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RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2015
RELATED PARTY TRANSACTIONS  
RELATED PARTY TRANSACTIONS

 

8 - RELATED PARTY TRANSACTIONS

 

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

 

Until December 31, 2014, the Company made available employees performing internal audit services to Gener8 Maritime, Inc., formerly General Maritime Corporation (“Gener8”), where the Company’s Chairman, Peter C. Georgiopoulos, also serves as Chairman of the Board.  For the year ended December 31, 2015 and for the period from July 9 to December 31, 2014, the Successor Company invoiced $0 and $12, respectively, to Gener8 and for the period from January 1 to July 9, 2014 and for the year ended December 31, 2013, the Predecessor Company invoiced $72 and $145, respectively, to Gener8.  The amounts billed to Gener8 include time associated with such internal audit services and other expenditures.  Additionally, for the year ended December 31, 2015 and for the period from July 9 to December 31, 2014, the Successor Company incurred travel and other office related expenditures totaling $111 and $53, respectively.  For the period from January 1 to July 9, 2014 and for the year ended December 31, 2013, the Predecessor Company incurred travel and other office related expenditures totaling $49 and $133, respectively.  These amounts are reimbursable to Gener8 or its service provider.  At December 31, 2015 and 2014, the amount due to Gener8 from the Company was $8 and $41, respectively.

 

During the year ended December 31, 2015 and the period from July 9 to December 31, 2014, the Successor Company incurred legal services (primarily in connection with vessel acquisitions) aggregating $18 and $11, respectively, from Constantine Georgiopoulos, the father of Peter C. Georgiopoulos, Chairman of the Board.  Additionally, during the period from January 1 to July 9, 2014 and during the year ended December 31, 2013, the Predecessor Company incurred legal services aggregating $3 and $48, respectively, from Constantine Georgiopoulos. At December 31, 2015 and 2014, the amount due to Constantine Georgiopoulos was $11 and $9, respectively.

 

The Company has entered into agreements with Aegean Marine Petroleum Network, Inc. (“Aegean”) to purchase lubricating oils for certain vessels in the their fleets.  Peter C. Georgiopoulos, Chairman of the Board of the Company, is Chairman of the Board of Aegean.  During the year ended December 31, 2015 and the period from July 9 to December 31, 2014, Aegean supplied lubricating oils to the Successor Company’s vessels aggregating $1,652 and $790, respectively.  Additionally, during the year ended December 31, 2015, Aegean supplied fuel to the Successor Company’s vessels aggregating $73.  During the period from January 1 to July 9, 2014 and during the year ended December 31, 2013; Aegean supplied lubricating oils to the Predecessor Company’s vessels aggregating $1,087 and $1,521, respectively.  At December 31, 2015 and 2014, $219 and $267 remained outstanding, respectively.

 

During the year ended December 31, 2015 and the period from July 9 to December 31, 2014, the Successor Company invoiced MEP for technical services provided and expenses paid on MEP’s behalf aggregating $3,233 and $1,618, respectively.  During the period from January 1 to July 9, 2014 and during the year ended December 31, 2013, the Predecessor Company invoiced MEP for technical services provided and expenses paid on MEP’s behalf aggregating $1,743 and $3,430, respectively.  Peter C. Georgiopoulos, Chairman of the Board, is a director of and has a minority interest in MEP.  At December 31, 2015 and 2014, $603 and $10, respectively, was due to the Company from MEP.  Total service revenue earned by the Successor Company for the technical service provided to MEP for the year ended December 31, 2015 and for the period from July 9 to December 31, 2014 was $3,175 and $1,584, respectively.  Total service revenue earned by the Predecessor Company for technical services provided to MEP for the period from January 1 to July 9, 2014 and for the year ended December 31, 2013 was $1,701 and $3,285, respectively.