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Note 6 - Leases | 6 Months Ended
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Jun. 30, 2019
Notes to Financial Statements |
Operating Leases, Disclosure [Text Block] |
6. | Leases
A. Lease arrangements, under which the Company acts as the lessee Future minimum operating lease payments: The Company's future minimum operating lease payments required to be made after June 30, 2019, relating to the bareboat chartered-in vessels M/T Stenaweco Energy and M/T Stenaweco Evolution are as follows:
Period ending June 30 |  | Bareboat Charter Lease Payments
2019 (remainder) |  |  | 3,115 |
2020 |  |  | 6,299 |
2021 |  |  | 6,282 |
2022 |  |  | 1,034 |
Total |  |  | 16,730 |
Period ending June 30, 2019 |  | Amount
Total lease payments |  |  | 16,730 |
less imputed interest |  |  | (2,462 | )
Total operating lease liabilities |  |  | 14,268 |
The discount rate used to calculate the lease liability was 9.09% (same as weighted average), which was the rate inherent at the lease at the lease inception. The weighted average remaining lease term on our chartered-in contracts greater than 12 months is 32.1 months. The cash paid for operating leases with terms greater than 12 months is $3,115 for the six months ended June 30, 2019. B. Lease arrangements, under which the Company acts as the lessor Time Charter out contracts: As of June 30, 2019, the Company operated four vessels (M/T Stenaweco Energy, M/T Stenaweco Evolution, M/T Stenaweco Excellence and M/T Stenaweco Elegance) under time charters with Stena Bulk A/S, three vessels (M/T Eco Revolution, M/T Eco Bel Air and M/T ECO Beverly Hills) under time charters with BP Shipping Limited, two vessels (M/T Eco Palm Desert and M/T Eco California) under time charters with Shell Tankers Singapore Private Limited, one vessel (M/T Nord Valiant) under time charter with Dampskibsselskabet Norden A/S, one vessel (M/T Ecofleet) under time charter with Clearlake Shipping Pte Ltd and one vessel (M/T Marina Del Ray) under time charter with Cargill International SA. Future minimum time-charter receipts, based on the vessels commitments to these non-cancellable time charter contracts, as of June 30, 2019, are as follows:
Year ending December 31, |  | Time Charter receipts
2019 (remainder) |  |  | 36,409 |
2020 |  |  | 69,770 |
2021 |  |  | 39,194 |
2022 |  |  | 13,242 |
2023 |  |  | 5,512 |
2024 |  |  | 1,178 |
Total |  |  | 165,305 |
In arriving at the minimum future charter revenues, an estimated 20 days off-hire time to perform scheduled dry-docking was deducted for vessels scheduled to undergo such dry-docking within their respective time charter period, and it has been assumed that no additional off-hire time is incurred, although there is no assurance that such estimate will be reflective of the actual off-hire in the future.

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