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RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2016
RELATED PARTY TRANSACTIONS  
RELATED PARTY TRANSACTIONS

8 - RELATED PARTY TRANSACTIONS

 

On October 13, 2016, Peter C. Georgiopoulos resigned as Chairman of the Board and a Director of the Company, refer to Note 1 — General Information. 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. (“Gener8”), formerly General Maritime Corporation, where the Company’s former Chairman, Peter C. Georgiopoulos, serves as Chairman of the Board.  For the years ended December 31, 2016 and 2015 and for the period from July 9 to December 31, 2014, the Successor Company invoiced $0,  $0 and $12, respectively, to Gener8 and for the period from January 1 to July 9, 2014, the Predecessor Company invoiced $72 to Gener8. The amounts billed to Gener8 include time associated with such internal audit services and other expenditures.  Additionally, for the years ended December 31, 2016 and 2015 and for the period from July 9 to December 31, 2014, the Successor Company incurred travel and other office related expenditures totaling $73,  $111 and $53, respectively. For the period from January 1 to July 9, 2014, the Predecessor Company incurred travel and other office related expenditures totaling $49.  These amounts are reimbursable to Gener8 or its service provider. At December 31, 2016 and 2015, the amount due to Gener8 from the Company was $0 and $8, respectively.

 

During the years ended December 31, 2016 and 2015 and for the period from July 9 to December 31, 2014, the Successor Company incurred legal services (primarily in connection with vessel acquisitions) aggregating $0,  $18 and $11, respectively, from Constantine Georgiopoulos, the father of Peter C. Georgiopoulos, the former Chairman of the Board. Additionally, during the period from January 1 to July 9, 2014, the Predecessor Company incurred legal services aggregating $3 from Constantine Georgiopoulos. At December 31, 2016 and 2015, the amount due to Constantine Georgiopoulos was $10 and $11, 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, former Chairman of the Board of the Company, is Chairman of the Board of Aegean.  During the years ended December 31, 2016 and 2015 and for the period from July 9 to December 31, 2014, Aegean supplied lubricating oils and bunkers to the Successor Company’s vessels aggregating $1,188,  $1,725 and $790, respectively. During the period from January 1 to July 9, 2014, Aegean supplied lubricating oils to the Predecessor Company’s vessels aggregating $1,087. At December 31, 2016 and 2015, $0 and $219 remained outstanding, respectively.

 

During the years ended December 31, 2016 and 2015 and for the period from July 9 to December 31, 2014, the Successor Company invoiced MEP for technical services provided, including termination fees, and expenses paid on MEP’s behalf aggregating $2,325,  $3,233 and $1,618, respectively. During the period from January 1 to July 9, 2014, the Predecessor Company invoiced MEP for technical services provided and expenses paid on MEP’s behalf aggregating $1,743. Peter C. Georgiopoulos, former Chairman of the Board, was a director of and had a minority interest in MEP.  At December 31, 2016 and 2015, $0 and $603, respectively, was due to the Company from MEP.  Total service revenue earned by the Successor Company, including termination fees, for technical service provided to MEP for the years ended December 31, 2016 and 2015 and for the period from July 9 to December 31, 2014 was $2,340,  $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 was $1,701.