Note 4 - Vessels, Net and Advances for Vessels Under Construction

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

4. Vessels, net and advances for vessels under construction:

The balances in the accompanying unaudited interim condensed consolidated balance sheets are analyzed as follows:

	Vessel Cost and advances for vessel under construction		Accumulated Depreciation			Net Book Value
Balance, December 31, 2016		130,185		(4,015	)		126,170
— Acquisitions		34,508		(420	)		34,088
— Advances for vessels under construction		119		-			119
— Depreciation charge for the period		-		(2,370	)		(2,370	)
Balance, June 30, 2017		164,812		(6,805	)		158,007

On

February 28, 2017,

Eco Seven Inc. that was later consolidated by the Company, took delivery of the M/T Stenaweco Elegance, a

50,118

dwt product/chemical tanker and on

March 5, 2017

the vessel commenced its time charter employment with Stena Weco A/S. The final acquisition cost of the vessel amounted to

$34,508

and comprised of

$33,935

of yard installments and

$573

of capitalized expenses. Advances for the construction of newbuilding vessel Hull

2648

a

50,000

dwt product/chemical that the Company acquired on

April 26, 2017 (

see Note

1

) amounted to

$119

and is scheduled for delivery from Hyundai in

July 2018.

All of the Company's vessels, except for Hull

No

S443,

Hull

No

S444

and Hull

No

2648,

have been mortgaged as security under its loan facilities (see Note

7

).