Eagle Bulk Shipping (EGLE) 10-Q 14 Nov 13 2013 Q3 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	9 Months Ended
	Sep. 30, 2013	Nov. 14, 2013
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'Eagle Bulk Shipping Inc.	'
Document Type	'10-Q	'
Current Fiscal Year End Date	'--12-31	'
Entity Common Stock, Shares Outstanding	'	16,658,417
Amendment Flag	'false	'
Entity Central Index Key	'0001322439	'
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Well-known Seasoned Issuer	'No	'
Document Period End Date	30-Sep-13	'
Document Fiscal Year Focus	'2013	'
Document Fiscal Period Focus	'Q3	'

Consolidated_Balance_Sheets_Un

Consolidated Balance Sheets (Unaudited) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Current assets:	'	'
Cash and cash equivalents	$19,925,769	$18,119,968
Accounts receivable, net	11,144,155	9,303,958
Prepaid expenses	3,328,383	3,544,810
Inventories	12,111,008	12,083,125
Investment	22,110,249	197,509
Other assets and Fair value above contract value of time charters acquired	3,864,251	549,965
Total current assets	72,483,815	43,799,335
Noncurrent assets:	'	'
Vessels and vessel improvements, at cost, net of accumulated depreciation of $370,705,330 and $314,700,681, respectively	1,658,395,104	1,714,307,653
Other fixed assets, net of accumulated amortization of $640,374 and $515,896, respectively	364,868	447,716
Restricted cash	66,243	276,056
Deferred drydock costs	3,177,196	2,132,379
Deferred financing costs	18,840,341	25,095,469
Fair value above contract value of time charters acquired	'	2,491,530
Other assets	861,988	594,012
Total noncurrent assets	1,681,705,740	1,745,344,815
Total assets	1,754,189,555	1,789,144,150
Current liabilities:	'	'
Accounts payable	10,937,962	10,235,007
Accrued interest	268,430	2,430,751
Other accrued liabilities	9,849,461	14,330,141
Deferred revenue and fair value below contract value of time charters acquired	'	3,237,694
Unearned charter hire revenue	4,383,930	3,755,166
Fair value of derivative instruments	'	2,243,833
Total current liabilities	25,439,783	36,232,592
Long-term debt	1,129,478,741	1,129,478,741
Payment-in-kind loans	37,112,217	15,387,468
Deferred revenue and fair value below contract value of time charters acquired	'	13,850,772
Total noncurrent liabilities	1,166,590,958	1,158,716,981
Total liabilities	1,192,030,741	1,194,949,573
Stockholders' equity:	'	'
Preferred stock, $.01 par value, 25,000,000 shares authorized, none issued	0	0
Common stock, $.01 par value, 100,000,000 shares authorized, 16,658,417 and 16,638,092 shares issued and outstanding, respectively	166,581	166,378
Additional paid-in capital	766,562,470	762,313,030
Retained earnings (net of historical dividends declared of $262,118,388)	-204,570,237	-165,275,389
Accumulated other comprehensive loss	'	-3,009,442
Total stockholders' equity	562,158,814	594,194,577
Total liabilities and stockholders' equity	$1,754,189,555	$1,789,144,150

Consolidated_Balance_Sheets_Un1

Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Accumulated depreciation, vessels (in Dollars)	$370,705,330	$314,700,681
Accumulated amortization, other fixed assets (in Dollars)	640,374	515,896
Preferred stock par value (in Dollars per share)	$0.01	$0.01
Preferred stock, shares authorized (in Shares)	25,000,000	25,000,000
Preferred stock, shares issued (in Shares)	0	0
Common stock par value (in Dollars per share)	$0.01	$0.01
Common stock, shares authorized (in Shares)	100,000,000	100,000,000
Common stock, shares issued (in Shares)	16,658,417	16,638,092
Common stock, shares outstanding (in Shares)	16,658,417	16,638,092
Historical dividends declared (in Dollars)	$262,118,388	'

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenues, net of commissions	$38,978,418	$46,854,671	$155,440,916	$148,008,304
Voyage expenses	7,683,180	6,480,233	23,288,739	20,370,857
Vessel expenses	21,804,188	21,246,653	63,132,366	67,557,977
Charter hire expenses	'	1,104,571	'	1,711,144
Depreciation and amortization	19,366,495	19,389,042	57,463,027	58,250,356
General and administrative expenses	2,946,267	6,497,598	10,878,601	26,551,478
Gain on time charter agreement termination	-3,564,771	'	-32,526,047	'
Total operating expenses	48,235,359	54,718,097	122,236,686	174,441,812
Operating income (loss)	-9,256,941	-7,863,426	33,204,230	-26,433,508
Interest expense	20,729,626	21,981,186	61,957,771	44,995,438
Interest income	-3,321	-7,252	-71,775	-23,443
Other (Income) expense	7,646,805	'	10,613,082	-1,028,375
Total other expense, net	28,373,110	21,973,934	72,499,078	43,943,620
Net loss	($37,630,051)	($29,837,360)	($39,294,848)	($70,377,128)
Basic (in Shares)	16,986,395	16,821,024	16,973,813	16,153,184
Diluted (in Shares)	16,986,395	16,821,024	16,973,813	16,153,184
Basic net loss (in Dollars per share)	($2.22)	($1.77)	($2.32)	($4.36)
Diluted net loss (in Dollars per share)	($2.22)	($1.77)	($2.32)	($4.36)

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Loss (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Net loss	($37,630,051)	($29,837,360)	($39,294,848)	($70,377,128)
Other comprehensive income:	'	'	'	'
Change in unrealized loss on investment	-9,812,255	-91,468	-9,847,473	-852,310
Realized loss on investment	7,646,805	'	10,613,082	'
Net unrealized gain on derivatives	657,347	1,725,595	2,243,833	4,988,089
Total other comprehensive income(loss)	-1,508,103	1,634,127	3,009,442	4,135,779
Comprehensive loss	($39,138,154)	($28,203,233)	($36,285,406)	($66,241,349)

Consolidated_Statement_of_Stoc

Consolidated Statement of Stockholders' Equity (Unaudited) (USD $)	Common Stock [Member]	Additional Paid-in Capital [Member]	Net Income [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total
Balance at Dec. 31, 2012	$166,378	$762,313,030	'	($165,275,389)	($3,009,442)	$594,194,577
Balance (in Shares) at Dec. 31, 2012	16,638,092	'	'	'	'	'
Net Loss	'	'	-39,294,848	-39,294,848	'	-39,294,848
Change in unrealized loss on investment	'	'	'	'	-9,847,473	-9,847,473
Realized loss on investment	'	'	'	'	10,613,082	10,613,082
Net unrealized gain on derivatives	'	'	'	'	2,243,833	2,243,833
Vesting of restricted shares, net of shares withheld for employee tax	203	-78,738	'	'	'	-78,535
Vesting of restricted shares, net of shares withheld for employee tax (in Shares)	20,325	'	'	'	'	'
Non-cash compensation	'	4,328,178	'	'	'	4,328,178
Balance at Sep. 30, 2013	$166,581	$766,562,470	'	($204,570,237)	'	$562,158,814
Balance (in Shares) at Sep. 30, 2013	16,658,417	'	'	'	'	'

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Net loss	($39,294,848)	($70,377,128)
Depreciation	56,129,127	56,388,161
Amortization of deferred drydocking costs	1,333,900	1,862,195
Amortization of deferred financing costs	6,271,128	4,428,572
Amortization of fair value below contract value of time charter acquired	-10,280,559	-3,574,012
Payment-in-kind interest on debt	21,724,749	8,101,953
Unrealized gain from forward freight agreements, net	'	246,110
Investment	-4,925,952	'
Realized loss from investment	10,613,082	'
Gain on time charter agreement termination	-29,033,503	'
Allowance for accounts receivable	'	5,351,609
Non-cash compensation expense	4,328,178	7,012,714
Drydocking expenditures	-2,378,717	-1,085,541
Accounts receivable	-1,840,197	-5,185,340
Other assets	-4,132,227	2,089,633
Prepaid expenses	216,427	708,671
Inventories	-27,883	269,672
Accounts payable	702,955	-1,169,678
Accrued interest	-2,162,321	-861,935
Accrued expenses	-4,448,680	505,953
Deferred revenue	-3,766,413	-471,017
Unearned revenue	628,764	-1,596,072
Net cash provided by (used in) operating activities	-342,990	2,644,520
Proceeds from sale of investment	2,199,243	'
Vessels improvements	-92,100	-58,521
Purchase of other fixed assets	-41,630	-48,497
Changes in restricted cash	209,813	394,362
Net cash provided by investing activities	2,275,326	287,344
Deferred financing costs	-48,000	-9,382,792
Cash used to settle net share equity awards	-78,535	-65,138
Net cash used in financing activities	-126,535	-9,447,930
Net increase / (decrease) in cash	1,805,801	-6,516,066
Cash at beginning of period	18,119,968	25,075,203
Cash at end of period	$19,925,769	$18,559,137

