Eagle Bulk Shipping (EGLE) 10-Q15 May 142014 Q1 Quarterly reportFinancial data

Company Profile

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
Document And Entity Information	Mar. 31, 2014	15-May-14
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	'	16,902,213
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	31-Mar-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'

Consolidated_Balance_Sheets_Un

Consolidated Balance Sheets (Unaudited) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Current assets:	'	'
Cash and cash equivalents	$19,827,606	$19,682,724
Accounts receivable, net	13,721,595	11,197,101
Prepaid expenses	7,818,159	5,501,081
Inventories	6,735,101	9,610,272
Investment	11,715,793	13,817,439
Other assets	4,495,176	2,122,574
Total current assets	64,313,430	61,931,191
Noncurrent assets:	'	'
Vessels and vessel improvements, at cost, net of accumulated, depreciation of $407,926,586 and $389,545,066, respectively	1,621,173,848	1,639,555,368
Other fixed assets, net of accumulated amortization of $606,976 and $574,532, respectively	349,394	361,306
Restricted cash	66,243	66,243
Deferred drydock costs	4,033,139	3,826,685
Deferred financing costs	14,262,767	16,278,544
Other assets	1,323,515	1,394,964
Total noncurrent assets	1,641,208,906	1,661,483,110
Total assets	1,705,522,336	1,723,414,301
Current liabilities:	'	'
Accounts payable	4,618,061	6,422,306
Accrued interest	152,139	153,885
Other accrued liabilities	7,731,467	6,211,224
Unearned charter hire revenue	4,855,641	5,387,844
Term loans	1,129,478,741	1,129,478,741
Payment-in-kind loans	51,903,212	44,565,437
Total current liabilities	1,198,739,261	1,192,219,437
Total liabilities	1,198,739,261	1,192,219,437
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, 16,902,213 and 16,783,071 shares issued and outstanding, respectively	169,020	167,828
Additional paid-in capital	767,102,359	766,823,808
Retained earnings (net of accumulated dividends declared of $262,118,388 as of March 31, 2014 and December 31, 2013, respectively)	-258,386,658	-235,796,772
Accumulated other comprehensive loss	-2,101,646	'
Total stockholders' equity	506,783,075	531,194,864
Total liabilities and stockholders' equity	$1,705,522,336	$1,723,414,301

Consolidated_Balance_Sheets_Un1

Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Accumulated depreciation, vessels (in Dollars)	$407,926,586	$389,545,066
Accumulated amortization, other fixed assets (in Dollars)	606,976	574,532
Preferred stock par value (in Dollars per share)	$0.01	$0.01
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares issued	0	0
Common stock par value (in Dollars per share)	$0.01	$0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	16,902,213	16,783,071
Common stock, shares outstanding	16,902,213	16,783,071
Accumulated dividends declared (in Dollars)	$262,118,388	$262,118,388

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended
Consolidated Statements of Operations (Unaudited) (USD $)	Mar. 31, 2014	Mar. 31, 2013
Revenues, net of commissions	$45,795,391	$72,222,353
Voyage expenses	3,837,278	8,204,657
Vessel expenses	22,577,518	20,494,412
Depreciation and amortization	19,077,813	18,936,577
General and administrative expenses	3,122,933	3,116,337
Gain on time charter agreement termination	'	-3,331,692
Total operating expenses	48,615,542	47,420,291
Operating income (loss)	-2,820,151	24,802,062
Interest expense	19,773,619	20,539,035
Interest income	-3,884	-64,170
Other expense	'	2,952,927
Total other expense, net	19,769,735	23,427,792
Net income (loss)	($22,589,886)	$1,374,270
Basic (in Shares)	17,080,190	16,966,070
Diluted (in Shares)	17,080,190	16,966,070
Basic net income (loss) (in Dollars per share)	($1.32)	$0.08
Diluted net income (loss) (in Dollars per share)	($1.32)	$0.08

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Net income (loss)	($22,589,886)	$1,374,270
Other comprehensive income (loss):	'	'
Change in unrealized loss on investment	-2,101,646	-2,187,318
Realized loss on investment	'	2,952,927
Net unrealized gain on derivatives	'	823,222
Total other comprehensive income (loss)	-2,101,646	1,588,831
Comprehensive Income/(loss)	($24,691,532)	$2,963,101

Consolidated_Statements_of_Cha

Consolidated Statements of Changes in 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 at Dec. 31, 2013	$167,828	$766,823,808	'	($235,796,772)	'	$531,194,864
Balance at (in Shares) at Dec. 31, 2013	16,783,071	'	'	'	'	'
Net Loss	'	'	-22,589,886	-22,589,886	'	-22,589,886
Change in unrealized gain on investment	'	'	'	'	-2,101,646	-2,101,646
Exercise of Warrants	1,192	-1,192	'	'	'	'
Exercise of Warrants (in Shares)	119,142	'	'	'	'	'
Non-cash compensation	'	279,743	'	'	'	279,743
Balance at at Mar. 31, 2014	$169,020	$767,102,359	'	($258,386,658)	($2,101,646)	$506,783,075
Balance at (in Shares) at Mar. 31, 2014	16,902,213	'	'	'	'	'

