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RELATED PARTY TRANSACTIONS
 3 Months Ended
Mar. 31, 2017
RELATED PARTY TRANSACTIONS  
RELATED PARTY TRANSACTIONS

7 - 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. During the three months ended March 31, 2017, the Company did not identify any related party transactions. The following represent related party transactions reflected in these condensed consolidated financial statements:

 

The Company incurred travel and other office related expenditures from Gener8 Maritime, Inc. (“Gener8”), where the Company’s former Chairman, Peter C. Georgiopoulos, serves as Chairman of the Board.  During the three months ended March 31, 2016, the Company incurred travel and other office related expenditures totaling $24 reimbursable to Gener8 or its service provider. At December 31, 2016, the amount due to Gener8 from the Company was $0.

 

During the three months ended March 31, 2016, the Company did not incur any expenses for legal services (primarily in connection with vessel acquisitions) from Constantine Georgiopoulos, the father of Peter C. Georgiopoulos, the former Chairman of the Board.  At March 31, 2017 and December 31, 2016, the amount due to Constantine Georgiopoulos was $0 and $10, respectively.

 

The Company has entered into agreements with Aegean Marine Petroleum Network, Inc. (“Aegean”) to purchase lubricating oils for certain vessels in its fleet.  Peter C. Georgiopoulos, former Chairman of the Board of the Company, is Chairman of the Board of Aegean.  During the three months ended March 31, 2016, Aegean supplied lubricating oils and bunkers to the Company’s vessels aggregating $443.  At December 31, 2016, $0 remained outstanding.

 

During the three months ended March 31, 2016, the Company invoiced MEP for technical services provided, including termination fees, and expenses paid on MEP’s behalf aggregating $812. Peter C. Georgiopoulos, former Chairman of the Board, was a director of and had a minority interest in MEP.  At December 31, 2016, $0 was due to the Company from MEP.  Total service revenue earned by the Company, including termination fees, for technical service provided to MEP for the three months ended March 31, 2016 was $811.