Document And Entity Information
Document And Entity Information | 6 Months Ended |
Jun. 30, 2018 | |
Document Information [Line Items] | |
Entity Registrant Name | TOP SHIPS INC. |
Entity Central Index Key | 1,296,484 |
Trading Symbol | tops |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2018 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Unaudited Interim Condensed Con
Unaudited Interim Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 584 | $ 24,081 |
Trade accounts receivable | 638 | 621 |
Prepayments and other | 602 | 428 |
Inventories | 570 | 645 |
Prepaid bareboat charter hire | 1,656 | 1,656 |
Deferred charges | 341 | |
Restricted cash | 1,326 | 1,283 |
Total current assets | 5,376 | 29,055 |
FIXED ASSETS: | ||
Advances for vessels under construction (Note 4(a)) | 27,763 | 6,757 |
Vessels, net (Note 4(b)) | 151,933 | 154,935 |
Other fixed assets, net | 982 | 1,042 |
Total fixed assets | 180,678 | 162,734 |
OTHER NON CURRENT ASSETS: | ||
Prepaid bareboat charter hire | 4,450 | 5,278 |
Restricted cash | 5,407 | 5,249 |
Investments in unconsolidated joint ventures (Note 12) | 21,617 | 17,738 |
Derivative financial instruments (Note 11) | 1,760 | 394 |
Total non-current assets | 33,234 | 28,659 |
Total assets | 219,288 | 220,448 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt (Note 7) | 9,126 | 9,508 |
Short-term debt (Note 7) | 16,294 | 10,183 |
Due to related parties (Note 5) | 3,850 | 120 |
Accounts payable | 3,423 | 2,799 |
Accrued liabilities | 2,386 | 1,985 |
Unearned revenue | 521 | 986 |
Total current liabilities | 35,600 | 25,581 |
NON-CURRENT LIABILITIES: | ||
Derivative financial instruments (Note 11) | 4,491 | 3,335 |
Debt from related parties (Note 7) | 920 | |
Non-current portion of long term debt (Note 7) | 79,606 | 84,258 |
Total non-current liabilities | 85,017 | 87,593 |
COMMITMENTS AND CONTINGENCIES (Note 8) | ||
Total liabilities | 120,617 | 113,174 |
STOCKHOLDERS’ EQUITY: | ||
Preferred stock, $0.01 par value; 20,000,000 shares authorized; of which 100,000 Series D shares were outstanding at December 31, 2017 and June 30, 2018 | 1 | 1 |
Common stock, $0.01 par value; 1,000,000,000 shares authorized; 8,923,617 and 19,227,962 shares issued and outstanding at December 31, 2017 and June 30, 2018(Note 9) | 192 | 89 |
Additional paid-in capital | 401,747 | 402,644 |
Accumulated deficit | (303,269) | (296,645) |
Total stockholders’ equity | 98,671 | 106,089 |
Non-controlling Interests | 1,185 | |
Total equity | 98,671 | 107,274 |
Total liabilities and stockholders’ equity | $ 219,288 | $ 220,448 |
Unaudited Interim Condensed C_2
Unaudited Interim Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 19,227,962 | 8,923,617 |
Common stock, shares outstanding (in shares) | 19,227,962 | 8,923,617 |
Series D Preferred Stock [Member] | ||
Preferred stock, shares outstanding (in shares) | 100,000 | 100,000 |
Unaudited Interim Condensed C_3
Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
REVENUES: | ||
Revenues | $ 19,683 | $ 18,982 |
EXPENSES: | ||
Voyage expenses | 492 | 496 |
Bareboat charter hire expenses | 3,115 | 3,115 |
Amortization of prepaid bareboat charter hire | 828 | 829 |
Other vessel operating expenses | 7,135 | 6,596 |
Vessel depreciation (Note 4(b)) | 3,002 | 2,790 |
Management fees-related parties (Note 5) | 4,254 | 3,126 |
Other operating gain, net | (914) | |
General and administrative expenses | 4,358 | 3,502 |
Operating loss | (3,501) | (558) |
OTHER INCOME (EXPENSES): | ||
Interest and finance costs (including $143 and $361, respectively to related party) | (3,350) | (7,457) |
Gain on financial instruments, net (Note 11) | 130 | 1,057 |
Debt forgiveness | 1,118 | |
Interest income | 98 | |
Other, net | 2 | |
Total other loss, net | (3,122) | (5,280) |
Net loss and comprehensive loss | (6,623) | (5,838) |
Equity gains in unconsolidated joint ventures | 4 | |
Net loss attributable to common shareholders | (6,619) | (5,838) |
Common stock holders | (6,624) | (5,847) |
Non-controlling interests | $ 5 | $ 9 |
Loss per common share, basic and diluted (Note 10) (in dollars per share) | $ (0.42) | $ (10,422.45) |
Weighted average common shares outstanding, basic and diluted (in shares) | 15,620,543 | 561 |
Unaudited Interim Condensed C_4
Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss (Parentheticals) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Interest and finance costs, related party | $ 361 | $ 143 |
Unaudited Interim Condensed C_5
Unaudited Interim Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member]Crede [Member] | [1] | Common Stock [Member]Maxim [Member] | [1] | Common Stock [Member]Series C Convertible Preferred Stock [Member] | Common Stock [Member]Series B Convertible Preferred Stock [Member] | Common Stock [Member]Series D Convertible Preferred Stock [Member] | [1] | Common Stock [Member] | Preferred Stock [Member]Maxim [Member] | Preferred Stock [Member]Series D Convertible Preferred Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member]Crede [Member] | [1] | Additional Paid-in Capital [Member]Maxim [Member] | [1] | Additional Paid-in Capital [Member]Series C Convertible Preferred Stock [Member] | [1] | Additional Paid-in Capital [Member]Series B Convertible Preferred Stock [Member] | [1] | Additional Paid-in Capital [Member]Series D Convertible Preferred Stock [Member] | [1] | Additional Paid-in Capital [Member] | Retained Earnings [Member]Maxim [Member] | Retained Earnings [Member]Series D Convertible Preferred Stock [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member]Maxim [Member] | Noncontrolling Interest [Member]Series D Convertible Preferred Stock [Member] | Noncontrolling Interest [Member] | Crede [Member] | Maxim [Member] | Series C Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Series D Convertible Preferred Stock [Member] | Total | |||||
Balance (in shares) at Dec. 31, 2016 | [1] | 31 | ||||||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2016 | $ 328,762 | [1] | $ (283,241) | $ 45,521 | ||||||||||||||||||||||||||||||||||||
Net (loss)/income | [1] | [1] | (5,847) | $ 9 | (5,838) | |||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to convertible related party loans (in shares) | [1] | 4 | ||||||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to convertible related party loans | 2,040 | [1] | 2,040 | |||||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to the Stock Purchase Agreement (Note 11) (in shares) | 3,485 | [1] | 100,000 | |||||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to the Stock Purchase Agreement (Note 11) | [1] | $ 1 | 28,623 | [1] | $ 1 | 28,623 | ||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to Series C convertible preferred shares conversions (in shares) | [1] | 10,839 | 39 | |||||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to Series C convertible preferred shares conversions | [1] | [1] | $ 3,153 | $ 1,372 | $ 3,153 | $ 1,372 | ||||||||||||||||||||||||||||||||||
Series C convertible preferred stock's beneficial conversion feature | 7,500 | 7,500 | ||||||||||||||||||||||||||||||||||||||
Issuance of common stock due to exercise of warrants (in shares) | [1] | 2 | ||||||||||||||||||||||||||||||||||||||
Issuance of common stock due to exercise of warrants | 487 | [1] | 487 | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | (8) | [1] | (8) | |||||||||||||||||||||||||||||||||||||
Excess of consideration over acquired assets | (9,309) | [1] | (9,309) | |||||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to Series B convertible preferred stock conversions reflected in Mezzanine equity | [1] | [1] | $ 3,153 | $ 1,372 | $ 3,153 | $ 1,372 | ||||||||||||||||||||||||||||||||||
Additional paid-in capital attributed to non-controlling interests | (1,124) | [1] | 1,124 | |||||||||||||||||||||||||||||||||||||
Balance (in shares) at Jun. 30, 2017 | 14,400 | [1] | 100,000 | |||||||||||||||||||||||||||||||||||||
Balance at Jun. 30, 2017 | 361,497 | [1] | (289,088) | 1,133 | 73,542 | |||||||||||||||||||||||||||||||||||
