Gain on Sale/Purchase of Other Assets

9 Months Ended

Sep. 30, 2012

Gain on Sale/Purchase of Other Assets [Abstract]

Gain on Sale/Purchase of Other Assets

Note 5.  Gain on Sale/Purchase of Other Assets

In March 2012, we sold two of our International Flag Pure Car Truck Carriers ("PCTC") to Norwegian Car Carriers ASA.  As a result of this transaction, we received total gross proceeds of $73.9 million and realized a gain of $3.8 million. These proceeds were partially used to pay down approximately $36.1 million of debt.

Also included under this caption in our condensed consolidated statements of income is the recognition of deferred gains of approximately $239,000 and $430,000 related to the purchase of one US Flag PCTC vessel and one molten-sulphur carrier respectively.  See Note 17 (Out of Period Adjustments) for details related to the gain on the purchase of the PCTC vessel.  Details of the gain on the purchase of the molten-sulphur carrier are disclosed in Note 11 (Sale and Leaseback Transactions).  Both vessels were purchased as a result of early buy-outs of previous lease agreements.