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Commitments and contingencies
 6 Months Ended
Jun. 30, 2014
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 $657, as of June 30, 2014, will be:
 
Twelve month periods ending
 
 
Amount*
June 30, 2015
 
$
24,419
June 30, 2016
 
 
14,541
June 30, 2017
 
 
765
June 30, 2018
 
 
-
June 30, 2019
 
 
-
June 30, 2020 and thereafter
 
 
-
Total
 
$
39,725
 
 
 
 
 
 
 
 
(*)      These amounts do not include any assumed off-hire except for the scheduled dry-docking intermediate and special surveys of the vessels.
 
 
 
 
b)      Contractual obligations
 
The following table sets forth the Company's contractual obligations and their maturity as June 30, 2014.
 
 
 
 
 
Twelve month periods ending June 30,
 
 
Total
 
2015
 
2016
 
2017
 
2018
 
2019
 
2020 and thereafter
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shipbuilding contracts & agreed extra costs
 $
303,934
 
$ 81,747
 
$ 222,187
 
$ -
 
$ -
 
$ -
 
 $-
Bareboat capital leases - upfront hire & handling fees
 
13,080
 
12,024
 
1,056
 
-
 
-
 
-
 
-
Bareboat commitments charter hire (1)
124,739
 
-
 
6,588
 
9,266
 
9,249
 
9,232
 
90,404
Total
$ 
441,753
 
$93,771
 
$229,831
 
$9,266
 
$9,249
 
$9,232
 
$90,404
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) The bareboat charter hire is comprised of fixed and variable portion, the variable portion is calculated based on the 6-month Libor rate of 0.327%, as of June 30, 2014 (please refer to Note 6).
 
 
c)      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.