Note_1_Basis_of_Presentation_a

Note 1 - Basis of Presentation and General Information	9 Months Ended
	Sep. 30, 2013
Disclosure Text Block [Abstract]	'
Business Description and Basis of Presentation [Text Block]	'
	Note 1. Basis of Presentation and General Information
	The accompanying consolidated financial statements include the accounts of Eagle Bulk Shipping Inc. and its wholly-owned subsidiaries (collectively, the "Company", “we” or “our”). The Company is engaged in the ocean transportation of dry bulk cargoes worldwide through the ownership, chartering and operation of dry-bulk vessels. The Company's fleet is comprised of Supramax and Handymax dry bulk carriers and the Company operates its business in one business segment.
	The Company is a holding company incorporated in 2005 under the laws of the Republic of the Marshall Islands and is the sole owner of all of the outstanding shares of its subsidiaries, which are incorporated in the Republic of the Marshall Islands. The primary activity of each of the subsidiaries, other than the Company’s management subsidiaries, is the ownership of a vessel. The operations of the vessels are managed by a wholly-owned subsidiary of the Company, Eagle Shipping International (USA) LLC, a Republic of the Marshall Islands limited liability company.
	As of September 30, 2013, the Company owned and operated a modern fleet of 45 oceangoing vessels comprised of 43 Supramax and 2 Handymax vessels with a combined carrying capacity of 2,451,259 dwt and an average age of approximately six years.
	The following table represents certain information about the Company's charterers that individually accounted for more than 10% of the Company's gross charter revenue during the periods indicated:
	% of Consolidated Charter Revenue
		Three Months Ended				Nine Months Ended
		30-Sep-13		30-Sep-12		30-Sep-13		30-Sep-12
	Charterer
	Charterer A		16%		28%		14%		26%
	Charterer B		-		-		20%		-
	The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), and the rules and regulations of the Securities and Exchange Commission (“SEC”) which apply to interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes normally included in consolidated financial statements prepared in conformity with U.S. GAAP. They should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2012 Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 1, 2013.
	The accompanying unaudited consolidated financial statements include all adjustments (consisting of normal recurring adjustments) that management considers necessary for a fair statement of its consolidated financial position and results of operations for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the entire year.
	The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates and assumptions of the Company are stock-based compensation, the useful lives of fixed assets and intangibles, depreciation and amortization, the allowances for bad debt, and the fair value of derivatives and warrants.
	Liquidity
	As further described in Note 4, the Fourth Amended and Restated Credit Facility (as defined in Note 4 and also referred to herein as the “credit agreement”) has financial covenants that begin in 2013 and get increasingly tighter with each progressive quarter. The covenants are primarily driven off of a trailing twelve month calculation of EBITDA. In order to remain in compliance with our covenants, charter hire rates, the primary driver of our EBITDA, must increase over time. Charter hire rates have been driven down during the recession and have been volatile. Despite relatively low charter hire rates in the last part of 2012 and the first three quarters of 2013, the Company estimates that it will meet all of its covenants in 2013, based on the current dry bulk rates that have been in effect from March 2013 and cost cutting measures that the Company has put in place. Such cost cutting measures include but are not limited to reductions in labor costs, upgrades and new equipment expenses. However, if the current charter hire rates do not improve significantly for the remainder of 2013 and in the first quarter of 2014, the Company will not be in compliance with the maximum leverage ratio and the minimum interest coverage ratio covenants under the Fourth Amended and Restated Credit Facility at or after March 31, 2014; and, if charter hire rates deteriorate from current levels or if we are unable to achieve our cost cutting measures or if we realize additional losses on our Korea Lines Corporation available for sale investment, the Company will not be in compliance with the maximum leverage ratio covenant in the fourth quarter of 2013.
	If the Company does not comply with the financial covenants contained in the Fourth Amended and Restated Credit Facility, such a non-compliance would constitute an event of default under the credit agreement, the Company would seek to obtain a waiver or modification to the credit agreement from our creditors, however there is no guarantee that we would receive such a waiver or that such a waiver would be on terms or conditions that would be acceptable to the Company. If we were to be unable to cure an event of default, our debt could be called by the creditors and all amounts then outstanding would be reclassified as a current liability and alternative sources of financing would need to be sought on terms that may not be favorable to the Company or the Company may need to seek additional capital through equity or debt offerings or through the sale of assets. Should such events happen, there can be no assurances that the Company would be able to procure alternate financing or sufficient sources of additional capital. If the Company were unable to obtain a waiver or modification of the credit agreement or obtain such alternate financing or additional capital, there is substantial doubt about the Company's ability to continue as a going concern. The Company’s credit agreement is described further in Note 4.
	Korea Line Corporation
	Since January 2011, Korea Lines Corporation (“KLC”), one of our charterers, has been operating under protective receivership in Seoul, South Korea. Since the fourth quarter of 2011, KLC had not been performing in accordance with the $17,000 per vessel per day shortfall arrangement on 13 of our vessels. As a result we were not recording revenue associated with those amounts owed as collectability was not assured.
	On January 3, 2013, a comprehensive termination agreement between the Company and KLC became effective, pursuant to which we agreed to accept $63.7 million on a non-interest bearing installment note and 1,224,094 common shares of KLC stock as compensation for the early termination of our 13 charters with KLC. Under the termination agreement, cash payments of $10.3 million were paid in the first quarter of 2013, and the balance of $53.4 million would have been paid in cash installments through 2021, with the majority of the payments to be paid in the last five years. The KLC stock certificates were issued on February 7, 2013 and were secured at the Korean Securities Depository for six months. On August 7, 2013, we took possession of the share certificates.
	In the first quarter of 2013, as the settlement effectively terminated the charters with KLC, the Company released $3.5 million of bunker liabilities and an aggregate $13.7 million balance related to deferred revenue and to the unamortized fair value of charters below and above contract value. The Company valued the equity received from KLC at $5.9 million and the note receivable at $2.7 million. The Company recorded revenue associated with the termination of $32.8 million related to amounts previously owed but not recognized and a termination gain of $3.3 million.
	On March 28, 2013, the Korean court approved an amendment to the KLC termination agreement after receiving a favorable vote from the concerned parties. The amendment included a 1 to 15 reduction to the number of KLC common shares outstanding at that date and also reduced our long-term receivable by 90%, substituting that portion of the commitment with 538,751 additional common shares of KLC to be issued to the Company at a date to be determined in the second quarter. We evaluated the fair value of the additional KLC common shares to be issued and the impact to our long-term receivable and determined that the aggregate value exceeded the carrying value of our long-term note receivable recorded in January of 2013; therefore, we did not have a loss on that transaction. Under our accounting policy, any gain on that transaction should be recorded upon settlement. As 90% of the long-term note receivable was paid in equity in the second quarter of 2013, we reclassified that portion as a current asset in the “Investment” line of our balance sheet at March 31, 2013. We considered the March 28, 2013 decision by KLC to dilute the value of previously issued KLC shares to be a triggering event requiring the evaluation of whether a permanent decrease in value had occurred. We determined that a permanent decrease in value had occurred and as of March 31, 2013, we recognized the change in the fair value of our existing KLC shares as other-than-temporary and recorded in other expense a loss of approximately $3.0 million.
	On May 9, 2013, the 538,751 additional KLC common shares were issued and secured at the Korean Securities Depository. On November 11, 2013, we took possession of the share certificates.These shares replaced the note receivable recorded pursuant to the January 3, 2013, termination agreement. The fair market value of the shares upon issuance was in excess of the fair value of the receivable and resulted in a gain of $32.5 million in the second quarter of 2013.
	KLC completed its financial reorganization by the middle of September 2013, and emerged from bankruptcy in October 2013. On October 28, 2013, we received early prepayment of $3.9 million to settle our long term receivable from KLC, which resulted in an additional gain on time charter agreement termination of $3.5 million recognized in the third quarter of 2013 as the carrying value at September 30, 2013 was adjusted to reflect the elimination of credit risk.
	As of September 30, 2013, we sold 55,628 shares of KLC for a total consideration of $2.2 million and we realized loss of $0.4 million.
	The KLC stock held by the Company is designated as Available for sale and is reported at fair value, with unrealized gains and losses recorded in shareholders’ equity as a component of accumulated other comprehensive income. As of September 30, 2013, the fair value of the remaining 566,529 KLC shares held by the Company was $22.1 million. As of September 30, 2013, the change in the fair value of our KLC investment was considered as other than temporary, and therefore the Company recorded a non-cash impairment loss of $7.3 million in Other expense in the third quarter of 2013.

