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Note 5 - Transactions With Related Parties | 6 Months Ended
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Jun. 30, 2021
Notes to Financial Statements |
Related Party Transactions Disclosure [Text Block] |
5. | Transactions with Related Parties:
(a) | Central Mare– Executive Officers and Other Personnel Agreements: On September 1, 2010, the Company entered into separate agreements with Central Mare, a related party affiliated with the family of Mr. Evangelos J. Pistiolis, pursuant to which Central Mare provides the Company with its executive officers and other administrative employees (Chief Executive Officer, Chief Financial Officer, Chief Technical Officer and Chief Operating Officer).
The fees charged by Central Mare for the six months ended June 30, 2020 and 2021 are as follows:
|  | Six Months Ended June 30, |  |
|  | 2020 |  |  | 2021 |  | Presented in:
Executive officers and other personnel expenses |  |  | 180 |  |  |  | 180 |  | General and administrative expenses - Statements of comprehensive (loss) / income
Amortization of awarded shares |  |  | (17 | ) |  |  | (17 | ) | Management fees - related parties - Statements of comprehensive (loss) / income
Total |  |  | 163 |  |  |  | 163 |  |
(b) | Central Shipping Inc (“CSI”) – Letter Agreement and Management Agreements: On January 1, 2019, the Company entered into a letter agreement with CSI, a related party affiliated with the family of Mr. Evangelos J. Pistiolis, which detailed the services and fees for the management of the Company’s fleet.
The fees charged by and expenses relating to CSI for the six months ended June 30, 2020 and 2021 are as follows:
|  | Six Months Ended June 30, |  |
|  | 2020 |  |  | 2021 |  | Presented in:
Management fees |  |  | 31 |  |  |  | 99 |  | Capitalized in Vessels, net / Advances for vessels under construction –Balance sheet
|  |  | 1,063 |  |  |  | 705 |  | Management fees - related parties -Statements of comprehensive (loss) / income
Supervision services fees |  |  | 22 |  |  |  | 27 |  | Capitalized in Vessels, net / Advances for vessels under construction –Balance sheet
Superintendent fees |  |  | 49 |  |  |  | 13 |  | Vessel operating expenses -Statements of comprehensive (loss) / income
|  |  | 73 |  |  |  | 178 |  | Capitalized in Vessels, net / Advances for vessels under construction –Balance sheet
Accounting and reporting cost |  |  | 150 |  |  |  | 180 |  | Management fees - related parties -Statements of comprehensive (loss) / income
Commission for sale and purchase of vessels |  |  | 3,377 |  |  |  | 793 |  | Management fees - related parties -Statements of comprehensive (loss) / income
|  |  | 1,123 |  |  |  | - |  | Gain from vessel sales -Statements of comprehensive (loss) / income
|  |  | 453 |  |  |  | 702 |  | Capitalized in Investments in unconsolidated joint ventures (in 2020) and in Investments in affiliates (in 2021) –Balance sheet
Commission on charter hire agreements |  |  | 413 |  |  |  | 316 |  | Voyage expenses - Statements of comprehensive (loss) / income
Financing fees |  |  | - |  |  |  | 150 |  | Net in Current and Non-current portions of long-term debt – Balance sheet
Total |  |  | 6,754 |  |  |  | 3,163 |  |
For the six months ended June 30, 2020 and 2021, CSI charged the Company newbuilding supervision related pass-through costs amounting to $350 and $428 respectively, which are not included in the table above and are presented in Vessels, net / Advances for vessels under construction in the Company’s accompanying unaudited interim condensed consolidated balance sheets.
(c) | Vessel Acquisitions from affiliated entities: Please see Notes 1 and 13.
(d) | Dividends of Series E Shares to Family Trading Inc (“Family Trading”): On June 30, 2021, the Company declared a dividend of $915 for the period January 1, 2021 through June 30, 2021. As of December 31, 2020 and June 30, 2021 dividends due to Family Trading were $864 and $1,779 respectively and are presented in Due to related parties, on the accompanying unaudited interim condensed consolidated balance sheets.

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864 + Details
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