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
Consolidated Statements of Cash Flows (Unaudited) (USD $)	Mar. 31, 2014	Mar. 31, 2013
Net income (loss)	($22,589,886)	$1,374,270
Depreciation	18,413,964	18,515,090
Amortization of deferred drydocking costs	663,849	421,487
Amortization of deferred financing costs	2,015,777	2,075,338
Amortization of fair value below contract value of time charter acquired	'	-10,280,559
Payment-in-kind interest on debt	7,337,775	7,174,028
Investment and other current asset	'	-4,925,953
Realized loss from investment	'	2,952,927
Gain on time charter agreement termination	'	-3,331,692
Non-cash compensation expense	279,743	1,955,391
Drydocking expenditures	-870,303	-681,628
Accounts receivable	-2,524,494	-1,451,069
Other assets	-2,301,153	-724,321
Prepaid expenses	-2,317,078	-710,477
Inventories	2,875,171	-636,185
Accounts payable	-1,804,245	-2,092,635
Accrued interest	-1,746	-1,383,205
Accrued expenses	1,520,243	-3,429,333
Deferred revenue	'	-3,766,412
Unearned revenue	-532,203	193,777
Net cash provided by operating activities	165,414	1,248,839
Vessel improvements	'	-49,994
Purchase of other fixed assets	-20,532	'
Net cash used in investing activities	-20,532	-49,994
Deferred financing costs	'	-48,000
Net cash used in financing activities	'	-48,000
Net increase in cash	144,882	1,150,845
Cash at beginning of period	19,682,724	18,119,968
Cash at end of period	$19,827,606	$19,270,813

Note_1_Basis_of_Presentation_a

Note 1 - Basis of Presentation and General Information	3 Months Ended
	Mar. 31, 2014
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 or limited liability company interests of its subsidiaries. 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 March 31, 2014, 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 6.9 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
	Charterer	31-Mar-14	31-Mar-13
	Charterer A	-	44.50%
	Charterer B	13.30%	11.90%
	Charterer C	16.00%	-

	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 2013 Annual Report on Form 10-K, filed with the SEC on March 31, 2014.

	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”), the Company has financial covenants that began in 2013 and become increasingly restrictive each quarter. The covenants are primarily driven by the calculation of EBITDA for the trailing twelve month periods, which is driven by charter hire rates. In order to remain in compliance with our covenants, charter hire rates must increase over time. However, charter hire rates have been volatile and were driven down during the recession. Despite relatively low charter hire rates in 2013, the Company met all of its covenants in 2013, other than the maximum leverage ratio at December 31, 2013. That ratio was exceeded primarily due to a recognized loss of $8.2 million on the Company’s shares of Korea Lines Corporation (“KLC”) during the fourth quarter of 2013, as further described below under “Korean Line Corporation”. The Company also believes that it will fail to meet both the maximum leverage ratio covenant and the minimum interest coverage ratio covenant at their respective compliance measurement dates throughout each measurement date in 2014, including for the period ended March 31, 2014 and thereafter.

	On March 19, 2014, the Company received waivers for the violation of the maximum leverage ratio covenant as of December 31, 2013 and the violation of the maximum leverage ratio and minimum interest coverage ratio covenants at March 31, 2014 (as amended, the “Waivers”). The Waivers expire on June 30, 2014 and do not cover prospective violations for any covenant measurement date or period after March 31, 2014.

	Under the terms of the Waivers, the Lenders agreed to waive until June 30, 2014 certain potential events of default, subject to the Company's compliance with the terms, conditions and milestones as set forth in the Waiver. On April 15, 2014, the Company and the Lenders entered into Amendment No. 1 to the Waiver to facilitate continued discussions between the Company and its Lenders. Pursuant to the Amendment, the milestone requiring the Company and the Majority Lenders (as defined below) to (i) agree on terms of a restructuring of the obligations outstanding under the Credit Agreement (a "Restructuring") and (ii) execute a binding restructuring support agreement or similar agreement documenting such agreed-upon terms has been extended from April 15, 2014 to April 30, 2014.

	On April 30, 2014, the Company and the Lenders entered into Amendment No. 2 to the Waiver to facilitate continued discussions between the Company and its Lenders. Pursuant to the Amendment, the milestone requiring the Company and the Majority Lenders to (i) agree on terms of a restructuring of the obligations outstanding under the Credit Agreement (a "Restructuring") and (ii) execute a binding restructuring support agreement or similar agreement documenting such agreed-upon terms has been extended from April 30, 2014 to May 15, 2014. To facilitate continuing discussions with the lenders, the Company expects to enter into a third amendment to the Waiver to extend the deadline to the above mentioned milestones until May 31, 2014.

