XML 28 R17.htm IDEA: XBRL DOCUMENT v3.8.0.1
RELATED PARTY TRANSACTIONS
 9 Months Ended
Sep. 30, 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 and nine months ended September 30, 2017, the Company did not identify any related party transactions. The following represent related party transactions reflected in these condensed consolidated financial statements during the nine months ended September 30, 2016:

 

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 nine months ended September 30, 2016, the Company incurred travel and other office related expenditures totaling $73 reimbursable to Gener8 or its service provider. At December 31, 2016, the amount due to Gener8 from the Company was $0.

 

During the nine months ended September 30, 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.  At September 30, 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 was formerly the Chairman of the Board of Aegean.  During the nine months ended September 30, 2016, Aegean supplied lubricating oils and bunkers to the Company’s vessels aggregating $1,189.  At December 31, 2016, $0 remained outstanding.

 

During the nine months ended September 30, 2016, the Company invoiced MEP for technical services provided, including termination fees, and expenses paid on MEP’s behalf aggregating $2,225. Peter C. Georgiopoulos 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 nine months ended September 30, 2016 was $2,240.