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Advances for Vessels | 12 Months Ended
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Dec. 31, 2019
Advances For Assets Acquisition And Assets Under Construction |
Advances For Assets Acquisitions And Assets Under Construction | Advances for Vessels Advances for vessels are comprised of the following:
Balance, January 1, 2018 | $ | 3,653 |
Additions for advances, including capitalized expenses and interest | 65,425 |
Transferred to vessel cost (refer to Note 4) | (60,482 | )
Balance, December 31, 2018 | 8,596 |
Additions for advances, including capitalized expenses and interest | 50,423 |
Transferred to vessel cost (refer to Note 4) | (39,725 | )
Balance, December 31, 2019 | $ | 19,294 |
Advances paid for vessels represent advances paid for vessels acquisitions, vessels under construction and vessel improvements and comprise payments of instalments that were due to the respective shipyard or third-party sellers, capitalized interest, certain capitalized expenses and expenditures for major improvements and regulatory compliance. During 2018 and 2019, such payments were made for the following vessels:
• | During the year ended December 31, 2018: acquisition of the vessels: Pedhoulas Cedrus and Mount Troodos, advances for Hull No. S 1772 and improvements to several vessels; and
• During the year ended December 31, 2019: improvements to several vessels and advances for Hull No. S 1772.

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- Definition This element represents the disclosure for the gross amount of, advances for vessel acquisition and costs and advances paid for assets under construction that are not ready to be placed into service and that have not been completed and delivered including capitalized expenses and interest, asset cancellations and transfers to vessel cost. + References No definition available. + Details
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