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Long-Term Debt | 6 Months Ended
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Jun. 30, 2018
Long-Term Debt [Abstract] |
Long-Term Debt | 6. Long-Term Debt As of June 30, 2018 and December 31, 2017 the Partnership’s long-term debt consisted of the following:
|  | Bank loans |  | As of June 30, 2018 |  |  | As of December 31, 2017 |  |  | Margin |
(i) |  | Issued in September 2017 maturing in October 2023 (the “2017 credit facility”) |  |  | 419,201 |  |  |  | 460,000 |  |  | 3.25% |
(ii) |  | Assumed in October 2016 maturing in November 2022 (the “2015 credit facility”, the “Amor Tranche”) |  |  | 15,750 |  |  |  | 15,750 |  |  | 2.50% |
(iii) |  | Assumed in January 2018 maturing in January 2024 (the “Aristaios credit facility ”) |  |  | 28,333 |  |  |  | - |  |  | 2.85% |
(iv) |  | Assumed in May 2018 maturing in June 2023 (the “2015 credit facility ” the “Anikitos Tranche”) |  |  | 15,625 |  |  |  | - |  |  | 2.50% |
|  | Total long-term debt |  | $ | 478,909 |  |  | $ | 475,750 |  |  |  |
|  | Less: Deferred loan issuance costs |  |  | 5,678 |  |  |  | 6,635 |  |  |  |
|  | Less: Loan associated with vessel held for sale |  |  | - |  |  |  | 14,781 |  |  |  |
|  | Total long-term debt, net |  | $ | 473,231 |  |  | $ | 454,334 |  |  |  |
|  | Less: Current portion of long-term debt |  |  | 54,535 |  |  |  | 52,057 |  |  |  |
|  | Add: Current portion of deferred loan issuance costs |  |  | 1,433 |  |  |  | 1,543 |  |  |  |
|  | Long-term debt, net |  | $ | 420,129 |  |  | $ | 403,820 |  |  |  |
Details of the Partnership’s credit facilities are discussed in Note 7 of the Partnership’s Consolidated Financial Statements for the year ended December 31, 2017. On May 4, 2018, upon the completion of the acquisition of the shares of the company owning the M/T Anikitos (Note 4), the Partnership assumed CMTC’s guarantee with respect to the outstanding balance of $15,625 under the term loan that was entered into on November 19, 2015 with ING Bank N.V. The term loan is required to be repaid in thirteen consecutive equal quarterly installments of $355, beginning in May 2020, plus a balloon payment of $11,010 payable together with the final quarterly instalment in June 2023. The term loan bears interest at LIBOR plus a margin of 2.50%. On January 17, 2018, upon the completion of the acquisition of the shares of the company owning the M/T Aristaios (Note 4), the Partnership assumed CMTC’s guarantee with respect to the outstanding balance of $28,333 under the term loan that was entered into on January 2, 2017 with Credit Agricole Corporate and Investment Bank and ING Bank NV. The term loan is required to be repaid in twelve consecutive equal semi-annual installments of $917, beginning in July 2018, plus a balloon payment of $17,333 payable together with the final semi-annual installment due in January 2024. The term loan bears interest at LIBOR plus a margin of 2.85%. During the six-month period ended June 30, 2018 the Partnership repaid the amount of $26,416 in line with the amortization schedule of its 2017 credit facility and prepaid the amount of $14,383 in connection with the sale of the M/T Aristotelis under the same facility. As of June 30, 2018 and December 31, 2017 the Partnership was in compliance with all financial debt covenants. For the six-month periods ended June 30, 2018 and 2017 interest expense amounted to $12,518 and $12,481, respectively and the weighted average interest rate of the Partnership’s loan facilities was 5.16% and 4.14% respectively.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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