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Note 4 - Vessels, Net

12 Months Ended

Dec. 31, 2012

Property, Plant and Equipment Disclosure [Text Block]

4.	Vessels, net

The amounts in the accompanying consolidated balance sheets are as follows:

	Costs			Accumulated Depreciation			Net Book Value

Balance, January 1, 2010		310,327,764			(53,056,940	)		257,270,824
-Depreciation for the year		-			(17,979,750	)		(17,979,750	)
- -Purchase of vessels		16,121,360			-			16,121,360
Balance, December 31, 2010		326,449,124			(71,036,690	)		255,412,434
-Depreciation for the year		-			(18,348,556	)		(18,348,556	)
- -Purchase of vessels		-			-			-
Balance, December 31, 2011		326,449,124			(89,385,246	)		237,063,878
-Depreciation for the year		-			(17,385,608	)		(17,385,608	)
- -Sale of vessels		(19,318,073	)		6,574,549			(12,743,524	)
- -Purchase of vessels		-			-			-
Balance, December 31, 2012		307,131,051			(100,196,305	)		206,934,746

During 2010, the Company acquired M/V “Aggeliki P” for a purchase price plus costs required to make the vessel available for use of $16,121,360. There were no purchases of vessels during 2011 and 2012.

There were no sales of vessels in 2010 or 2011. In February 2012, the Company decided to dispose of one of its vessels, M/V “Jonathan P”, which was sold in March 2012 for a gross price of $4,382,313. After sales commissions of 4%, which includes the 1% payable to our manager, and other sales expenses the Company recorded a loss of $8,568,234 from the sale of the vessel.

Vessels with a carrying value of $166.9 million are used as collateral under the Company’s loan agreements (see Note 9).

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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