASC 845, if the fair value is objectively measurable and clearly realizable in an outright sale at or near the distribution.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic; color: #000000;">x) Distinguishing liabilities from equity: </span><span style="color: #000000;">The Company follows the provisions of ASC 480 “Distinguishing liabilities from equity” to determine the classification of certain freestanding financial instruments as either liabilities or equity. In its assessment, the Company analyzes key features of these financial instruments to determine whether they are more akin to equity or to debt. It then identifies any embedded features in those instruments and examines whether the identified embedded features fall under the definition of a derivative according to the provisions of ASC 815 or whether those features require bifurcation (other than those with de minimis value) or affect classification in permanent equity. Financial instruments meeting the classification of liability are initially measured at fair value and are subsequently remeasured at each balance sheet date with the offsetting adjustments recorded within the consolidated statements of </span>comprehensive (loss)/income<span style="color: rgb(0, 0, 0);">. Upon settlement or termination, instruments classified as liabilities at fair value are marked to their fair value at the settlement date and then the liability gets settled. The Company values its instruments classified as liabilities using either the Black-Scholes option pricing model or other acceptable valuation models, including the binominal option pricing model (Note 7).</span></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold; font-style: italic;">y) Redemption of shares or convertible preferred stock for issuance of shares of common stock: </span>In the case of conversion of preferred stock to common stock, with the conversion feature assessed by the Company at first using the provisions of ASC 480-10-25-14 and then determined as requiring evaluation as a redemption feature (Note 2(x)), the Company follows redemption accounting. A redemption of preferred stock according to its original terms may be paid using cash, other instruments issued by the issuer or other assets (individually and collectively, the consideration) and may include a premium or discount. As per ASC 260-10-S99-2, a premium paid on redemption represents a return similar to a dividend to/from the preferred holder. In particular, when the Company determines that on the redemption date there is a difference in the carrying value of the preferred stock, as compared to the fair value of the common shares issued, that value represents a dividend to/from the preferred holders, which should be deducted from (if a premium) or added to (if a discount) the net (loss)/ income to arrive at the net (loss)/income available to common stockholders (Note 8).</div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold;">z) </span><span style="font-weight: bold; font-style: italic;">Offering expenses: </span>Expenses directly attributable to an equity offering are deferred and offset against the proceeds of the offering within additional paid-in capital, unless the offering is aborted, in which case they are written-off and charged to net (loss)/income. Deferred offering expenses in relation to ongoing offerings that have not materialized as of December 31, 2023 and 2022, amounted to $59 and $376, respectively, and are included in “Deferred charges, net” in the accompanying consolidated balance sheets.</div> 59000 376000 <div style="text-align: justify; color: #000000; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">New Accounting Pronouncements <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">- Not yet adopted</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">In October 2023, the Financial Accounting Standards Board issued Accounting Standard Update (“ASU”) No. 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative”. The amendments in this Update modify the disclosure or presentation requirements of a variety of Topics in the Codification. The effective date for each amendment of the ASU 2023-06 will be, the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The amendments in ASU 2023-06 should be applied prospectively. The Company has assessed that the adoption of this standard will not have any impact on the Company’s consolidated financial statements and related disclosures.</div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures (or ASU 2023-07). ASU 2023-07 introduced updates for how significant segment expense categories and amounts for each reportable segment are disclosed. A significant segment expense is defined as an expense that is: a) Significant to the segment, b) Regularly provided to or easily computed from information regularly provided to the chief operating decision maker, and c) Included in the reported measure of segment profit or loss. The additional disclosure for segmented reporting is intended to provide additional information to financial statement users as now expenses such as direct expenses, shared expenses, allocated corporate overhead, or significant interest expense need to be disaggregated and reported separately for each segment. ASU 2023-07 also requires that all segment-related disclosures required by FASB Topic 280 (Segment Reporting) be made also by entities that have a single reportable segment. ASU 2023-07 is effective for public entities for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024, and early adoption is permitted. Upon adoption, a public entity will apply the ASU as of the beginning of the earliest period presented. The Company has assessed that the adoption of this standard will not have any impact on the Company’s consolidated financial statements and related disclosures.</div> <div style="text-align: justify; color: #000000; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">3. Transactions with Related Parties</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">(a)</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="color: rgb(0, 0, 0); font-weight: bold;">Diana Wilhelmsen Management Limited, or DWM:</div> </td> </tr> </table> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">On November 29, 2021, the Company appointed DWM to provide management services for the vessels of the Company’s fleet pursuant to a management agreement, under which each of the vessel-owning subsidiaries pays, for each vessel, an aggregate of 1.25% on hire and on freight of the vessel’s gross income per month, plus either (i) $20,000 per month that the vessel is employed or available for employment or (ii) $10,000 per month for each month that the vessel is laid-up and not available for employment for at least 15 calendar days during such month. Under the addenda on the management agreements, dated March 1, 2022, the fixed monthly management fee was amended to (i) $18,500 per month that the vessel is employed or available for employment or (ii) $9,250 per month for each month that the vessel is laid-up and not available for employment for at least 15 calendar days during such month. The management agreements, as amended, may be terminated by either party on three months’ prior written notice. DWM is deemed a related party to the Company on the basis that certain members of the Company’s board of directors also act as members of the board of directors at DWM. Management fees charged by DWM for the years ended December 31, 2023 and 2022 and for the period from inception (April 15, 2021) through December 31, 2021, amounted to $1,319, $974 and $79, respectively. Of the management fees charged by DWM for the years ended December 31, 2023 and 2022 and for the period from inception (April 15, 2021) through December 31, 2021, $1,086, $737 and $62, respectively, are included in “Management fees to related parties” and $233, $237, and $17, respectively, are included in “Voyage expenses”, in the accompanying consolidated statements of </span>comprehensive (loss)/income<span style="color: rgb(0, 0, 0);">. As of December 31, 2023 and 2022, amounts of $12 and $5, were due to and due from DWM, included in “Due to related parties” and “Due from a related party”, respectively, in the accompanying consolidated balance sheets.</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"> <tr style="vertical-align: top;"> <td style="text-align: right; vertical-align: top; width: 36pt;"> <div style="text-align: justify; color: #000000; font-weight: bold;">(b)</div> </td> <td style="text-align: left; vertical-align: top; width: auto;"> <div style="text-align: justify; color: #000000; font-weight: bold;">Steamship Shipbroking Enterprises Inc. or Steamship:</div> </td> </tr> </table> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">On November 29, 2021, the Company appointed Steamship to provide insurance, administrative and brokerage services pursuant to a management agreement for insurance-related services, a brokerage services agreement, and an administrative services agreement. Under each vessel-owning subsidiary’s insurance management agreement with Steamship, the vessel-owning subsidiary pays Steamship a fixed fee of either (i) $500 per month for each month that the vessel is employed or is available for employment or (ii) $250 per month for each month that the vessel is laid-up and not available for employment for at least 15 calendar days during such month. These insurance management agreements may be terminated by either party on three months’ prior written notice. Under the brokerage services agreement, the Company pays Steamship a lumpsum commission and 2.5% on the hire agreed per charter party for each vessel, provided, however, that the Company and Steamship may agree to commissions on a percentage basis for specific deals. Up to December 31, 2022, as per the terms of the brokerage services agreement, the Company paid Steamship a fixed monthly fee of $95,000, which, with effect from January 1, 2023, was increased to $150,000 subject to the provisions of a new brokerage services agreement entered into with Steamship on March 7, 2023, the remaining terms of which remained unaltered. The new brokerage services agreement has an initial term of twelve months that commenced on January 1, 2023, and is automatically thereafter renewed for further periods of <span style="-sec-ix-hidden:Fact_3fbd02139ac649859f12a674f966af5f">one</span> calendar year, unless terminated by either party on three months’ prior written notice. Under the administrative services agreement entered into between the Company and Steamship, the Company pays Steamship a monthly fee of $10,000. The administrative services agreement may be terminated by either party on 30 days’ prior written notice. The administrative services agreement had an initial term of twelve months with effect from November 29, 2021, and an automatic further twelve-month renewal term. On November 29, 2023, the Company entered into a new administrative services agreement with Steamship on substantially the same terms as the expired agreement. Steamship is deemed a related party to the Company on the basis that members of the Company’s board of directors also act as board of directors’ members at Steamship and since January 2023, Steamship is controlled by the Company’s Chairperson. For the years ended December 31, 2023 and 2022 and for the period from inception (April 15, 2021) through December 31, 2021, insurance and administrative management fees amounted to $150, $141 and $12, respectively, and are included in “Management fees to related parties” in the accompanying consolidated statements of </span>comprehensive (loss)/income<span style="color: rgb(0, 0, 0);">. For the years ended December 31, 2023 and 2022 and for the period from inception (April 15, 2021) through December 31, 2021, aggregate brokerage fees amounted to $2,266, $1,614 and $178, respectively. Of the brokerage fees charged by Steamship for the years ended December 31, 2023 and 2022 and for the period from inception (April 15, 2021) through December 31, 2021, $1,800, $1,140 and $145, respectively, are included in “General and administrative expenses”, whereas, $466, $474 and $33, respectively, are included in “Voyage expenses” in the accompanying consolidated statements of </span>comprehensive (loss)/income<span style="color: rgb(0, 0, 0);">. During 2023, in connection with the Company’s chemical tankers’ investment (Note 4), Steamship charged the Company one off brokerage fee amounting to $150 that is included in “Equity method investment” in the accompanying 2023 consolidated balance sheet.</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">For the years ended December 31, 2023 and 2022 and for the period from inception (April 15, 2021) through December 31, 2021, accrued performance bonuses of $230, $185 and $<span style="-sec-ix-hidden:Fact_b0653779d80b42acb2d07a929bf98cbc">nil</span> are included in “General and administrative expenses” in the accompanying consolidated statements of </span>comprehensive (loss)/income (Note 12(c))<span style="color: rgb(0, 0, 0);">. As of December 31, 2023 and 2022, there was an amount of $462 and $410, respectively, due to Steamship, included in “Due to related parties” in the accompanying consolidated balance sheets, regarding outstanding fees for the services provided under the agreements discussed above and also resulting from amounts paid by Steamship on behalf of the Company.</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"> <tr style="vertical-align: top;"> <td style="text-align: right; vertical-align: top; width: 36pt;"> <div style="text-align: justify; color: #000000; font-weight: bold;">(c)</div> </td> <td style="text-align: left; vertical-align: top; width: auto;"> <div style="text-align: justify; color: #000000; font-weight: bold;">Diana Shipping Inc., or DSI:</div> </td> </tr> </table> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; color: #000000;"><span style="text-decoration: underline;">Spin-Off:</span></span><span style="color: #000000;"> On November 29, 2021, the Company completed its Spin-Off from DSI. In connection with the Spin-Off, DSI contributed to the Company three ship-owning companies (Cypres, Darien and Marfort discussed in Note 1) together with $1,000 in working capital, whereas as of the same date, stockholders of DSI received one of the Company’s common shares for every 200 shares of DSI’s common stock owned at the close of business on November 3, 2021 (i.e., 44,101 shares). DSI also received 500,000 of the Company’s Series B Preferred Stock </span>(the “Series B Preferred Stock”) <span style="color: rgb(0, 0, 0);">and 10,000 of the Company’s </span>Series C Convertible Preferred Stock (the “Series C Preferred Stock”) (Note 7(c)). <span style="color: rgb(0, 0, 0);">DSI did not distribute the Series B Preferred Stock or the Series C Preferred Stock to its stockholders in connection with the Spin-Off, and the Series B and Series C Preferred Stock are non-transferable. </span>The transaction was approved unanimously by the Board of Directors of the Company.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Pursuant to the Contribution and Conveyance agreement dated on November 8, 2021, as amended and restated on November 17, 2021, entered between the Company and DSI, DSI has indemnified the Company and the three above mentioned vessel-owning subsidiaries, for any and all obligations and other liabilities arising from or relating to the operation, management or employment of the Company’s vessels prior to the effective date of the Spin-Off (November 29, 2021). Additionally, pursuant to a Right of First Refusal agreement entered with DSI, dated November 8, 2021, the Company has been granted a right of first refusal over six identified drybulk carriers owned by DSI, effective as of the consummation of the Spin-Off. According to this right of first refusal, the Company has been granted the right, but not the obligation, to purchase one or all of the six identified vessels when and if DSI determines to sell the vessels at fair market value at the time of sale. As of December 31, 2023, following the Company’s refusal to acquire two of the identified vessels and the acquisition of the M/V Melia in February 2023 and the M/V Baltimore in September 2022 (Note 5), two out of six identified vessels remained available for purchase by the Company pursuant to the exercise of the right of first refusal under the agreement entered between the Company and DSI.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;"> </span><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Furthermore, the Company as of November 2, 2021, has entered into a Non-Competition agreement with DSI pursuant to which DSI has agreed not to compete with the Company for vessel acquisition or chartering opportunities to the extent that such acquisition or chartering opportunities are suitable for the Company or one of the Company’s vessels.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;">The Spin-Off was accounted for at fair values. The aggregate fair value of $46,040 for the three vessels contributed to the Company on November 29, 2021, was determined through Level 2 inputs of the fair value hierarchy by taking into consideration third party valuations which were based on the last done sales of vessels with similar characteristics, such as type, size and age at the specific dates (Note 5). The fair value of other assets contributed to the Company, mainly comprising lubricating oils and bunkers, amounting to $1,044 in aggregate, approximated their respective carrying value. The Series B Preferred Stock which has no economic interest was recorded at par, amounting to $5 and the Series C Preferred Stock has been recorded at a fair value of $7,570 determined based on valuation obtained by an independent third party for the purposes of the Spin-Off (Note 7(c)).</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><span style="text-decoration: underline;">Vessel acquisitions and issuances of Series D Preferred Stock:</span></span><span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"> On June 13, 2022 and February 1, 2023, pursuant to the exercise of the right of first refusal discussed above, the Company, through Darrit and Fiji, entered into separate Memoranda of Agreement with DSI, as amended, to acquire the Capesize M/V Baltimore and the Panamax M/V Melia, for purchase prices of $22,000 and $14,000, respectively. Of the agreed purchase price for each vessel, $4,400 for Baltimore and $4,000 for Melia was paid in cash upon signing of each Memorandum of Agreement and the remaining amounts of $17,600 and $10,000, respectively, were paid upon delivery of each vessel to the Company, on September 20, 2022 and February 8, 2023, respectively, in the form of 25,000 and 13,157 shares of the Company’s Series D Preferred Stock, respectively </span>(Notes 5 and 7(c))<span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">. </span>The vessels’ cost was accounted for at $22,000 and $14,000, respectively, pursuant to the provisions of ASC 360, being the fair value of the consideration that the Company contributed to acquire each vessel, including the fair value of the non-cash consideration. The <span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">Series D Preferred Stock has been recorded at a fair value of $17,600 and $10,000, respectively determined based on valuations obtained by an independent third party for the purposes of the transactions (Note 7(c)). Each of the vessel </span>acquisitions was approved by a committee of independent members of the Company’s Board of Directors.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">In connection with the issuances of the Series D preferred stock for the acquisitions of the M/V Baltimore and the M/V Melia, DSI declared special stock dividends to all its stockholders of record as of November 28, 2022, and April 24, 2023, respectively, of all of the Company’s shares of Series D Preferred Stock held by DSI at that time. The dividends were paid on December 15, 2022, and June 9, 2023, respectively (Note 7(c)).</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><span style="text-decoration: underline;">Redemption of Series C Preferred Stock: </span></span><span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">On October 17, 2023, pursuant to the provisions of the Series C Preferred Stock statement of designations, DSI exercised its right to redeem <span style="color: #000000;">9,793 of its 10,000 Series C Preferred Stock, through the issuance to DSI of 3,649,474</span> of the Company’s shares of common stock. </span>The redemption rate which was utilized in connection with the redemption of the Series C Preferred Stock was based on the 10-day trailing VWAP of the Company’s common stock, in accordance with the <span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">conversion mechanism prescribed in the </span>Series C Preferred Stock statement of designations. <span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">As a result of this redemption, the <span style="color: rgb(0, 0, 0);">9,793</span> Series C preferred shares have been cancelled and retired and <span style="color: rgb(0, 0, 0);">207</span> Series C Preferred Stock of the Company remained in DSI’s possession. </span>The Company’s valuation determined that the redemption on October 17, 2023 of 9,793 Series C Preferred Stock for the issuance of the above Company’s shares of common stock resulted in an excess value of the shares of common stock of $2,549 or $0.70 per common share, as compared to the carrying value of the Series C Preferred Stock redeemed (<span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">which have been recorded at inception at a fair value of $<span style="color: rgb(0, 0, 0);">7,414</span> determined based on valuation obtained by an independent third party for the purposes of the Spin-Off)</span>, that was transferred to DSI on the measurement date (i.e. October 17, 2023), and thus this value represented a deemed dividend to DSI, that was deducted from the net loss to arrive at the net loss available to common stockholders (Note 8). The fair value of the common shares issued on the measurement date of $9,963 was determined through Level 1 inputs of the fair value hierarchy (quoted market price on the date of the redemption of the Series C Preferred Stock for issuance of common stock). <span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">As of December 31, 2023, and 2022, there was <span style="color: rgb(0, 0, 0);">no</span> amount due to or from DSI.</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"> <tr style="vertical-align: top;"> <td style="text-align: right; vertical-align: top; width: 36pt;"> <div style="text-align: justify; color: #000000; font-weight: bold;">(d)</div> </td> <td style="text-align: left; vertical-align: top; width: auto;"> <div style="text-align: justify; color: #000000; font-weight: bold;">Issuance of Series E Preferred Stock:</div> </td> </tr> </table> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">On March 20, 2023, the Company issued 1,200 shares of its newly designated Series E Perpetual Convertible Preferred Stock (the “Series E Preferred Stock”), par value $0.01 per share, to an affiliated company of its Chairperson, for a purchase price of $35. The Series E Preferred Stock votes with the common shares of the Company, and each share of the Series E Preferred Stock entitles the holder thereof to up to 25,000 votes on all matters submitted to a vote of the stockholders of the Company, subject up to 15% of the total number of votes entitled to be cast on matters put to stockholders of the Company. The issuance of shares of Series E Preferred Stock to the Company’s Chairperson was approved by an independent committee of the Company’s Board of Directors, which received a fairness opinion from an independent third party that the transaction was fair from a financial point of view to the Company (Note 7(c)).</div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"> <tr style="vertical-align: top;"> <td style="text-align: right; vertical-align: top; width: 36pt;"> <div style="text-align: left; color: rgb(0, 0, 0); font-weight: bold;">(e)</div> </td> <td style="text-align: left; vertical-align: top; width: auto;"> <div style="color: rgb(0, 0, 0); font-weight: bold;">Altair Travel Agency S.A. (“Altair”):</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The Company uses from time to time the services of a travel agent, Altair, on which the Company’s Chairperson, holds equity interests. Travel expenses charged by Altair for the year ended December 31, 2023 amounted to $55 and are mainly included in “Vessel operating expenses” and “<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Deferred charges, net</span>” in the accompanying consolidated financial statements.</div> 0.0125 20000 10000 P15D 18500 9250 P15D P3M 1319000 974000 79000 1086000 737000 62000 233000 237000 17000 12000 5000 500 250 P15D P3M 0.025 95000 150000 P12M P3M 10000 P30D P12M P12M 150000 141000 12000 2266000 1614000 178000 1800000 1140000 145000 466000 474000 33000 150000 230000 185000 462000 410000 3 1000000 200 44101 500000 10000 3 6 1 6 2 6 46040000 3 1044000 0 5000 7570000 22000000 14000000 4400000 4000000 17600000 10000000 25000 13157 22000000 14000000 17600000 10000000 9793 10000 3649474 P10D 9793 9793 207 9793 2549000 0.7 7414000 9963000 0 0 0 0 1200 0.01 35000 25000 0.15 55000 <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: bold; text-align: justify;"><span style="text-align: justify; color: #000000; font-weight: bold;">4.</span> Equity Method Investment</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">On August 29, 2023, the Company agreed to make a <span style="color: #000000;">27.5%</span> investment in a Norwegian limited liability company, RFSea, that is constructing under separate newbuilding contracts, <span style="color: #000000;">two 6,600</span> dwt methanol-ready, stainless steel chemical tankers, with expected delivery dates between the fourth quarter of 2025 and the first quarter of 2026. As a result of entering this transaction, the Company committed an aggregate amount of <span style="color: #000000;">$4,125, due in three equal installments of $1,375</span> each. The first installment was paid in mid-September 2023, and the two remaining installments are due in late 2024 and mid-2025, respectively. In assessing the accounting treatment for this transaction, the Company evaluated ASC 810 and concluded that RFSea is a VIE and that the Company does not individually have the power to direct the activities of the VIE that most significantly affect its performance. The noncontrolling interest of <span style="color: #000000;">27.5%</span> into RFSea was accounted for under the equity method due to the Company’s significant influence over RFSea. <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">As of December 31, 2023, the investment in RFSea amounted to $<span style="color: #000000;">1,645</span> and is included in “Equity method investment” in the accompanying 2023 consolidated balance sheet.</span></div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">For the year ended December 31, 2023, the gain from this investment amounted to $2 and is presented in “Gain from equity method investment” in the accompanying 2023 consolidated statement of comprehensive (loss)/income. Furthermore, <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">the Company incurred net transaction costs in connection with this transaction which amounted to $<span style="color: rgb(0, 0, 0);">268</span> and are presented in “Equity method investment” in the accompanying 2023 consolidated balance sheet</span>. The Company’s maximum exposure to a loss as a result of its investment in RFSea, is limited to its committed amounted in this investment, $4,125.