	The Waiver remains in effect on substantially the same terms and conditions, with certain modifications as set forth in the Amendment. The Waivers are subject to the Company’s compliance with the terms, conditions and milestones as set forth in the Waivers, including, but not to limited to the following: (i) the Company must reach an agreement on or before May 15, 2014 with lenders, collectively holding more than 66.67% of the revolving and term loans outstanding under the Credit Agreement (the “Majority Lenders”), on the terms of the Restructuring and (ii) the Company and the Majority Lenders must execute a binding restructuring support agreement or similar agreement documenting such agreed-upon restructuring terms (a “Restructuring Support Agreement”), including milestones for the commencement, implementation and closing of the Restructuring. In addition, no event of default may occur under the Restructuring Support Agreement once agreed. Furthermore, no Event of Default (as defined in the Credit Agreement) may occur other than the potential events of default specifically waived pursuant to the Waiver and the terms of any Restructuring Support Agreement. There can be no assurance that the Company will be able to comply with such terms, conditions and milestones, particularly those that are outside of the Company’s exclusive control. If the Company cannot comply with such terms and reach an agreement with the Majority Lenders in the time frames provided, our lenders could accelerate our indebtedness and foreclose their liens on our vessels, which causes us to conclude that there is substantial doubt about our ability to continue as a going concern.

	The Company continues to have discussions with representatives of the Lenders pursuant to the Waivers. Although there can be no assurance that the Company will be able to reach an agreement with the Lenders regarding the terms of a Restructuring, it is expected that any Restructuring transaction would be costly to obtain and would be substantially dilutive to the Company’s current shareholders, driving down price per outstanding share substantially.

	As we would have been in default of the maximum leverage ratio at December 31, 2013 and with both the maximum leverage ratio covenant and the minimum interest coverage ratio covenant at March 31, 2014 in the absence of the receipt of a waiver and it is probable that without further waivers or modifications to the Credit Agreement that we will not be in compliance with the maximum leverage ratio and the minimum interest coverage ratio for periods on or after June 30, 2014, we have classified our debt as current at December 31, 2013 and March 31, 2014.

	The Company’s Credit Agreement is described further in Note 4 below.

	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 during prior year periods 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 of 2013. 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, and in accordance with U.S. GAAP, 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 to the Company and are secured at the Korean Securities Depository. On November 11, 2013, we took possession of the share certificates. These shares replace 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 result 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 December 31, 2013, the Company sold 58,128 of the KLC shares for a total consideration of $2.3 million and realized a loss of $0.4 million.

	As of September 30, 2013 and December 31, 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 and $8.2 million in other expense in the third and fourth quarters of 2013, respectively.

	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 March 31, 2014, the fair value of the remaining 566,529 KLC shares held by the Company was $11.7 million.

Note_2_New_Accounting_Pronounc

Note 2 - New Accounting Pronouncements	3 Months Ended
Note 2 - New Accounting Pronouncements	Mar. 31, 2014
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 April 2014, the FASB issued an update Accounting Standards Update for Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, Presentation of Financial Statements, and Property Plant and Equipment. Under this new guidance only disposals that represent a strategic shift that has (or will have) a major effect on the entity’s results and operations would qualify as discontinued operations. In addition, the new guidance expands the disclosure requirements for disposals that meet the definition of a discontinued operation and requires entities to disclose information about disposals of individually significant components that do not meet the definition of discontinued operations. The new standard is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2014. The Company does not expect a material impact on the Company’s consolidated financial statements as a result of the adoption of this standard.

Note_3_Vessels

Note 3 - Vessels	3 Months Ended
	Mar. 31, 2014
Property, Plant and Equipment [Abstract]	'
Property, Plant and Equipment Disclosure [Text Block]	'
	Note 3. Vessels

	Vessel and Vessel Improvements

	At March, 2014, the Company’s operating fleet consisted of 45 dry bulk vessels.

	Vessel and vessel improvements:



	Vessels and Vessel Improvements, at December 31, 2013	$	1,639,555,368
	Depreciation Expense		(18,381,520	)
	Vessels and Vessel Improvements, at March 31, 2014	$	1,621,173,848

Note_4_Debt

Note 4 - Debt	3 Months Ended
	Mar. 31, 2014
Disclosure Text Block [Abstract]	'
Long-term Debt [Text Block]	'
	Note 4. Debt

	Debt consists of the following:

		31-Mar-14		31-Dec-13
	Term Loans	$	1,129,478,741	$	1,129,478,741
	Payment-in-kind loans		51,903,212		44,565,437
	Total debt	$	1,181,381,953	$	1,174,044,178

	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 March 31, 2014 the outstanding amount of the term loan was $1,129,478,741, the amount of the PIK loans was $51,903,212 and no amount was drawn on the Liquidity Facility. In connection with the Fourth Amended and Restated Credit Agreement, the Company recorded $11,829,673 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 replaced the previously existing financial covenants and substituted them with new covenants, which requires 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 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.

