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Note 7 - Debt | 6 Months Ended
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Jun. 30, 2021
Notes to Financial Statements |
Debt Disclosure [Text Block] |
7. | Debt:
Details of the Company’s credit facilities are discussed in Note 8 of the Company’s annual financial statements for the year ended December 31, 2020 and changes in the six months ended June 30, 2021 are discussed below.
Bank / Vessel(s) |  | December 31, |  |  | June 30, |
|  | 2020 |  |  | 2021 |
Total long term debt: |  |  |  |  |  |  |  |
ABN Bank Facility (M/T Eco West Coast) |  |  | - |  |  |  | 36,185 |
Alpha Bank Facility (M/T Eco Malibu) |  |  | - |  |  |  | 38,000 |
BoComm Leasing Facility (M/T Nord Valiant) |  |  | 20,227 |  |  |  | - |
Cargill Facility (M/T Eco Marina Del Ray) |  |  | 29,116 |  |  |  | 28,174 |
AVIC Facility (M/T Eco Los Angeles and M/T Eco City of Angels) |  |  | 57,656 |  |  |  | 56,199 |
Total long term debt |  |  | 106,999 |  |  |  | 158,558 |
Less: Deferred finance fees |  |  | (2,380 | ) |  |  | (2,786 | )
Total long term debt net of deferred finance fees |  |  | 104,619 |  |  |  | 155,772 |
Presented: |  |  |  |  |  |  |  |
Current portion of long term debt |  |  | 5,324 |  |  |  | 10,061 |
Long term debt |  |  | 99,295 |  |  |  | 145,711 |
Debt related to Vessels held for sale: |  |  |  |  |  |  |  |
BoComm Leasing Facility (M/T Nord Valiant) |  |  | - |  |  |  | 19,653 |
Less: Deferred finance fees |  |  | - |  |  |  | (339 | )
Debt related to Vessels held for sale net of deferred finance fees |  |  | - |  |  |  | 19,314 |
Total Debt net of deferred finance fees |  |  | 104,619 |  |  |  | 175,086 |
As of June 30, 2021 the applicable one-month LIBOR was 0.096%. As of June 30, 2021, the Company was in compliance with all debt covenants with respect to its credit facilities. The fair value of debt outstanding on June 30, 2021 amounted to $173,617 when valuing the Cargill, BoComm and AVIC Sale and Leasebacks on the basis of the Commercial Interest Reference Rates (“CIRR”s) as applicable on June 30, 2021, which is considered to be a Level 2 item in accordance with the fair value hierarchy. ABN Facility On March 18, 2021, the Company entered into a credit facility with ABN Amro for $36,800 for the financing of the vessel M/T Eco West Coast (Hull No 865). This facility was drawn down in full. The credit facility is repayable in 24 consecutive quarterly installments of $615 commencing in June 2021, plus a balloon installment of $22,040 payable together with the last installment. The facility contains various covenants, including (i) an asset cover ratio of 125%, (ii) a ratio of total net debt to the aggregate market value of the Company’s fleet, current or future, of no more than 75% (iii) minimum free liquidity of $500 per delivered vessel owned/operated by the Company and (iv) market adjusted total assets of the Company minus total liabilities to be at least $60,000. Additionally, the facility contains restrictions on the shipowning company incurring further indebtedness or guarantees and change of control provisions (whereby Mr. Evangelos J. Pistiolis may not control less than 50.1% of the voting rights of the Company). It also restricts the shipowning company from paying dividends if such a payment will result in an event of default or in a breach of covenants under the loan agreement. The facility is secured as follows:
• | First priority mortgage over M/T Eco West Coast;
• | Assignment of insurance and earnings of the mortgaged vessel;
• | Specific assignment of any time charters with duration of more than 12 months;
• | Corporate guarantee of the Company;
• | Pledge of the shares of the shipowning subsidiary;
• | Pledge over the earnings account of the vessel.
The facility bears interest at LIBOR plus a margin of 2.50%. Alpha Bank Facility On May 6, 2021, the Company entered into a credit facility with Alpha Bank for $38,000 for the financing of the vessel M/T Eco Malibu (Hull No 866). This facility was drawn down in full. The credit facility is repayable in 12 consecutive quarterly installments of $750 and 12 consecutive quarterly installments of $625, commencing three months from draw down, and a balloon payment of $21,500 payable together with the last installment. The facility contains various covenants, including (i) an asset cover ratio of 125%, (ii) a ratio of total net debt to the aggregate market value of the Company’s fleet, current or future, of no more than 75% and minimum free liquidity of $500 per delivered vessel owned/operated by the Company. Additionally, the facility contains restrictions on the shipowning company incurring further indebtedness or guarantees and change of control provisions (whereby Mr. Evangelos J. Pistiolis may not control less than 50.1% of the voting rights of the Company). It also restricts the shipowning company from paying dividends if such a payment will result in an event of default or in a breach of covenants under the loan agreement. The facility is secured as follows:
• | First priority mortgage over M/T Eco Malibu;
• | Assignment of insurance and earnings of the mortgaged vessel;
• | Specific assignment of any time charters with duration of more than 12 months;
• | Corporate guarantee of the Company;
• | Pledge of the shares of the shipowning subsidiary;
• | Pledge over the earnings account of the vessel.
The facility bears interest at LIBOR plus a margin of 3.00%.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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