Transactions With Related Parties

12 Months Ended

Dec. 31, 2015

Transactions With Related Parties [Abstract]

Transactions With Related Parties

NOTE W – TRANSACTIONS WITH RELATED PARTIES

We own a 49% interest in Terminales Transgolfo (“TTG”) (See Note H - Unconsolidated Entities). At December 31, 2015, we had a note receivable of approximately $1.4 million due from TTG. The long-term portion of this receivable is recorded on our Consolidated Balance Sheets under “Due from Related Parties.” The note receivable has no fixed payment schedule, but payment in full is due by December 31, 2025. Interest income on this receivable is earned at the rate of 7.65% per year.

The brother of one of our executive officers and directors serves as our Secretary and is a partner in, and member of the Board of Directors of, the law firm of Jones Walker LLP, which has represented us since our inception. We incurred fees to the firm for legal services rendered to of approximately $1.7 million and $1.2 million for the years ended December 31, 2015 and 2014, respectively. We believe that the fees for such services are comparable to those charged by other firms for services rendered to us. We had accounts payable and accrued expenses of approximately $0.3 million due to the firm at December 31, 2015. There were no amounts due to the legal firm as of December 31, 2014.