| | | | | | | | |
| (In millions of U.S. dollars) | 2023 | 2022 | Increase | ||||
| Voyage expenses | (109.6) | (74.1) | 48 | % |
| | | | | | | | | | |
| | | Year Ended December 31, | |||||||
| | 2023 | 2022 | 2021 | ||||||
| (Expressed In U.S. Dollars) | | | | ||||||
| Vessel operating expenses | | $ | 41,742,285 | | $ | 35,740,460 | | $ | 40,695,997 |
| Management fees | | $ | 4,599,000 | | $ | 4,381,200 | | $ | 5,425,200 |
| Vessel operating expenses, including management fees | | $ | 46,341,285 | | $ | 40,121,660 | | $ | 46,121,197 |
| Calendar days | | 5,110 | | 4,868 | | 5,568 | |||
| Daily vessel operating expenses, including management fees | | $ | 9,069 | | $ | 8,242 | | $ | 8,283 |
| | | | | | | | |
| Name | Position | Shares held | Percentage | ||||
| Ioannis Alafouzos(1) | Chairman and Director | 11,456,223 | 35.6 | % | |||
| Daniel Gold | Director | — | — | | |||
| Joshua Nemser | Director | — | — | | |||
| Robert Knapp(2) | Director | 225,000 | * | % | |||
| John Kittmer | Director | — | — | | |||
| Charlotte Stratos | Director | — | — | | |||
| Petros Siakotos Konstantinidis | Director | — | — | | |||
| Aristidis Alafouzos | Chief Executive Officer | 79,800 | * | % | |||
| Iraklis Sbarounis | Chief Financial Officer | 5,600 | * | % | |||
| Christopher Papaioannou | Chief Commercial Officer | 11,200 | * | % |
| | | | | | | | | | | | | | | |
| | | Weighted | | | | | | | | | | | | |
| | | average | | | | | | | | | | | | |
| | | effective | | Less than | | | | | | | | | | |
| | interest rate | 1 month | 1 – 3 months | 3 – 12 months | 1 – 5 years | 5+ years | Total | |||||||
| December 31, 2022 | | | | | | | | | | | | |||
| Non-Derivative Liabilities | | | | | | | | | | | | | | |
| Trade payables | | | | — | — | 11,771,964 | — | — | 11,771,964 | |||||
| Accrued expenses | — | — | 6,024,899 | — | — | 6,024,899 | ||||||||
| Variable interest loans | 6.26 | % | 5,922,596 | 21,564,122 | 65,076,153 | 365,728,156 | 241,508,738 | 699,799,765 | ||||||
| Variable interest for debt financing | 10.02 | % | 2,823,905 | 5,526,029 | 22,237,116 | 112,171,014 | 167,665,884 | 310,423,948 | ||||||
| Total | 8,746,501 | 27,090,151 | 105,110,132 | 477,899,170 | 409,174,622 | 1,028,020,576 |
| | | | | | | |
| | Long-term borrowings, | Current portion of | | |||
| As of December 31, 2022 | | net of current portion | | long-term borrowings | | Total |
| Outstanding loan balance | 673,022,123 | 71,819,405 | 744,841,528 | |||
| Financing fees | (4,814,520) | (1,067,086) | (5,881,606) | |||
| Total | 668,207,603 | 70,752,319 | 738,959,922 |
