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Note 5 - Investment in Unconsolidated Affiliates | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Equity Method Investments and Joint Ventures Disclosure [Text Block] |
(5) | INVESTMENT IN UNCONSOLIDATED AFFILIATES
Amounts due from Sonatide The following table displays the activity in the due from affiliate account related to Sonatide for the periods indicated:
(In Thousands) |  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Due from Sonatide at beginning of year |  | $ | — |  |  | $ | 49,011 |  |  | $ | 41,623 |
Revenue earned by the company through Sonatide |  |  | — |  |  |  | — |  |  |  | 41,775 |
Less amounts received from Sonatide |  |  | — |  |  |  | — |  |  |  | (26,429 | )
Less amounts used to offset Due to Sonatide obligations (A) |  |  | — |  |  |  | — |  |  |  | (8,530 | )
Less impairment of due from affiliate |  |  | — |  |  |  | — |  |  |  | (400 | )
Write off of due from affiliate in connection with the acquisition |  |  | — |  |  |  | (49,011 | ) |  |  | — |
Other |  |  | — |  |  |  | — |  |  |  | 972 |
|  | $ | — |  |  | $ | — |  |  | $ | 49,011 |
| (A) | We reduced the respective due from affiliates and due to affiliates balances each period through netting transactions based on agreement with the joint venture.
In January 2022, we acquired the 51% interest of Sonatide previously held by our partner, which has resulted in Sonatide becoming a wholly-owned subsidiary. Refer to Note (2) for discussion of the acquisition. During the year ended December 31, 2021, we recorded a $0.4 million affiliate credit loss impairment expense. Amounts due to Sonatide The following table displays the activity in the due to affiliate account related to Sonatide for the periods indicated:
(In Thousands) |  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Due to Sonatide at beginning of year |  | $ | — |  |  | $ | 40,432 |  |  | $ | 32,767 |
Plus commissions payable to Sonatide |  |  | — |  |  |  | — |  |  |  | 3,832 |
Plus amounts paid by Sonatide on behalf of the company |  |  | — |  |  |  | — |  |  |  | 10,914 |
Less amounts used to offset Due from Sonatide obligations (A) |  |  | — |  |  |  | — |  |  |  | (8,530 | )
Write off of due to affiliate in connection with the acquisition |  |  | — |  |  |  | (40,432 | ) |  |  | — |
Other |  |  | — |  |  |  | — |  |  |  | 1,449 |
|  | $ | — |  |  | $ | — |  |  | $ | 40,432 |
| (A) | We reduced the respective due from affiliates and due to affiliates balances each period through netting transactions based on agreement with the joint venture.
Company operations in Angola For the year ended December 31, 2021, our prior Angolan joint venture operation generated vessel revenues of approximately $43.2 million or 11.9% of our consolidated vessel revenues, from an average of approximately 24 company owned vessels that are marketed through Sonatide, five of which were stacked on average during the year ended December 31, 2021. Amounts due from DTDW We own 40% of DTDW in Nigeria. Our partner, who owns 60%, is a Nigerian national. We operated company owned vessels in Nigeria for which the joint venture received a commission. We have not operated any company owned vessels in Nigeria since early 2020. In 2022, we entered into a netting arrangement with our partner allowing either partner to discharge their obligations by netting these amounts against sums owed by the other partner. In accordance with this agreement, we have the ability to net our due from affiliate balance against the due to affiliate balance on our consolidated balance sheet.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 323 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481543/323-740-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org//323/tableOfContent + Details
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