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Unearned Revenue/ Accrued Revenue

12 Months Ended

Dec. 31, 2016

Notes To Consolidated Financial Statements

18. Unearned Revenue /Accrued Revenue

Unearned Revenue represents cash received in advance of it being earned, whereas Accrued Revenue represents revenue earned prior to cash being received. Revenue is recognized as earned on a straight-line basis at their average rates when charter agreements provide for varying annual charter rates over their term. Total Unearned Revenue /Accrued Revenue during the periods presented is as follows:

	December 31,
	2015		2016
Unearned Revenue
Cash received in advance of service provided – Current liability	$	1,956	$	2,029
Deferred revenue resulting from varying charter rates
Current liability		-		11
Total Unearned Revenue	$	1,956	$	2,040

Accrued Revenue
Resulting from revenue earned prior to cash being received – Current asset	$	87	$	166
Resulting from varying charter rates –Non Current asset		918		929
Total Accrued Revenue	$	1,005	$	1,095