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RELATED PARTY TRANSACTIONS
 3 Months Ended
Mar. 31, 2013
RELATED PARTY TRANSACTIONS  
RELATED PARTY TRANSACTIONS

8 - RELATED PARTY TRANSACTIONS

 

The following represent related party transactions reflected in these condensed consolidated financial statements:

 

The Company makes available employees performing internal audit services to General Maritime Corporation (“GMC”), where the Company’s Chairman, Peter C. Georgiopoulos, also serves as Chairman of the Board.  For the three months ended March 31, 2013 and 2012, the Company invoiced $35 and $48, respectively, to GMC, which includes time associated with such internal audit services and other expenditures.  Additionally, during the three months ended March 31, 2013 and 2012, the Company incurred travel and other office related expenditures totaling $27 and $4, respectively, reimbursable to GMC or its service provider.  At March 31, 2013 and December 31, 2012, the amount due to GMC from the Company was $4 and $12, respectively.

 

During the three months ended March 31, 2013 and 2012, the Company incurred legal services aggregating $0 and $3, respectively, from Constantine Georgiopoulos, the father of Peter C. Georgiopoulos, Chairman of the Board.  There are no amounts due to Constantine Georgiopoulos at March 31, 2013 and December 31, 2012.

 

GS&T and Baltic Trading have entered into agreements with Aegean Marine Petroleum Network, Inc. (“Aegean”) to purchase lubricating oils for certain vessels in their fleets.  Peter C. Georgiopoulos, Chairman of the Board of the Company, is Chairman of the Board of Aegean.  During the three months ended March 31, 2013 and 2012, Aegean supplied lubricating oils to the Company’s vessels aggregating $565 and $499, respectively.  At March 31, 2013 and December 31, 2012, $216 and $278 remained outstanding, respectively.

 

During the three months ended March 31, 2013 and 2012, the Company invoiced MEP for technical services provided and expenses paid on MEP’s behalf aggregating $832 and $846, respectively.  Peter C. Georgiopoulos, Chairman of the Board, controls and has a minority interest in MEP.  At March 31, 2013 and December 31, 2012, $13 and $5, respectively, was due to the Company from MEP.  Total service revenue earned by the Company for technical service provided to MEP for the three months ended March 31, 2013 and 2012 was $810 and $819, respectively.