NOTE 12 – RELATED PARTIES

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NOTE 12 – RELATED PARTIES
 
The shipping companies where Solvang has an ownership share of more than 20% 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. Solvang's regular broker for sale and purchase is Inge Steensland AS. Parallel investments with companies controlled by the Steensland family, are also made.
Profit & Loss Account Balance Sheet
2014 2013 31.12.2014 31.12.2013
Management fee and technical fee (income) 72 371 65 458    
Interest income ship owning companies 71 295    
Interest expenses other related parties 0 0    
Receivables ship owning companies     24 634 41 697
Receivables other related parties     0 0
Liabilities ship owning companies     -31 891 -24 178
Liabilities other related parties     0 0
Long term liability ship owning companies     0 883
Total 72 442 65 753 -7 257 18 401
         
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.
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           

 

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