Note 14 - Subsequent Events

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Subsequent Events [Text Block]

14. Subsequent Events

On

July 12, 2017,

the Company entered into a note purchase agreement and issued an unsecured promissory note to Xanthe in the principal amount of

$3,060

for a cash consideration of

$3,000,

with a mandatory redemption

no

later than

November 7, 2017.

On

July 17, 2017,

the Company signed a commitment letter with AT Bank for a senior debt facility (the “Senior Facility”) of up to

$23,500

to fund the delivery of Hull

No

2648,

due for delivery in the

third

quarter of

2017.

The Senior Facility remains subject to the agreement and the execution of customary legal documentation. The Senior Facility will be payable in

20

consecutive quarterly installments of

$325,

commencing

three

months from draw down, and a balloon payment of

$17,000

payable together with the last installment. The Senior Facility will bear interest at LIBOR plus a margin of

4%

and a commitment fee of

2%

per annum will be payable quarterly in arrears over the committed and undrawn portion of the facility, starting from the date of signing the commitment letter. On the same date the Company signed a commitment letter also with AT Bank for a senior debt facility of up to

$8,993

for the pre-delivery financing of Hull

No

2648

(the “Predelivery Facility”). The Predelivery Facility can be drawn down in

five

tranches to finance in full the last

five

pre-delivery instalments of Hull

No

2648

due for payment between

August 2017

and

May 2018

and will be repaid from the proceeds of the Senior Facility on the drawdown of the latter. The Predelivery Facility will bear interest at LIBOR plus a margin of

8.5%

and a commitment fee of

4.25%

per annum will be payable quarterly in arrears over the committed and undrawn portion of the facility, starting from the date of signing the commitment letter.