NOTE H - UNCONSOLIDATED ENTITIES

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



(All Amounts in Thousands)
		2015		2014
Oslo Bulk, AS	$	(3,187)	$	-
Oslo Bulk Holding Pte. Ltd (formerly Tony Bulkers)		(1,583)		(469)
Terminales Transgolfo, S.A. de C.V.		(393)		(193)
Saltholmen Shipping Ltd		856		567
Brattholmen Shipping Ltd		258		105
Total Equity in Net Income (Loss) of Unconsolidated Entities	$	(4,049)	$	10

Oslo Bulk, AS and Oslo Bulk Holding Pte Ltd

At December 31, 2015, we held a 25.00% shareholding interest in Oslo Bulk AS and a 23.68% interest in Oslo Bulk Holding Pte Ltd. During 2015, these investments deployed fifteen mini-bulkers in the spot market or on short- to medium-term time charters. The decrease in our results from these investments was primarily related to impairment charges in the fourth quarter of 2015. Our investment in these minority interests was $5.9 million and $10.3 million as of December 31, 2015 and 2014, respectively. As of December 31, 2015, we classified these investments in assets held for sale. During the first quarter of 2016, we exchanged these investments for a 2008 mini-bulker that we intend to use to service the contract in our Indonesian operations in our Specialty Contracts segment– refer to Note Y – Subsequent Events.

Terminal Management Company

As of December 31, 2015, we had a 49.00% interest in Terminales Transgolfo, S.A. de C.V., which owns and operates a rail terminal in Coatzacoalcos, Mexico. We report the results of this interest in our Rail-Ferry segment. In 2006, TTG began making improvements to the terminal in Mexico to accommodate the second decks that were added to our two wholly owned vessels operating in our Rail-Ferry Segment during the first half of 2007. We funded 49.00% of the cost of the terminal improvements, of which 30.00% is a capital contribution and is reported as an investment in unconsolidated entities. The remaining 70.00% is a loan to TTG (see Note W -Transactions with Related Parties). We did not make any capital contributions during the years ended December 31, 2015 and 2014. We account for this investment using the equity method, and we report our share of earnings or losses in our Consolidated Statement of Operations. We received a dividend of approximately $0.3 million in 2014; we did not receive any dividends in 2015. As of December 31, 2015 and 2014, TTG owed us approximately $1.4 million and $1.7 million, respectively (see Note W- Transactions with Related Parties). Our investment in this minority interest was $0.2 million and $0.9 million as of December 31, 2015 and 2014, respectively.

Saltholmen Shipping Ltd

As of December 31, 2015, we had a 30.00% interest in Saltholmen Shipping Ltd, which was organized to purchase and operate two newbuilding chemical tankers that were delivered in the first quarter of 2014. Both vessels were immediately employed on long-term bareboat charters. In 2014, we contributed $5.8 million to this entity and received a dividend of approximately $0.6 million. In 2015, we received a dividend of approximately $0.9 million. As of December 31, 2015 and 2014, our investment in this minority interest was $5.7 million and $8.5 million, respectively. Pursuant to the implementation of our Strategic Plan, we reclassified this investment to assets held for sale at December 31, 2015 and recorded an impairment of $2.8 million to write the carrying amount down to fair value based on the sale price. We sold this investment during the first quarter of 2016 – refer to Note Y – Subsequent Events.

Brattholmen Shipping Ltd

In 2014, we acquired a 30.00% interest in Brattholmen Shipping Ltd, which was organized to purchase and operate two asphalt tankers. We contributed to this entity $2.1 million in 2014. Both vessels were immediately employed on long-term bareboat charters. In 2015, we received a dividend of approximately $0.2 million. We did not receive any dividends in 2014. As of December 31, 2015 and 2014, our investment in this minority interest was $1.5 million and $2.2 million, respectively. Pursuant to the implementation of our Strategic Plan, we reclassified this investment to assets held for sale at December 31, 2015 and recorded an impairment of $0.8 million to write the carrying amount down to fair value based on the sale price. We sold this investment during the first quarter of 2016 – refer to Note Y – Subsequent Events.