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Commitments and Contingencies
 6 Months Ended
Jun. 30, 2013
Commitments and Contingencies [Abstract]  
Commitments and Contingencies
14.      Commitments and Contingencies:
 
a)      Future minimum contractual charter revenue
Future minimum contractual charter revenue, based on vessels committed to non-cancelable, time charter contracts net of address commission which amounted to $1,469, as of June 30, 2013 will be:
 
 
Years ending June 30,
 
 
Amount*
 
2014
 
$
25,038
 
2015
 
 
9,102
 
2016
 
 
3,561
 
2017
 
 
-
 
2018
 
 
-
 
2019 and thereafter
 
 
-
 
Total
 
$
37,701
 
 
 
 
 
 
(*)      These amounts do not include any assumed off-hire except for the scheduled dry-docking intermediate and special surveys of the vessels.
 
b)      Legal proceedings
Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company's vessels. The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of any such claims or contingent liabilities, for which it has not accrued for, requiring disclosure in the accompanying unaudited interim condensed consolidated financial statements.
The Company's vessels are covered for pollution in the amount of $1 billion per vessel per incident, by the P&I Association in which the Company's vessels are entered. The Company's vessels are subject to calls payable to their P&I Association and may be subject to supplemental calls which are based on estimates of premium income and anticipated and paid claims. Such estimates are adjusted each year by the board of directors of the P&I Association until the closing of the relevant policy year, which generally occurs within three years from the end of the policy year. Supplemental calls, if any, are expensed when they are announced and according to the period they relate to. The Company is not aware of any supplemental calls in respect of any policy years other than those that have already been recorded in its condensed consolidated financial statements.