Okeanis Eco Tankers (ECO) 20-F 30 Apr 24 2023 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2023 shares
Document and Entity Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-41858
Entity Registrant Name	Okeanis Eco Tankers Corp.
Entity Incorporation, State or Country Code	1T
Entity Address, Address Line One	c/o OET Chartering Inc.
Entity Address, Address Line Two	Ethnarchou Makariou Ave.,&2 D. Falireos St.
Entity Address, Postal Zip Code	185 47
Entity Address, City or Town	N. Faliro
Entity Address, Country	GR
Title of 12(b) Security	Shares of Common Stock, par value $0.001
Trading Symbol	ECO
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding	32,194,108
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Entity Central Index Key	0001964954
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Deloitte Certified Public Accountants S.A.
Auditor Location	Athens, Greece
Auditor Firm ID	1163
Business Contact
Document and Entity Information
Contact Personnel Name	Iraklis Sbarounis
Entity Address, Address Line One	Ethnarchou Makariou Ave.,&2 D. Falireos St.
Entity Address, Postal Zip Code	185 47
Entity Address, City or Town	N. Faliro
Entity Address, Country	GR
City Area Code	+30
Local Phone Number	210 480 4200
Contact Personnel Email Address	ir@okeanisecotankers.com
Other Address
Document and Entity Information
Contact Personnel Name	Steven Hollander, Esq.
Entity Address, Address Line One	Watson Farley & Williams LLP
Entity Address, Address Line Two	250 West 55th Street
Entity Address, Postal Zip Code	10019
Entity Address, City or Town	New York
City Area Code	212
Local Phone Number	922-2200
Entity Address State Or Province	NY

Consolidated statements of prof

Consolidated statements of profit or loss and other comprehensive income - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Consolidated statements of profit or loss and other comprehensive income
Revenue	$ 413,096,606	$ 270,972,421	$ 168,998,225
Operating expenses
Commissions	(5,757,159)	(3,382,419)	(2,229,156)
Voyage expenses	(109,559,239)	(74,086,221)	(45,006,762)
Vessel operating expenses	(41,742,285)	(35,740,460)	(40,695,997)
Management fees - related party	(4,599,000)	(4,381,200)	(5,425,200)
Depreciation and amortization	(40,382,628)	(37,962,924)	(38,666,266)
General and administrative expenses	(9,933,373)	(5,296,523)	(5,094,940)
Impairment loss on classification of vessels as held for sale			(3,932,873)
Net gain on disposal of vessels			4,076,668
Operating profit	201,122,922	110,122,674	32,023,699
Other income / (expenses)
Interest income	4,104,564	721,528	3,470
Interest expense and other finance costs	(61,179,066)	(38,081,975)	(36,465,423)
Unrealized gain, net on derivatives	229,373	45,960	4,156,933
Realized gain/(loss), net on derivatives	300,262	11,436,481	(558,916)
Foreign exchange gain/(loss)	672,969	315,327	(62,662)
Total other income/(expenses)	(55,871,898)	(25,562,679)	(32,926,598)
Profit/(loss) for the year	145,251,024	84,559,995	(902,899)
Items that will not be reclassified to profit or loss:
Re-measurement of post-employment benefit obligations	(1,302)	(2,456)	(203)
Total comprehensive (loss)/income for the year	145,249,722	84,557,539	(903,102)
Attributable to the owners of the Group	$ 145,249,722	$ 84,557,539	$ (903,102)
Earnings/(loss) per share - basic	$ 4.51	$ 2.63	$ (0.03)
Earnings/(loss) per share - diluted	$ 4.51	$ 2.63	$ (0.03)
Weighted average no. of shares - basic	32,194,108	32,202,394	32,372,393
Weighted average no. of shares - diluted	32,194,108	32,202,394	32,372,393

Consolidated statements of fina

Consolidated statements of financial position - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Non-current assets
Vessels, net	$ 988,068,180	$ 1,024,296,035
Other fixed assets	87,252	132,223
Restricted cash	3,010,000	4,510,000
Total non-current assets	991,165,432	1,028,938,258
Current assets
Inventories	25,354,017	17,010,531
Trade and other receivables	57,336,089	49,630,484
Claims receivable	115,528	108,391
Prepaid expenses and other current assets	3,037,366	3,245,055
Current accounts due from related parties		449,629
Derivative financial instruments	229,373	209,238
Current portion of restricted cash	1,884,852	2,417,779
Cash & cash equivalents	49,992,391	81,345,877
Total current assets	137,949,616	154,416,984
TOTAL ASSETS	1,129,115,048	1,183,355,242
Shareholders' equity
Share capital	32,890	32,890
Additional paid-in capital	121,064,014	280,424,849
Treasury shares	(4,583,929)	(4,583,929)
Other reserves	(29,908)	(28,606)
Retained earnings	291,649,081	146,398,057
Total shareholders' equity	408,132,148	422,243,261
Non-current liabilities
Long-term borrowings, net of current portion (including payable to Sponsor of $8,561,987 as of December 31, 2022) (Note 13)	615,333,863	668,236,463
Retirement benefit obligations	32,692	23,937
Total non-current liabilities	615,366,555	668,260,400
Current liabilities
Trade payables	23,522,506	11,771,964
Accrued expenses	3,485,042	6,024,899
Deferred revenue		4,255,500
Current accounts due to related parties	659,974
Current portion of long-term borrowings (including payable to Sponsor of $34,233,375 and $25,671,388 as of December 31, 2023 and 2022) (Note 13)	77,948,823	70,799,218
Total current liabilities	105,616,345	92,851,581
TOTAL LIABILITIES	720,982,900	761,111,981
TOTAL SHAREHOLDERS' EQUITY & LIABILITIES	$ 1,129,115,048	$ 1,183,355,242

Consolidated statements of fi_2

Consolidated statements of financial position (parenthetical) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Borrowings
Long-term borrowings, net of current portion	$ 615,333,863	$ 668,236,463
Current portion of long-term borrowings	77,948,823	70,799,218
$35.1 Million Unsecured Sponsor Loan
Borrowings
Long-term borrowings, net of current portion		8,561,987
Current portion of long-term borrowings	$ 34,233,375	$ 25,671,388

Consolidated statements of chan

Consolidated statements of changes in equity - USD ($)	SHARE CAPITAL	ADDITIONAL PAID IN CAPITAL	TREASURY SHARES	OTHER RESERVES	RETAINED EARNINGS	Total
Beginning Balance at Dec. 31, 2020	$ 32,890	$ 334,328,863	$ (3,068,260)	$ (25,947)	$ 65,960,647	$ 397,228,193
Beginning Balance (in shares) at Dec. 31, 2020						32,375,917
Acquisition of common stock			(503,530)			$ (503,530)
Acquisition of common stock (in shares)						(59,236)
Profit/(loss) for the year					(902,899)	$ (902,899)
Capital distribution		(34,309,017)				(34,309,017)
Dividend paid					(3,219,686)	(3,219,686)
Other comprehensive loss for the year				(203)		(203)
Ending Balance at Dec. 31, 2021	32,890	300,019,846	(3,571,790)	(26,150)	61,838,062	$ 358,292,858
Ending Balance (in shares) at Dec. 31, 2021						32,316,681
Acquisition of common stock			(1,012,139)			$ (1,012,139)
Acquisition of common stock (in shares)						(122,573)
Profit/(loss) for the year					84,559,995	$ 84,559,995
Capital distribution		(19,594,997)				(19,594,997)
Other comprehensive loss for the year				(2,456)		(2,456)
Ending Balance at Dec. 31, 2022	32,890	280,424,849	(4,583,929)	(28,606)	146,398,057	$ 422,243,261
Ending Balance (in shares) at Dec. 31, 2022						32,194,108
Profit/(loss) for the year					145,251,024	$ 145,251,024
Capital distribution		(159,360,835)				(159,360,835)
Other comprehensive loss for the year				(1,302)		(1,302)
Ending Balance at Dec. 31, 2023	$ 32,890	$ 121,064,014	$ (4,583,929)	$ (29,908)	$ 291,649,081	$ 408,132,148
Ending Balance (in shares) at Dec. 31, 2023						32,194,108

Consolidated statements of ch_2

Consolidated statements of changes in equity (parenthetical) - $ / shares	1 Months Ended									12 Months Ended
	Nov. 30, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Consolidated statements of changes in equity
Capital distribution per share	$ 0.60	$ 1.50	$ 1.60	$ 1.25	$ 0.30	$ 0.30	$ 0.31	$ 0.75		$ 4.95	$ 0.60	$ 1.06
Dividend paid per share									$ 0.10			$ 0.10

Consolidated statements of cash

Consolidated statements of cash flows - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Profit/(loss) for the year	$ 145,251,024	$ 84,559,995	$ (902,899)
Adjustments to reconcile profit/(loss) to net cash provided by operating activities:
Depreciation	40,382,628	37,962,924	38,666,266
Interest expense	58,680,985	35,077,293	27,082,841
Amortization of loan financing fees	1,994,191	1,693,117	4,233,322
Unrealized (loss)/gain, net on derivatives	(20,135)	2,941,529	(4,156,933)
Interest income	(4,104,564)	(721,528)	(3,470)
Other non-cash items	(43,323)	6,643	(44,084)
Net gain on disposal of vessels			(4,076,668)
Impairment loss			3,932,873
Foreign exchange differences	(712,765)	(339,622)
Total reconciliation adjustments	96,177,017	76,620,356	65,634,147
Changes in working capital:
Trade and other receivables	(5,853,175)	(42,241,830)	7,184,671
Prepaid expenses and other current assets	(824,682)	(1,235,237)	(173,406)
Inventories	(8,343,486)	(4,380,000)	(6,863,047)
Trade payables	10,958,162	(2,901,680)	(2,945,453)
Accrued expenses	(530,625)	871,637	469,704
Deferred revenue	(4,255,500)	4,255,500	(6,462,292)
Claims receivable	(7,137)	152,702	(106,645)
Collections from related parties	1,109,603
Total changes in working capital	(7,746,840)	(45,478,908)	(8,896,468)
Interest paid	(59,649,091)	(33,181,517)	(27,240,486)
Net cash provided by operating activities	174,032,110	82,519,926	28,594,294
CASH FLOWS FROM INVESTING ACTIVITIES
Current accounts due from related parties		620,472	5,993,518
Payments for other fixed assets			(20,000)
Proceeds from vessels' disposal			300,938,574
Decrease in restricted cash	2,032,927	421,664	1,051,938
Payments for special survey and dry-docking costs	(3,306,052)	(1,536,579)	(1,921,472)
Payments for vessels and vessels under construction		(178,601,323)	(20,367,653)
Interest received	2,233,711	375,636	3,470
Net cash provided by/(used in) investing activities	960,586	(178,720,130)	285,678,375
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term borrowings	197,000,000	306,298,000
Repayments of long-term borrowings	(243,355,165)	(144,294,604)	(261,713,694)
Capital distribution	(159,360,835)	(19,594,997)	(34,309,017)
Current accounts due to related parties		(698,153)	318,350
Payment of long-term borrowing fees	(1,350,000)	(1,732,860)
Acquisition of common stock		(1,012,139)	(503,530)
Dividends paid			(3,219,686)
Net cash (used in)/provided by financing activities	(207,066,000)	138,965,247	(299,427,577)
Effects of exchange rate changes of cash held in foreign currency	719,818	397,680
Net change in cash and cash equivalents	(32,073,304)	42,765,043	14,845,092
Cash and cash equivalents at beginning of year	81,345,877	38,183,154	23,338,062
Cash and cash equivalents at end of year	49,992,391	$ 81,345,877	38,183,154
Supplemental cash flow information
Capital expenditures included in trade payables	$ 803,751		$ 235,000

Incorporation and General Infor

Incorporation and General Information	12 Months Ended
	Dec. 31, 2023
Incorporation and General Information
Incorporation and General Information	1. Incorporation and General Information Okeanis Eco Tankers Corp. (“OET,” the “Company” or “Okeanis Eco Tankers” and together with its wholly owned subsidiaries, the “Group”) was incorporated on April 30, 2018 as a corporation under the laws of the Republic of the Marshall Islands having its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960. Glafki Marine Corp. (“Glafki”), owned by Messrs. Ioannis and Themistoklis Alafouzos, were the controlling shareholders of OET until June 2022. In June 2022, the voting interests of Mr. Themistoklis Alafouzos were transferred to Hospitality Assets Corp. (“Hospitality”) and as of June 2022, Glafki and Hospitality, each owned by Messrs. Ioannis and Themistoklis Alafouzos, respectively, collectively hold a controlling interest in OET. Glafki and Hospitality currently own 34.2% and 20.6% of the Company’s outstanding common shares, respectively. The Group, as of the date of this report, owns or bareboat charters-in under a finance lease fourteen vessels. The principal activity of its subsidiaries is to own, charter-out and operate tanker vessels in the international shipping market. The consolidated financial statements comprise the financial statements of the Group. The Alafouzos family currently holds a stake of 58.21% in the Company. The Company traded on the Euronext Growth Oslo (ex-Merkur Market) from July 3, 2018 until March 8, 2019, when it was then admitted for trading on the Euronext Expand (ex-Oslo Axess). On January 29, 2021, the Company transferred its listing from Euronext Expand to Oslo Børs. On December 11, 2023, the Company’s common shares began primarily trading on the New York Stock Exchange (“NYSE”), simultaneously with their trading on the Oslo Børs, that is currently considered as the Company’s secondary listing. As at December 31, 2023 the Group comprises the following companies: ​ ​ ​ ​ ​ ​ ​ ​ Company name Date of Acquisition of Interest by OET Incorporated Interest held by OET Therassia Marine Corp. ​ 28-Jun-18 Liberia 100 % Milos Marine Corp. ​ 28-Jun-18 Liberia 100 % Ios Maritime Corp. ​ 28-Jun-18 Liberia 100 % Omega One Marine Corp. ​ 28-Jun-18 Marshall Islands 100 % Omega Two Marine Corp. ​ 28-Jun-18 Marshall Islands 100 % Omega Three Marine Corp. ​ 28-Jun-18 Marshall Islands 100 % Omega Four Marine Corp. ​ 28-Jun-18 Marshall Islands 100 % Omega Five Marine Corp. ​ 28-Jun-18 Marshall Islands 100 % Omega Six Marine Corp. ​ 9-Oct-19 Marshall Islands 100 % Omega Seven Marine Corp. ​ 28-Jun-18 Marshall Islands 100 % Omega Nine Marine Corp. ​ 28-Jun-18 Marshall Islands 100 % Omega Ten Marine Corp. ​ 9-Oct-19 Marshall Islands 100 % Omega Eleven Marine Corp. ​ 28-Jun-18 Marshall Islands 100 % Nellmare Marine Ltd ​ 28-Jun-18 Marshall Islands 100 % Anassa Navigation S.A. ​ 28-Jun-18 Marshall Islands 100 % Arethusa Shipping Ltd. ​ 28-Jun-18 Marshall Islands 100 % Moonsprite Shipping Corp. ​ 28-Jun-18 Marshall Islands 100 % Theta Navigation Ltd ​ 15-Jun-21 Marshall Islands 100 % Ark Marine S.A. ​ 15-Jun-21 Marshall Islands 100 % OET Chartering Inc. ​ 28-Jun-18 Marshall Islands 100 % Okeanis Eco Tankers Corp. ​ — Marshall Islands — ​ ​

Basis of Preparation and statem

Basis of Preparation and statement of compliance	12 Months Ended
	Dec. 31, 2023
Basis of Preparation and statement of compliance
Basis of Preparation and statement of compliance	2. Basis of Preparation and statement of compliance The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements are presented in United States Dollars ($) since this is the currency in which the majority of the Group’s transactions are denominated, thus the United States Dollar is the Group’s functional and presentation currency. The consolidated financial statements have been prepared on the historical cost basis, except for derivatives measured at their fair value. The consolidated financial statements have been prepared on a going concern basis as the directors have, at the time of approving the financial statements, reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group’s annual consolidated financial statements were approved and authorized for issue by the Board of Directors on April 29, 2024.

Basis of Consolidation

Basis of Consolidation	12 Months Ended
	Dec. 31, 2023
Basis of Consolidation
Basis of Consolidation	3. Basis of Consolidation Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statements of profit or loss and other comprehensive income from the date the Company gains control until the date it ceases to control the subsidiary. Control is achieved when the Company: ● has power over the investee; ● is exposed, or has rights, to variable returns from its involvement with the investee; and ● has the ability to use its power to affect its returns. The Company reassesses whether or not it controls a subsidiary if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.

