Note 17 - Commitments

Capital expenditures contracted for at the reporting date but not yet paid are as follows:

PARENT COMPANY

Consolidated

12/31/2016

12/31/2015

(Amounts in USD 1,000)

12/31/2016

12/31/2015

-

-

Shipbuilding contracts with variation orders

-

596,594

-

-

Instalments paid

-

200,694

-

-

Unpaid instalments

-

395,900

PARENT COMPANY

Instalments falling due over the next 2 years

Consolidated

12/31/2016

12/31/2015

(Amounts in USD 1,000)

12/31/2016

12/31/2015

-

-

2016

-

395,900

-

-

2017

-

-

-

-

Total

-

395,900

(1) As at 31 December 2016, the Company had one vessel under construction at a Polish yard. After year-end, the contract was cancelled due to delayed delivery. All prepayments have been refunded from refund guarantees.

Board Of Directors

Financial Statements

Notes