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Deferred Revenue, current and non-current

12 Months Ended

Dec. 31, 2012

Deferred Revenue, current and non-current

7. Deferred revenue, current and non-current

The amounts presented as current and non-current deferred revenue in the accompanying consolidated balance sheets as of December 31, 2012 and 2011 reflect (a) cash received prior to the balance sheet date for which all criteria to recognize as revenue have not been met, (b) deferred revenue resulting from free quantities of lubricants provided to the vessels as a benefit from the suppliers for entering into long term contracts with them. This revenue is amortized to Operating expenses according to the terms of the respective contracts. For 2012, 2011 and 2010, amortization of the deferred revenue from free lubricants amounted to $112, $45 and $0, respectively.

			2012		2011
Hires collected in advance		$	1,157	$	-
Deferred revenue from lubricants			378		467
	Total	$	1,535	$	467
Less current portion		$	(1,264)	$	(103)
	Non-current portion	$	271	$	364

- Definition

The entire disclosure for deferred revenues at the end of the reporting period, and description and amounts of significant changes that occurred during the reporting period. Deferred revenue is a liability as of the balance sheet date related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.

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