Summary of Material Accounting

Summary of Material Accounting Policies	12 Months Ended
	Dec. 31, 2023
Summary of Material Accounting Policies
Summary of Material Accounting Policies	4. Summary of Material Accounting Policies Use of estimates The preparation of the consolidated financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the stated amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Vessel revenue recognition Revenues are generated from time charter and voyage charter agreements. Under a voyage charter agreement, the vessel transports a specific agreed-upon cargo for a single voyage which may include multiple load and discharge ports. The consideration is determined on the basis of a freight rate per metric ton of cargo carried, or on a lump sum basis. The voyage charter agreement generally has a minimum amount of cargo. The charterer is liable for any short loading of cargo or “dead” freight. The voyage charter agreement generally has standard payment terms, where freight is paid within certain days after the completion of discharge. The voyage charter agreement generally has a “demurrage” or “despatch” clause. The considerations received under the demurrage and despatch clauses are considered variable consideration and are recognized at contract inception and the estimates of initial recognition are updated throughout the period of the voyage charter agreement. The consideration received under the demurrage clause represents damages paid to the shipowner for exceeded laytime (i.e., the charterer exceeds the amount of time specified in the contract for loading or discharging the cargo from the vessel, or both). Conversely, the shipowner may be required to pay despatch fees to the charterer as incentive for loading or discharging cargo in less time (i.e., for reducing the time a vessel must spend in port loading or discharging cargo). The consideration received under the demurrage and despatch clauses are calculated based on the number of days the charterer exceeds/reduces the loading/discharging time multiplied by the daily rate which is based on specific terms of the voyage charter agreement. Management makes a detailed assessment of demurrage and despatch amount expected to be received/ paid which is included in revenue only to the extent that it is highly probable that the amount will be collectible and not be subject to a significant reversal. In a voyage charter agreement, the performance obligations begin to be satisfied once the vessel begins loading the cargo. The Group determined that its voyage charter agreements consist of a single performance obligation of transporting the cargo within a specified time period. Therefore, the performance obligation is met evenly as the voyage progresses, and as a result revenue is recognized on a straight-line basis over the voyage days. The voyage charter agreements are considered service contracts which fall under the provisions of IFRS 15, because the Group as shipowner retains control over the operations of the vessel, such as directing the routes taken or the vessel’s speed. Under a voyage charter agreement, the Group bears all voyage related costs such as fuel costs, port charges and canal tolls, as applicable. Voyage related costs which are incurred during the period prior to commencement of cargo loading are accounted for as contract fulfilment costs when they (a) relate directly to a contract or anticipated contract, (b) generate or enhance resources that will be used in satisfying a performance obligation and (c) they are expected to be recovered. These costs are deferred and recorded under current assets, and are amortized on a straight-line basis as the related performance obligation to which they relate is satisfied. Under a time charter agreement, the vessel is hired by the charterer for a specified period of time in exchange for consideration which is usually based on a daily hire rate. In addition, certain of our time charter arrangements may, from time to time, include profit-sharing clauses, arising from the sharing of earnings together with third parties and the allocation to the Group of such earnings based on a predefined methodology. Subject to any restrictions in the time charter agreement, the charterer has the full discretion over the ports visited, shipping routes and vessel speed. The time charter agreement generally provides typical warranties regarding the speed and performance of the vessel. The time charter agreement generally has some owner- protective restrictions such that the vessel is sent only to safe ports by the charterer, subject always to compliance with applicable sanction laws, and carries only lawful or non-hazardous cargo. In a time charter agreement, the Group is responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubricants. The charterer bears the voyage-related costs such as bunker expenses, port charges and canal tolls during the hire period. The performance obligations in a time charter agreement are satisfied over the term of the agreement, beginning when the vessel is delivered to the charterer until it is redelivered back to the Group. The charterer generally pays the charter hire in advance of the upcoming period of the agreement. The time charter agreements are considered operating leases and are accounted for in accordance with IFRS 16. Time charter agreements do not fall under the scope of IFRS 15 Revenue from Contracts with Customers because (i) the vessel is an identifiable asset, (ii) the Group does not have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel during the term of the agreement and derives the economic benefits from such use. Revenue from time charter agreements is recognized on a straight-line basis over the duration of the time charter agreement. In case of a time charter agreement with contractual changes in rates throughout the term of the agreement, any differences between the actual and the straight-line revenue in a reporting period is recognized as a straight-line asset or liability and reflected under current assets or current liabilities, respectively, in the consolidated statement of financial position. Address commissions are discounts provided to charterers under time and voyage charter agreements. Brokerage commissions are commissions payable to third-party chartering brokers for commercial services rendered. Both address and brokerage commissions are recognized on a straight-line basis over the duration of the voyage or the time charter period, and are reflected under Revenue and Commissions, respectively, in the consolidated statements of profit or loss and other comprehensive income. Deferred revenue represents revenue collected in advance of being earned. The portion of deferred revenue, which is recognized in the next twelve months from the consolidated statements of financial position date, is classified under current liabilities in the consolidated statements of financial position. Vessel voyage expenses Vessel voyage expenses mainly relate to voyage charter agreements and consist of port, canal and bunker costs that are unique to a particular voyage, and are recognized as incurred. Under time charter arrangements, voyage expenses are paid by charterers, except when off-hire. Management believes that mobilization of a vessel from a previous port of discharge to a subsequent port of loading does not result in a separate benefit for charterers and that the activity is thus incapable of being distinct. This activity is considered to be a required set-up activity to fulfill the contract. Consequently, positioning and repositioning fees and associated expenses should be recognized over the period of the contract to match the recognition of the respective hire revenues realized, and not at a certain point in time following the adoption of IFRS 15 Revenue from Contracts with Customers. All other voyage expenses are expensed as incurred, with the exception of commissions, which are also recognized on a pro-rata basis over the duration of the period of the time and voyage charter. Bunkers’ consumption included in voyage expenses represents mainly bunkers consumed during vessels’ unemployment and offhire days. Vessel operating expenses Vessel operating expenses comprise all expenses relating to the operation of the vessel under time and voyage charter agreements, including crewing, insurance, repairs and maintenance, stores, lubricants, spares and consumables and miscellaneous expenses. Vessel operating expenses are recognized as incurred; payments in advance of services or use are recorded as prepaid expenses. The majority of the Group’s operating expenses (such as crew costs, spares, stores, insurances, repairs, surveys, telecommunication and various other expenses) are paid from Kyklades Maritime Corporation (“KMC”). Trade and other receivables Trade receivables include estimated recoveries from hire and freight billings to charterers, net of any provision for doubtful accounts, as well as interest receivable from time deposits. At each statement of financial position date, the Group assesses its potential expected credit losses in accordance with IFRS 9. As of December 31, 2023 and 2022, the Group performed a respective exercise and concluded that the expected credit losses calculated were immaterial. As of the date of this report, trade and other receivables’ fair value approximates their carrying amount. Trade payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Deferred financing costs Fees incurred for obtaining new borrowings or refinancing existing facilities such as arrangement, structuring, legal and agency fees are deferred and classified against long-term borrowings in the consolidated statements of financial position. Any fees incurred for borrowing facilities not yet advanced, but it is considered certain that they will be drawn down, are deferred and classified under non-current assets in the consolidated statements of financial position. These fees are classified against long-term borrowings on the loan drawdown date. Deferred financing costs are deferred and amortized over the term of the relevant borrowing using the effective interest method, with the amortization expense reflected under interest and finance costs in the consolidated statements of profit or loss and other comprehensive income. Any unamortized deferred financing costs related to borrowings which are either fully repaid before their scheduled maturities or related to borrowings extinguished are written-off in the consolidated statements of profit or loss and other comprehensive income. Vessels and depreciation Vessels are stated at cost, which comprises vessels’ contract price, major improvements, and direct delivery and acquisition expenses less accumulated depreciation and any impairment. Depreciation is calculated on a straight-line basis over the estimated useful life of the vessels, after considering their estimated residual value. Each vessel’s residual value is equal to the product of its lightweight tonnage and its estimated scrap rate. The scrap rate is estimated to be approximately $400 per ton of lightweight steel. The Group currently estimates the useful life of each vessel to be 25 years from the date of original construction. Special survey and dry-docking costs Special survey and dry-docking costs are capitalized as a separate component of vessel cost. These costs are capitalized when incurred and depreciated over the estimated period to the next scheduled special survey/dry-docking. The Group’s vessels are required to undergo special survey/dry-docking approximately every 5 years, until a vessel reaches 10 years of age, after which a vessel is required to be specially surveyed/dry-docked approximately every 2.5 years. If a special survey or dry-docking is performed prior to the scheduled date, any remaining balances are written-off and reflected in depreciation in the statements of profit or loss and other comprehensive income. Impairment of vessels, vessels under construction and right-of-use assets The Group assesses at each reporting date whether there are any indications that the carrying amounts of the vessels, vessels under construction and right-of-use assets may not be recoverable. If such an indication exists, and where the carrying amount exceeds the estimated recoverable amount, the vessels, vessels under construction and right-of-use assets, are written down to their recoverable amount. The recoverable amount is the greater of fair value less costs to sell and value-in-use. The fair value less costs to sell is the amount obtainable from the sale of a vessel in an arm’s length transaction, less any associated costs of disposal. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the vessels. Advances for vessels under construction Advances for vessels under construction comprise the cumulative amount of instalments paid to shipyards for vessels under construction, other pre-delivery expenses directly related to the construction of the vessel and capitalized interest at the statements of financial position date. On delivery of a vessel, the balance is transferred to vessels, net, in the consolidated statements of financial position. Vessels held for sale and discontinued operations Vessels are classified as current assets in the statements of financial position when their carrying amount will be recovered through a sale transaction rather than continuing use. A vessel is classified as held for sale when it is available for immediate sale in its present condition and the sale is highly probable. A highly probable sale implies that, management is committed to a plan to sell the vessel and the plan has been initiated and, further, that the Company is actively seeking to locate a buyer. The vessel must be actively marketed for sale at a reasonable price and the sale is expected to be completed within one year from the date of classification as held for sale. Vessels classified as held for sale are measured at the lower of their carrying amount and fair value less cost to sell. A discontinued operation is a component of the Company’s business that represents a separate major line of business or geographical area of operations that has been disposed of or is held for sale, or is a subsidiary acquired exclusively with a view to resale. Classification as a discontinued operation occurs upon disposal. When an operation is classified as a discontinued operation, the comparative statements of profit or loss and other comprehensive income is presented as if the operation had been discontinued from the start of the comparative period. Foreign currency translations The functional currency of the Company and its subsidiaries is the U.S. dollar because the vessels operate in international shipping markets, which primarily transact business in U.S. dollars. Transactions denominated in foreign currencies are converted into U.S. dollars and are recorded at the exchange rate in effect at the date of the transactions. For the purposes of presenting these consolidated financial statements, monetary assets and liabilities denominated in foreign currencies are translated to U.S. dollars at the rate of exchange prevailing at the consolidated statement of financial position date. Any resulting foreign exchange differences are reflected under foreign exchange gain/(loss) in the consolidated statement of profit or loss and other comprehensive income. The Company presents its consolidated financial statements in U.S. dollars. Interest-bearing borrowings Borrowings are initially recognized at fair value, being the fair value of the consideration received net of issue costs associated with the borrowing. After initial recognition, interest-bearing borrowings are subsequently measured at amortized cost using the effective interest method and classified as current and non-current based on their repayment profile. The Company derecognizes a borrowing when it is repaid or refinanced (in case of the latter, when its terms are modified and the cash flows of the modified borrowing liability are substantially different, the new liability is being recognised based on the modified terms and is recognized at fair value). Cash and cash equivalents The Group considers highly liquid investments such as time deposits and certificates of deposit with original maturities of three months or less to be cash equivalents. For the purposes of the consolidated cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above. Restricted cash Restricted cash represents pledged cash deposits or minimum liquidity to be maintained with certain banks under the Group’s borrowing arrangements. In the event that the borrowing relating to such deposits is expected to be terminated within the next twelve months from the statements of financial position date, they are classified under current assets otherwise they are classified as non-current assets on the statements of financial position. The Group classifies restricted cash separately from cash and cash equivalents in the consolidated statements of financial position. Restricted cash does not include general minimum liquidity requirement. Segment Information The Group evaluates its vessels’ operations and financial results, principally by assessing their revenue generation, and not by the type of vessel, employment, customer or type of charter. Among others, Earnings before Interest, Tax, Depreciation and Amortization (“EBITDA”), Operating expenses (“Opex”) and Gross profit (or otherwise referred to as “Time Charter Equivalent”), are used as key performance indicators. The CEO, who is the chief operating decision maker, reviews these performance metrics of the fleet in aggregate, and thus, the Group has determined that it operates under one reportable segment, that of operating tanker vessels transporting crude oil. Furthermore, due to the international nature of oil transportation, the vessels’ employability is on a worldwide scale, subject to restrictions as per the charter agreement, and, as a result, we disclose the revenue generated per country, based on the Company’s customers’ headquarters. Inventories Inventories consist of bunkers, lubricating oils, urea and other items including stock provisions remaining on board and are owned by the Group at the end of each reporting period. Inventories are stated at the lower of cost and net realizable value. Cost is determined using the first-in, first-out method. For an analysis of inventories as of December 31, 2023 and 2022, refer to Note 6. Cash flow statement policy The Group uses the indirect method to report cash flows from operating activities. Earnings/(Loss) per share Basic earnings/(loss) per share is calculated by dividing income/(loss) attributable to common stock holders by the weighted average number of common shares outstanding. Diluted earnings per share is calculated by adjusting income/(loss) attributable to common stock holders and the weighted average number of common shares used for calculating basic earnings per share for the effects of all potentially dilutive shares. Such dilutive common shares are excluded when the effect would be to reduce a loss per share or increase earnings per share. The Group applies the if-converted method when determining diluted earnings per share. This requires the assumption that all securities or contracts to issue common shares have been exercised or converted into common shares at the beginning of the period or, if not in existence at the beginning of the period, the date of the issue of the financial instrument or the granting of the rights by which they are granted. Under this method, once potential common shares are converted into common shares during the period, the dividends, interest and other expense associated with those securities or contracts to issue common shares will no longer be incurred. The effect of conversion, therefore, is to increase income attributable to common shareholders as well as the number of shares issued. Conversion will not be assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. Common shares held in treasury are not deemed outstanding. Employee compensation — personnel Employee compensation is recognized as an expense, unless the cost qualifies to be capitalized as an asset. Defined contribution plans are post-employment benefit plan under which the Group pays fixed contributions into separate entities on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The Group’s contributions are recognized as employee compensation expenses when they are due. Employee entitlements to annual leave are recognized when they accrue to employees. A provision is made for the estimated liability of annual leave as a result of services rendered by employees up to the consolidated statements of financial position date. Termination benefits are those benefits which are payable when employment is terminated before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits when it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal or providing termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after the statement of financial position date are discounted to present value. Pension and retirement benefit obligations — crew Crew on board is employed under short-term contracts (usually up to nine months Taxation A non-U.S. corporation such as the Company and its subsidiaries generally is subject to a 2% U.S. federal income tax (the “freight tax”) in respect of gross shipping income earned from voyages to or from the U.S. However, a corporation that qualifies for the benefits of Section 883 of the U.S. Internal Revenue Code (which depends, in part, on the ownership of the corporation) is exempt from this tax. The Group intends to take the position that it qualified for the Section 883 exemption in 2023, and therefore, that the freight tax should not be owed for such year. However, the freight tax could be owed in future years due to a change in circumstances. All companies comprising the Group are not subject to any other tax on international shipping income since their countries of incorporation do not impose such taxes. The Group’s vessels are subject to registration and tonnage taxes, which are included under vessel operating expenses in the consolidated statements of profit or loss and other comprehensive income. Equity The Company has one class of common stock. All the shares rank in parity with one another. Each share carries the right to one vote in a meeting of the shareholders and all shares are otherwise equal in all respects. The Company’s registered share capital is represented by 32,194,108 shares outstanding, par value $0.001 per share. In addition, as of the date of this report the OET holds 695,892 common shares in treasury (which are not deemed outstanding) amounting to $4,583,929, measured at cost. Dividends and capital distributions to shareholders are recognized in shareholder’s equity in the period when they are authorized. Share buybacks are recognized when they occur. Treasury shares Common share repurchases are recorded at cost based on the settlement date of the transaction. These shares are classified as treasury shares, which is a reduction to shareholders’ equity. Treasury shares are included in authorized and issued shares but excluded from outstanding shares. Provisions and contingencies Provisions are recognized when the Group has a present legal or constructive obligation as a result of past events and it is probable that an outflow of resources embodying economic benefits will be required to settle this obligation and a reliable estimate of the amount of the obligation can be made. Provisions are reviewed at each consolidated statement of financial position date and adjusted to reflect the present value of the expenditure expected to be required to settle the obligation. Contingent liabilities are not recognized in the consolidated financial statements but are disclosed unless the possibility of an outflow of resources embodying economic benefits is remote. Contingent assets are not recognized in the consolidated financial statements but are disclosed when an inflow of economic benefits is probable. Fair value of financial assets and liabilities The definitions of the levels, provided by IFRS 13 Fair Value Measurement, are based on the degree to which the fair value is observable. ● Level 1 fair value measurements are those derived from quoted prices in active markets for identical assets or liabilities. ● Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices). ● Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). Cash and cash equivalents and restricted cash are considered Level 1 financial instruments. Variable rate long-term borrowings, interest rate swaps and forward agreements are considered Level 2 financial instruments. There are no financial instruments in Level 3, nor any transfers between fair value hierarchy levels during the periods presented. The carrying amounts reflected in the consolidated statements of financial position for cash and cash equivalents, restricted cash, trade and other receivables, claims receivable, current accounts due from/ (due to) related parties and other current liabilities, approximate their respective fair values due to the relatively short-term maturity of these financial instruments. The fair value of variable rate long-term borrowings approximates their recorded value, due to their variable interest being the U.S. dollar SOFR (that substituted LIBOR from July 1, 2023 onwards) and due to the fact that financing institutions have the ability to pass on their funding cost to the Group under certain circumstances, which reflects their current assessed risk. The terms of the Group’s long-term borrowings are similar to those that could be procured as of December 31, 2022. SOFR rates are observable at commonly quoted intervals for the full term of the loans and hence variable rate long-term borrowings are considered Level 2 financial instruments. Sale and leaseback transactions If a vessel is sold and subsequently leased back by the Group, pursuant to a memorandum of agreement (MoA) and a bareboat charter agreement, the Group determines when a performance obligation is satisfied in IFRS 15, to determine whether the transfer of a vessel is accounted for as a sale. If the transfer of a vessel satisfies the requirements of IFRS 15 to be accounted for as a sale, the Group measures the right-of- use asset arising from the leaseback at the proportion of the previous carrying amount of the asset that relates to the right of use retained and recognizes only the amount of any gain or loss that relates to the rights transferred to the buyer-lessor. If the transfer of a vessel does not satisfy the requirements of IFRS 15 to be accounted for as a sale, the Group continues to recognize the transferred vessel and shall recognize a financial liability equal to the transfer proceeds. All of the Group lease financing agreements as of December 31, 2023 and 2022 were of this type. Please refer to Note 13 for the description of the nature of these sale and leaseback arrangements, general terms, covenants included, any variable payments, if any, as well as the purchase options and/or obligations they provide for. Leases The Group as a Lessee The Group is a lessee, pursuant to contracts for the lease of office space and a company car. The Group assesses whether a contract is, or contains a lease, at inception of the contract applying the provisions of IFRS 16, and recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for instances where the Group makes use of the available practical expedients included in IFRS 16. These expedients relate to short-term leases (defined as leases with a lease term of twelve months or less) or leases of low value assets. For these leases, the Group continues to recognize the lease payments as an operating expense on a straight-line basis over the term of the lease, unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. The Group as a lessor The Group enters into lease agreements as a lessor with respect to chartering out its vessels. Leases for which the Group is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases. Lease classification is made at the inception date and is reassessed only if there is a lease modification. Changes in estimates (for example, changes in estimates of the economic life or of the residual value of the underlying asset), or changes in circumstances (for example, default by the lessee), do not give rise to a new classification of a lease. Rental income from operating leases is recognized on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the asset and recognized on a straight-line basis over the lease term. Amounts due from leases under finance leases are recognized as receivables at the amount of the Group’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group’s net investment outstanding in respect of the leases. When a lease agreement includes lease and non-lease components, the Group applies IFRS 15 to allocate the consideration under the agreement to each component. The Group has determined that the lease component is the lease of a vessel and the non-lease component is the technical management services provided to operate the vessel. Each component is quantified on the basis of the relative stand-alone price of each lease component, and on the aggregate stand-alone price of the non- lease components. These components are accounted for as follows: ● All fixed lease revenue earned under these lease agreements is recognized on a straight-line basis over the term of the lease under IFRS 16. ● The non-lease component is accounted for as services revenue under IFRS 15. This revenue is recognized “over time” as the customer (i.e., the charterer) is simultaneously receiving and consuming the benefits of the service. Derivative financial instruments — interest rate swaps The Group uses, from time-to time, interest rate swaps to economically hedge its exposure to interest rate risk arising from its variable rate borrowings. Interest rate swaps are initially recognized at fair value on the consolidated statements of financial position on the date the derivative contracts are entered into and are subsequently remeasured to their fair value at each reporting date. The fair value of these derivative financial instruments i

Critical Accounting Judgments a

Critical Accounting Judgments and Key Sources of Estimation Uncertainty	12 Months Ended
	Dec. 31, 2023
Critical Accounting Judgments and Key Sources of Estimation Uncertainty
Critical Accounting Judgments and Key Sources of Estimation Uncertainty	5. Critical Accounting Judgments and Key Sources of Estimation Uncertainty The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the stated amounts of revenues and expenses during the reporting period. Management evaluates whether estimates should be in use on an ongoing basis by utilizing historical experience, consultancy with experts, and other methods it considers reasonable in the particular circumstances. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability in the future. The key sources of estimation uncertainty are as follows: Classification of lease contracts The classification of the leaseback element of a sale and leaseback transaction as either an operating or a finance leaseback requires judgment. The Group follows a formalized process to determine whether a sale of the vessel has taken place, in accordance with the criteria established in IFRS 15. In this determination, an assessment of the nature of any repurchase options is made. The outcome of the transaction (at option exercise dates in particular) may differ from the original assessment made at inception of the lease contract. Vessel lives and residual values The carrying value of the vessels represents their original cost at the time of purchase, less accumulated depreciation and any impairment. Vessels are depreciated to their residual values on a straight-line basis over their estimated useful lives. The estimated useful life of 25 years is management’s best estimate, that remains unchanged compared to prior year. The residual value is estimated as the lightweight tonnage of the vessel multiplied by a forecast scrap value per ton. The scrap value per ton is estimated using the current scrap prices, assuming a vessel is already of age, and its condition is as expected at the end of its useful life at the statement of financial position date. The scrap rate is estimated to be approximately $400 per ton of lightweight steel. An increase in the estimated useful life of a vessel or in its scrap value would have the effect of decreasing the annual depreciation charge. A decrease in the useful life of a vessel or in its scrap value would have the effect of increasing the annual depreciation charge. When regulations place significant limitations over the ability of a vessel to trade on a worldwide basis, the vessel’s useful life is adjusted to end at the date such regulations become effective. The estimated salvage value of the vessel may not represent the fair market value at any one time since market prices of scrap values tend to fluctuate. Impairment of vessels We evaluate the carrying amounts of our vessels to determine whether there is any indication that they have suffered an impairment loss by considering both internal and external sources of information. If any such indication exists, their recoverable amounts are estimated in order to determine the extent of the impairment loss, if any. Likewise, if there is an indication that an impairment loss recognized in prior periods no longer exists or may have decreased, the need for recognizing an impairment reversal is assessed by comparing the carrying amount of the vessels to the latest estimate of recoverable amount. Recoverable amount is the higher of fair value less costs to sell and value in use. As part of this evaluation, we consider both internal and external indicators of potential impairment, in accordance with IAS 36. Indicators of possible impairment may include, but are not limited to, comparing the carrying amount of net assets to market capitalization, changes in interest rates, changes in the technological, market, economic, or legal environments in which we operate, changes in forecasted charter rates, and movements in external broker valuations. We also assess whether any evidence suggests the obsolescence or physical damage of our assets, whether we have any plans to dispose of an asset before the end. In assessing value-in- use, the estimated future cash flows are discounted to their present value, using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. The projection of cash flows related to the vessel is complex and requires management to make various estimates, including future vessel earnings, operating expenses, dry-docking costs, management fees, commissions, and discount rates. The key assumption, to which the outcome of the impairment assessment is most sensitive, is the estimate of long-term charter rates for non-contracted revenue days. Each vessel’s future cash flows from revenue are estimated, based on a combination of the current contracted charter rates until their expiration and thereafter, until the end of the vessel’s useful life, the estimated daily hire rate for the first 5 years (from 2022 to 2026) is based on the prevailing spot and time charter market as of date of this report for year 1 and then linearly moving to the newbuilding parity curve in year 5, while being onwards estimated using the simple historical average rate. This change in estimate was effectuated from the fourth quarter of 2021. As part of the process of assessing the fair value less cost to sell for a vessel, the Group obtains valuations from independent ship brokers on a quarterly basis or when there is an indication that an asset or assets may be impaired. If an indication of impairment is identified, the need for recognizing an impairment loss is assessed by comparing the carrying amount of the vessel to the higher of the fair value less cost to sell and the value-in-use. As of December 31, 2023 and 2022, the carrying amount of the vessels owned by the Group was lower than their respective fair values, as estimated by management with consideration to independent brokers’ valuations. As a result, there were no events or circumstances triggering the existence of potential impairment or reversal of impairment of its vessels. Deferred dry-docking costs The Group recognizes dry-docking costs as a separate component from the vessels’ carrying amounts and depreciates them on a straight-line basis over the estimated period until the next dry-docking of the vessels. If a vessel is disposed of before the next scheduled dry-docking, the remaining balance is written-off and forms part of the gain or loss recognized upon disposal of vessels in the period when contracted. Vessels are estimated to undergo dry-docking every 5 years after their initial delivery from the shipyard, until a vessel reaches 10 years of age, and thereafter every 2.5 years to undergo special or intermediate surveys, for major repairs and maintenance that cannot be performed while in operation. However, this estimate might be revised in the future. Management estimates costs capitalized as part of the dry-docking component as costs to be incurred during the first dry-docking at the dry-dock yard for a special survey and parts and supplies used in making such repairs that meet the recognition criteria, based on historical experience with similar types of vessels. Climate and environmental risk factors The Group might incur increased operating and maintenance costs to maintain the operational performance and superiority of its vessels. In fact, these cost factors are taken into consideration when an indication of impairment arises, and included in the Group’s discounted cash flows calculations. Management adjusts its cash flows, accordingly with the following: ● an increase in its operating costs both for inflation, as well as extra operating costs associated with the vessels operating effectiveness; ● an increase associated with the vessels’ special surveys and future Dry-dock costs; and ● an adjustment of its weighted average cost of capital calculation. Management has concluded that its vessels’ carrying values, as well as their useful lives, have not been impaired.

Inventories

Inventories	12 Months Ended
	Dec. 31, 2023
Inventories
Inventories	6. Inventories Inventories are analyzed as follows: ​ ​ ​ ​ ​ ​ As of December 31, 2023 2022 Bunkers 21,986,056 13,914,723 Lubricants 2,979,904 2,740,559 Provisions 351,307 355,249 Urea 36,750 — Total 25,354,017 17,010,531 ​ Inventories’ carrying values approximate their fair values as at the reporting date.

Vessels, Net

Vessels, Net	12 Months Ended
	Dec. 31, 2023
Vessels, Net
Vessels, Net	7. Vessels, Net Vessels, net are analyzed as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Vessels’ cost Dry-docking and special survey costs Total Cost Balance – January 1, 2022 943,569,428 11,337,851 954,907,279 Transfers from Vessels under construction 194,652,377 2,000,000 196,652,377 Additions — 367,669 367,669 Balance - December 31, 2022 1,138,221,805 13,705,520 1,151,927,325 Fully amortized Dry-Dock component — (1,600,000) (1,600,000) Additions — 4,109,803 4,109,803 Balance – December 31, 2023 1,138,221,805 16,215,323 1,154,437,128 Accumulated Depreciation Balance – January 1, 2022 (85,311,684) (4,387,215) (89,698,899) Depreciation charge for the year (35,353,891) (2,578,500) (37,932,391) Balance - December 31, 2022 ​ (120,665,575) ​ (6,965,715) ​ (127,631,290) Fully amortized Dry-Dock component ​ — ​ 1,600,000 ​ 1,600,000 Depreciation charge for the year ​ (37,517,768) ​ (2,819,890) ​ (40,337,658) Balance – December 31, 2023 (158,183,343) (8,185,605) (166,368,948) Net Book Value – December 31, 2022 1,017,556,230 6,739,805 1,024,296,035 Net Book Value – December 31, 2023 980,038,462 8,029,718 988,068,180 ​ During the year ended December 31, 2022, the Company took delivery of the newbuilding VLCC vessels, Nissos Kea and Nissos Nikouria In the year ended December 31, 2023, the Group drydocked its Suezmax vessels, Kimolos and Folegandros, for their primary five-year scheduled special survey. The dry-dock cost amounted to approximately $1.9 and $2.0 million for Kimolos and Folegandros, respectively. Depreciation for the years ended December 31, 2023, 2022, and 2021, amounted to $40,337,658, $37,932,391, and $38,666,266, respectively. The Group has pledged its vessels to secure the borrowing facilities (see Note 13). Other Fixed Assets ​ ​ ​ ​ ​ ​ As of December 31, 2023 2022 Right-of-Use assets 26,233 71,204 Other fixed assets 61,019 61,019 Total 87,252 132,223 ​ The Group has recognized Right-of-Use assets, pursuant to contracts for the lease of office space and a company car. For the year ended December 31, 2023 and 2022, the Group recorded an amount of $44,970 and $30,533, respectively as depreciation expense with regards to Right-of-Use assets recognized.

Vessels Under Construction

Vessels Under Construction	12 Months Ended
	Dec. 31, 2023
Vessels Under Construction
Vessels Under Construction	8. Vessels Under Construction Vessels under construction are analyzed as follows: ​ ​ ​ ​ Balance – January 1, 2022 18,193,257 Additions during the period 178,459,120 Transfers during the period to vessels, net (196,652,377) Balance – December 31, 2022 — ​ Additions for 2022, as well as the opening balance from 2021, relate to Nissos Kea and Nissos Nikouria, with hull numbers 3211 and 3212, which were named Nissos Kea Nissos Nikouria

Accrued Expenses

Accrued Expenses	12 Months Ended
	Dec. 31, 2023
Accrued Expenses
Accrued Expenses	9. Accrued Expenses Accrued expenses are analyzed as follows: ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 2022 2021 Accrued payroll related taxes 25,581 15,645 15,842 Accrued voyage expenses 456,344 1,021,539 30,406 Accrued loan interest 1,780,885 3,781,363 1,254,301 Accrued social insurance contributions 164,406 91,573 94,530 Accrued operating expenses 1,001,994 1,036,952 826,166 Other accrued expenses 55,832 77,827 402,500 Total 3,485,042 6,024,899 2,623,745 ​

Vessel Operating Expenses

Vessel Operating Expenses	12 Months Ended
	Dec. 31, 2023
Vessel Operating Expenses
Vessel Operating Expenses	10. Vessel Operating Expenses Vessel operating expenses are analyzed as follows: ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 2022 2021 Crew costs 25,824,142 23,283,420 27,617,203 Insurances 3,273,552 3,084,189 3,332,394 Stores 1,874,962 1,566,555 1,206,306 Spares 2,556,623 1,382,223 1,450,609 Repairs and surveys 2,188,650 1,826,758 2,153,673 Flag expenses 643,661 531,871 417,241 Lubricants 3,250,710 2,466,943 2,282,815 Telecommunication expenses 450,040 195,605 280,936 Miscellaneous expenses 1,679,945 1,402,896 1,954,820 Total 41,742,285 35,740,460 40,695,997 ​

Voyage Expenses

Voyage Expenses	12 Months Ended
	Dec. 31, 2023
Voyage Expenses
Voyage Expenses	11. Voyage Expenses Voyage expenses are analyzed as follows: ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 2022 2021 Port expenses 30,385,334 17,962,872 13,678,442 Bunkers 76,215,708 55,671,538 31,070,105 Other voyage expenses 2,958,197 451,811 258,215 Total 109,559,239 74,086,221 45,006,762 ​

General and Administrative expe

General and Administrative expenses	12 Months Ended
	Dec. 31, 2023
General and Administrative expenses
General and Administrative expenses	12. General and Administrative expenses General and administrative expenses are analyzed as follows: ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 2022 2021 Employee costs 5,816,591 3,998,981 3,896,025 Directors’ fees and expenses 906,598 850,942 875,506 Professional fees 2,032,332 287,355 262,332 Other expenses 1,177,852 159,245 61,077 Total 9,933,373 5,296,523 5,094,940 ​ Audit fees, included in professional fees, for the years ended December 31, 2023, 2022, and 2021 amounted to $663,094, $182,540 and $204,490, respectively. The increased expenditure for the year ended December 31, 2023 concerns fees incurred in relation to the Company’s listing on the New York Stock Exchange. Insurance cover, for certain directors and executives of the Group, in respect to their potential liability towards the Group and third parties for the years ended December 31, 2023, 2022 and 2021, amounted to $387,864, $164,200, and $200,000, respectively.

Long-Term Borrowings

Long-Term Borrowings	12 Months Ended
	Dec. 31, 2023
Long-Term Borrowings
Long-Term Borrowings	13. Long-Term Borrowings The Companies have entered into borrowing agreements which are analyzed as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan Facility Vessel ​ Outstanding Loan Balance as of December 31,2023 ​ Unamortized Deferred Financing Fees ​ Outstanding Net of Loan Financing Fees Interest Rate (SOFR(S)**+Margin) $56.0 Million Sale and Leaseback Agreement ​ Milos ​ ​ 35,016,494 ​ ​ 244,178 ​ ​ 34,772,316 S+ 5.84 % $54.0 Million Sale and Leaseback Agreement ​ Poliegos ​ 32,255,273 ​ 230,740 ​ 32,024,533 S+ 7.01 % $113.0 Million Secured Term Loan Facility ​ Kimolos ​ 32,100,000 ​ 178,654 ​ 31,921,346 S+ 1.90 % ​ ​ Folegandros ​ 32,100,000 ​ 178,654 ​ 31,921,346 S+ 1.90 % ​ ​ Nissos Keros ​ 44,400,000 ​ 247,113 ​ 44,152,887 S+ 1.90 % $84.0 Million Secured Term Loan facility ​ Nissos Sikinos ​ 41,212,500 ​ 317,556 ​ 40,894,944 S+ 1.85 % ​ ​ Nissos Sifnos ​ 41,212,500 ​ 319,363 ​ 40,893,137 S+ 1.85 % $167.5 Million Sale and Leaseback Agreements ​ Nissos Rhenia ​ 55,383,053 ​ 994,469 ​ 54,388,584 S+ 5.21 % ​ ​ Nissos Despotiko ​ 55,725,044 ​ 1,009,605 ​ 54,715,439 S+ 5.21 % $125.7 Million Secured Term Loan Facility ​ Nissos Donoussa ​ 58,335,000 ​ 374,932 ​ 57,960,068 S+ 2.50 % ​ ​ Nissos Kythnos ​ 58,335,000 ​ 374,932 ​ 57,960,068 S+ 2.50 % $58.0 Million Secured Term Loan Facility ​ Nissos Anafi ​ 44,500,000 ​ 231,108 ​ 44,268,892 S+ 2.09 % $194.0 Million Sale and Leaseback Agreements and $35.1 Million Unsecured Term Loan with Okeanis Marine Holdings S.A. ​ Nissos Kea ​ 83,053,750 ​ 263,396 ​ 82,790,354 S+ 2.66 %(*) ​ ​ Nissos Nikouria ​ ​ 84,857,750 ​ ​ 272,716 ​ 84,585,034 S+ 2.67 %(*) ​ ​ Total ​ ​ 698,486,364 ​ ​ 5,237,416 ​ ​ 693,248,948 S+ 3.15 % ​ ​ Other Finance-lease liabilities ​ ​ ​ ​ ​ ​ ​ ​ 33,738 ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ 693,282,686 ​ ​ ​ * Weighted average between primary lender margin & Sponsor borrowing fixed rate. ** Post the transition from LIBOR to SOFR as the base rate, certain financings include an applicable Credit Adjustment Spread (“CAS”) on top of the SOFR base rate Transition from LIBOR to SOFR While our loan arrangements previously used LIBOR, including during the fiscal years ended December 31, 2023 and December 31, 2022, in 2023 the Company amended those loan agreements to transition from LIBOR to SOFR. As a result, from July 1, 2023, none of our financing arrangements currently utilizes LIBOR, and those that have a reference rate use SOFR, in line with current market practice. Description of Group borrowing and other financing arrangements $44.0 Million Secured Credit Term Loan Facility On July 8, 2020, we, through one of our vessel-owning subsidiaries, Omega Three Marine Corp., entered into a $44.0 million secured credit facility with ABN AMRO Bank N.V. to refinance then-existing indebtedness on our vessel, Kimolos Kimolos $40.0 Million Secured Term Loan Facility On July 7, 2020, we, through one of our vessel-owning subsidiaries, Omega Four Marine Corp., entered into a $40.0 million secured term loan facility with BNP Paribas to refinance then-existing indebtedness on our vessel, Folegandros $103.2 Million Secured Term Loan Facility On September 9, 2020, we, through two of our vessel-owning subsidiaries, Omega Six Marine Corp. and Omega Ten Marine Corp., entered into an approximately $103.2 million secured term loan facility with KEXIM Bank (UK) Limited to finance our acquisition of vessels Nissos Sikinos Nissos Sifnos $125.7 Million Secured Term Loan Facility In May 23, 2022, we, through two of our vessel-owning subsidiaries, Anassa Navigation S.A. and Nellmare Marine Ltd., entered into an approximately $125.7 million secured term loan facility with the National Bank of Greece to refinance the then-existing indebtedness on our vessels, Nissos Kythnos Nissos Donoussa 2 Nissos Kythnos Nissos Donoussa $58.2 Million Secured Term Loan Facility On January 24, 2019, we, through one of our vessel-owning subsidiaries, Arethusa Shipping Corp., entered into an approximately $58.2 million secured term loan facility with BNP Paribas to finance our acquisition of vessel Nissos Keros Nissos Keros $58.0 Million Secured Term Loan Facility On February 27, 2019, we, through one of our vessel-owning subsidiaries, Moonsprite Shipping Corp., entered into a $58.0 million secured term loan facility with Crédit Agricole Corporate and Investment Bank (“CACIB”) and the Export-Import Bank of Korea (“KEXIM”) to finance our acquisition of Nissos Anafi Nissos Anafi $113.0 Million Secured Term Loan Facility On June 27, 2023, we, through three of our vessel-owning subsidiaries, Omega Three Marine Corp., Omega Four Marine Corp. and Arethusa Shipping Corp., entered into a $113.0 million senior secured credit facility with ABN AMRO Bank N.V. to refinance then-existing indebtedness on our vessels, Kimolos, Folegandros Nissos Keros Kimolos, Folegandros Nissos Keros $84.0 Million Secured Term Loan Facility On September 8, 2023, we, through two of our vessel-owning subsidiaries, Omega Six Marine Corp. and Omega Ten Marine Corp., entered into an $84.0 million senior secured credit facility with CACIB to refinance the then-existing indebtedness on our vessels, Nissos Sikinos Nissos Sifnos Nissos Sikinos Nissos Sifnos $56.0 Million Sale and Leaseback Agreement — Milos On January 29, 2019, we, through one of our subsidiaries, Omega One Marine Corp., entered into a $49.0 million sale and leaseback agreement with Ocean Yield with respect to our vessel, Milos Milos $54.0 Million Sale and Leaseback Agreement — Poliegos On June 8, 2017, we, through one of our subsidiary, Omega Two Marine Corp., entered into a $47.2 million sale and leaseback agreement with Ocean Yield with respect to our vessel, Poliegos $167.5 Million Sale and Leaseback Agreements — Nissos Rhenia and Nissos Despotiko On February 10, 2018, we, through two of our subsidiaries, Omega Five Marine Corp. and Omega Seven Marine Corp., entered into approximate $150.52 million sale and leaseback agreements with Ocean Yield with respect to our vessels, Nissos Rhenia Nissos Despotiko The charter period for each of the Nissos Rhenia Nissos Despotiko Nissos Rhenia Nissos Despotiko Nissos Rhenia Nissos Despotiko $194.0 Million Sale and Leaseback Agreements — Nissos Kea and Nissos Nikouria On March 21, 2022, we, through two of our subsidiaries, Ark Marine S.A. and Theta Navigation Ltd, entered into an approximate $145.5 million sale and leaseback agreements with CMB Financial Leasing Co., Ltd. (“CMBFL”), with respect to our vessels, Nissos Kea Nissos Nikouria Nissos Kea Nissos Nikouria Nissos Kea Nissos Nikouria Nissos Kea Nissos Nikouria Nissos Kea Nissos Nikouria Nissos Kea Nissos Nikouria Nissos Kea Nissos Nikouria Nissos Kea Nissos Nikouria $11 Million Scrubber Financing On June 25, 2019, we entered into an $11 million facility agreement with BNP Paribas, with four of our subsidiaries, Therassia Marine Corp., Ios Maritime Corp., Omega Three Marine Corp. and Omega Four Marine Corp., acting as guarantors, in order to finance the installation of scrubbers on six vessels in our fleet, namely, Nissos Therassia Nissos Schinoussa Kimolos Folegandros Milos Poliegos Kimolos Kimolos Nissos Therassia Nissos Schinoussa per annum and had a final maturity date of December 30, 2024. This loan was prepaid in June 2023. $35.1 Million Unsecured Sponsor Loan On April 18, 2022, we (on behalf of two of our subsidiaries, Ark Marine S.A. and Theta Navigation Ltd), entered into an unsecured loan facility with Okeanis Marine Holdings S.A., an entity controlled by Mr. Ioannis Alafouzos (on behalf of its subsidiaries Felton Enterprises S.A. and Sandre Enterprises S.A.), relating to the acquisition of the vessels Nissos Kea Nissos Nikouria OET is the corporate guarantor for all bank loans as at December 31, 2023. Lease liabilities connected to Right-of-Use assets The Group has recognized the following finance lease liabilities with respect to the Right-of-Use assets: ​ ​ ​ ​ ​ As of December 31, 2023 2022 Office space 14,518 36,249 Cars 19,220 39,510 Total 33,738 75,759 ​ The maturities of lease liabilities are the following: ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 2022 No later than one year 34,506 50,599 Later than one year and not later than five years — 29,516 Total 34,506 80,115 ​ Long-term debt net of current portion and current portion of long-term borrowings are analyzed as follows: ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term borrowings, Current portion of As of December 31, 2023 ​ net of current portion ​ long-term borrowings ​ Total Outstanding loan balance 619,582,782 78,903,582 698,486,364 Financing fees (4,282,657) (954,759) (5,237,416) Total 615,300,125 77,948,823 693,248,948 ​ The borrowings are repayable as follows: ​ ​ ​ ​ ​ As of December 31, 2023 2022 No later than one year 78,903,582 71,819,405 Later than one year and not later than five years 278,087,160 298,690,490 Thereafter 341,495,622 374,331,633 Total 698,486,364 744,841,528 Less: Amounts due for settlement within 12 months (78,903,582) (71,819,405) Long-term borrowings, net of current portion 619,582,782 673,022,123 ​ Cash flow reconciliation of liabilities arising from financing activities A reconciliation of the Group’s financing activities for the years ended December 31, 2023, 2022 and 2021 are presented in the tables below: ​ ​ ​ ​ Long-term borrowings – January 1, 2021 834,476,641 Cash flows – repayments (261,713,694) Non-cash flows – amortisation of loan financing fees 4,233,322 Long-term borrowings – December 31, 2021 576,996,269 Cash flows – drawdowns ​ 306,298,000 Cash flows – repayments (144,294,604) Loan financing fees ​ (1,732,860) Other Finance-lease liabilities ​ 75,759 Non-cash flows – amortisation of loan financing fees 1,693,117 Long-term borrowings – December 31, 2022 739,035,681 Cash flows – drawdowns 197,000,000 Cash flows – repayments (243,355,165) Loan financing fees (1,350,000) Other Finance-lease liabilities (42,021) Non-cash flows – amortisation of loan financing fees 1,994,191 Long-term borrowings – December 31, 2023 693,282,686 ​ All borrowings are secured by first preferred mortgages of the Companies’ vessels and assignment of earnings and insurances. The borrowing agreements include several covenants, including restrictions as to changes in management and ownership of the vessels, payment of dividends in the event of default, further incurring indebtedness, mortgaging of vessels without the bank’s prior consent and several financial covenants including: ● a security cover ratio (which is a minimum percentage of the vessel market value over the secured outstanding loan amount) of no less than 145% . ● minimum corporate liquidity, being the higher of $10,000,000 and $750,000 per vessel, in the form of free and unencumbered cash and cash equivalents. ● a consolidated net worth of more than $100,000,000 and ● a leverage ratio of total liabilities to the carrying value of total assets (adjusted for the vessel’s fair market value) of no more than 75% . A number of the financing agreements limit the Company’s ability to declare, make or pay any dividends or other distributions (whether in cash or in kind) or repay or distribute any dividend or share premium reserve following the occurrence of an event of default under the relevant financing agreement or if such action would result in the occurrence of an event of default under the relevant financing agreement. A number of our financing agreements require that the Alafouzos family maintain a minimum 35% ownership interest in us, and some of our financing agreements provide that a breach of the financing will occur if Mr. Ioannis Alafouzos and Mr. Themistoklis Alafouzos cease to control us and, in one instance, if Mr. Ioannis Alafouzos ceases to be our chairman. In addition, one provides that the acquisition by a person or group of persons acting in concert (directly or indirectly) of more than 35% of the ultimate legal or beneficial ownership of the Company is a breach of that agreement, and certain of our guarantees on our sale and leaseback agreements provide that we may not permit certain changes in corporate or ownership structure or permit a new party or parties acting in concert to become owners of, or control, more than 51% of our shares and/or voting rights. As at December 31, 2023 and 2022, the Group was in compliance with its covenants.

Transactions and Balances with

Transactions and Balances with Related Parties	12 Months Ended
	Dec. 31, 2023
Transactions and Balances with Related Parties
Transactions and Balances with Related Parties	14. Transactions and Balances with Related Parties The Group has entered into technical management agreements with Kyklades Maritime Corporation (“Kyklades,” “KMC” or the “Management Company”) as technical manager. Kyklades provides the vessels with a wide range of shipping services such as technical support, maintenance and insurance consulting in exchange for a daily fee of $900 per vessel, which is reflected under management fees in the consolidated statements of profit or loss and other comprehensive income. Related party balances’ analysis The below table presents the Group’s outstanding balances due (to)/from related parties: ​ ​ ​ ​ ​ ​ As of December 31, 2023 2022 Kyklades Maritime Corporation (659,974) 449,629 Total (659,974) 449,629 ​ Amounts due to the Management Company as of December 31, 2023 of $659,974 as compared to amounts due from the Management Company as of December 31, 2022 of $449,629 represent expenses paid by the Management Company on behalf of the Company / advances from the Company to the Management Company, per the terms of the respective vessel technical management agreements. All balances noted above are unsecured, interest-free, with no fixed terms of payment and repayable on demand. Related party transactions’ analysis The below table presents the Group’s transactions with its related parties: ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, 2023 2022 2021 Management fees ​ ​ ​ ​ ​ ​ Kyklades Maritime Corporation 4,599,000 4,381,200 5,425,200 Total 4,599,000 4,381,200 5,425,200 ​ KMC solely administers the transactions on behalf of OET’s subsidiaries, without recharging any expenditure back to the ship owning companies. All operating expenses are being incurred and charged directly to OET’s subsidiary companies. The below table presents an analysis of all payments executed by KMC on behalf of the Group: ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, 2023 2022 2021 Crew wages 21,043,047 18,572,373 22,411,827 Other crew expenses 3,639,086 3,357,800 3,555,432 Stores 3,864,683 3,098,044 2,999,210 Technical expenses 8,647,728 5,611,199 6,274,107 Insurance 2,717,938 3,193,137 2,490,958 Health, Safety, Quality, Environmental (HSQE) expenses 592,246 525,210 672,704 Other 801,196 931,952 1,416,495 Total 41,305,924 35,289,715 39,820,733 ​ Key management and Directors’ remuneration Each of the Group’s directors, except for the Chairman of the Board of Directors, is entitled to an annual fee of $75,000. Directors’ fees for the years ended December 31, 2023, 2022 and 2021 amounted to $450,000, $450,000 and $418,900, respectively. In addition, each director is entitled to reimbursement for travelling and other minor out-of-pocket expenses. Furthermore, OET Chartering Inc. and OET provide compensation to members of key management personnel, which currently comprise of its Chief Executive Officer, Chief Financial Officer, and Chief Operating Officer. The remuneration structure comprises salaries, bonuses, insurance cover (also covering the members of the Board of Directors), telecommunications and other expenses which are minor in nature (e.g., travel expenses). For the years ended December 31, 2023, 2022 and 2021, key management personnel remuneration, covering all the above amounted to $3,588,185, $1,704,665 and $2,071,165. There was no amount payable related to key management remuneration as of December 31, 2023, 2022 and 2021. None of the members of the administrative, management or supervisory bodies of the Group have any service contracts with Okeanis Eco Tankers Corp. or any of its subsidiaries in the Group providing for benefits upon termination of employment. Amendments to management agreements Technical management agreements On November 1, 2023, the Company amended and restated its technical management agreements with KMC. The amended and restated technical management agreements, among others, retain the right to terminate for convenience, subject to a 36-month 30-days Shared Services Agreement On November 1, 2023, our wholly owned subsidiary, OET Chartering Inc., entered into a shared services agreement with KMC to document the mutual exchange of business support in respect of the management of our vessels by way of corporate, accounting, financial and other operational and administrative services. The shared services agreement does not provide for any additional fee payable. The agreement may be terminated by either party thereto (i) for cause, immediately upon written notice or (ii) for any other reason, upon two months’ written notice.

