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Note 19 - Subsequent Events | 6 Months Ended
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Jun. 30, 2014
Subsequent Events [Abstract] |
Subsequent Events [Text Block] |
19. | Subsequent Events
The Company agreed on July 23, 2014 to terminate the charter parties of M/T Eships Taweelah, Hull number S407 and Hull number S414 with Eships Tankers Ltd and enter into new charters for these vessels with Stena Weco A/S, a high quality charterer, for 3 + 1 + 1 years at respective gross daily rates of $16.2 for the first three years, $17.2 for the first optional year and $18 for the second optional year. As a result of this termination, Eships Tankers Ltd has agreed to pay the Company a compensation of $500. On August 25, 2014 the Company entered into an agreement with Stena Weco A/S to extend the charter duration of M/T EShips Taweelah (to be renamed M/T StenaWeco Energy) and to increase the daily rate. Specifically, the charter is now for 4 + 1 + 1 years at $16.5 per day for the first four years, $17.4 per day for the first optional year and $18.1 per day for the second optional year.

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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 No definition available. + Details
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