Gain On Sale Of Assets

9 Months Ended

Sep. 30, 2015

Gain On Sale Of Assets [Abstract]

Gain On Sale Of Assets

NOTE 4 – GAIN ON SALE OF ASSETS

During the second quarter of 2015, we sold a 14,930 dead weight ton, 1994-built Pure Car Truck Carrier that had previously contributed to our PCTC segment. In exchange, we received $13.0 million cash, recorded a gain on sale of asset of approximately $4.6 million, and paid down $10.0 million on our revolving line of credit.

During the first quarter of 2015, we sold a 36,000 dead weight ton Handysize vessel and its related equipment.  We received $16.4 million, net of commissions and other costs to sell, and recorded a loss on sale of asset of approximately $68,000 during the quarter. Additionally, we paid off related debt of approximately $13.5 million and recorded a loss on extinguishment of debt of approximately $95,000.This vessel was previously reported in the Dry Bulk segment and was included in assets held for sale at December 31, 2014.