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Note 4 - Vessels, Net
 6 Months Ended
Jun. 30, 2017
Notes to Financial Statements  
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, 2017    
139,378,104
      
(33,793,471
 )    
105,584,633
  
Depreciation for the period    
-
      
(4,273,776
 )    
(4,273,776
 )
Vessel acquisitions    
9,209,949
      
 
      
9,209,949
  
Vessel sale    
(1,807,199
 )    
 
      
(1,807,199
 )
Delivery of newbuilding vessel    
17,788,540
      
 
      
17,788,540
  
Balance, June 30, 2017    
164,569,394
      
(38,067,247
 )    
126,502,147
  
 
On
January 10, 2017,
the Company acquired M/V Tasos, a
75,100
dwt Panamax drybulk carrier built in
2000,
for
$4.5
million. The amount of
$4.5
million is included under “Vessels delivered during the period” in Note
3.
 
On
January 31, 2017,
the Company sold M/V RT Dagr,
one
of the Company's containership vessels it had acquired in
2016,
for a net price of
$2.44
million. After sales commissions of
4%,
which includes the
1%
payable to Eurochart, and other sale expenses, the Company realized a gain of
$516,651.
 
O
n
June 19, 2017,
the Company acquired M/V EM Astoria for
$4.75
million.
No
commissions were paid to Eurochart for this acquisition. The vessel was acquired from Euromar LLC ("Euromar"), a wholly-owned subsidiary of the Company that previously was partially owned by the Company.
 
As of
June 30, 2017
all vessels except M/V Joanna are used as collateral under the Company’s loan agreements (see Note
6
).