Leases (Tables)

9 Months Ended

Sep. 30, 2014

Operating Leases of Lessee Disclosure [Table Text Block]

As of September 30, 2014, the Company had commitments to charter in 19 vessels. All of the charters-in are accounted for as operating leases, of which 13 are bareboat charters and six are time charters. Lease expense relating to charters-in is included in “charter hire expenses” on the condensed consolidated statements of operations. The future minimum commitments and related number of operating days under these operating leases are as follows:

Bareboat Charters-in at
September 30, 2014	Amount		Operating Days
2014	$	25,144		1,196
2015		97,816		4,745
2016		99,038		4,758
2017		98,219		4,713
2018		93,200		3,929
Thereafter		151,098		5,038
Net minimum lease payments	$	564,515		24,379

Time Charters-in at
September 30, 2014	Amount		Operating Days
2014	$	8,072		794
2015		24,167		2,136
2016		1,004		73
Net minimum lease payments	$	33,243		3,003

Operating Leases of Lessor [Table Text Block]

The future minimum revenues, before reduction for brokerage commissions, expected to be received on noncancelable time charters and certain contracts of affreightment (“COAs”) for which minimum annual revenues can be reasonably estimated and the related revenue days (revenue days represent calendar days, less days that vessels are not available for employment due to repairs, drydock or lay-up) are as follows:

At September 30, 2014	Amount		Revenue Days
2014	$	89,411		2,162
2015		281,650		5,332
2016		186,819		3,496
2017		118,246		2,005
2018		83,112		1,246
Thereafter		219,214		2,614
Future minimum revenues	$	978,452		16,855

- Definition

Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included.

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