	On March 19, 2014, the Company received waivers for the violation of the maximum leverage ratio covenant as of December 31, 2013 and the violation of the maximum leverage ratio and minimum interest coverage ratio covenants at March 31, 2014 (as amended, the “Waivers”). The Waivers expire on June 30, 2014 and do not cover prospective violations for any covenant measurement date or period after March 31, 2014.

	Under the terms of the Waivers, the Lenders agreed to waive until June 30, 2014 certain potential events of default, subject to the Company's compliance with the terms, conditions and milestones as set forth in the Waiver. On April 15, 2014, the Company and the Lenders entered into Amendment No. 1 to the Waiver to facilitate continued discussions between the Company and its Lenders. Pursuant to the Amendment, the milestone requiring the Company and the Majority Lenders (as defined below) to (i) agree on terms of a restructuring of the obligations outstanding under the Credit Agreement (a "Restructuring") and (ii) execute a binding restructuring support agreement or similar agreement documenting such agreed-upon terms has been extended from April 15, 2014 to April 30, 2014.

	On April 30, 2014, the Company and the Lenders entered into Amendment No. 2 to the Waiver to facilitate continued discussions between the Company and its Lenders. Pursuant to the Amendment, the milestone requiring the Company and the Majority Lenders to (i) agree on terms of a restructuring of the obligations outstanding under the Credit Agreement (a "Restructuring") and (ii) execute a binding restructuring support agreement or similar agreement documenting such agreed-upon terms has been extended from April 30, 2014 to May 15, 2014. To facilitate continuing discussions with the lenders, the Company expects to enter into a third amendment to the Waiver to extend the deadline to the above mentioned milestones until May 31, 2014.

	The Waiver remains in effect on substantially the same terms and conditions, with certain modifications as set forth in the Amendment. The Waivers are subject to the Company’s compliance with the terms, conditions and milestones as set forth in the Waivers, including, but not to limited to the following: (i) the Company must reach an agreement on or before May 15, 2014 with lenders, collectively holding more than 66.67% of the revolving and term loans outstanding under the Credit Agreement (the “Majority Lenders”), on the terms of the Restructuring and (ii) the Company and the Majority Lenders must execute a binding restructuring support agreement or similar agreement documenting such agreed-upon restructuring terms (a “Restructuring Support Agreement”), including milestones for the commencement, implementation and closing of the Restructuring. In addition, no event of default may occur under the Restructuring Support Agreement once agreed. Furthermore, no Event of Default (as defined in the Credit Agreement) may occur other than the potential events of default specifically waived pursuant to the Waiver and the terms of any Restructuring Support Agreement. There can be no assurance that the Company will be able to comply with such terms, conditions and milestones, particularly those that are outside of the Company’s exclusive control. If the Company cannot comply with such terms and reach an agreement with the Majority Lenders in the time frames provided, our lenders could accelerate our indebtedness and foreclose their liens on our vessels, which causes us to conclude that there is substantial doubt about our ability to continue as a going concern.

	The Company continues to have discussions with representatives of the Lenders pursuant to the Waivers. Although there can be no assurance that the Company will be able to reach an agreement with the Lenders regarding the terms of a Restructuring, it is expected that any Restructuring transaction would be costly to obtain and would be substantially dilutive to the Company’s current shareholders, driving down price per outstanding share substantially.

	As we would have been in default of the maximum leverage ratio at December 31, 2013 and with both the maximum leverage ratio covenant and the minimum interest coverage ratio covenant at March 31, 2014 in the absence of the receipt of a waiver and it is probable that without further waivers or modifications to the Credit Agreement that we will not be in compliance with the maximum leverage ratio and the minimum interest coverage ratio for periods on or after June 30, 2014, we have classified our debt as current at December 31, 2013 and March 31, 2014. Refer to Note 1 – General Information- Liquidity for additional information.

	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 three months ended March 31, 2014, interest rates on the outstanding debt ranged from 3.73% to 3.61%, including a margin of 3.50% over LIBOR. The weighted average effective interest rate for the three months ended March 31, 2014, was 3.65%.

	Interest Expense, inclusive of the PIK loans, consisted of:

		Three Months Ended
		31-Mar-14		31-Mar-13
	Loan Interest	$	17,757,842	$	18,463,697
	Amortization of Deferred Financing Costs		2,015,777		2,075,338
	Total Interest Expense	$	19,773,619	$	20,539,035


	Interest paid, exclusive of the PIK loans, in the three-month periods ended March 31, 2014 and 2013 amounted to $10,421,812 and $12,672,875, respectively.

