Unconsolidated Entities

3 Months Ended

Mar. 31, 2015

Unconsolidated Entities [Abstract]

Unconsolidated Entities

NOTE 5 – UNCONSOLIDATED ENTITIES

The following table summarizes our equity in net income (loss) of unconsolidated entities for the three months ended March  31, 2015 and 2014, respectively:

(All Amounts in Thousands)	Three Months Ended March 31,
		2015		2014
Oslo Bulk, AS	$	515	$	(62)
Oslo Bulk Holding Pte. Ltd (formerly Tony Bulkers)		120		(18)
Terminales Transgolfo,  S.A. de C.V.		(74)		(28)
Saltholmen Shipping Ltd		251		-
Brattholmen Shipping Ltd		81		-
Total Equity in Net Income (Loss) of Unconsolidated Entities	$	893	$	(108)

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 operations under the caption: "Equity in Net Income (Loss) of Unconsolidated Entities (Net of Applicable Taxes).”

During 2014, we invested approximately $5.8 million cash and $2.1 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.  Saltholmen Shipping Ltd was organized to purchase and operate two newbuildingChemicalTankers.  All four vessels were immediately employed on long-term bareboat charters.

For additional information on our investment in these and other unconsolidated entities, see Note E – Unconsolidated Entities to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2014.