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Note 21 - Subsequent Events | 12 Months Ended
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Dec. 31, 2017
Notes to Financial Statements |
Subsequent Events [Text Block] |
| 21. | Subsequent Events
| (a) | On January 5, 2018, the Company paid to the shipbuilder one installment amounting to $5,208,000 for one LPG carrier under construction contracted in 2014.
| (b) | On January 10, 2018, the Company, after the payment of the delivery installment to the shipbuilder amounting to $31,968,500, took delivery of the vessel “Eco Arctic”.
| (c) | On January 15, 2018, the Company, after the payment of the delivery installment to the shipbuilder amounting to $32,704,200, took delivery of the vessel “Eco Ice”.
| (d) | On February 1, 2018, the Company as a condition of its term loan dated May 18, 2016, entered into an amortizing interest rate swap agreement for a notional amount of $32,632,000. The agreement is effective from April 10, 2018 and expires on December 31, 2025; under this agreement the Company receives each quarter interest on the notional amount based on the three month LIBOR rate and pays interest based on a fixed interest rate of 2.74%.
| (e) | On February 28, 2018, the Company as a condition of its term loan dated December 7, 2017, entered into an amortizing interest rate swap agreement for a notional amount of $21,586,250. The agreement is effective from March 12, 2018 and expires on December 11, 2022; under this agreement the Company receives each quarter interest on the notional amount based on the three month LIBOR rate and pays interest based on a fixed interest rate of 2.74%.
| (f) | In March and April 2018, the Company concluded memorandum of agreements for the disposal of the vessels “Gas Legacy” and “Gas Enchanted” to unaffiliated third parties for $4,990,000 and $8,950,000, respectively. The Company decided to dispose these vessels as the agreed selling price was a suitable opportunity.
| (g) | On April 17, 2018, the Company, after the payment of the delivery installment to the shipbuilder amounting to $33,427,120, took delivery of the vessel “Eco Freeze”.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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