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Vessels, Property, and Other Equipment
 12 Months Ended
Dec. 31, 2015
Vessels, Property, and Other Equipment [Abstract]  
Vessels, Property, and Other Equipment

NOTE I – VESSELS, PROPERTY, AND OTHER EQUIPMENT

Vessels, property, and other equipment as of December 31, 2015 and 2014 consisted of the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

(All Amounts in Thousands)

 

 

 

 

 

 

 

2015

 

 

2014

Vessels

 

 

 

 

 

  Pure Car/Truck Carriers

$

 84,112 

 

$

 190,469 

  Special Purpose Vessels

 

 46,738 

 

 

 59,481 

  Coal Carrier

 

 92,771 

 

 

 92,771 

  Bulk Carriers

 

 30,940 

 

 

 118,732 

  Tug/Barge Units

 

 31,704 

 

 

 58,573 

Building*

 

 -

 

 

 1,354 

Land*

 

 -

 

 

 623 

Leasehold Improvements

 

 26,345 

 

 

 26,348 

Furniture and Equipment

 

 7,690 

 

 

 10,461 

Construction in Progress

 

 1,775 

 

 

 2,371 

 

 

 322,075 

 

 

 561,183 

Less:  Accumulated Depreciation

 

 (133,498)

 

 

 (186,450)

Total Vessels, Property, and Other Equipment, net

$

 188,577 

 

$

 374,733 

*  Included in assets held for sale at December 31, 2015

Total depreciation expense attributed to our vessels, property, and other equipment was approximately $23.0 million and $27.0 million for the years ended December 31, 2015 and 2014, respectively.  During 2015, we accelerated depreciation expense by approximately $0.9 million on the leasehold improvements related to our Mobile, Alabama office lease to reflect the anticipated early termination of the lease.

The Company received a $5.2 million incentive from the State of Louisiana toward the construction of our office building in New Orleans. As of December 31, 2015, the Company had spent $9.8 million on the construction of the building of which $5.2 million was billed to the State of Louisiana toward the building incentive. The amounts billed to the State of Louisiana for the building incentive reduced the amount of construction in progress of the building. During the years ended 2015 and 2014, the Company received $0.6 million and $4.6 million, respectively, from the State of Louisiana. As a result of the adoption of our Strategic Plan, we reclassified this asset to held for sale as of December 31, 2015 and recorded an impairment charge of approximately $4.7 million.

See Note D – Impairment Loss and Note E – Assets Held for Sale.