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RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2018
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 years ended December 31, 2018 and 2017, the Company did not identify any related party transactions.  The following represent related party transactions reflected in these consolidated financial statements during the year ended December 31, 2016:

 

The Company incurred travel and other office related expenditures from the former company Gener8 Maritime, Inc. (“Gener8”), where the Company’s former Chairman, Peter C. Georgiopoulos, formerly served as Chairman of the Board.  For the year ended December 31, 2016, the Company incurred travel and other office related expenditures totaling $73 reimbursable to Gener8 or its service provider. At December 31, 2017, the amount due to Gener8 from the Company was $0.

 

The Company had 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 year ended December 31, 2016, Aegean supplied lubricating oils and bunkers to the Company’s vessels aggregating $1,188. At December 31, 2017, $0 remained outstanding.

 

During the year ended December 31, 2016, the Company invoiced MEP for technical services provided, including termination fees, and expenses paid on MEP’s behalf aggregating $2,325. Peter C. Georgiopoulos was a director of and had a minority interest in MEP.  At December 31, 2017, $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 year ended December 31, 2016 was $2,340.