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Commitments and Contingencies:

6 Months Ended

Jun. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies:

12. Commitments and Contingencies:

a) Commitments:

The following table sets forth inflows and outflows related to the Company’s charter party arrangements and other commitments, as at June 30, 2020.


			Twelve month periods ending June 30,
+ inflows/ - outflows			Total			2021			2022			2023			2024			2025			2026 and thereafter
Future, minimum, non-cancellable charter revenue (1)		$	48,460		$	48,460		$	—		$	—		$	—		$	—		$	—
Future, minimum, charter-in hire payments (2)			(474)			(474)			—			—			—			—			—
Office rent			(1,028)			(314)			(319)			(269)			(104)			(22)			—
Total		$	46,958		$	47,672		$	(319)		$	(269)		$	(104)		$	(22)		$	—

(1) The amounts represent the minimum contractual charter revenues to be generated from the existing, as of June 30, 2020, non-cancellable time charter agreements, until their expiration, net of address commission, assuming no off-hire days other than those related to scheduled interim and special surveys of the vessels.

(2) The amounts represent the Company’s commitments under the existing, as of June 30, 2020, time charter-in arrangements for vessels not owned by the Company.

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, and has not accrued for, any such claims or contingent liabilities requiring disclosure in the unaudited interim condensed consolidated financial statements.