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COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2022
COMMITMENTS AND CONTINGENCIES  
COMMITMENTS AND CONTINGENCIES

15 - COMMITMENTS AND CONTINGENCIES

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During the second half of 2018, the Company entered into agreements for the purchase of ballast water treatments systems (“BWTS”) for 36 of its vessels.  The cost of these systems has varied based on the size and specifications of each vessel and whether the systems are installed in China during the vessels’ scheduled drydockings.  Based on the contractual purchase price of the BWTS and the estimated installation fees, the Company estimates the cost of the systems to be approximately $1.0 million for Capesize vessels and $0.6 million for Supramax vessels. These costs are capitalized and depreciated over the remainder of the life of the vessel.  Prior to any adjustments for vessel impairment and vessel sales, the Company recorded cumulatively $25,763 and $18,992 in Vessel assets in the Consolidated Balance Sheets as of December 31, 2022 and 2021, respectively, related to BWTS additions.  Excluding any installation fees, the Company expects to pay $34 during the year ending December 31, 2023 for BWTS.

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