Note_2_New_Accounting_Pronounc

Note 2 - New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2013
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]	'
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	'
	Note 2. New Accounting Pronouncements
	In December 2011, Financial Accounting Standards Board (FASB) issued an Accounting Standards Update for balance sheet, which contains new disclosure requirements regarding the nature of an entity's rights of offset and related arrangements associated with its financial instruments and derivative instruments. Under U.S. GAAP, certain derivative and repurchase agreement arrangements are granted exceptions from the general off-setting model. The new disclosure requirement will provide financial statement users information regarding both gross and net exposures. In January 2013, the FASB issued a new ASU, clarifying the scope of disclosures about offsetting assets and liabilities. This ASU limits the scope of the original guidance. These ASUs are effective retrospectively for interim and annual periods beginning on or after January 1, 2013. The Company’s adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.
	In February 2013, the FASB issued updated guidance to improve the reporting of reclassifications out of accumulated other comprehensive income. The guidance requires an entity to present, either on the face of the statement of income or in the notes, separately for each component of comprehensive income, the current period reclassifications out of accumulated other comprehensive income by the respective line items of net income affected by the reclassification. The updated guidance is effective prospectively for reporting periods beginning after December 15, 2012. The Company’s adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

Note_3_Vessels

Note 3 - Vessels	9 Months Ended
	Sep. 30, 2013
Property, Plant and Equipment [Abstract]	'
Property, Plant and Equipment Disclosure [Text Block]	'
	Note 3.   Vessels
	Vessel and Vessel Improvements
	At September 30, 2013, the Company’s operating fleet consisted of 45 dry bulk vessels.
	Vessel and vessel improvements:
	Vessels and Vessel Improvements, at December 31, 2012	$	1,714,307,653
	Vessel Improvements		92,100
	Depreciation Expense		(56,004,649	)
	Vessels and Vessel Improvements, at September 30, 2013	$	1,658,395,104

Note_4_Debt

Note 4 - Debt	9 Months Ended
	Sep. 30, 2013
Disclosure Text Block [Abstract]	'
Long-term Debt [Text Block]	'
	Note 4.    Debt
	Debt consists of the following:
		30-Sep-13		31-Dec-12
	Term loans	$	1,129,478,741	$	1,129,478,741
	Payment-in-kind loans		37,112,217		15,387,468
	Long-term debt	$	1,166,590,958	$	1,144,866,209
	The Fourth Amended and Restated Credit Agreement
	On June 20, 2012, the Company entered into a Fourth Amended and Restated Credit Agreement to its credit facility agreement, dated as of October 19, 2007, as amended up to the date thereof (the “Fourth Amended and Restated Credit Agreement”), which, among other things, (i) permanently waives any purported defaults or events of defaults that were the subject of a temporary waiver under the Sixth Amendatory and Commercial Framework Implementation Agreement (the "Sixth Amendment") to the Third Amended and Restated Credit Agreement dated October 19, 2007, including any alleged events of default arising from any purported breach of the minimum adjusted net worth covenant that occurred as a result of any failure to maintain the required adjusted net worth; (ii) converts the $1,129,478,741 outstanding under the revolving credit facility into a term loan; (iii) sets the maturity date as December 31, 2015, and, subject to the Company's satisfaction of certain conditions, including a collateral coverage ratio at December 31, 2015 of less than 80%, provides an option to the Company to further extend the maturity date by an additional 18 months to June 30, 2017 (the "Termination Date"); (iv) requires no mandatory repayments of principal until the Termination Date, other than a quarterly sweep of cash on hand in excess of $20,000,000 and upon the sale of vessels, additional financings or future equity raises by the Company. All amounts outstanding under the term loan will bear interest at LIBOR plus a margin that will include a payment-in-kind ("PIK") component.  The initial cash margin of 3.50% and PIK margin of 2.50% can be reduced on the basis of reduced leverage and proceeds from future equity raises by the Company.
	The Fourth Amended and Restated Credit Agreement also provides for a new Liquidity Facility in the aggregate amount of $20,000,000, which permits the purchase or sale of vessels within certain parameters, permits the management of third party vessels and provides that all capitalized interest will be evidenced in the form of PIK loans, which will mature on the Termination Date.  On the Termination Date, the Company may elect to either (i) repay the PIK loans in cash; or (ii) convert the PIK loans into shares of cumulative convertible preferred stock, par value $10.00 per share. As of September 30, 2013, the outstanding amount of the term loan was $1,129,478,741, the amount of the PIK loans was $37,112,217 and no amount was drawn on the Liquidity Facility. In connection with the Fourth Amended and Restated Credit Amendment, the Company recorded $12,636,295 of deferred financing costs that are amortized over the life of the term loan, including amendment and professional fees.
	In addition, the Fourth Amended and Restated Credit Agreement replaces the previously existing financial covenants and substitutes them with new covenants, which require the Company to (i) maintain a maximum leverage ratio of the term loan indebtedness, excluding the PIK loans, to EBITDA (as defined in the Fourth Amended and Restated Credit Agreement) on a trailing four quarter basis, commencing in the quarterly period ending September 30, 2013, of 13.9:1, December 31, 2013, of 12.3:1, March 31, 2014 of 10.6:1, June 30, 2014 of 9.2:1, September 30, 2014 of 8.5:1, December 31, 2014 of 8.1:1, March 31, 2015 of 7.8:1, June 30, 2015 of 7.6:1, September 30, 2015 of 7.5:1, and December 31, 2015 of 7.3:1 and, should the Termination Date be extended under the Company’s option, further declining in intervals to 6.2:1 for the quarterly period ending March 31, 2017; (ii) maintain a minimum interest coverage ratio of EBITDA to cash interest expenses on a trailing four quarter basis, expressed as a percentage, commencing in the quarterly period ending June 30, 2013, of 130%, September 30, 2013, of 140%, December 31, 2013, of 160%, March 31, 2014 of 180%, June 30, 2014 of 200%, September 30, 2014 of 210%, December 31, 2014 of 220%, March 31, 2015 of 220%, June 30, 2015 of 220%, September 30, 2015 of 220%, and December 31, 2015 of 220% and, should the Termination Date be extended, further escalating in intervals to 230% for the quarterly period ending March 31, 2017; (iii) maintain free cash with the agent in one or more accounts in an amount equal to $500,000 per vessel owned directly or indirectly by the Company, provided that the unutilized amount of the liquidity facility shall be deemed to constitute free cash for these purposes; and (iv) maintain a maximum collateral coverage ratio, commencing in the quarterly period ending September 30, 2014, of 100% of the term loan indebtedness and any related swap exposure, declining in intervals to 80% for the quarterly period ending December 31, 2015 and, should the Termination Date be extended, further declining in intervals to 70% for the quarterly period ending March 31, 2017. Refer to Note 1 - General Information- Liquidity note for further information regarding compliance with our covenants.
	In connection with the Fourth Amended and Restated Credit Agreement, the Company entered into a Warrant Agreement, dated June 20, 2012, pursuant to which the Company issued 3,148,584 warrants convertible on a cashless basis into shares of the Company's common stock, par value $0.01 (the "Warrant Shares"), at a strike price of $0.01 per share of common stock. One-third of the warrants are exercisable immediately, the next third of the warrants are exercisable when the price of the Company's common stock reaches $10.00 per share and the last third of the warrants are exercisable when the price of the Company's common stock reaches $12.00 per share. Unexercised warrants will expire on June 20, 2022. The Company determined the relative fair value of the Warrant Shares at $7.2 million using the Monte Carlo simulation which was performed, and the mean value was selected. The assumptions used in the Monte Carlo simulation were the underlying stock price of $2.98, risk-free rate of 1.64%, expected volatility of 79.3%, expected term of 10 years and expected dividend yield of 0%. The fair value of the warrants was recorded as deferred financing cost and amortized over of the life the term loan agreement.
	Our obligations under the Fourth Amended and Restated Credit Agreement are secured by a first priority mortgage on each of the vessels in our fleet, and by a first assignment of all freights, earnings, insurances and requisition compensation relating to our vessels. The Fourth Amended and Restated Credit Agreement also limits our ability to create liens on our assets in favor of other parties.
	For the nine months ended September 30, 2013, interest rates on the outstanding debt ranged from 3.64% to 7.40%, including a margin of 2.50% over LIBOR for the period up to June 19, 2012 and a margin of 3.50% over LIBOR thereafter. The weighted average effective interest rate for the nine months ended September 30, 2013, was 3.98%.
	Interest Expense, inclusive of the PIK loans, consisted of:
		Three Months Ended				Nine Months Ended
		September 30,		September 30,		September 30,		September 30,
		2013		2012		2013		2012
	Loan Interest	$	18,623,406	$	19,884,907	$	55,686,643	$	40,566,866
	Amortization of Deferred Financing Costs		2,106,220		2,096,279		6,271,128		4,428,572
	Total Interest Expense	$	20,729,626	$	21,981,186	$	61,957,771	$	44,995,438
	Interest paid, exclusive of the PIK loans, in the nine-month periods ended September 30, 2013 and 2012 amounted to $36,124,215 and $33,326,847, respectively.

