Unconsolidated Entities

3 Months Ended

Mar. 31, 2016

NOTE 7 – UNCONSOLIDATED ENTITIES

Historically, we have held various equity method investments in which we hold a 20% to 50% voting interest. We report our portion of their earnings or losses net of any applicable taxes on our Condensed Consolidated Statement of Operations under the caption "equity in net income of unconsolidated entities, net.”

As of March 31, 2016, we held a 49% interest in Terminales Transgolfo, S.A. de C.V. (“TTG”), which owns and operates a rail terminal in Coatzacoalcos, Mexico, and is included in our Rail Ferry segment. Our investment in TTG was $0.3 million and $0.2 million as of March 31, 2016 and December 31, 2015, respectively.

Pursuant to our execution of our Strategic Plan, during the first quarter of 2016, we sold our 30% interests in Saltholmen Shipping Ltd and Brattholmen Shipping Ltd, which were organized to purchase and operate two newbuilding chemical tankers and two asphalt tankers, for $5.7 million and $1.5 million, respectively. Additionally, we exchanged our 25% and 23.68% shareholding interests in Oslo Bulk AS and Oslo Bulk Holding Pte Ltd, respectively, which together deployed fifteen mini-bulkers in the spot market or on short- to medium-term time charters, for a 2008 mini-bulker, which we immediately sold. We included these investments in assets held for sale at December 31, 2015 and, as a result, did not report earnings from these entities during the three months ended March 31, 2016.

The following table summarizes our equity in net income (loss) of unconsolidated entities for the three months ended March 31, 2016 and 2015:



(All Amounts in Thousands)	Three Months Ended
		March 31, 2016	March 31, 2015
Oslo Bulk, AS	$	-	$	515
Oslo Bulk Holding Pte. Ltd		-		120
Terminales Transgolfo, S.A. de C.V.		142		(74)
Saltholmen Shipping Ltd		-		251
Brattholmen Shipping Ltd		-		81
Total	$	142	$	893

For additional information on our investments in unconsolidated entities, see Note H – Unconsolidated Entities to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2015.