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Note 19 - Loss on Sale of Vessels | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Gain (Loss) on Sale of Property, Plant, and Equipment [Text Block] |
| 19. | Loss on sale of vessels:
During 2020 the Company sold the following vessels to unaffiliated third parties and collected the following gross proceeds:
Vessel | Date Sold | Selling Price (Gross)
M/T Stenaweco Energy | 29/10/2020 | $25,150
M/T Stenaweco Evolution | 03/11/2020 | $26,150
M/T Ecofleet | 21/01/2020 | $21,000
M/T Eco Revolution | 14/01/2020 | $23,000
M/T SW Excellence | 14/10/2020 | $27,008
M/T Stenaweco Elegance | 21/02/2020 | $33,500
M/T Eco Palm Desert | 19/03/2020 | $34,800
M/T Eco California | 09/11/2020 | $30,600
M/T Eco Bel Air | 10/12/2020 | $50,830
M/T Eco Beverly Hills | 01/12/2020 | $50,830
Total |  | $322,868
The net proceeds from the abovementioned sales amounted to $310,016, after deducting $10,852 of expenses and $2,000 of maintenance deposits (please see below). Out of the abovementioned vessels, the M/T Eco Revolution and M/T Eco Fleet were presented under Assets held for sale in the Company’s December 31, 2019 Balance sheet and were written down to their fair value less costs to sell. As a result of the abovementioned sales the Company recognized a loss from the disposal of vessels amounting to $12,355, which is separately presented in the Company's accompanying consolidated statements of comprehensive loss. For each of the vessels M/T Eco Bel Air and M/T Eco Beverly Hills that were sold and leased back (see Note 6) the buyer withheld $1,000 as a maintenance deposit, accounted for as a deposit asset, to be released at the end of the lease term, in accordance with ASC 840-10-25-39B. The Company evaluated these maintenance deposits and has not assigned any probability of them not being returned. Following the sale of the above product tankers, the Company has been left with only one non-scrubber fitted vessel in its fleet (M/T Nord Valliant), thereby demonstrating its commitment towards scrubber fitted-vessels. Regarding the transaction of the M/T’s Eco Bel Air and Beverly Hills, the Company released equity while at the same time maintained its presence in the crude oil market, via the five-year Navigare Lease.

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