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5 - RELATED PARTY TRANSACTIONS
The following include related party transactions not disclosed elsewhere in these condensed consolidated financial statements. Due to Parent, Voyage Expenses to Parent and Management Fees to Parent have been disclosed above in these condensed consolidated financial statements.
During the six months ended June 30, 2011 and 2010, the Company incurred legal services aggregating $0 and $130,433 from Constantine Georgiopoulos, the father of Peter C. Georgiopoulos, Chairman of the Board. At June 30, 2011 and December 31, 2010, $0 was outstanding to Constantine Georgiopoulos.
During 2010, the Company entered into an agreement with Aegean Marine Petroleum Network, Inc. (“Aegean”) to purchase lubricating oils for certain vessels in the Company’s fleet. Peter C. Georgiopoulos, Chairman of the Board of the Company, is also the Chairman of the Board of Aegean. During the six months ended June 30, 2011 and 2010, Aegean supplied lubricating oils to the Company’s vessels aggregating $401,254 and $217,004, respectively. At June 30, 2011 and December 31, 2010, $0 and $137,993 remained outstanding to Aegean, respectively.
During the six months ended June 30, 2011 and 2010, the Company incurred other expenditures totaling $2,985 and $0, respectively, reimbursable to General Maritime Corporation (“GMC”), where the Company’s Chairman, Peter C. Georgiopoulos, also serves as Chairman of the Board of GMC. At June 30, 2011 and December 31, 2010, the amount due to GMC from the Company was $0.
The Company receives internal audit services from employees of Genco, the Company’s Parent. For the six months ended June 30, 2011 and 2010, the Company incurred internal audit service fees of $10,919 and $13,875, respectively, which are reimbursable to Genco pursuant to the Management Agreement (Refer to Note 12 — Commitments and Contingencies for further information regarding the Management Agreement). At June 30, 2011 and December 31, 2010, the amount due to Genco from the Company was $2,879 and $14,763, respectively, for such services and is included in due to Parent.
During the six months ended June 30, 2011 and 2010, Genco, the Company’s parent, incurred costs of $48,244 and $141,935 on the Company’s behalf to be reimbursed to Genco pursuant to the Management Agreement. At June 30, 2011, the amount due to the Company from Genco was $7,808 and at December 31, 2010, the amount due to Genco from the Company was $68,572, for such costs and is included in due to Parent.
Genco also provides the Company with commercial, technical, administrative and strategic services pursuant to the Management Agreement. During the six months ended June 30, 2011 and 2010, the Company incurred costs of $1,471,850 and $2,428,675 pursuant to the Management Agreement. At June 30, 2011, the amount due to Genco of $260,433 included $202,500 of technical service fees and $57,933 of commercial service fees. At December 31, 2010 the amount due to Genco of $1,654,669 included $1,044,500 of sales and purchase fees, $411,750 of technical service fees and $198,419 of commercial service fees.
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