Balance (in shares) at Dec. 31, 2017 | 8,923,617 | [1] | 100,000 | |||||||||||||||||||||||||||||||||||||
Balance at Dec. 31, 2017 | $ 89 | [1] | $ 1 | 402,644 | [1] | (296,645) | 1,185 | 107,274 | ||||||||||||||||||||||||||||||||
Net (loss)/income | [1] | [1] | (6,624) | 5 | (6,619) | |||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to the Stock Purchase Agreement (Note 11) (in shares) | 8,050,000 | 2,254,348 | ||||||||||||||||||||||||||||||||||||||
Issuance of common stock pursuant to the Stock Purchase Agreement (Note 11) | $ 81 | $ 23 | $ 14,709 | $ 2,341 | $ 14,790 | $ 2,364 | ||||||||||||||||||||||||||||||||||
Stock-based compensation | (17) | [1] | (17) | |||||||||||||||||||||||||||||||||||||
Excess of consideration over acquired assets | [1] | (22,260) | [1] | (22,260) | ||||||||||||||||||||||||||||||||||||
Balance (in shares) at Jun. 30, 2018 | 19,227,962 | 100,000 | ||||||||||||||||||||||||||||||||||||||
Stock-based compensation (in shares) | [1] | |||||||||||||||||||||||||||||||||||||||
Family Trading facility beneficial conversion feature (Note 7) | 4,330 | [1] | 4,330 | |||||||||||||||||||||||||||||||||||||
Purchase of 10% of M/T Stenaweco Elegance (Note 1) | (1,190) | (1,190) | ||||||||||||||||||||||||||||||||||||||
Cancellation of fractional shares due to reverse stock splits | $ (1) | [1] | (1) | |||||||||||||||||||||||||||||||||||||
Cancellation of fractional shares due to reverse stock splits (in shares) | [1] | (3) | ||||||||||||||||||||||||||||||||||||||
Balance at Jun. 30, 2018 | $ 192 | $ 1 | $ 98,671 | |||||||||||||||||||||||||||||||||||||
[1] | Adjusted to reflect the reverse stock splits effected in March 2018 (see Note 9) |
Unaudited Interim Condensed C_6
Unaudited Interim Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash Flows from Operating Activities: | ||
Net Cash (used in)/ provided by Operating Activities | $ 597 | $ (1,206) |
Cash Flows from Investing Activities: | ||
Advances for vessels under construction | (20,591) | |
Vessel acquisitions (Note 4) | (43,755) | |
Purchase of 10% of M/T Stenaweco Elegance (Note 1) | (1,190) | |
Investments in unconsolidated joint ventures (Note 12) | (3,820) | (11,200) |
Net Cash used in Investing Activities | (25,601) | (54,955) |
Cash Flows from Financing Activities: | ||
Proceeds from debt (Note 7) | 9,184 | 23,350 |
Proceeds from short-term Notes (Note 7) | 11,769 | 34,200 |
Proceeds from related party debt (Note 7) | 5,280 | 2,958 |
Principal payments of debt (Note 7) | (5,010) | (4,560) |
Prepayment of related party debt | (4,085) | |
Consideration paid in excess of purchase price over book value of vessels (Note 1) | (21,397) | |
Proceeds from warrant exercises | 513 | |
Proceeds from equity offerings | 2,531 | |
Equity offerings costs | (71) | (409) |
Payment of financing costs | (578) | (949) |
Net Cash provided by Financing Activities | 1,708 | 58,518 |
Net increase/(decrease) in cash and cash equivalents and restricted cash | (23,296) | 2,357 |
Cash and cash equivalents and restricted cash at beginning of year | 30,613 | 5,594 |
Cash and cash equivalents and restricted cash at end of the period | 7,317 | 7,951 |
Cash and cash equivalents | 584 | 1,589 |
Restricted cash, current | 1,326 | 1,270 |
Restricted cash, non-current | 5,407 | 5,092 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Capital expenditures included in Accounts payable/Accrued liabilities | 448 | 367 |
Consideration for purchase of net assets included in Due to related parties | 863 | |
Interest paid net of capitalized interest | 2,557 | 2,303 |
Finance fees included in Accounts payable/Accrued liabilities | 55 | 3 |
Offering expenses included in liabilities | 152 | 719 |
Equity Offering of Common Stock to Settle Notes [Member] | ||
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Shares issued in exchange for converting debt, interest & finance fees | 14,810 | 29,306 |
Stock Issued in Exchange for Converting Debt, Interest & Finance Fees [Member] | ||
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Shares issued in exchange for converting debt, interest & finance fees | 4,238 | |
Series C Convertible Preferred Stock [Member] | ||
Cash Flows from Financing Activities: | ||
Proceeds from issuance of Series C convertible preferred stock | $ 7,500 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and General Information | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Basis of Presentation and General Information: The accompanying unaudited interim condensed consolidated financial statements include the accounts of Top Ships Inc. and its wholly owned subsidiaries (collectively the “Company”). Ocean Holdings Inc. was formed on January 10, 2000, May 2004 December 2007, As of June 30, 2018, not 100% Companies Date of Incorporation Country of Activity Top Tanker Management Inc. May 2004 Marshall Islands Management company Wholly owned Shipowning Companies with vessels in operation during six June 30, 2018 Date of Country of Vessel 1 Monte Carlo 71 June 2014 Marshall Islands M/T Stenaweco Energy (acquired June 2014), January 2015 2 Monte Carlo One Shipping Company Ltd June 2012 Marshall Islands M/T Stenaweco Evolution (acquired March 2014), March 2015 3 Monte Carlo Seven Shipping Company Limited April 2013 Marshall Islands M/T Stenaweco Excellence (acquired March 2014) 4 Monte Carlo Lax Shipping Company Limited May 2013 Marshall Islands M/T Nord Valiant (acquired March 2014) 5 Monte Carlo 37 September 2013 Marshall Islands M/T Eco Fleet (acquired March 2014) 6 Monte Carlo 39 December 2013 Marshall Islands M/T Eco Revolution (acquired March 2014 ) 7 Eco Seven Inc. February 2017 Marshall Islands M/T Stenaweco Elegance (acquired February, 2017) Wholly owned Shipowning Companies with vessels under construction during six June 30, 2018 Date of Country of Vessel 8 Astarte International Inc. April 2017 Marshall Islands M/T Eco Palm Desert (contract acquired April 2017) 9 PCH77 September 2017 Marshall Islands M/T Eco California (contract acquired November 2017) 10 PCH Dreaming Inc. January 2018 Marshall Islands M/T Eco Marina Del Ray (contract acquired January 2018) 11 South California Inc. January 2018 Marshall Islands M/T Eco Bel Air (contract acquired January 2018) 12 Malibu Warrior Inc. January 2018 Marshall Islands M/T Eco Beverly Hills (contract acquired January 2018) As of June 30, 2018, 50% Shipowning Companies Date of Country of Vessel 1 City of Athens Inc. November 2016 Marshall Islands M/T Eco Holmby Hills (acquired June, 2017) 2 Eco Nine Inc. March 2015 Marshall Islands M/T Eco Palm Springs (acquired June, 2017) The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. Accordingly, they do not 20 December 31, 2017, March 29, 2018. These unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. Operating results for the six June 30, 2018 not December 31, 2018. On January 31, 2018 a. 100% 50,000 M/T Eco Marina Del Ray or Hull No 8242 March 2019. $3,950. one $16, two $17 $18, June 2018 5 $15.1. b. 100% 157,000 M/T Eco Bel Air or Hull No 874 April 2019. $8,950. one $25, two $26 $27, June 3 $25, two $28 $29.5, c. 100% 157,000 M/T Beverly Hills or Hull No 875 May 2019. $8,950. one $25, two $26 $27, June 2018 3 $25, two $28 $29.5, d. 10% 50,000 February 2017 $1,600. 100% Each of the acquisitions was approved by a special committee of the Company’s board of directors, (the "Transaction Committee"), of which all of the directors were independent. The Company accounted for the abovementioned acquisitions as a transfer of assets between entities under common control and has recognized the vessels at their historical carrying amounts at the date of transfer. The amount of the consideration given in excess of the historical carrying value of the net assets acquired is recognized as a reduction to the Company’s additional paid in capital and presented as Excess of consideration over the carrying value of acquired assets in the Company’s consolidated statement of stockholders' equity for the six June 30, 2018. Consideration in cash 23,450 Less: Carrying value of Net assets of companies acquired 1,190 Excess of consideration over acquired assets 22,260 |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Significant Accounting Policies: A discussion of the Company's significant accounting policies can be found in the Company's annual financial statements for the fiscal year ended December 31, 2017 20 March 29, 2018. no six June 30, 2018. During the six June 30, 2018, ASU 2014 09 May 28, 2014, No 2014 09 2014 09, not 2016 02. ASU No. 2016 02, February 2016, 2016 02, 842 twelve December 15, 2018. 2016 02 June 30, 2018, $23,064. ASU 2016 15 no In June 2018, 2018 07, 718 718, 2018 07, 718 December 15, 2018, In August 2018, 2018 13, 820 820, December 15, 2019. 3 not |
Note 3 - Going Concern
Note 3 - Going Concern | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Going Concern [Text Block] | 3. Going Concern: At June 30, 2018, $30,224 $584. June 30, 2018, $189,337. $46,269 2018 $143,068 June 30, 2019. 2018, $34,025 June 30, 2018 twelve $6,308. As of June 30, 2018, $61,929 6 7 $72,069 July 2018 $10,140 $80,517 September 2018 13 $80,517, $18,590 first 2019. one twelve not |
Note 4(a) - Advances for Vessel
Note 4(a) - Advances for Vessels Under Construction | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Advances for Vessels Acquisition Under Construction [Text Block] | 4 Advances for Vessels under construction: An analysis of Advances for vessels under construction included in the accompanying unaudited interim condensed consolidated balance sheets is as follows: Advances for vessels Balance, December 31, 2017 6,757 — Advances paid 19,930 —Capitalized expenses 1,076 Balance, June 30, 2018 27,763 |
Note 4(b) - Vessels, Net
Note 4(b) - Vessels, Net | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4 The balances in the accompanying unaudited interim condensed consolidated balance sheets are analyzed as follows: Vessel Cost Accumulated Net Book Value Balance, December 31, 2017 164,694 (9,759 ) 154,935 — Depreciation - (3,002 ) (3,002 ) Balance, June 30, 2018 164,694 (12,761 ) 151,933 The Company's vessels have been mortgaged as security under its loan facilities (see Note 7 |
Note 5 - Transactions With Rela
Note 5 - Transactions With Related Parties | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 5. Transactions with Related Parties: (a) Central Mare– Executive Officers and Other Personnel Agreements: September 1, 2010, The fees charged by Central Mare for the six June 30, 2017 2018 Six Month Period Ended June 30, 2017 2018 Presented in: Executive officers and other personnel expenses 1,200 1,200 General and administrative expenses - Statement of comprehensive loss Amortization of awarded shares - (17 ) Management fees - related parties - Statement of comprehensive loss Total 1,200 1,183 On March 27, 2017 January 2, 2018, $1,500 $2,250 (b) Central Shipping Monaco SAM (“CSM”) – Letter Agreement and Management Agreements: March 10, 2014, The fees charged by and expenses relating to CSM for the periods ended June 30, 2017 2018 Six Months Ended June 30, 2017 2018 Presented in: Management fees 34 - Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet 1,081 1,159 Management fees - related parties -Statement of comprehensive loss Supervision services fees 8 27 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet Superintendent fees 43 43 Vessel operating expenses -Statement of comprehensive loss 15 15 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet Accounting and reporting cost 88 113 Management fees - related parties -Statement of comprehensive loss Financing fees - 24 Short-term debt – Balance sheet Commission for sale and purchase of vessels 707 1,749 Management fees - related parties -Statement of comprehensive loss Commission on charter hire agreements 236 245 Voyage expenses - Statement of comprehensive loss Performance incentive fee 1,250 1,250 Management fees - related parties -Statement of comprehensive loss Total 3,462 4,625 For periods ended June 30, 2017 2018, $109 $386 not (c) Vessel Acquisitions from affiliated entities: January 31, 2018 10% 1 4 |
Note 6 - Leases
Note 6 - Leases | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Lessor, Operating Leases [Text Block] | 6. Leases A. Lease arrangements, under which the Company acts as the lessee Future minimum lease payments: The Company's future minimum lease payments required to be made after June 30, 2018, Year ending December 31, Bareboat Charter Lease Payments 2018 (remainder) 3,167 2019 6,282 2020 6,299 2021 6,282 2022 1,034 Total 23,064 B. Lease arrangements, under which the Company acts as the lessor Charter agreements: In the period ended June 30, 2018, four two one Furthermore the company has entered into time charter parties for its newbuilding vessels, namely with BP (M/T Eco Bel Air and M/T Eco Beverly Hills), Cargill (M/T Eco Marina Del Ray), Shell Tankers Singapore Private Limited (M/T Eco California) and Central Tanker Chartering Inc (M/T Eco Palm Desert). Future minimum time-charter receipts, based on the vessels commitments to these non-cancellable time charter contracts, as of June 30, 2018, Year ending December 31, Time Charter receipts 2018 (remainder) 21,350 2019 55,955 2020 62,857 2021 37,935 2022 11,612 2023 5,512 2024 1,329 Total 196,550 In arriving at the minimum future charter revenues, an estimated 20 no no |
Note 7 - Debt
Note 7 - Debt | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 7. Debt: Details of the Company’s credit facilities are discussed in Note 9 December 31, 2017. a. Long-term debt ABN Facility As at June 30, 2018, $50,350. three June 30, 2018 2.36%. NORD/LB Facility As at June 30, 2018, $19,093. three June 30, 2018 2.32%. Alpha Bank Facility As at June 30, 2018, $21,350. three June 30, 2018 2.33%. AT Bank The Company on June 1, 2018 2% 1.3%, March 6, 2018. As of June 30, 2018, not $23,500 June 30, 2018, b. Short-term debt Unsecured Notes On December 14, 2017, third $12,500 two $5,000 January 5, 2018, second $5,369 $4,631 February 8, 2018, third $6,400. three The Crede Notes mature 24 2.0% ninety 10.0% ninety ninety 15.0% one hundred eighty As of June 30, 2018, first second $5,836 third AT Bank Predelivery Facility The Company during the period ended June 30, 2018 $7,494 four The Company on June 1, 2018 6.3% 8.5% 4.25% 0%, March 6, 2018. The applicable three June 30, 2018 2.32%. June 30, 2018 $8,993 $0. AT Bank Second Predelivery Facility On June 1, 2018, $10,140 five five June December 2018 January 2019. The facility contains various covenants, including a ratio of total net debt to the aggregate market value of the Company's fleet, current or future, of no 75% $750 $500 The facility is secured as follows: · Assignment to the bank of the newbuilding contract and of the respective refund guarantee of M/T Eco California; · Corporate guarantee of Top Ships Inc.; · Pledge of the shares of the subsidiary owning the newbuilding contract; The AT Bank Second Predelivery Facility bears interest at LIBOR plus a margin of 6.3% 6% September 2018 no $1,690 June 2018, one June 30, 2018 $1,690 $8,450. three June 30, 2018 2.30%. c. Long-term debt from related parties Amended Family Trading Credit Facility As of June 30, 2018, $5,280, $170, June 30, 2018 $5,280, $4,330 470 20. $140 June 30, 2018 $6,572 The commitment fees payable and interest payable are $142 $27 June 30, 2018 $0.60 8,800,000 As of June 30, 2018, d. Financing committed under sale and leaseback agreement On June 29, 2018 5 No 8242 March 2019. $8.6 five five five $22,680. $32,400. The abovementioned sale and leaseback transaction contains, customary covenants and event of default clauses, including cross-default provisions and restrictive covenants and performance requirements. |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 8. Commitments and Contingencies: Legal proceedings: Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. As part of the normal course of operations, the Company's customers may On August 1, 2017, February 2017 August 2017. in response to that subpoena. On September 26, 2018 October 5, 2018 two August 1, 2017. not On August 23, 2017, No. 2:17 04987 two January 17, 2017 August 22, 2017, two 9, 10 20 1934 10b 5 August 24, 2017, second No. 2:17 05016 10 20 10b 5 July 20, 2018, two no. 2:17 04987 August 3, 2018, one July 20, 2018 September 18, 2018 November 23, 2016 April 3, 2018, 9, 10 20 20A 1934 10b 5 July 20, 2018 Other than the cases mentioned above, the Company is not Capital Expenditures under the Company’s Newbuilding program: The Company has remaining contractual commitments for the acquisition of its fleet totaling $189,337, $17,985, $28,730, $32,420, $55,101 $55,101 $46,269 2018 $143,068 2019. Environmental Liabilities: The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not |
Note 9 - Common Stock, Addition
Note 9 - Common Stock, Additional Paid-in Capital and Dividends | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 9. Common Stock, Additional Paid-In Capital and Dividends: A discussion of the Company's common stock, additional paid-in capital and dividends can be found in the Company's annual financial statements for the fiscal year ended December 31, 2017 20 March 29, 2018. Reverse stock split: March 26, 2018, 1 10 no Second Crede Purchase Agreement: December 11, 2017, second $25,000 24 $500 no No June 30, 2018, $14,810 8,050,000 May 23, 2018. Equity distribution agreement: May 25, 2018, may $14,250 12 no No June 30, 2018, 2% $2,531 2,254,348 Warrants: June 30, 2018 no no June 30, 2018 1,976,389 June 6, 2014, 8,794,933 $0.56, may February 2017 2 not $675,000 75% twenty-one 21 no $0.25. Dividends: No June 30, 2018. |
Note 10 - Loss Per Common Share
Note 10 - Loss Per Common Share | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 10. Loss Per Common Share: All shares issued (including non-vested shares issued under the Company’s stock incentive plans) are the Company's common stock and have equal rights to vote and participate in dividends and in undistributed earnings. Non-vested shares do not The components of the calculation of basic and diluted earnings per share for the periods ended June 30, 2017 2018 Six months ended June 30, 2017 2018 Income: Net loss attributable to common shareholders (5,847 ) (6, 624 ) Earnings per share: Weighted average common shares outstanding, basic and diluted 561 15,620,543 Loss per share, basic and diluted (10,422.45 ) (0.42 ) For the periods ended June 30, 2017 2018 no |
Note 11 - Financial Instruments
Note 11 - Financial Instruments | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | 11. Financial Instruments: The principal financial assets of the Company consist of cash on hand and at banks, restricted cash, prepaid expenses and other receivables. The principal financial liabilities of the Company consist of short and long term loans, Unsecured Notes, related party loan, accounts payable due to suppliers, amounts due from/to related parties, accrued liabilities, interest rate swaps and warrants granted to third a) Interest rate risk: b) Credit risk: c) Fair value: The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash and cash equivalents and restricted cash are considered Level 1 The fair value of bank debt approximates the recorded value due to its variable interest rate, being the LIBOR. LIBOR rates are observable at commonly quoted intervals for the full term of the loans and, hence, bank loans are considered Level 2 The fair value of interest rate swaps is determined using a discounted cash flow method taking into account current and future interest rates and the creditworthiness of both the financial instrument counterparty and the Company and, hence, they are considered Level 2 The fair value of warrants is determined using the Cox, Ross and Rubinstein Binomial methodology and hence are considered Level 3 The Company follows the accounting guidance for Fair Value Measurements. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The guidance requires assets and liabilities carried at fair value to be classified and disclosed in one three Level 1: Level 2: Level 3: not Interest rate swap agreements The Company has entered into interest rate swap transactions to manage interest costs and the risk associated with changing interest rates with respect to its variable interest rate credit facilities. These interest rate swap transactions fixed the interest rates based on predetermined ranges in LIBOR rates. The Company has entered into the following agreements with ABN Amro Bank, Nord/LB Bank and Alpha Bank relating to interest rate swaps, the details of which were as follows: Agreement Date Counterparty Effective (start) date: Termination Date: Notional amount Interest rate payable June 3, 2016 ABN Amro Bank April 13, 2018 Ju1y 13, 2021 $ 16,575 1.4425 % December 19, 2016 ABN Amro Bank December 21, 2016 January 13, 2022 $ 20,700 2.0800 % December 19, 2016 ABN Amro Bank December 21, 2016 August 10, 2022 $ 19,450 2.1250 % March 29, 2017 NORD/LB Bank May 17, 2017 May 17, 2023 $ 21,139 2.1900 % March 29, 2018 Alpha Bank March 29, 2018 February 25, 2025 $ 21,900 2.9700 % The fair value of the swaps was considered by the Company to be classified as Level 2 2 Warrant liability The Company's warrants outstanding as of December 31, 2017 June 30, 2018, June 30, 2018 1,976,389 June 11, 2014, Warrants Outstanding Warrant Shares Outstanding Term Warrant Exercise Fair Value – Liability 1,976,389 2,134,501 5 $ 2.30 3,332 Warrants Outstanding Warrant Shares Outstanding Term Warrant Exercise Fair Value – Liability 1,976,389 8,794,933 5 $ 0.56 4,445 * Applying the Variable Exercise Price as applicable at June 30, 2018 Fair value of financial liabilities The following table presents the fair value of those financial assets and liabilities measured at fair value on a recurring basis and their locations on the accompanying consolidated balance sheets, analyzed by fair value measurement hierarchy level: Fair Value Measurement at Reporting Date As of December 31, 2017 Total Using Quoted Prices in Significant Significant Non-current asset 394 - 394 - Non-current liability 3,335 - 3 3,332 As of June 30, 2018 Non-current asset 1,760 - 1,760 - Non-current liability 4,491 - 46 4,445 The following table sets forth a summary of changes in fair value of the Company’s level 3 six June 30, 2018: Closing balance – December 31, 2017 3,332 Change in fair value of warrants, included in the consolidated statements of comprehensive loss 1,113 Closing balance – June 30, 2018 4,445 Derivative Financial Instruments not The Company's interest rate swaps did not (loss) on derivative financial instruments in the statement of comprehensive loss as well as presenting the fair value at the end of each period in the balance sheet. The major unobservable input in connection with the valuation of the Company’s warrants is the volatility used in the valuation model, which is approximated by yearly historical observations of the Company’s share price. The yearly historical volatility that has been applied in the warrant valuation as of June 30, 2018 246%. 5% 2.9% 3 Quantitative information about Level 3 Fair Value Measurements Derivative type Fair Value at Fair Value at Balance Sheet Valuation Significant Value Value Warrants 3,332 4,445 Non-Current liabilities –Derivative financial instruments Cox, Ross and Rubinstein Binomial Volatility 233 % 246 % Information on the location and amounts of derivative financial instruments fair values in the balance sheet and derivative financial instrument losses in the statement of comprehensive loss are presented below: Amount of gain recognized in Statement of June 30, 2017 June 30, 2018 Interest rate swaps- change in fair value (388 ) 1,324 Interest rate swaps– realized loss (234 ) (81 ) Warrants- change in fair value 1,679 (1,113 ) Total 1,057 130 |
Note 12 - Investments in Uncons
Note 12 - Investments in Unconsolidated Joint Ventures | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 12. Investments in unconsolidated joint ventures During the period ended June 30, 2018 $2,243 $833 $744 On March 12, 2018 $35,900 $17,948 $17,952 20 $299 three $11,965 $11,968 2.90%. On March 15, 2018, 50,000 March 20, 2018 On May 23, 2018, 50,000 May 26, 2018 |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 13. Subsequent Events On July 11, 2018, $10,140 five five July 2018 February 2019. March 2019. The facility contains restrictions on the subsidiary that owns the newbuilding contract from incurring further indebtedness or guarantees and from paying any dividends if the latter would result in an event of default. The facility is secured as follows: · Assignment to the bank of the newbuilding contract and of the respective refund guarantee of M/T Eco Marina Del Ray; · Corporate guarantee of Top Ships Inc.; · Pledge of the shares of the subsidiary owning the newbuilding contract; The facility bears interest at LIBOR plus a margin of 4.25% 1% $1,690 July 2018, one On July 23, 2018, On September 7, 2018 50,000 On September 11, 2018 $92,500 874 875, April May 2019, seven three no On September 27, 2018, December 31, 2019, $20,000, 12%, 2% 5%. of issuance of these financial statements the balance of the Amended and Restated Family Trading Credit Facility is $17,367. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | ASU 2014 09 May 28, 2014, No 2014 09 2014 09, not 2016 02. ASU No. 2016 02, February 2016, 2016 02, 842 twelve December 15, 2018. 2016 02 June 30, 2018, $23,064. ASU 2016 15 no In June 2018, 2018 07, 718 718, 2018 07, 718 December 15, 2018, In August 2018, 2018 13, 820 820, December 15, 2019. 3 not |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation and General Information (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Consideration in cash 23,450 Less: Carrying value of Net assets of companies acquired 1,190 Excess of consideration over acquired assets 22,260 |
Note 4(a) - Advances for Vess_2
Note 4(a) - Advances for Vessels Under Construction (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Advances for Vessels Acquisition Under Construction [Table Text Block] | Advances for vessels Balance, December 31, 2017 6,757 — Advances paid 19,930 —Capitalized expenses 1,076 Balance, June 30, 2018 27,763 |
Note 4(b) - Vessels, Net (Table
Note 4(b) - Vessels, Net (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Vessel Cost Accumulated Net Book Value Balance, December 31, 2017 164,694 (9,759 ) 154,935 — Depreciation - (3,002 ) (3,002 ) Balance, June 30, 2018 164,694 (12,761 ) 151,933 |
Note 5 - Transactions With Re_2
Note 5 - Transactions With Related Parties (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Central Mare [Member] | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Six Month Period Ended June 30, 2017 2018 Presented in: Executive officers and other personnel expenses 1,200 1,200 General and administrative expenses - Statement of comprehensive loss Amortization of awarded shares - (17 ) Management fees - related parties - Statement of comprehensive loss Total 1,200 1,183 Six Months Ended June 30, 2017 2018 Presented in: Management fees 34 - Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet 1,081 1,159 Management fees - related parties -Statement of comprehensive loss Supervision services fees 8 27 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet Superintendent fees 43 43 Vessel operating expenses -Statement of comprehensive loss 15 15 Capitalized in Vessels, net / Advances for vessels acquisitions / under construction –Balance sheet Accounting and reporting cost 88 113 Management fees - related parties -Statement of comprehensive loss Financing fees - 24 Short-term debt – Balance sheet Commission for sale and purchase of vessels 707 1,749 Management fees - related parties -Statement of comprehensive loss Commission on charter hire agreements 236 245 Voyage expenses - Statement of comprehensive loss Performance incentive fee 1,250 1,250 Management fees - related parties -Statement of comprehensive loss Total 3,462 4,625 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year ending December 31, Bareboat Charter Lease Payments 2018 (remainder) 3,167 2019 6,282 2020 6,299 2021 6,282 2022 1,034 Total 23,064 |
Schedule of Future Minimum Time-Charter Receipts [Table Text Block] | Year ending December 31, Time Charter receipts 2018 (remainder) 21,350 2019 55,955 2020 62,857 2021 37,935 2022 11,612 2023 5,512 2024 1,329 Total 196,550 |
Note 10 - Loss Per Common Sha_2
Note 10 - Loss Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Six months ended June 30, 2017 2018 Income: Net loss attributable to common shareholders (5,847 ) (6, 624 ) Earnings per share: Weighted average common shares outstanding, basic and diluted 561 15,620,543 Loss per share, basic and diluted (10,422.45 ) (0.42 ) |
Note 11 - Financial Instrumen_2
Note 11 - Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | Agreement Date Counterparty Effective (start) date: Termination Date: Notional amount Interest rate payable June 3, 2016 ABN Amro Bank April 13, 2018 Ju1y 13, 2021 $ 16,575 1.4425 % December 19, 2016 ABN Amro Bank December 21, 2016 January 13, 2022 $ 20,700 2.0800 % December 19, 2016 ABN Amro Bank December 21, 2016 August 10, 2022 $ 19,450 2.1250 % March 29, 2017 NORD/LB Bank May 17, 2017 May 17, 2023 $ 21,139 2.1900 % March 29, 2018 Alpha Bank March 29, 2018 February 25, 2025 $ 21,900 2.9700 % |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Warrants Outstanding Warrant Shares Outstanding Term Warrant Exercise Fair Value – Liability 1,976,389 2,134,501 5 $ 2.30 3,332 Warrants Outstanding Warrant Shares Outstanding Term Warrant Exercise Fair Value – Liability 1,976,389 8,794,933 5 $ 0.56 4,445 |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurement at Reporting Date As of December 31, 2017 Total Using Quoted Prices in Significant Significant Non-current asset 394 - 394 - Non-current liability 3,335 - 3 3,332 As of June 30, 2018 Non-current asset 1,760 - 1,760 - Non-current liability 4,491 - 46 4,445 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Closing balance – December 31, 2017 3,332 Change in fair value of warrants, included in the consolidated statements of comprehensive loss 1,113 Closing balance – June 30, 2018 4,445 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Quantitative information about Level 3 Fair Value Measurements Derivative type Fair Value at Fair Value at Balance Sheet Valuation Significant Value Value Warrants 3,332 4,445 Non-Current liabilities –Derivative financial instruments Cox, Ross and Rubinstein Binomial Volatility 233 % 246 % |
Derivative Instruments, Gain (Loss) [Table Text Block] | Amount of gain recognized in Statement of June 30, 2017 June 30, 2018 Interest rate swaps- change in fair value (388 ) 1,324 Interest rate swaps– realized loss (234 ) (81 ) Warrants- change in fair value 1,679 (1,113 ) Total 1,057 130 |
Note 1 - Basis of Presentatio_3
Note 1 - Basis of Presentation and General Information (Details Textual) | Jan. 31, 2018USD ($)T | Jun. 30, 2018USD ($) |
PCH Dreaming, Inc. [Member] | ||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |
Size of Vessel | T | 50,000 | |
Business Combination, Consideration Transferred, Total | $ 3,950,000 | |
Charter Term | 1 year | 5 years |
Charter Rate Per Day | $ 16,000 | $ 15,100 |
Charter Option To Extend Term | 2 years | |
Charter Option to Extend, Rate Per Day, Year One | $ 17,000 | |
Charter Option to Extend, Rate Per Day, Year Two | $ 18,000 | |
South California, Inc. [Member] | ||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |
Size of Vessel | T | 157,000 | |
Business Combination, Consideration Transferred, Total | $ 8,950,000 | |
Charter Term | 1 year | 3 years |
Charter Rate Per Day | $ 25,000 | $ 25,000 |
Charter Option To Extend Term | 2 years | 2 years |
Charter Option to Extend, Rate Per Day, Year One | $ 26,000 | $ 28,000 |
Charter Option to Extend, Rate Per Day, Year Two | $ 27,000 | $ 29,500 |
Malibu Warrior, Inc. [Member] | ||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |
Size of Vessel | T | 157,000 | |
Business Combination, Consideration Transferred, Total | $ 8,950,000 | |
Charter Term | 1 year | 3 years |
Charter Rate Per Day | $ 25,000 | $ 25,000 |
Charter Option To Extend Term | 2 years | 2 years |
Charter Option to Extend, Rate Per Day, Year One | $ 26,000 | $ 28,000 |
Charter Option to Extend, Rate Per Day, Year Two | $ 27,000 | $ 29,500 |
ECO Seven, Inc. [Member] | ||
Business Acquisition, Percentage of Voting Interests Acquired | 10.00% | |
Size of Vessel | T | 50,000 | |
Business Combination, Consideration Transferred, Total | $ 1,600,000 | |
Business Combination, Step Acquisition, Equity Interest in Acquiree, including Subsequent Acquisition, Percentage, Total | 100.00% | |
City of Athens [Member] | ||
Equity Method Investment, Ownership Percentage | 50.00% | |
Eco Nine [Member] | ||
Equity Method Investment, Ownership Percentage | 50.00% |
Note 1 - Basis of Presentatio_4
Note 1 - Basis of Presentation and General Information - Excess of Consideration Over Acquired Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Excess of consideration over acquired assets | $ (22,260) | $ (9,309) |
Astarte [Member] | ||
Consideration in cash | 23,450 | |
Less: Carrying value of Net assets of companies acquired | 1,190 | |
Excess of consideration over acquired assets | $ 22,260 |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Details Textual) $ in Thousands | Jun. 30, 2018USD ($) |
Operating Leases, Future Minimum Payments Due, Total | $ 23,064 |
Note 3 - Going Concern (Details
Note 3 - Going Concern (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | ||||
Jun. 30, 2018 | Sep. 30, 2018 | Jul. 11, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | |
Working Capital Surplus (Deficit) | $ (30,224) | ||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 584 | $ 24,081 | $ 1,589 | ||
Contractual Obligation, Total | 189,337 | ||||
Contractual Obligation, Future Minimum Payments Due, Remainder of Fiscal Year | 46,269 | ||||
Contractual Obligation, Due in Second Year | 143,068 | ||||
Contractual Obligations Settled | 34,025 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 61,929 | ||||
Subsequent Event [Member] | |||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 80,517 | $ 72,069 | |||
Subsequent Event [Member] | Pre-delivery Facilities [Member] | |||||
Line of Credit Facility, Remaining Borrowing Capacity | 18,590 | ||||
Subsequent Event [Member] | Alpha Bank [Member] | Pre-Delivery Financing of M/T Eco Marina Del Rey [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,140 |
Note 4(a) - Advances for Vess_3
Note 4(a) - Advances for Vessels Under Construction - Advances for Vessels Acquisitions Under Construction (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Balance | $ 6,757 |
— Advances paid | 19,930 |
—Capitalized expenses | 1,076 |
Balance | $ 27,763 |
Note 4(b) - Vessels, Net - Summ
Note 4(b) - Vessels, Net - Summary of Vessels (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Depreciation | $ (3,002) | $ (2,790) | |
Balance, Net Book Value | 162,734 | ||
Depreciation | (3,002) | $ (2,790) | |
Balance, Net Book Value | 180,678 | ||
Vessels [Member] | |||
Balance, cost | 164,694 | $ 164,694 | |
Balance, Accumulated Depreciation | (9,759) | ||
Depreciation | (3,002) | ||
Balance, Accumulated Depreciation | (12,761) | ||
Balance, Net Book Value | 154,935 | ||
Depreciation | (3,002) | ||
Balance, Net Book Value | $ 151,933 |
Note 5 - Transactions With Re_3
Note 5 - Transactions With Related Parties (Details Textual) - USD ($) $ in Thousands | Jan. 02, 2018 | Mar. 27, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jan. 31, 2018 |
Proceeds from Related Party Debt | $ 5,280 | $ 2,958 | |||
Chief Executive Officer [Member] | Incentive Compensation for Completion of Newbuilding Program [Member] | |||||
Related Party Transaction, Amounts of Transaction | $ 1,500 | ||||
Proceeds from Related Party Debt | $ 2,250 | ||||
Central Shipping Monaco SAM [Member] | |||||
Related Party Transaction, Amounts of Transaction | 4,625 | 3,462 | |||
Central Shipping Monaco SAM [Member] | Newbuilding Supervision Fee [Member] | |||||
Related Party Transaction, Amounts of Transaction | $ 386 | $ 109 | |||
Affiliated Entity [Member] | M/T Stenaweco Elegance [Member] | |||||
Equity Method Investment, Ownership Percentage | 10.00% |
Note 5 - Transactions With Re_4
Note 5 - Transactions With Related Parties - Fees Charged by Related Parties (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Central Mare [Member] | ||
Fees charged | $ 1,183 | $ 1,200 |
Central Mare [Member] | Executive Officers and Other Personnel Expenses [Member] | General and Administrative Expense [Member] | ||
Fees charged | 1,200 | 1,200 |
Central Mare [Member] | Amortization of Awarded Shares [Member] | Management Fees Related Party [Member] | ||
Fees charged | (17) | |
Central Shipping Monaco SAM [Member] | ||
Fees charged | 4,625 | 3,462 |
Central Shipping Monaco SAM [Member] | Management Fees [Member] | Advances for Vessels Acquisitions/under Construction [Member] | ||
Fees charged | 34 | |
Central Shipping Monaco SAM [Member] | Management Fees [Member] | Management Fees - Related Parties [Member] | ||
Fees charged | 1,159 | 1,081 |
Central Shipping Monaco SAM [Member] | Supervision Fee [Member] | Advances for Vessels Acquisitions/under Construction [Member] | ||
Fees charged | 27 | 8 |
Central Shipping Monaco SAM [Member] | Superintendent Fees [Member] | Advances for Vessels Acquisitions/under Construction [Member] | ||
Fees charged | 15 | 15 |
Central Shipping Monaco SAM [Member] | Superintendent Fees [Member] | Vessel Operating Expenses [Member] | ||
Fees charged | 43 | 43 |
Central Shipping Monaco SAM [Member] | Accounting and Reporting Cost [Member] | Management Fees - Related Parties [Member] | ||
Fees charged | 113 | 88 |
Central Shipping Monaco SAM [Member] | Financing Fees [Member] | Deferred Charges [Member] | ||
Fees charged | 24 | |
Central Shipping Monaco SAM [Member] | Commission for Sale and Purchase of Vessels [Member] | Vessels, Net [Member] | ||
Fees charged | 1,749 | 707 |
Central Shipping Monaco SAM [Member] | Commissions on Charter Hire Agreements [Member] | Voyage Expenses [Member] | ||
Fees charged | 245 | 236 |
Central Shipping Monaco SAM [Member] | Incentive Fee for the Provision of Services [Member] | Management Fees - Related Parties [Member] | ||
Fees charged | $ 1,250 | $ 1,250 |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) | 6 Months Ended |
Jun. 30, 2018 | |
Stena Weco A/S [Member] | M/T Stenaweco Energy, M/T Stenaweco Evolution, and M/T Stenaweco Excellence, M/T Stenaweco Elegance [Member] | |
Number of Time Charters | 4 |
BP Shipping [Member] | M/T Eco Fleet and M/T Eco Revolution [Member] | |
Sale Leaseback Transaction, Number of Vessels | 2 |
Dampskibsselskabet Norden A/S [Member] | M/T Nord Valiant [Member] | |
Number of Time Charters | 1 |
Note 6 - Leases - Future Minimu
Note 6 - Leases - Future Minimum Lease Payments (Details) $ in Thousands | Jun. 30, 2018USD ($) |
2018 (remainder) | $ 3,167 |
2,019 | 6,282 |
2,020 | 6,299 |
2,021 | 6,282 |
2,022 | 1,034 |
Total | $ 23,064 |
Note 6 - Leases - Future Mini_2
Note 6 - Leases - Future Minimum Time-charter Receipts (Details) - Time Charter Contracts [Member] $ in Thousands | Jun. 30, 2018USD ($) |
2018 (remainder) | $ 21,350 |
2,019 | 55,955 |
2,020 | 62,857 |
2,021 | 37,935 |
2,022 | 11,612 |
2,023 | 5,512 |
2,024 | 1,329 |
Total | $ 196,550 |
Note 7 - Debt (Details Textual)
Note 7 - Debt (Details Textual) | Jun. 29, 2018USD ($) | Jun. 01, 2018USD ($) | Feb. 08, 2018USD ($) | Jan. 05, 2018USD ($) | Dec. 14, 2017USD ($) | Sep. 05, 2017 | Mar. 31, 2019USD ($) | Jun. 30, 2018USD ($)$ / shares | Dec. 31, 2018 | May 31, 2018 | Jun. 30, 2018USD ($)$ / shares |
Line of Credit Facility, Remaining Borrowing Capacity | $ 61,929,000 | $ 61,929,000 | |||||||||
M/T Eco Marina Del Ray [Member] | |||||||||||
Sale Leaseback Transaction, Lease Term | 5 years | ||||||||||
Sale Leaseback Transaction, Rent Expense, Per Day | $ 8.60 | ||||||||||
Sale Leaseback Transaction, Buy Back, Amount | $ 22,680 | ||||||||||
Scenario, Forecast [Member] | M/T Eco Marina Del Ray [Member] | |||||||||||
Sale Leaseback Transaction, Gross Proceeds, Investing Activities | $ 32,400 | ||||||||||
Unsecured Notes [Member] | |||||||||||
Proceeds from Short-term Debt, Total | $ 6,400,000 | $ 5,369,000 | $ 12,500,000 | ||||||||
Debt Instrument, Additional Revolving Options | $ 4,631,000 | ||||||||||
Notes Payable, Total | 5,836,000 | 5,836,000 | |||||||||
Unsecured Notes [Member] | Second Crede Note, First Revolving Option [Member] | |||||||||||
Debt Instrument, Additional Revolving Options | $ 5,000,000 | ||||||||||
Unsecured Notes [Member] | Interest on Debt for the First Ninety Days [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | ||||||||||
Unsecured Notes [Member] | Interest on Debt for Ninety up to 180 Days [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | ||||||||||
Unsecured Notes [Member] | Interest on Debt 180 Days and Thereafter [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 15.00% | ||||||||||
Unsecured Notes [Member] | Second Crede Note, Second Revolving Option [Member] | |||||||||||
Debt Instrument, Additional Revolving Options | $ 5,000,000 | ||||||||||
The ABN Bank [Member] | |||||||||||
Long-term Line of Credit, Total | $ 50,350,000 | $ 50,350,000 | |||||||||
The ABN Bank [Member] | M/T Eco Fleet and M/T Eco Revolution [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||
Debt Instrument, LIBOR Rate | 2.36% | 2.36% | |||||||||
Norddeutsche Landesbank Girozentrale Bank [Member] | |||||||||||
Long-term Line of Credit, Total | $ 19,093,000 | $ 19,093,000 | |||||||||
Norddeutsche Landesbank Girozentrale Bank [Member] | M/T Stenaweco Excellence [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||
Debt Instrument, LIBOR Rate | 2.32% | 2.32% | |||||||||
Alpha Bank [Member] | |||||||||||
Long-term Line of Credit, Total | $ 21,350,000 | $ 21,350,000 | |||||||||
Alpha Bank [Member] | M/T Stenaweco Excellence [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||
Debt Instrument, LIBOR Rate | 2.33% | 2.33% | |||||||||
AT Bank [Member] | Predelivery Facility to Fund Hull No 2648 [Member] | |||||||||||
Long-term Line of Credit, Total | $ 0 | $ 0 | |||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.00% | 4.25% | |||||||||
Proceeds from Lines of Credit, Total | $ 7,494,000 | ||||||||||
Debt Instrument, Applicable Three Month LIBOR, Rate | 2.32% | 2.32% | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 8,993,000 | $ 8,993,000 | |||||||||
AT Bank [Member] | AT Bank Second Predelivery Facility [Member] | |||||||||||
Long-term Line of Credit, Total | 1,690,000 | 1,690,000 | |||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.00% | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 8,450,000 | $ 8,450,000 | |||||||||
Proceeds from Lines of Credit, Total | $ 1,690,000 | ||||||||||
Debt Instrument, Applicable Three Month LIBOR, Rate | 2.30% | 2.30% | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,140,000 | ||||||||||
Debt Instrument, Number of Available Tranches | 5 | ||||||||||
Debt Instrument, Number of Capital Expenditure Payments to be Made with Proceeds | 5 | ||||||||||
Debt Covenant, Ratio of Total Net Debt to Fleet Value | 75.00% | ||||||||||
Minimum Free Liquidity, Per Collateralized Vessel | $ 750,000 | ||||||||||
Minimum Free Liquidity, Per Bareboated Chartered-in Vessel | $ 500,000 | ||||||||||
AT Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | Predelivery Facility to Fund Hull No 2648 [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 6.30% | 8.50% | |||||||||
AT Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | AT Bank Second Predelivery Facility [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 6.30% | ||||||||||
AT Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | AT Bank Second Predelivery Facility [Member] | Scenario, Forecast [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 6.00% | ||||||||||
AT Bank [Member] | M/T Eco Palm Desert [Member] | |||||||||||
Line of Credit Facility, Commitment Fee Percentage | 1.30% | 2.00% | |||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 23,500,000 | $ 23,500,000 | |||||||||
Family Trading [Member] | Immediate Family Member of Management or Principal Owner [Member] | Revolving Credit Facility [Member] | |||||||||||
Long-term Line of Credit, Total | 5,280,000 | 5,280,000 | |||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 6,572,000 | 6,572,000 | |||||||||
Proceeds from Lines of Credit, Total | 5,280,000 | ||||||||||
Debt Issuance Costs, Net, Total | 170,000 | 170,000 | |||||||||
Debt Instrument, Unamortized Discount, Total | $ 4,330,000 | 4,330,000 | |||||||||
Amortization of Debt Discount (Premium) | 140,000 | ||||||||||
Debt Related Commitment Fees and Debt Issuance Costs | 142,000 | ||||||||||
Interest Expense, Related Party | $ 27,000 | ||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 0.60 | $ 0.60 | |||||||||
Debt Instrument, Convertible, Number of Equity Instruments | 8,800,000 |
Note 8 - Commitments and Cont_2
Note 8 - Commitments and Contingencies (Details Textual) $ in Thousands | Jun. 30, 2018USD ($) |
Contractual Obligation, Total | $ 189,337 |
Contractual Obligation, Future Minimum Payments Due, Remainder of Fiscal Year | 46,269 |
Contractual Obligation, Due in Second Year | 143,068 |
Commitment Pursuant to Newbuilding Agreement for M/T Eco Palm Desert [Member] | |
Contractual Obligation, Total | 17,985 |
Commitment Pursuant to Newbuilding Agreement for M/T Eco California [Member] | |
Contractual Obligation, Total | 28,730 |
Commitment Pursuant to Newbuilding Agreement for M/T Eco Marina Del Rey [Member] | |
Contractual Obligation, Total | 32,420 |
Commitment Pursuant to Newbuilding Agreement for M/T Eco Bel Air [Member] | |
Contractual Obligation, Total | 55,101 |
Commitment Pursuant to Newbuilding Agreement for M/T Eco Beverley Hills [Member] | |
Contractual Obligation, Total | $ 55,101 |
Note 9 - Common Stock, Additi_2
Note 9 - Common Stock, Additional Paid-in Capital and Dividends (Details Textual) $ / shares in Units, $ in Thousands | May 25, 2018USD ($) | Mar. 26, 2018 | Dec. 11, 2017USD ($) | Jun. 30, 2018USD ($)$ / sharesshares | Jun. 30, 2018USD ($)$ / sharesshares | Jun. 30, 2017USD ($)shares | Jun. 30, 2018USD ($)$ / sharesshares | Dec. 31, 2017$ / sharesshares | ||
Proceeds from Issuance of Common Stock | $ 2,531 | |||||||||
Class of Warrant or Right, Exercised During Period | shares | 0 | |||||||||
Class of Warrant or Right, Outstanding | shares | 1,976,389 | 1,976,389 | 1,976,389 | 1,976,389 | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 8,794,933 | 8,794,933 | 8,794,933 | 2,134,501 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.56 | $ 0.56 | $ 0.56 | $ 2.30 | ||||||
Dividends, Total | $ 0 | |||||||||
Series C Convertible Preferred Stock [Member] | ||||||||||
Convertible Preferred Stock, Conversion Price, Percentage of VWAP | 75.00% | 75.00% | 75.00% | |||||||
Series C Convertible Preferred Stock [Member] | Maximum [Member] | ||||||||||
Convertible Preferred Stock, Conversion Price | $ / shares | $ 675,000 | $ 675,000 | $ 675,000 | |||||||
Series C Convertible Preferred Stock [Member] | Minimum [Member] | ||||||||||
Convertible Preferred Stock, Conversion Price | $ / shares | $ 0.25 | $ 0.25 | $ 0.25 | |||||||
Common Stock [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues | shares | [1] | 3,485 | ||||||||
Crede [Member] | ||||||||||
Common Stock Equity Distribution Agreement, Shares Authorized for Issuance, Value | $ 25,000 | |||||||||
Common Stock Purchase Agreement, Period of Shares Authorized for Issuance | 2 years | |||||||||
Proceeds from Issuance of Common Stock | $ 14,810 | |||||||||
Crede [Member] | Common Stock [Member] | ||||||||||
Stock Issued During Period, Value, Payment for Commitment Fee | $ 500 | |||||||||
Stock Issued During Period, Shares, New Issues | shares | 8,050,000 | [1] | 8,050,000 | |||||||