Note_5_Derivative_Instruments_

Note 5 - Derivative Instruments and Fair Value Measurements

3 Months Ended

Mar. 31, 2014

Disclosure Text Block [Abstract]

Derivatives and Fair Value [Text Block]

Note 5. Derivative Instruments and Fair Value Measurements

Interest-Rate Swaps

Historically, 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 pays fixed rate interest and receives floating-rate interest amounts based on three-month LIBOR settings. The swaps are designated and qualify as cash flow hedges. As of March 31, 2014 and December 31, 2013, the Company did not have any open positions and no fair value for interest rate swaps is reflected in the accompany balance sheets.

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 March 31, 2014 and December 31, 2013, 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 March 31, 2014. The effect of cash flow hedging relationships on the balance sheets as of March 31, 2014 and December 31, 2013, and the statement of operations for the periods ended March 31, 2014 and 2013 are as follows:

The effect of derivative instruments on statements of operations:

Effective Portion of Loss Reclassified from Accumulated Other Comprehensive Loss

Three Months Ended

Location

31-Mar-14

31-Mar-13

of Gain (Loss) Recognized

Derivatives designated as hedging instruments:

Interest rate swaps

Interest expense

—

(868,289

)

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 March 31, 2014 and December 31, 2013, 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 March 31, 2014 and December 31, 2013:

31-Mar-14

31-Dec-13

Level 1

Level 2

Level 3

Level 1

Level 2

Level 3

Assets:

Investment

11,715,793

—

13,817,439

—

Note_6_Commitments_and_Conting

Note 6 - Commitments and Contingencies	3 Months Ended
Note 6 - Commitments and Contingencies	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies Disclosure [Text Block]	'
	Note 6. 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.

	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 $10,708 and $10,315 per vessel during the three months ended March 31, 2014 and 2013, 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 deliver in 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_7_Related_Party_Transacti

Note 7 - Related Party Transactions	3 Months Ended
Note 7 - Related Party Transactions	Mar. 31, 2014
Related Party Transactions [Abstract]	'
Related Party Transactions Disclosure [Text Block]	'
	Note 7. 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 March 31, 2014 and 2013 amounted to $545,022 and $545,022, respectively. The advanced balance received from Delphin on account for the management of its vessels as of March 31, 2014 amounted to $786,844. The total reimbursable expenses for the periods ended March 31, 2014 and 2013 amounted to $37,279 and $75,454, respectively. The balance due from Delphin as of March 31, 2014 amounted to $4,984. The balance due mainly consists of reimbursable expenses.

Note_8_Earnings_Loss_Per_Commo

Note 8 - Earnings (Loss) Per Common Share	3 Months Ended
Note 8 - Earnings (Loss) Per Common Share	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Earnings Per Share [Text Block]	'
	Note 8. Earnings (Loss) Per Common Share

	The computation of basic net income (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 March 31, 2014, includes the weighted average underlying Warrant Shares issuable upon exercise of the 177,783 warrants at the exercise price of $0.01 per share. In accordance with U.S. GAAP, 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 income (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 March 31, 2014, does not include 123,667 restricted stock units and 1,727,667 stock options as their effect was anti-dilutive. Diluted net income per share as of March 31, 2013, does not include 345,331 restricted stock units and 1,908,371 stock options as their effect was anti-dilutive.

		Three Months Ended
		March 31,			March 31,
		2014			2013
	Net income (loss)	$	(22,589,886	)	$	1,374,270
	Weighted Average Shares – Basic		17,080,190			16,966,070
	Dilutive effect of stock options and restricted stock units		—			—
	Weighted Average Shares - Diluted		17,080,190			16,966,070
	Basic Earnings (loss) Per Share	$	(1.32	)	$	0.08
	Diluted Earnings (loss) Per Share	$	(1.32	)	$	0.08

Note_9_Stock_Incentive_Plans

Note 9 - Stock Incentive Plans	3 Months Ended
	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	'
	Note 9. Stock Incentive Plans

	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 that occur in May 2012. 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 March 31, 2014, RSUs covering a total of 123,667 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 three months ended March 31, 2014 and 2013, the amortization charge was $124,891 and $1,614,720, respectively. The remaining expense for each of the year ending 2014 will be $392,149

	As of March 31, 2014 and December 31, 2013, options covering 1,727,667 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 three months ended March 31, 2014 and 2013, the Company has recorded a non-cash compensation charge from stock options of $154,852 and $340,671, respectively. The remaining expense for each of the years ending 2014 and 2015 will be $277,459 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
		31-Mar-14		31-Mar-13
	Stock Option Plans	$	154,852	$	340,671
	Restricted Stock Grants		124,891		1,614,720
	Total Non-cash compensation expense	$	279,743	$	1,955,391

	As of March 31, 2014, 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 three months ended March 31, 2014 and 2013, no compensation expenses were recorded.

