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Note 5 - Investment in Unconsolidated Affiliates
 12 Months Ended
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.