Fair value measurement (Tables)

12 Months Ended

Dec. 31, 2017

Fair value measurement [Abstract]

Non-financial assets measured at fair value classified in Level 3

At December 31, 2017 and 2016 non-financial assets measured at fair value are classified in Level 3 of this hierarchy, as described below:

	2017		2016
Level 3
Vessels	$	1,118,250	$	8,028,276
Buildings and facilities		242,204		253,396
Land		1,184,427		1,060,661
	$	2,544,881	$	9,342,333

Information used for appraisal

The information used for the measurement of fair value at December 31, 2017 was:

	Tugboats			Offshore vessels			Parcel Tankers
Daily rate or fee	22,042 usd			9,016 usd			11,919 usd
Average percentage of utilization		94	%		83	%		94	%
Discount rate		7.18	%		7.18	%		7.18	%

Reconciliation between carrying amounts of non-financial assets classified within Level 3

At December 31, 2017 and 2016, the reconciliation between the carrying amounts of non-financial assets classified within Level 3 is as follows:

	Vessels			Buildings and facilities
Balance at January 1, 2017	$	8,028,276		$	1,314,057
Amount recognized in other comprehensive income:
Revaluation surplus of vessels		941,957			-
Amount recognized in statements of operations:
Loss on revaluation of vessels		(56,213	)		-
		885,744			-
Additions and disposals, net		(7,795,770	)		137,574
Balance at December 31, 2017	$	1,118,250		$	1,451,631

Balance at January 1, 2016	$	8,131,363		$	1,067,557
Amount recognized in other comprehensive income:
Revaluation surplus of vessels		207,669			216,965
Amount recognized in statements of operations:
Loss on revaluation of vessels		(23,304	)		-
		184,365			216,965
Additions and disposals, net		(287,452	)		29,535
Balance at December 31, 2016	$	8,028,276		$	1,314,057