Fair value measurement (Tables)

12 Months Ended

Dec. 31, 2018

Fair value measurement [Abstract]

Non-financial Assets Measured at Fair Value Classified in Level 3

At December 31, 2018 and 2017 non-financial assets measured at fair value are classified in Level 3 of this hierarchy, as described below:

	2018		2017
Level 3
Vessels	$	782,673	$	1,118,250
Buildings and facilities		238,901		242,204
Land		1,146,252		1,184,427
	$	2,167,826	$	2,544,881

Information Used for Appraisal

The information used for the measurement of fair value at December 31, 2018 was:

	Tugboats			Offshore vessels			Parcel Tankers
Daily rate or fee	5,897 usd			4,903 usd			12,591 usd
Average percentage of utilization		96	%		62	%		94	%
Discount rate		7.65	%		7.18	%		7.18	%

Reconciliation Between Carrying Amounts of Non-financial Assets Classified within Level 3

At December 31, 2018 and 2017, 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, 2018	$	1,118,250		$	1,426,631
Amount recognized in other comprehensive income:
Revaluation surplus of vessels		(161,411	)		-
Amount recognized in statements of operations:
Loss on revaluation of vessels		-			-
		(161,411	)		-
Additions and disposals, net		(174,166	)		(41,478	)
Balance at December 31, 2018	$	782,673		$	1,385,153
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	)		112,574
Balance at December 31, 2017	$	1,118,250		$	1,426,631