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Commitments and Contingencies

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

11. Commitments and Contingencies:

a) Commitments:

The following tables set forth inflows and outflows related to the Company's charter party arrangements and other commitments, as at June 30, 2021.

Charter party arrangements:

			Six month periods ending June 30,
+ inflows/ - outflows			Total			2022			2023			2024			2025			2026			2027 and thereafter
Future, minimum, non-cancellable charter revenue (1)		$	68,256		$	68,256		$	-		$	-		$	-		$	-		$	-
Future, minimum, charter-in hire payments (2)			(2,040)			(2,040)			-			-			-			-			-
Total		$	66,216		$	66,216		$	-		$	-		$	-		$	-		$	-

(1)

The amounts represent the minimum contractual charter revenues to be generated from the existing, as of June 30, 2021, 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, 2021, time charter-in arrangements for third party vessels.

Other commitments:

Six month periods ending June 30,

+ inflows/ - outflows Total 2022 2023 2024 2025 2026 2027 and thereafter

Vessel BWTS (1) (25,584) (25,584) - - - - -

Office rent (2) (762) (762)

Total $ (26,346) $ (26,346) $ - $ - $ - $ - $ -

(1)

The amounts represent the Company’s commitments as of June 30, 2021, for installation of Ballast Water Treatment System (“BWTS”) on its vessels so as to comply with environmental regulations.

(2)

The amount reflects the minimum rental payments under the office rental agreements that the Company is party to as of June 30, 2021.

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.