VESSELS, OTHER PROPERTY AND DEFERRED DRYDOCK

12 Months Ended

Dec. 31, 2017

Property, Plant and Equipment [Abstract]

VESSELS, OTHER PROPERTY AND DEFERRED DRYDOCK

VESSELS, OTHER PROPERTY AND DEFERRED DRYDOCK

Vessels and other property consist of the following: 

	Years Ended December 31,
	2017			2016
Vessels, at cost	$	849,713		$	892,022
Accumulated depreciation	(217,633		)	(208,318		)
Vessels, net	632,080			683,704
Other property, at cost	5,630			5,619
Accumulated depreciation and amortization	(5,201		)	(4,855		)
Other property, net	429			764
Total vessels and other property	$	632,509		$	684,468

On November 20, 2017, the Company sold one rebuilt ATB for $1,055, net of broker commission of $27. As a result of the sale, the Company recognized a loss of $7,322, which is included in loss on disposal of vessels and other property, including impairments in the consolidated statements of operations.

At December 31, 2017, the Company’s owned vessel fleet with a weighted average age of 10.1 years, consisted of four Handysize Product Carriers, two lightering ATBs and seven clean ATBs. Four Handysize Product Carriers and seven clean ATBs are pledged as collateral under the Exit Financing Facilities. Vessels pledged as collateral under the Exit Financing Facilities have an aggregate carrying value of $307,163.  

Vessel activity, excluding construction in progress, for the three years ended December 31, 2017 is summarized as follows: 

	Vessel Cost			Accumulated Depreciation			Net Book Value
Balance at December 31, 2014	$	1,156,064		$	(262,028	)	$	894,036
Vessel additions	53			—
Depreciation	—			(51,364		)
Balance at December 31, 2015	1,156,117			(313,392		)	842,725
Impairment	(264,095		)	163,563
Depreciation	—			(58,489		)
Balance at December 31, 2016	892,022			(208,318		)	683,704
Impairment	(6,957		)	1,079
Depreciation	—			(37,681		)
Disposals	(35,352		)	27,287
Balance at December 31, 2017	$	849,713		$	(217,633	)	$	632,080

The total of vessel additions can differ from expenditures for vessels as shown in the consolidated statements of cash flows because of the timing of when payments were made.

Drydocking activity for the three years ended December 31, 2017 is summarized as follows:

	2017			2016			2015
Balance at January 1	$	31,172		$	58,166		$	33,087
Additions	8,787			2,626			45,046
Sub-total	39,959			60,792			78,133
Drydock amortization	(16,045		)	(25,747		)	(19,967		)
Impairments	—			(3,873		)	—
Balance at December 31	$	23,914		$	31,172		$	58,166