Gain On Sale Of Assets

12 Months Ended

Dec. 31, 2015

Gain on Sale of Assets [Abstract]

Gain on Sale of Assets

NOTE G – GAIN ON SALE OF ASSETS

In early 2015, in the ordinary course of business, we sold a 14,930 dead weight ton, 1994-built Pure Car Truck Carrier that had previously contributed to our PCTC segment. As previously disclosed, we recorded a gain on sale of asset of approximately $4.6 million and paid down $10.0 million on our revolving line of credit.

We also sold a 36,000 dead weight ton handysize vessel and its related equipment that had been included in assets held for sale as of December 31, 2014 as part of our initial efforts to improve our financial position. 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. Additionally, we paid off related debt of approximately $13.5 million and recorded a loss on extinguishment of debt of approximately $95,000. We included the results of operations of this vessel in the Dry Bulk segment.