</div> 0.275 2 6600 4125000 3 1375000 2 0.275 1645000 2000 268000 4125000 <div style="text-align: justify; color: #000000; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">5. Vessels, net</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The amounts reflected in “Vessels, net” in the accompanying consolidated balance sheets are analyzed as follows:</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;"> </span><br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td colspan="1" style="vertical-align: bottom; padding-left: 9pt; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Vessel Cost</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Accumulated Depreciation</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Net Book Value</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td colspan="1" style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">Balance, December 31, 2021</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">46,082</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">(354</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">45,728</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td colspan="1" style="vertical-align: bottom; width: 64%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">-Vessel acquisitions</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">22,000</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">22,000</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td colspan="1" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">-Additions for improvements</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">694</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">694</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td colspan="1" style="vertical-align: bottom; width: 64%; padding-bottom: 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">- Depreciation for the year</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(4,750</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(4,750</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> </tr> <tr> <td colspan="1" style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">Balance, December 31, 2022</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">68,776</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">(5,104</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">63,672</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td colspan="1" style="vertical-align: bottom; width: 64%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">-Vessel acquisition</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">14,064</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">14,064</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td colspan="1" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">-Additions for improvements</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">304</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">304</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td colspan="1" style="vertical-align: bottom; width: 64%; padding-bottom: 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">- Depreciation for the year</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(6,940</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(6,940</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> </tr> <tr> <td colspan="1" style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">Balance, December 31, 2023</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">83,144</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">(12,044</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">71,100</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Vessel acquisitions</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">In June 2022, Darrit entered into a memorandum of agreement, as amended, to purchase from DSI, the Capesize dry bulk carrier M/V Baltimore, for the purchase price of $22,000 pursuant to the right of first refusal granted by DSI (Notes 3(c) and 7(c)). The vessel was delivered to the Company on September 20, 2022.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">In February 2023, Fiji entered into a memorandum of agreement, as amended, to purchase from DSI, the Panamax dry bulk carrier M/V Melia, for the purchase price of $14,000 pursuant to the right of first refusal granted by DSI (Notes 3(c) and 7(c)). The vessel was delivered to the Company on February 8, 2023. Predelivery expenses amounted to $64.</div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; color: #000000; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Vessel improvements</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Vessel improvements mainly relate to the implementation of ballast water treatment system and other works necessary for the vessels to comply with new regulations and be able to navigate to additional ports. During 2023 and 2022, the additions to vessels’ cost amounted to $304 and $694, respectively.</div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; color: #000000; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Change in scrap rate estimate</span></div> <div style="text-align: justify; color: #000000; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;"> <br/> </span></div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Effective July 1, 2023, the Company changed the estimated scrap rate of all of its vessels from $250 per lightweight ton to $400 per lightweight ton. This change was made because the historical scrap rates over the past ten years have increased and as such the $250 rate was no longer considered representative. For 2023, this increase in the vessels’ salvage value has reduced depreciation and net loss by approximately $917 and basic and diluted loss per share by approximately $0.28 and $0.27, respectively.</div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The amounts reflected in “Vessels, net” in the accompanying consolidated balance sheets are analyzed as follows:</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;"> </span><br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td colspan="1" style="vertical-align: bottom; padding-left: 9pt; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Vessel Cost</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Accumulated Depreciation</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">Net Book Value</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td colspan="1" style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">Balance, December 31, 2021</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">46,082</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">(354</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">45,728</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td colspan="1" style="vertical-align: bottom; width: 64%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">-Vessel acquisitions</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">22,000</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">22,000</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td colspan="1" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">-Additions for improvements</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">694</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">694</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td colspan="1" style="vertical-align: bottom; width: 64%; padding-bottom: 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">- Depreciation for the year</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(4,750</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(4,750</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> </tr> <tr> <td colspan="1" style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">Balance, December 31, 2022</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">68,776</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">(5,104</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">63,672</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td colspan="1" style="vertical-align: bottom; width: 64%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">-Vessel acquisition</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">14,064</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">14,064</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td colspan="1" style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">-Additions for improvements</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">304</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">304</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td colspan="1" style="vertical-align: bottom; width: 64%; padding-bottom: 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">- Depreciation for the year</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(6,940</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(6,940</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> </tr> <tr> <td colspan="1" style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">Balance, December 31, 2023</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">83,144</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">(12,044</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">71,100</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> 46082000 354000 45728000 22000000 22000000 694000 694000 4750000 4750000 68776000 5104000 63672000 14064000 14064000 304000 304000 6940000 6940000 83144000 12044000 71100000 22000000 14000000 64000 304000 694000 250000 400000 P10Y 250000 -917000 -0.28 -0.27 <div style="text-align: justify; color: #000000; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">6. Commitments and Contingencies</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;"> </span><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">(a)  Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance, and other claims with suppliers relating to the operations of the Company’s vessels. The Company accrues for the cost of environmental and other liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. The Company’s vessels are covered for pollution in the amount of $1 billion per vessel per incident, by the P&amp;I Association in which the Company’s vessels are entered. The Company’s vessels are subject to estimated total calls payable to their P&amp;I Association and may be subject to supplementary calls which are calculated as a percentage of the net estimated total calls for each year and after deducting any applicable rebates, laid up returns and other deductions. A decision to levy supplementary calls is made by the Board of Directors of the Association at any time during or after the end of the relevant policy year. There is no limit to the number or amount of supplementary calls that can be levied in respect of a policy year. Supplementary calls, if any, are issued when they are announced and according to the period they relate to. The Company, so far, has not been made aware of any supplementary calls outstanding in respect of any policy year.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">The Company has certain outstanding amounts from disputes with <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">two</span> charterers for revenues recognized during the year ended December 31, 2022, which in aggregate amounted to $236 as of December 31, 2023 and are included in Prepaid expenses and other assets, net, in the accompanying 2023 consolidated balance sheet. In connection with the respective open cases, the Company has estimated as of December 31, 2023, that loss contingencies of $<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">19</span> may arise, and has further established aggregate allowances for doubtful accounts of $<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">170</span>, both included in “Other operating loss/(income)” in the accompanying 2023 consolidated statement of comprehensive loss.</span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;"> </span><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">(b)  As of December 31, 2023, all of the Company’s vessels were fixed under time charter agreements, considered as operating leases and accounted for as per the provisions of ASC 842. The minimum contracted revenues expected to be generated (gross of charterers’ commissions), based on the existing commitments to non-cancelable time charter contracts as of December 31, 2023 and until their expiration dates, all falling with the first semester of 2024, are estimated at $4,038.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">(c)  As of December 31, 2023, the total contractual obligations in connection with the Company’s chemical tankers’ investment amounted to $2,750, of which $1,375 is expected to be due in the fourth quarter of 2024 and $1,375 is expected to be due in the second quarter of 2025 (Note 4).</div> 1000000000 2 236000 19000 170000 4038000 2750000 1375000 1375000 <div style="color: rgb(0, 0, 0); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">7. Capital Stock and Changes in Capital Accounts</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;"> </span><br/> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; font-weight: bold;">(a)</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-weight: bold;">Common Stock</div> </td> </tr> </table> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">As of April 15, 2021, the date of Company’s incorporation, the Company’s authorized share capital was 500 shares of common stock, par value $0.01 per share, issued to DSI. On November 29, 2021, the Company’s articles of incorporation were amended and restated. Under the Company’s amended and restated articles of incorporation, the Company’s authorized common stock consists of 1 billion shares of common stock, par value $0.01 per share, of which 44,101 shares were issued and outstanding on November 29, 2021, immediately upon the Spin-Off consummation (Note 3(c)) and remained issued and outstanding as of December 31, 2021 (all shares of common stock in registered form). As of December 31, 2023, and 2022, following the events described below, 7,448,601 and 509,200 shares of common stock were issued and outstanding (all shares of common stock in registered form).</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"> <tr style="vertical-align: top;"> <td style="text-align: right; vertical-align: top; width: 36pt;"> <div style="text-align: justify;"><span style="font-weight: bold;">(i)</span></div> </td> <td style="text-align: left; vertical-align: top; width: auto;"> <div style="text-align: justify;"><span style="font-weight: bold;">Receipt of Nasdaq Notices and Reverse Stock Splits:</span></div> </td> </tr> </table> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">On March 8, 2022, the Company received a written notification from Nasdaq indicating that because the closing bid price of the Company’s common shares for 30 consecutive business days, i.e., from January 21, 2022 to March 7, 2022, was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq, the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2). Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the original applicable grace period to regain compliance was 180 days, or until September 5, 2022. On September 6, 2022, the Company was granted an additional 180-day period from the Nasdaq Capital Market, through March 6, 2023, to regain compliance with the $1.00 minimum bid price requirement for continued listing on the Nasdaq Capital Market. Effective December 22, 2022, the Company effected a <span style="-sec-ix-hidden:Fact_980c775e0f384f4a812fbe33af14e602">one-for-ten</span> reverse stock split on its issued and outstanding common stock. The <span style="-sec-ix-hidden:Fact_4c6213c453eb46199b59c85a22755372">one-for ten</span> ratio was approved by the Company’s Board on December 19, 2022. The Company’s common stock began trading on a split-adjusted basis on the Nasdaq Capital Market at the opening of trading on December 22, 2022. As a result of this reverse stock split, <span style="color: rgb(0, 0, 0);">the number of the Company’s issued and outstanding common shares was reduced with no change in the number of the Company’s authorized shares or the par value of the Company’s common stock.</span> <span style="color: rgb(0, 0, 0);">As of January 6, 2023, the Company’s common stock remained at $1.00 per share or higher for ten consecutive days. As such, on January 9, 2023, the Company received a letter from the Nasdaq confirming that it regained compliance with the minimum bid price requirement.</span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">On March 27, 2023, the Company further received a written notification from Nasdaq indicating that because the closing bid price of the Company’s common shares for 32 consecutive business days, i.e., from February 8, 2023 to March 24, 2023, was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq, the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2). Pursuant to the Nasdaq Listing Rules, the applicable grace period to regain compliance was 180 days, or until September 25, 2023. <span style="color: rgb(0, 0, 0);">On May 24, 2023, pursuant to shareholder approval granted on May 3, 2023 which authorized the Company’s Board of Directors to effect one or more reverse stock splits of its issued common shares, in the aggregate ratio of not more than <span style="-sec-ix-hidden:Fact_3c5513ddf7444acf86e25fb4f15fe613">1-for-250</span>, with the exact ratio to be determined by the Board of Directors in its discretion, the Company’s board of directors approved a <span style="-sec-ix-hidden:Fact_bfac8d4e8e4a40b9b9e2bf9d6396db8a">one-for-20</span> reverse stock split of the Company’s common shares. The reverse stock split took effect and the Company’s common shares began trading on a split-adjusted basis on Nasdaq Capital Market, as of the opening of trading on June 8, 2023, under the existing trading symbol “OP”. As a result of this reverse stock split, on June 8, 2023, the number of the Company’s issued and outstanding common shares was reduced to 1,259,135 with no change in the number of the Company’s authorized shares or the par value of the Company’s common stock. As of June 22, 2023, the Company’s common stock had remained at $1.00 per share or higher for ten consecutive business days. As such, on June 23, 2023, the Company received a letter from the Nasdaq confirming that it regained compliance with the minimum bid price requirement.</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"> <tr style="vertical-align: top;"> <td style="text-align: right; vertical-align: top; width: 36pt;"> <div style="text-align: left; color: #000000; font-weight: bold;">(ii)</div> </td> <td style="text-align: left; vertical-align: top; width: auto;"> <div style="color: #000000; font-weight: bold;">Equity Offerings:</div> </td> </tr> </table> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">January 2022 Underwritten Public Offering:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">On January 12, 2022, the Company filed a registration statement with the SEC on Form F-1, which was declared effective on January 20, 2022. On January 25, 2022, the Company closed an underwritten public offering of 15,571,429 units at a price of $0.77 per unit, 200 units consisting of one share of the Company’s common stock (or 200 prefunded warrants in lieu of one share of the Company’s common stock) and 200 Class A warrants to purchase one common share of the Company’s common stock and was immediately separated upon issuance (the “January 2022 Offering”). In particular, upon the closing of the offering, 65,357 shares of common stock, 2,500,000 prefunded warrants to purchase 12,500 shares of common stock, and 15,571,429 Class A warrants to purchase 77,857 shares of common stock were sold.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">In addition, the Company had previously agreed with certain of its’ executive officers and significant stockholders (the “selling stockholders”) to register their resale of shares of common stock, whereas an aggregate of 8,886 shares of common stock of certain of the selling stockholders were registered in connection with the January 2022 offering. As such, certain selling stockholders sold an aggregate of 3,143 shares of common stock in the primary offering. Each of the 3,143 shares of common stock sold by the selling stockholders on the primary offering was delivered to the underwriters with 200 additional Class A warrants to purchase one share of common stock (sold by the Company), on a firm commitment basis. In addition, the underwriter for the offering fully-exercised its option to purchase an additional 5,743 common shares sold from the selling stockholders and 6,407 common shares along with 2,430,000 Class A warrants to purchase 12,150 shares of common stock sold from the Company. Each of the 5,743 shares of common stock sold by the selling stockholders upon exercise of the underwriters’ over-allotment option, was sold with 200 Class A warrants (sold by the Company) to purchase one share of common stock, on a firm commitment basis. The Company did not receive any of the proceeds from the sale of common shares by the selling stockholders and only received the proceeds for the Class A warrants sold together with the selling stockholders’ shares of common stock (i.e., Class A warrants to purchase 8,886 shares of common stock in aggregate). The net proceeds received during 2022, under the January 2022 Offering, including the exercise of Class A and prefunded warrants discussed in Note 7(b) below and after deducting underwriting commissions and offering expenses paid by the Company, amounted to $14,736. The Company has recorded the excess of the proceeds received over the par value of common stock to additional paid in capital.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="color: #000000; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">February 2023 Registered Direct Offering and Concurrent Private Placement:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">On February 8, 2023, the Company closed a registered direct offering of 15,000,000 units, at a price of $1.01 per unit, with each twenty units consisting of one share of the Company’s common stock and twenty Class B warrants exercisable for one share of the Company’s common stock. The Company also offered to each purchaser, with respect to the purchase of units that would otherwise result in the purchaser’s beneficial ownership exceeding 4.99% of the Company’s outstanding common stock immediately following the consummation of the offering, the opportunity to purchase twenty prefunded warrants in lieu of one share of common stock. As a result of the above, on February 10, 2023, the Company issued and sold 15,000,000 units comprising of 615,000 shares of the Company’s common stock, 2,700,000 prefunded warrants to purchase 135,000 shares of common stock, and 15,000,000 Class B warrants to purchase 750,000 shares of the Company’s common stock.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The Company, concurrently with this transaction, also conducted a private placement of 15,000,000 additional unregistered at that time warrants to purchase up to an aggregate 750,000 shares of the Company’s common stock (Note 7(b)). On February 23, 2023, the Company filed with the SEC a resale registration agreement on Form F-1 for the registration of the private placement warrants in this transaction, which was declared effective on March 8, 2023.</div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The gross and net proceeds received in the February 2023 Registered Direct Offering and the Concurrent Private Placement, including the proceeds from the exercise of the 2,700,000 prefunded warrants discussed above, amounted to $15,150 and $13,296, respectively.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; font-weight: bold;">(b)</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-weight: bold;">Warrants</div> </td> </tr> </table> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">As discussed under 7(a)(ii) above, </span>all prefunded warrants (i.e., 2,500,000) and 4,156,000 Class A warrants in the January 2022 Offering have been exercised resulting in the issuance of an aggregate 33,280 shares of common stock during 2022. The Class A warrants were immediately exercisable and expire in five years from issuance, i.e., in January 2027. The Company may at any time during the term of the Class A warrants reduce the then current exercise price of each warrant to any amount and for any period of time deemed appropriate by the board of directors of the Company, subject to terms disclosed in the warrants’ agreements. The Class A warrants also contain a cashless exercise provision, whereby if at the time of exercise, there is no effective registration statement, then the Class A warrants can be exercised by means of a cashless exercise as disclosed in the warrants’ agreement. All Class A warrants are classified as equity, in accordance with the Company’s accounting policy (Note 2(x)). In particular, the Company in its assessment for the accounting of the Class A and the prefunded warrants issued in connection with the January 2022 Offering, analyzed key features of the warrants and determined that classification as permanent equity is appropriate, and no features required bifurcation (other than those with de minimis value) or fall under the scope exceptions from derivative accounting. Based on the terms of the Class A warrants’ agreement, each holder of a Class A warrant is, at any time after the issuance<span style="color: rgb(0, 0, 0);"> of the warrants, entitled to participate in the distribution of dividends by the Company, if and when declared, to the same extent that the holder would participate for each common share that such holder would be entitled to receive upon complete exercise of their Class A warrants (Notes 7(a) and 8).</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Further, as also discussed under 7(a)(ii) above, the Company, in connection with the February 2023 Registered Direct Offering and the Concurrent Private Placement, issued 15,000,000 Class B Warrants to purchase 750,000 common shares, 15,000,000 private placement warrants to purchase 750,000 common shares, and 2,700,000 prefunded warrants to purchase 135,000 common shares. The prefunded warrants were exercisable at an exercise price of $0.20 per common share and were exercisable at any time after their original issuance date (i.e., February 10, 2023) until they were exercised in full. The Class B warrants have an exercise price of $20.20 per common share and are exercisable at any time after their original issuance up to the date that is five years after their original issue date, i.e., February 10, 2028. The private placement warrants also had an exercise price of $20.20 per common share and an identical to the Class B warrants exercise period. Alternatively, the holder of each private placement warrant, could elect to exercise such warrants on a cashless basis at the rate of 0.75 common share per twenty warrants on or after the later of (i) the date the selling shareholders’ registration statement was declared effective, (ii) March 24, 2023, and (iii) the date the aggregate cumulative trading volume of the Company’s common shares beginning on February 8, 2023 exceeds 60 million shares. The latter of the above conditions was satisfied on June 8, 2023, and, as a result, from that date onwards holders of the private placement warrants could elect to exercise their warrants on an alternative cashless basis. </span>The Class B warrants and the private placement warrants also contain/contained a cashless exercise provision, whereby, if at the time of exercise there is no effective registration statement registering those warrants for resale, then these warrants can/could be exercised by means of a cashless exercise as per the mechanism prescribed in the respective warrants’ agreements. The Company may/could at any time during the term of its Class B warrants and private placement warrants reduce the then current exercise price of each warrant to any amount and for any period of time deemed appropriate by the board of directors of the Company, subject to terms disclosed in the respective warrants’ agreements.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 2023, all of the 2,700,000 prefunded warrants issued in the February 2023 Registered Direct Offering have been exercised. Further, during 2023, the Company received notices of alternative cashless exercises for all the 15,000,000 private placement warrants issued in the Concurrent Private Placement which resulted in the issuance of 562,501 shares of common stock.</div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">The Company in its assessment for the accounting of the Class B warrants, private placement warrants, and the prefunded warrants issued in the February 2023 Registered Direct Offering and the Concurrent Private Placement, has taken into consideration the provisions enumerated under ASC 480 and ASC 815 (Note 2(x)). With regards to the Class B warrants and the prefunded warrants, the Company determined that they are out of the scope of ASC 480 and, by further analyzing their key features, that classification in permanent equity is appropriate and no features required bifurcation. In its assessment of the accounting treatment of the private placement warrants, the Company determined that the alternative cashless exercise of the private placement warrants precluded them from being considered indexed to the Company’s stock. In this respect, the Company initially recorded the private placement warrants as noncurrent liabilities at their fair value under Warrants’ liability on the accompanying consolidated balance sheet, with subsequent changes in their respective fair values recognized in line “Changes in fair value of warrants’ liability” in the accompanying consolidated statement of </span>comprehensive (loss)/income<span style="color: rgb(0, 0, 0);">. Estimating fair values of liability-classified financial instruments requires the development of estimates that may, and are likely to, change over the duration of the instrument with related changes in internal and external market factors. In addition, option-based techniques are highly volatile and sensitive to changes in the trading market price of the Company’s common stock. Because liability-classified financial instruments are recorded at fair value, the Company’s financial results reflected the volatility and changes in these estimates and assumptions until the respective liability was fully extinguished. As of the date the Company completed the 2023 February Registered Direct Offering and the concurrent private placement (i.e. February 10, 2023), the private placement warrants were valued using the Black-Scholes option pricing model at a fair value of $7,504 in aggregate, while the remaining gross proceeds of the offering amounting to $7,619 (net proceeds of $6,699) were allocated to common shares, prefunded warrants, and Class B warrants using the residual value method. Issuance costs amounting to $909 were expensed using the pro rata method by taking into account the portion of the liability recorded at inception and are included in “Finance costs” in the accompanying consolidated statements of </span>comprehensive (loss)/income<span style="color: rgb(0, 0, 0);">. As mentioned above, pursuant to the exercises of all the private placement warrants during 2023, on an alternative cashless basis for 562,501 shares of common stock, the warrants were marked to their fair value at their respective settlement dates and then the respective warrants’ liability aggregating to an amount of $1,282 got settled with relevant transfers of $6 to par value and $1,276 to additional paid-in-capital within the accompanying consolidated statement of stockholders’ equity for the year ended December 31, 2023. The gain of $6,222 resulting from the settlement of the warrants’ liability throughout the period was accounted for as a change in fair value of the warrants’ liability and is presented in “Change in fair value of the warrants’ liability” in the accompanying consolidated statements of </span>comprehensive (loss)/income<span style="color: rgb(0, 0, 0);">. The private placement warrants’ fair value as of their initial measurement and subsequent settlement dates per discussion above, was determined through Level 3 inputs of the fair value hierarchy as determined by management. The Company weighed the probability that such warrants were alternatively cashless exercised for common shares in the initial fair value measurement of the private placement warrants, while the Black-Scholes option pricing model was applied under the following assumptions: (a) expected volatility (b) risk free rate (c) market value of common stock of, which was the current market price at each fair value measurement date. Fair value sensitivity was driven by the stock price at the time of valuation and is limited in terms of the other parameters.</span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 2023, and 2022, pursuant to the January 2022 Offering, 14,474,000 Class A warrants to purchase 72,370 shares of common stock remained available for exercise at an exercise price of $154 dollars per common share. <span style="color: rgb(0, 0, 0);">As of December 31, 2023, all the 15,000,000 Class B warrants to purchase an aggregate 750,000 common shares in the February 2023 Registered Direct Offering remained available for exercise at an exercise price of $20.20 dollars per common share.</span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0);"> <br/> </span></div> <div style="color: #000000; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Dividends to common stock and Class A warrant holders:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">On March 18, 2022, the Company’s Board of Directors declared a cash dividend of $10 per share for the fourth quarter ended December 31, 2021, to its common stockholders of record as of April 1, 2022. The Company had 149,145 shares of common stock issued and outstanding on the record date (April 1, 2022). Holders of the Company’s Class A warrants as of April 1, 2022, received a cash payment in the amount of $10 for each common share that such holder would be entitled to receive upon exercise of their Class A warrants. As of the record date (April 1, 2022), there were Class A warrants exercisable for an aggregate of 72,370 common shares. On April 11 and 13, 2022, the Company paid a dividend of $1,491 on common stock and of $724 on Class A warrant holders of record on April 1, 2022, amounting to $2,215 in aggregate.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">On May 30, 2022, the Company’s Board of Directors declared a cash dividend of $2 per share for the first quarter ended March 31, 2022, to its’ common stockholders of record as of June 14, 2022. The Company had 149,145 shares of common stock issued and outstanding on the record date (June 14, 2022). Holders of the Company’s Class A warrants as of June 14, 2022, received a cash payment in the amount of $2 for each common share that such holder would be entitled to receive upon exercise of their Class A warrants. As of record date June 14, 2022, there were Class A warrants exercisable for an aggregate of 72,370 common shares. On June 21, 2022, the Company paid a dividend of $299 on common stock and of $144 on Class A warrants holders of record on June 14, 2022, amounting to $443 in aggregate.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">On July 27, 2022, the Company’s Board of Directors declared a cash dividend of $2 per share for the second quarter ended June 30, 2022, to its’ common stockholders of record as of August 12, 2022. The Company had 149,145 shares of common stock issued and outstanding on the record date (August 12, 2022). Holders of the Company’s Class A warrants as of August 12, 2022, received a cash payment in the amount of $2 for each common share that such holder would be entitled to receive upon exercise of their Class A warrants. As of record date August 12, 2022, there were Class A warrants exercisable for an aggregate of 72,370 common shares. On August 31, 2022, the Company paid a dividend of $299 on common stock and of $144 on Class A warrants holders of record on August 12, 2022, amounting to $443 in aggregate.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; font-weight: bold;">(c)</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-weight: bold;">Preferred Stock</div> </td> </tr> </table> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 2023, and 2022, the Company’s authorized preferred stock consisted of 100,000,000 shares of preferred stock, par value $0.01 per share, designated as Series A Participating Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock and Series E Preferred Stock. As of December 31, 2023, and 2022, there were no Series A Participating Preferred Stock issued and outstanding.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"> <tr style="vertical-align: top;"> <td style="text-align: right; vertical-align: top; width: 36pt;"> <div style="text-align: left;"><span style="font-weight: bold;">(i)</span></div> </td> <td style="text-align: left; vertical-align: top; width: auto;"> <div><span style="font-weight: bold;">Series B Preferred Stock</span></div> </td> </tr> </table> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 2023 and 2022, the Company had outstanding 500,000 Series B Preferred Stock, with par value $0.01 per share, issued to DSI. The Series B Preferred Stock votes with the common shares of the Company, and each share of Series B Preferred Stock entitles the holder thereof to 2,000 votes on all matters on which the Company’s stockholders are entitled to vote of up to 34% of the total number of votes entitled to be cast for all matters for which the Company’s stockholders are entitled to vote on, but with no economic rights. To the extent the aggregate voting power of any holder of Series B Preferred Stock, together with any affiliate of such holder, would exceed 49% of the total number of votes that may be cast on any matter submitted to a vote of the Company’s stockholders, the number of votes of the Series B Preferred Stock shall be automatically reduced so that such holder’s aggregate voting power, together with any affiliate of such holder, is not more than 49%. Furthermore, the Series B Preferred Stock has no dividend, distribution or liquidation rights and cannot be transferred without the consent of the Company except to the holder’s affiliates or successors.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; font-weight: bold;">(ii)</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-weight: bold;">Series C Preferred Stock</div> </td> </tr> </table> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Series C Preferred Stock, with liquidation preference $1,000 per share, has no voting rights except (1) in respect of amendments to the articles of incorporation which would adversely alter the preferences, powers or rights of the Series C Preferred Stock or (2) in the event that the Company proposes to issue any parity stock if the cumulative dividends payable on outstanding Series C Preferred Stock are in arrears or any senior stock. Also, holders of Series C Preferred Stock, rank prior to (i) the holders of common shares, (ii) if issued, any Series A Participating Preferred Stock, the Series B Preferred Stock and (iii) any other class or series of capital stock established after their original issuance date (i.e. November 29, 2021) with respect to dividends, distributions and payments upon liquidation. The Series C Preferred Stock has a cumulative preferred dividend accruing from the date of original issuance which is payable on the 15th day of January, April, July and October of each year at the dividend rate of 8.0% per annum, and is convertible into common shares at the holders’ option commencing upon the first anniversary of the original issuance date, at a conversion price equal to the lesser of $1,300.00 (subject to change under anti-dilution provisions) and the 10-trading day trailing VWAP of the common shares, or at any time after the issuance date (i.e. November 29, 2021) in case of any fundamental change (i.e. liquidation, change of control, dissolution or winding up of the affairs) of the Company. The Series C Preferred Stock is also optionally redeemable at the holder’s option in case of fundamental change, if the holder does not exercise its conversion right discussed above, and optionally redeemable at the option of the holder in case of certain corporate events as defined in the statement of designations of the Series C Preferred Stock. The holder, however, is prohibited from converting the Series C Preferred Stock into common shares to the extent that, as a result of such conversion, the holder (together with its affiliates) would beneficially own more than 49% of the total outstanding common shares of the Company.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Series C Preferred Stock is not mandatorily redeemable and does not meet any other criteria under ASC 480 to be classified as liability, and under the Company’s assessment is classified in permanent equity, according to the Company’s accounting policy (Note 2(x)). In particular, the Company assessed that certain of the aforementioned features requiring bifurcation under ASC 815 had de minimis value at inception and in each measurement date, while others were clearly and closely related to the host instrument thus no bifurcation was required or falling under the scope exceptions from derivative accounting.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 2023, the Series C Preferred Stock remained outside the scope of ASC 480, classified as permanent equity, while all features requiring bifurcation under ASC 815 at inception, were determined of de minimis value upon reassessment as of December 31, 2023.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">Further, on October 17, 2023, DSI elected to redeem 9,793 of the 10,000 Series C Preferred Stock issued to DSI in the Spin-Off (Note 3(c)).</span> <span style="color: rgb(0, 0, 0);">The 10,000 Series C Preferred Stock issued in the Spin-Off have been recorded at inception at a fair value of $7,570 determined based on valuation obtained by an independent third party for such purpose.</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">As a result of the above and the issuance of Series C Preferred Stock discussed below (Note 7(v)) as of December 31, 2023, and 2022, the Company had 5,521 and 10,000 shares of Series C Preferred Stock issued and outstanding, respectively, with par value of $0.01 per share.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Dividend payments and declarations on Series C Preferred Stock:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">On January 17, 2023, pursuant to a dividend declared on December 27, 2022, the Company paid a quarterly dividend of $20 per share, or $240 in aggregate, on its outstanding 10,000 Series C Preferred Stock and the 1,982 shares of Series C Preferred Stock awarded to the Company’s board of directors on April 15, 2022, for the period from October 15, 2022, up to and including January 14, 2023.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">On April 17, 2023, pursuant to a dividend declared on March 27, 2023, the Company paid a quarterly dividend of $20 per share, or $268 in the aggregate on i) the Company’s outstanding 10,000 Series C Preferred Stock, ii) the 1,982 shares of Series C Preferred Stock awarded to the Company’s board of directors on April 15, 2022, for the period from January 15, 2023 up to and including April 14, 2023, and iii) the 3,332 shares of Series C Preferred Stock awarded to the Company’s board of directors on March 7, 2023, for the period from March 7, 2023 up to and including April 14, 2023.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">On July 17, 2023, pursuant to a dividend declared on June 28, 2023, the Company paid a quarterly dividend of $20 per share, or $307 in the aggregate on the Company’s then outstanding 15,314 Series C Preferred Stock, to Series C Preferred Stockholders of record date July 14, 2023, for the period from April 15, 2023 up to and including July 14, 2023.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">On October 16, 2023, pursuant to a dividend declared on September 25, 2023, the Company paid a dividend of $20 per share, or $306 in the aggregate on the Company’s then outstanding 15,314 Series C Preferred Stock, to Series C Preferred Stockholders of record date October 13, 2023, for the period from July 15, 2023 up to and including October 14, 2023.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">For the year ended December 31, 2022, dividends declared and paid on Series C Preferred Stock at $20.0 per share amounted to $950 and $780, respectively.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">(iii)</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-weight: bold;">Series D Preferred Stock</div> </td> </tr> </table> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Series D Preferred Stock, with liquidation preference $1,000 per share, has no voting rights except (1) in respect of amendments to the articles of incorporation which would adversely alter the preferences, powers or rights of the Series D Preferred Stock or (2) in the event that the Company proposes to issue any parity stock if the cumulative dividends payable on outstanding Series D Preferred Stock are in arrears or any senior stock. Also, holders of Series D Preferred Stock, rank equal to Series C Preferred Stock, prior to (i) the holders of common shares, (ii) if issued, any Series A Participating Preferred Stock, and any Series B Preferred Stock and (iii) any other class or series of capital stock established after their original issuance date (September 21, 2022) with respect to dividends, distributions and payments upon liquidation. The Series D Preferred Stock has a cumulative preferred dividend accruing from the date of original issuance (i.e. September 21, 2022) which is payable on the 15th day of January, April, July and October of each year at the dividend rate of 7.0% per annum, and is convertible into common shares at the holders’ option at any time after the original issuance date, at a conversion price equal to the 10-trading day trailing VWAP of the common shares. The Series D Preferred Stock is also optionally redeemable at the holder’s option in case of fundamental change or in case of certain corporate events as defined in the statement of designation of the Series D Preferred Stock. Holders of the Series D Preferred Stock, however, are prohibited from converting the Series D Preferred Stock into common shares to the extent that, as a result of such conversion, holders (together with their affiliates) would beneficially own more than 49% of the total outstanding common shares of the Company.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; color: #000000; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Issuances of Series D Preferred Stock to DSI and DSI special stock dividends:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">As discussed under Note 3(c) above, </span>as partial consideration for the acquisitions of the M/V Baltimore and the M/V Melia, the Company issued on September 21, 2022 and on February 8, 2023, 25,000 and 13,157 shares of Series D Preferred Stock, respectively, with par value $0.01 per share, at a stated value of $1,000 per share with liquidation preference at $1,000 (i.e., $25,000 and $13,157 aggregate liquidation preference, respectively). <span style="color: rgb(0, 0, 0);">The 25,000 and 13,157 Series D Preferred Stock issued have been recorded at inception at a fair value of $17,600 and $10,000 determined based on valuations obtained by an independent third party for the purposes of each acquisition (Note 3(c)).</span> DSI declared two separate special stock dividends of the M/V Baltimore and the M/V Melia Series D Preferred Stock issued to it as part of these transactions, to all of its common stockholders as of certain record dates (the “Baltimore Stock Dividend” and the “Melia Stock Dividend”, respectively, and, together, the “Special Stock Dividends”), through offering to <span style="color: rgb(0, 0, 0);">convert the shares of the Company’s Series D Preferred Stock into the Company’s shares of common stock on the Baltimore Stock Dividend and the Melia Stock Dividend payment dates and distributing the Company’s shares of common stock to each of its common stockholders. DSI common stockholders, in their sole discretion, were given the opportunity to opt out, in whole but not in part, of the conversion of the shares of Series D Preferred Stock into the Company’s shares of common stock and instead receive shares of Series D Preferred Stock in connection with the Special Stock Dividends. </span>On December 15, 2022, and June 9, 2023, in connection with the Special Stock Dividends, 15,828 and 8,590, respectively, of the Company’s Series D Preferred Stock were redeemed through the issuance of 360,055 and 1,977,106, respectively, of the Company’s shares of common stock, whereas 9,172 and 4,567 shares of the Company’s Series D Preferred Stock, respectively, were distributed to DSI stockholders. Because the value the holders received upon conversion was not based on the price of the common shares and the Series D Preferred Stock settled by providing the holders with a variable number of common shares with an aggregate fair value that equaled the stock instrument’s liquidation preference, the Company assessed that, for accounting purposes, such separate transactions should be considered as redemptions of the Series D Preferred Stock, rather than conversions. The redemption rate which was utilized in connection with each of the two distributions of the Series D Preferred Stock was based on the 10-day trailing VWAP of the Company’s common stock at each election deadline date (i.e., December 13, 2022 and May 25, 2023, respectively) in accordance with the Series D Preferred Stock statement of designations. The Company’s valuations determined that the redemptions on December 15, 2022 and on June 9, 2023, of 15,828 and 8,590 Series D Preferred Stock for the issuance of 360,055 and 1,977,106, respectively, of the Company’s shares of common stock, resulted in an excess value of the shares of common stock of $134 and $154, respectively, or $0.0372 and $0.0779 per share of common stock, respectively as compared to the fair value of the Series D Preferred Stock redeemed, that was transferred from the Series D Preferred Stock holders to the common holders on each measurement date (i.e. December 15, 2022 and June 9, 2023, respectively), and that this value represented a deemed dividend to the common holders, that should be deducted from the net loss to arrive at the net loss available to common stockholders (Note 8). The fair value of the common shares issued on each measurement date (i.e., December 15, 2022, and June 9, 2023, respectively) of $11,277 and $6,683, respectively, was determined through Level 1 inputs of the fair value hierarchy (quoted market price on the date of the redemption of the Series D Preferred Stock for issuance of common stock).</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">DSI’s stockholders electing to receive shares of the Company’s Series D Preferred Stock by opting out of the automatic conversion, received a number of shares of Series D Preferred Stock equal to such common stockholder’s pro-rata portion of all the shares of the Company’s Series D Preferred Stock, rounded down to the nearest whole number. Any fractional shares of the Series D Preferred Stock that would otherwise be distributed were converted into shares of common stock of the Company at the applicable conversion rate and sold, and the net proceeds therefrom were delivered to such common stockholder. DSI’s common stockholders receiving shares of common stock of the Company received the pro-rata number of shares of common stock of the Company to which they were entitled following conversion, rounded down to the nearest whole number, and any fractional shares were aggregated and sold, and the net proceeds thereof were delivered to DSI’s common stockholders. All of the fractional share calculations and the payment of cash in lieu thereof were determined at the stockholder nominee level.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Other Series D Preferred Stock redemptions:</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; color: #000000;"> </span><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">During 2023, one holder of the Company’s Series D preferred stock, unaffiliated with the Company, exercised his right to redeem one share of Series D Preferred Stock to common stock, resulting in the issuance of 385 shares of common stock of the Company.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Following the conclusion of the above transactions, as of December 31, 2023 and 2022, the Company had 13,738 and 9,172 shares of Series D Preferred Stock, respectively, issued and outstanding.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Series D Preferred Stock is not mandatorily redeemable and does not meet any other criteria under ASC 480 to be classified as liability and under the Company’s assessment are classified in equity, according to the Company’s accounting policy (Note 2(x)). In particular, the Company assessed that certain of the features requiring bifurcation under ASC 815 had de minimis value at inception and in each measurement date, while others were clearly and closely related to the host instrument thus no bifurcation was required.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">As of December 31, 2023, the Series D Preferred Stock remained outside the scope of ASC 480, classified as permanent equity, while </span>all features requiring bifurcation under ASC 815 had de minimis value upon reassessment as of December 31, 2023<span style="color: rgb(0, 0, 0);">.</span></div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0);"> <br/> </span></div> <div style="text-align: justify; color: #000000; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Dividend payments and declarations on Series D Preferred Stock:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">On January 17, 2023, the Company declared and paid a quarterly dividend of $17.5 per share on its then outstanding 9,172 Series D Preferred Stock, amounting to $161, for the period from October 15, 2022, up to and including January 14, 2023.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">On April 17, 2023, the Company declared and paid a quarterly dividend of $17.5 per share or $327 in the aggregate on i) the Company’s previously outstanding Series D Preferred Stock (9,172 shares) for the period from January 15, 2023 up to and including April 14, 2023, and ii) the 13,157 shares of Series D Preferred Stock issued in connection with the acquisition of M/V Melia, for the period from February 8, 2023 up to and including April 14, 2023.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">On July 17, 2023, pursuant to a dividend declared on June 30, 2023, the Company paid a quarterly dividend of $17.5 per share or $240 in the aggregate on the Company’s outstanding then 13,739 shares of Series D Preferred Stock to Series D Preferred Stockholders of record date July 14, 2023, for the period from April 15, 2023 up to and including July 14, 2023.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">On October 16, 2023, the Company declared and paid a quarterly dividend of $17.5 per share or $240 in the aggregate on the Company’s then outstanding 13,739 shares of Series D Preferred Stock to Series D Preferred Stockholders of record date October 13, 2023, for the period from July 15, 2023 up to and including October 14, 2023.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">For the year ended December 31, 2022, dividends declared and paid on Series D Preferred Stock, at $17.50 per share, amounted to $117 and $117, respectively, as regards the period from September 21, 2022 (original issuance date) to October 14, 2022, to Series D Preferred Stockholders of record date October 14, 2022 (i.e. 25,000).</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">(iv)</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="color: rgb(0, 0, 0); font-weight: bold;">Series E Preferred Stock</div> </td> </tr> </table> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">As discussed under Note 3(d) above, on March 20, 2023, the Company issued 1,200 shares of its newly designated Series E Perpetual Convertible Preferred Stock (the “Series E Preferred Stock”), par value $0.01 per share, to an affiliated entity to the Company’s Chairperson for a purchase price of $35. The Series E Preferred Stock has no dividend or liquidation rights. The Series E Preferred Stock votes with the common shares of the Company, and each share of the Series E Preferred Stock entitles the holder thereof to up to 25,000 votes, on all matters submitted to a vote of the stockholders of the Company, subject up to 15% of the total number of votes entitled to be cast on matters put to stockholders of the Company. The Series E Preferred Stock is convertible, at the election of the holder, in whole or in part, into shares of the Company’s common stock at a conversion price equal to the 10-trading day trailing VWAP of the Company’s common stock, subject to certain adjustments, at any time after (i) the cancellation of all of the Company’s Series B Preferred Stock or (ii) the transfer for all of the Company’s Series B Preferred Stock (collectively a “Series B Event”). The 15% limitation discussed above shall terminate upon the occurrence of a Series B Event. The Series E Preferred Stock is transferable only to the holder’s immediate family members and to affiliated persons or entities, with the Company’s prior consent.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Series E Preferred Stock is classified in equity, in accordance with the Company’s accounting policy (Note 2(x)). Upon its initial assessment, <span style="color: rgb(0, 0, 0);">the Company followed the provisions of ASC 480 “Distinguishing liabilities from equity” in order to assess the classification of the Series E Preferred Stock as well as that of their embedded features and determined that the Series E Preferred Stock should be classified as permanent equity. In particular, the Company assessed that certain of the aforementioned embedded features requiring bifurcation under ASC 815 had de minimis value at inception and in each subsequent measurement date, while other fell under the scope exceptions from derivative accounting, thus no bifurcation was required. As of December 31, 2023, the Series E Preferred Stock remained outside the scope of ASC 480, classified as permanent equity, while </span>all features requiring bifurcation under ASC 815 had de minimis value upon reassessment as of December 31, 2023<span style="color: rgb(0, 0, 0);">.</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; color: #000000; font-weight: bold;">(v)</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="color: rgb(0, 0, 0); font-weight: bold;">Equity Incentive Plan</div> </td> </tr> </table> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">On March 23, 2022, the Company’s 2021 Equity Incentive Plan was amended and restated to, among other things, permit grants of Series C Preferred Stock thereunder, in an aggregate amount of up to 10,000 shares. </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">On April 15, 2022, the Company’s Board of Directors approved the award and grant of 1,982 shares of Series C Preferred Stock to the Company’s board of directors, pursuant to the Company’s amended and restated plan, for a fair value of $1,590, to vest over a service period of two years. The fair value of the Series C Preferred Stock awarded on March 23, 2022, was determined based on valuation obtained by an independent third party for the purposes of the transaction.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">On March 7, 2023, the Company’s Board of Directors approved the award and grant of 3,332 shares of Series C Preferred Stock to the Company’s board of directors, pursuant to the Company’s amended and restated plan, for a fair value of $2,679, to vest over a service period of two years. The fair value of the Series C Preferred Stock awarded on March 7, 2023, was determined based on a valuation obtained from an independent third party for the purposes of the transaction. </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">On April 15, 2023, 991 previously restricted shares of Series C preferred stock pursuant to the March 2022 restricted stock award were fully vested in accordance with the terms of the respective restricted stock award agreements.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The fair values of the above instruments as of their measurement dates were based on the aggregate of the present values of the future cash outflows derived from (i) the dividends payable under each equity instrument, assuming the instruments are held until the end of the vessels’ useful life, and (ii) each instrument’s liquidation proceeds. In determining the fair value of the 2023 and 2022 restricted stock awards, the Company applied discount factors of <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">12.5% and 12.7%</span>, respectively, determined based on the Company’s estimated weighted average cost of capital comprising of (i) risk-free rates of <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">3.4% and 1.0%</span>, respectively (ii) representative beta of <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">1.3</span>, for each fair value measurement and (iii) equity market average return of <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">10.4% and 10%</span>, respectively.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The Company assessed the issuance of the Series C Preferred Stock and their features pursuant to these awards and concluded that they should be classified in permanent equity with no embedded derivative requiring bifurcation other than those that were assessed with de minimis value.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">As of December 31, 2023, 4,686 shares of Series C Preferred Stock remained reserved for issuance according to the Company’s amended and restated equity incentive plan. For the years ended December 31, 2023, and 2022, and for the period from inception (April 15, 2021) through December 31, 2021, compensation cost on restricted stock awards amounted to $1,893, $568 and <span style="-sec-ix-hidden:Fact_53391d65c390458389abbaf563c2890e">nil</span>, respectively, and is included in “General and administrative expenses” in the accompanying consolidated statements of comprehensive (loss)/income. As of December 31, 2023, and 2022, the total unvested Series C Preferred Stock pursuant to the above restricted stock awards was 4,323 and 1,982, respectively, whereas total unrecognized compensation cost relating to the Company’s outstanding restricted stock awards was $1,808 and $1,022, respectively. As of December 31, 2023, and 2022, the average period over which the total compensation cost related to non-vested restricted stock, was expected to be recognized, was 0.73 years and 1.29 years, respectively.</div> 500 0.01 1000000000 0.01 44101 44101 7448601 7448601 509200 509200 1 1259135 1259135 15571429 0.77 200 200 1 200 1 65357 2500000 12500 15571429 77857 8886 3143 3143 200 5743 6407 2430000 12150 5743 200 8886 14736000 15000000 1.01 20 1 20 1 0.0499 20 1 15000000 615000 2700000 135000 15000000 750000 15000000 750000 2700000 15150000 13296000 2500000 4156000 33280 P5Y 15000000 750000 15000000 750000 2700000 135000 0.2 20.2 P5Y P5Y 20.2 0.75 20 60000000 2700000 15000000 562501 7504000 7619000 6699000 909000 562501 1282000 6000 1276000 6222000 14474000 72370 154 15000000 750000 20.2 2022-03-18 10 2022-04-01 149145 149145 10 72370 1491000 724000 2215000 2022-05-30 2 2022-06-14 149145 149145 2 72370 299000 144000 443000 2022-07-27 2 2022-08-12 149145 149145 2 72370 299000 144000 443000 100000000 100000000 100000000 100000000 100000000 100000000 100000000 100000000 100000000 100000000 100000000 100000000 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0 0 0 0 500000 500000 0.01 0.01 2000 0.34 0.49 0.49 1000 0.08 1300 P10D 0.49 9793 10000 10000 7570000 5521 5521 10000 10000 0.01 0.01 2023-01-17 2022-12-27 20 240000 10000 1982 2023-04-17 2023-03-27 20 268000 10000 1982 3332 2023-07-17 2023-06-28 20 307000 15314 2023-07-14 2023-10-16 2023-09-25 20 306000 15314 2023-10-13 20 950000 780000 1000 0.07 P10D 0.49 25000 13157 0.01 0.01 1000 1000 1000 1000 25000000 13157000 25000000 13157000 17600000 10000000 2 15828 8590 360055 1977106 9172 4567 P10D 15828 8590 360055 1977106 134000 154000 0.0372 0.0779 11277000 6683000 1 385 13738 13738 9172 9172 2023-01-17 2023-01-17 17.5 9172 161000 2023-04-17 2023-04-17 17.5 327000 9172 13157 2023-07-17 2023-07-17 17.5 240000 13739 2023-07-14 2023-10-16 2023-10-16 17.5 240000 13739 2023-10-13 2022-12-31 2022-12-31 17.5 117000 117 2022-10-14 25000 1200 0.01 35000 25000 0.15 P10D 0.15 10000 1982 1590000 P2Y 3332 2679000 P2Y 991 0.125 0.127 0.034 0.01 1.3 1.3 0.104 0.10 4686 1893000 568000 4323 1982 1808000 1022000 P0Y8M23D P1Y3M14D <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">8. (Loss)/Earnings per Share</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;"> </span><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">All of the Company’s common stock issued and outstanding (including any restricted shares issued under the Company’s amended and restated equity incentive plan) have equal rights to vote and participate in dividends, subject to forfeiture provisions as set forth in the respective stock award agreements, as applicable. Furthermore, the Class A warrants are entitled to receive dividends which are not refundable, and therefore are considered participating securities for basic earnings per share calculation purposes. The Class A warrants do not participate in losses. For the year ended December 31, 2023, the Company declared and paid aggregate cash dividends on its Series C preferred stock of $991 and $1,121, respectively. With regards to the Series D preferred stock, during the year ended December 31, 2023, the Company declared and paid aggregate cash dividends of $968, which excludes any amounts accrued in prior periods, as applicable. <span style="color: rgb(0, 0, 0);">Also, during the year ended December 31, 2023, in connection with the M/V Melia Stock Dividend and the DSI Series C preferred stock redemption, the Company recorded deemed dividends amounting to $154 and $2,549, respectively. No dividends were declared on the Company’s common stock and its Class A warrants during 2023. </span>For the year ended December 31, 2022, the Company declared and paid aggregate cash dividends to its common and Class A warrants’ holders of $2,089 and $1,012, respectively. Further, in the same year, the Company declared and paid aggregate cash dividends on its Series C preferred stock of $950 and $780, respectively. With regards to the Series D preferred stock, during 2022, the Company declared and paid aggregate cash dividends of $117, which excludes any amounts accrued in prior periods, as applicable. <span style="color: rgb(0, 0, 0);">Also, during 2022, in connection with the M/V Baltimore Stock Dividend, the Company recorded a deemed dividend amounting to $134. </span>No dividends were declared to Company’s common holders during the period from inception (April 15, 2021) through December 31, 2021. For the period from inception (April 15, 2021) through December 31, 2021, dividends on Series C Preferred Stock amounted to $69, not paid as of December 31, 2021.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">For the year ended December 31, 2023, the calculation of basic loss per share does not treat the non-vested shares (considered non-participating securities) as outstanding until the time/service-based vesting restrictions have lapsed. The dilutive effect, if any, of the Company’s share-based compensation arrangements (following assumed conversion of the Series C preferred stock to common under the “if converted method”) and the Class A, Class B, and private placement warrants, is computed using the treasury stock method, which assumes that the “proceeds” upon exercise of these awards or warrants are used to purchase common shares at the average market price for the period. The dilutive effect, if any, from the conversion of outstanding Series C and Series D preferred stock is calculated with the “if converted” method, to the extent that such conversion would not result in beneficial ownership by the preferred stockholders of more than 49% of the total outstanding common shares of the Company, in accordance with the terms of the respective agreements governing the Series C and Series D preferred stock. The dilutive effect, if any, from the conversion of outstanding Series E Preferred Stock is calculated with the “if converted” method, to the extent the contingencies triggering such conversion are satisfied by the end of the reporting period (Note 7(iv)). Incremental shares are the number of shares assumed issued under the i) treasury stock method and the ii) “if converted” method weighted for the periods the non-vested shares, warrants and convertible preferred stock were outstanding. For the year ended December 31, 2023, the computation of diluted earnings per share reflects the potential dilution resulting from the exercise of the outstanding private placement warrants during the period using the treasury stock method which resulted in 56,688 incremental common shares. During 2023, no incremental shares were calculated from the application of the treasury stock method on i) the Class A and Class B warrants and ii) the share-based compensation arrangements (following assumed conversion of the Series C Preferred Stock to common under the “if converted” method) and the “if converted” method for the Series C and Series D preferred stock, because to do so would be anti-dilutive. In addition, for the year ended December 31, 2023, the Company has not applied the if converted method to the Series E Preferred Stock, since none of the contingencies triggering such conversion were satisfied as of December 31, 2023. Similarly, for the year ended December 31, 2022, no incremental shares were calculated from the application of the treasury stock method for i) the Class A warrants and ii) the share-based compensation arrangements (following assumed conversion of Series C Preferred Stock to common under the “if converted method”) and the “if converted” method for the Series C and Series D preferred stock as the effect of such shares was anti-dilutive. For the period from inception date (April 15, 2021) through December 31, 2021, the computation of diluted earnings per share reflects the potential dilution from conversion of the outstanding Series C Preferred Stock calculated with the “if converted” method described above and resulted in 17,277 shares</span>.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Also, net (loss)/income in each year/period is adjusted by the amount of dividends declared and/or accumulated on the Series C and D preferred stock, deemed dividends on the Series C and Series D preferred stock in connection with redemptions incurred in the year/period, dividends on Class A warrants and undistributed earnings on Class A warrants, as applicable in each period, as follows: </div> <div style="margin: 0px 0px 0px; font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold; text-indent: 1pt;">December 31,</div> <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold; text-indent: 1pt;"> 2023</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold; text-indent: 1pt;">December 31,</div> <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold; text-indent: 1pt;"> 2022</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: 1pt;">From April 15,</div> <div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: 1pt;"> 2021 through</div> <div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: 1pt;"> December 31,</div> <div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: 1pt;"> 2021</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">Net (loss)/income and comprehensive (loss)/income</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div>(1,977</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div>)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="color: rgb(0, 0, 0);">(326</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> <div style="color: rgb(0, 0, 0);">134</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">Less deemed dividend on Series C Preferred Stock upon issuance of common stock</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(2,549</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">Less deemed dividend on Series D Preferred Stock upon issuance of common stock</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(154</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(134</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">Less dividends on Series C Preferred Stock</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(991</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(950</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(69</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">Less dividends on Series D Preferred Stock</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(1,036</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(252</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; padding-bottom: 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">Less dividends on Class A warrants</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="color: rgb(0, 0, 0);">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="color: rgb(0, 0, 0);">(1,012</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="color: rgb(0, 0, 0);">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Net (loss)/income and comprehensive (loss)/income attributable to common stockholders for basic (loss)/ earnings per share purposes</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div>(6,707</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div>)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(2,674</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">65</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; padding-bottom: 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Less changes in fair value of warrants’ liability</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div>(6,222</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div>)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Net (loss)/earnings and comprehensive (loss)/earnings attributable to common stockholders for diluted (loss)/earnings per share purposes</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div>(12,929</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div>)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(2,674</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">65</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">Weighted average number of common stock, basic</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">3,315,519</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">155,655</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">44,101</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; padding-bottom: 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">Effect of dilutive securities</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="color: rgb(0, 0, 0);">56,688</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="color: rgb(0, 0, 0);">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="color: rgb(0, 0, 0);">17,277</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">Weighted average number of common stock, diluted</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">3,372,207</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">155,655</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">61,378</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">(Loss)/ Earnings per share, basic</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">(2.02</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">(17.18</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">1.47</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">(Loss)/ Earnings per share, diluted</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">(3.83</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">(17.18</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">1.06</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table> 991000 1121000 968000 968000 154000 2549000 0 0 2089000 1012000 950000 780000 117000 117000 134000 -0 69000 0.49 56688 0 0 0 0 0 0 17277 <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold; text-indent: 1pt;">December 31,</div> <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold; text-indent: 1pt;"> 2023</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold; text-indent: 1pt;">December 31,</div> <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold; text-indent: 1pt;"> 2022</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; text-align: center; border-bottom: #000000 solid 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: 1pt;">From April 15,</div> <div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: 1pt;"> 2021 through</div> <div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: 1pt;"> December 31,</div> <div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: 1pt;"> 2021</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">Net (loss)/income and comprehensive (loss)/income</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div>(1,977</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div>)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="color: rgb(0, 0, 0);">(326</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"> <div style="color: rgb(0, 0, 0);">134</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">Less deemed dividend on Series C Preferred Stock upon issuance of common stock</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(2,549</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">Less deemed dividend on Series D Preferred Stock upon issuance of common stock</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(154</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(134</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">Less dividends on Series C Preferred Stock</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(991</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(950</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(69</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">Less dividends on Series D Preferred Stock</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(1,036</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(252</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; padding-bottom: 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">Less dividends on Class A warrants</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="color: rgb(0, 0, 0);">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="color: rgb(0, 0, 0);">(1,012</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="color: rgb(0, 0, 0);">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Net (loss)/income and comprehensive (loss)/income attributable to common stockholders for basic (loss)/ earnings per share purposes</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div>(6,707</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div>)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(2,674</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">65</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; padding-bottom: 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Less changes in fair value of warrants’ liability</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div>(6,222</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> <div>)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Net (loss)/earnings and comprehensive (loss)/earnings attributable to common stockholders for diluted (loss)/earnings per share purposes</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div>(12,929</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div>)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">(2,674</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0);">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">65</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">Weighted average number of common stock, basic</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">3,315,519</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">155,655</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">44,101</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; padding-bottom: 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">Effect of dilutive securities</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="color: rgb(0, 0, 0);">56,688</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="color: rgb(0, 0, 0);">-</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="color: rgb(0, 0, 0);">17,277</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">Weighted average number of common stock, diluted</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">3,372,207</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">155,655</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">61,378</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">(Loss)/ Earnings per share, basic</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">(2.02</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">(17.18</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">1.47</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">(Loss)/ Earnings per share, diluted</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">(3.83</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">(17.18</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">)</div> </td> <td colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold;">1.06</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> </table> -1977000 -1977000 -326000 -326000 134000 134000 2549000 0 0 154000 134000 0 991000 950000 69000 1036000 252000 0 0 1012000 0 -6707000 -2674000 65000 6222000 0 0 -12929000 -2674000 65000 3315519 155655 44101 56688 0 17277 3372207 155655 61378 -2.02 -17.18 1.47 -3.83 -17.18 1.06 <div style="text-align: justify; color: #000000; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">9. Vessel Operating Expenses</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The amounts reflected in “Vessel Operating expenses” in the accompanying consolidated statements of comprehensive (loss)/income are analyzed as follows:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">December 31,</div> </td> <td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">December 31,</div> </td> <td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: #000000; font-weight: bold;">From April 15, </div> <div style="text-align: center; color: #000000; font-weight: bold;">2021 through </div> <div style="text-align: center; color: #000000; font-weight: bold;">December 31,</div> </td> <td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Vessel Operating Expenses</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2023</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"> 2022</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2021</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Crew &amp; crew related costs</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">5,254</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$3,770</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">248</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 64%; white-space: nowrap;" valign="bottom"> <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Repairs &amp; maintenance, spares, stores, classification, chemicals &amp; gases, paints, victualling</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">2,865</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"></td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">1,769</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">19</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Lubricants</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">638</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"></td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">415</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">31</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 64%;" valign="bottom"> <div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Insurances</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">781</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"></td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">534</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">39</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Annual taxes and registration fees</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">232</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"></td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">151</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">10</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 64%; padding-bottom: 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Other</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">651</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"></td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">241</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">13</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total Vessel operating expenses</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>10,421</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>6,880</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>360</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The amounts reflected in “Vessel Operating expenses” in the accompanying consolidated statements of comprehensive (loss)/income are analyzed as follows:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">December 31,</div> </td> <td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">December 31,</div> </td> <td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> <div style="text-align: center; color: #000000; font-weight: bold;">From April 15, </div> <div style="text-align: center; color: #000000; font-weight: bold;">2021 through </div> <div style="text-align: center; color: #000000; font-weight: bold;">December 31,</div> </td> <td colspan="1" style="vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Vessel Operating Expenses</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2023</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;"> 2022</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" valign="bottom"> <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">2021</div> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Crew &amp; crew related costs</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">5,254</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$3,770</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">248</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 64%; white-space: nowrap;" valign="bottom"> <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Repairs &amp; maintenance, spares, stores, classification, chemicals &amp; gases, paints, victualling</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">2,865</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"></td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">1,769</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">19</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Lubricants</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">638</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"></td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">415</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">31</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 64%;" valign="bottom"> <div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Insurances</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">781</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"></td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">534</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" valign="bottom"> <div style="color: rgb(0, 0, 0);">39</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Annual taxes and registration fees</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">232</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"></td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">151</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="color: rgb(0, 0, 0);">10</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 64%; padding-bottom: 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">Other</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">651</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"></td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">241</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="color: rgb(0, 0, 0);">13</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: top; width: 64%; background-color: rgb(204, 238, 255);" valign="bottom"> <div style="color: rgb(0, 0, 0); font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Total Vessel operating expenses</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>10,421</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>6,880</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> <div>$</div> </td> <td colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div>360</div> </td> <td colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" valign="bottom"> </td> </tr> </table> 5254000 3770000 248000 2865000 1769000 19000 638000 415000 31000 781000 534000 39000 232000 151000 10000 651000 241000 13000 10421000 6880000 360000 <div style="text-align: justify; color: #000000; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">10. Income Taxes</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Under the laws of the countries of the companies’ incorporation and / or vessels’ registration, the companies are not subject to tax on international shipping income; however, they are subject to registration and tonnage taxes, which are included in “Vessel operating expenses” in the accompanying consolidated statements of comprehensive (loss)/income.