Note 5 - Transactions With Related Parties

6 Months Ended

Jun. 30, 2017

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 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 Executive Vice President).

The fees charged by Central Mare for the

six

month periods ended

June 30, 2016

and

2017

are as follows:

	Six Month Period Ended June 30,
	2016		2017		Presented in:
Executive officers and other personnel expenses		330		1,200	General and administrative expenses - Statement of comprehensive Income/(Loss)
Amortization of awarded shares		16		-	Management fees - related parties - Statement of comprehensive Income/(Loss)
Bonus		-		1,500	General and administrative expenses - Statement of comprehensive Income/(Loss)
Total		346		2,700

(b)  

Central Shipping Monaco SAM (“CSM”) – Letter Agreement and Management Agreements:

On

March 10, 2014,

the Company entered into a new letter agreement, or the New Letter Agreement, with CSM, a related party affiliated with the family of Evangelos J. Pistiolis, and on

March 10, 2014,

June 18, 2014,

January 1, 2017

and

April 24, 2017

the Company entered into management agreements, or Management Agreements, between CSM and the Company’s vessel-owning subsidiaries respectively.

The fees charged by and expenses relating to CSM for the periods ended

June 30, 2016

and

2017

are as follows:

	Six Months Ended June 30,
	2016		2017		Presented in:
Management fees		95		34	Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet
		658		1,081	Management fees - related parties -Statement of comprehensive income/(loss)
Supervision services fees		34		8	Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet
Superintendent fees		40		43	Vessel operating expenses -Statement of comprehensive income/(loss)
		45		15	Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet
Accounting and reporting cost		90		87	Management fees - related parties -Statement of comprehensive income/(loss)
Financing fees		91		-	Current and non-current portion of long-term debt – Balance sheet
Commission for sale and purchase of vessels		-		707	Management fees - related parties -Statement of comprehensive income/(loss)
Commission on charter hire agreements		146		236	Voyage expenses - Statement of comprehensive Income/(Loss)
Performance incentive fee		-		1,250	Management fees - related parties -Statement of comprehensive income/(loss)
Total		1,199		3,570

For periods ended

June 30, 2016

and

2017,

CSM charged the Company newbuilding supervision related pass-through costs amounting to

$491

and

$109

respectively, that are

not

included in the table above.

(c)  

Vessel Acquisitions from affiliated entities:

From

February 20

to

June 14, 2017

the Company entered into a series of transactions with a number of entities affiliated with Evangelos J. Pistiolis that led to the purchase of Hull

No

2648,

90%

interest in M/T Stenaweco Elegance and

50%

interests in Hulls

No

S443

and

S444

(see Note

1,

Note

4

and Note

13

).