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Note 5 - Transactions With Related Parties

6 Months Ended

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.