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Company is potentially subject to a four percent U.S. federal income tax on 50% of its gross income derived by its charters that begin or end in the United States. However, under Section 883 of the Internal Revenue Code of the United States (the “Code”), a corporation is exempt from U.S. federal income taxation on its U.S.-source shipping income if: (a) it is organized in a foreign country that grants an equivalent exemption from tax to corporations organized in the United States (an “equivalent exemption”); and (b) either (i) more than 50% of the value of its common stock is owned, directly or indirectly, by “qualified stockholders”, which is referred to as the “50% Ownership Test” or (ii) its common stock is “primarily and regularly traded on an established securities market” in the United States or in a country that grants an “equivalent exemption”, which is referred to as the “Publicly-Traded Test.”</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Company and each of its subsidiaries expects it qualifies for this statutory tax exemption for the 2023 taxable year, and the Company takes this position for United States federal income tax return reporting purposes. Therefore, the Company does not expect to have any U.S. federal income tax liability in any of the year ended December 31, 2023.</div> 0.04 0.50 0.50 0.50 <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">11. Financial Instruments and Fair Value Disclosures</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;"> </span><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold; font-style: italic; color: #000000;">Concentration of credit risk:</span><span style="color: #000000;"> </span>Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents, trade accounts receivable and amounts due from related parties. The ability and willingness of each of the Company’s counterparties to perform their obligations under a contract depend upon several factors that are beyond the Company’s control and may include, among other things, general economic conditions, the state of the capital markets, the condition of the shipping industry and charter hire rates. The Company’s credit risk with financial institutions is limited as it has temporary cash investments, consisting mostly of deposits, placed with qualified financial institutions and performs periodic evaluations of the relative credit standing of those financial institutions. The Company limits its credit risk with accounts receivable and related parties by performing ongoing credit evaluations of these counterparties’ financial condition and by receiving payments of hire in advance. The Company, generally, does not require collateral for its accounts receivable and does not have any agreements to mitigate credit risk.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">For the years ended December 31, 2023 and 2022 and for the period from inception (April 15, 2021) through December 31, 2021 charterers that individually accounted for 10% or more of the Company’s time charter revenues were as follows:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;"> <tr> <td style="border-bottom: 2px solid; vertical-align: bottom; width: 25%;"> <div style="color: rgb(0, 0, 0);">Charterer</div> </td> <td style="width: 2%; vertical-align: top; padding-bottom: 2px;"> </td> <td style="border-bottom: 2px solid; vertical-align: top; width: 23.26%;"> <div style="text-align: center; text-indent: -8.5pt; margin-left: 8.5pt; color: rgb(0, 0, 0);">2023</div> </td> <td style="width: 2%; vertical-align: top; padding-bottom: 2px;"> </td> <td style="border-bottom: 2px solid; vertical-align: bottom; width: 23%;"> <div style="text-align: center; text-indent: -8.5pt; margin-left: 8.5pt; color: rgb(0, 0, 0);">2022</div> </td> <td style="width: 1.66%; vertical-align: top; padding-bottom: 2px;"> </td> <td style="border-bottom: 2px solid; vertical-align: top; width: 23%;"> <div style="text-align: center; text-indent: -8.5pt; margin-left: 8.5pt; color: rgb(0, 0, 0);">2021</div> </td> </tr> <tr> <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="color: rgb(0, 0, 0);">A</div> </td> <td style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="width: 23.26%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">25%</td> <td style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="width: 23%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">-</td> <td style="width: 1.66%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="width: 23%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">-</td> </tr> <tr> <td style="width: 25%; vertical-align: bottom;"> <div>B</div> </td> <td style="width: 2%; vertical-align: top;"> </td> <td style="width: 23.26%; vertical-align: top; text-align: center;">16%</td> <td style="width: 2%; vertical-align: top;"> </td> <td style="width: 23%; vertical-align: bottom; text-align: center;">20%</td> <td style="width: 1.66%; vertical-align: top;"> </td> <td style="width: 23%; vertical-align: top; text-align: center;">-</td> </tr> <tr> <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="color: rgb(0, 0, 0);">C</div> </td> <td style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="width: 23.26%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">10%</td> <td style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="width: 23%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">-</td> <td style="width: 1.66%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="width: 23%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">-</td> </tr> <tr> <td style="width: 25%; vertical-align: bottom;"> <div style="color: rgb(0, 0, 0);">D</div> </td> <td style="width: 2%; vertical-align: top;"> </td> <td style="width: 23.26%; vertical-align: top; text-align: center;">-</td> <td style="width: 2%; vertical-align: top;"> </td> <td style="width: 23%; vertical-align: bottom; text-align: center;">14%</td> <td style="width: 1.66%; vertical-align: top;"> </td> <td style="width: 23%; vertical-align: top; text-align: center;">-</td> </tr> <tr> <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="color: rgb(0, 0, 0);">E</div> </td> <td style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="width: 23.26%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">-</td> <td style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="width: 23%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">12%</td> <td style="width: 1.66%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="width: 23%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">-</td> </tr> <tr> <td style="width: 25%; vertical-align: bottom;"> <div style="color: rgb(0, 0, 0);">F</div> </td> <td style="width: 2%; vertical-align: top;"> </td> <td style="width: 23.26%; vertical-align: top; text-align: center;">-</td> <td style="width: 2%; vertical-align: top;"> </td> <td style="width: 23%; vertical-align: bottom; text-align: center;">11%</td> <td style="width: 1.66%; vertical-align: top;"> </td> <td style="width: 23%; vertical-align: top; text-align: center;">32%</td> </tr> <tr> <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="color: rgb(0, 0, 0);">G</div> </td> <td style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="width: 23.26%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">-</td> <td style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="width: 23%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">-</td> <td style="width: 1.66%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="width: 23%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">35%</td> </tr> <tr> <td rowspan="1" style="width: 25%; vertical-align: bottom;">H<br/> </td> <td rowspan="1" style="width: 2%; vertical-align: top;"> </td> <td rowspan="1" style="width: 23.26%; vertical-align: bottom; text-align: center;">-</td> <td rowspan="1" style="width: 2%; vertical-align: top;"> </td> <td rowspan="1" style="width: 23%; vertical-align: bottom; text-align: center;">-</td> <td rowspan="1" style="width: 1.66%; vertical-align: top;"> </td> <td rowspan="1" style="width: 23%; vertical-align: bottom; text-align: center;">26%</td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The maximum aggregate amount of loss due to credit risk that the Company would incur if the aforementioned charterers failed completely to perform according to the terms of the relevant time charter parties, amounted to $1,640, $215 and $811 as of December 31, 2023, 2022 and 2021, respectively.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Fair value of assets and liabilities</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The principal financial assets of the Company consist of cash at banks, accounts receivable trade, net, insurance claims, and amounts due from related party(ies). The principal financial liabilities of the Company consist of accounts payable, trade and other, and amounts due to related party(ies). During 2023, the Company also incurred fair value measurements with regards to the settled as of December 31, 2023 private placement warrants.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-weight: bold;">Cash and cash equivalents, accounts receivable, insurance claims, amounts due from related party/(ies) and accounts payable:</span> The carrying values reported in the accompanying consolidated balance sheets for those financial instruments are reasonable estimates of their fair values due to their short-term maturity nature. The carrying value of these instruments is separately reflected in the accompanying consolidated balance sheets.</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Warrants’ liability:</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> The private placement warrants were initially recorded at fair value on their issuance date and subsequent settlement dates with the offsetting adjustments recorded in “Change in fair value of warrants’ liability” within the consolidated statements of </span>comprehensive (loss)/income<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">. The fair value of the private placement warrants at issuance date (i.e., February 10, 2023), and subsequent settlement dates (as set forth below), has been determined through Level 3 inputs of the fair value hierarchy (Note 7(b)).</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The non-recurring fair value measurements related to the warrants’ liability during 2023, were as follows:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Non-recurring fair value measurements (warrants’ liability settlement dates):</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; color: #000000;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="color: rgb(0, 0, 0);">At partial settlement date as of June 8, 2023, a fair value of $286;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; color: #000000;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="color: rgb(0, 0, 0);">At partial settlement date as of June 15, 2023, a fair value of $276;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; color: #000000;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="color: rgb(0, 0, 0);">At partial settlement date as of June 16, 2023, a fair value of $141;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; color: #000000;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="color: rgb(0, 0, 0);">At partial settlement date as of June 20, 2023, a fair value of $58;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; color: #000000;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="color: rgb(0, 0, 0);">At partial settlement date as of July 10, 2023, a fair value of $33;</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; color: #000000;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="color: rgb(0, 0, 0);">At partial settlement date as of August 9, 2023, a fair value of $268; and</div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 18pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; color: #000000;">•</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="color: rgb(0, 0, 0);">At final settlement date as of September 29, 2023, a fair value of $220.</div> </td> </tr> </table> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">For the years ended December 31, 2023 and 2022 and for the period from inception (April 15, 2021) through December 31, 2021 charterers that individually accounted for 10% or more of the Company’s time charter revenues were as follows:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;"> <tr> <td style="border-bottom: 2px solid; vertical-align: bottom; width: 25%;"> <div style="color: rgb(0, 0, 0);">Charterer</div> </td> <td style="width: 2%; vertical-align: top; padding-bottom: 2px;"> </td> <td style="border-bottom: 2px solid; vertical-align: top; width: 23.26%;"> <div style="text-align: center; text-indent: -8.5pt; margin-left: 8.5pt; color: rgb(0, 0, 0);">2023</div> </td> <td style="width: 2%; vertical-align: top; padding-bottom: 2px;"> </td> <td style="border-bottom: 2px solid; vertical-align: bottom; width: 23%;"> <div style="text-align: center; text-indent: -8.5pt; margin-left: 8.5pt; color: rgb(0, 0, 0);">2022</div> </td> <td style="width: 1.66%; vertical-align: top; padding-bottom: 2px;"> </td> <td style="border-bottom: 2px solid; vertical-align: top; width: 23%;"> <div style="text-align: center; text-indent: -8.5pt; margin-left: 8.5pt; color: rgb(0, 0, 0);">2021</div> </td> </tr> <tr> <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="color: rgb(0, 0, 0);">A</div> </td> <td style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="width: 23.26%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">25%</td> <td style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="width: 23%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">-</td> <td style="width: 1.66%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="width: 23%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">-</td> </tr> <tr> <td style="width: 25%; vertical-align: bottom;"> <div>B</div> </td> <td style="width: 2%; vertical-align: top;"> </td> <td style="width: 23.26%; vertical-align: top; text-align: center;">16%</td> <td style="width: 2%; vertical-align: top;"> </td> <td style="width: 23%; vertical-align: bottom; text-align: center;">20%</td> <td style="width: 1.66%; vertical-align: top;"> </td> <td style="width: 23%; vertical-align: top; text-align: center;">-</td> </tr> <tr> <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="color: rgb(0, 0, 0);">C</div> </td> <td style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="width: 23.26%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">10%</td> <td style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="width: 23%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">-</td> <td style="width: 1.66%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="width: 23%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">-</td> </tr> <tr> <td style="width: 25%; vertical-align: bottom;"> <div style="color: rgb(0, 0, 0);">D</div> </td> <td style="width: 2%; vertical-align: top;"> </td> <td style="width: 23.26%; vertical-align: top; text-align: center;">-</td> <td style="width: 2%; vertical-align: top;"> </td> <td style="width: 23%; vertical-align: bottom; text-align: center;">14%</td> <td style="width: 1.66%; vertical-align: top;"> </td> <td style="width: 23%; vertical-align: top; text-align: center;">-</td> </tr> <tr> <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="color: rgb(0, 0, 0);">E</div> </td> <td style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="width: 23.26%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">-</td> <td style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="width: 23%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">12%</td> <td style="width: 1.66%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="width: 23%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">-</td> </tr> <tr> <td style="width: 25%; vertical-align: bottom;"> <div style="color: rgb(0, 0, 0);">F</div> </td> <td style="width: 2%; vertical-align: top;"> </td> <td style="width: 23.26%; vertical-align: top; text-align: center;">-</td> <td style="width: 2%; vertical-align: top;"> </td> <td style="width: 23%; vertical-align: bottom; text-align: center;">11%</td> <td style="width: 1.66%; vertical-align: top;"> </td> <td style="width: 23%; vertical-align: top; text-align: center;">32%</td> </tr> <tr> <td style="width: 25%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="color: rgb(0, 0, 0);">G</div> </td> <td style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="width: 23.26%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">-</td> <td style="width: 2%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="width: 23%; vertical-align: bottom; background-color: rgb(204, 238, 255); text-align: center;">-</td> <td style="width: 1.66%; vertical-align: top; background-color: rgb(204, 238, 255);"> </td> <td style="width: 23%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: center;">35%</td> </tr> <tr> <td rowspan="1" style="width: 25%; vertical-align: bottom;">H<br/> </td> <td rowspan="1" style="width: 2%; vertical-align: top;"> </td> <td rowspan="1" style="width: 23.26%; vertical-align: bottom; text-align: center;">-</td> <td rowspan="1" style="width: 2%; vertical-align: top;"> </td> <td rowspan="1" style="width: 23%; vertical-align: bottom; text-align: center;">-</td> <td rowspan="1" style="width: 1.66%; vertical-align: top;"> </td> <td rowspan="1" style="width: 23%; vertical-align: bottom; text-align: center;">26%</td> </tr> </table> 0.25 0 0 0.16 0.20 0 0.10 0 0 0 0.14 0 0 0.12 0 0 0.11 0.32 0 0 0.35 0 0 0.26 1640000 215000 811000 286000 276000 141000 58000 33000 268000 220000 <div style="display:none;"><br/></div> <div style="text-indent: -14.4pt; margin-left: 14.4pt; color: #000000; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">12. Subsequent Events</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"> <tr style="vertical-align: top;"> <td style="text-align: right; vertical-align: top; width: 36pt;"> <div style="text-align: left;"><span style="font-weight: bold; color: #000000;">(a)</span></div> </td> <td style="text-align: left; vertical-align: top; width: auto;"> <div><span style="font-weight: bold; color: #000000;">Dividend Payments on Series C and Series D Preferred Stock</span></div> </td> </tr> </table> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">On </span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">January 16, 2024, the Company paid a cash dividend on its then outstanding Series C Preferred Stock i) issued to Diana Shipping Inc. and ii) awarded on April 15, 2022, and March 7, 2023 as part of the 2021 Equity Incentive Plan (i.e. 5,521 shares in aggregate), for the period from October 15, 2023 to January 14, 2024, inclusive, in the aggregate amount of $</span>110<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">.</span></div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">On January 16, 2024, the Company also paid a dividend of $240 in the aggregate on the Company’s then outstanding 13,738 shares of Series D Preferred Stock to Series D Preferred Stockholders of record date January 12, 2024, for the period from October 15, 2023 up to and including January 14, 2024.</div> <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 36pt; vertical-align: top; font-weight: bold;">(b)</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-weight: bold;">Redemption of Series D Preferred Stock</div> </td> </tr> </table> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">During the period from January 1, 2024, to April 10, 2024, holders of the Company’s Series D preferred stock unaffiliated with the Company, exercised their right to redeem nine Series D Preferred Stock to common stock, resulting in the issuance of 3,376 shares of common stock of the Company.</div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;"> <tr style="vertical-align: top;"> <td style="text-align: right; vertical-align: top; width: 36pt;"> <div style="text-align: justify; color: #000000; font-weight: bold;">(c)</div> </td> <td style="text-align: left; vertical-align: top; width: auto;"> <div style="text-align: justify; color: #000000; font-weight: bold;">Restricted stock award and cash bonus</div> </td> </tr> </table> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: #000000;">On February 21, 2024, the Company’s Board of Directors approved the award of 3,332 shares of restricted Series C Preferred Stock to the Company’s directors, pursuant to the Company’s amended </span>and restated 2021 Equity Incentive Plan<span style="color: rgb(0, 0, 0);">, as annual bonus. The cost of these awards will be recognized in income ratably over the restricted shares vesting period which will be two years. The Board of Directors also approved an aggregate performance cash bonus of $230 to Steamship, which has been accrued for as of December 31, 2023, in the accompanying consolidated financial statements.</span></div> <div><br/></div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;"> <tr> <td style="width: 35.45pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">(d)</td> <td style="width: auto; vertical-align: top; text-align: justify;"> <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Amendment and restatement to 2021 Equity Incentive Plan</div> </td> </tr> </table> </div> <div><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">On April 10, 2024, the Company further amended and restated its 2021 Equity Incentive Plan so that the maximum aggregate number of shares of common stock that may be delivered pursuant to awards granted under the 2021 Equity Incentive Plan, as amended and restated, is 2,000,000.</div> 2024-01-16 5521 110000 2024-01-16 240000 13738 2024-01-12 9 3376 3332 P2Y 230000 2000000 false --12-31 2023 FY 0001869467 http://fasb.org/us-gaap/2023#RelatedPartyMember http://fasb.org/us-gaap/2023#RelatedPartyMember http://fasb.org/us-gaap/2023#RelatedPartyMember http://fasb.org/us-gaap/2023#RelatedPartyMember 0.1 0.1 0.1 0.05 0.05 P1Y 0.004 1457 1457 Ernst & Young (Hellas) Certified Auditors Accountants S.A. Athens, Greece 39638 1035069 1169637 181973 941488 869662 4237467 32249299 32249299 701773 37188539 133566 115280 1637623 1886469 144274678 -108972608 35302070 37188539 11342529 9410671 12370182 418022 977940 1548501 6200109 8497830 5582563 2192911 2151977 2479432 1104894 1265051 809205 683121 756000 728300 0 0 3047978 0 -200500 0 9427 241668 -37055 752899 -3795959 -1862852 -1916 0 0 750983 -3795959 -1862852 141543044 -103313797 38229247 1504222 1504222 -1862852 -1862852 140038822 -105176649 34862173 4235856 4235856 -3795959 -3795959 144274678 -108972608 35302070 3196728 3196728 750983 750983 141077950 -108221625 32856325 750983 -3795959 -1862852 2192911 2151977 2479432 0 0 3047978 0 200500 0 -169243 725324 302696 14418 1167746 1891 26611 13199 -392255 -941488 -1145969 2078347 -191097 155786 403488 87213 -47062 -160921 -115280 -122741 220261 -1125141 1189260 202046 135080 -155877 -90092 -5535 -826180 -2234 3181030 -2723168 1439451 23850 1474965 0 -23850 -1474965 0 -3196728 4235856 -1504222 -3196728 4235856 -1504222 -39548 37723 -64771 39638 1915 66686 90 39638 1915 <div style="margin-bottom: 12pt; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">1. Basis of Presentation and General Information</div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">OceanPal Inc., (the “Company”, or “OceanPal”), was incorporated by Diana Shipping Inc. (or ”DSI” or “Parent”), as a wholly owned subsidiary, on April 15, 2021 under the laws of the Republic of the Marshall Islands, having an authorized share capital of 500 shares, par value $0.01 per share, issued to the Parent. The Company was formed to serve as the holding company of the following three of the Parent’s vessel-owning subsidiaries (the “Subsidiaries”, or “OceanPal Inc. Predecessors”):</div> <table cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;"> <tr> <td style="width: 3.85%; vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt;"> </td> <td style="width: 4.02%; vertical-align: top; white-space: nowrap;"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">●</div> </td> <td style="width: 92.14%; vertical-align: middle;"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Cypres Enterprises Corp., a company incorporated in the Republic of Panama on September 7, 2000, owner of the 2004 built Panamax dry bulk carrier Protefs,</div> </td> </tr> <tr> <td style="width: 3.85%; vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt;"> </td> <td style="width: 4.02%; vertical-align: top; white-space: nowrap;"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">●</div> </td> <td style="width: 92.14%; vertical-align: middle;"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Darien Compania Armadora S.A., a company incorporated in the Republic of Panama on December 22, 1993, owner of the 2005 built Panamax dry bulk carrier Calipso and</div> </td> </tr> <tr> <td style="width: 3.85%; vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt;"> </td> <td style="width: 4.02%; vertical-align: top; white-space: nowrap;"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">●</div> </td> <td style="width: 92.14%; vertical-align: middle;"> <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Marfort Navigation Company Limited, a company incorporated in the Republic of Cyprus on August 10, 2007, owner of the 2005 built Capesize dry bulk carrier Salt Lake City;</div> </td> </tr> </table> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">As of November 29, 2021, the Parent contributed the Subsidiaries to OceanPal and, as the sole shareholder of the Company, distributed the Company’s common shares to its shareholders on a pro rata basis upon consummation of a spin-off transaction (Note 9 (a)).</div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">The accompanying predecessor combined carve-out financial statements are those of the Subsidiaries for the period presented using the historical carrying costs of the assets and the liabilities of the ship-owning companies above from the dates of their incorporation.</div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">The Company is a global provider of shipping transportation services, specializing in the ownership of vessels. Each of our vessels is owned through a separate wholly-owned subsidiary.</div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify; text-indent: 18pt;">In 2020, the outbreak of the COVID-19 virus had a negative effect on the global economy and has adversely impacted the international dry-bulk shipping industry in which the OceanPal Inc. Predecessors operated. The impact of the outbreak of COVID-19 virus resulted in low time charter rates throughout the year, decreased revenues and increased crew and dry-docking costs. For 2021, there were signs of improvement in the dry-bulk market and overall operations, though the impact of the outbreak of COVID-19 is still present. As the situation continues to evolve, it is difficult to predict the long-term impact of the pandemic on the industry. As a result, many of the estimates and assumptions, mainly future revenues for unfixed days, carry a higher degree of variability and volatility. The Company is constantly monitoring the developing situation, as well as charterers’ response to the severe market disruption and is taking necessary precautions to address and mitigate, to the extent possible, the impact of COVID-19 to the Company.</div> 500 0.01 3 <div style="margin-bottom: 12pt; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">2. Significant Policies</div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">a) Basis of presentation:</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> The accompanying combined carve-out financial statements include the accounts of the legal entities comprising OceanPal Inc. Predecessors as discussed in Note 1. OceanPal Inc. Predecessors have historically operated as part of the Parent and not as a standalone company. Financial statements representing the historical operations of Parent’s business have been derived from Parent’s historical accounting records and are presented on a carve-out basis. All revenues, costs, assets and liabilities directly associated with the business activity of OceanPal Inc. Predecessors are included in the combined carve-out financial statements. The combined financial statements are prepared in conformity with the U.S. generally accepted accounting principles and reflect the financial position, results of operations and comprehensive income/(loss) and cash flows associated with the business activity of the OceanPal Inc. Predecessors as they were historically managed.