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PREPAID EXPENSES AND OTHER CURRENT ASSETS
6 Months Ended
Jun. 30, 2017
PREPAID EXPENSES AND OTHER CURRENT ASSETS.  
PREPAID EXPENSES AND OTHER CURRENT ASSETS

6. PREPAID EXPENSES AND OTHER CURRENT ASSETS

 

Prepaid expenses and other current assets consist of the following (dollars in thousands):

 

 

 

 

 

 

 

 

 

    

June 30,

    

December 31,

 

 

2017

 

2016

Bunkers and lubricants

 

$

8,497

 

$

7,522

Insurance claims receivable

 

 

5,033

 

 

5,047

Prepaid insurance

 

 

1,978

 

 

3,185

Other

 

 

14,619

 

 

11,857

Total

 

$

30,127

 

$

27,611

 

Insurance claims receivable consists substantially of payments made by the Company for repairs of vessels that the Company expects, pursuant to the terms of the insurance agreements, to recover from the carrier within one year, net of deductibles which have been expensed. As of June 30, 2017 and December 31, 2016, the portion of insurance claims receivable not expected to be collected within one year of $0.1 million and $0.6 million, respectively, is included in Other noncurrent assets on the condensed consolidated balance sheets.

 

As of June 30, 2017, Other includes $6.3 million of advances to our third‑party technical managers and $3.5 million of working capital due from Navig8. The working capital due from Navig8 is associated with the Gener8 Noble and Gener8 Theseus  ($1.0 million for each vessel) related to their treatment as vessels held for sale (see Note 4,  Assets HELD for sale and Note 17, Subsequent Events for more updates on recent vessel sales), the Gener8 Orion  ($0.9 million), related to its recent sale in May 2017 and the Gener8 Defiance, ($0.6 million), that is currently employed in the spot market. As of December 31, 2016, Other primarily represents $4.7 million of advances to our third‑party technical managers and $1.9 million of working capital due from Navig8. The working capital due from Navig8 is associated with the Gener8 Spyridon and Gener8 Ulysses ($0.9 million and $1.0 million, respectively), related to their treatment as vessels held for sale.