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Vessels, Net | 12 Months Ended
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Dec. 31, 2018
Property, Plant and Equipment [Abstract] |
Vessels, Net | Vessels, Net Vessels, net are comprised of the following:
|  | Vessel Cost |  | Accumulated Depreciation |  | Net Book Value
Balance, January 1, 2017 |  | $ | 1,324,800 |  |  | $ | (286,081 | ) |  | $ | 1,038,719 |
Transfer from Advances for vessels |  | 67,504 |  |  | — |  |  | 67,504 |
Disposal |  | (20,630 | ) |  | — |  |  | (20,630 | )
Impairment loss |  | (159,805 | ) |  | 68,512 |  |  | (91,293 | )
Depreciation expense |  | — |  |  | (51,424 | ) |  | (51,424 | )
Balance, December 31, 2017 |  | $ | 1,211,869 |  |  | $ | (268,993 | ) |  | $ | 942,876 |
Transfer from Advances for vessels |  | 60,482 |  |  | — |  |  | 60,482 |
Depreciation expense |  | — |  |  | (48,067 | ) |  | (48,067 | )
Balance, December 31, 2018 |  | $ | 1,272,351 |  |  | $ | (317,060 | ) |  | $ | 955,291 |
Transfer from Advances for vessels represents advances paid for vessels acquisitions, vessels under construction and vessel improvements 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, 2017: Pedhoulas Rose, Hull No. 1551 and Agios Spyridonas.; and
• | During the year ended December 31, 2018: Pedhoulas Cedrus (ex-Hull No. 1552) and Mount Troodos.
Disposal during the year ended December 31, 2017 relates to Hull No. 1551 (refer to Notes 3 and 17). At December 31, 2017, the Company identified and recorded an impairment loss of $91,293 in relation to four of its vessels, for which the undiscounted net operating cash flows did not exceed each vessel’s carrying value. The impairment loss is presented under the caption “Impairment loss” in the consolidated statements of operations. Consistent with prior practices, we reviewed all our vessels for impairment and none were found to be impaired at December 31, 2018. As of December 31, 2018, 39 vessels with a carrying value of $914,804 have been provided as collateral to secure the Company’s bank loans as discussed in Note 6.

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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 360 -URI http://asc.fasb.org/topic&trid=2155823 + Details
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