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Note 4(b) - Vessels, Net | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Property, Plant and Equipment Disclosure [Text Block] |
| 4(b) | Vessels, net:
The amounts in the accompanying consolidated balance sheets are analyzed as follows:
|  | Vessel Cost |  |  | Accumulated Depreciation |  |  | Net Book Value |
Balance, December 31, 2018 |  |  | 196,784 |  |  |  | (16,149 | ) |  |  | 180,635 |
— Transferred from advances for vessels acquisitions / under construction |  |  | 189,220 |  |  |  | - |  |  |  | 189,220 |
— Acquisitions |  |  | 51,940 |  |  |  | - |  |  |  | 51,940 |
— Impairment |  |  | (22,254 | ) |  |  | 9,944 |  |  |  | (12,310 | )
— Transferred to Assets held for sale |  |  | (43,147 | ) |  |  | - |  |  |  | (43,147 | )
— Depreciation |  |  | - |  |  |  | (12,392 | ) |  |  | (12,392 | )
Balance, December 31, 2019 |  |  | 372,543 |  |  |  | (18,597 | ) |  |  | 353,946 |
— Transferred from advances for vessels acquisitions / under construction |  |  | 76,959 |  |  |  | - |  |  |  | 76,959 |
— Disposals (see Note 19) |  |  | (303,157 | ) |  |  | 21,718 |  |  |  | (281,439 | )
— Depreciation |  |  | - |  |  |  | (13,174 | ) |  |  | (13,174 | )
Balance, December 31, 2020 |  |  | 146,345 |  |  |  | (10,053 | ) |  |  | 136,292 |
In 2019 and 2020 the Company took delivery of the following vessels:
Vessel Name | Delivery Date |  | Yard Installments |  |  | Capitalized Expenses |  |  | Final Cost |
M/T Eco California | January 30, 2019 |  |  | 34,313 |  |  |  | 1,270 |  |  |  | 35,583 |
M/T Eco Marina Del Ray | March 13, 2019 |  |  | 35,787 |  |  |  | 1,066 |  |  |  | 36,853 |
M/T Eco Bel Air | April 5, 2019 |  |  | 57,133 |  |  |  | 1,209 |  |  |  | 58,342 |
M/T Eco Beverly Hills | May 9, 2019 |  |  | 57,133 |  |  |  | 1,309 |  |  |  | 58,442 |
Subtotal 2019 |  |  | 184,366 |  |  |  | 4,854 |  |  |  | 189,220 |
M/T Eco Los Angeles | February 10, 2020 |  |  | 37,659 |  |  |  | 835 |  |  |  | 38,494 |
M/T Eco City of Angels | February 17, 2020 |  |  | 37,659 |  |  |  | 806 |  |  |  | 38,465 |
Subtotal 2020 |  |  | 75,318 |  |  |  | 1,641 |  |  |  | 76,959 |
The Company's vessel’s titles have been transferred to their respective financing banks under the vessel’s sale and leaseback agreements as a security (see Note 7). On November 18 and November 20, 2019, the Company exercised the purchase options on its operating leases and purchased M/T Stenaweco Energy and M/T Stenaweco Evolution for $23,953 and $24,187, respectively. M/T Stenaweco Energy and M/T Stenaweco Evolution book value has been increased by $2,477 and $1,323 respectively, corresponding to the transfer of the respective right of use asset (“ROU”) balances to each vessel upon termination of the lease, as per ASC 842-20-40-2.

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