Note_1_Basis_of_Presentation_a1

Note 1 - Basis of Presentation and General Information (Tables)	3 Months Ended
	Mar. 31, 2014
Disclosure Text Block [Abstract]	'
Schedule Of Consolidated Revenue From Major Charters [Table Text Block]	'
		% of Consolidated Charter Revenue
		Three Months Ended
	Charterer	31-Mar-14	31-Mar-13
	Charterer A	-	44.50%
	Charterer B	13.30%	11.90%
	Charterer C	16.00%	-

Note_3_Vessels_Tables

Note 3 - Vessels (Tables)	3 Months Ended
Note 3 - Vessels (Tables)	Mar. 31, 2014
Property, Plant and Equipment [Abstract]	'
Schedule Of Vessel And Vessl Improvements [Table Text Block]	'


	Vessels and Vessel Improvements, at December 31, 2013	$	1,639,555,368
	Depreciation Expense		(18,381,520	)
	Vessels and Vessel Improvements, at March 31, 2014	$	1,621,173,848

Note_4_Debt_Tables

Note 4 - Debt (Tables)	3 Months Ended
Note 4 - Debt (Tables)	Mar. 31, 2014
Disclosure Text Block [Abstract]	'
Schedule of Debt [Table Text Block]	'
		31-Mar-14		31-Dec-13
	Term Loans	$	1,129,478,741	$	1,129,478,741
	Payment-in-kind loans		51,903,212		44,565,437
	Total debt	$	1,181,381,953	$	1,174,044,178
Schedule Of Interest Expense Excluding Capitalized Interest [Table Text Block]	'
		Three Months Ended
		31-Mar-14		31-Mar-13
	Loan Interest	$	17,757,842	$	18,463,697
	Amortization of Deferred Financing Costs		2,015,777		2,075,338
	Total Interest Expense	$	19,773,619	$	20,539,035

Note_5_Derivative_Instruments_1

Note 5 - Derivative Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2014

Disclosure Text Block [Abstract]

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]

Effective Portion of Loss Reclassified from Accumulated Other Comprehensive Loss

Three Months Ended

Location

31-Mar-14

31-Mar-13

of Gain (Loss) Recognized

Derivatives designated as hedging instruments:

Interest rate swaps

Interest expense

—

(868,289

)

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

31-Mar-14

31-Dec-13

Level 1

Level 2

Level 3

Level 1

Level 2

Level 3

Assets:

Investment

11,715,793

—

13,817,439

—

Note_8_Earnings_Loss_Per_Commo1

Note 8 - Earnings (Loss) Per Common Share (Tables)	3 Months Ended
Note 8 - Earnings (Loss) Per Common Share (Tables)	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	'
		Three Months Ended
		March 31,			March 31,
		2014			2013
	Net income (loss)	$	(22,589,886	)	$	1,374,270
	Weighted Average Shares – Basic		17,080,190			16,966,070
	Dilutive effect of stock options and restricted stock units		—			—
	Weighted Average Shares - Diluted		17,080,190			16,966,070
	Basic Earnings (loss) Per Share	$	(1.32	)	$	0.08
	Diluted Earnings (loss) Per Share	$	(1.32	)	$	0.08

Note_9_Stock_Incentive_Plans_T

Note 9 - Stock Incentive Plans (Tables)	3 Months Ended
Note 9 - Stock Incentive Plans (Tables)	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Schedule of Non-Cash Compensation Expenses [Table Text Block]	'
		Three Months Ended
		31-Mar-14		31-Mar-13
	Stock Option Plans	$	154,852	$	340,671
	Restricted Stock Grants		124,891		1,614,720
	Total Non-cash compensation expense	$	279,743	$	1,955,391

Note_1_Basis_of_Presentation_a2

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

3 Months Ended

1 Months Ended

0 Months Ended

3 Months Ended

12 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Oct. 28, 2013

9-May-13

Sep. 30, 2013

Mar. 31, 2013

Jan. 03, 2013

Dec. 31, 2011

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Dec. 31, 2013

Feb. 07, 2013

Subsequent Event [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

Dead Weight Tonnage Of Operating Fleet

2,451,259

Average Age In Years Of Operating Fleet

'6 years 328 days

Other than Temporary Impairment Losses, Investments

$8,200,000

$7,300,000

Line of Credit Facility, Covenant Terms, Waivers, Percentage of Revolving and Term Loans Outstanding Held by Lenders

66.67%

Adjusted Chartered Rate Value

17,000

Contract Receivable

63,700,000

Investment Owned, Balance, Shares (in Shares)

