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Vessels, Net | 12 Months Ended
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Dec. 31, 2016
Notes To Consolidated Financial Statements |
Vessel, Net | 4. Vessels, Net
Vessels, net, are comprised of the following:
|  | Vessel |  | Accumulated |  | Net Book
Cost |  | Depreciation |  | Value
Balance, January 1, 2015 |  | $ | 1,160,911 |  | $ | (200,488) |  | $ | 960,423
Transfer from Advances for vessel acquisitions and vessels under construction |  |  | 119,520 |  |  | — |  |  | 119,520
Impairment loss |  |  | (23,924) |  |  | 11,025 |  |  | (12,899)
Transfer to Assets held for sale |  |  | (31,750) |  |  | — |  |  | (31,750)
Depreciation expense |  |  | — |  |  | (47,133) |  |  | (47,133)
Balance, December 31, 2015 |  | $ | 1,224,757 |  | $ | (236,596) |  | $ | 988,161
Transfer from Advances for vessel acquisitions and vessels under construction |  |  | 100,043 |  |  |  |  |  | 100,043
Depreciation expense |  |  | — |  |  | (49,485) |  |  | (49,485)
Balance, December 31, 2016 |  | $ | 1,324,800 |  | $ | (286,081) |  | $ | 1,038,719
Transfer from Advances for vessel acquisitions and vessels under construction represents advances paid in respect of the acquisition of second hand vessels and newbuild vessels which were under construction and delivered to the Company. For the periods presented, the Company accepted delivery of the following vessels: During the year ended December 31, 2015: Kypros Bravery, Kypros Sk y, Kypros Loyalty and Pedhoulas Cherry; and During the year ended December 31, 2016: Troodos Sun (Hull No. 1686), Troodos Air (Hull No. 1685) and Kypros Spirit (Hull No. 828). Transfer to assets held for sale during the year ended December 31, 2015 relates to the vessels Stalo and Kypros Unity (refer to Notes 3, 6 and 19). As of December 31, 2016, 36 vessels with a carrying value of $1,028,0 5 9 have been provided as collateral to secure the Company's bank loans as discussed in Note 7.

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13-14) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=64862545&loc=d3e2921-110230 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 + Details
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