Intangible Assets
 6 Months Ended
Jun. 30, 2019
Finite-Lived Intangible Assets, Net [Abstract]  
Intangible Assets

NOTE 7: INTANGIBLE ASSETS

Time charters with favorable terms consist of the charter out contracts acquired in relation to containerships purchased and are analyzed as following:

 

 

 

 

 

 

 

 

 

 

Time charters with favorable terms

  

June 30,

2019

 

  

December 31,

2018

 

Acquisition cost

  

$

71,535

 

  

$

71,535

 

Accumulated amortization

  

 

(55,861

) 

  

 

(46,185

) 

Time charters with favorable terms net book value

  

$

15,674

 

  

$

25,350

 

 

  

 

 

 

  

 

 

 

Amortization expense for the three and six month periods ended June 30, 2019 amounted to $4,642 and $9,676, respectively and is included under “Depreciation and Amortization” in the condensed consolidated statements of income.  Amortization expense for the comparable periods in 2018 amounted to $8,952 and $18,796, respectively and is included under “Depreciation and Amortization” in the condensed consolidated statements of income.

The remaining aggregate amortization of acquired intangibles as of June 30, 2019 was as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Description

  

Within one year

 

  

Year Two

 

  

Total

 

Time charters with favorable terms

  

$

 15,674

 

  

$

 —

 

  

$

 15,674

 

Total amortization

  

$

15,674

 

  

$

—

 

  

$

15,674

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Intangible assets subject to amortization are amortized using straight line method over their estimated useful lives to their estimated residual value of zero. The weighted average remaining useful lives for time charters with favorable terms are 0.9 years.