Note_5_Derivative_Instruments_

Note 5 - Derivative Instruments and Fair Value Measurements	9 Months Ended
	Sep. 30, 2013
Disclosure Text Block [Abstract]	'
Derivatives and Fair Value [Text Block]	'
	Note 5.   Derivative Instruments and Fair Value Measurements
	Interest-Rate Swaps
	The Company entered into interest rate swaps to effectively convert a portion of its debt from a floating to a fixed-rate basis. Under these swap contracts, exclusive of applicable margins, the Company paid fixed rate interest and received floating-rate interest amounts based on three-month LIBOR settings. The swaps were designated and qualified as cash flow hedges. The following table summarizes the interest rate swaps in place as of September 30, 2013 and December 31, 2012.
		Notional Amount				Notional Amount				Fixed Rate				Maturity
		Outstanding –				Outstanding –
		30-Sep-13				31-Dec-12
		$	-			$	81,500,000			3.90%				Jan-13
			-				84,800,000			3.90%				Sep-13
		$	-			$	166,300,000
	The Company records the fair value of the interest rate swaps as an asset or liability on its balance sheet. The effective portion of the swap is recorded in accumulated other comprehensive income. No portion of the cash flow hedges was ineffective during the period ended September 30, 2013. The last swap expired in September 2013.
	Forward freight agreements, bunker swaps and freight derivatives
	The Company trades in forward freight agreements (“FFAs”), bunker swaps and freight derivatives markets, with the objective of utilizing these markets as economic hedging instruments that reduce the risk of specific vessels to changes in the freight market and/or bunker costs. The Company’s FFAs, bunker swaps and freight derivatives have not qualified for hedge accounting treatment. As of September 30, 2013 and December 31, 2012, the Company did not have any open positions and no fair value for derivative instruments is reflected in the accompany balance sheets.
	Tabular disclosure of derivatives location
	No portion of the cash flow hedges shown below was ineffective during the period ended September 30, 2013. The effect of cash flow hedging relationships on the balance sheets as of September 30, 2013 and December 31, 2012, and the statement of operations for the periods ended September 30, 2013 and 2012 are as follows:
	The effect of designated derivative instruments on the consolidated balance sheets:
			Amount of Loss Recognized in AOCI on Derivative
			(Effective Portion)
	Derivatives designated for cash flow hedging relationships		30-Sep-13				31-Dec-12
	Interest rate swaps		$	0			$	(2,243,833	)
	Total		$	0			$	(2,243,833	)
	The effect of derivative instruments on statements of operations:
				Effective Portion of Gain (Loss) Reclassified from Accumulated Other
				Comprehensive Income (Loss)
				Three Months Ended								Nine Months Ended
		Location		September 30,				September 30,				September 30,				September 30,
		of Gain (Loss)		2013				2012				2013				2012
		Recognized
	Derivatives designated as hedging instruments
	Interest rate swaps	Interest expense		$	(657,812	)		$	(1,622,399	)		$	(2,302,273	)		$	(5,348,189	)
				Amount of Gain (Loss)								Amount of Gain (Loss)
				Three Months Ended								Nine Months Ended
		Location		September 30,				September 30,				September 30,				30-Sep-02
		of Gain (Loss)		2013				2012				2013				12
		Recognized
	Derivatives not designated as hedging instruments
	FFAs, bunker swaps, freight and bunker derivatives	Other income		$	—			$	—			$	—			$	1,028,375
	Cash Collateral Disclosures
	The Company does not offset fair value amounts recognized for derivatives by the right to reclaim cash collateral or the obligation to return cash collateral. The amount of collateral to be posted is defined by the terms of the respective master agreement executed with counterparties or exchanges and is required when agreed upon threshold limits are exceeded. As of September 30, 2013 and December 31, 2012, the Company had no outstanding amounts paid as collateral related to the derivative fair value positions.
	Fair Value Measurements
	The following methods and assumptions were used to estimate the fair value of each class of financial instrument:
	Cash, cash equivalents and restricted cash—the carrying amounts reported in the consolidated balance sheet for interest-bearing deposits approximate their fair value due to their short-term nature thereof.
	Debt—the carrying amounts of borrowings under the revolving credit agreement approximate their fair value, due to the variable interest rate nature thereof.
	Interest rate swaps—the fair value of interest rate swaps (used for hedging purposes) is the estimated amount that the Company would receive or pay to terminate the swaps at the reporting date.
	Forward freight agreements (FFAs)—the fair value of FFAs is determined based on quoted rates.
	Freight and bunker derivative instruments—the fair value of freight and bunker derivative contracts is the estimated amount that the Company would receive or pay to terminate the option contracts at the reporting date.
	Bunker swaps—the fair value of bunker swaps is the estimated amount that the Company would receive or pay to terminate the swaps at the reporting date.
	Investment— include our available-for-sale securities that are traded in active market internationally. The fair value is measured by using closing stock price from active market.
	The Company defines fair value, establishes a framework for measuring fair value and provides disclosures about fair value measurements. The fair value hierarchy for disclosure of fair value measurements is as follows:
	Level 1 – Quoted prices in active markets for identical assets or liabilities. Our Level 1 non-derivatives include cash, money-market accounts, restricted cash accounts and investment.
	Level 2 – Quoted prices for similar assets and liabilities in active markets or inputs that are observable. Our Level 2 non-derivatives include our term loan account.
	Level 3 – Inputs that are unobservable (for example cash flow modeling inputs based on assumptions).
	The following table summarizes assets and liabilities measured at fair value on a recurring basis at September 30, 2013 and December 31, 2012:
			30-Sep-13												31-Dec-12
			Level 1				Level 2				Level 3				Level 1				Level 2		Level 3
	Assets:
	Investment		$	22,110,249				—				—			$	197,509				—		—
	Liabilities:
	Interest rate swaps			—				—				—				—			$	2,243,833		—

Note_6_Accounts_Receivable

Note 6. Accounts Receivable	9 Months Ended
	Sep. 30, 2013
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]	'
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	'
	Note 6. Accounts Receivable
	Accounts receivable for the periods ended September 30, 2013 and December 31, 2012 include allowance for doubtful accounts of zero and $5,351,609, respectively.

Note_7_Commitments_and_Conting

Note 7 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2013
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies Disclosure [Text Block]	'
	Note 7. Commitments and Contingencies
	Legal Proceedings
	The Company is involved in legal proceedings and may become involved in other legal matters arising in the ordinary course of its business. The Company evaluates these legal matters on a case-by-case basis to make a determination as to the impact, if any, on its business, liquidity, results of operations, financial condition or cash flows. The Company currently is party to the legal proceedings described below.
	Shareholder Derivative Lawsuits
	On June 13, 2011, a complaint against the Company's board of directors and a former director was filed in the United States District Court for the Southern District of New York alleging, among other things, that the directors breached their fiduciary duties of loyalty, good faith and care in connection with (i) director and officer compensation in the years 2008, 2009 and 2010; (ii) the Company's Management Agreement with Delphin Shipping LLC ("Delphin") (specifically, according to the complaint, alleging conflicts of interest between the Company's Chief Executive Officer, Delphin and the Company); and (iii) the adjournment of the Company's 2011 Annual Meeting of Shareholders. The complaint seeks rescission of director and officer compensation for those years as well as rescission of the Management Agreement, and seeks unspecified damages. The Company moved for summary judgment on April 1, 2013.
	On August 23, and August 30, 2011, respectively, two additional complaints were filed in the Supreme Court of the State of New York (New York County) against the Company's board of directors and a former director alleging substantially similar breaches of fiduciary duties as those alleged in the lawsuit filed on June 13, 2011. On January 10, 2012, a motion by the Company was granted, which stays these state court actions pending the outcome of the June 13, 2011 federal action.   Those matters remain stayed.
	On October 31, 2011, a complaint was filed in the United States District Court for the Southern District of New York by one of the plaintiffs in the June 13, 2011 federal action against the Company and its board of directors alleging deficiencies in the Company's proxy statement in connection with its special meeting of shareholders that was held on November 17, 2011. The Company revised its proxy statement prior to the meeting, causing plaintiffs to withdraw a request for injunctive relief in connection with their complaint.  The Company served an answer in this action on March 19, 2012.
	Following the motion for summary judgment with respect to the June 13, 2011 federal action and mediation of the matter, on June 14, 2013 the parties therein moved for an order granting a proposed settlement (the "Proposed Settlement"), which, if approved, would act to settle each of the above-referenced actions.  The Proposed Settlement contains a denial by all defendants of wrongdoing and liability and mutual releases between and amongst the parties.  It also provides for certain changes to the Company's policies concerning director and executive compensation and certain other corporate governance policies with which plaintiffs in those actions had taken issue. The Proposed Settlement permits Plaintiffs' counsel to request an award of attorneys' fees and expenses which, in the aggregate, does not exceed $1.575 million, which if approved would be paid by the insurance and, in part, by the Company. A hearing on the Proposed Settlement was held on September 4, 2013, and was continued until November 14, 2013. There has not yet been any decision on the motion to approve the Proposed Settlement. No action needs to be taken with respect to any of the above-referenced actions until the motion to approve the Proposed Settlement has been decided.
	Vessel Technical Management Contract
	The Company has technical management agreements for certain of its vessels with independent technical managers. The Company paid average monthly technical management fees of $10,315 and $10,312 per vessel during the nine months ended September 30, 2013 and 2012, respectively.
	Other Commitments
	On July 28, 2011, the Company entered into an agreement to charter-in a 37,000 dwt newbuilding Japanese vessel that is expected to be delivered between May 2014 and October 2014 for seven years with an option for an additional one year. The hire rate for the first to seventh year is $13,500 per day and $13,750 per day for the eighth year option. The Company has options to purchase the vessel starting at the end of the fifth year.

