Vessels, net/ Advances for vessel acquisition
 12 Months Ended
Dec. 31, 2021
Vessels, net/ Advances for vessel acquisition [Abstract]  
Vessels, net/ Advances for vessel acquisition
6.
Vessels, net/ Advances for vessel acquisition:
 
(a) Vessels, net:

The amounts in the accompanying consolidated balance sheets are analyzed as follows:
 
   
Vessel Cost
    
Accumulated depreciation
    
Net Book Value
  
Balance December 31, 2019
    
24,810,061
      
(1,110,032
)
    
23,700,029
  
— Acquisitions, improvements, and other vessel costs
    
36,096,033
      
—
      
36,096,033
  
— Period depreciation
    
—
      
(1,750,434
)
    
(1,750,434
)
Balance December 31, 2020
    
60,906,094
      
(2,860,466
)
    
58,045,628
  
— Acquisitions, improvements, and other vessel costs
    
299,460,599
      
—
      
299,460,599
  
— Transfers from Advances for vessel acquisitions (b)     49,687,450       —
       49,687,450  
— Period depreciation
    
—
      
(13,227,748
)
    
(13,227,748
)
Balance December 31, 2021
    
410,054,143
      
(16,088,214
)
    
393,965,929
  
 

Vessel Acquisitions and other Capital Expenditures:

During the year ended December 31, 2021, the Company agreed to acquire 14 dry bulk carriers and nine tanker vessels for an aggregate cash consideration of $363.6 million (the “2021 Vessel Acquisitions”). Of the 2021 Vessel Acquisitions, 22 were concluded during the year ended December 31, 2021, whereas the last one, this of the Magic Callisto, was concluded on January 4, 2022 (Note 18). The 2021 Vessel Acquisitions were financed with cash on hand and the net proceeds from the debt and equity financings discussed under Notes 7 and 8 below. Details regarding the 2021 Vessel Acquisitions delivered as of December 31, 2020 and 2021, are presented below.
 
Vessel Name
Vessel Type
DWT
Year Built
Country of Construction
Purchase Price (in million)
Delivery Date
2020 Acquisitions
Magic Rainbow
Panamax
73,593
2007
China
$7.85
08/08/2020
Magic Horizon
Panamax
76,619
2010
Japan
 $12.75
10/09/2020
Magic Nova
Panamax
78,833
2010
Japan
$13.86
10/15/2020
2021 Acquisitions
Magic Venus
Kamsarmax
83,416
2010
Japan
$15.85
03/02/2021
Wonder Polaris
Aframax LR2
115,351
2005
S. Korea
$13.60
03/11/2021
Magic Orion
Capesize
180,200
2006
Japan
$17.50
03/17/2021
Magic Argo
Kamsarmax
82,338
2009
Japan
$14.50
03/18/2021
Wonder Sirius
Aframax LR2
115,341
2005
S. Korea
$13.60
03/22/2021
Magic Twilight
Kamsarmax
80,283
2010
S. Korea
$14.80
04/09/2021
Magic Thunder
Kamsarmax
83,375
2011
Japan
$16.85
04/13/2021
Magic Vela
Panamax
75,003
2011
China
$14.50
05/12/2021
Magic Nebula
Kamsarmax
80,281
2010
S. Korea
$15.45
05/20/2021
Wonder Vega
Aframax
106,062
2005
S. Korea
$14.80
05/21/2021
Magic Starlight
Kamsarmax
81,048
2015
China
$23.50
05/23/2021
Wonder Avior
Aframax LR2
106,162
2004
S. Korea
$12.00
05/27/2021
Wonder Arcturus
Aframax LR2
106,149
2002
S. Korea
$10.00
05/31/2021
Wonder Mimosa
Handysize
36,718
2006
S. Korea
$7.25
05/31/2021
Magic Eclipse
Panamax
74,940
2011
Japan
  $18.48
06/07/2021
Wonder Musica
Aframax LR2
106,290
2004
S. Korea
 $12.00
06/15/2021
Wonder Formosa
Handysize
36,660
2006
S. Korea
$8.00
06/22/2021
Magic Pluto
Panamax
74,940
2013
Japan
$19.06
08/06/2021
Magic Perseus
Kamsarmax
82,158
2013
Japan
$21.00
08/09/2021
Magic Mars
Panamax
76,822
2014
S. Korea
$20.40
09/20/2021
Magic Phoenix
Panamax
76,636
2008
Japan
$18.75
10/26/2021
Wonder Bellatrix
Aframax LR2
115,341
2006
S. Korea
$18.15
12/23/2021

During the year ended December 31, 2021, the Company incurred aggregate vessel improvement costs of $1.8 million mainly relating to (i) the purchase and installation of a ballast water management system (“BWMS”) on the Wonder Mimosa during the vessel’s dry dock that was initiated late in the second quarter of 2021 and concluded early in the third quarter of 2021, and (ii) the consideration paid to acquire the BWMS equipment of the Magic Vela and additional BWMS installation costs incurred during the vessel’s dry dock that was initiated in the third quarter and concluded in the fourth quarter of 2021.

During the year ended December 31, 2020, the Company incurred aggregate vessel improvement costs of $1.0 million relating to (i) the purchase and partial installation of a BWMS on the Magic P, and (ii) the purchase and installation of a BWMS on the Magic Sun.

As of December 31, 2021, 13 of the 28 vessels in the Company’s fleet having an aggregate carrying value of $164.7 million were first priority mortgaged as collateral to their loan facilities (Note 7).

Consistent with prior practices, the Company reviewed all its vessels for impairment, and none were found to be impaired at December 31, 2020 and December 31, 2021.
 
(b)
Advances for vessel acquisition

The amounts in the accompanying consolidated balance sheets are analyzed as follows:

   
Vessel Cost
  
Balance December 31, 2020
  
$
—
  
— Advances for vessel acquisitions and other vessel pre-delivery costs
    
52,055,615
  
—Transfer to Vessels, net (a)
    
(49,687,450
)
Balance December 31, 2021
  
$
2,368,165
  
 
During the year ended December 31, 2021, the Company took delivery of the vessels discussed under (a) above and, hence, certain advances paid in the period for these vessels were transferred from Advances for vessel acquisitions to Vessels, net. The balance of Advances for vessel acquisition as of December 31, 2021, reflects the advance payment made for the acquisition of the Magic Callisto (Note 18).