Share Capital and Additional Pa

Share Capital and Additional Paid-in Capital	12 Months Ended
	Dec. 31, 2023
Share Capital and Additional Paid-in Capital
Share Capital and Additional Paid-in Capital	15. Share Capital and Additional Paid-in Capital On January 27, 2021, the board of directors of the Oslo Stock Exchange approved the Company’s listing application to transfer its listing from Euronext Expand to Oslo Børs. Trading in the shares on Oslo Børs commenced on January 29, 2021, under the trading symbol “OET.” In March 2021, the Company paid cash dividends of $0.10 per share amounting to $3.2 million. In June 2021, the Company distributed $24.3 million or $0.75 per share via a return of paid-in capital. On December 6, 2021, the Company purchased 22,500 of its own shares for an aggregate consideration of $197,116 at an average price of NOK 75.3 or $8.76 per share. On December 9, 2021, the Company purchased 8,000 of its own shares for an aggregate consideration of $70,642 at an average price of NOK 75.9 or $8.83 per share. On December 14, 2021, the Company purchased 28,736 of its own shares for an aggregate consideration of $235,772 at an average price of NOK 70.5 or $8.20 per share. In December 2021, the Company distributed $10.0 million or $0.31 per share via a return of paid-in-capital. On January 24, 2022, the Company purchased 20,000 of its own shares for an aggregate consideration of $162,117 at the price of NOK 69.7 or $8.11 per share. On January 26, 2022, the Company purchased 102,573 of its own shares for an aggregate consideration of $850,022 at the price of NOK 71.3 or $8.29 per share. In September 2022, the Company distributed approximately $9.8 million or $0.30 per share via a dividend that was classified as a return of paid-in-capital. In December 2022, the Company distributed approximately $9.8 million or $0.30 per share via a dividend that was classified as a return of paid-in-capital. In March 2023, the Company distributed approximately $40.2 million or $1.25 per share via a dividend that was classified as a return of paid-in-capital. In June 2023, the Company distributed approximately $51.5 million or $1.60 per share via a dividend that was classified as a return of paid-in-capital. In September 2023, the Company distributed an amount of approximately $48.3 million or $1.50 per share via a dividend that was classified as a return of paid-in-capital. In November 2023, the Company paid approximately $19.3 million or $0.60 per share via a dividend that was classified as a return of paid-in-capital. As of December 31, 2023, the Company had 32,194,108 shares outstanding (such amount does not include 695,892 treasury shares). Neither the Company nor any of its subsidiaries have issued any restricted shares, share options, warrants, convertible loans or other instruments that would entitle a holder of any such instrument to subscribe for any shares in the Company or its subsidiaries. Neither the Company nor any of its subsidiaries have issued subordinated debt or transferable securities other than the shares in the Company and the shares in the Company’s subsidiaries which are held directly or indirectly by the Company. The table below shows the movement in the Company’s issued share capital up to and for the year ended on December 31, 2023 hereof: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date Type of change Change in issued share capital (USD) New issued share capital (USD) No. of shares outstanding net of treasury shares Par value per share 09-Mar-20 Share buy-back — — 32,625,917 0.001 06-Apr-20 Share buy-back — — 32,375,917 0.001 06-Dec-21 Share buy-back — — 32,353,417 0.001 09-Dec-21 Share buy-back — — 32,345,417 0.001 14-Dec-21 Share buy-back — — 32,316,681 0.001 24-Jan-22 Share buy-back — — 32,296,681 0.001 26-Jan-22 Share buy-back — — 32,194,108 0.001 ​

Financial Risk Management

Financial Risk Management	12 Months Ended
	Dec. 31, 2023
Financial Risk Management
Financial Risk Management	16. Financial Risk Management The Group’s principal financial instruments comprise long-term borrowings, interest rate swaps (terminated in 2022), forward freight agreements, cash and cash equivalents and restricted cash. The main purpose of these financial instruments is to finance the Group’s operations and mitigate its exposure to market and interest rate fluctuations. The Group has various other financial assets and liabilities such as trade receivables, current accounts with related parties and payables which arise directly from its operations. The main risks arising from the Group’s financial instruments are foreign currency risk, interest rate risk, credit risk, market risk and liquidity risk. The Group’s policies for addressing these risks are set out below: ● Foreign currency risk The Group’s vessels operate in international shipping markets, which utilize the U.S. dollar as the functional currency. Although certain operating expenses are incurred in foreign currencies, the Group does not consider the risk to be significant. The Group has no hedging mechanisms in place, however, when opportunity arises, it converts significant cash balances from U.S. dollars to Euros, to hedge against adverse fluctuations. ● Interest rate risk The Group is exposed to the impact of interest rate changes primarily through its floating-rate borrowings that require the Group to make interest payments based on SOFR. Significant increases in interest rates could adversely affect operating margins, results of operations and ability to service debt. From time to time, the Group uses interest rate swaps to reduce its exposure to market risk from changes in interest rates. The principal objective of these interest rate swaps is to manage the risks and costs associated with its floating-rate borrowings (Note 23). As an indication of the sensitivity from changes in interest rates, an increase by 100 basis points in interest rates would increase interest expense for the year ended December 31, 2023 by $6,894,010 (2022: $2,251,130 increased by 50 basis points) assuming all other variables held constant and taking into consideration that the Group has entered into interest rate swap agreements for some of its borrowings, therefore partially economically hedging part of its floating-rate borrowings. ● Credit risk The Group only trades with charterers who have been subject to satisfactory credit screening procedures. Furthermore, outstanding balances are monitored on an ongoing basis with the result that the Group’s exposure to bad debts is not significant. With respect to the credit risk arising from the Group’s cash and cash equivalents and restricted cash, the Group’s exposure arises from default by the counterparties, with a maximum exposure equivalent to the carrying amount of these instruments. The Group mitigates such risks by dealing only with high credit quality financial institutions. ● Market risk The tanker shipping industry is cyclical with high volatility in charter rates and profitability. The Group charters its vessels principally in the spot market, being exposed to various unpredictable factors such as: supply and demand of energy resources, global economic and political conditions, natural or other disasters, disruptions in international trade, COVID-19 outbreak, environmental and other legal regulatory developments and so on. During 2022 and 2023, the Group entered into FFAs in order to minimize losses from charter rate fluctuations and eliminate any adverse effect charter rate fluctuations may have in our operating cash flows and dividend distributions. ● Liquidity risk Liquidity risk is the risk that arises when the maturity of assets and liabilities does not match. An unmatched position potentially enhances profitability, but can also increase the risk of losses. The Group minimizes liquidity risk by maintaining sufficient cash and cash equivalents. The following table details the Group’s expected cash outflows for its financial liabilities. The table has been drawn up based on the undiscounted cash flows of financial liabilities, on the earliest date on which the Group would be required to pay to settle. The table includes both interest and principal cash flows. Variable future interest payments were determined based on the one-month SOFR as of December 31, 2023, of 3.41% (LIBOR for 2022: 4.41%), plus the margin applicable to the Group’s loans at the end of the year presented. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average effective interest rate Less than 1 month 1 – 3 months 3 – 12 months 1 – 5 years 5+ years Total December 31, 2023 ​ ​ Non-Derivative Liabilities ​ ​ Trade payables ​ ​ — — 23,522,506 — — 23,522,506 Accrued expenses ​ ​ — — 3,485,042 — — 3,485,042 Current accounts due to related parties ​ ​ — — 659,974 — — 659,974 Variable interest borrowings 4.08 % 3,138,123 28,239,371 62,054,619 307,066,226 237,943,153 638,441,492 Variable interest for debt financing (Sale and Leaseback Agreements) 9.07 % 2,330,290 4,567,896 21,015,413 106,212,689 139,492,319 273,618,607 Total 5,468,413 32,807,267 110,737,554 413,278,915 377,435,472 939,727,621 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average effective interest rate Less than 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 borrowings ​ 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 (Sale and Leaseback Agreements) 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 ​

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies
Commitments and Contingencies	17. Commitments and Contingencies Commitments under time charter agreements (Lessor) As of December 31, 2023 and 2022, future minimum contractual time charter revenue, based on our vessels’ committed, non-cancellable time charter agreements, net of address commissions were as follows: ​ ​ ​ ​ ​ ​ As of December 31, 2023 2022 Within one year — 24,416,000 Total — 24,416,000 ​

Earnings_(loss) per Share

Earnings/(loss) per Share	12 Months Ended
	Dec. 31, 2023
Earnings/(loss) per Share
Earnings/(loss) per Share	18. Earnings/(loss) per Share The profit/(loss) and weighted average number of common shares used in the calculation of basic and diluted earnings/(loss) per share are as follows: ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 2022 2021 Profit/(loss) for the period attributable to the Owners of the Group 145,249,722 84,557,539 ​ (903,102) Weighted average number of shares outstanding in the period 32,194,108 32,202,394 32,372,393 Earnings/(loss) per share, basic and diluted 4.51 2.63 (0.03) ​ During the years ended December 31, 2023, 2022 and 2021, there were no potentially dilutive instruments affecting weighted average number of shares, and hence diluted earnings per share equals basic earnings per share for the years presented.

Claims Receivable

Claims Receivable	12 Months Ended
	Dec. 31, 2023
Claims Receivable
Claims Receivable	19. Claims Receivable As of December 31, 2023, the Group has recognized and presented under “Claims receivable” in the consolidated statements of financial position, receivable amounts from vessels’ insurers totaling $115,528 (2022: $108,391) regarding various claims. The respective receivable claims were recognized in the consolidated statements of financial position since the Group has an unconditional right to receive the claimable amounts from the insurers.

Capital Risk Management

Capital Risk Management	12 Months Ended
	Dec. 31, 2023
Capital Risk Management
Capital Risk Management	20. Capital Risk Management The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern, ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximize shareholders value. The Group monitors capital using gearing ratio, which is total debt (gross) divided by total equity plus total debt, and its calculation is presented below: ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 2022 Total borrowings 698,486,364 744,841,528 Total shareholders’ equity 408,132,148 422,243,261 Gearing ratio 63 % 64 % ​

Lease and Non-Lease Components

Lease and Non-Lease Components of Revenue and voyage charter revenue	12 Months Ended
	Dec. 31, 2023
Lease and Non-Lease Components of Revenue and voyage charter revenue
Lease and Non-Lease Components of Revenue and voyage charter revenue	21. Lease and Non-Lease Components of Revenue and voyage charter revenue IFRS 16 requires the identification of lease and non-lease components of revenue and account for each component in accordance with the applicable accounting standard. Regarding time charter arrangements, we have concluded that the direct lease component concerns the vessel and indirectly, the non- lease component concerns the technical management services provided to operate the vessel. These components are being accounted for as follows: a. All fixed lease revenue earned under these arrangements will be recognized on a straight-line basis over the term of the lease. b. Lease revenue earned under Group’s time charter arrangements will be recognized as it is earned, since it is 100% variable. c. The non-lease component will be accounted for as services revenue under IFRS 15. This revenue is recognized ‘over time’ as the customer (i.e., the charterer) is simultaneously receiving and consuming the benefits of the service. The below table analyses revenue generated under time charter arrangements: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 2022 2021 Lease component ​ 30,584,686 50,536,021 59,098,416 Non-lease component ​ 8,817,934 15,817,114 21,486,951 Total ​ 39,402,620 66,353,135 80,585,367 ​

Interest income, Interest expen

Interest income, Interest expense and Other Finance Costs	12 Months Ended
	Dec. 31, 2023
Interest income, Interest expense and Other Finance Costs
Interest income, Interest expense and Other Finance Costs	22. Interest income, Interest expense and Other Finance Costs Interest and finance related costs are presented below: ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, 2023 2022 2021 Interest expense 58,680,985 35,077,293 27,082,841 Amortization and write-off of financing fees 1,994,191 1,693,117 4,233,322 Finance costs related to covenants of early termination — — 4,092,000 Bank charges and loan commitment fees 33,939 729,710 781,978 Other finance costs 469,951 581,855 275,282 Total 61,179,066 38,081,975 36,465,423 ​ Interest income are presented below: ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, 2023 2022 2021 Interest income from time deposits 3,428,321 668,032 — Other interest income 676,243 53,496 3,470 Total 4,104,564 721,528 3,470 ​

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2023
Derivative Financial Instruments
Derivative Financial Instruments	23. Derivative Financial Instruments Interest rate swaps During the year ended December 31, 2022, the Group terminated all interest rate swap agreements it had entered into in 2021 and 2020. The net cash received from the said terminations amounted to $12.3 million in total and was recognized in Realized gain/(loss), net on derivatives in the consolidated statements of profit or loss and other comprehensive income. Forward freight agreements The fair value of the Group’s derivative financial assets as of December 31, 2023 and 2022 related to FFAs and Foreign Exchange Swaps (“FXSs”) are presented below: ​ ​ ​ ​ ​ ​ Derivatives’ Fair values 2023 2022 FXSs 207,488 — FFAs 21,885 209,238 Total 229,373 209,238 ​ FFAs and FXSs are considered to be Level 2 items in accordance with the fair value hierarchy as defined in IFRS 13 Fair Value Measurement. Effect on the Consolidated Statements of Profit or Loss and Other Comprehensive Income ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 2022 2021 Unrealized gain, net on derivatives 229,373 45,960 30,105 Unrealized gain on interest rate swaps — — 4,126,828 Total unrealized gain, net on derivatives 229,373 45,960 4,156,933 ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 2022 2021 Realized gain/(loss), net on derivatives 300,262 2,161,927 (558,916) Realized gain, net on interest rate swaps — 9,274,554 — Total realized gain/(loss), net on derivatives 300,262 11,436,481 (558,916) ​

Revenue

Revenue	12 Months Ended
	Dec. 31, 2023
Revenue
Revenue	24. Revenue The table below presents an analysis of revenue generated from voyage and time charter agreements: ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, 2023 2022 2021 Voyage Charter 373,693,986 204,619,286 88,412,858 Time Charter (see Note 21) 39,402,620 66,353,135 80,585,367 Total 413,096,606 270,972,421 168,998,225 ​ IFRS 15 Revenue from Contracts with Customers As of December 31, 2023, 2022 and 2021, the Group had, within the scope of IFRS 15, unearned revenue from voyage charter agreements related to undelivered performance obligations of $5,590,403, $9,861,064 and $790,544 which will be/were recognized in the first quarter of 2024, 2023 and 2022, respectively. Further, as of December 31, 2023 and 2022, capitalized contract fulfilment costs amounted to $1,903,516 and $1,646,450, respectively. The table below presents an analysis of earned revenue under voyage charters: ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, 2023 2022 2021 Freight 338,979,059 192,579,493 77,334,155 Demurrages 34,714,927 12,039,793 11,078,703 Total 373,693,986 204,619,286 88,412,858 ​ As at December 31, 2023 and 2022, the Group’s trade receivables amounted to $55,234,678 and $46,393,951, respectively. Charterers, whose outstanding balance, exceed 10% of the total trade receivable amount are presented below: ​ ​ ​ ​ ​ ​ ​ Customer 2023 2022 Charterer A 17 % 59 % Charterer B 13 % 10 % Charterer C 10 % 10 % ​ As of December 31, 2023 and 2022, trade receivables include the amounts of $5,456,339 and $9,735,393, respectively, generated from voyage charter agreements within the scope of IFRS 15. Credit concentration Customers individually accounting for more than 10% of our revenues during the years ended December 31, 2023, 2022 and 2021 were: ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer 2023 2022 2021 A — ​ 18 % 13 % B — ​ 14 % 11 % C — ​ 11 % — ​ Total — ​ 43 % 24 % ​ Revenue by country The below table presents revenue generated per country, based on the Company’s customers’ headquarters, exceeding 10% of total revenues, for the years ended December 31, 2023, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ Country ​ 2023 ​ 2022 ​ 2021 Singapore 73,621,309 42,408,360 37,250,890 United Kingdom 54,254,181 40,158,705 — Hong Kong — 51,127,139 26,879,765 Switzerland 81,031,483 44,257,631 27,755,018 United States 48,788,696 37,069,299 — Turkey ​ 49,470,684 ​ — ​ — Brazil ​ 40,484,566 ​ — ​ — Other 65,445,687 55,951,287 77,112,552 Total 413,096,606 270,972,421 168,998,225 ​ All of the revenues above are reported under our single segment, the crude oil tanker segment.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events
Subsequent Events	25. Subsequent Events On January 26 and 29, 2024, the Group executed amendments to the existing sale and leaseback agreements on the VLCC vessels Nissos Kea and Nissos Nikouria (the “Existing Leases Amendments”) with CMB Financial Leasing. The Existing Leases Amendments, effective from the first quarter of 2024, provide for a reduction of the pricing of the variable amount of charterhire payable thereunder to 200 bps over the applicable Term SOFR on both On January 29, 2024, the Group executed a new sale and leaseback agreement of approximately $73.5 million for the VLCC vessel Nissos Anafi (the “Anafi Lease”) with CMB Financial Leasing. The agreement provides for a bareboat charter with the charterhire being paid on a quarterly basis, is priced at 190 bps over the applicable Term SOFR and matures in seven years. The Anafi Lease includes purchase options for the Company after the first year and throughout the tenor of the lease and is guaranteed by the Company. The Anafi Lease proceeds were partially used in order to repay the amount of $43.6 million, representing the outstanding syndicate loan owned to Credit Agricole and Korea Export Import Bank. On January 31, 2024, the Group entered an agreement for a new $34.7 million senior secured credit facility to finance the option to purchase back the Suezmax vessel Milos from its current sale and lease back financier (the “Milos Facility”). The Milos Facility is provided by a syndicate led by Kexim Asia Limited, is priced at 175 bps over the applicable Term SOFR, matures in six years, is paid in quarterly instalments, and is guaranteed by the Company. In March 2024, the Company paid an amount of approximately $21.2 million or $0.66 per share via a dividend that was classified as a return of paid-in-capital. In March 2024, we repaid $16.7 million to Okeanis Marine Holdings S.A., an entity controlled by Mr. Ioannis Alafouzos, as repayment of loan principal relating to the acquisition of the Nissos Kea On March 1, 2024, each of our vessel owning subsidiaries, entered into an ETS Services Agreement with KMC, which agreement is effective as of January 1, 2024, pursuant to which KMC obtains, transfers and surrenders emission allowances under the EU Emissions Trading Scheme that came into effect on January 1, 2024, and KMC provides the vessel with emission data in a timely manner to enable compliance with any emission scheme(s) applicable to the vessel. No additional fee is payable under these agreements as the services are considered to be part of the technical management fee under the technical management agreements, set out above. These agreements may be terminated by either party (a) for cause, immediately upon written notice or (ii) for any reason, upon two months’ written notice. These agreements shall also be deemed automatically terminated on the date of termination of the relevant technical management agreements, described above.

