Leases (Tables)

3 Months Ended

Mar. 31, 2015

Operating Leases of Lessee Disclosure [Table Text Block]

As of March 31, 2015, the Company had commitments to charter-in 17 vessels. All of these charters-in are accounted for as operating leases, of which 13 are bareboat charters and four 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
March 31, 2015	Amount		Operating Days
2015	$	74,145		3,575
2016		99,038		4,758
2017		98,219		4,713
2018		93,200		3,929
2019		111,819		3,470
Thereafter		50,300		2,008
Net minimum lease payments	$	526,721		22,453

Time Charters-in at
March 31, 2015	Amount		Operating Days
2015	$	17,584		1,596
2016		1,004		73
Net minimum lease payments	$	18,588		1,669

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 March 31,2015	Amount		Revenue Days
2015	$	324,838		7,132
2016		283,393		5,194
2017		178,914		2,808
2018		123,156		1,699
2019		78,067		933
Thereafter		176,082		2,078
Future minimum revenues	$	1,164,450		19,844

- 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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