Note_8_Related_Party_Transacti

Note 8 - Related Party Transactions	9 Months Ended
	Sep. 30, 2013
Related Party Transactions [Abstract]	'
Related Party Transactions Disclosure [Text Block]	'
	Note 8. Related Party Transactions
	On August 4, 2009, the Company entered into a management agreement (the "Management Agreement") with Delphin Shipping LLC ("Delphin"), a Marshall Islands limited liability company affiliated with Kelso Investment Associates VII, KEP VI, LLC and the Company's Chief Executive Officer, Sophocles Zoullas.  Delphin was formed for the purpose of acquiring and operating dry bulk and other vessels. Under the terms of the Management Agreement, the Company provides commercial and technical supervisory vessel management services to dry bulk vessels acquired by Delphin for a fixed monthly management fee based on a sliding scale. Pursuant to the terms of the Management Agreement, the Company has been granted an opportunity to acquire for its own account any dry bulk vessel that Delphin proposes to acquire.  The Company has also been granted a right of first refusal on any dry bulk charter opportunity, other than a renewal of an existing charter for a Delphin-owned vessel that the Company reasonably deems suitable for a Company-owned vessel.  The Management Agreement also provides the Company a right of first offer on the sale of any dry bulk vessel by Delphin. The term of the Management Agreement is one year and is renewable for successive one year terms at the option of Delphin.
	Pursuant to the Management Agreement, the Company contracted to provide commercial and technical supervisory management services for Delphin vessels for a monthly fee of $15,834 for the first 10 vessels, $11,667 for the second 10 vessels and $8,750 for the third 10 vessels. Construction of the first vessel commenced in December 2010. Total management fees for the periods ended September 30, 2013 and 2012 amounted to $1,635,066 and $1,635,066, respectively. The advanced balance received from Delphin on account for the management of its vessels as of September 30, 2013 amounted to $224,274. The total reimbursable expenses for the periods ended September 30, 2013 and 2012 amounted to $412,350 and $267,410, respectively. The balance due from Delphin as of September 30, 2013 amounted to $131,910. The balance due mainly consists of management fees, administrative service fees and other reimbursable expenses.

Note_9_Earnings_Per_Common_Sha

Note 9 - Earnings Per Common Share	9 Months Ended
	Sep. 30, 2013
Earnings Per Share [Abstract]	'
Earnings Per Share [Text Block]	'
	Note 9. Earnings Per Common Share
	The computation of basic net loss per share is based on the weighted average number of common shares outstanding during the period. Weighted average shares outstanding for the period ended September 30, 2013, includes the weighted average underlying Warrant Shares issuable upon exercise of the 327,978 warrants at the exercise price of $0.01 per share. In accordance with the accounting literature, the Company has given effect to the issuance of these warrants in computing basic net loss per share because the underlying shares are issuable for little or no cash consideration. Diluted net loss per share gives effect to stock options and restricted stock units using the treasury stock method, unless the impact is anti-dilutive. Diluted net loss per share as of September 30, 2013, does not include 303,664 restricted stock units and 1,908,371 stock options as their effect was anti-dilutive. Diluted net loss per share as of September 30, 2012, does not include 614,458 restricted stock units and 1,908,371 stock options as their effect was anti-dilutive.
		Three Months Ended						Nine Months Ended
		September 30,			September 30,			September 30,			September 30,
		2013			2012			2013			2012
	Net loss	$	(37,630,051	)	$	(29,837,360	)	$	(39,294,848	)	$	(70,377,128	)
	Weighted Average Shares – Basic		16,986,395			16,821,024			16,973,813			16,153,184
	Dilutive effect of stock options and restricted stock units		-			-			-			-
	Weighted Average Shares - Diluted		16,986,395			16,821,024			16,973,813			16,153,184
	Basic Earnings Per Share	$	(2.22	)	$	(1.77	)	$	(2.32	)	$	(4.36	)
	Diluted Earnings Per Share	$	(2.22	)	$	(1.77	)	$	(2.32	)	$	(4.36	)

Note_10_Stock_Incentive_Plans

Note 10 - Stock Incentive Plans	9 Months Ended
	Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	'
	Note 10. Stock Incentive Plans
	Effective as of the opening of trading on May 22, 2012, the Company completed a 1 for 4 reverse stock split as previously approved by the Company's shareholders. Proportional adjustments were made to the Company's issued and outstanding common stock and to its common stock underlying stock options and other common stock-based equity grants outstanding immediately prior to the effectiveness of the reverse stock split to reflect the reverse stock split. No fractional shares were issued in connection with the reverse stock split, as shareholders who would have otherwise held a fractional share of common stock received a cash payment in lieu of that fractional share. All references herein to common stock and per share data have been retrospectively adjusted to reflect the reverse stock split.
	2011 Equity Incentive Plan. In November 2011, our shareholders approved the 2011 Equity Incentive Plan (the “2011 Plan”) for the purpose of affording an incentive to eligible persons. The 2011 Equity Incentive Plan provides for the grant of equity based awards, including stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalents, unrestricted stock, other equity based or equity related awards, and/or performance compensation awards based on or relating to the Company's common shares to eligible non-employee directors, officers, employees or consultants. The 2011 Plan is administered by a compensation committee or such other committee of the Company's board of directors. An aggregate of 5.9 million of the Company's common shares have been authorized for issuance under the 2011 Plan. The shares reserved for issuance under the 2011 Plandid not adjust in accordance with the 1 for 4 reverse stock split discussed above. However, the 2011 Plan was approved by shareholders subject to the Company’s confirmation in the proxy materials relating to the approval of the 2011 Plan that no options granted under the plan would, in the aggregate, exceed 10% of the Company’s issued and outstanding shares on a fully diluted basis on the date the options first become exercisable.
	2009 Equity Incentive Plan. In May 2009, our shareholders approved the 2009 Equity Incentive Plan (the “2009 Plan”) for the purpose of affording an incentive to eligible persons. The 2009 Plan provides for the grant of equity based awards, including stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalents, unrestricted stock, other equity based or equity related awards, and/or performance compensation awards based on or relating to the Company’s common shares to eligible non-employee directors, officers, employees or consultants. The 2009 Plan is administered by a compensation committee or such other committee of the Company’s board of directors. A maximum of 1.05 million of the Company’s common shares have been authorized for issuance under the 2009 Plan, which have been adjusted in accordance with the one-for-four reverse stock split effective on May 22, 2012.
	As of September 30, 2013, RSUs covering a total of 303,664 of the Company’s shares are outstanding. The restricted stock units (“RSUs”) vest ratably between three to five years. These RSUs also entitle the participant to receive a dividend equivalent payment on the unvested portion of the underlying shares granted under the award, each time the Company pays a dividend to the Company’s shareholders. The dividend equivalent rights on the unvested RSUs are forfeited upon termination of employment.The Company is amortizing to non-cash compensation expense the fair value of the non-vested restricted stock at the grant date. For the nine months ended September 30, 2013 and 2012, the amortization charge was $3,494,528 and $5,924,091, respectively. The remaining expense for each of the years ending 2013 and 2014 will be $380,206 and $528,905, respectively.
	As of September 30, 2013 and December 31, 2012, options covering 1,908,371 of the Company’s common shares are outstanding with exercise prices ranging from $3.34 to $87.52 per share (the market prices at dates of grants). The options granted to the independent non-employee directors vested and became exercisable on the grant dates. The options granted to members of its management under the 2005 Plan and 2009 Plan vest and become exercisable over three years. The options granted to members of its management under the 2011 Plan vest in four equal annual installments beginning on the grant date. All options expire between five to ten years from the date of grant. For the nine months ended September 30, 2013 and 2012, the Company has recorded a non-cash compensation charge from stock options of $833,650 and $1,088,623, respectively. The remaining expense for each of the years ending 2013, 2014 and 2015 will be $154,851, $432,310 and $123,032 respectively.
	The non-cash compensation expenses recorded by the Company and included in General and Administrative Expenses are as follows:
		Three Months Ended				Nine Months Ended
		September 30,		September 30,		September 30,		September 30,
		2013		2012		2013		2012
	Stock Option Plans	$	154,851	$	340,671	$	833,650	$	1,088,623
	Restricted Stock Grants		407,753		1,790,119		3,494,528		5,924,091
	Total Non-cash compensation expense	$	562,604	$	2,130,790	$	4,328,178	$	7,012,714
	As of September 30, 2013, Dividend Equivalent Rights Awards (“DERs”) equivalent to 147,667 of the Company’s common shares are outstanding to its independent non-employee directors and members of its management. These DERs entitle the participant to receive a dividend equivalent payment each time the Company pays a dividend to the Company’s shareholders. For the nine and three months ended September 30, 2013 and 2012, no compensation expenses were recorded.

