Related Party Transactions

6 Months Ended

Jun. 30, 2020

RELATED PARTY TRANSACTIONS

Amounts and notes payable to related parties consist of the following:


	December 31, 2019		Activity		June 30, 2020
					(unaudited)
Included in trade accounts receivable and voyage revenue on the consolidated balance sheets and statements of income, respectively:
Trade receivables due from King George Slag ⁽ⁱ⁾	$	457,629	$	(129,999)	$	327,630

Included in accounts payable, accrued expenses and other current liabilities on the consolidated balance sheets:
Affiliated companies (trade payables) ⁽ⁱⁱ⁾	5,679,768		1,233,527		6,913,295

Included in current related party debt on the consolidated balance sheets:

Interest payable - 2011 Founders Note	332,987		(90,135)		242,852
Total current related party debt	$	332,987	$	(90,135)	$	242,852

i.King George Slag LLC is a joint venture of which the Company owns 25%

ii.Seamar Management S.A. ("Seamar")

Under the terms of a technical management agreement between the Company and Seamar Management S.A. (“Seamar”), an equity method investee, Seamar is responsible for the day-to-day operations for certain of the Company’s owned vessels. During the three months ended June 30, 2020 and 2019, the Company incurred technical management fees of approximately $655,000 and $793,000, respectively, under this arrangement. During six months ended June 30, 2020 and 2019, the Company incurred technical management fees of approximately $1,363,000 and $1,510,000, respectively, under this arrangement. The total amounts payable to Seamar at June 30, 2020 and December 31, 2019 were approximately $6,913,000 and $5,680,000, respectively.

Dividends payable to related parties consist of the following:


	2013 common stock dividend
Balance at December 31, 2019	$	478,359
Paid in cash	(478,359)
Balance at June 30, 2020	$	—