Unconsolidated Entities

9 Months Ended

Sep. 30, 2015

NOTE 6 – UNCONSOLIDATED ENTITIES

The following table summarizes our equity in net income (loss) of unconsolidated entities for the three and nine months ended September 30, 2015 and 2014, respectively:



(All Amounts in Thousands)	Three Months Ended September 30,				Nine Months Ended September 30,
		2015		2014		2015		2014
Oslo Bulk, AS	$	(40)	$	(55)	$	646	$	(142)
Oslo Bulk Holding Pte. Ltd (formerly Tony Bulkers)		(5)		(318)		151		(400)
Terminales Transgolfo, S.A. de C.V.		(229)		(81)		(186)		(148)
Saltholmen Shipping Ltd		335		30		847		30
Brattholmen Shipping Ltd		97		248		258		296
Total Equity in Net Income (Loss) of Unconsolidated Entities	$	158	$	(176)	$	1,716	$	(364)

During the nine months ended September 30, 2014, the Company invested approximately $5.9 million cash and $2.0 million cash to acquire a 30% interest in Saltholmen Shipping Ltd and Brattholmen Shipping Ltd, respectively. During this period, we did not receive dividends. During the nine months ended September 30, 2015, the Company received dividends of approximately $0.4 million and $0.1 million from Saltholmen Shipping Ltd and Brattholmen Shipping Ltd, respectively.

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).”

The Strategic Plan approved by our Board of Directors on October 21, 2015 contemplates that we will sell our interest in each of our unconsolidated entities, with the exception of Terminales Transgolfo, S.A. de C.V. See Note 21 – Subsequent Events for additional information.

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.