2.4.0.81030 - Disclosure - Restricted Cashtruefalsefalse1false
falsefalseD2013Q2YTDhttp://www.sec.gov/CIK0001369241duration2013-01-01T00:00:002013-06-30T00:00:001true
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2us-gaap_RestrictedAssetsDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel| 1falsefalsefalse00<div style="font-size:10.0pt;font-family:Times New Roman;">
<p style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in;"><b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">3</font></b><b><font style="FONT-SIZE: 3pt; FONT-WEIGHT: bold;" size="1">                </font></b> <b><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">Restricted Cash</font></b></p>
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<p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">Restricted cash is comprised of the following (in thousands):</font></p>
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<table style="text-align:left;WIDTH: 88%; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0.15in;" border="0" cellspacing="0" cellpadding="0" width="88%">
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<td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.84%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="2%">
<p style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt;" align="center"> </p></td>
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<p style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt;" align="center"><b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold;" size="1">As of June 30,<br />
2013</font></b></p></td>
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<p style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt;" align="center"> </p></td>
<td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 17.04%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" valign="bottom" width="17%" colspan="2">
<p style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt;" align="center"><b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 8pt; FONT-WEIGHT: bold;" size="1">As of December 31,<br />
2012</font></b></p></td>
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<p style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt;" align="center"> </p></td></tr>
<tr style="padding:0;">
<td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 59.2%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="59%">
<p style="TEXT-INDENT: -10pt; MARGIN: 0in 0in 0pt 10pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">Retention account</font></p></td>
<td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.84%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="2%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.5%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">$</font></p></td>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 15.54%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="15%">
<p style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt;" align="right"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">2,815</font></p></td>
<td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.84%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="2%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.5%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">$</font></p></td>
<td style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 15.54%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="15%">
<p style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt;" align="right"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">2,821</font></p></td>
<td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.04%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td></tr>
<tr style="padding:0;">
<td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 59.2%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="59%">
<p style="TEXT-INDENT: -10pt; MARGIN: 0in 0in 0pt 10pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">Restricted deposits</font></p></td>
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<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 17.04%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" valign="bottom" width="17%" colspan="2">
<p style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt;" align="right"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">16,026</font></p></td>
<td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.84%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="2%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 17.04%; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" valign="bottom" width="17%" colspan="2">
<p style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt;" align="right"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">430</font></p></td>
<td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.04%; PADDING-RIGHT: 0in; PADDING-TOP: 0in;" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td></tr>
<tr style="padding:0;">
<td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 59.2%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="59%">
<p style="TEXT-INDENT: -10pt; MARGIN: 0in 0in 0pt 20pt;"><b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">Total</font></b></p></td>
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<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.5%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">$</font></b></p></td>
<td style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 15.54%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="15%">
<p style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt;" align="right"><b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">18,841</font></b></p></td>
<td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 2.84%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="2%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td>
<td style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.5%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">$</font></b></p></td>
<td style="BORDER-BOTTOM: windowtext 2.25pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 15.54%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: medium none; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="15%">
<p style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt;" align="right"><b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">3,251</font></b></p></td>
<td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 1.04%; PADDING-RIGHT: 0in; BACKGROUND: #cceeff; PADDING-TOP: 0in;" bgcolor="#CCEEFF" valign="bottom" width="1%">
<p style="MARGIN: 0in 0in 0pt;"> </p></td></tr></table>
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<p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">The Company was required to maintain cash of $2.8 million as of June 30, 2013 and December 31, 2012, respectively, in a retention bank account as collateral for the upcoming scheduled debt payments of its KEXIM and KEXIM-ABN Amro credit facilities, which were recorded under current assets in the Company’s Balance Sheets.</font></p>
<p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 28.35pt;"> </p>
<p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">On March 27, 2013, the Company has entered into an agreement with the lenders under the <i>HSH Nordbank AG-Aegean Baltic Bank-Piraeus Bank</i> credit facility. The agreement provides the Company the option to sell, for cash, up to 9 mortgaged vessels (the <i>Henry</i>, the <i>Pride</i>, the <i>Independence</i>, the <i>Honour</i>, the <i>Elbe</i>, the <i>Hope</i>, the <i>Lotus</i>, the <i>Kalamata</i> and the <i>Komodo</i>) with the sale proceeds less sale commissions from such vessels’ sales to be deposited in a restricted cash account and used to finance the acquisition of new containership vessels no later than December 31, 2013. Any funds remaining in this restricted cash account after that date will be applied towards prepayment of the respective credit facility. As of June 30, 2013, the Company had concluded the sales of the <i>Henry</i>, the <i>Pride,</i> the <i>Independence</i>, the <i>Honour</i> and the <i>Elbe</i> and has acquired a 2,452 TEU containership, the <i>Amalia C</i>, built in 1998 for a contract price of $6.6 million and a 2,602 TEU containership, the <i>Niledutch Zebra</i>, built in 2001 for a contract price of $10.1 million<i>.</i> As of June 30, 2013, an amount of $15.6 million was recorded as non-current restricted cash with respect to this agreement.</font></p>
<p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 28.35pt;"> </p>
<p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">Furthermore, the Company recorded non-current restricted cash of $0.4 million as cash collateral for one of its outstanding swaps as of June 30, 2013 and December 31, 2012.</font></p>
</div>falsefalsefalse | nonnum:textBlockItemTypenaThe entire disclosure for assets that are restricted in their use, generally by contractual agreements or regulatory requirements. This would include, but not limited to, a description of the restricted assets and the terms of the restriction.No definition available.false0
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