Leases

A. Lease arrangements, under which the Company acts as the lessee

Future minimum operating lease payments:

The Company's future minimum operating lease payments required to be made after

June 30, 2019,

relating to the bareboat chartered-in vessels M/T Stenaweco Energy and M/T Stenaweco Evolution are as follows:

Period ending June 30	Bareboat Charter Lease Payments
2019 (remainder)		3,115
2020		6,299
2021		6,282
2022		1,034
Total		16,730

Period ending June 30, 2019	Amount

Total lease payments		16,730
less imputed interest		(2,462	)
Total operating lease liabilities		14,268

The discount rate used to calculate the lease liability was

9.09%

(same as weighted average), which was the rate inherent at the lease at the lease inception. The weighted average remaining lease term on our chartered-in contracts greater than

months is

32.1

months. The cash paid for operating leases with terms greater than

months is

$3,115

for the

six

months ended

June 30, 2019.

B. Lease arrangements, under which the Company acts as the lessor

Time Charter out contracts:

As of

June 30, 2019,

the Company operated

four

vessels (M/T Stenaweco Energy, M/T Stenaweco Evolution, M/T Stenaweco Excellence and M/T Stenaweco Elegance) under time charters with Stena Bulk A/S,

three

vessels (M/T Eco Revolution, M/T Eco Bel Air and M/T ECO Beverly Hills) under time charters with BP Shipping Limited,

two

vessels (M/T Eco Palm Desert and M/T Eco California) under time charters with Shell Tankers Singapore Private Limited,

one

vessel (M/T Nord Valiant) under time charter with Dampskibsselskabet Norden A/S,

one

vessel (M/T Ecofleet) under time charter with Clearlake Shipping Pte Ltd and

one

vessel (M/T Marina Del Ray) under time charter with Cargill International SA.

Future minimum time-charter receipts, based on the vessels commitments to these non-cancellable time charter contracts, as of

June 30, 2019,

are as follows:

Year ending December 31,	Time Charter receipts
2019 (remainder)		36,409
2020		69,770
2021		39,194
2022		13,242
2023		5,512
2024		1,178
Total		165,305

In arriving at the minimum future charter revenues, an estimated

days off-hire time to perform scheduled dry-docking was deducted for vessels scheduled to undergo such dry-docking within their respective time charter period, and it has been assumed that

additional off-hire time is incurred, although there is

assurance that such estimate will be reflective of the actual off-hire in the future.