NOTE 12 – RELATED PARTIES

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NOTE 12 – RELATED PARTIES
 
The shipping companies where Solvang has an ownership share of more than 15% and companies where the Steensland family have control are regarded as related parties. All transactions with related parties, are at arm's length and market terms. In connection with Solvang's position as manager for the shipping partnerships, there are ongoing transactions between Solvang and the individual shipping partnerships. Solvang receives a yearly fee as managers. The size of the fee is regulated by the management agreement, and is approved each year by the annual general meeting of the shipping partnerships.
Profit & Loss Account Balance Sheet
2016 2015 31.12.2016 31.12.2015
Management fee and technical fee (income) 78 438 79 395
Interest income ship owning companies 335 188
Interest expenses other related parties 0 0
Receivables ship owning companies 5 877 16 495
Receivables other related parties 0 0
Liabilities ship owning companies -130 -114 608
Liabilities other related parties 0 0
Long term receivable ship owning companies 0 0 29 604 0
Total 78 773 79 583 35 351 -98 113
         
Liabilities related parties are priced at 3 months LIBOR + margin of 2% for foreign exchange loans, and 3 months NIBOR + margin 2% for NOK loans.
Long term receivable related parties are foreign exchange loan and are priced at 3 months LIBOR + margin of 2.5%.
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
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