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Note 4(a) - Advances for Vessels Under Construction | 6 Months Ended
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Jun. 30, 2021
Notes to Financial Statements |
Advances for Vessels Acquisition Under Construction [Text Block] |
4.a | Advances for vessels under construction:
Advances for vessels under construction comprise:
| Advances for vessels under construction
Balance, December 31, 2020 | 31,654
— Advances paid | 95,841
— Capitalized expenses | 2,351
— Transferred to Vessels, net | (126,646)
Balance, June 30, 2021 | 3,200
On January 6, 2021 the Company sold, as part of an exchange, the newbuilding vessels, M/T Eco Van Nuys (Hull No 2789), M/T Eco Santa Monica (Hull No 2790) and M/T Eco Venice Beach (Hull No 2791) to a related party affiliated with Mr. Evangelos J. Pistiolis (see Note 1). On March 26 and May 11, 2021 the Company took delivery of M/T Eco West Coast and M/T Eco Malibu respectively from Hyundai Heavy Industries Shipyard and hence advances paid and capitalized expenses relating to these vessels were transferred from Advances for vessels under construction to Vessels, net.

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