Summary of Material Accountin_2

Summary of Material Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Summary of Material Accounting Policies
Use of estimates	Use of estimates The preparation of the consolidated financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the stated amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Vessel revenue recognition	Vessel revenue recognition Revenues are generated from time charter and voyage charter agreements. Under a voyage charter agreement, the vessel transports a specific agreed-upon cargo for a single voyage which may include multiple load and discharge ports. The consideration is determined on the basis of a freight rate per metric ton of cargo carried, or on a lump sum basis. The voyage charter agreement generally has a minimum amount of cargo. The charterer is liable for any short loading of cargo or “dead” freight. The voyage charter agreement generally has standard payment terms, where freight is paid within certain days after the completion of discharge. The voyage charter agreement generally has a “demurrage” or “despatch” clause. The considerations received under the demurrage and despatch clauses are considered variable consideration and are recognized at contract inception and the estimates of initial recognition are updated throughout the period of the voyage charter agreement. The consideration received under the demurrage clause represents damages paid to the shipowner for exceeded laytime (i.e., the charterer exceeds the amount of time specified in the contract for loading or discharging the cargo from the vessel, or both). Conversely, the shipowner may be required to pay despatch fees to the charterer as incentive for loading or discharging cargo in less time (i.e., for reducing the time a vessel must spend in port loading or discharging cargo). The consideration received under the demurrage and despatch clauses are calculated based on the number of days the charterer exceeds/reduces the loading/discharging time multiplied by the daily rate which is based on specific terms of the voyage charter agreement. Management makes a detailed assessment of demurrage and despatch amount expected to be received/ paid which is included in revenue only to the extent that it is highly probable that the amount will be collectible and not be subject to a significant reversal. In a voyage charter agreement, the performance obligations begin to be satisfied once the vessel begins loading the cargo. The Group determined that its voyage charter agreements consist of a single performance obligation of transporting the cargo within a specified time period. Therefore, the performance obligation is met evenly as the voyage progresses, and as a result revenue is recognized on a straight-line basis over the voyage days. The voyage charter agreements are considered service contracts which fall under the provisions of IFRS 15, because the Group as shipowner retains control over the operations of the vessel, such as directing the routes taken or the vessel’s speed. Under a voyage charter agreement, the Group bears all voyage related costs such as fuel costs, port charges and canal tolls, as applicable. Voyage related costs which are incurred during the period prior to commencement of cargo loading are accounted for as contract fulfilment costs when they (a) relate directly to a contract or anticipated contract, (b) generate or enhance resources that will be used in satisfying a performance obligation and (c) they are expected to be recovered. These costs are deferred and recorded under current assets, and are amortized on a straight-line basis as the related performance obligation to which they relate is satisfied. Under a time charter agreement, the vessel is hired by the charterer for a specified period of time in exchange for consideration which is usually based on a daily hire rate. In addition, certain of our time charter arrangements may, from time to time, include profit-sharing clauses, arising from the sharing of earnings together with third parties and the allocation to the Group of such earnings based on a predefined methodology. Subject to any restrictions in the time charter agreement, the charterer has the full discretion over the ports visited, shipping routes and vessel speed. The time charter agreement generally provides typical warranties regarding the speed and performance of the vessel. The time charter agreement generally has some owner- protective restrictions such that the vessel is sent only to safe ports by the charterer, subject always to compliance with applicable sanction laws, and carries only lawful or non-hazardous cargo. In a time charter agreement, the Group is responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubricants. The charterer bears the voyage-related costs such as bunker expenses, port charges and canal tolls during the hire period. The performance obligations in a time charter agreement are satisfied over the term of the agreement, beginning when the vessel is delivered to the charterer until it is redelivered back to the Group. The charterer generally pays the charter hire in advance of the upcoming period of the agreement. The time charter agreements are considered operating leases and are accounted for in accordance with IFRS 16. Time charter agreements do not fall under the scope of IFRS 15 Revenue from Contracts with Customers because (i) the vessel is an identifiable asset, (ii) the Group does not have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel during the term of the agreement and derives the economic benefits from such use. Revenue from time charter agreements is recognized on a straight-line basis over the duration of the time charter agreement. In case of a time charter agreement with contractual changes in rates throughout the term of the agreement, any differences between the actual and the straight-line revenue in a reporting period is recognized as a straight-line asset or liability and reflected under current assets or current liabilities, respectively, in the consolidated statement of financial position. Address commissions are discounts provided to charterers under time and voyage charter agreements. Brokerage commissions are commissions payable to third-party chartering brokers for commercial services rendered. Both address and brokerage commissions are recognized on a straight-line basis over the duration of the voyage or the time charter period, and are reflected under Revenue and Commissions, respectively, in the consolidated statements of profit or loss and other comprehensive income. Deferred revenue represents revenue collected in advance of being earned. The portion of deferred revenue, which is recognized in the next twelve months from the consolidated statements of financial position date, is classified under current liabilities in the consolidated statements of financial position.
Vessel voyage and operating expenses	Vessel voyage expenses Vessel voyage expenses mainly relate to voyage charter agreements and consist of port, canal and bunker costs that are unique to a particular voyage, and are recognized as incurred. Under time charter arrangements, voyage expenses are paid by charterers, except when off-hire. Management believes that mobilization of a vessel from a previous port of discharge to a subsequent port of loading does not result in a separate benefit for charterers and that the activity is thus incapable of being distinct. This activity is considered to be a required set-up activity to fulfill the contract. Consequently, positioning and repositioning fees and associated expenses should be recognized over the period of the contract to match the recognition of the respective hire revenues realized, and not at a certain point in time following the adoption of IFRS 15 Revenue from Contracts with Customers. All other voyage expenses are expensed as incurred, with the exception of commissions, which are also recognized on a pro-rata basis over the duration of the period of the time and voyage charter. Bunkers’ consumption included in voyage expenses represents mainly bunkers consumed during vessels’ unemployment and offhire days. Vessel operating expenses Vessel operating expenses comprise all expenses relating to the operation of the vessel under time and voyage charter agreements, including crewing, insurance, repairs and maintenance, stores, lubricants, spares and consumables and miscellaneous expenses. Vessel operating expenses are recognized as incurred; payments in advance of services or use are recorded as prepaid expenses. The majority of the Group’s operating expenses (such as crew costs, spares, stores, insurances, repairs, surveys, telecommunication and various other expenses) are paid from Kyklades Maritime Corporation (“KMC”).
Trade and other receivables	Trade and other receivables Trade receivables include estimated recoveries from hire and freight billings to charterers, net of any provision for doubtful accounts, as well as interest receivable from time deposits. At each statement of financial position date, the Group assesses its potential expected credit losses in accordance with IFRS 9. As of December 31, 2023 and 2022, the Group performed a respective exercise and concluded that the expected credit losses calculated were immaterial. As of the date of this report, trade and other receivables’ fair value approximates their carrying amount.
Trade payables	Trade payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.
Deferred financing costs	Deferred financing costs Fees incurred for obtaining new borrowings or refinancing existing facilities such as arrangement, structuring, legal and agency fees are deferred and classified against long-term borrowings in the consolidated statements of financial position. Any fees incurred for borrowing facilities not yet advanced, but it is considered certain that they will be drawn down, are deferred and classified under non-current assets in the consolidated statements of financial position. These fees are classified against long-term borrowings on the loan drawdown date. Deferred financing costs are deferred and amortized over the term of the relevant borrowing using the effective interest method, with the amortization expense reflected under interest and finance costs in the consolidated statements of profit or loss and other comprehensive income. Any unamortized deferred financing costs related to borrowings which are either fully repaid before their scheduled maturities or related to borrowings extinguished are written-off in the consolidated statements of profit or loss and other comprehensive income.
Vessels and depreciation, Special survey and dry-docking costs	Vessels and depreciation Vessels are stated at cost, which comprises vessels’ contract price, major improvements, and direct delivery and acquisition expenses less accumulated depreciation and any impairment. Depreciation is calculated on a straight-line basis over the estimated useful life of the vessels, after considering their estimated residual value. Each vessel’s residual value is equal to the product of its lightweight tonnage and its estimated scrap rate. The scrap rate is estimated to be approximately $400 per ton of lightweight steel. The Group currently estimates the useful life of each vessel to be 25 years from the date of original construction. Special survey and dry-docking costs Special survey and dry-docking costs are capitalized as a separate component of vessel cost. These costs are capitalized when incurred and depreciated over the estimated period to the next scheduled special survey/dry-docking. The Group’s vessels are required to undergo special survey/dry-docking approximately every 5 years, until a vessel reaches 10 years of age, after which a vessel is required to be specially surveyed/dry-docked approximately every 2.5 years. If a special survey or dry-docking is performed prior to the scheduled date, any remaining balances are written-off and reflected in depreciation in the statements of profit or loss and other comprehensive income.
Impairment of vessels, vessels under construction and right-of-use assets	Impairment of vessels, vessels under construction and right-of-use assets The Group assesses at each reporting date whether there are any indications that the carrying amounts of the vessels, vessels under construction and right-of-use assets may not be recoverable. If such an indication exists, and where the carrying amount exceeds the estimated recoverable amount, the vessels, vessels under construction and right-of-use assets, are written down to their recoverable amount. The recoverable amount is the greater of fair value less costs to sell and value-in-use. The fair value less costs to sell is the amount obtainable from the sale of a vessel in an arm’s length transaction, less any associated costs of disposal. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the vessels.
Advances for vessels under construction	Advances for vessels under construction Advances for vessels under construction comprise the cumulative amount of instalments paid to shipyards for vessels under construction, other pre-delivery expenses directly related to the construction of the vessel and capitalized interest at the statements of financial position date. On delivery of a vessel, the balance is transferred to vessels, net, in the consolidated statements of financial position.
Vessels held for sale and discontinued operations	Vessels held for sale and discontinued operations Vessels are classified as current assets in the statements of financial position when their carrying amount will be recovered through a sale transaction rather than continuing use. A vessel is classified as held for sale when it is available for immediate sale in its present condition and the sale is highly probable. A highly probable sale implies that, management is committed to a plan to sell the vessel and the plan has been initiated and, further, that the Company is actively seeking to locate a buyer. The vessel must be actively marketed for sale at a reasonable price and the sale is expected to be completed within one year from the date of classification as held for sale. Vessels classified as held for sale are measured at the lower of their carrying amount and fair value less cost to sell. A discontinued operation is a component of the Company’s business that represents a separate major line of business or geographical area of operations that has been disposed of or is held for sale, or is a subsidiary acquired exclusively with a view to resale. Classification as a discontinued operation occurs upon disposal. When an operation is classified as a discontinued operation, the comparative statements of profit or loss and other comprehensive income is presented as if the operation had been discontinued from the start of the comparative period.
Foreign currency translations	Foreign currency translations The functional currency of the Company and its subsidiaries is the U.S. dollar because the vessels operate in international shipping markets, which primarily transact business in U.S. dollars. Transactions denominated in foreign currencies are converted into U.S. dollars and are recorded at the exchange rate in effect at the date of the transactions. For the purposes of presenting these consolidated financial statements, monetary assets and liabilities denominated in foreign currencies are translated to U.S. dollars at the rate of exchange prevailing at the consolidated statement of financial position date. Any resulting foreign exchange differences are reflected under foreign exchange gain/(loss) in the consolidated statement of profit or loss and other comprehensive income. The Company presents its consolidated financial statements in U.S. dollars.
Interest-bearing borrowings	Interest-bearing borrowings Borrowings are initially recognized at fair value, being the fair value of the consideration received net of issue costs associated with the borrowing. After initial recognition, interest-bearing borrowings are subsequently measured at amortized cost using the effective interest method and classified as current and non-current based on their repayment profile. The Company derecognizes a borrowing when it is repaid or refinanced (in case of the latter, when its terms are modified and the cash flows of the modified borrowing liability are substantially different, the new liability is being recognised based on the modified terms and is recognized at fair value).
Cash and cash equivalents	Cash and cash equivalents The Group considers highly liquid investments such as time deposits and certificates of deposit with original maturities of three months or less to be cash equivalents. For the purposes of the consolidated cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above.
Restricted cash	Restricted cash Restricted cash represents pledged cash deposits or minimum liquidity to be maintained with certain banks under the Group’s borrowing arrangements. In the event that the borrowing relating to such deposits is expected to be terminated within the next twelve months from the statements of financial position date, they are classified under current assets otherwise they are classified as non-current assets on the statements of financial position. The Group classifies restricted cash separately from cash and cash equivalents in the consolidated statements of financial position. Restricted cash does not include general minimum liquidity requirement.
Segment Information	Segment Information The Group evaluates its vessels’ operations and financial results, principally by assessing their revenue generation, and not by the type of vessel, employment, customer or type of charter. Among others, Earnings before Interest, Tax, Depreciation and Amortization (“EBITDA”), Operating expenses (“Opex”) and Gross profit (or otherwise referred to as “Time Charter Equivalent”), are used as key performance indicators. The CEO, who is the chief operating decision maker, reviews these performance metrics of the fleet in aggregate, and thus, the Group has determined that it operates under one reportable segment, that of operating tanker vessels transporting crude oil. Furthermore, due to the international nature of oil transportation, the vessels’ employability is on a worldwide scale, subject to restrictions as per the charter agreement, and, as a result, we disclose the revenue generated per country, based on the Company’s customers’ headquarters.
Inventories	Inventories Inventories consist of bunkers, lubricating oils, urea and other items including stock provisions remaining on board and are owned by the Group at the end of each reporting period. Inventories are stated at the lower of cost and net realizable value. Cost is determined using the first-in, first-out method. For an analysis of inventories as of December 31, 2023 and 2022, refer to Note 6.
Cash flow statement policy	Cash flow statement policy The Group uses the indirect method to report cash flows from operating activities.
Earnings/(Loss) per share	Earnings/(Loss) per share Basic earnings/(loss) per share is calculated by dividing income/(loss) attributable to common stock holders by the weighted average number of common shares outstanding. Diluted earnings per share is calculated by adjusting income/(loss) attributable to common stock holders and the weighted average number of common shares used for calculating basic earnings per share for the effects of all potentially dilutive shares. Such dilutive common shares are excluded when the effect would be to reduce a loss per share or increase earnings per share. The Group applies the if-converted method when determining diluted earnings per share. This requires the assumption that all securities or contracts to issue common shares have been exercised or converted into common shares at the beginning of the period or, if not in existence at the beginning of the period, the date of the issue of the financial instrument or the granting of the rights by which they are granted. Under this method, once potential common shares are converted into common shares during the period, the dividends, interest and other expense associated with those securities or contracts to issue common shares will no longer be incurred. The effect of conversion, therefore, is to increase income attributable to common shareholders as well as the number of shares issued. Conversion will not be assumed for purposes of computing diluted earnings per share if the effect would be anti-dilutive. Common shares held in treasury are not deemed outstanding.
Employee compensation - personnel, Pension and retirement benefit obligations - crew	Employee compensation — personnel Employee compensation is recognized as an expense, unless the cost qualifies to be capitalized as an asset. Defined contribution plans are post-employment benefit plan under which the Group pays fixed contributions into separate entities on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The Group’s contributions are recognized as employee compensation expenses when they are due. Employee entitlements to annual leave are recognized when they accrue to employees. A provision is made for the estimated liability of annual leave as a result of services rendered by employees up to the consolidated statements of financial position date. Termination benefits are those benefits which are payable when employment is terminated before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits when it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal or providing termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after the statement of financial position date are discounted to present value. Pension and retirement benefit obligations — crew Crew on board is employed under short-term contracts (usually up to nine months
Taxation	Taxation A non-U.S. corporation such as the Company and its subsidiaries generally is subject to a 2% U.S. federal income tax (the “freight tax”) in respect of gross shipping income earned from voyages to or from the U.S. However, a corporation that qualifies for the benefits of Section 883 of the U.S. Internal Revenue Code (which depends, in part, on the ownership of the corporation) is exempt from this tax. The Group intends to take the position that it qualified for the Section 883 exemption in 2023, and therefore, that the freight tax should not be owed for such year. However, the freight tax could be owed in future years due to a change in circumstances. All companies comprising the Group are not subject to any other tax on international shipping income since their countries of incorporation do not impose such taxes. The Group’s vessels are subject to registration and tonnage taxes, which are included under vessel operating expenses in the consolidated statements of profit or loss and other comprehensive income.
Equity	Equity The Company has one class of common stock. All the shares rank in parity with one another. Each share carries the right to one vote in a meeting of the shareholders and all shares are otherwise equal in all respects. The Company’s registered share capital is represented by 32,194,108 shares outstanding, par value $0.001 per share. In addition, as of the date of this report the OET holds 695,892 common shares in treasury (which are not deemed outstanding) amounting to $4,583,929, measured at cost. Dividends and capital distributions to shareholders are recognized in shareholder’s equity in the period when they are authorized. Share buybacks are recognized when they occur.
Treasury shares	Treasury shares Common share repurchases are recorded at cost based on the settlement date of the transaction. These shares are classified as treasury shares, which is a reduction to shareholders’ equity. Treasury shares are included in authorized and issued shares but excluded from outstanding shares.
Provisions and contingencies	Provisions and contingencies Provisions are recognized when the Group has a present legal or constructive obligation as a result of past events and it is probable that an outflow of resources embodying economic benefits will be required to settle this obligation and a reliable estimate of the amount of the obligation can be made. Provisions are reviewed at each consolidated statement of financial position date and adjusted to reflect the present value of the expenditure expected to be required to settle the obligation. Contingent liabilities are not recognized in the consolidated financial statements but are disclosed unless the possibility of an outflow of resources embodying economic benefits is remote. Contingent assets are not recognized in the consolidated financial statements but are disclosed when an inflow of economic benefits is probable.
Fair value of financial assets and liabilities	Fair value of financial assets and liabilities The definitions of the levels, provided by IFRS 13 Fair Value Measurement, are based on the degree to which the fair value is observable. ● Level 1 fair value measurements are those derived from quoted prices in active markets for identical assets or liabilities. ● Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices). ● Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). Cash and cash equivalents and restricted cash are considered Level 1 financial instruments. Variable rate long-term borrowings, interest rate swaps and forward agreements are considered Level 2 financial instruments. There are no financial instruments in Level 3, nor any transfers between fair value hierarchy levels during the periods presented. The carrying amounts reflected in the consolidated statements of financial position for cash and cash equivalents, restricted cash, trade and other receivables, claims receivable, current accounts due from/ (due to) related parties and other current liabilities, approximate their respective fair values due to the relatively short-term maturity of these financial instruments. The fair value of variable rate long-term borrowings approximates their recorded value, due to their variable interest being the U.S. dollar SOFR (that substituted LIBOR from July 1, 2023 onwards) and due to the fact that financing institutions have the ability to pass on their funding cost to the Group under certain circumstances, which reflects their current assessed risk. The terms of the Group’s long-term borrowings are similar to those that could be procured as of December 31, 2022. SOFR rates are observable at commonly quoted intervals for the full term of the loans and hence variable rate long-term borrowings are considered Level 2 financial instruments.
Sale and leaseback transactions	Sale and leaseback transactions If a vessel is sold and subsequently leased back by the Group, pursuant to a memorandum of agreement (MoA) and a bareboat charter agreement, the Group determines when a performance obligation is satisfied in IFRS 15, to determine whether the transfer of a vessel is accounted for as a sale. If the transfer of a vessel satisfies the requirements of IFRS 15 to be accounted for as a sale, the Group measures the right-of- use asset arising from the leaseback at the proportion of the previous carrying amount of the asset that relates to the right of use retained and recognizes only the amount of any gain or loss that relates to the rights transferred to the buyer-lessor. If the transfer of a vessel does not satisfy the requirements of IFRS 15 to be accounted for as a sale, the Group continues to recognize the transferred vessel and shall recognize a financial liability equal to the transfer proceeds. All of the Group lease financing agreements as of December 31, 2023 and 2022 were of this type. Please refer to Note 13 for the description of the nature of these sale and leaseback arrangements, general terms, covenants included, any variable payments, if any, as well as the purchase options and/or obligations they provide for.
Leases	Leases The Group as a Lessee The Group is a lessee, pursuant to contracts for the lease of office space and a company car. The Group assesses whether a contract is, or contains a lease, at inception of the contract applying the provisions of IFRS 16, and recognizes a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for instances where the Group makes use of the available practical expedients included in IFRS 16. These expedients relate to short-term leases (defined as leases with a lease term of twelve months or less) or leases of low value assets. For these leases, the Group continues to recognize the lease payments as an operating expense on a straight-line basis over the term of the lease, unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. The Group as a lessor The Group enters into lease agreements as a lessor with respect to chartering out its vessels. Leases for which the Group is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases. Lease classification is made at the inception date and is reassessed only if there is a lease modification. Changes in estimates (for example, changes in estimates of the economic life or of the residual value of the underlying asset), or changes in circumstances (for example, default by the lessee), do not give rise to a new classification of a lease. Rental income from operating leases is recognized on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the asset and recognized on a straight-line basis over the lease term. Amounts due from leases under finance leases are recognized as receivables at the amount of the Group’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Group’s net investment outstanding in respect of the leases. When a lease agreement includes lease and non-lease components, the Group applies IFRS 15 to allocate the consideration under the agreement to each component. The Group has determined that the lease component is the lease of a vessel and the non-lease component is the technical management services provided to operate the vessel. Each component is quantified on the basis of the relative stand-alone price of each lease component, and on the aggregate stand-alone price of the non- lease components. These components are accounted for as follows: ● All fixed lease revenue earned under these lease agreements is recognized on a straight-line basis over the term of the lease under IFRS 16. ● The non-lease component is accounted for as services revenue under IFRS 15. This revenue is recognized “over time” as the customer (i.e., the charterer) is simultaneously receiving and consuming the benefits of the service.
Derivative financial instruments - interest rate swaps, Forward Freight Agreements and Foreign Exchange Swaps	Derivative financial instruments — interest rate swaps The Group uses, from time-to time, interest rate swaps to economically hedge its exposure to interest rate risk arising from its variable rate borrowings. Interest rate swaps are initially recognized at fair value on the consolidated statements of financial position on the date the derivative contracts are entered into and are subsequently remeasured to their fair value at each reporting date. The fair value of these derivative financial instruments is based on a discounted cash flow calculation. The resulting changes in fair value are recognized in the consolidated statements of profit or loss and other comprehensive income unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the consolidated statements of profit or loss and other comprehensive income depends on the nature of the hedge relationship. Derivatives are presented as current or non-current assets when their valuation is favourable to the Group and as current or non-current liabilities when unfavourable to the Group. Cash outflows and inflows resulting from derivative contracts are presented as cash flows from operations in the consolidated statements of cash flows. The Company has selected not to apply hedge accounting and records the effect from its interest rate swaps movement in its consolidated statement of profit or loss. Derivative financial instruments — Forward Freight Agreements (FFAs) The Group enters into FFAs to economically hedge its trading exposure in the spot market. FFAs are derivative financial instruments initially recognized at fair value on the consolidated statements of financial position on the date the FFAs are entered into and are subsequently remeasured to their fair value at each reporting date. Upon settlement, if the contracted charter rate is less than the average of the rates, as reported by an identified index, for the specified route and time period, the seller of the FFA is required to pay the buyer the settlement sum, being an amount equal to the difference between the contracted rate and the settlement rate, multiplied by the number of days in the specified period covered by the FFA. Conversely, if the contracted rate is greater than the settlement rate, the buyer is required to pay the seller the settlement sum. The resulting changes in fair value are recognized in the consolidated statements of profit or loss and other comprehensive income unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the consolidated statements of profit or loss and other comprehensive income depends on the nature of the hedge relationship. FFA derivatives are presented as current or non-current assets when their valuation is favourable to the Group and as current or non- current liabilities when unfavourable to the Group. Classification as current or non-current is determined based on the FFA’s maturities. Cash outflows and inflows resulting from the FFAs are presented as cash flows from operations in the consolidated statements of cash flows. FFA derivatives are considered to be Level 2 items in accordance with the fair value hierarchy as defined in IFRS 13 Fair Value Measurement. FFAs do not qualify for hedge accounting and therefore unrealized gains or losses are recognized under Unrealized/realized gain/(loss) on derivatives in the consolidated statements of profit or loss and other comprehensive income. Derivative financial instruments — Foreign Exchange Swaps (FXSs) The Group enters into foreign exchange forward swaps (“FXSs”) to economically hedge its exposure to floating foreign exchange rates arising from the Group’s exposure to Euro versus USD fluctuations. FXSs are initially recognized at fair value on the consolidated statement of financial position on the date the derivative contracts are entered into and are subsequently re-measured to their fair value at each reporting date. The fair value of these derivative financial instruments is based on a discounted cash flow calculation. The resulting changes in fair value are recognized in the consolidated statements of profit or loss and other comprehensive income. FXSs are presented as assets when their valuation is favorable to the Group and as liabilities when unfavorable to the Group. Cash outflows and inflows resulting from FXSs derivative contracts are presented as cash flows from operations in the consolidated statement of cash flows. Foreign exchange forward swap agreements are considered Level 2 financial instruments.
Interest income and finance cost	Interest income and finance cost Interest income comprise interest receivable from available bank balances and short-term deposits. Financing costs comprise interest payable on borrowings, various banks charges and bank related fees. Interest income and finance costs are recognized in the consolidated statements of profit or loss and other comprehensive income, using the effective interest rate method, as they accrue.
Standards and interpretations effective in the current year	Standards and interpretations effective in the current year The following standards and amendments relevant to the Group were effective in the current year: In February 2021, the IASB amended IAS 1 Presentation of Financial Statements, IFRS Practice Statement 2 and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors to improve accounting policy disclosures and to help the users of the financial statements to distinguish between changes in accounting estimates and changes in accounting policies. The amendments are effective for annual periods beginning on or after January 1, 2023. These amendments did not have a material impact on the Group’s financial statements. All other IFRS standards and amendments that became effective in the current year were not relevant to the Group or were not material with respect to the Group’s financial statements.
Standards and amendments in issue not yet effective	Standards and amendments in issue not yet effective At the date of authorization of these consolidated financial statements, the following standards and amendments relevant to the Group were in issue but not yet effective: In January 2020, the IASB issued a narrow-scope amendment to IAS 1 Presentation of Financial Statements, to clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date (for example, the receipt of a waiver or a breach of covenant). The amendment also clarifies what IAS 1 means when it refers to the “settlement” of a liability as the extinguishment of a liability with cash, other economic resources or an entity’s own equity instruments. The amendment will be effective for annual periods beginning on or after January 1, 2024, and should be applied retrospectively in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. Earlier application is permitted. Management anticipates that this amendment will not have a material impact on the Group’s financial statements. In September 2022, the IASB issued “Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)”. The amendments require a seller-lessee to measure the lease liability arising from a leaseback in a way that it does not result in recognition of a gain or loss that relates to the right of use it retains, after the commencement date. The amendments will be effective for annual reporting periods beginning on or after January 1, 2024, with earlier application permitted. Management anticipates that these amendments will not have a material impact on the Group’s financial statements. In October 2022, the IASB has published “Non-current liabilities with covenants (Amendments to IAS 1)” to clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a liability. The amendments will be effective for annual reporting periods beginning on or after January 1, 2024, with earlier application permitted. Management anticipates that this amendment will not have a material impact on the Group’s financial statements. In June 2023, the International Sustainability Standards Board (“ISSB”) issued IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures. The objective of IFRS S1 and IFRS S2 is to require an entity to disclose information about its sustainability-related risks and opportunities and climate-related risks and opportunities, respectively, that is useful to users of general-purpose financial reports in making decisions relating to providing resources to the entity. IFRS S1 is effective for annual reporting periods beginning on or after January 1, 2024 with earlier application permitted as long as IFRS S2 is also applied. IFRS S2 is effective for annual reporting periods beginning on or after January 1, 2024 with earlier application permitted as long as IFRS S1 is also applied. Management anticipates that these standards will have a disclosure impact on the Group’s financial statements. There are no other IFRS standards and amendments issued by but not yet effective that are expected to have a material effect on the Group’s financial statements.

Incorporation and General Inf_2

Incorporation and General Information (Tables)	12 Months Ended
	Dec. 31, 2023
Incorporation and General Information
Schedule of interest held by OET	As at December 31, 2023 the Group comprises the following companies: ​ ​ ​ ​ ​ ​ ​ ​ Company name Date of Acquisition of Interest by OET Incorporated Interest held by OET Therassia Marine Corp. ​ 28-Jun-18 Liberia 100 % Milos Marine Corp. ​ 28-Jun-18 Liberia 100 % Ios Maritime Corp. ​ 28-Jun-18 Liberia 100 % Omega One Marine Corp. ​ 28-Jun-18 Marshall Islands 100 % Omega Two Marine Corp. ​ 28-Jun-18 Marshall Islands 100 % Omega Three Marine Corp. ​ 28-Jun-18 Marshall Islands 100 % Omega Four Marine Corp. ​ 28-Jun-18 Marshall Islands 100 % Omega Five Marine Corp. ​ 28-Jun-18 Marshall Islands 100 % Omega Six Marine Corp. ​ 9-Oct-19 Marshall Islands 100 % Omega Seven Marine Corp. ​ 28-Jun-18 Marshall Islands 100 % Omega Nine Marine Corp. ​ 28-Jun-18 Marshall Islands 100 % Omega Ten Marine Corp. ​ 9-Oct-19 Marshall Islands 100 % Omega Eleven Marine Corp. ​ 28-Jun-18 Marshall Islands 100 % Nellmare Marine Ltd ​ 28-Jun-18 Marshall Islands 100 % Anassa Navigation S.A. ​ 28-Jun-18 Marshall Islands 100 % Arethusa Shipping Ltd. ​ 28-Jun-18 Marshall Islands 100 % Moonsprite Shipping Corp. ​ 28-Jun-18 Marshall Islands 100 % Theta Navigation Ltd ​ 15-Jun-21 Marshall Islands 100 % Ark Marine S.A. ​ 15-Jun-21 Marshall Islands 100 % OET Chartering Inc. ​ 28-Jun-18 Marshall Islands 100 % Okeanis Eco Tankers Corp. ​ — Marshall Islands — ​ ​

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2023
Inventories
Schedule of inventories	​ ​ ​ ​ ​ ​ As of December 31, 2023 2022 Bunkers 21,986,056 13,914,723 Lubricants 2,979,904 2,740,559 Provisions 351,307 355,249 Urea 36,750 — Total 25,354,017 17,010,531

Vessels, Net (Tables)

Vessels, Net (Tables)	12 Months Ended
	Dec. 31, 2023
Vessels, Net
Schedule of vessels, net	​ ​ ​ ​ ​ ​ ​ ​ ​ Vessels’ cost Dry-docking and special survey costs Total Cost Balance – January 1, 2022 943,569,428 11,337,851 954,907,279 Transfers from Vessels under construction 194,652,377 2,000,000 196,652,377 Additions — 367,669 367,669 Balance - December 31, 2022 1,138,221,805 13,705,520 1,151,927,325 Fully amortized Dry-Dock component — (1,600,000) (1,600,000) Additions — 4,109,803 4,109,803 Balance – December 31, 2023 1,138,221,805 16,215,323 1,154,437,128 Accumulated Depreciation Balance – January 1, 2022 (85,311,684) (4,387,215) (89,698,899) Depreciation charge for the year (35,353,891) (2,578,500) (37,932,391) Balance - December 31, 2022 ​ (120,665,575) ​ (6,965,715) ​ (127,631,290) Fully amortized Dry-Dock component ​ — ​ 1,600,000 ​ 1,600,000 Depreciation charge for the year ​ (37,517,768) ​ (2,819,890) ​ (40,337,658) Balance – December 31, 2023 (158,183,343) (8,185,605) (166,368,948) Net Book Value – December 31, 2022 1,017,556,230 6,739,805 1,024,296,035 Net Book Value – December 31, 2023 980,038,462 8,029,718 988,068,180
Schedule of other fixed assets	​ ​ ​ ​ ​ ​ As of December 31, 2023 2022 Right-of-Use assets 26,233 71,204 Other fixed assets 61,019 61,019 Total 87,252 132,223

Vessels Under Construction (Tab

Vessels Under Construction (Tables)	12 Months Ended
	Dec. 31, 2023
Vessels Under Construction
Schedule of vessels under construction	​ ​ ​ ​ Balance – January 1, 2022 18,193,257 Additions during the period 178,459,120 Transfers during the period to vessels, net (196,652,377) Balance – December 31, 2022 —

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2023
Accrued Expenses
Schedule of accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 2022 2021 Accrued payroll related taxes 25,581 15,645 15,842 Accrued voyage expenses 456,344 1,021,539 30,406 Accrued loan interest 1,780,885 3,781,363 1,254,301 Accrued social insurance contributions 164,406 91,573 94,530 Accrued operating expenses 1,001,994 1,036,952 826,166 Other accrued expenses 55,832 77,827 402,500 Total 3,485,042 6,024,899 2,623,745 ​

Vessel Operating Expenses (Tabl

Vessel Operating Expenses (Tables)	12 Months Ended
	Dec. 31, 2023
Vessel Operating Expenses
Schedule of vessel operating expenses	​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 2022 2021 Crew costs 25,824,142 23,283,420 27,617,203 Insurances 3,273,552 3,084,189 3,332,394 Stores 1,874,962 1,566,555 1,206,306 Spares 2,556,623 1,382,223 1,450,609 Repairs and surveys 2,188,650 1,826,758 2,153,673 Flag expenses 643,661 531,871 417,241 Lubricants 3,250,710 2,466,943 2,282,815 Telecommunication expenses 450,040 195,605 280,936 Miscellaneous expenses 1,679,945 1,402,896 1,954,820 Total 41,742,285 35,740,460 40,695,997 ​

Voyage Expenses (Tables)

Voyage Expenses (Tables)	12 Months Ended
	Dec. 31, 2023
Voyage Expenses
Schedule of voyage expenses	​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 2022 2021 Port expenses 30,385,334 17,962,872 13,678,442 Bunkers 76,215,708 55,671,538 31,070,105 Other voyage expenses 2,958,197 451,811 258,215 Total 109,559,239 74,086,221 45,006,762 ​

General and Administrative ex_2

General and Administrative expenses (Tables)	12 Months Ended
	Dec. 31, 2023
General and Administrative expenses
Schedule of general and administrative expenses	​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 2022 2021 Employee costs 5,816,591 3,998,981 3,896,025 Directors’ fees and expenses 906,598 850,942 875,506 Professional fees 2,032,332 287,355 262,332 Other expenses 1,177,852 159,245 61,077 Total 9,933,373 5,296,523 5,094,940

Long-Term Borrowings (Tables)

Long-Term Borrowings (Tables)	12 Months Ended
	Dec. 31, 2023
Long-Term Borrowings
Schedule of loan agreements	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan Facility Vessel ​ Outstanding Loan Balance as of December 31,2023 ​ Unamortized Deferred Financing Fees ​ Outstanding Net of Loan Financing Fees Interest Rate (SOFR(S)**+Margin) $56.0 Million Sale and Leaseback Agreement ​ Milos ​ ​ 35,016,494 ​ ​ 244,178 ​ ​ 34,772,316 S+ 5.84 % $54.0 Million Sale and Leaseback Agreement ​ Poliegos ​ 32,255,273 ​ 230,740 ​ 32,024,533 S+ 7.01 % $113.0 Million Secured Term Loan Facility ​ Kimolos ​ 32,100,000 ​ 178,654 ​ 31,921,346 S+ 1.90 % ​ ​ Folegandros ​ 32,100,000 ​ 178,654 ​ 31,921,346 S+ 1.90 % ​ ​ Nissos Keros ​ 44,400,000 ​ 247,113 ​ 44,152,887 S+ 1.90 % $84.0 Million Secured Term Loan facility ​ Nissos Sikinos ​ 41,212,500 ​ 317,556 ​ 40,894,944 S+ 1.85 % ​ ​ Nissos Sifnos ​ 41,212,500 ​ 319,363 ​ 40,893,137 S+ 1.85 % $167.5 Million Sale and Leaseback Agreements ​ Nissos Rhenia ​ 55,383,053 ​ 994,469 ​ 54,388,584 S+ 5.21 % ​ ​ Nissos Despotiko ​ 55,725,044 ​ 1,009,605 ​ 54,715,439 S+ 5.21 % $125.7 Million Secured Term Loan Facility ​ Nissos Donoussa ​ 58,335,000 ​ 374,932 ​ 57,960,068 S+ 2.50 % ​ ​ Nissos Kythnos ​ 58,335,000 ​ 374,932 ​ 57,960,068 S+ 2.50 % $58.0 Million Secured Term Loan Facility ​ Nissos Anafi ​ 44,500,000 ​ 231,108 ​ 44,268,892 S+ 2.09 % $194.0 Million Sale and Leaseback Agreements and $35.1 Million Unsecured Term Loan with Okeanis Marine Holdings S.A. ​ Nissos Kea ​ 83,053,750 ​ 263,396 ​ 82,790,354 S+ 2.66 %(*) ​ ​ Nissos Nikouria ​ ​ 84,857,750 ​ ​ 272,716 ​ 84,585,034 S+ 2.67 %(*) ​ ​ Total ​ ​ 698,486,364 ​ ​ 5,237,416 ​ ​ 693,248,948 S+ 3.15 % ​ ​ Other Finance-lease liabilities ​ ​ ​ ​ ​ ​ ​ ​ 33,738 ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ 693,282,686 ​ ​ ​ * Weighted average between primary lender margin & Sponsor borrowing fixed rate. ** Post the transition from LIBOR to SOFR as the base rate, certain financings include an applicable Credit Adjustment Spread (“CAS”) on top of the SOFR base rate
Schedule of finance lease liabilities with respect to the Right-of-Use assets	The Group has recognized the following finance lease liabilities with respect to the Right-of-Use assets: ​ ​ ​ ​ ​ As of December 31, 2023 2022 Office space 14,518 36,249 Cars 19,220 39,510 Total 33,738 75,759 ​ The maturities of lease liabilities are the following: ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 2022 No later than one year 34,506 50,599 Later than one year and not later than five years — 29,516 Total 34,506 80,115
Schedule of debt	Long-term debt net of current portion and current portion of long-term borrowings are analyzed as follows: ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term borrowings, Current portion of As of December 31, 2023 ​ net of current portion ​ long-term borrowings ​ Total Outstanding loan balance 619,582,782 78,903,582 698,486,364 Financing fees (4,282,657) (954,759) (5,237,416) Total 615,300,125 77,948,823 693,248,948 ​ The borrowings are repayable as follows: ​ ​ ​ ​ ​ As of December 31, 2023 2022 No later than one year 78,903,582 71,819,405 Later than one year and not later than five years 278,087,160 298,690,490 Thereafter 341,495,622 374,331,633 Total 698,486,364 744,841,528 Less: Amounts due for settlement within 12 months (78,903,582) (71,819,405) Long-term borrowings, net of current portion 619,582,782 673,022,123
Schedule of cash flow reconciliation of liabilities arising from financing activities	​ ​ ​ ​ Long-term borrowings – January 1, 2021 834,476,641 Cash flows – repayments (261,713,694) Non-cash flows – amortisation of loan financing fees 4,233,322 Long-term borrowings – December 31, 2021 576,996,269 Cash flows – drawdowns ​ 306,298,000 Cash flows – repayments (144,294,604) Loan financing fees ​ (1,732,860) Other Finance-lease liabilities ​ 75,759 Non-cash flows – amortisation of loan financing fees 1,693,117 Long-term borrowings – December 31, 2022 739,035,681 Cash flows – drawdowns 197,000,000 Cash flows – repayments (243,355,165) Loan financing fees (1,350,000) Other Finance-lease liabilities (42,021) Non-cash flows – amortisation of loan financing fees 1,994,191 Long-term borrowings – December 31, 2023 693,282,686 ​

Transactions and Balances wit_2

Transactions and Balances with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2023
Transactions and Balances with Related Parties
Schedule of outstanding amounts and transactions with related parties	​ ​ ​ ​ ​ ​ As of December 31, 2023 2022 Kyklades Maritime Corporation (659,974) 449,629 Total (659,974) 449,629 ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, 2023 2022 2021 Management fees ​ ​ ​ ​ ​ ​ Kyklades Maritime Corporation 4,599,000 4,381,200 5,425,200 Total 4,599,000 4,381,200 5,425,200
Schedule of payments on behalf of the Group	​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, 2023 2022 2021 Crew wages 21,043,047 18,572,373 22,411,827 Other crew expenses 3,639,086 3,357,800 3,555,432 Stores 3,864,683 3,098,044 2,999,210 Technical expenses 8,647,728 5,611,199 6,274,107 Insurance 2,717,938 3,193,137 2,490,958 Health, Safety, Quality, Environmental (HSQE) expenses 592,246 525,210 672,704 Other 801,196 931,952 1,416,495 Total 41,305,924 35,289,715 39,820,733

Share Capital and Additional _2

Share Capital and Additional Paid-in Capital (Tables)	12 Months Ended
	Dec. 31, 2023
Share Capital and Additional Paid-in Capital
Schedule of movement in the Company's issued share capital	The table below shows the movement in the Company’s issued share capital up to and for the year ended on December 31, 2023 hereof: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Date Type of change Change in issued share capital (USD) New issued share capital (USD) No. of shares outstanding net of treasury shares Par value per share 09-Mar-20 Share buy-back — — 32,625,917 0.001 06-Apr-20 Share buy-back — — 32,375,917 0.001 06-Dec-21 Share buy-back — — 32,353,417 0.001 09-Dec-21 Share buy-back — — 32,345,417 0.001 14-Dec-21 Share buy-back — — 32,316,681 0.001 24-Jan-22 Share buy-back — — 32,296,681 0.001 26-Jan-22 Share buy-back — — 32,194,108 0.001 ​

Financial Risk Management (Tabl

Financial Risk Management (Tables)	12 Months Ended
	Dec. 31, 2023
Financial Risk Management
Schedule of expected cash outflows for its financial liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average effective interest rate Less than 1 month 1 – 3 months 3 – 12 months 1 – 5 years 5+ years Total December 31, 2023 ​ ​ Non-Derivative Liabilities ​ ​ Trade payables ​ ​ — — 23,522,506 — — 23,522,506 Accrued expenses ​ ​ — — 3,485,042 — — 3,485,042 Current accounts due to related parties ​ ​ — — 659,974 — — 659,974 Variable interest borrowings 4.08 % 3,138,123 28,239,371 62,054,619 307,066,226 237,943,153 638,441,492 Variable interest for debt financing (Sale and Leaseback Agreements) 9.07 % 2,330,290 4,567,896 21,015,413 106,212,689 139,492,319 273,618,607 Total 5,468,413 32,807,267 110,737,554 413,278,915 377,435,472 939,727,621 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average effective interest rate Less than 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 borrowings ​ 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 (Sale and Leaseback Agreements) 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 ​

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies
Schedule of future minimum contractual time charter revenue	​ ​ ​ ​ ​ ​ As of December 31, 2023 2022 Within one year — 24,416,000 Total — 24,416,000 ​

Earnings_(loss) per Share (Tabl

Earnings/(loss) per Share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings/(loss) per Share
Schedule of earnings/(loss) per share	​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 2022 2021 Profit/(loss) for the period attributable to the Owners of the Group 145,249,722 84,557,539 ​ (903,102) Weighted average number of shares outstanding in the period 32,194,108 32,202,394 32,372,393 Earnings/(loss) per share, basic and diluted 4.51 2.63 (0.03)

Capital Risk Management (Tables

Capital Risk Management (Tables)	12 Months Ended
	Dec. 31, 2023
Capital Risk Management
Capital Risk Management	​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 2022 Total borrowings 698,486,364 744,841,528 Total shareholders’ equity 408,132,148 422,243,261 Gearing ratio 63 % 64 % ​

Lease and Non-Lease Component_2

Lease and Non-Lease Components of Revenue and voyage charter revenue (Tables)	12 Months Ended
	Dec. 31, 2023
Lease and Non-Lease Components of Revenue and voyage charter revenue
Lease and Non-Lease Components of Revenue and voyage charter revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 2022 2021 Lease component ​ 30,584,686 50,536,021 59,098,416 Non-lease component ​ 8,817,934 15,817,114 21,486,951 Total ​ 39,402,620 66,353,135 80,585,367 ​

Interest income, Interest exp_2

Interest income, Interest expense and Other Finance Costs (Tables)	12 Months Ended
	Dec. 31, 2023
Interest income, Interest expense and Other Finance Costs
Schedule of interest and finance related costs	​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, 2023 2022 2021 Interest expense 58,680,985 35,077,293 27,082,841 Amortization and write-off of financing fees 1,994,191 1,693,117 4,233,322 Finance costs related to covenants of early termination — — 4,092,000 Bank charges and loan commitment fees 33,939 729,710 781,978 Other finance costs 469,951 581,855 275,282 Total 61,179,066 38,081,975 36,465,423
Schedule of interest income	​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, 2023 2022 2021 Interest income from time deposits 3,428,321 668,032 — Other interest income 676,243 53,496 3,470 Total 4,104,564 721,528 3,470 ​

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2023
Derivative Financial Instruments
Schedule of fair value of Group's derivative financial assets	​ ​ ​ ​ ​ ​ Derivatives’ Fair values 2023 2022 FXSs 207,488 — FFAs 21,885 209,238 Total 229,373 209,238
Schedule of effect on the consolidated statement of profit or loss	Effect on the Consolidated Statements of Profit or Loss and Other Comprehensive Income ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 2022 2021 Unrealized gain, net on derivatives 229,373 45,960 30,105 Unrealized gain on interest rate swaps — — 4,126,828 Total unrealized gain, net on derivatives 229,373 45,960 4,156,933 ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 2022 2021 Realized gain/(loss), net on derivatives 300,262 2,161,927 (558,916) Realized gain, net on interest rate swaps — 9,274,554 — Total realized gain/(loss), net on derivatives 300,262 11,436,481 (558,916) ​

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2023
Revenue
Schedule of revenue generated from voyage and time agreements	​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, 2023 2022 2021 Voyage Charter 373,693,986 204,619,286 88,412,858 Time Charter (see Note 21) 39,402,620 66,353,135 80,585,367 Total 413,096,606 270,972,421 168,998,225
Schedule of earned revenue under voyage charters	​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, 2023 2022 2021 Freight 338,979,059 192,579,493 77,334,155 Demurrages 34,714,927 12,039,793 11,078,703 Total 373,693,986 204,619,286 88,412,858
Schedule of disclosure of revenue from charterers exceeding 10% of total receivables.	​ ​ ​ ​ ​ ​ ​ Customer 2023 2022 Charterer A 17 % 59 % Charterer B 13 % 10 % Charterer C 10 % 10 %
Schedule of disclosure of revenue from customers exceeding 10% of total revenue.	​ ​ ​ ​ ​ ​ ​ ​ ​ Customer 2023 2022 2021 A — ​ 18 % 13 % B — ​ 14 % 11 % C — ​ 11 % — ​ Total — ​ 43 % 24 %
Schedule of disaggregation of revenue from contracts with customers based on country exceeding 10% of revenue.	​ ​ ​ ​ ​ ​ ​ ​ Country ​ 2023 ​ 2022 ​ 2021 Singapore 73,621,309 42,408,360 37,250,890 United Kingdom 54,254,181 40,158,705 — Hong Kong — 51,127,139 26,879,765 Switzerland 81,031,483 44,257,631 27,755,018 United States 48,788,696 37,069,299 — Turkey ​ 49,470,684 ​ — ​ — Brazil ​ 40,484,566 ​ — ​ — Other 65,445,687 55,951,287 77,112,552 Total 413,096,606 270,972,421 168,998,225

Incorporation and General Inf_3

Incorporation and General Information (Details)	Dec. 31, 2023 item
Incorporation and General Information
Number of vessels	14
Therassia Marine Corp.
Incorporation and General Information
Percentage of interest held	100%
Milos Marine Corp.
Incorporation and General Information
Percentage of interest held	100%
Ios Maritime Corp.
Incorporation and General Information
Percentage of interest held	100%
Omega One Marine Corp.
Incorporation and General Information
Percentage of interest held	100%
Omega Two Marine Corp.
Incorporation and General Information
Percentage of interest held	100%
Omega Three Marine Corp.
Incorporation and General Information
Percentage of interest held	100%
Omega Four Marine Corp.
Incorporation and General Information
Percentage of interest held	100%
Omega Five Marine Corp.
Incorporation and General Information
Percentage of interest held	100%
Omega Six Marine Corp.
Incorporation and General Information
Percentage of interest held	100%
Omega Seven Marine Corp.
Incorporation and General Information
Percentage of interest held	100%
Omega Nine Marine Corp.
Incorporation and General Information
Percentage of interest held	100%
Omega Ten Marine Corp.
Incorporation and General Information
Percentage of interest held	100%
Omega Eleven Marine Corp.
Incorporation and General Information
Percentage of interest held	100%
Nellmare Marine Ltd
Incorporation and General Information
Percentage of interest held	100%
Anassa Navigation S.A.
Incorporation and General Information
Percentage of interest held	100%
Arethusa Shipping Ltd
Incorporation and General Information
Percentage of interest held	100%
Moonsprite Shipping Corp.
Incorporation and General Information
Percentage of interest held	100%
Theta Navigation Ltd
Incorporation and General Information
Percentage of interest held	100%
Ark Marine S.A.
Incorporation and General Information
Percentage of interest held	100%
OET Chartering Inc.
Incorporation and General Information
Percentage of interest held	100%
Glafki
Incorporation and General Information
Percentage of ownership interest in company outstanding common shares	34.20%
Hospitality
Incorporation and General Information
Percentage of ownership interest in company outstanding common shares	20.60%
Alafouzos family
Incorporation and General Information
Percentage of ownership interest in company outstanding common shares	58.21%

Summary of Material Accountin_3

Summary of Material Accounting Policies - Vessels and depreciation (Details) - Vessels' cost	12 Months Ended
	Dec. 31, 2023 $ / T
Property, plant and equipment
Scrap rate per ton of lightweight steel	400
Useful life of vessel	25 years

Summary of Material Accountin_4

Summary of Material Accounting Policies - Special survey and dry-docking costs (Details)	12 Months Ended
	Dec. 31, 2023
Summary of Material Accounting Policies
Term between special survey/dry-docking until vessel reaches 10 years of age	5 years
Term between special survey/dry-docking after vessel reaches 10 years of age	2 years 6 months

Summary of Material Accountin_5

Summary of Material Accounting Policies - Segment Information (Details)	12 Months Ended
	Dec. 31, 2023 segment
Summary of Material Accounting Policies
Number of reportable segments	1

Summary of Material Accountin_6

Summary of Material Accounting Policies - Pension and retirement benefit obligations (Details)	12 Months Ended
	Dec. 31, 2023
Summary of Material Accounting Policies
Usual maximum length of contract for crew on board	9 months

Summary of Material Accountin_7

Summary of Material Accounting Policies - Equity (Details)	Dec. 31, 2023 USD ($) class Vote $ / shares shares	Dec. 31, 2022 USD ($) shares	Jan. 26, 2022 $ / shares shares	Jan. 24, 2022 $ / shares shares	Dec. 31, 2021 shares	Dec. 14, 2021 $ / shares shares	Dec. 09, 2021 $ / shares shares	Dec. 06, 2021 $ / shares shares	Dec. 31, 2020 shares	Apr. 06, 2020 $ / shares shares	Mar. 09, 2020 $ / shares shares
Summary of Material Accounting Policies
Number of classes of common stock | class	1
Number of votes per share | Vote	1
Number of shares outstanding	32,194,108	32,194,108	32,194,108	32,296,681	32,316,681	32,316,681	32,345,417	32,353,417	32,375,917	32,375,917	32,625,917
Par value per share (in dollars per share) | $ / shares	$ 0.001		$ 0.001	$ 0.001		$ 0.001	$ 0.001	$ 0.001		$ 0.001	$ 0.001
Number of treasury shares	695,892
Treasury shares | $	$ 4,583,929	$ 4,583,929

Critical Accounting Judgments_2

Critical Accounting Judgments and Key Sources of Estimation Uncertainty (Details)	12 Months Ended
	Dec. 31, 2023 $ / T
Property, plant and equipment
Period of estimation of daily hire based on prevailing spot and time charter market at date of report	5 years
Term between special survey/dry-docking until vessel reaches 10 years of age	5 years
Term between special survey/dry-docking after vessel reaches 10 years of age	2 years 6 months
Vessels' cost
Property, plant and equipment
Useful life of vessel	25 years
Scrap rate per ton of lightweight steel	400

Inventories (Details)

Inventories (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Inventories
Bunkers	$ 21,986,056	$ 13,914,723
Lubricants	2,979,904	2,740,559
Provisions	351,307	355,249
Urea	36,750
Total	$ 25,354,017	$ 17,010,531

Vessels, Net (Details)

