Note 8 - Commitments and Contingencies

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

8. Commitments and Contingencies:

Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses

may

arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company’s vessels. Currently, management is

not

aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements.

From

March 30, 2017

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

50%

interest in

two

newbuilding vessels (Hull

No

S443

and Hull

No

S444

) and

100%

interest in

one

newbuilding vessel (Hull

No

2648

). As a result of these transactions, the Company has remaining contractual commitments for the acquisition of its fleet totaling

$60,140,

including

$13,708,

$14,455

and

$31,977

pursuant to newbuilding agreements for Hulls

No

S443,

No

S444

and

No

2648

respectively. Of these contractual commitments,

$11,975

is payable in

2017

and

$48,165

in

2018.

The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is

not

aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements.