RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2011

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

8 - RELATED PARTY TRANSACTIONS

The following represent related party transactions reflected in these consolidated financial statements:

The Company makes available employees performing internal audit services to General Maritime Corporation (“GMC”), where the Company’s Chairman, Peter C. Georgiopoulos, also serves as Chairman of the Board.  For the years ended December 31, 2011, 2010 and 2009, the Company invoiced $241, $200 and $162, respectively, to GMC which includes time associated with such internal audit services.  During 2009, the amount invoiced of $162 included $4 of office expenses.  Additionally, during the years ended December 31, 2011, 2010 and 2009, the Company incurred travel and other related expenditures totaling $179, $336 and $139, respectively, reimbursable to GMC or its service provider.  At December 31, 2011, the amount due to the Company from GMC was $114, of which $90 was reserved for pursuant to GMC’s bankruptcy proceedings.  At December 31, 2010, the amount due to GMC from the Company was $74.

During the years ended December 31, 2011, 2010 and 2009, the Company incurred legal services (primarily in connection with vessel acquisitions) aggregating $54, $390, and $80, respectively, from Constantine Georgiopoulos, the father of Peter C. Georgiopoulos, Chairman of the Board.  At December 31, 2011 and 2010, $29 and $234, respectively, was outstanding to Constantine Georgiopoulos.

During the years ended December 31, 2011 and 2010, the Company utilized the services of North Star Maritime, Inc. (“NSM”) which is owned and operated by one of GS&T’s directors, Rear Admiral Robert C. North, USCG (ret.).  NSM, a marine industry consulting firm, specializes in international and domestic maritime safety, security and environmental protection issues.  NSM billed $2 and $12 for services rendered during the years ended December 31, 2011 and 2010, respectively.  There were no services rendered from NSM during 2009.  There are no amounts due to NSM at December 31, 2011 and 2010.

During 2009 and 2010, GS&T and Baltic Trading, respectively, entered into agreements with Aegean Marine Petroleum Network, Inc. (“Aegean”) to purchase lubricating oils for certain vessels in the their fleets.  Peter C. Georgiopoulos, Chairman of the Board of the Company, is Chairman of the Board of Aegean.  During the years ended December 31, 2011, 2010 and 2009, Aegean supplied lubricating oils to the Company’s vessels aggregating $1,908, $1,457 and $230, respectively.  At December 31, 2011 and 2010, $408 and $302 remained outstanding, respectively.

During the years ended December 31, 2011 and 2010, the Company invoiced MEP for technical services provided and expenses paid on MEP’s behalf aggregating $3,364 and $108,982, respectively.  The billings incurred during the year ended December 31, 2010 also included the purchase of three Bourbon vessels on MEP’s behalf (Refer to Note 5 — Vessel Acquisitions and Dispositions).  MEP is managed by a company owned by Peter C. Georgiopoulos, Chairman of the Board.  At December 31, 2011 and 2010, $7 and $57, respectively, was due to the Company from MEP.  Total service revenue earned by the Company for technical services provided to MEP for the years ended December 31, 2011 and 2010 was $3,285 and $1,249, respectively.