Maxim [Member] | ||||||||||
Common Stock Equity Distribution Agreement, Shares Authorized for Issuance, Value | $ 14,250 | |||||||||
Proceeds from Issuance of Common Stock | $ 2,531 | |||||||||
Common Stock Equity Distribution Agreement, Period of Shares Authorized for Issuance | 1 year | |||||||||
Maxim [Member] | Common Stock [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues | shares | 2,254,348 | 2,254,348 | [1] | |||||||
Reverse Stock Split [Member] | ||||||||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 10 | |||||||||
[1] | Adjusted to reflect the reverse stock splits effected in March 2018 (see Note 9) |
Note 10 - Loss Per Common Sha_3
Note 10 - Loss Per Common Share (Details Textual) - shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 |
Note 10 - Loss Per Common Sha_4
Note 10 - Loss Per Common Share - Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Net loss attributable to common shareholders | $ (6,624) | $ (5,847) |
Earnings per share: | ||
Weighted average common shares outstanding, basic and diluted (in shares) | 15,620,543 | 561 |
Loss per share, basic and diluted (in dollars per share) | $ (0.42) | $ (10,422.45) |
Note 11 - Financial Instrumen_3
Note 11 - Financial Instruments (Details Textual) | 6 Months Ended | |
Jun. 30, 2018shares | Dec. 31, 2017shares | |
Class of Warrant or Right, Outstanding | 1,976,389 | 1,976,389 |
Increase (Decrease) in Volatility Rate Applied | 5.00% | |
Fair Value Assumptions Resulting Increase (Decrease) in Fair Value | 2.90% | |
Measurement Input, Price Volatility [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 246 |
Note 11 - Financial Instrumen_4
Note 11 - Financial Instruments - Derivative Liabilities (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
ABN Bank [Member] | Interest Rate Swap June 3, 2016 [Member] | |
Effective Date | Apr. 13, 2018 |
Derivative, Notional Amount | $ 16,575 |
Interest Rate Payable | 1.4425% |
ABN Bank [Member] | Interest Rate Swap December 19, 2016 [Member] | |
Effective Date | Dec. 21, 2016 |
Derivative, Notional Amount | $ 20,700 |
Interest Rate Payable | 2.08% |
ABN Bank [Member] | Interest Rate Swap December 19, 2016 Second [Member] | |
Effective Date | Dec. 21, 2016 |
Derivative, Notional Amount | $ 19,450 |
Interest Rate Payable | 2.125% |
Norddeutsche Landesbank Girozentrale Bank of Germany [Member] | Interest Rate Swap May 17, 2017 [Member] | |
Effective Date | May 17, 2017 |
Derivative, Notional Amount | $ 21,139 |
Interest Rate Payable | 2.19% |
Alpha Bank [Member] | Interest Rate Swap March 29, 2018 [Member] | |
Effective Date | Mar. 29, 2018 |
Derivative, Notional Amount | $ 21,900 |
Interest Rate Payable | 2.97% |
Note 11 - Financial Instrumen_5
Note 11 - Financial Instruments - Estimated Fair Value of Outstanding Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Warrants outstanding (in shares) | 1,976,389 | 1,976,389 |
Warrant shares outstanding (in shares) | 8,794,933 | 2,134,501 |
Term (Year) | 5 years | 5 years |
Warrnts exercise price (in dollars per share) | $ 0.56 | $ 2.30 |
Warrant fair value liability | $ 4,445 | $ 3,332 |
Note 11 - Financial Instrumen_6
Note 11 - Financial Instruments - Valuation of Financial Instruments (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Assets measured at fair value on a recurring basis | $ 1,760 | $ 394 |
Liabilities measured at fair value on a recurring basis | 4,491 | 3,335 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets measured at fair value on a recurring basis | ||
Liabilities measured at fair value on a recurring basis | ||
Fair Value, Inputs, Level 2 [Member] | ||
Assets measured at fair value on a recurring basis | 1,760 | 394 |
Liabilities measured at fair value on a recurring basis | 46 | 3 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets measured at fair value on a recurring basis | ||
Liabilities measured at fair value on a recurring basis | $ 4,445 | $ 3,332 |
Note 11 - Financial Instrumen_7
Note 11 - Financial Instruments - Changes in Fair Value of Level 3 Measurements (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Closing balance | $ 3,332 |
Change in fair value of warrants, included in the consolidated statements of comprehensive loss | 1,113 |
Closing balance | $ 4,445 |
Note 11 - Financial Instrumen_8
Note 11 - Financial Instruments - Summary of Derivative Fair Values (Details) $ in Thousands | Jun. 30, 2018USD ($) | Dec. 31, 2017USD ($) |
Warrants, fair value | $ 4,445 | $ 3,332 |
Measurement Input, Price Volatility [Member] | ||
Warrants, volatility | 246 | |
Financial Instrument Warrants [Member] | Non-Current Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Warrants, fair value | $ 4,445 | $ 3,332 |
Financial Instrument Warrants [Member] | Non-Current Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | Measurement Input, Price Volatility [Member] | ||
Warrants, volatility | 246 | 233 |
Note 11 - Financial Instrumen_9
Note 11 - Financial Instruments - Amount Recognized in Statement of Comprehensive (Loss) Income Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Interest rate swaps– realized loss | $ (81) | $ (234) |
Total | 130 | 1,057 |
Interest Rate Swap [Member] | ||
Derivative instruments, changes in fair value | 1,324 | (388) |
Financial Instrument Warrants [Member] | ||
Derivative instruments, changes in fair value | $ (1,113) | $ 1,679 |
Note 12 - Investments in Unco_2
Note 12 - Investments in Unconsolidated Joint Ventures (Details Textual) $ in Thousands | May 23, 2018g | Mar. 15, 2018T | Mar. 12, 2018USD ($) | Jun. 30, 2018USD ($) |
M/T Eco Holmby Hills [Member] | ||||
Size of Vessel | T | 50,000 | |||
M/T Eco Palm Springs [Member] | ||||
Size of Vessel | g | 50,000 | |||
City of Athens and Eco Nine [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,900 | |||
City of Athens and Eco Nine [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.90% | |||
City of Athens and Eco Nine [Member] | M/T Eco Holmby Hills [Member] | ||||
Debt Instrument, Periodic Payment, Total | $ 299 | |||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 11,965 | |||
City of Athens and Eco Nine [Member] | M/T Eco Palm Springs [Member] | ||||
Debt Instrument, Periodic Payment, Total | 299 | |||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 11,968 | |||
Upcoming Newbuilding Installments [Member] | Eco Nine [Member] | ||||
Advances to Affiliate | $ 2,243 | |||
Predelivery Expense [Member] | Eco Nine [Member] | ||||
Advances to Affiliate | 744 | |||
Predelivery Expense [Member] | City of Athens [Member] | ||||
Advances to Affiliate | $ 833 |
Note 13 - Subsequent Events (De
Note 13 - Subsequent Events (Details Textual) | Sep. 27, 2018USD ($) | Sep. 11, 2018USD ($) | Jul. 11, 2018USD ($) | Oct. 22, 2018USD ($) | Jun. 30, 2018USD ($) |
Subsequent Event [Member] | Suezmax Vessels [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 92,500,000 | ||||
Sale Leaseback Transaction, Lease Term | 7 years | ||||
Sale Leaseback Transaction, Buy Back Option | 3 years | ||||
Alpha Bank [Member] | |||||
Long-term Line of Credit, Total | $ 21,350,000 | ||||
Alpha Bank [Member] | Pre-Delivery Financing of M/T Eco Marina Del Rey [Member] | Subsequent Event [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,140,000 | ||||
Debt Instrument, Number of Available Tranches | 5 | ||||
Debt Instrument, Number of Capital Expenditure Payments to be Made with Proceeds | 5 | ||||
Line of Credit Facility, Commitment Fee Percentage | 1.00% | ||||
Proceeds from Lines of Credit, Total | $ 1,690,000 | ||||
Alpha Bank [Member] | Pre-Delivery Financing of M/T Eco Marina Del Rey [Member] | Subsequent Event [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 4.25% | ||||
Family Trading [Member] | Subsequent Event [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000,000 | ||||
Line of Credit Facility, Commitment Fee Percentage | 2.00% | ||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | ||||
Line of Credit Facility, Arrangement Fee Percentage | 5.00% | ||||
Long-term Line of Credit, Total | $ 17,367,000 |