Vessels, Net (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Vessels, Net
Depreciation charge for the year	$ (40,337,658)	$ (37,932,391)	$ (38,666,266)
Vessels
Vessels, Net
Beginning balance	1,024,296,035
Ending balance	988,068,180	1,024,296,035
Vessels | Cost
Vessels, Net
Beginning balance	1,151,927,325	954,907,279
Transfers from Vessels under construction		196,652,377
Fully amortized Dry-Dock component	(1,600,000)
Additions	4,109,803	367,669
Ending balance	1,154,437,128	1,151,927,325	954,907,279
Vessels | Accumulated Depreciation
Vessels, Net
Beginning balance	(127,631,290)	(89,698,899)
Fully amortized Dry-Dock component	1,600,000
Depreciation charge for the year	(40,337,658)	(37,932,391)
Ending balance	(166,368,948)	(127,631,290)	(89,698,899)
Vessels' cost
Vessels, Net
Beginning balance	1,017,556,230
Ending balance	980,038,462	1,017,556,230
Vessels' cost | Cost
Vessels, Net
Beginning balance	1,138,221,805	943,569,428
Transfers from Vessels under construction		194,652,377
Ending balance	1,138,221,805	1,138,221,805	943,569,428
Vessels' cost | Accumulated Depreciation
Vessels, Net
Beginning balance	(120,665,575)	(85,311,684)
Depreciation charge for the year	(37,517,768)	(35,353,891)
Ending balance	(158,183,343)	(120,665,575)	(85,311,684)
Dry-docking and special survey costs
Vessels, Net
Beginning balance	6,739,805
Ending balance	8,029,718	6,739,805
Dry-docking and special survey costs | Cost
Vessels, Net
Beginning balance	13,705,520	11,337,851
Transfers from Vessels under construction		2,000,000
Fully amortized Dry-Dock component	(1,600,000)
Additions	4,109,803	367,669
Ending balance	16,215,323	13,705,520	11,337,851
Dry-docking and special survey costs | Accumulated Depreciation
Vessels, Net
Beginning balance	(6,965,715)	(4,387,215)
Fully amortized Dry-Dock component	1,600,000
Depreciation charge for the year	(2,819,890)	(2,578,500)
Ending balance	$ (8,185,605)	$ (6,965,715)	$ (4,387,215)

Vessels, Net - Additional infor

Vessels, Net - Additional information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Vessels, Net
Depreciation charge for the year	$ 40,337,658	$ 37,932,391	$ 38,666,266
VLCC vessels
Vessels, Net
Transfers from Vessels under construction		$ 196,700,000
Dry-docking and special survey costs - Kimolos
Vessels, Net
Dry-dock cost	1,900,000
Dry-docking and special survey costs - Folegandros
Vessels, Net
Dry-dock cost	$ 2,000,000

Vessels, Net - Other fixed asse

Vessels, Net - Other fixed asset (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Vessels, Net
Right-of-Use assets	$ 26,233	$ 71,204
Other fixed assets	61,019	61,019
Total	87,252	132,223
Depreciation, right-of-use assets	$ 44,970	$ 30,533

Vessels Under Construction (Det

Vessels Under Construction (Details) - Vessels Under Construction	12 Months Ended
	Dec. 31, 2022 USD ($)
Vessels, Net
Beginning balance	$ 18,193,257
Additions	178,459,120
Transfers during the year to vessels, net	$ (196,652,377)

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accrued Expenses
Accrued payroll related taxes	$ 25,581	$ 15,645	$ 15,842
Accrued voyage expenses	456,344	1,021,539	30,406
Accrued loan interest	1,780,885	3,781,363	1,254,301
Accrued social insurance contributions	164,406	91,573	94,530
Accrued operating expenses	1,001,994	1,036,952	826,166
Other accrued expenses	55,832	77,827	402,500
Total	$ 3,485,042	$ 6,024,899	$ 2,623,745

Vessel Operating Expenses (Deta

Vessel Operating Expenses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Vessel Operating Expenses
Crew costs	$ 25,824,142	$ 23,283,420	$ 27,617,203
Insurances	3,273,552	3,084,189	3,332,394
Stores	1,874,962	1,566,555	1,206,306
Spares	2,556,623	1,382,223	1,450,609
Repairs and surveys	2,188,650	1,826,758	2,153,673
Flag expenses	643,661	531,871	417,241
Lubricants	3,250,710	2,466,943	2,282,815
Telecommunication expenses	450,040	195,605	280,936
Miscellaneous expenses	1,679,945	1,402,896	1,954,820
Total	$ 41,742,285	$ 35,740,460	$ 40,695,997

Voyage Expenses (Details)

Voyage Expenses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Voyage Expenses
Port expenses	$ 30,385,334	$ 17,962,872	$ 13,678,442
Bunkers	76,215,708	55,671,538	31,070,105
Other voyage expenses	2,958,197	451,811	258,215
Total	$ 109,559,239	$ 74,086,221	$ 45,006,762

General and Administrative ex_3

General and Administrative expenses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
General and Administrative expenses
Employee costs	$ 5,816,591	$ 3,998,981	$ 3,896,025
Directors' fees and expenses	906,598	850,942	875,506
Professional fees	2,032,332	287,355	262,332
Other expenses	1,177,852	159,245	61,077
Total	$ 9,933,373	$ 5,296,523	$ 5,094,940

General and Administrative ex_4

General and Administrative expenses - Additional information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
General and Administrative expenses
Audit fees, included in professional fees	$ 663,094	$ 182,540	$ 204,490
Insurance cover, for certain Directors and executives	$ 387,864	$ 164,200	$ 200,000

Long-Term Borrowings (Details)

Long-Term Borrowings (Details) - USD ($)	Dec. 31, 2023	Sep. 08, 2023	Jun. 27, 2023	Dec. 31, 2022	May 23, 2022	Dec. 31, 2021	Dec. 31, 2020
Borrowings
Outstanding Loan Balance	$ 698,486,364			$ 744,841,528
Unamortized Deferred Financing Fees	5,237,416			5,881,606
Total	693,248,948			738,959,922
Other Finance-lease liabilities	33,738			75,759
Total	$ 693,282,686			$ 739,035,681		$ 576,996,269	$ 834,476,641
SOFR
Borrowings
Adjustment to interest rate basis	3.15%
$56.0 Million Sale and Leaseback Agreement | Milos
Borrowings
Outstanding Loan Balance	$ 35,016,494
Unamortized Deferred Financing Fees	244,178
Total	$ 34,772,316
$56.0 Million Sale and Leaseback Agreement | Milos | SOFR
Borrowings
Adjustment to interest rate basis	5.84%
$54.0 Million Sale and Leaseback Agreement | Poliegos
Borrowings
Outstanding Loan Balance	$ 32,255,273
Unamortized Deferred Financing Fees	230,740
Total	$ 32,024,533
$54.0 Million Sale and Leaseback Agreement | Poliegos | SOFR
Borrowings
Adjustment to interest rate basis	7.01%
$113.0 Million Secured Term Loan Facility | SOFR
Borrowings
Adjustment to interest rate basis			1.90%
$113.0 Million Secured Term Loan Facility | Kimolos
Borrowings
Outstanding Loan Balance	$ 32,100,000
Unamortized Deferred Financing Fees	178,654
Total	$ 31,921,346
$113.0 Million Secured Term Loan Facility | Kimolos | SOFR
Borrowings
Adjustment to interest rate basis	1.90%
$113.0 Million Secured Term Loan Facility | Folegandros
Borrowings
Outstanding Loan Balance	$ 32,100,000
Unamortized Deferred Financing Fees	178,654
Total	$ 31,921,346
$113.0 Million Secured Term Loan Facility | Folegandros | SOFR
Borrowings
Adjustment to interest rate basis	1.90%
$113.0 Million Secured Term Loan Facility | Nissos Keros
Borrowings
Outstanding Loan Balance	$ 44,400,000
Unamortized Deferred Financing Fees	247,113
Total	$ 44,152,887
$113.0 Million Secured Term Loan Facility | Nissos Keros | SOFR
Borrowings
Adjustment to interest rate basis	1.90%
$84.0 Million Secured Term Loan Facility | SOFR
Borrowings
Adjustment to interest rate basis		1.85%
$84.0 Million Secured Term Loan Facility | Nissos Sikinos
Borrowings
Outstanding Loan Balance	$ 41,212,500
Unamortized Deferred Financing Fees	317,556
Total	$ 40,894,944
$84.0 Million Secured Term Loan Facility | Nissos Sikinos | SOFR
Borrowings
Adjustment to interest rate basis	1.85%
$84.0 Million Secured Term Loan Facility | Nissos Sifnos
Borrowings
Outstanding Loan Balance	$ 41,212,500
Unamortized Deferred Financing Fees	319,363
Total	$ 40,893,137
$84.0 Million Secured Term Loan Facility | Nissos Sifnos | SOFR
Borrowings
Adjustment to interest rate basis	1.85%
$167.5 Million Sale and Leaseback Agreements | Nissos Rhenia
Borrowings
Outstanding Loan Balance	$ 55,383,053
Unamortized Deferred Financing Fees	994,469
Total	$ 54,388,584
$167.5 Million Sale and Leaseback Agreements | Nissos Rhenia | SOFR
Borrowings
Adjustment to interest rate basis	5.21%
$167.5 Million Sale and Leaseback Agreements | Nissos Despotiko
Borrowings
Outstanding Loan Balance	$ 55,725,044
Unamortized Deferred Financing Fees	1,009,605
Total	$ 54,715,439
$167.5 Million Sale and Leaseback Agreements | Nissos Despotiko | SOFR
Borrowings
Adjustment to interest rate basis	5.21%
$125.7 Million Secured Term Loan Facility | SOFR
Borrowings
Adjustment to interest rate basis					2.50%
$125.7 Million Secured Term Loan Facility | Nissos Donoussa
Borrowings
Outstanding Loan Balance	$ 58,335,000
Unamortized Deferred Financing Fees	374,932
Total	$ 57,960,068
$125.7 Million Secured Term Loan Facility | Nissos Donoussa | SOFR
Borrowings
Adjustment to interest rate basis	2.50%
$125.7 Million Secured Term Loan Facility | Nissos Kythnos
Borrowings
Outstanding Loan Balance	$ 58,335,000
Unamortized Deferred Financing Fees	374,932
Total	$ 57,960,068
$125.7 Million Secured Term Loan Facility | Nissos Kythnos | SOFR
Borrowings
Adjustment to interest rate basis	2.50%
$58.0 Million Secured Term Loan Facility | Nissos Anafi
Borrowings
Outstanding Loan Balance	$ 44,500,000
Unamortized Deferred Financing Fees	231,108
Total	$ 44,268,892
$58.0 Million Secured Term Loan Facility | Nissos Anafi | SOFR
Borrowings
Adjustment to interest rate basis	2.09%
$194.0 Million Sale and Leaseback Agreements and $35.1 Million Unsecured Term Loan with Okeanis Marine Holdings S.A. | Nissos Kea
Borrowings
Outstanding Loan Balance	$ 83,053,750
Unamortized Deferred Financing Fees	263,396
Total	$ 82,790,354
$194.0 Million Sale and Leaseback Agreements and $35.1 Million Unsecured Term Loan with Okeanis Marine Holdings S.A. | Nissos Kea | SOFR
Borrowings
Adjustment to interest rate basis	2.66%
$194.0 Million Sale and Leaseback Agreements and $35.1 Million Unsecured Term Loan with Okeanis Marine Holdings S.A. | Nissos Nikouria
Borrowings
Outstanding Loan Balance	$ 84,857,750
Unamortized Deferred Financing Fees	272,716
Total	$ 84,585,034
$194.0 Million Sale and Leaseback Agreements and $35.1 Million Unsecured Term Loan with Okeanis Marine Holdings S.A. | Nissos Nikouria | SOFR
Borrowings
Adjustment to interest rate basis	2.67%

Long-Term Borrowings - Descript

Long-Term Borrowings - Description of Group borrowing arrangements (Details)

1 Months Ended

12 Months Ended

Mar. 21, 2022 USD ($)

Jul. 08, 2020 USD ($) installment

Jan. 29, 2019 USD ($)

Feb. 10, 2018 USD ($)

Jun. 08, 2017 USD ($)

Mar. 31, 2024 USD ($)

Dec. 31, 2020 USD ($)

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Sep. 08, 2023 USD ($) installment tranche

Jun. 27, 2023 USD ($) installment

May 23, 2022 USD ($) tranche installment

Apr. 18, 2022 USD ($)

Sep. 09, 2020 USD ($) installment tranche

Jul. 07, 2020 USD ($)

Jun. 25, 2019 USD ($) item

Feb. 27, 2019 USD ($) installment

Jan. 24, 2019 USD ($) installment

Feb. 11, 2018 USD ($)

Borrowings

Amount drawn down

$ 197,000,000

$ 306,298,000

Repayment of borrowings

$ 243,355,165

$ 144,294,604

$ 261,713,694

SOFR

Borrowings

Adjustment to interest rate basis

3.15%

$44.0 Million Secured Credit Term Loan Facility

Borrowings

Agreement amount

$ 44,000,000

Amount drawn down

$ 42,200,000

Number of quarterly repayment installments | installment

24

Amount of quarterly installment

$ 695,000

Amount of final balloon payment

$ 25,488,750

$44.0 Million Secured Credit Term Loan Facility | LIBOR

Borrowings

Adjustment to interest rate basis

2.50%

$40.0 Million Secured Term Loan Facility

Borrowings

Agreement amount

$ 40,000,000

$40.0 Million Secured Term Loan Facility | LIBOR

Borrowings

Adjustment to interest rate basis

2.60%

$103.2 Million Secured Term Loan Facility

Borrowings

Agreement amount

$ 103,200,000

$103.2 Million Secured Term Loan Facility, KEXIM Facility

Borrowings

Agreement amount

$ 61,924,800

Number of quarterly repayment installments | installment

48

Amount of quarterly installment

$ 645,050

Number of tranches | tranche

2

$103.2 Million Secured Term Loan Facility, KEXIM Facility | SOFR

Borrowings

Adjustment to interest rate basis

1.80%

Additional credit adjustment spread to interest rate basis

0.26161%

$103.2 Million Secured Term Loan Facility, Commercial Facility

Borrowings

Agreement amount

$ 41,283,200

$125.7 Million Secured Term Loan Facility

Borrowings

Agreement amount

$ 125,700,000

Number of quarterly repayment installments | installment

28

Amount of final balloon payment

$ 39,835,000

Number of tranches | tranche

2

$125.7 Million Secured Term Loan Facility | First eight quarterly Installments

Borrowings

Amount of quarterly installment

$ 750,000

$125.7 Million Secured Term Loan Facility | Twenty quarterly installments after first eight installments

Borrowings

Amount of quarterly installment

$ 850,000

$125.7 Million Secured Term Loan Facility | SOFR

Borrowings

Adjustment to interest rate basis

2.50%

$58.2 Million Secured Term Loan Facility

Borrowings

Agreement amount

$ 58,200,000

Number of quarterly repayment installments | installment

24

Amount of quarterly installment

$ 808,000

Amount of final balloon payment

$ 38,783,000

$58.2 Million Secured Term Loan Facility | LIBOR

Borrowings

Adjustment to interest rate basis

2.25%

$58.0 Million Secured Term Loan Facility

Borrowings

Agreement amount

$ 58,000,000

$58.0 Million Secured Term Loan Facility, CACIB commercial facility

Borrowings

Agreement amount

$ 38,000,000

Number of quarterly repayment installments | installment

32

Amount of quarterly installment

$ 275,000

Amount of final balloon payment

$ 29,200,000

$58.0 Million Secured Term Loan Facility, CACIB commercial facility | SOFR

Borrowings

Adjustment to interest rate basis

2.25%

$58.0 Million Secured Term Loan Facility, CACIB commercial facility | SOFR | Interest periods exceeding month and up to three months

Borrowings

Additional credit adjustment spread to interest rate basis

0.26161%

$58.0 Million Secured Term Loan Facility, CACIB commercial facility | SOFR | Interest periods exceeding three months and up to six months

Borrowings

Additional credit adjustment spread to interest rate basis

0.42826%

$58.0 Million Secured Term Loan Facility, CACIB commercial facility | SOFR | Interest periods exceeding six months and up to twelve months

Borrowings

Additional credit adjustment spread to interest rate basis

0.71513%

$58.0 Million Secured Term Loan Facility, CACIB commercial facility | Siemens Financial Services, Inc.

Borrowings

Amount of outstanding loan transferred

$ 18,587,500

Percentage of outstanding loan transferred

50%

$58.0 Million Secured Term Loan Facility, KEXIM facility loan

Borrowings

Agreement amount

$ 20,000,000

Number of quarterly repayment installments | installment

32

Amount of quarterly installment

$ 625,000

$58.0 Million Secured Term Loan Facility, KEXIM facility loan | SOFR

Borrowings

Adjustment to interest rate basis

1.80%

Additional credit adjustment spread to interest rate basis

0.26161%

$113.0 Million Secured Term Loan Facility

Borrowings

Agreement amount

$ 113,000,000

Number of quarterly repayment installments | installment

20

Amount of quarterly installment

$ 2,200,000

Amount of final balloon payment

$ 69,000,000

$113.0 Million Secured Term Loan Facility | SOFR

Borrowings

Adjustment to interest rate basis

1.90%

$84.0 Million Secured Term Loan Facility

Borrowings

Agreement amount

$ 84,000,000

Number of quarterly repayment installments | installment

24

Amount of quarterly installment

$ 787,500

Amount of final balloon payment

$ 23,100,000

Number of tranches | tranche

2

$84.0 Million Secured Term Loan Facility | SOFR

Borrowings

Adjustment to interest rate basis

1.85%

$56.0 Million Sale and Leaseback Agreement - Milos

Borrowings

Agreement amount

$ 56,000,000

Agreement amount, excluding non-cash element

49,000,000

Agreement amount, non-cash element

7,000,000

Prepaid hire amount

$ 7,000,000

Bareboat vessel charter period

156 months

Charter hire, cash amount

$ 12,825

Charter hire, non-cash amount

1,475

$56.0 Million Sale and Leaseback Agreement - Milos | Minimum

Borrowings

Amount of purchase option

11,500,000

$56.0 Million Sale and Leaseback Agreement - Milos | Maximum

Borrowings

Amount of purchase option

$ 34,700,000

$56.0 Million Sale and Leaseback Agreement - Milos | SOFR

Borrowings

Additional credit adjustment spread to interest rate basis

0.26161%

$54.0 Million Sale and Leaseback Agreement - Poliegos

Borrowings

Agreement amount

$ 54,000,000

Agreement amount, excluding non-cash element

47,200,000

Agreement amount, non-cash element

6,800,000

Prepaid hire amount

$ 7,000,000

Leaseback period

168 months

Charter hire, cash amount

$ 11,550

Charter hire, non-cash amount

1,368.93

$54.0 Million Sale and Leaseback Agreement - Poliegos | Minimum

Borrowings

Amount of purchase option

17,200,000

$54.0 Million Sale and Leaseback Agreement - Poliegos | Maximum

Borrowings

Amount of purchase option

$ 31,100,000

$54.0 Million Sale and Leaseback Agreement - Poliegos | SOFR

Borrowings

Additional credit adjustment spread to interest rate basis

0.26161%

$167.5 Million Sale and Leaseback Agreements - Nissos Rhenia and Nissos Despotiko

Borrowings

Agreement amount

$ 167,500,000

Agreement amount, excluding non-cash element

150,520,000

Prepaid hire amount

$ 9,500,000

Bareboat vessel charter period

180 months

Charter hire, non-cash amount

$ 1,734

$167.5 Million Sale and Leaseback Agreements - Nissos Rhenia and Nissos Despotiko | Minimum

Borrowings

Amount of purchase option

14,200,000

$167.5 Million Sale and Leaseback Agreements - Nissos Rhenia and Nissos Despotiko | Maximum

Borrowings

Amount of purchase option

49,800,000

$167.5 Million Sale and Leaseback Agreements - Nissos Rhenia and Nissos Despotiko | First five years from delivery date

Borrowings

Charter hire, cash amount

18,600

$167.5 Million Sale and Leaseback Agreements - Nissos Rhenia and Nissos Despotiko | From year six after delivery date

Borrowings

Charter hire, cash amount

$ 18,350

$167.5 Million Sale and Leaseback Agreements - Nissos Rhenia and Nissos Despotiko | First two years from delivery date

Borrowings

Charter hire, cash amount

$ 18,600

$167.5 Million Sale and Leaseback Agreements - Nissos Rhenia and Nissos Despotiko | From year five after delivery date

Borrowings

Charter hire, cash amount

17,200

$167.5 Million Sale and Leaseback Agreements - Nissos Rhenia and Nissos Despotiko | SOFR | Interest periods of three months

Borrowings

Additional credit adjustment spread to interest rate basis

0.26161%

$167.5 Million Sale and Leaseback Agreements - Nissos Rhenia and Nissos Despotiko | SOFR | Interest periods of twelve months

Borrowings

Additional credit adjustment spread to interest rate basis

0.71513%

$167.5 Million Sale and Leaseback Agreements - Nissos Rhenia and Nissos Despotiko | Nissos Rhenia | Years two and three after delivery date

Borrowings

Charter hire, cash amount

25,200

$167.5 Million Sale and Leaseback Agreements - Nissos Rhenia and Nissos Despotiko | Nissos Rhenia | SOFR

Borrowings

Adjustment to interest rate basis

5.21%

$167.5 Million Sale and Leaseback Agreements - Nissos Rhenia and Nissos Despotiko | Nissos Despotiko | Years two and three after delivery date

Borrowings

Charter hire, cash amount

$ 23,336

$167.5 Million Sale and Leaseback Agreements - Nissos Rhenia and Nissos Despotiko | Nissos Despotiko | SOFR

Borrowings

Adjustment to interest rate basis

5.21%

$194.0 Million Sale and Leaseback Agreements - Nissos Kea and Nissos Nikouria

Borrowings

Agreement amount

$ 194,000,000

Agreement amount, excluding non-cash element

$ 145,500,000

Bareboat vessel charter period

84 months

$194.0 Million Sale and Leaseback Agreements - Nissos Kea and Nissos Nikouria | Period before commencement of charter period

Borrowings

Charter hire, fixed amount

$ 909,375

$194.0 Million Sale and Leaseback Agreements - Nissos Kea and Nissos Nikouria | Period after commencement of charter period

Borrowings

Charter hire, fixed amount

909,375

$194.0 Million Sale and Leaseback Agreements - Nissos Kea and Nissos Nikouria | After first but prior to seventh anniversary of commencement of charter period

Borrowings

Amount of purchase option

$ 72,750,000

Purchase option as percentage of purchase price

75%

$194.0 Million Sale and Leaseback Agreements - Nissos Kea and Nissos Nikouria | On seventh anniversary of commencement of charter period

Borrowings

Amount of purchase option

$ 40,921,875

$194.0 Million Sale and Leaseback Agreements - Nissos Kea and Nissos Nikouria | SOFR | Period before commencement of charter period

Borrowings

Charter hire, price on variable rate

2.60%

Charter hire, margin on variable rate

2.45%

Charter hire, credit adjustment on variable rate

0.15%

$194.0 Million Sale and Leaseback Agreements - Nissos Kea and Nissos Nikouria | SOFR | Period after commencement of charter period

Borrowings

Charter hire, price on variable rate

2%

$11 Million Scrubber Financing

Borrowings

Agreement amount

$ 11,000,000

Number of vessels for installation of scrubbers | item

6

$11 Million Scrubber Financing | LIBOR

Borrowings

Adjustment to interest rate basis

2%

$35.1 Million Unsecured Sponsor Loan

Borrowings

Agreement amount

$ 35,100,000

Agreement amount per tranche

$ 17,600,000

Borrowings, fixed interest rate

3.50%

Repayment of borrowings

$ 16,700,000

Long-Term Borrowings - Finance

Long-Term Borrowings - Finance lease liabilities with respect to the Right-of-Use assets (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Borrowings
Finance lease liabilities with respect to the Right-of-Use assets	$ 33,738	$ 75,759
Office space
Borrowings
Finance lease liabilities with respect to the Right-of-Use assets	14,518	36,249
Cars
Borrowings
Finance lease liabilities with respect to the Right-of-Use assets	$ 19,220	$ 39,510

