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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 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 three months ended March 31, 2012 and 2011, Aegean supplied lubricating oils to the Company’s vessels aggregating $242 and $226, respectively. At March 31, 2012 and December 31, 2011, $110 and $101 remained outstanding to Aegean, respectively.
The Company receives internal audit services from employees of Genco, the Company’s Parent. For the three months ended March 31, 2012 and 2011, the Company incurred internal audit service fees of $10 and $5, respectively, which are reimbursable to Genco pursuant to the Management Agreement (Refer to Note 15 — Commitments and Contingencies for further information regarding the Management Agreement). At March 31, 2012 and December 31, 2011, the amount due to Genco from the Company was $2 and $11, respectively, for such services and is included in due to Parent.
During the three months ended March 31, 2012 and 2011, Genco, the Company’s parent, incurred costs of $2 and $14 on the Company’s behalf to be reimbursed to Genco pursuant to the Management Agreement. At March 31, 2012, the amount due to the Company from Genco was $1 and is a reduction in due to Parent. At December 31, 2011, the amount due to Genco from the Company was $1 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 three months ended March 31, 2012 and 2011, the Company incurred costs of $695 and $729 pursuant to the Management Agreement. At March 31, 2012, the amount due to Genco of $16 consisted of commercial service fees and is included in due to Parent. At December 31, 2011, the amount due to Genco of $47 consisted of commercial service fees and is included in due to Parent.
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