1,224,094

566,529

Contract Receivable, Due in Next Twelve Months

10,300,000

Contract Receivable, Due after Year One

53,400,000

Number of Months Stock Certificates Are Secured in Depository

'6 months

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

3,331,692

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)

58,128

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

2,300,000

Available-for-sale Securities, Gross Realized Losses

400,000

Investment Owned, at Fair Value

$11,700,000

Note_1_Basis_of_Presentation_a3

Note 1 - Basis of Presentation and General Information (Details) - Consolidated Revenue from Major Charters	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Charterer A [Member]	'	'
Note 1 - Basis of Presentation and General Information (Details) - Consolidated Revenue from Major Charters [Line Items]	'	'
Charterer	'	44.50%
Charterer B [Member]	'	'
Note 1 - Basis of Presentation and General Information (Details) - Consolidated Revenue from Major Charters [Line Items]	'	'
Charterer	13.30%	11.90%
Charterer C [Member]	'	'
Note 1 - Basis of Presentation and General Information (Details) - Consolidated Revenue from Major Charters [Line Items]	'	'
Charterer	16.00%	'

Note_3_Vessels_Details

Note 3 - Vessels (Details)	Mar. 31, 2014
Property, Plant and Equipment [Abstract]	'
Number Of Vessels	45

Note_3_Vessels_Details_Vessels

Note 3 - Vessels (Details) - Vessels (USD $)	3 Months Ended
Note 3 - Vessels (Details) - Vessels (USD $)	Mar. 31, 2014	Dec. 31, 2013
Vessels [Abstract]	'	'
Vessels and Vessel Improvements	$1,621,173,848	$1,639,555,368
Depreciation Expense	($18,381,520)	'

Note_4_Debt_Details

Note 4 - Debt (Details) (USD $)

3 Months Ended

1 Months Ended

3 Months Ended

1 Months Ended

18 Months Ended

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

15-May-14

Jun. 20, 2012

Sep. 30, 2013

Dec. 31, 2013

Mar. 31, 2014

Jun. 30, 2014

Dec. 31, 2015

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

Mar. 31, 2014

Jun. 20, 2012

Mar. 31, 2017

Dec. 31, 2013

Mar. 31, 2014

Scenario, Forecast [Member]

Pik Loans To Cumulative Convertible Preferred Stock [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]

London Interbank Offered Rate (LIBOR) [Member]

Minimum [Member]

Maximum [Member]

Fourth Amended and Restated Credit Agreement [Member]

Next Third [Member]

Last Third [Member]

Loans Payable [Member]

Line Of Credit Converted To Term Loan [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

Payment In Kind Loan (in Dollars)

51,903,212

44,565,437

Deferred Finance Costs, Net (in Dollars)

11,829,673

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

'13.9

'12.3

'10.6

'9.2

'8.5

'8.1

'7.8

'7.6

'7.5

'7.3

'6.2

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%

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

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%

Line of Credit Facility, Covenant Terms, Waivers, Percentage of Revolving and Term Loans Outstanding Held by Lenders

66.67%

Debt Instrument, Interest Rate During Period

3.73%

3.61%

Debt Instrument, Basis Spread on Variable Rate

3.50%

Debt, Weighted Average Interest Rate

3.65%

Interest Paid Excluding Payment In Kind (in Dollars)

$10,421,812

$12,672,875

Note_4_Debt_Details_Summary_of

Note 4 - Debt (Details) - Summary of Debt (USD $)	Mar. 31, 2014	Dec. 31, 2013
Summary of Debt [Abstract]	'	'
Term Loans	$1,129,478,741	$1,129,478,741
Payment-in-kind loans	51,903,212	44,565,437
Total debt	$1,181,381,953	$1,174,044,178

Note_4_Debt_Details_Interest_E

Note 4 - Debt (Details) - Interest Expense (USD $)	3 Months Ended
Note 4 - Debt (Details) - Interest Expense (USD $)	Mar. 31, 2014	Mar. 31, 2013
Interest Expense [Abstract]	'	'
Loan Interest	$17,757,842	$18,463,697
Amortization of Deferred Financing Costs	2,015,777	2,075,338
Total Interest Expense	$19,773,619	$20,539,035

Note_5_Derivative_Instruments_2

Note 5 - Derivative Instruments and Fair Value Measurements (Details) - Effect of Derivative Instruments on Statement of Operations (Designated as Hedging Instrument [Member], Interest Rate Swap [Member], USD $)	3 Months Ended
	Mar. 31, 2013
Designated as Hedging Instrument [Member] \| Interest Rate Swap [Member]	'
Derivatives designated as hedging instruments:	'
Interest rate swaps	($868,289)

Note_5_Derivative_Instruments_3

Note 5 - Derivative Instruments and Fair Value Measurements (Details) - Summary of Assets and Liabilities Measured at Fair Value (Fair Value, Inputs, Level 1 [Member], USD $)	Mar. 31, 2014	Dec. 31, 2013
Fair Value, Inputs, Level 1 [Member]	'	'
Note 5 - Derivative Instruments and Fair Value Measurements (Details) - Summary of Assets and Liabilities Measured at Fair Value [Line Items]	'	'
Investment	$11,715,793	$13,817,439

Note_6_Commitments_and_Conting1

Note 6 - Commitments and Contingencies (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Jul. 28, 2011	Jul. 28, 2011
	Mar. 31, 2014	Mar. 31, 2013	First To Seventh Year [Member]	Eight Year [Member]
Note 6 - Commitments and Contingencies (Details) [Line Items]	'	'	'	'
Monthly Technical Management Fees	$10,708	$10,315	'	'
Hire Rate Payable	'	'	$13,500	$13,750

Note_7_Related_Party_Transacti1

Note 7 - Related Party Transactions (Details) (USD $)	3 Months Ended		12 Months Ended			3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2010	Dec. 31, 2010	Dec. 31, 2010	Mar. 31, 2014
			Received Monthly [Member]	Received Monthly [Member]	Received Monthly [Member]	Delphin Shipping Llc [Member]
			Delphin Shipping Llc [Member]	Delphin Shipping Llc [Member]	Delphin Shipping Llc [Member]
			First Ten Vessels [Member]	Second Ten Vessels [Member]	Third Ten Vessels [Member]
Note 7 - Related Party Transactions (Details) [Line Items]	'	'	'	'	'	'
Management Fees Revenue	$545,022	$545,022	$15,834	$11,667	$8,750	'
Advance Balance Received	'	'	'	'	'	786,844
Reimbursement Of Expenses	37,279	75,454	'	'	'	'
Due from Related Parties	'	'	'	'	'	$4,984

Note_8_Earnings_Loss_Per_Commo2

Note 8 - Earnings (Loss) Per Common Share (Details) (USD $)	3 Months Ended	15 Months Ended
Note 8 - Earnings (Loss) Per Common Share (Details) (USD $)	Mar. 31, 2014	Mar. 31, 2014
Warrant [Member]	'	'
Note 8 - Earnings (Loss) Per Common Share (Details) [Line Items]	'	'
Weighted Average Underlying Warrant Shares Issuable	177,783	'
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights 1 (in Dollars per share)	0.01	0.01
Restricted Stock [Member]	'	'
Note 8 - Earnings (Loss) Per Common Share (Details) [Line Items]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	123,667	345,331
Equity Option [Member]	'	'
Note 8 - Earnings (Loss) Per Common Share (Details) [Line Items]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,727,667	1,908,371

Note_8_Earnings_Loss_Per_Commo3

Note 8 - Earnings (Loss) Per Common Share (Details) - Earnings Per Share, Basic and Diluted (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Earnings Per Share, Basic and Diluted [Abstract]	'	'
Net income (loss)	($22,589,886)	$1,374,270
Weighted Average Shares b Basic	17,080,190	16,966,070
Weighted Average Shares - Diluted	17,080,190	16,966,070
Basic Earnings (loss) Per Share	($1.32)	$0.08
Diluted Earnings (loss) Per Share	($1.32)	$0.08

Note_9_Stock_Incentive_Plans_D

Note 9 - Stock Incentive Plans (Details) (USD $)

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

31-May-12

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2014

Dec. 31, 2015

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2011

Dec. 31, 2009

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Restricted Stock Units (RSUs) [Member]

Dividend Equivalent Rights Award [Member]

Equity Incentive Plan [Member]

Management 2011 Plan [Member]

Minimum [Member]

Maximum [Member]

Equity Incentive Plan [Member]

Non Employee Directors [Member]

Management [Member]

Minimum [Member]

Maximum [Member]

Management [Member]

Minimum [Member]

Maximum [Member]

Non Employee Directors [Member]

Note 9 - Stock Incentive Plans (Details) [Line Items]

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

5,900,000

1,050,000

Stockholders' Equity, Reverse Stock Split

'1 for 4

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

'10%

Restricted Stock Units Outstanding (in Shares)

123,667

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

'3 years

'5 years

'3 years

'4 years

Allocated Share-based Compensation Expense

$124,891

$1,614,720

$277,459

$123,032

$154,852

$340,671

Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized

$392,149

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

147,667

1,727,667

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

$3.34

$87.52

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

'5 years

'10 years

Note_9_Stock_Incentive_Plans_D1

Note 9 - Stock Incentive Plans (Details) - The Non-Cash Compensation Expense (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
The Non-Cash Compensation Expense [Abstract]	'	'
Stock Option Plans	$154,852	$340,671
Restricted Stock Grants	124,891	1,614,720
Total Non-cash compensation expense	$279,743	$1,955,391