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Note 4(b) - Vessels, Net
 12 Months Ended
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.