XML 111 R19.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Note 8 - Debt | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2014 | Dec. 31, 2013
Debt Disclosure [Abstract] |  |
Debt Disclosure [Text Block] | 8. Debt: As of December 31, 2013 and March 31, 2014 the Company had no indebtedness and hence no requirements stemming from loan covenants. Interest Expense: Interest expense for the three months ended March 31, 2013 amounted to $1,521 and is included in interest and finance costs in the accompanying unaudited interim condensed consolidated statements of comprehensive income (Note 14). | 10. Debt: The amounts in the accompanying consolidated balance sheets are analyzed as follows:
Borrower / Vessel(s) |  | December 31, |  |  | December 31, |
|  | 2012 |  |  | 2013 |
HSH |  |  |  |  |  |
Warhol / Miss Marilena |  |  | 29,456 |  |  |  | - |
Indiana / Tyrrhenian Wave |  |  | 21,224 |  |  |  | - |
Britto / Britto |  |  | 26,393 |  |  |  | - |
Jeke / Evian (ex Papillon) |  |  | 15,662 |  |  |  | - |
DVB |  |  |  |  |  |  |  |
Hongbo / Hongbo |  |  | 24,289 |  |  |  | - |
Hongbo / Bridge Loan |  |  | 3,520 |  |  |  | - |
ALPHA |  |  |  |  |  |  |  |
Lichtenstein / Lichtenstein |  |  | 26,819 |  |  |  | - |
LAURASIA TRADING |  |  |  |  |  |  |  |
The Company |  |  | 3,032 |  |  |  | - |
Total |  |  | 150,395 |  |  |  | - |
Less-current portion |  |  | (150,395 | ) |  |  | - |
LOANS FROM RELATED PARTIES |  |  |  |  |  |
CENTRAL MARE INC |  |  |  |  |  |
The Company |  |  | 2,218 |  |  |  | - |
SHIPPING FINANCIAL SERVICES INC |  |  |  |  |  |  |  |
The Company |  |  | 414 |  |  |  | - |
Total loans from related parties |  |  | 2,632 |  |  |  |  |
Borrower / Vessel(s) |  | December 31, |  |  | December 31, |
|  |  | 2012 |  |  |  | 2013 |
Banksy / Ionian Wave* |  |  | 19,592 |  |  |  | - |
Debt related to Vessel held for sale |  |  | 19,592 |  |  |  | - |
*M/T UACC Sila as of December 31, 2012 was classified as held for sale. (a) HSH: As of December 31, 2012, the Company's subsidiaries had a total outstanding balance with HSH of $93,664, excluding unamortized financing fees of $929, under two facilities (bulker financing and product tanker financing), as follows: Bulker Financing M/V Evian: At December 31, 2012, Jeke had a loan outstanding of $15,768, maturing in February 2015, excluding unamortized financing fees of $106. Product Tanker Financing Warhol: At December 31, 2012, Warhol had a loan outstanding of $29,712, maturing in February 2019, excluding unamortized financing fees of $256. Indiana: At December 31, 2012, Indiana had a loan outstanding of $21,527, maturing in March 2019, excluding unamortized financing fees of $303. Britto: At December 31, 2012, Britto had a loan outstanding of $26,658, maturing in May 2019, excluding unamortized financing fees of $265. On October 16, 2013, the Company sold the shipowning companies of the vessels M/V Evian, M/T Miss Marilena, M/T UACC Shams and M/T Britto together with all their outstanding loan balances with HSH. For further details, refer to Note 19. (b) DVB: As of December 31, 2012, the Company's subsidiaries had a total outstanding balance with DVB of $48,247, excluding unamortized financing fees of $846, under one facility, as follows: Tranche A: Tranche A-Banksy: As of December 31, 2012, Banksy had a loan outstanding of $20,000, excluding unamortized financing fees of $408. Tranche A-Hongbo: As of December 31, 2012, Hongbo had a loan outstanding of $24,727, excluding unamortized financing fees of $438. Tranche B: As of December 31, 2012 the outstanding amount of Tranche B, was $3,520. On October 16, 2013, the Company sold the shipowning company of the vessel M/V Hongbo together with its outstanding loan balance with DVB. For further details, refer to Note 19. (c) ALPHA: As of December 31, 2012, the Company's subsidiary Lichtenstein had a loan outstanding of $27,000, maturing in February 2019, excluding unamortized financing fees of $181. On October 16, 2013, the Company sold the shipowning company of the vessel M/V Lichtenstein together with its outstanding loan balance with ALPHA. For further details, refer to Note 19. Other loans Laurasia Trading Ltd Credit Facility: As of December 31, 2012, the outstanding amount under the Laurasia Trading Ltd credit facility was $3.25 million. The facility was repaid in full on October 17, 2013. Shipping Financial Services Inc Credit Facility: As of December 31, 2012, the outstanding amount under the Shipping Financial Services Inc credit facility was Euro 350 ($462 applying the $U.S. Dollar/Euro exchange rate as of December 31, 2012). The facility was repaid in full on October 22, 2013. Central Mare Inc Credit Facility: As of December 31, 2012, the outstanding amount under the Central Mare Inc credit facility was Euro 1,800 ($ 2,375 applying the $U.S. Dollar/Euro exchange rate as of December 31, 2012). The facility was repaid in full on October 24, 2013. Debt Covenants: As of December 31, 2013 the Company had no indebtedness and hence no requirements stemming from loan covenants. Interest Expense: Interest expense for the years ended December 31, 2011, 2012 and 2013, amounted to $10,068, $7,240 and $4,644 respectively and is included in interest and finance costs in the accompanying consolidated statements of comprehensive income/(loss) (Note 16). Interest expense for 2013 includes $139 of interest for M/T Delos termination fee (see Note 20). Financing Costs: The additions in deferred financing costs amounted to $1,128 and $724 during the years ended December 31, 2012 and 2013. For 2012 as well as for 2013, these figures are due to the successive one-year extensions of the Laurasia, Central Mare and Shipping Financial Services facilities. The weighted average interest rates, as of December 31, 2012 and 2013, excluding all swaps, were 3.55% and 3.7%, respectively. The vessel-owning subsidiary companies with outstanding loans had restricted net assets amounting to $15,806 and $0 as of December 31, 2012 and 2013, respectively.

X
- Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration