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Accounts and transactions with related parties (Tables)
 12 Months Ended
Dec. 31, 2020
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Summary of Accounts and Transactions with Related Parties
 
 
  
2020
 
  
2019
 
Account receivable -
  
   
  
   
Banco General, S.A.
  
$
1,231
 
  
$
24
 
Panama Air Cargo Terminal
  
 
186
 
  
 
101
 
Petróleos Delta, S.A.
  
 
12
 
  
 
22
 
 
  
 
 
 
  
 
 
 
 
  
$
1,429
 
  
$
147
 
 
  
 
 
 
  
 
 
 
Account payable -
  
   
  
   
Petróleos Delta, S.A.
  
$
2,476
 
  
$
13,330
 
Assa Compañía de Seguros, S.A.
  
 
358
 
  
 
283
 
Desarrollos Inmobiliarios del Este, S.A.
  
 
51
 
  
 
20
 
Panama Air Cargo Terminal
  
 
40
 
  
 
250
 
Galindo, Arias & López
  
 
36
 
  
 
—  
 
Cable Onda, S.A.
  
 
9
 
  
 
20
 
Banco General, S.A.
  
 
—  
 
  
 
151
 
Motta International, S.A.
  
 
—  
 
  
 
32
 
 
  
 
 
 
  
 
 
 
 
  
$2,970
 
  
$14,086
 
 
  
 
 
 
  
 
 
 
Summary of Related Party Transactions
Transactions with related parties for the year ended December 31 are as follows:
 
 
  
 
  
Amount of
transaction
 
 
Amount of
transaction
 
 
Amount of
transaction
 
Related party
  
Transaction
  
2020
 
 
2019
 
 
2018
 
Petróleos Delta, S.A.
  
Purchase of jet fuel
  
$
102,702
 
 
$
376,765
 
 
$
398,733
 
ASSA Compañía de Seguros, S.A.
  
Insurance
  
 
7,147
 
 
 
11,215
 
 
 
9,735
 
Desarrollo Inmobiliario del Este, S.A.
  
Property leasing
  
 
3,301
 
 
 
4,017
 
 
 
3,838
 
Profuturo Administradora de Fondos
  
 
  
   
 
   
 
   
de Pensión y Cesantía
  
Payments
  
 
2,839
 
 
 
5,145
 
 
 
4,716
 
Panama Air Cargo Terminal
  
Handling
  
 
2,037
 
 
 
3,522
 
 
 
5,849
 
Motta International
  
Purchase
  
 
550
 
 
 
1,854
 
 
 
1,585
 
Cable Onda, S.A.
  
Communications
  
 
703
 
 
 
1,396
 
 
 
1,687
 
Galindo, Arias & López
  
Legal services
  
 
236
 
 
 
309
 
 
 
490
 
GBM International, Inc.
  
Technological support
  
 
146
 
 
 
240
 
 
 
231
 
Global Brands, S.A.
  
Purchase
  
 
31
 
 
 
108
 
 
 
55
 
Televisora Nacional, S.A.
  
Communications
  
 
13
 
 
 
—  
 
 
 
—  
 
Banco General, S.A.
  
Interest income
  
$
(2,657
) 
 
$
(4,181
) 
 
$
(3,781
) 
Banco General, S.A.:
The Company’s controlling shareholders have a vote and a decision within the board of directors of BG Financial Group, which is the controlling company of Banco General. Likewise, Banco General, S. A. owns ProFuturo Administradora de Fondos de Pensión y Cesantía S.A., which manages the Company’s reserves for pension purposes. Also the Company has interest receivable by $1.0 million (2019: $2.1 million) due to short and long term time deposits in this financial institution
.
Summary of Key Management Personnel Compensation
Key management personnel compensation is as follows:
 
 
  
2020
 
  
2019
 
  
2018
 
Short-term employee benefits
  
$
3,177
 
  
$
4,969
 
  
$
6,104
 
Post-employment pension
  
 
61
 
  
 
95
 
  
 
117
 
Share-based payments
  
 
2,362
 
  
 
3,246
 
  
 
5,092
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
  
$5,600
 
  
$8,310
 
  
$11,313