Note 4 - Vessels, Net

6 Months Ended

Jun. 30, 2019

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

4. Vessels, net:

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

	Vessel Cost		Accumulated Depreciation			Net Book Value
Balance, December 31, 2018		196,784		(16,149	)		180,635
— Transferred from advances for vessels acquisitions / under construction		38,744		-			38,744
— Advances paid		147,632		-			147,632
— Capitalized expenses		2,844		-			2,844
— Depreciation		-		(5,305	)		(5,305	)
Balance, June 30, 2019		386,004		(21,454	)		364,550

The Company's vessels have been mortgaged as security under its loan facilities (see Note

7

).

On

January 30,

March 13,

April 5

and

May 9, 2019,

the Company took delivery of M/T Eco California, M/T Eco Marina Del Ray, M/T Eco Bel Air and M/T Eco Beverly Hills respectively from Hyundai (the

first

two

vessels from Hyundai Mipo Vinashin and the

second

two

vessels from Hyundai Mipo Dockyard).