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Note 18 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Commitments Disclosure [Text Block]

18. Commitments and Contingencies

• From time to time the Company expects to be subject to legal proceedings and claims in the ordinary course of its business, principally personal injury and property casualty claims. Such claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources. On August 5, 2015, our Aframax tanker “Spike” (now named “Stealth Berana”) was arrested. This action related to security sought in connection with an arbitration proceeding involving a vessel not in the Company’s fleet that the applicant claims is under common control with the MT “Spike”. On August 20, 2015, the Company in order to secure the vessel’s release, lodged to the court a bank guarantee amounting to $9,837,000. As of December 31, 2015, this amount was in a restricted account and is presented under current restricted cash in the consolidated balance sheet. The bank guarantee was finally released on November 17, 2016 and as the Company had anticipated, the outcome of this case did not have any material effect on its operations and financial position.

• During 2014 and as amended on November 17, 2016, the Company has entered into separate agreements to acquire four LPG carriers which are currently under construction, and are described in Notes 5. The Company has future outstanding commitments for installment payments for these agreements as follows:

December 31		Amount
2017			120,464,000
2018			36,786,000
Total			157,250,000

• Future minimum contractual charter revenues, gross of commissions, based on vessels committed to non-cancellable, long-term time and bareboat charter contracts as of December  31, 2016, amount to $94,963,675 during 2017, $28,963,072 during 2018, $21,150,188 during 2019, $17,263,562 during 2020 and $10,760,745 during 2021. These amounts do not include any assumed off-hire. Of these amounts, $2,023,500 for the year ending December 31, 2017 relate to time charter agreements with Emihar Petroleum Inc.as discussed in Note 3.

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- Definition

The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-URI http://asc.fasb.org/topic&trid=2144648

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- References

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