Gain On Sale Of Other Assets

12 Months Ended

Dec. 31, 2013

Gain On Sale Of Other Assets [Abstract]

Gain On Sale Of Other Assets

NOTE E – GAIN ON SALE OF OTHER ASSETS

In March 2012, we sold two of our PCTCs. 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.

In the second quarter of 2012 we also included under this line item in our Consolidated Statements of Income the recognition of deferred gains of approximately $239,000 and $430,000 related to the purchase of one of our PCTC vessels and oneMolten-Sulphur Carrier, respectively. See Note C - 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 and its future sale are disclosed in Note M -  Leases. Both vessels were purchased as a result of early buy-outs of lease agreements.

On October 22, 2012, we acquired a newer vessel in exchange for one of our existing vessels and $3.7 million in cash. This transaction was accounted for under ASC 845, generating a gain based on fair market value of the vessel received less the book value of the vessel tendered.  The gain recognized was approximately $12.2 million from this transaction and is included in our Consolidated Statements of Income under the caption “(Gain) Loss on Sale/Purchase of Other Asset” for the year ended December 31, 2012.