Note_1_Basis_of_Presentation_a1

Note 1 - Basis of Presentation and General Information (Tables)	9 Months Ended
	Sep. 30, 2013
Disclosure Text Block [Abstract]	'
	'
	% of Consolidated Charter Revenue
		Three Months Ended				Nine Months Ended
		30-Sep-13		30-Sep-12		30-Sep-13		30-Sep-12
	Charterer
	Charterer A		16%		28%		14%		26%
	Charterer B		-		-		20%		-

Note_3_Vessels_Tables

Note 3 - Vessels (Tables)	9 Months Ended
	Sep. 30, 2013
Property, Plant and Equipment [Abstract]	'
Schedule Of Vessel And Vessl Improvements [Table Text Block]	'
	Vessels and Vessel Improvements, at December 31, 2012	$	1,714,307,653
	Vessel Improvements		92,100
	Depreciation Expense		(56,004,649	)
	Vessels and Vessel Improvements, at September 30, 2013	$	1,658,395,104

Note_4_Debt_Tables

Note 4 - Debt (Tables)	9 Months Ended
	Sep. 30, 2013
Disclosure Text Block [Abstract]	'
Schedule of Debt [Table Text Block]	'
		30-Sep-13		31-Dec-12
	Term loans	$	1,129,478,741	$	1,129,478,741
	Payment-in-kind loans		37,112,217		15,387,468
	Long-term debt	$	1,166,590,958	$	1,144,866,209
	'
		Three Months Ended				Nine Months Ended
		September 30,		September 30,		September 30,		September 30,
		2013		2012		2013		2012
	Loan Interest	$	18,623,406	$	19,884,907	$	55,686,643	$	40,566,866
	Amortization of Deferred Financing Costs		2,106,220		2,096,279		6,271,128		4,428,572
	Total Interest Expense	$	20,729,626	$	21,981,186	$	61,957,771	$	44,995,438

Note_5_Derivative_Instruments_1

Note 5 - Derivative Instruments and Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2013
Disclosure Text Block [Abstract]	'
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]	'
		Notional Amount				Notional Amount				Fixed Rate				Maturity
		Outstanding –				Outstanding –
		30-Sep-13				31-Dec-12
		$	-			$	81,500,000			3.90%				Jan-13
			-				84,800,000			3.90%				Sep-13
		$	-			$	166,300,000
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]	'
			Amount of Loss Recognized in AOCI on Derivative
			(Effective Portion)
	Derivatives designated for cash flow hedging relationships		30-Sep-13				31-Dec-12
	Interest rate swaps		$	0			$	(2,243,833	)
	Total		$	0			$	(2,243,833	)
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]	'
				Effective Portion of Gain (Loss) Reclassified from Accumulated Other
				Comprehensive Income (Loss)
				Three Months Ended								Nine Months Ended
		Location		September 30,				September 30,				September 30,				September 30,
		of Gain (Loss)		2013				2012				2013				2012
		Recognized
	Derivatives designated as hedging instruments
	Interest rate swaps	Interest expense		$	(657,812	)		$	(1,622,399	)		$	(2,302,273	)		$	(5,348,189	)
				Amount of Gain (Loss)								Amount of Gain (Loss)
				Three Months Ended								Nine Months Ended
		Location		September 30,				September 30,				September 30,				30-Sep-02
		of Gain (Loss)		2013				2012				2013				12
		Recognized
	Derivatives not designated as hedging instruments
	FFAs, bunker swaps, freight and bunker derivatives	Other income		$	—			$	—			$	—			$	1,028,375
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	'
			30-Sep-13												31-Dec-12
			Level 1				Level 2				Level 3				Level 1				Level 2		Level 3
	Assets:
	Investment		$	22,110,249				—				—			$	197,509				—		—
	Liabilities:
	Interest rate swaps			—				—				—				—			$	2,243,833		—

Note_9_Earnings_Per_Common_Sha1

Note 9 - Earnings Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2013
Earnings Per Share [Abstract]	'
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	'
		Three Months Ended						Nine Months Ended
		September 30,			September 30,			September 30,			September 30,
		2013			2012			2013			2012
	Net loss	$	(37,630,051	)	$	(29,837,360	)	$	(39,294,848	)	$	(70,377,128	)
	Weighted Average Shares – Basic		16,986,395			16,821,024			16,973,813			16,153,184
	Dilutive effect of stock options and restricted stock units		-			-			-			-
	Weighted Average Shares - Diluted		16,986,395			16,821,024			16,973,813			16,153,184
	Basic Earnings Per Share	$	(2.22	)	$	(1.77	)	$	(2.32	)	$	(4.36	)
	Diluted Earnings Per Share	$	(2.22	)	$	(1.77	)	$	(2.32	)	$	(4.36	)

Note_10_Stock_Incentive_Plans_

Note 10 - Stock Incentive Plans (Tables)	9 Months Ended
	Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
	'
		Three Months Ended				Nine Months Ended
		September 30,		September 30,		September 30,		September 30,
		2013		2012		2013		2012
	Stock Option Plans	$	154,851	$	340,671	$	833,650	$	1,088,623
	Restricted Stock Grants		407,753		1,790,119		3,494,528		5,924,091
	Total Non-cash compensation expense	$	562,604	$	2,130,790	$	4,328,178	$	7,012,714

Note_1_Basis_of_Presentation_a2

Note 1 - Basis of Presentation and General Information (Details) (USD $)

9 Months Ended

1 Months Ended

0 Months Ended

3 Months Ended

1 Months Ended

3 Months Ended

Sep. 30, 2013

Oct. 28, 2013

9-May-13

Sep. 30, 2013

Mar. 31, 2013

Jan. 03, 2013

Dec. 31, 2011

Sep. 30, 2013

Sep. 30, 2013

Jun. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Subsequent Event [Member]

Korea Line Corporation [Member]

Korea Line Corporation [Member]

Korea Line Corporation [Member]

Korea Line Corporation [Member]

Korea Line Corporation [Member]

Korea Line Corporation [Member]

Korea Line Corporation [Member]

Korea Line Corporation [Member]

Supramax Vessels [Member]

Handymax Vessels [Member]

Korea Line Corporation [Member]

Note 1 - Basis of Presentation and General Information (Details) [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

Vessels In Operation

45

'

'

'

'

'

13

'

'

'

43

2

Dead Weight Tonnage Of Operating Fleet

2,451,259

'

'

'

'

'

'

'

'

'

'

'

Average Age In Years Of Operating Fleet

'6 years

'

'

'

'

'

'

'

'

'

'

'

Percentage Of Charterer Revenue

10.00%

'

'

'

'

'

'

'

'

'

'

'

Adjusted Chartered Rate Value

'

'

'

'

'

'

$17,000

'

'

'

'

'

Contract Receivable

'

'

'

'

'

63,700,000

'

'

'

'

'

'

Investment Owned, Balance, Shares (in Shares)

'

'

'

'

'

1,224,094

'

566,529

566,529

'

'

'

Contract Receivable, Due in Next Twelve Months

'

'

'

'

10,300,000

'

'

'

'

'

'

'

Contract Receivable, Due after Year One

'

'

'

'

53,400,000

'

'

'

'

'

'

'

Bunker Liabilities Released

'

'

'

'

3,500,000

'

'

'

'

'

'

'

Deferred Revenue

'

'

'

'

13,700,000

'

'

'

'

'

'

'

Investment Owned, Balance, Principal Amount

'

'

'

'

5,900,000

'

'

'

'

'

'

'

Accounts and Notes Receivable, Net

'

'

'

'

2,700,000

'

'

'

'

'

'

'

Termination Revenue

'

'

'

'

32,800,000

'

'

'

'

'

'

'

Gain (Loss) on Contract Termination

29,033,503

'

'

3,500,000

3,300,000

'

'

'

'

'

'

'

Reduction Of Shares Outstanding

'

'

'

'

'1 to 15

'

'

'

'

'

'

'

Reduction Of Long Term Receivable

'

'

'

'

90.00%

'

'

'

'

'

'

'

Share-based Goods and Nonemployee Services Transaction, Shares Approved for Issuance (in Shares)

'

'

'

'

538,751

'

'

'

'

'

'

'

Other Expenses

'

'

'

'

3,000,000

'

'

'

'

'

'

'

Share-based Goods and Nonemployee Services Transaction, Securities Issued

'

'

'538,751

'

'

'

'

'

'

'

'

'

Incremental Gain on Trading Shares

'

'

'

'

'

'

'

'

'

32,500,000

'

'

Proceeds From Charter Agreement Termination Receivable

'

3,900,000

'

'

'

'

'

'

'

'

'

'

Investment Owned, Shares Sold (in Shares)

'

'

'

'

'

'

'

55,628

55,628

'

'

'

Proceeds from Sale of Available-for-sale Securities, Equity

'

'

'

'

'

'

'

2,200,000

'

'

'

'

Available-for-sale Securities, Gross Realized Losses

'

'

'

'

'

'

'

400,000

'

'

'

'

Investment Owned, at Fair Value

'

'

'

'

'

'

'

22,100,000

22,100,000

'

'

'

Other than Temporary Impairment Losses, Investments

'

'

'

'

'

'

'

'

$7,300,000

'

'

'

Note_1_Basis_of_Presentation_a3

Note 1 - Basis of Presentation and General Information (Details) - Consolidated Revenue from Major Charters	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Charterer	'	'	'	'
Charterer	'	'	10.00%	'
Charterer A [Member]	'	'	'	'
Charterer	'	'	'	'
Charterer	16.00%	28.00%	14.00%	26.00%
Charterer B [Member]	'	'	'	'
Charterer	'	'	'	'
Charterer	0.00%	0.00%	20.00%	0.00%

