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Note 14 - Subsequent Events | 6 Months Ended
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Jun. 30, 2019
Notes to Financial Statements |
Subsequent Events [Text Block] |
14. | Subsequent Events
On July 15 and August 30, 2019 the Company entered into sale and leaseback agreements with Oriental Fleet International Company Limited, a non-affiliated party, for M/T Stenaweco Excellence and M/T Stenaweco Energy and M/T Stenaweco Evolution respectively. The sale of the M/T Stenaweco Excellence was concluded on the same date and the Company expects to conclude sale of the last two vessels in the fourth quarter of 2019. Following the sale, the Company has bareboat chartered back the M/T Stenaweco Excellence for a period of ten years at a bareboat hire rates comprising of financing principal based on straight-line amortization plus interest based on the three months Libor plus 3.90% per day. As part of this transaction, the Company has continuous options, after the third year, to buy back the vessels at purchase prices stipulated in the bareboat agreements depending on when the option is exercised and at the end of the ten year period it has to buy the vessels back for $0.001. The gross proceeds from the sale of the M/T Stenaweco Excellence were $25,600. The sale and leaseback agreement for the last two vessels will be on similar terms, with the gross proceeds to be finally determined around the sale date. The abovementioned sale and leaseback transactions contain, customary covenants and event of default clauses, including cross-default provisions and restrictive covenants and performance requirements. The sale and leaseback agreements with Oriental Fleet International Company Limited will be accounted as a financing transactions, as control will remain with the Company and the vessels will continue to be recorded as assets on the Company’s balance sheet. In addition the Company has the obligation to repurchase the vessels. On July 25 and August 9, 2019 the Company redeemed 3,043 and 1,739 Series E Preferred Shares respectively.

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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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