</span></div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt;"> <span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">The combined carve-out statements of operations also reflect intercompany expense allocations made to OceanPal Inc. Predecessors by DSI of certain general and administrative expenses from Parent (Note 6). However, amounts recognized by OceanPal Inc. Predecessors are not necessarily representative of the amounts that would have been reflected in the financial statements had the OceanPal Inc. Predecessors operated independently of Parent as the OceanPal Inc. Predecessors would have had additional administrative expenses, including legal, professional, treasury and regulatory compliance and other costs normally incurred by a listed public entity. Management has estimated these additional administrative expenses to be $1,104,894, $1,265,051 and $809,205, respectively, for the period from January 1, 2021, to November 29, 2021, and for the years ended December 31, 2020 and 2019, respectively. Both the OceanPal Inc. Predecessors and DSI consider the basis on which the expenses have been allocated to be a reasonable reflection of the utilization of services provided to or the benefit received by the Predecessors during the periods presented. The allocations may not, however, reflect the expense the OceanPal Inc. Predecessors have incurred as an independent, publicly traded company for the periods presented.</div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; font-family: 'Times New Roman'; font-size: 10pt; text-align: justify; text-indent: 18pt;">OceanPal Inc. Predecessors have no common capital structure for the combined business and, accordingly, has not presented historical earnings per share.</div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </span></div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">b) Use of Estimates: </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">The preparation of combined carve-out financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the combined carve-out financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </span></div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">c) Other Comprehensive Income / (Loss): </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">OceanPal Inc. Predecessors have no other comprehensive income / (loss) and accordingly comprehensive income / (loss) equals net income / (loss) for all periods presented.</span></div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </span></div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">d) Foreign Currency: </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">The functional currency of OceanPal Inc. Predecessors is the U.S. dollar because the OceanPal Inc. Predecessors vessels operate in international shipping markets, and therefore primarily transact business in U.S. dollars. OceanPal Inc. Predecessors’ accounting records are maintained in U.S. dollars. Transactions involving other currencies during the year are converted into U.S. dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities which are denominated in other currencies are translated into U.S. dollars at the year-end exchange rates. Resulting gains or losses are included in “Other income/(loss)” in the accompanying combined carve-out statements of operations and comprehensive income/(loss).</span></div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </span></div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">e) Cash and Cash Equivalents: </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">OceanPal Inc. Predecessors consider time deposits, certificates of deposit and their equivalents with an original maturity of up to about three months to be cash equivalents.</span></div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </span></div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">f) Accounts Receivable, Trade: </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">The amount shown as accounts receivable, trade, at each balance sheet date, includes receivables from charterers for hire from lease agreements, net of allowance for credit loss, if any. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. Operating lease receivables under ASC 842 are not in scope of ASC 326 for assessment of credit loss, however OceanPal Inc. Predecessors assess their accounts receivable, trade and their credit risk relating to their charterers. No provision for doubtful accounts receivable has been recorded in the accompanying statements of comprehensive income/ (loss) during the period from January 1, 2021 through November 29, 2021, and the years ended December 31, 2020 and 2019.</span></div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </span></div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">g) Inventories: </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">Inventories consist of lubricants which are stated, on a consistent basis, at the lower of cost or net realizable value. Cost is determined by the first in, first out method. Amounts removed from inventory are also determined by the first in first out method. Inventories may also consist of bunkers when on the balance sheet date a vessel is without employment. Bunkers, if any, are also stated at the lower of cost or net realizable value and cost is determined by the first in, first out method.</span></div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </span></div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">h) Insurance claims. </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">Claims receivable are recorded on accrual basis, net of deductibles, through each balance sheet date, for which recovery from insurance companies is probable and the claim is not subject to litigation.</span></div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-indent: 18pt;"> <span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">i) Vessel, net:</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> Vessels are stated at cost which consists of the contract price and any material expenses incurred upon acquisition or during construction. Expenditures for conversions and 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. As at balance sheet date, vessels are stated at cost less accumulated depreciation expense and impairment charge, if any.</span></div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </span></div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">j) Vessels held for sale:</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> OceanPal Inc. Predecessors classify assets as being held for sale when the respective criteria are met. Long-lived assets or disposal groups classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These assets are not depreciated once they meet the criteria to be held for sale. The fair value less cost to sell of an asset held for sale is assessed at each reporting period it remains classified as held for sale. When the plan to sell an asset changes, the asset is reclassified as held and used, measured at the lower of its carrying amount before it was recorded as held for sale, adjusted for depreciation, and the asset’s fair value at the date of the decision not to sell.</span></div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </span></div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">k) Impairment of Long-Lived Assets: </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">Long-lived assets are reviewed for impairment whenever events or changes in circumstances (such as market conditions, obsolesce or damage to the asset, potential sales and other business plans) indicate that the carrying amount plus unamortized dry-docking costs of an asset may not be recoverable. When the estimate of undiscounted projected net operating cash flows, excluding interest charges, expected to be generated by the use of an asset over its remaining useful life and its eventual disposition is less than its carrying amount plus unamortized dry-docking costs, OceanPal Inc. Predecessors evaluate the asset for impairment loss. Measurement of impairment loss is based on the fair value of the asset, determined mainly by third party valuations.</span></div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </span></div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; font-family: 'Times New Roman'; font-size: 10pt; text-align: justify; text-indent: 18pt;">OceanPal Inc. Predecessors undiscounted projected net operating cash flows by considering the historical and estimated vessels’ performance and utilization with the significant assumption being future charter rates for the unfixed days, using the most recent 10 year  average of historical 1 year time charter rates available for each type of vessel over the remaining estimated life of each vessel, net of commissions. In 2019, the 1 year time charter rates did not include the rate for 2010, as it had been previously considered by Parent well above the average. Other than that, historical ten-year blended average one-year time charter rates are in line with the OceanPal Inc. Predecessors’ overall chartering strategy, they reflect the full operating history of vessels of the same type and particulars with the OceanPal Inc. Predecessors’ operating fleet and they cover at least a full business cycle, where applicable. Other assumptions used in developing estimates of future undiscounted cash flow are charter rates calculated for the fixed days using the fixed charter rate of each vessel from existing time charters, the expected outflows for scheduled vessels’ maintenance; vessel operating expenses; fleet utilization, and the vessels’ residual value if sold for scrap. Assumptions are in line with the OceanPal Inc. Predecessors’ historical performance and expectations for future fleet utilization under their current fleet deployment strategy. This calculation is then compared with the vessels’ net book value plus unamortized dry-docking costs. The difference between the carrying amount of the vessel plus unamortized dry-docking costs and its fair value is recognized in the OceanPal Inc. Predecessors’ accounts as impairment loss. No impairment loss was identified or recorded in 2019, in 2020 and in the period from January 1, 2021, to November 29, 2021 due to this exercise. However, an impairment charge amounting to $3,047,978 recorded in 2019 for vessel Calipso, which was classified as held for sale (Note 4).</div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </span></div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">l) Vessel Depreciation: </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">Depreciation is computed using the straight-line method over the estimated useful life of the vessels, after considering the estimated salvage (scrap) value. Each vessel’s salvage value is equal to the product of its lightweight tonnage and estimated scrap rate. Management estimates the useful life of the OceanPal Inc. Predecessors’ vessels to be 25 years from the date of initial delivery from the shipyard. Second hand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted.</span></div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </span></div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 9.35pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">m) Accounting for Dry-Docking Costs:</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> OceanPal Inc. Predecessors follow the deferral method of accounting for dry-docking costs whereby actual costs incurred are deferred and are amortized on a straight-line basis over the period through the date the next dry-docking is scheduled to become due. Unamortized dry-docking costs of vessels that are sold or impaired are written off and included in the calculation of the resulting gain or loss in the year of the vessel’s sale or impairment (Note 4).</span></div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 9.35pt;"> <span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">n) Concentration of Credit Risk:</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> Financial instruments, which potentially subject OceanPal Inc. Predecessors to significant concentrations of credit risk, consist principally of cash and trade accounts receivable. OceanPal Inc. Predecessors place temporary cash investments, consisting mostly of deposits, with various qualified financial institutions and performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the OceanPal Inc. Predecessors’ investment strategy. OceanPal Inc. Predecessors limit their credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally do not require collateral for accounts receivable and do not have any agreements to mitigate credit risk.</span></div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </span></div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">o) Accounting for Revenues and Expenses: </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">Revenues are generated from time charter agreements which contain a lease as they meet the criteria of a lease under ASC 842. Agreements with the same charterer are accounted for as separate agreements according to their specific terms and conditions. All agreements contain a minimum non-cancellable period and an extension period at the option of the charterer. Each lease term is assessed at the inception of that lease. Under a time charter agreement, the charterer pays a daily hire for the use of the vessel and reimburses the owner for hold cleanings, extra insurance premiums for navigating in restricted areas and damages caused by the charterers. Additionally, the charterer pays to third parties port, canal and bunkers consumed during the term of the time charter agreement. Such costs are considered direct costs and are not recorded as they are directly paid by charterers, unless they are for the account of the owner, in which case they are included in voyage expenses. OceanPal Inc. Predecessors incur voyage expenses that mainly include commissions because all of vessels are employed under time charters that require the charterer to bear voyage expenses such as bunkers (fuel oil), port and canal charges. When a vessel is delivered to a charterer, bunkers are purchased by the charterer and sold back to OceanPal Inc. Predecessors on the redelivery of the vessel. Bunker gain, or loss, result when a vessel is redelivered by her charterer and delivered to the next charterer at different bunker prices, or quantities. For the period From January 1, 2021, to November 29, 2021, and for the years ended December 31, 2020 and 2019, respectively, the OceanPal Inc. Predecessors incurred gain on bunkers amounting to $330,454, and loss on bunkers amounting to $287,352 and $229,481, respectively, resulting mainly from the difference in the value of bunkers paid by OceanPal Inc. Predecessors when the vessel is redelivered to OceanPal Inc. Predecessors from the charterer under the vessel’s previous time charter agreement and the value of bunkers sold by OceanPal Inc. Predecessors when the vessel is delivered to a new charterer. This gain/loss is included in “Voyage expenses” in the accompanying combined carve-out statements of comprehensive income / (loss). Additionally, the owner pays commissions on the hire revenue, to both the charterer and to brokers, which are direct costs and are recorded in voyage expenses. Under a time charter agreement, the owner pays for the operation and the maintenance of the vessel, including crew, insurance, spares and repairs, which are recognized in operating expenses. Revenues from time charter agreements providing for varying annual rates are accounted for as operating leases and thus recognized on a straight-line basis over the non-cancellable rental periods of such agreements, as service is performed. Deferred revenue includes cash received prior to the balance sheet date for which all criteria to recognize as revenue have not been met. OceanPal Inc. Predecessors, as lessors, have elected not to allocate the consideration in the agreement to the separate lease and non-lease components (operation and maintenance of the vessel) as their timing and pattern of transfer to the charterer, as the lessee, are the same and the lease component, if accounted for separately, would be classified as an operating lease. Additionally, the lease component is considered the predominant component as OceanPal Inc. Predecessors have assessed that more value is ascribed to the vessel rather than to the services provided under the time charter contracts.</span></div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </span></div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">p) Repairs and Maintenance:</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> All repair and maintenance expenses including underwater inspection expenses are expensed in the year incurred. Such costs are included in vessel operating expenses in the accompanying combined carve-out statements of operations and comprehensive income/(loss).</span></div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </span></div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">q) Segmental Reporting: </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">OceanPal Inc. Predecessors engage in the operation of dry-bulk vessels which has been identified as one reportable segment. The operation of the vessels is the main source of revenue generation, the services provided by the vessels are similar and they all operate under the same economic environment. Additionally, the vessels do not operate in specific geographic areas, as they trade worldwide; they do not trade in specific trade routes, as their trading (route and cargo) is dictated by the charterers; and OceanPal Inc. Predecessors do not evaluate the operating results for each type of dry bulk vessels (Panamax or Capesize) for the purpose of making decisions about allocating resources and assessing performance.</span></div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt;"> <span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">r) Fair Value Measurements:</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> OceanPal Inc. Predecessors classify and discloses their assets and liabilities carried at fair value in one of the following categories: Level 1: Quoted market prices in active markets for identical assets or liabilities; Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data; Level 3: Unobservable inputs that are not corroborated by market data.</span></div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </span></div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">s) Going concern: </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">Management evaluates, at each reporting period, whether there are conditions or events that raise substantial doubt about OceanPal Inc. Predecessors’ ability to continue as a going concern within one year from the date the combined carve-out financial statements are issued.</span></div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </span></div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">t) Financial Instruments, credit losses:</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> At each reporting date, OceanPal Inc. Predecessors evaluate financial assets for credit losses and presents such assets in the net amount expected to be collected on such financial asset. When financial assets present similar risk characteristics, these are evaluated on a collective basis. When developing an estimate of expected credit losses OceanPal Inc. Predecessors consider available information relevant to assessing the collectability of cash flows such as internal information, past events, current conditions and reasonable and supportable forecasts. No allowance for credit loss has been recorded in the accompanying statements of comprehensive income/(loss) during the period from January 1, 2021 through November 29, 2021, and the years ended December 31, 2020 and 2019.</span></div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </span></div> <div style="text-align: justify; margin-left: 18pt; margin-bottom: 12pt; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Recent Accounting Pronouncements — Not yet adopted</div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. ASU 2020-04 applies to contracts that reference LIBOR or another reference rate expected to be terminated because of reference rate reform. The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic, the amendments in this Update must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. An entity may elect to apply the amendments in this Update to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. An entity may elect certain optional expedients for hedging relationships that exist as of December 31, 2022 and maintain those optional expedients through the end of the hedging relationship. ASU 2020-04 can be adopted as of March 12, 2020. OceanPal Inc. Predecessors have assessed the impact of this new accounting guidance and the adoption of this ASU is not expected to have a material impact on the combined carve-out financial statements and related disclosures.</div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman'; font-size: 10pt;">In July 2021, the FASB issued ASU No. 2021-05 Leases (Topic 842): Lessors-Certain Leases with Variable Lease Payments. The ASU amends the lessor lease classification guidance in ASC 842 for leases that include any amount of variable lease payments that are not based on an index or rate. If such a lease meets the criteria in ASC 842-10-25-2 through 25-3 for classification as either a sales-type or direct financing lease, and application of the sales-type or direct financing lease recognition guidance would result in recognition of a selling loss, then the amendments require the lessor to classify the lease as an operating lease. For public business entities that have adopted ASC 842 as of July 19, 2021, the amendments in ASU 2021-05 are effective for fiscal years beginning after December 15, 2021 and for interim periods within those fiscal years. The impact of this new accounting guidance and the adoption of this ASU has been assessed and it is expected that it does not have a material impact on the OceanPal Inc. Predecessors’ combined carve-out financial statements and related disclosures.</div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">a) Basis of presentation:</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> The accompanying combined carve-out financial statements include the accounts of the legal entities comprising OceanPal Inc. Predecessors as discussed in Note 1. OceanPal Inc. Predecessors have historically operated as part of the Parent and not as a standalone company. Financial statements representing the historical operations of Parent’s business have been derived from Parent’s historical accounting records and are presented on a carve-out basis. All revenues, costs, assets and liabilities directly associated with the business activity of OceanPal Inc. Predecessors are included in the combined carve-out financial statements. The combined financial statements are prepared in conformity with the U.S. generally accepted accounting principles and reflect the financial position, results of operations and comprehensive income/(loss) and cash flows associated with the business activity of the OceanPal Inc. Predecessors as they were historically managed.</span></div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt;"> <span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">The combined carve-out statements of operations also reflect intercompany expense allocations made to OceanPal Inc. Predecessors by DSI of certain general and administrative expenses from Parent (Note 6). However, amounts recognized by OceanPal Inc. Predecessors are not necessarily representative of the amounts that would have been reflected in the financial statements had the OceanPal Inc. Predecessors operated independently of Parent as the OceanPal Inc. Predecessors would have had additional administrative expenses, including legal, professional, treasury and regulatory compliance and other costs normally incurred by a listed public entity. Management has estimated these additional administrative expenses to be $1,104,894, $1,265,051 and $809,205, respectively, for the period from January 1, 2021, to November 29, 2021, and for the years ended December 31, 2020 and 2019, respectively. Both the OceanPal Inc. Predecessors and DSI consider the basis on which the expenses have been allocated to be a reasonable reflection of the utilization of services provided to or the benefit received by the Predecessors during the periods presented. The allocations may not, however, reflect the expense the OceanPal Inc. Predecessors have incurred as an independent, publicly traded company for the periods presented.</div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; font-family: 'Times New Roman'; font-size: 10pt; text-align: justify; text-indent: 18pt;">OceanPal Inc. Predecessors have no common capital structure for the combined business and, accordingly, has not presented historical earnings per share.</div> 1104894 1265051 809205 <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">b) Use of Estimates: </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">The preparation of combined carve-out financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the combined carve-out financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">c) Other Comprehensive Income / (Loss): </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">OceanPal Inc. Predecessors have no other comprehensive income / (loss) and accordingly comprehensive income / (loss) equals net income / (loss) for all periods presented.</span></div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">d) Foreign Currency: </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">The functional currency of OceanPal Inc. Predecessors is the U.S. dollar because the OceanPal Inc. Predecessors vessels operate in international shipping markets, and therefore primarily transact business in U.S. dollars. OceanPal Inc. Predecessors’ accounting records are maintained in U.S. dollars. Transactions involving other currencies during the year are converted into U.S. dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities which are denominated in other currencies are translated into U.S. dollars at the year-end exchange rates. Resulting gains or losses are included in “Other income/(loss)” in the accompanying combined carve-out statements of operations and comprehensive income/(loss).</span></div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">e) Cash and Cash Equivalents: </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">OceanPal Inc. Predecessors consider time deposits, certificates of deposit and their equivalents with an original maturity of up to about three months to be cash equivalents.</span></div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">f) Accounts Receivable, Trade: </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">The amount shown as accounts receivable, trade, at each balance sheet date, includes receivables from charterers for hire from lease agreements, net of allowance for credit loss, if any. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. Operating lease receivables under ASC 842 are not in scope of ASC 326 for assessment of credit loss, however OceanPal Inc. Predecessors assess their accounts receivable, trade and their credit risk relating to their charterers. No provision for doubtful accounts receivable has been recorded in the accompanying statements of comprehensive income/ (loss) during the period from January 1, 2021 through November 29, 2021, and the years ended December 31, 2020 and 2019.</span></div> 0 0 0 <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">g) Inventories: </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">Inventories consist of lubricants which are stated, on a consistent basis, at the lower of cost or net realizable value. Cost is determined by the first in, first out method. Amounts removed from inventory are also determined by the first in first out method. Inventories may also consist of bunkers when on the balance sheet date a vessel is without employment. Bunkers, if any, are also stated at the lower of cost or net realizable value and cost is determined by the first in, first out method.</span></div> <div style="display:none;"><br/></div> <div style="text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">h) Insurance claims. </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">Claims receivable are recorded on accrual basis, net of deductibles, through each balance sheet date, for which recovery from insurance companies is probable and the claim is not subject to litigation.</span></div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">i) Vessel, net:</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> Vessels are stated at cost which consists of the contract price and any material expenses incurred upon acquisition or during construction. Expenditures for conversions and 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. As at balance sheet date, vessels are stated at cost less accumulated depreciation expense and impairment charge, if any.</span></div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">j) Vessels held for sale:</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> OceanPal Inc. Predecessors classify assets as being held for sale when the respective criteria are met. Long-lived assets or disposal groups classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These assets are not depreciated once they meet the criteria to be held for sale. The fair value less cost to sell of an asset held for sale is assessed at each reporting period it remains classified as held for sale. When the plan to sell an asset changes, the asset is reclassified as held and used, measured at the lower of its carrying amount before it was recorded as held for sale, adjusted for depreciation, and the asset’s fair value at the date of the decision not to sell.</span></div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">k) Impairment of Long-Lived Assets: </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">Long-lived assets are reviewed for impairment whenever events or changes in circumstances (such as market conditions, obsolesce or damage to the asset, potential sales and other business plans) indicate that the carrying amount plus unamortized dry-docking costs of an asset may not be recoverable. When the estimate of undiscounted projected net operating cash flows, excluding interest charges, expected to be generated by the use of an asset over its remaining useful life and its eventual disposition is less than its carrying amount plus unamortized dry-docking costs, OceanPal Inc. Predecessors evaluate the asset for impairment loss. Measurement of impairment loss is based on the fair value of the asset, determined mainly by third party valuations.</span></div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/> </span></div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; font-family: 'Times New Roman'; font-size: 10pt; text-align: justify; text-indent: 18pt;">OceanPal Inc. Predecessors undiscounted projected net operating cash flows by considering the historical and estimated vessels’ performance and utilization with the significant assumption being future charter rates for the unfixed days, using the most recent 10 year  average of historical 1 year time charter rates available for each type of vessel over the remaining estimated life of each vessel, net of commissions. In 2019, the 1 year time charter rates did not include the rate for 2010, as it had been previously considered by Parent well above the average. Other than that, historical ten-year blended average one-year time charter rates are in line with the OceanPal Inc. Predecessors’ overall chartering strategy, they reflect the full operating history of vessels of the same type and particulars with the OceanPal Inc. Predecessors’ operating fleet and they cover at least a full business cycle, where applicable. Other assumptions used in developing estimates of future undiscounted cash flow are charter rates calculated for the fixed days using the fixed charter rate of each vessel from existing time charters, the expected outflows for scheduled vessels’ maintenance; vessel operating expenses; fleet utilization, and the vessels’ residual value if sold for scrap. Assumptions are in line with the OceanPal Inc. Predecessors’ historical performance and expectations for future fleet utilization under their current fleet deployment strategy. This calculation is then compared with the vessels’ net book value plus unamortized dry-docking costs. The difference between the carrying amount of the vessel plus unamortized dry-docking costs and its fair value is recognized in the OceanPal Inc. Predecessors’ accounts as impairment loss. No impairment loss was identified or recorded in 2019, in 2020 and in the period from January 1, 2021, to November 29, 2021 due to this exercise. However, an impairment charge amounting to $3,047,978 recorded in 2019 for vessel Calipso, which was classified as held for sale (Note 4).</div> P10Y P1Y P1Y 0 0 0 3047978 <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">l) Vessel Depreciation: </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">Depreciation is computed using the straight-line method over the estimated useful life of the vessels, after considering the estimated salvage (scrap) value. Each vessel’s salvage value is equal to the product of its lightweight tonnage and estimated scrap rate. Management estimates the useful life of the OceanPal Inc. Predecessors’ vessels to be 25 years from the date of initial delivery from the shipyard. Second hand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted.</span></div> P25Y <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 9.35pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">m) Accounting for Dry-Docking Costs:</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> OceanPal Inc. Predecessors follow the deferral method of accounting for dry-docking costs whereby actual costs incurred are deferred and are amortized on a straight-line basis over the period through the date the next dry-docking is scheduled to become due. Unamortized dry-docking costs of vessels that are sold or impaired are written off and included in the calculation of the resulting gain or loss in the year of the vessel’s sale or impairment (Note 4).</span></div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">n) Concentration of Credit Risk:</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> Financial instruments, which potentially subject OceanPal Inc. Predecessors to significant concentrations of credit risk, consist principally of cash and trade accounts receivable. OceanPal Inc. Predecessors place temporary cash investments, consisting mostly of deposits, with various qualified financial institutions and performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the OceanPal Inc. Predecessors’ investment strategy. OceanPal Inc. Predecessors limit their credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally do not require collateral for accounts receivable and do not have any agreements to mitigate credit risk.</span></div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">o) Accounting for Revenues and Expenses: </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">Revenues are generated from time charter agreements which contain a lease as they meet the criteria of a lease under ASC 842. Agreements with the same charterer are accounted for as separate agreements according to their specific terms and conditions. All agreements contain a minimum non-cancellable period and an extension period at the option of the charterer. Each lease term is assessed at the inception of that lease. Under a time charter agreement, the charterer pays a daily hire for the use of the vessel and reimburses the owner for hold cleanings, extra insurance premiums for navigating in restricted areas and damages caused by the charterers. Additionally, the charterer pays to third parties port, canal and bunkers consumed during the term of the time charter agreement. Such costs are considered direct costs and are not recorded as they are directly paid by charterers, unless they are for the account of the owner, in which case they are included in voyage expenses. OceanPal Inc. Predecessors incur voyage expenses that mainly include commissions because all of vessels are employed under time charters that require the charterer to bear voyage expenses such as bunkers (fuel oil), port and canal charges. When a vessel is delivered to a charterer, bunkers are purchased by the charterer and sold back to OceanPal Inc. Predecessors on the redelivery of the vessel. Bunker gain, or loss, result when a vessel is redelivered by her charterer and delivered to the next charterer at different bunker prices, or quantities. For the period From January 1, 2021, to November 29, 2021, and for the years ended December 31, 2020 and 2019, respectively, the OceanPal Inc. Predecessors incurred gain on bunkers amounting to $330,454, and loss on bunkers amounting to $287,352 and $229,481, respectively, resulting mainly from the difference in the value of bunkers paid by OceanPal Inc. Predecessors when the vessel is redelivered to OceanPal Inc. Predecessors from the charterer under the vessel’s previous time charter agreement and the value of bunkers sold by OceanPal Inc. Predecessors when the vessel is delivered to a new charterer. This gain/loss is included in “Voyage expenses” in the accompanying combined carve-out statements of comprehensive income / (loss). Additionally, the owner pays commissions on the hire revenue, to both the charterer and to brokers, which are direct costs and are recorded in voyage expenses. Under a time charter agreement, the owner pays for the operation and the maintenance of the vessel, including crew, insurance, spares and repairs, which are recognized in operating expenses. Revenues from time charter agreements providing for varying annual rates are accounted for as operating leases and thus recognized on a straight-line basis over the non-cancellable rental periods of such agreements, as service is performed. Deferred revenue includes cash received prior to the balance sheet date for which all criteria to recognize as revenue have not been met. OceanPal Inc. Predecessors, as lessors, have elected not to allocate the consideration in the agreement to the separate lease and non-lease components (operation and maintenance of the vessel) as their timing and pattern of transfer to the charterer, as the lessee, are the same and the lease component, if accounted for separately, would be classified as an operating lease. Additionally, the lease component is considered the predominant component as OceanPal Inc. Predecessors have assessed that more value is ascribed to the vessel rather than to the services provided under the time charter contracts.</span></div> 330454 -287352 -229481 <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">p) Repairs and Maintenance:</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> All repair and maintenance expenses including underwater inspection expenses are expensed in the year incurred. Such costs are included in vessel operating expenses in the accompanying combined carve-out statements of operations and comprehensive income/(loss).</span></div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">q) Segmental Reporting: </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">OceanPal Inc. Predecessors engage in the operation of dry-bulk vessels which has been identified as one reportable segment. The operation of the vessels is the main source of revenue generation, the services provided by the vessels are similar and they all operate under the same economic environment. Additionally, the vessels do not operate in specific geographic areas, as they trade worldwide; they do not trade in specific trade routes, as their trading (route and cargo) is dictated by the charterers; and OceanPal Inc. Predecessors do not evaluate the operating results for each type of dry bulk vessels (Panamax or Capesize) for the purpose of making decisions about allocating resources and assessing performance.</span></div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">r) Fair Value Measurements:</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> OceanPal Inc. Predecessors classify and discloses their assets and liabilities carried at fair value in one of the following categories: Level 1: Quoted market prices in active markets for identical assets or liabilities; Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data; Level 3: Unobservable inputs that are not corroborated by market data.</span></div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">s) Going concern: </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">Management evaluates, at each reporting period, whether there are conditions or events that raise substantial doubt about OceanPal Inc. Predecessors’ ability to continue as a going concern within one year from the date the combined carve-out financial statements are issued.</span></div> <div style="display:none;"><br/></div> <div style="margin: 0px 0px 0pt; text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">t) Financial Instruments, credit losses:</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> At each reporting date, OceanPal Inc. Predecessors evaluate financial assets for credit losses and presents such assets in the net amount expected to be collected on such financial asset. When financial assets present similar risk characteristics, these are evaluated on a collective basis. When developing an estimate of expected credit losses OceanPal Inc. Predecessors consider available information relevant to assessing the collectability of cash flows such as internal information, past events, current conditions and reasonable and supportable forecasts. No allowance for credit loss has been recorded in the accompanying statements of comprehensive income/(loss) during the period from January 1, 2021 through November 29, 2021, and the years ended December 31, 2020 and 2019.</span></div> 0 0 0 <div style="text-align: justify; margin-left: 18pt; margin-bottom: 12pt; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Recent Accounting Pronouncements — Not yet adopted</div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. ASU 2020-04 applies to contracts that reference LIBOR or another reference rate expected to be terminated because of reference rate reform. The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic, the amendments in this Update must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. An entity may elect to apply the amendments in this Update to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. An entity may elect certain optional expedients for hedging relationships that exist as of December 31, 2022 and maintain those optional expedients through the end of the hedging relationship. ASU 2020-04 can be adopted as of March 12, 2020. OceanPal Inc. Predecessors have assessed the impact of this new accounting guidance and the adoption of this ASU is not expected to have a material impact on the combined carve-out financial statements and related disclosures.</div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman'; font-size: 10pt;">In July 2021, the FASB issued ASU No. 2021-05 Leases (Topic 842): Lessors-Certain Leases with Variable Lease Payments. The ASU amends the lessor lease classification guidance in ASC 842 for leases that include any amount of variable lease payments that are not based on an index or rate. If such a lease meets the criteria in ASC 842-10-25-2 through 25-3 for classification as either a sales-type or direct financing lease, and application of the sales-type or direct financing lease recognition guidance would result in recognition of a selling loss, then the amendments require the lessor to classify the lease as an operating lease. For public business entities that have adopted ASC 842 as of July 19, 2021, the amendments in ASU 2021-05 are effective for fiscal years beginning after December 15, 2021 and for interim periods within those fiscal years. The impact of this new accounting guidance and the adoption of this ASU has been assessed and it is expected that it does not have a material impact on the OceanPal Inc. Predecessors’ combined carve-out financial statements and related disclosures.</div> <div style="margin-bottom: 12pt; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">3. Transactions with Related Parties</div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; margin-bottom: 12pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">a) Diana Wilhelmsen Management Limited, or DWM: </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">DWM is a joint venture established by Diana Ship Management Inc., a wholly owned subsidiary of the Parent, and Wilhelmsen Ship Management Holding Limited, an unaffiliated third party, each holding 50% of DWM. The DWM office is located in Athens, Greece. Effective July 1, 2020 Wilhelmsen Ship Management Holding Limited, was replaced by Wilhelmsen Ship Management Holding AS, which assumed all the liabilities and obligations of the former company under the Joint venture agreement. Until October 8, 2019, DWM provided management services to the OceanPal Predecessors’ fleet for a fixed monthly fee and commercial services charged as a percentage of the vessels’ gross revenues pursuant to management agreements between the vessel owning companies and DWM. Management fees to DWM for 2019 amounted to $554,000 and are included in “Management fees to related parties” in the accompanying 2019 combined carve-out statement of comprehensive income/(loss). Commercial fees in 2019, amounted to $192,550, and are included in “Voyage expenses”. As at December 31, 2020 there was an amount of $1,169,637 due from DWM mainly related to Protefs’ environmental incident (Note 5), included in “Due from a related party” in the accompanying combined carve-out balance sheet. Since October 9, 2019 and up to May 24, 2021, DWM provided technical management services to the vessels through Diana Shipping Services S.A. (Note 3(b)) and since May 24, 2021 directly. For the provision of management services, the vessels pay monthly fees which for the period from May 24, 2021 until November 29, 2021 amounted to $373,484 and are included in “Management fees to related parties” in the accompanying combined carve-out statements of operations and comprehensive income/(loss). In addition, the vessels pay a commercial fee, which is a percentage of the daily hire, and which for the period from May 24, 2021 to November 29, 2021 amounted to $80,896 and is included in “Voyage expenses” in the accompanying combined carve-out statement of comprehensive income/(loss).</span></div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">b) Diana Shipping Services S.A., or DSS: </span><span style="font-family: 'Times New Roman'; font-size: 10pt;">From October 8, 2019 until May 24, 2021, the fleet vessels were managed by DSS, a wholly owned subsidiary of the Parent, for a fixed monthly fee and a commission on the vessels’ gross revenues. DSS was outsourcing the management of the vessels to DWM from October 8, 2019 until May 24, 2021 and since May 24, 2021, provides insurance services to the vessels for a fixed monthly fee of $500. During the period from January 1, 2021 to May 24, 2021, during 2020, and during the period from October 9, 2019 to December 31, 2019, respectively, management fees to DSS amounted to $300,300, $756,000 and $174,300, respectively and are included in “Management fees to related parties” in the accompanying combined carve-out statements of operations and comprehensive income/(loss). During the period from May 24, 2021 to November 29, 2021, insurance service fees to DSS amounted to $9,337 and are included in “Management fees to related parties” in the accompanying combined carve-out statements of operations and comprehensive income/(loss). Similarly, commissions charged by DSS for the period from January 1, 2021 to May 24, 2021, for 2020 and from October 9, 2019 to December 31, 2019, respectively amounted to $94,672, 186,223 and $63,721, respectively and are included in “Voyage expenses” in the accompanying combined carve-out statements of operations and comprehensive income/(loss). As at December 31, 2020, there was an amount of $115,280 respectively, due to DSS, separately presented in “Due to a related party” in the accompanying combined carve-out balance sheet.</span></div> 0.50 554000 192550 1169637 373484 80896 500 300300 756000 174300 9337 94672 186223 63721 115280 <div style="margin-bottom: 12pt; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">4. Vessels</div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">On December 24, 2019, Darien Compania Armadora S.A. entered into a Memorandum of Agreement to sell to an unaffiliated third party the vessel Calipso, for a sale price of $7,275,000 before commissions. On December 31, 2019, the vessel was measured at the lower of its carrying amount or fair value less costs to sell and was classified in current assets as Vessel held for sale, according to the provisions of ASC 360, as all criteria required for this classification were then met.</div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman'; font-size: 10pt;">The classification of Calipso<span style="font-style: italic;"> </span>as held for sale on December 31, 2019 resulted in impairment of $3,047,978 including the write off of the unamortized drydocking costs as the vessel was measured at the lower of its carrying value and fair value (sale price) less costs to sell and is separately presented in “Vessel impairment charges” in the accompanying 2019 combined carve-out statement of comprehensive income / (loss).</div> <div style="text-align: justify;"> <span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">In February 2020, the buyers of Calipso<span style="font-style: italic;"> </span>elected to exercise their right to cancel the contract as a result of the vessel’s missing the cancelling date due to unforeseen events, unrelated to the condition of the vessel. Following this cancelation of the memorandum of agreement, on March 8, 2020, the vessel was withdrawn from the market as per management’s decision and was recorded at its fair value at that date, amounting to $7.33 million, as held and used, according to the provisions of ASC 360. The vessel’s fair value was determined through Level 2 inputs of the fair value hierarchy by taking into consideration a third party valuation which was based on the last done deals of sale of vessels with similar characteristics, such as type, size and age. The valuation of the vessel at fair value resulted in a gain of $200,500 separately presented in “Vessel fair value adjustment” in the 2020 accompanying combined carve-out statement of comprehensive income / (loss).</div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">The amounts reflected in Vessels, net in the accompanying combined carve-out balance sheet as of December 31, 2020 are analyzed as follows:</div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">Accumulated</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">Vessel Cost</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">Depreciation</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">Net Book Value</div> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Balance, December 31, 2019</div> </td> <td colspan="1" style="text-align: right; white-space: nowrap; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="white-space: nowrap; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">38,600,196</div> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: right; white-space: nowrap; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="white-space: nowrap; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">(13,139,306</div> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">)</div> </td> <td colspan="1" style="text-align: right; white-space: nowrap; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="white-space: nowrap; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">25,460,890</div> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> <div style="font-family: 'Times New Roman';">– Additions for improvements</div> </td> <td colspan="1" style="text-align: right; white-space: nowrap; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> <div style="font-family: 'Times New Roman';">1,474,965<br/> </div> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="text-align: right; white-space: nowrap; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> <div style="font-family: 'Times New Roman';">—</div> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="text-align: right; white-space: nowrap; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> <div style="font-family: 'Times New Roman';">1,474,965</div> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">– Vessel fair value adjustment</div> </td> <td colspan="1" style="text-align: right; white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">200,500</div> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: right; white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">—</div> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: right; white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">200,500</div> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> <div style="font-family: 'Times New Roman';">– Vessel transferred from held for sale</div> </td> <td colspan="1" style="text-align: right; white-space: nowrap; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> <div style="font-family: 'Times New Roman';">7,129,500</div> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="text-align: right; white-space: nowrap; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> <div style="font-family: 'Times New Roman';">—</div> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="text-align: right; white-space: nowrap; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> <div style="font-family: 'Times New Roman';">7,129,500</div> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">– Depreciation for the period</div> </td> <td colspan="1" style="text-align: right; white-space: nowrap; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">—</div> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: right; white-space: nowrap; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">(2,016,556</div> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">)</div> </td> <td colspan="1" style="text-align: right; white-space: nowrap; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">(2,016,556</div> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; padding-bottom: 4px; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> <div style="font-weight: bold; font-family: 'Times New Roman';">Balance, December 31, 2020</div> </td> <td colspan="1" style="text-align: right; white-space: nowrap; vertical-align: bottom; width: 1%; padding-bottom: 4px; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> <div style="font-family: 'Times New Roman';">$</div> </td> <td colspan="1" style="white-space: nowrap; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> <div style="font-family: 'Times New Roman';">47,405,161</div> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="text-align: right; white-space: nowrap; vertical-align: bottom; width: 1%; padding-bottom: 4px; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> <div style="font-family: 'Times New Roman';">$</div> </td> <td colspan="1" style="white-space: nowrap; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> <div style="font-family: 'Times New Roman';">(15,155,862</div> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> <div style="font-family: 'Times New Roman';">)</div> </td> <td colspan="1" style="text-align: right; white-space: nowrap; vertical-align: bottom; width: 1%; padding-bottom: 4px; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> <div style="font-family: 'Times New Roman';">$</div> </td> <td colspan="1" style="white-space: nowrap; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> <div style="font-family: 'Times New Roman';">32,249,299</div> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> </tr> </table> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify; text-indent: 18pt;">Vessels’ depreciation expense for the period from January 1, 2021 through November 29, 2021, and for the years ended December 31, 2020 and 2019, amounted to $1.97 million, $2.02 million, and $2.27 million, respectively, and is included in “Depreciation and amortization of deferred charges” in the accompanying combined carve-out statements of operations and comprehensive income/(loss).</div> 7275000 3047978 7330000 200500 <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">The amounts reflected in Vessels, net in the accompanying combined carve-out balance sheet as of December 31, 2020 are analyzed as follows:</div> <table cellpadding="0" cellspacing="0" class="cfttable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;"> <tr> <td style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">Accumulated</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;" valign="bottom"> </td> <td colspan="1" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; white-space: nowrap;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">Vessel Cost</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">Depreciation</div> </td> <td colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> <td colspan="2" style="vertical-align: bottom; white-space: nowrap; border-bottom: #000000 solid 2px;" valign="bottom"> <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">Net Book Value</div> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; padding-bottom: 2px;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Balance, December 31, 2019</div> </td> <td colspan="1" style="text-align: right; white-space: nowrap; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="white-space: nowrap; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">38,600,196</div> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: right; white-space: nowrap; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="white-space: nowrap; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">(13,139,306</div> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">)</div> </td> <td colspan="1" style="text-align: right; white-space: nowrap; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">$</div> </td> <td colspan="1" style="white-space: nowrap; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">25,460,890</div> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> <div style="font-family: 'Times New Roman';">– Additions for improvements</div> </td> <td colspan="1" style="text-align: right; white-space: nowrap; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> <div style="font-family: 'Times New Roman';">1,474,965<br/> </div> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="text-align: right; white-space: nowrap; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> <div style="font-family: 'Times New Roman';">—</div> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="text-align: right; white-space: nowrap; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> <div style="font-family: 'Times New Roman';">1,474,965</div> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">– Vessel fair value adjustment</div> </td> <td colspan="1" style="text-align: right; white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">200,500</div> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: right; white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">—</div> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: right; white-space: nowrap; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">200,500</div> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> <div style="font-family: 'Times New Roman';">– Vessel transferred from held for sale</div> </td> <td colspan="1" style="text-align: right; white-space: nowrap; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> <div style="font-family: 'Times New Roman';">7,129,500</div> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="text-align: right; white-space: nowrap; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> <div style="font-family: 'Times New Roman';">—</div> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="text-align: right; white-space: nowrap; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> <div style="font-family: 'Times New Roman';">7,129,500</div> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">– Depreciation for the period</div> </td> <td colspan="1" style="text-align: right; white-space: nowrap; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">—</div> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="text-align: right; white-space: nowrap; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">(2,016,556</div> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">)</div> </td> <td colspan="1" style="text-align: right; white-space: nowrap; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">(2,016,556</div> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" valign="bottom"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">)</div> </td> </tr> <tr> <td style="vertical-align: bottom; width: 64%; padding-bottom: 4px; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> <div style="font-weight: bold; font-family: 'Times New Roman';">Balance, December 31, 2020</div> </td> <td colspan="1" style="text-align: right; white-space: nowrap; vertical-align: bottom; width: 1%; padding-bottom: 4px; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> <div style="font-family: 'Times New Roman';">$</div> </td> <td colspan="1" style="white-space: nowrap; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> <div style="font-family: 'Times New Roman';">47,405,161</div> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="text-align: right; white-space: nowrap; vertical-align: bottom; width: 1%; padding-bottom: 4px; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> <div style="font-family: 'Times New Roman';">$</div> </td> <td colspan="1" style="white-space: nowrap; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> <div style="font-family: 'Times New Roman';">(15,155,862</div> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> <div style="font-family: 'Times New Roman';">)</div> </td> <td colspan="1" style="text-align: right; white-space: nowrap; vertical-align: bottom; width: 1%; padding-bottom: 4px; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> <div style="font-family: 'Times New Roman';">$</div> </td> <td colspan="1" style="white-space: nowrap; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> <div style="font-family: 'Times New Roman';">32,249,299</div> </td> <td colspan="1" style="white-space: nowrap; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 4px; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" valign="bottom"> </td> </tr> </table> 38600196 13139306 25460890 1474965 1474965 200500 200500 7129500 7129500 2016556 -2016556 47405161 15155862 32249299 -1970000 -2020000.00 -2270000 <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">5. Commitments and Contingencies</div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; margin-bottom: 8pt; font-family: 'Times New Roman'; font-size: 10pt;">a) Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Subsidiaries’ vessels. OceanPal Inc. Predecessors accrue for the cost of environmental and other liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Subsidiaries’ vessels are covered for pollution in the amount of $1 billion per vessel per incident, by the P&amp;I Association in which the Subsidiaries’ vessels are entered.</div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman'; font-size: 10pt;">b) On July 9, 2020, DWM placed a security bond in the amount of $1.75 million for any potential fines or penalties for alleged violations of law concerning maintenance of books and records and the handling of oil wastes of the vessel Protefs, as a consequence of a environmental incident involving the vessel in 2020. As this amount was paid by the ship owning company of Protefs, a portion of the security bond relating to DWM, amounting to $1 million, was included in “Due from related parties”, as of December 31, 2020 in the accompanying combined carve-out balance sheet. As of December 31, 2020, vessel Protefs also recorded an accrual of about $1.0 million, as the Parent determined that Protefs could be liable for part of a fine related to this incident, as part of its management agreement with DWM and recognized an expense which is presented in “Vessel operating expenses” in the combined carve-out statements of operations and comprehensive income/(loss) for the year ended December 31, 2020, representing the OceanPal Inc. Predecessors’ best estimate for the liability of Protefs in relation to this incident. In February 2021, DWM entered into a plea agreement with the United States pursuant to which DWM, as defendant, agreed to waive indictment, plead guilty pursuant to the terms thereof, accepted a fine of $2.0 million and the placement of DWM on probation for four years, subject to court approval. On September 23, 2021, in the sentencing hearing of the Protefs case, the judge accepted DWM’s guilty pleas, adjudged DWM guilty and imposed the agreed upon sentence of a combined fine of $2 million, a total special assessment and a four-year term of probation. The total amount of the fine was settled during 2021 through the security bond placed by DWM on July 9, 2020, whereas the remaining balance of the fine amounting to $0.25 million was settled by the ship owning company of Protefs.</div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt;"> <span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </div> <div style="display:none;"><br/> </div> <span style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000;">c) As at November 29, 2021, all of the vessels were fixed under time charter agreements, considered as operating leases accounted for as per ASC 842 requirements. The minimum contractual gross charter revenues expected to be generated from fixed and non-cancelable time charter contracts existing as at November 29, 2021 and until their expiration is estimated at $3.1 million</span> 1000000000 1750000 1000000 1000000 2000000 P4Y 2000000 P4Y 250000 3100000 <div style="margin-bottom: 12pt; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">6. Parent Investment, net</div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">Parent investment, net consists of the amounts contributed by the Parent to finance part of the acquisition cost of the vessels, intercompany amounts due to or from the Parent which are forgiven and treated as contributions or distributions of capital and other general and administrative expenses allocated to the OceanPal Inc. Predecessors by Parent. Allocated general and administrative expenses include expenses of Parent such as executive’s cost, legal, treasury, regulatory compliance and other costs. These expenses were allocated on a pro rata basis, based on the number of ownership days of the Subsidiaries’ vessels compared to the number of ownership days of the total DSI fleet. Such allocations are believed to be reasonable, but may not reflect the actual costs if the OceanPal Inc. Predecessors had operated as a standalone company. For the period from January 1, 2021 through November 29, 2021, and for 2019, capital distribution amounted to $3.2 million and $1.5 million, respectively. Capital contribution during 2020 amounted to $4.2 million.</div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify; text-indent: 18pt;">As part of Parent, OceanPal Inc. Predecessors are dependent upon Parent for all of their working capital and financing requirements, as Parent uses a centralized approach to cash management and financing of their operations. Financial transactions relating to OceanPal Inc. Predecessor are accounted for through the Parent equity account and reflected in the combined carve-out statements of Parent’s equity as an increase or decrease in Parent investment. Accordingly, none of Parent’s cash, cash equivalents or debt at the corporate level have been assigned to the OceanPal Inc. Predecessors in the combined carve-out financial statements. Parent equity, net represents Parent’s interest in the recorded net assets of the OceanPal Inc. Predecessors. All significant intercompany accounts and transactions between the businesses comprising the OceanPal Inc. Predecessors have been eliminated in the accompanying combined carve-out financial statements.</div> 3200000 1500000 4200000 0 <div style="margin-bottom: 12pt; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">7. Fair Value Measurements and Risk Management</div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">The carrying values of cash, accounts receivable, due from related parties and accounts payable approximate their fair value due to the short-term nature of these financial instruments. Financial instruments, which potentially subject OceanPal Predecessors to significant concentrations of credit risk, consist principally of cash and trade accounts receivable. The ability and willingness of each of the OceanPal Inc. Predecessors’ counterparties to perform their obligations under a contract depend upon a number of factors that are beyond the OceanPal Inc. Predecessors’ control and may include, among other things, general economic conditions, the state of the capital markets, the condition of the shipping industry and charter hire rates. The credit risk with financial institutions is limited as it has temporary cash investments, consisting mostly of deposits, placed with various qualified financial institutions and performs periodic evaluations of the relative credit standing of those financial institutions. The credit risk with accounts receivable is limited by performing ongoing credit evaluations of the customers’ financial condition and by receiving payments of hire in advance. Generally, no collateral is required for accounts receivable whereas OceanPal Inc. Predecessors do not have any agreements to mitigate credit risk.<br/> </span> <span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman'; font-size: 10pt;">During the period from January 1, 2021, to November 29, 2021 and during 2020 and 2019, charterers that individually accounted for 10% or more of the OceanPal Inc. Predecessors time charter revenues were as follows:</div> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;"> <tr> <td style="width: 46%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;"> </td> <td style="width: 2.16%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 15.95%; vertical-align: bottom; white-space: nowrap;"> <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">January 1, 2021 to</div> </td> <td style="width: 2.44%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 16%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 2.44%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 16%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> </tr> <tr> <td style="width: 46%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="font-size: 10pt; font-weight: bold; font-family: 'Times New Roman';">Charterer</div> </td> <td style="width: 2.16%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 15.95%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;"> <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">November 29, 2021</div> </td> <td style="width: 2.44%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 16%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;"> <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">2020</div> </td> <td style="width: 2.44%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 16%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;"> <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">2019</div> </td> </tr> <tr> <td style="width: 46%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">C Transport Maritime LTD</div> </td> <td style="width: 2.16%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 15.95%; vertical-align: bottom; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">38%<br/> </div> </td> <td style="width: 2.44%; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </td> <td style="width: 16%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 2.44%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 16%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> </tr> <tr> <td style="width: 46%; vertical-align: bottom;"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Vitera Chartering</div> </td> <td style="width: 2.16%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 15.95%; vertical-align: bottom; white-space: nowrap;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">29%<br/> </div> </td> <td style="width: 2.44%; vertical-align: bottom; white-space: nowrap;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </td> <td style="width: 16%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 2.44%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 16%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> </tr> <tr> <td style="width: 46%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Reachy International</div> </td> <td style="width: 2.16%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 15.95%; vertical-align: bottom; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">28%<br/> </div> </td> <td style="width: 2.44%; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </td> <td style="width: 16%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 2.44%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 16%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> </tr> <tr> <td style="width: 46%; vertical-align: bottom;"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Cargill International S.A.</div> </td> <td style="width: 2.16%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 15.95%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 2.44%; vertical-align: bottom; white-space: nowrap;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </td> <td style="width: 16%; vertical-align: bottom; white-space: nowrap;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">34%<br/> </div> </td> <td style="width: 2.44%; vertical-align: bottom; white-space: nowrap;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </td> <td style="width: 16%; vertical-align: bottom; white-space: nowrap;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">33%<br/> </div> </td> </tr> <tr> <td style="width: 46%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Phaethon International Co AG.</div> </td> <td style="width: 2.16%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 15.95%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 2.44%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 16%; vertical-align: bottom; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">34%<br/> </div> </td> <td style="width: 2.44%; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </td> <td style="width: 16%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> </tr> <tr> <td style="width: 46%; vertical-align: bottom;"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Uniper Global Commodities, Dusseldorf GE</div> </td> <td style="width: 2.16%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 15.95%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 2.44%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 16%; vertical-align: bottom; white-space: nowrap;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">22%<br/> </div> </td> <td style="width: 2.44%; vertical-align: bottom; white-space: nowrap;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </td> <td style="width: 16%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> </tr> <tr> <td style="width: 46%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Crystal Sea Shipping Co., Limited</div> </td> <td style="width: 2.16%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 15.95%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 2.44%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 16%; vertical-align: bottom; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">10%<br/> </div> </td> <td style="width: 2.44%; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </td> <td style="width: 16%; vertical-align: bottom; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">12%<br/> </div> </td> </tr> <tr> <td style="width: 46%; vertical-align: bottom;"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Hadson Shipping Lines Inc.</div> </td> <td style="width: 2.16%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 15.95%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 2.44%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 16%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 2.44%; vertical-align: bottom; white-space: nowrap;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </td> <td style="width: 16%; vertical-align: bottom; white-space: nowrap;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">30%<br/> </div> </td> </tr> <tr> <td style="width: 46%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Glencore Agriculture BV</div> </td> <td style="width: 2.16%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 15.95%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 2.44%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 16%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 2.44%; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </td> <td style="width: 16%; vertical-align: bottom; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">22%<br/> </div> </td> </tr> </table> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; font-family: 'Times New Roman'; font-size: 10pt;">During the period from January 1, 2021, to November 29, 2021 and during 2020 and 2019, charterers that individually accounted for 10% or more of the OceanPal Inc. Predecessors time charter revenues were as follows:</div> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </div> <table border="0" cellpadding="0" cellspacing="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;"> <tr> <td style="width: 46%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;"> </td> <td style="width: 2.16%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 15.95%; vertical-align: bottom; white-space: nowrap;"> <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">January 1, 2021 to</div> </td> <td style="width: 2.44%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 16%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 2.44%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 16%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> </tr> <tr> <td style="width: 46%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);"> <div style="font-size: 10pt; font-weight: bold; font-family: 'Times New Roman';">Charterer</div> </td> <td style="width: 2.16%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 15.95%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;"> <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">November 29, 2021</div> </td> <td style="width: 2.44%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 16%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;"> <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">2020</div> </td> <td style="width: 2.44%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 16%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;"> <div style="text-align: center; font-family: 'Times New Roman'; font-weight: bold; font-size: 10pt;">2019</div> </td> </tr> <tr> <td style="width: 46%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">C Transport Maritime LTD</div> </td> <td style="width: 2.16%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 15.95%; vertical-align: bottom; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">38%<br/> </div> </td> <td style="width: 2.44%; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </td> <td style="width: 16%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 2.44%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 16%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> </tr> <tr> <td style="width: 46%; vertical-align: bottom;"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Vitera Chartering</div> </td> <td style="width: 2.16%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 15.95%; vertical-align: bottom; white-space: nowrap;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">29%<br/> </div> </td> <td style="width: 2.44%; vertical-align: bottom; white-space: nowrap;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </td> <td style="width: 16%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 2.44%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 16%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> </tr> <tr> <td style="width: 46%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Reachy International</div> </td> <td style="width: 2.16%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 15.95%; vertical-align: bottom; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">28%<br/> </div> </td> <td style="width: 2.44%; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </td> <td style="width: 16%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 2.44%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 16%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> </tr> <tr> <td style="width: 46%; vertical-align: bottom;"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Cargill International S.A.</div> </td> <td style="width: 2.16%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 15.95%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 2.44%; vertical-align: bottom; white-space: nowrap;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </td> <td style="width: 16%; vertical-align: bottom; white-space: nowrap;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">34%<br/> </div> </td> <td style="width: 2.44%; vertical-align: bottom; white-space: nowrap;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </td> <td style="width: 16%; vertical-align: bottom; white-space: nowrap;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">33%<br/> </div> </td> </tr> <tr> <td style="width: 46%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Phaethon International Co AG.</div> </td> <td style="width: 2.16%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 15.95%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 2.44%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 16%; vertical-align: bottom; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">34%<br/> </div> </td> <td style="width: 2.44%; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </td> <td style="width: 16%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> </tr> <tr> <td style="width: 46%; vertical-align: bottom;"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Uniper Global Commodities, Dusseldorf GE</div> </td> <td style="width: 2.16%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 15.95%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 2.44%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 16%; vertical-align: bottom; white-space: nowrap;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">22%<br/> </div> </td> <td style="width: 2.44%; vertical-align: bottom; white-space: nowrap;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </td> <td style="width: 16%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> </tr> <tr> <td style="width: 46%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Crystal Sea Shipping Co., Limited</div> </td> <td style="width: 2.16%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 15.95%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 2.44%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 16%; vertical-align: bottom; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">10%<br/> </div> </td> <td style="width: 2.44%; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </td> <td style="width: 16%; vertical-align: bottom; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">12%<br/> </div> </td> </tr> <tr> <td style="width: 46%; vertical-align: bottom;"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Hadson Shipping Lines Inc.</div> </td> <td style="width: 2.16%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 15.95%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 2.44%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 16%; vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 2.44%; vertical-align: bottom; white-space: nowrap;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </td> <td style="width: 16%; vertical-align: bottom; white-space: nowrap;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">30%<br/> </div> </td> </tr> <tr> <td style="width: 46%; vertical-align: bottom; background-color: rgb(204, 238, 255);"> <div style="font-family: 'Times New Roman'; font-size: 10pt;">Glencore Agriculture BV</div> </td> <td style="width: 2.16%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 15.95%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 2.44%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 16%; vertical-align: bottom; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt; white-space: nowrap;"> </td> <td style="width: 2.44%; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </span> </td> <td style="width: 16%; vertical-align: bottom; background-color: rgb(204, 238, 255); white-space: nowrap;"> <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">22%<br/> </div> </td> </tr> </table> 0.38 0.29 0.28 0.34 0.33 0.34 0.22 0.10 0.12 0.30 0.22 <div style="margin: 0px 0px 12pt; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">8. Income Taxes</div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; margin-bottom: 12pt; font-family: 'Times New Roman'; font-size: 10pt;">Under the laws of the countries of the companies’ incorporation and / or vessels’ registration, the companies are not subject to tax on international shipping income; however, they are subject to registration and tonnage taxes, which are included in vessel operating expenses in the accompanying combined carve-out statements of operations.</div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify; text-indent: 18pt;">The vessel-owning companies with vessels that have called on the United States are obliged to file tax returns with the Internal Revenue Service. However, pursuant to the Internal Revenue Code of the United States, U.S. source income from the international operations of ships is generally exempt from U.S. tax. The applicable tax is 50% of 4% of U.S.-related gross transportation income unless an exemption applies. Each of the subsidiaries expects it qualifies for this statutory tax exemption for the period from January 1, 2021 to November 29, 2021, 2020 and 2019 taxable years, and they take this position for United States federal income tax return reporting purposes.</div> 0.50 0.04 <div style="margin-bottom: 12pt; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">9. Subsequent Events</div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt; margin-bottom: 12pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">a) Contribution by Parent of the three ship-owning companies to OceanPal Inc.:</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> On November 29, 2021, the spin-off transaction was materialized and the three ship-owning companies were contributed to the Company by the Parent. Following the spin-off consummation OceanPal Inc. and Diana Shipping are independent publicly traded companies with separate independent boards of directors.</span></div> <div style="display:none;"><br/> </div> <div style="display:none;"><br/></div> <div style="text-align: justify; text-indent: 18pt;"><span style="font-weight: bold; font-style: italic; font-family: 'Times New Roman'; font-size: 10pt;">b) Uncertainties caused by the Russo-Ukrainian War:</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"> The recent outbreak of war between Russia and the Ukraine has disrupted supply chains and caused instability in the global economy, while the United States and the European Union, among other countries, announced sanctions against Russia, including sanctions targeting the Russian oil sector, among those a prohibition on the import of oil from Russia to the United States. The ongoing conflict could result in the imposition of further economic sanctions against Russia and the Company’s business may be adversely impacted.</span></div> 3 3