| Transactions with Related Parties |
During the years ended December 31, 2019, 2020, and 2021, the Company incurred
the following charges in connection with related party transactions, which are included in the accompanying consolidated statements of comprehensive income/ (loss):
|
|
Year ended
December 31,
2019
|
|
|
Year ended
December 31,
2020
|
|
|
Year ended
December 31,
2021
|
|
|
Management fees-related parties
|
|
|
|
|
|
|
|
|
|
|
Management fees – Pavimar (a)
|
|
$
|
212,300
|
|
|
$
|
768,000
|
|
|
$
|
4,761,000
|
|
|
Management fees – Castor Ships (c)
|
|
|
—
|
|
|
|
162,500
|
|
|
|
1,983,750
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Included in Voyage expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charter hire commissions – Castor Ships (c)(d)
|
|
$
|
40,471
|
|
|
$
|
29,769
|
|
|
$
|
1,671,145
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Included in Interest and finance
costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expenses (b) – Thalassa
|
|
$
|
162,500
|
|
|
$
|
305,000
|
|
|
$
|
204,167
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Included in General and
administrative expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administration fees – Castor Ships (c)
|
|
$
|
—
|
|
|
$
|
400,000
|
|
|
$
|
1,200,000
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
Included in Vessels’ cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale & purchase commission – Castor Ships (c)
|
|
$
|
—
|
|
|
$
|
138,600
|
|
|
$
|
3,406,400
|
|
As of December 31, 2020, and 2021, balances with related parties consisted of
the following:
| |
|
December 31,
2020
|
|
|
December 31,
2021
|
|
|
Assets:
|
|
|
|
|
|
|
Due from Pavimar (a) – current
|
|
$
|
1,559,132
|
|
|
$
|
—
|
|
|
Due from Pavimar (a) – non-current
|
|
|
— |
|
|
|
810,437 |
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
Due to Pavimar (a) – current
|
|
|
— |
|
|
|
3,909,885 |
|
|
Related party debt (b) – Thalassa
|
|
$
|
5,000,000
|
|
|
$
|
—
|
|
|
Accrued loan interest (b) – Thalassa
|
|
|
405,000
|
|
|
|
—
|
|
|
Voyage commissions, management fees and other
expenses due to Castor Ships (c)
|
|
|
1,941
|
|
|
|
597,684
|
|
|