XML 30 R17.htm IDEA: XBRL DOCUMENT v3.8.0.1
RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 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 year ended December 31, 2017, the Company did not identify any related party transactions.  The following represent related party transactions reflected in these consolidated financial statements during the years ended December 31, 2016 and 2015:

 

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.  For the years ended December 31, 2016 and 2015, the Company incurred travel and other office related expenditures totaling $73 and $111, respectively, reimbursable to Gener8 or its service provider. At December 31, 2016, the amount due to Gener8 from the Company was $0.

 

During the years ended December 31, 2016 and 2015, the Company incurred legal services (primarily in connection with vessel acquisitions) aggregating $0 and $18, respectively, from Constantine Georgiopoulos, the father of Peter C. Georgiopoulos. At December 31, 2017 and 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 years ended December 31, 2016 and 2015, Aegean supplied lubricating oils and bunkers to the Company’s vessels aggregating $1,188 and $1,725, respectively. At December 31, 2016, $0 remained outstanding.

 

During the years ended December 31, 2016 and 2015, the Company invoiced MEP for technical services provided, including termination fees, and expenses paid on MEP’s behalf aggregating $2,325 and $3,233,  respectively. 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 years ended December 31, 2016 and 2015 was $2,340 and $3,175,  respectively.