Note_3_Vessels_Details

Note 3 - Vessels (Details)	Sep. 30, 2013
Property, Plant and Equipment [Abstract]	'
Number Of Vessels	45

Note_3_Vessels_Details_Vessels

Note 3 - Vessels (Details) - Vessels (USD $)	9 Months Ended
	Sep. 30, 2013
Vessels [Abstract]	'
Vessels and Vessel Improvements	$1,714,307,653
Vessel Improvements	92,100
Depreciation Expense	-56,004,649
Vessels and Vessel Improvements	$1,658,395,104

Note_4_Debt_Details

Note 4 - Debt (Details) (USD $)

3 Months Ended

6 Months Ended

9 Months Ended

15 Months Ended

1 Months Ended

1 Months Ended

3 Months Ended

1 Months Ended

9 Months Ended

Dec. 31, 2015

Jun. 19, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Dec. 31, 2012

Jun. 20, 2012

Jun. 20, 2012

Jun. 20, 2012

Jun. 20, 2012

Sep. 30, 2013

Dec. 31, 2013

Mar. 31, 2014

Jun. 30, 2014

Sep. 30, 2014

Dec. 31, 2014

Mar. 31, 2015

Jun. 30, 2015

Sep. 30, 2015

Dec. 31, 2015

Mar. 31, 2017

Jun. 30, 2013

Jun. 20, 2012

Jun. 20, 2012

Sep. 30, 2013

Jun. 20, 2012

Mar. 31, 2017

Sep. 30, 2013

Sep. 30, 2013

Pik Loans To Cumulative Convertible Preferred Stock [Member]

Next Third [Member]

Last Third [Member]

Warrant [Member]

Commencing In Quarterly Period Ending September 30, 2013 [Member]

Commencing In Quarterly Period Ending December 31 2013 [Member]

Commencing In Quarterly Period Ending March 31 2014 [Member]

Commencing In Quarterly Period Ending June 30 2014 [Member]

Commencing In Quarterly Period Ending September 30, 2014 [Member]

Commencing In Quarterly Period Ending December 31 2014 [Member]

Commencing In Quarterly Period Ending March 31 2015 [Member]

Commencing In Quarterly Period Ending June 30 2015 [Member]

Commencing In Quarterly Period Ending September 30 2015 [Member]

Commencing In Quarterly Period Ending December 31 2015 [Member]

Declining In Intervals Till Quarterly Period Ending March 31, 2017 Upon Extension Of Termination Date [Member]

Commencing In Quarterly Period Ending June 30, 2013 [Member]

Fourth Amended and Restated Credit Agreement [Member]

Fourth Amended and Restated Credit Agreement [Member]

Fourth Amended and Restated Credit Agreement [Member]

Fourth Amended and Restated Credit Agreement [Member]

Fourth Amended and Restated Credit Agreement [Member]

Minimum [Member]

Maximum [Member]

Fourth Amended and Restated Credit Agreement [Member]

Fourth Amended and Restated Credit Agreement [Member]

Fourth Amended and Restated Credit Agreement [Member]

Fourth Amended and Restated Credit Agreement [Member]

Fourth Amended and Restated Credit Agreement [Member]

Fourth Amended and Restated Credit Agreement [Member]

Fourth Amended and Restated Credit Agreement [Member]

Fourth Amended and Restated Credit Agreement [Member]

Fourth Amended and Restated Credit Agreement [Member]

Fourth Amended and Restated Credit Agreement [Member]

Fourth Amended and Restated Credit Agreement [Member]

Fourth Amended and Restated Credit Agreement [Member]

Fourth Amended and Restated Credit Agreement [Member]

Fourth Amended and Restated Credit Agreement [Member]

Fourth Amended and Restated Credit Agreement [Member]

Fourth Amended and Restated Credit Agreement [Member]

Loans Payable [Member]

Line Of Credit Converted To Term Loan [Member]

Liquidity Facility [Member]

Liquidity Facility [Member]

Note 4 - Debt (Details) [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Conversion, Converted Instrument, Amount (in Dollars)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$1,129,478,741

'

'

'

'

'

Debt Instrument, Maturity Date

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

31-Dec-15

'

'

'

'

'

'

Collateral Coverage Ratio To Be Maintained On Term Loan Maturity Date

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'80%

'

'

'

'

'

'

Debt Instrument Extended Date Period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'18 months

'

'

'

'

'

'

Debt Instrument Extended Maturity Date

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

30-Jun-17

'

'

'

'

'

'

Cash Balance Resulting In Mandatory Repayments Of Term Loan Principal (in Dollars)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

20,000,000

'

'

'

'

'

'

Debt Instrument Initial Cash Margin

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3.50%

'

'

'

'

'

'

Debt Instrument Initial Paid In Kind Margin

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2.50%

'

'

'

'

'

'

Line of Credit Facility, Maximum Borrowing Capacity (in Dollars)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

20,000,000

'

'

'

Par Value Per Share For Conversion Of Pik Loans Into Shares Of Cumulative Convertible Preferred Stock (in Dollars per share)

'

'

'

'

'

'

$10

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Long-term Debt, Excluding Current Maturities (in Dollars)

'

'

1,129,478,741

'

1,129,478,741

1,129,478,741

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Payment In Kind Loan (in Dollars)

'

'

37,112,217

'

37,112,217

15,387,468

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Deferred Finance Costs, Net (in Dollars)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

12,636,295

'

'

'

'

Maximum Leverage Ratio Of Term Loan Indebtedness To Ebitda To Be Maintained

'

'

'

'

'

'

'

'

'

'

'13.9:1

'12.3:1

'10.6:1

'9.2:1

'8.5:1

'8.1:1

'7.8:1

'7.6:1

'7.5:1

'7.3:1

'6.2:1

'

'

'

'

'

'

'

'

Minimum Interest Coverage Ratio Of Term Loan Indebtedness To Ebitda To Be Maintained

'

'

'

'

'

'

'

'

'

'

140.00%

160.00%

180.00%

200.00%

210.00%

220.00%

220.00%

220.00%

220.00%

220.00%

230.00%

130.00%

'

'

'

'

'

'

'

Free Cash To Be Maintained With Agent Per Vessel (in Dollars)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

500,000

'

'

Maximum Collateral Coverage Ratio Of Term Loan Indebtedness To Ebitda To Be Maintained

80.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

100.00%

'

'

'

'

'

70.00%

'

'

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted (in Shares)

'

'

'

'

'

'

'

'

'

3,148,584

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Class Of Warrant Or Right Exercise Price Of Warrants Or Rights 1 (in Dollars per share)

'

'

'

'

'

'

'

'

'

$0.01

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common Stock, Par or Stated Value Per Share (in Dollars per share)

'

'

$0.01

'

$0.01

$0.01

'

'

'

$0.01

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per Share)

'

'

'

'

'

'

'

$10

$12

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value (in Dollars per share)

'

'

'

'

'

'

'

'

'

$7,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price (in Dollars per share)

'

'

'

'

'

'

'

'

'

$2.98

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate

'

'

'

'

'

'

'

'

'

1.64%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate

'

'

'

'

'

'

'

'

'

79.30%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term

'

'

'

'

'

'

'

'

'

'10 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate

'

'

'

'

'

'

'

'

'

0.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Interest Rate During Period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3.64%

7.40%

Debt Instrument, Basis Spread on Variable Rate

'

2.50%

'

'

3.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt, Weighted Average Interest Rate

'

'

3.98%

'

3.98%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest Paid Excluding Payment In Kind (in Dollars)

'

'

$36,124,215

$33,326,847

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Note_4_Debt_Details_Summary_of

Note 4 - Debt (Details) - Summary of Debt (USD $)	Sep. 30, 2013	Dec. 31, 2012
Summary of Debt [Abstract]	'	'
Term loans	$1,129,478,741	$1,129,478,741
Payment-in-kind loans	37,112,217	15,387,468
Long-term debt	$1,166,590,958	$1,144,866,209

Note_4_Debt_Details_Interest_E

Note 4 - Debt (Details) - Interest Expense (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Interest Expense [Abstract]	'	'	'	'
Loan Interest	$18,623,406	$19,884,907	$55,686,643	$40,566,866
Amortization of Deferred Financing Costs	2,106,220	2,096,279	6,271,128	4,428,572
Total Interest Expense	$20,729,626	$21,981,186	$61,957,771	$44,995,438

Note_5_Derivative_Instruments_2

Note 5 - Derivative Instruments and Fair Value Measurements (Details) (Interest Rate Swap [Member])	9 Months Ended
	Sep. 30, 2013
Interest Rate Swap [Member]	'
Note 5 - Derivative Instruments and Fair Value Measurements (Details) [Line Items]	'
Interest Swaps	'Company paid fixed rate interest and received floating-rate interest amounts based on three-month LIBOR settings

Note_5_Derivative_Instruments_3

Note 5 - Derivative Instruments and Fair Value Measurements (Details) - Interest Rate Swaps (USD $)	9 Months Ended
	Sep. 30, 2013	Dec. 31, 2012
Note 5 - Derivative Instruments and Fair Value Measurements (Details) - Interest Rate Swaps [Line Items]	'	'
Notional Amount Outstanding	'	$166,300,000
Interest Rate Swap 1 [Member]	'	'
Note 5 - Derivative Instruments and Fair Value Measurements (Details) - Interest Rate Swaps [Line Items]	'	'
Notional Amount Outstanding	'	81,500,000
Fixed Rate	'	3.90%
Maturity	'01/2013	'
Interest Rate Swap 2 [Member]	'	'
Note 5 - Derivative Instruments and Fair Value Measurements (Details) - Interest Rate Swaps [Line Items]	'	'
Notional Amount Outstanding	'	$84,800,000
Fixed Rate	'	3.90%
Maturity	'09/2013	'

Note_5_Derivative_Instruments_4

Note 5 - Derivative Instruments and Fair Value Measurements (Details) - Effect of Designated Derivative Instruments on the Balance Sheets (USD $)	Sep. 30, 2013	Dec. 31, 2012
Note 5 - Derivative Instruments and Fair Value Measurements (Details) - Effect of Designated Derivative Instruments on the Balance Sheets [Line Items]	'	'
Derivatives designated for cash flow hedging relationships	$0	($2,243,833)
Designated as Hedging Instrument [Member]	'	'
Note 5 - Derivative Instruments and Fair Value Measurements (Details) - Effect of Designated Derivative Instruments on the Balance Sheets [Line Items]	'	'
Derivatives designated for cash flow hedging relationships	$0	($2,243,833)

Note_5_Derivative_Instruments_5

Note 5 - Derivative Instruments and Fair Value Measurements (Details) - Effect of Derivative Instruments on Statement of Operations (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Derivatives designated as hedging instruments	'	'	'	'
Interest rate swaps	($657,812)	($1,622,399)	($2,302,273)	($5,348,189)
Not Designated as Hedging Instrument [Member]	'	'	'	'
Derivatives not designated as hedging instruments	'	'	'	'
FFAs, bunker swaps, freight and bunker derivatives	'	'	'	$1,028,375

Note_5_Derivative_Instruments_6

Note 5 - Derivative Instruments and Fair Value Measurements (Details) - Summary of Assets and Liabilities Measured at Fair Value (USD $)	Sep. 30, 2013	Dec. 31, 2012
Fair Value, Inputs, Level 1 [Member]	'	'
Assets:	'	'
Investment	$22,110,249	$197,509
Fair Value, Inputs, Level 2 [Member]	'	'
Liabilities:	'	'
Interest rate swaps	'	$2,243,833

Note_6_Accounts_Receivable_Det

Note 6. Accounts Receivable (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]	'	'
Allowance for Doubtful Accounts Receivable, Current	$0	$5,351,609

Note_7_Commitments_and_Conting1

Note 7 - Commitments and Contingencies (Details) (USD $)	1 Months Ended	9 Months Ended
	Jul. 28, 2011	Sep. 30, 2013	Sep. 30, 2012
Note 7 - Commitments and Contingencies (Details) [Line Items]	'	'	'
Maximum Award Request	'	$1,575,000	'
Monthly Technical Management Fees	'	10,315	10,312
Commitments and Contingencies Agreement Description	'On July 28, 2011, the Company entered into an agreement to charter-in a 37,000 dwt newbuilding Japanese vessel that is expected to be delivered between May 2014 and October 2014 for seven years with an option for an additional one year.	'	'
First To Seventh Year [Member]	'	'	'
Note 7 - Commitments and Contingencies (Details) [Line Items]	'	'	'
Hire Rate Payable	13,500	'	'
Eight Year [Member]	'	'	'
Note 7 - Commitments and Contingencies (Details) [Line Items]	'	'	'
Hire Rate Payable	13,750	'	'

Note_8_Related_Party_Transacti1

Note 8 - Related Party Transactions (Details) (USD $)	9 Months Ended		12 Months Ended			9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2010	Dec. 31, 2010	Dec. 31, 2010	Sep. 30, 2013
			First Ten Vessels [Member]	Second Ten Vessels [Member]	Third Ten Vessels [Member]	Delphin Shipping Llc [Member]
			Delphin Shipping Llc [Member]	Delphin Shipping Llc [Member]	Delphin Shipping Llc [Member]
Note 8 - Related Party Transactions (Details) [Line Items]	'	'	'	'	'	'
Advance Balance Received	'	'	$15,834	$11,667	$8,750	$224,274
Management Fee Expense	1,635,066	1,635,066	'	'	'	'
Reimbursement Of Expenses	412,350	267,410	'	'	'	'
Due from Related Parties	'	'	'	'	'	$131,910

Note_9_Earnings_Per_Common_Sha2

Note 9 - Earnings Per Common Share (Details) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Warrant [Member]	'	'
Note 9 - Earnings Per Common Share (Details) [Line Items]	'	'
Weighted Average Underlying Warrant Shares Issuable	327,978	'
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights 1 (in Dollars per share)	0.01	'
Restricted Stock [Member]	'	'
Note 9 - Earnings Per Common Share (Details) [Line Items]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	303,664	614,458
Common Stock [Member]	'	'
Note 9 - Earnings Per Common Share (Details) [Line Items]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,908,371	1,908,371

Note_9_Earnings_Per_Common_Sha3

Note 9 - Earnings Per Common Share (Details) - Earnings per Share, Basic and Diluted (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Earnings per Share, Basic and Diluted [Abstract]	'	'	'	'
Net loss (in Dollars)	($37,630,051)	($29,837,360)	($39,294,848)	($70,377,128)
Weighted Average Shares b Basic	16,986,395	16,821,024	16,973,813	16,153,184
Weighted Average Shares - Diluted	16,986,395	16,821,024	16,973,813	16,153,184
Basic Earnings Per Share (in Dollars per share)	($2.22)	($1.77)	($2.32)	($4.36)
Diluted Earnings Per Share (in Dollars per share)	($2.22)	($1.77)	($2.32)	($4.36)

Note_10_Stock_Incentive_Plans_1

Note 10 - Stock Incentive Plans (Details) (USD $)

1 Months Ended

6 Months Ended

12 Months Ended

9 Months Ended

9 Months Ended

6 Months Ended

12 Months Ended

12 Months Ended

9 Months Ended

22-May-12

Dec. 31, 2013

Dec. 31, 2014

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2012

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2015

Sep. 30, 2013

Dec. 31, 2011

Dec. 31, 2009

Sep. 30, 2013

Sep. 30, 2013

Restricted Stock Units (RSUs) [Member]

Restricted Stock Units (RSUs) [Member]

Restricted Stock Units (RSUs) [Member]

Restricted Stock Units (RSUs) [Member]

Restricted Stock Units (RSUs) [Member]

Restricted Stock Units (RSUs) [Member]

Dividend Equivalent Rights Award [Member]

Equity Option [Member]

Equity Option [Member]

Equity Incentive Plan [Member]

Equity Incentive Plan [Member]

Equity Incentive Plan [Member]

Equity Incentive Plan [Member]

Equity Incentive Plan [Member]

Equity Incentive Plan [Member]

Equity Incentive Plan [Member]

Equity Incentive Plan [Member]

Equity Incentive Plan [Member]

Equity Incentive Plan [Member]

Equity Incentive Plan [Member]

Equity Incentive Plan [Member]

Equity Incentive Plan [Member]

Equity Incentive Plan [Member]

Non Employee Directors [Member]

Equity Incentive Plan [Member]

Equity Incentive Plan [Member]

Non Employee Directors [Member]

Non Employee Directors [Member]

Non Employee Directors [Member]

Non Employee Directors [Member]

Minimum [Member]

Maximum [Member]

Management [Member]

Management [Member]

Minimum [Member]

Maximum [Member]

Non Employee Directors [Member]

Non Employee Directors [Member]

Non Employee Directors [Member]

Non Employee Directors [Member]

Note 10 - Stock Incentive Plans (Details) [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stockholders' Equity, Reverse Stock Split

'1 for 4

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5,900,000

1,050,000

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Description

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'10%

'

'

'

Restricted Stock Units Outstanding (in Shares)

'

'

'

303,664

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period

'

'

'

'

'

'3 years

'5 years

'

'

'

'

'

'

'

'

'

'

'

Allocated Share-based Compensation Expense

'

$380,206

$528,905

$3,494,528

$5,924,091

'

'

'

$833,650

$1,088,623

$154,851

$432,310

$123,032

'

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares)

'

'

'

'

'

'

'

'

'

'

'

'

'

1,908,371

'

'

'

'

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in Dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$3.34

$87.52

Share Based Compensation Arrangement By Share Based Payment Award Option Expiration Period From Date Of Grant

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'5 years

'10 years

Common Stock Outstanding Equivalent To Dividend (in Shares)

'

'

'

'

'

'

'

147,667

'

'

'

'

'

'

'

'

'

'

Note_10_Stock_Incentive_Plans_2

Note 10 - Stock Incentive Plans (Details) - Non-cash Compensation Expenses (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Non-cash Compensation Expenses [Abstract]	'	'	'	'
Stock Option Plans	$154,851	$340,671	$833,650	$1,088,623
Restricted Stock Grants	407,753	1,790,119	3,494,528	5,924,091
Total Non-cash compensation expense	$562,604	$2,130,790	$4,328,178	$7,012,714