Investment In Unconsolidated Entities

6 Months Ended

Jun. 30, 2014

Investment In Unconsolidated Entities [Abstract]

Investment In Unconsolidated Entities

Note 5.  Investment in Unconsolidated Entities

The following table summarizes our equity in net (loss) income of unconsolidated entities for the three months and six months ended June  30, 2014 and 2013, respectively.

		Three Months ended June 30,				Six Months Ended June 30,
		2014		2013		2014		2013
(All Amounts in Thousands)
Oslo Bulk, AS	$	(25)	$	(137)	$	(87)	$	(97)
Oslo Bulk Holding Pte, Ltd		(64)		132		(82)		(240)
Terminales Transgolfo,  S . A .  D E  C . V .		(39)		(70)		(67)		(8)
Saltholmen Shipping, Ltd		48		-		48		-
Total Equity in Net Loss of Unconsolidated Entities	$	(80)	$	(75)	$	(188)	$	(345)

These investments have been accounted for under the equity method and our portion of their earnings or losses is presented net of any applicable taxes on our condensed consolidated statements of income (loss) under the caption: "Equity in Net Loss of Unconsolidated Entities (Net of Applicable Taxes).”

We have a 30% investment in Saltholmen Shipping Ltd, which was contracted to build twoChemical Tankers, both of which were delivered during the second quarter of 2014.  These vessels were immediately employed on long-term bareboat charters.  During the six months ended June 30, 2014, we invested approximately $5.8 million cash and $2.0 million cash to acquire a 30% interest in Saltholmen Shipping Ltd and Brattholmen Shipping Ltd, respectively.  Brattholmen Shipping Ltd was organized to purchase and operate two Asphalt Tankers.  These vessels were delivered on June 25, 2014 and both were simultaneously employed on long-term bareboat charters.