Long-Term Borrowings - Undiscou

Long-Term Borrowings - Undiscounted lease liabilities (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Borrowings
Undiscounted lease liabilities	$ 34,506	$ 80,115
Less than one year
Borrowings
Undiscounted lease liabilities	$ 34,506	50,599
1 - 5 years
Borrowings
Undiscounted lease liabilities		$ 29,516

Long-Term Borrowings - Long-ter

Long-Term Borrowings - Long-term debt net of current portion and current portion of long-term borrowings (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Long-Term Borrowings
Long-term borrowings, net of current portion, Outstanding loan balance	$ 619,582,782	$ 673,022,123
Long-term borrowings, net of current portion, financing fees	(4,282,657)	(4,814,520)
Long-term borrowings, net of current portion, Total	615,300,125	668,207,603
Current portion of long-term borrowings, Outstanding loan balance	78,903,582	71,819,405
Current portion of long-term borrowings, financing fees	(954,759)	(1,067,086)
Current portion of long-term borrowings, Total	77,948,823	70,752,319
Outstanding Loan Balance	698,486,364	744,841,528
Financing fees	(5,237,416)	(5,881,606)
Total	$ 693,248,948	$ 738,959,922

Long-Term Borrowings - Long-t_2

Long-Term Borrowings - Long-term debt net of current portions (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Borrowings
Outstanding Loan Balance	$ 698,486,364	$ 744,841,528
Less: Amounts due for settlement within 12 months	(78,903,582)	(71,819,405)
Long-term borrowings, net of current portion	619,582,782	673,022,123
Less than one year
Borrowings
Outstanding Loan Balance	78,903,582	71,819,405
1 - 5 years
Borrowings
Outstanding Loan Balance	278,087,160	298,690,490
Thereafter
Borrowings
Outstanding Loan Balance	$ 341,495,622	$ 374,331,633

Long-Term Borrowings - Cash flo

Long-Term Borrowings - Cash flow reconciliation of liabilities arising from financing activities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Long-Term Borrowings
Long-term borrowings - Beginning balance	$ 739,035,681	$ 576,996,269	$ 834,476,641
Cash flows - drawdowns	197,000,000	306,298,000
Cash flows - repayments	(243,355,165)	(144,294,604)	(261,713,694)
Loan financing fees	(1,350,000)	(1,732,860)
Other Finance-lease liabilities	(42,021)	75,759
Non-cash flows - amortisation of loan financing fees	1,994,191	1,693,117	4,233,322
Long-term borrowings - Ending balance	$ 693,282,686	$ 739,035,681	$ 576,996,269

Long-Term Borrowings - Addition

Long-Term Borrowings - Additional information (Details)	Dec. 31, 2023 USD ($)
Maximum
Borrowings
Leverage ratio of total liabilities to carrying value of total assets (adjusted for the vessel's fair market value)	75%
Minimum
Borrowings
Security cover ratio	145%
Corporate liquidity	$ 10,000,000
Corporate liquidity per vessel	750,000
Consolidated net worth	$ 100,000,000
Minimum | One agreement
Borrowings
Percentage of ultimate legal or beneficial ownership acquired by person or group of persons considered breach of agreement	35%
Minimum | Certain guarantees on sale and leaseback agreements
Borrowings
Percentage of ownership or control by new party or parties not permitted	51%
Minimum | Alafouzos family | Number of financing agreements
Borrowings
Percentage of ownership interest in reporting entity, required by financing arrangements	35%

Transactions and Balances wit_3

Transactions and Balances with Related Parties (Details)	12 Months Ended
	Dec. 31, 2023 USD ($)
Kyklades Maritime Corporation
Transactions and Balances with Related Parties
Daily fee of shipping services per vessel	$ 900

Transactions and Balances wit_4

Transactions and Balances with Related Parties -Related party balances' analysis (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Transactions and Balances with Related Parties
Amounts receivable (payable)	$ (659,974)	$ 449,629
Kyklades Maritime Corporation
Transactions and Balances with Related Parties
Amounts receivable (payable)	(659,974)	449,629
Amounts payable	$ 659,974
Amounts receivable		$ 449,629

Transactions and Balances wit_5

Transactions and Balances with Related Parties - Related party transactions' analysis (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Transactions and Balances with Related Parties
Management fees	$ 4,599,000	$ 4,381,200	$ 5,425,200
Kyklades Maritime Corporation
Transactions and Balances with Related Parties
Management fees	$ 4,599,000	$ 4,381,200	$ 5,425,200

Transactions and Balances wit_6

Transactions and Balances with Related Parties - Payments on behalf of the Group (Details) - Management Company - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Transactions and Balances with Related Parties
Payments on behalf of Group	$ 41,305,924	$ 35,289,715	$ 39,820,733
Crew wages
Transactions and Balances with Related Parties
Payments on behalf of Group	21,043,047	18,572,373	22,411,827
Other crew expenses
Transactions and Balances with Related Parties
Payments on behalf of Group	3,639,086	3,357,800	3,555,432
Stores
Transactions and Balances with Related Parties
Payments on behalf of Group	3,864,683	3,098,044	2,999,210
Technical expenses
Transactions and Balances with Related Parties
Payments on behalf of Group	8,647,728	5,611,199	6,274,107
Insurance
Transactions and Balances with Related Parties
Payments on behalf of Group	2,717,938	3,193,137	2,490,958
Health, Safety, Quality, Environmental (HSQE) expenses
Transactions and Balances with Related Parties
Payments on behalf of Group	592,246	525,210	672,704
Other
Transactions and Balances with Related Parties
Payments on behalf of Group	$ 801,196	$ 931,952	$ 1,416,495

Transactions and Balances wit_7

Transactions and Balances with Related Parties - Key management and Directors' remuneration (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Transactions and Balances with Related Parties
Annual fee of each director	$ 75,000
Directors' fees	450,000	$ 450,000	$ 418,900
Key management personnel remuneration	3,588,185	1,704,665	2,071,165
Key management personnel remuneration payable	$ 0	$ 0	$ 0

Transactions and Balances wit_8

Transactions and Balances with Related Parties - Amendments to management agreements (Details) - Kyklades Maritime Corporation	12 Months Ended
	Dec. 31, 2023
Technical management agreements
Transactions and Balances with Related Parties
Written notice term	36 months
Written notice term in event of change of control of relevant shipowning entity without consent	30 days
Period of continued payment after termination date	36 months
Period of continued payment after notice date	36 months
Shared Services Agreement
Transactions and Balances with Related Parties
Written notice term	2 months

Share Capital and Additional _3

Share Capital and Additional Paid-in Capital (Details)											1 Months Ended									12 Months Ended
	Jan. 26, 2022 USD ($) $ / shares shares	Jan. 26, 2022 kr / shares shares	Jan. 24, 2022 USD ($) $ / shares shares	Jan. 24, 2022 kr / shares shares	Dec. 14, 2021 USD ($) $ / shares shares	Dec. 14, 2021 kr / shares shares	Dec. 09, 2021 USD ($) $ / shares shares	Dec. 09, 2021 kr / shares shares	Dec. 06, 2021 USD ($) $ / shares shares	Dec. 06, 2021 kr / shares shares	Nov. 30, 2023 USD ($) $ / shares	Sep. 30, 2023 USD ($) $ / shares	Jun. 30, 2023 USD ($) $ / shares	Mar. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($) $ / shares shares	Jun. 30, 2021 USD ($) $ / shares	Mar. 31, 2021 USD ($) $ / shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 shares	Apr. 06, 2020 shares	Mar. 09, 2020 shares
Share Capital and Additional Paid-in Capital
Number of shares repurchased | shares	102,573		20,000		28,736		8,000		22,500
Aggregate consideration for purchase of shares | $	$ 850,022		$ 162,117		$ 235,772		$ 70,642		$ 197,116												$ 1,012,139	$ 503,530
Average repurchase price per share | (per share)	$ 8.29	kr 71.3	$ 8.11	kr 69.7	$ 8.20	kr 70.5	$ 8.83	kr 75.9	$ 8.76	kr 75.3
Cash dividend paid per share | $ / shares																			$ 0.10			$ 0.10
Dividends paid | $																			$ 3,200,000			$ 3,219,686
Capital distribution | $											$ 19,300,000	$ 48,300,000	$ 51,500,000	$ 40,200,000	$ 9,800,000	$ 9,800,000	$ 10,000,000	$ 24,300,000		$ 159,360,835	$ 19,594,997	$ 34,309,017
Capital distribution per share | $ / shares											$ 0.60	$ 1.50	$ 1.60	$ 1.25	$ 0.30	$ 0.30	$ 0.31	$ 0.75		$ 4.95	$ 0.60	$ 1.06
Number of shares outstanding | shares	32,194,108	32,194,108	32,296,681	32,296,681	32,316,681	32,316,681	32,345,417	32,345,417	32,353,417	32,353,417					32,194,108		32,316,681			32,194,108	32,194,108	32,316,681	32,375,917	32,375,917	32,625,917
Number of treasury shares | shares																				695,892

Share Capital and Additional _4

Share Capital and Additional Paid-in Capital - Movement in the issued share capital (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022	Jan. 26, 2022	Jan. 24, 2022	Dec. 31, 2021	Dec. 14, 2021	Dec. 09, 2021	Dec. 06, 2021	Dec. 31, 2020	Apr. 06, 2020	Mar. 09, 2020
Share Capital and Additional Paid-in Capital
Number of shares outstanding	32,194,108	32,194,108	32,194,108	32,296,681	32,316,681	32,316,681	32,345,417	32,353,417	32,375,917	32,375,917	32,625,917
Par value per share (in dollars per share)	$ 0.001		$ 0.001	$ 0.001		$ 0.001	$ 0.001	$ 0.001		$ 0.001	$ 0.001

Financial Risk Management - Int

Financial Risk Management - Interest rate risk (Details) - Interest rate risk - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Financial Risk Management
Sensitivity analysis, percentage of increase in interest rate	1%	0.50%
Increase in interest expense due to reasonably possible increase in interest rates	$ 6,894,010	$ 2,251,130

Financial Risk Management - Liq

Financial Risk Management - Liquidity risk (Details) - Liquidity risk - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Financial Risk Management
Non-Derivative Liabilities	$ 939,727,621	$ 1,028,020,576
LIBOR
Financial Risk Management
Interest rate		4.41%
SOFR
Financial Risk Management
Interest rate	3.41%
Less than 1 month
Financial Risk Management
Non-Derivative Liabilities	$ 5,468,413	$ 8,746,501
1 - 3 months
Financial Risk Management
Non-Derivative Liabilities	32,807,267	27,090,151
3 - 12 months
Financial Risk Management
Non-Derivative Liabilities	110,737,554	105,110,132
1 - 5 years
Financial Risk Management
Non-Derivative Liabilities	413,278,915	477,899,170
More than 5 years
Financial Risk Management
Non-Derivative Liabilities	377,435,472	409,174,622
Trade payables
Financial Risk Management
Non-Derivative Liabilities	23,522,506	11,771,964
Trade payables | 3 - 12 months
Financial Risk Management
Non-Derivative Liabilities	23,522,506	11,771,964
Accrued expenses
Financial Risk Management
Non-Derivative Liabilities	3,485,042	6,024,899
Accrued expenses | 3 - 12 months
Financial Risk Management
Non-Derivative Liabilities	3,485,042	$ 6,024,899
Current accounts due to related parties
Financial Risk Management
Non-Derivative Liabilities	659,974
Current accounts due to related parties | 3 - 12 months
Financial Risk Management
Non-Derivative Liabilities	$ 659,974
Variable interest borrowings
Financial Risk Management
Weighted average effective interest rate	4.08%	6.26%
Non-Derivative Liabilities	$ 638,441,492	$ 699,799,765
Variable interest borrowings | Less than 1 month
Financial Risk Management
Non-Derivative Liabilities	3,138,123	5,922,596
Variable interest borrowings | 1 - 3 months
Financial Risk Management
Non-Derivative Liabilities	28,239,371	21,564,122
Variable interest borrowings | 3 - 12 months
Financial Risk Management
Non-Derivative Liabilities	62,054,619	65,076,153
Variable interest borrowings | 1 - 5 years
Financial Risk Management
Non-Derivative Liabilities	307,066,226	365,728,156
Variable interest borrowings | More than 5 years
Financial Risk Management
Non-Derivative Liabilities	$ 237,943,153	$ 241,508,738
Variable interest for debt financing (Sale and Leaseback Agreements)
Financial Risk Management
Weighted average effective interest rate	9.07%	10.02%
Non-Derivative Liabilities	$ 273,618,607	$ 310,423,948
Variable interest for debt financing (Sale and Leaseback Agreements) | Less than 1 month
Financial Risk Management
Non-Derivative Liabilities	2,330,290	2,823,905
Variable interest for debt financing (Sale and Leaseback Agreements) | 1 - 3 months
Financial Risk Management
Non-Derivative Liabilities	4,567,896	5,526,029
Variable interest for debt financing (Sale and Leaseback Agreements) | 3 - 12 months
Financial Risk Management
Non-Derivative Liabilities	21,015,413	22,237,116
Variable interest for debt financing (Sale and Leaseback Agreements) | 1 - 5 years
Financial Risk Management
Non-Derivative Liabilities	106,212,689	112,171,014
Variable interest for debt financing (Sale and Leaseback Agreements) | More than 5 years
Financial Risk Management
Non-Derivative Liabilities	$ 139,492,319	$ 167,665,884

Commitments and Contingencies -

Commitments and Contingencies - Time charter agreements (Details)	Dec. 31, 2022 USD ($)
Commitments and Contingencies
Minimum contractual time charter revenue receivable	$ 24,416,000
Within one year
Commitments and Contingencies
Minimum contractual time charter revenue receivable	$ 24,416,000

Earnings_(loss) per Share (Deta

Earnings/(loss) per Share (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Profit/(loss) and weighted average number of common shares
Profit/(loss) for the period attributable to the Owners of the Group	$ 145,249,722	$ 84,557,539	$ (903,102)
Weighted average number of shares outstanding in the period	32,194,108	32,202,394	32,372,393
Earnings/(loss) per share - basic	$ 4.51	$ 2.63	$ (0.03)
Earnings/(loss) per share - diluted	$ 4.51	$ 2.63	$ (0.03)

Claims Receivable (Details)

Claims Receivable (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Claims Receivable
Claims receivable	$ 115,528	$ 108,391

Capital Risk Management (Detail

Capital Risk Management (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Capital Risk Management
Total borrowings	$ 698,486,364	$ 744,841,528
Total shareholders' equity	$ 408,132,148	$ 422,243,261	$ 358,292,858	$ 397,228,193
Gearing ratio	63%	64%

Lease and Non-Lease Component_3

Lease and Non-Lease Components of Revenue and voyage charter revenue (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of revenue
Revenue	$ 413,096,606	$ 270,972,421	$ 168,998,225
Time Charter
Disaggregation of revenue
Revenue	39,402,620	66,353,135	80,585,367
Time Charter | Lease component
Disaggregation of revenue
Revenue	30,584,686	50,536,021	59,098,416
Time Charter | Non-lease component
Disaggregation of revenue
Revenue	$ 8,817,934	$ 15,817,114	$ 21,486,951

Interest income, Interest exp_3

Interest income, Interest expense and Other Finance Costs - Interest and finance related costs (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest income, Interest expense and Other Finance Costs
Interest expense	$ 58,680,985	$ 35,077,293	$ 27,082,841
Amortization and write-off of financing fees	1,994,191	1,693,117	4,233,322
Finance costs related to covenants of early termination			4,092,000
Bank charges and loan commitment fees	33,939	729,710	781,978
Other finance costs	469,951	581,855	275,282
Total	$ 61,179,066	$ 38,081,975	$ 36,465,423

Interest income, Interest exp_4

Interest income, Interest expense and Other Finance Costs - Interest income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest income, Interest expense and Other Finance Costs
Interest income from time deposits	$ 3,428,321	$ 668,032
Other interest income	676,243	53,496	$ 3,470
Total	$ 4,104,564	$ 721,528	$ 3,470

Derivative Financial Instrume_3

Derivative Financial Instruments - Interest rate swaps and forward freight agreements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023
Derivative financial instruments
Derivative financial assets	$ 209,238	$ 229,373
Interest rate swaps
Derivative financial instruments
Net cash received from termination of swaps	12,300,000
FXSs
Derivative financial instruments
Derivative financial assets		207,488
FFAs
Derivative financial instruments
Derivative financial assets	$ 209,238	$ 21,885

Derivative Financial Instrume_4

Derivative Financial Instruments - Effect on Consolidated Statement of Profit or Loss (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative financial instruments
Unrealized gain, net on derivatives	$ 229,373	$ 45,960	$ 4,156,933
Realized gain/(loss), net on derivatives	300,262	11,436,481	(558,916)
Forward contracts
Derivative financial instruments
Unrealized gain, net on derivatives	229,373	45,960	30,105
Realized gain/(loss), net on derivatives	$ 300,262	2,161,927	(558,916)
Interest rate swaps
Derivative financial instruments
Unrealized gain, net on derivatives			$ 4,126,828
Realized gain/(loss), net on derivatives		$ 9,274,554

Revenue - Revenue generated fro

Revenue - Revenue generated from voyage and time agreements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of revenue
Revenue	$ 413,096,606	$ 270,972,421	$ 168,998,225
Voyage Charter
Disaggregation of revenue
Revenue	373,693,986	204,619,286	88,412,858
Time Charter
Disaggregation of revenue
Revenue	$ 39,402,620	$ 66,353,135	$ 80,585,367

Revenue - Earned revenue and un

Revenue - Earned revenue and unearned revenue (Details) - Voyage Charter - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of revenue
Unearned revenue	$ 5,590,403	$ 9,861,064	$ 790,544
Capitalized contract fulfilment costs	1,903,516	1,646,450
Revenue	373,693,986	204,619,286	88,412,858
Freight
Disaggregation of revenue
Revenue	338,979,059	192,579,493	77,334,155
Demurrages
Disaggregation of revenue
Revenue	$ 34,714,927	$ 12,039,793	$ 11,078,703

Revenue - Charterers (Details)

Revenue - Charterers (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of revenue
Trade receivables	$ 55,234,678	$ 46,393,951
Voyage Charter
Disaggregation of revenue
Receivables from contracts with customers	$ 5,456,339	$ 9,735,393
Charterer A
Disaggregation of revenue
Percentage of entity's trade receivables	17%	59%
Charterer B
Disaggregation of revenue
Percentage of entity's trade receivables	13%	10%
Charterer C
Disaggregation of revenue
Percentage of entity's trade receivables	10%	10%

Revenue - Credit concentration

Revenue - Credit concentration (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Customers accounting for more than 10% of revenue
Major customers exceeding 10% of revenue
Percentage of entity's revenue	43%	24%
Customer A
Major customers exceeding 10% of revenue
Percentage of entity's revenue	18%	13%
Customer B
Major customers exceeding 10% of revenue
Percentage of entity's revenue	14%	11%
Customer C
Major customers exceeding 10% of revenue
Percentage of entity's revenue	11%

Revenue - Revenue by country (D

Revenue - Revenue by country (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of revenue
Revenue	$ 413,096,606	$ 270,972,421	$ 168,998,225
Singapore
Disaggregation of revenue
Revenue	73,621,309	42,408,360	37,250,890
United Kingdom
Disaggregation of revenue
Revenue	54,254,181	40,158,705
Hong Kong
Disaggregation of revenue
Revenue		51,127,139	26,879,765
Switzerland
Disaggregation of revenue
Revenue	81,031,483	44,257,631	27,755,018
United States
Disaggregation of revenue
Revenue	48,788,696	37,069,299
Turkey
Disaggregation of revenue
Revenue	49,470,684
Brazil
Disaggregation of revenue
Revenue	40,484,566
Other
Disaggregation of revenue
Revenue	$ 65,445,687	$ 55,951,287	$ 77,112,552

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)

1 Months Ended

12 Months Ended

Mar. 01, 2024

Jan. 31, 2024

Jan. 29, 2024

Mar. 31, 2024

Nov. 30, 2023

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2022

Sep. 30, 2022

Dec. 31, 2021

Jun. 30, 2021

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Jan. 26, 2024

Apr. 18, 2022

Mar. 21, 2022

Feb. 27, 2019

Subsequent Events

Repayment of borrowings

$ 243,355,165

$ 144,294,604

$ 261,713,694

Capital distribution

$ 19,300,000

$ 48,300,000

$ 51,500,000

$ 40,200,000

$ 9,800,000

$ 9,800,000

$ 10,000,000

$ 24,300,000

$ 159,360,835

$ 19,594,997

$ 34,309,017

Capital distribution per share

$ 0.60

$ 1.50

$ 1.60

$ 1.25

$ 0.30

$ 0.30

$ 0.31

$ 0.75

$ 4.95

$ 0.60

$ 1.06

SOFR

Subsequent Events

Adjustment to interest rate basis

3.15%

$194.0 Million Sale and Leaseback Agreements - Nissos Kea and Nissos Nikouria

Subsequent Events

Agreement amount

$ 194,000,000

$58.0 Million Secured Term Loan Facility

Subsequent Events

Agreement amount

$ 58,000,000

$35.1 Million Unsecured Sponsor Loan

Subsequent Events

Agreement amount

$ 35,100,000

Repayment of borrowings

$ 16,700,000

Amendments to sale and leaseback agreements | $194.0 Million Sale and Leaseback Agreements - Nissos Kea and Nissos Nikouria | Nissos Kea | SOFR

Subsequent Events

Charter hire, price on variable rate

2%

Amendments to sale and leaseback agreements | $194.0 Million Sale and Leaseback Agreements - Nissos Kea and Nissos Nikouria | Nissos Nikouria | SOFR

Subsequent Events

Charter hire, price on variable rate

2%

New sale and leaseback agreements | $73.5 Million Sale and Leaseback Agreement - Nissos Anafi

Subsequent Events

Agreement amount

$ 73,500,000

Term of instrument

7 years

New sale and leaseback agreements | $73.5 Million Sale and Leaseback Agreement - Nissos Anafi | SOFR

Subsequent Events

Charter hire, price on variable rate

1.90%

New sale and leaseback agreements | $58.0 Million Secured Term Loan Facility

Subsequent Events

Repayment of borrowings

$ 43,600,000

Entering into credit facility | $34.7 Million Credit Facility

Subsequent Events

Agreement amount

$ 34,700,000

Term of instrument

6 years

Entering into credit facility | $34.7 Million Credit Facility | SOFR

Subsequent Events

Adjustment to interest rate basis

1.75%

Distribution of capital

Subsequent Events

Capital distribution

$ 21,200,000

Capital distribution per share

$ 0.66

Repayment of borrowings | $35.1 Million Unsecured Sponsor Loan

Subsequent Events

Repayment of borrowings

$ 16,700,000

Related party agreement | Kyklades Maritime Corporation | Emissions Trading Scheme

Subsequent Events

Written notice term

2 months