Gain from Vessel Early Redelivery and Other (Income) / Expenses

12 Months Ended

Dec. 31, 2015

Gain from Vessel Early Redelivery and Other (Income) / Expenses [Abstract]

Gain from Vessel Early Redelivery and Other (Income) / Expenses

13.      Gain from Vessel Early Redelivery and Other (Income) / Expenses

Gain from vessel early redelivery represents income recognized in connection with the early termination of period time charters resulting from a request of the respective vessel charterers for which the Company received cash compensation of $2,267,818 in 2013.

Other income for the year ended December 31, 2013, relates mainly to a cash compensation of $402,596 received from KLC representing the present value of the total outstanding cash payments the Company was entitled to receive in connection with the settlement agreement dated September 15, 2011 and pursuant to the amended KLC rehabilitation plan that was approved by the Seoul Central District Court in March 2013, and to claim recoveries of $218,634 relating to a dispute regarding one of the Company's vessels.

During 2014 and 2015, the Company recognized a charge of $250,283 and $246,022, in relation to a special contribution. According to the Greek Law 4301/2014, the charge is a voluntary contribution calculated based on the carrying capacity of the Company's fleet, and is payable annually for four fiscal years, until 2017. The special contribution is included in Other expenses in the accompanying consolidated statement of comprehensive loss.