Quarterly report pursuant to Section 13 or 15(d)

Note 12 - Multi-employer Pension Plans

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Note 12 - Multi-employer Pension Plans
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Pension and Other Postretirement Benefits Disclosure [Text Block]
12.
   MULTI-EMPLOYER PENSION PLANS
 
Merchant Navy Ratings Pension Fund (“MNRPF”).
The cumulative funding deficits of the MNRPF are being recovered by additional annual contributions from current employers that are subject to adjustment following the results of tri-annual actuarial valuations. Based on an actuarial valuation as of
March 2017,
the cumulative funding deficit of the MNRPF was
$291.9
million (
£221.0
million). On
July 20, 2018,
the Company was notified of additional contributions due and recognized in the
second
quarter of
2018
payroll related expenses of
$1.19
million (
£0.9
million) for its allocated share of the cumulative funding deficit including portions deemed uncollectible due to the non-existence or liquidation of certain former employers. These additional contributions are payable in
four
annual installments, which began in
October 2018.
Depending upon the results of future actuarial valuations, it is possible that the plan could experience further funding deficits that will require the Company to recognize payroll related operating expenses for those periods.