Eagle Bulk Shipping (EGLE) 10-Q 9 May 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 08, 2017
Document Information [Line Items]
Entity Registrant Name	Eagle Bulk Shipping Inc.
Entity Central Index Key	1,322,439
Trading Symbol	egle
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		74,103,956
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 145,767,714	$ 76,516,110
Accounts receivable	8,766,511	5,089,708
Prepaid expenses	2,591,908	3,093,962
Inventories	8,727,971	10,876,713
Vessels held for sale	2,990,215	8,688,601
Other assets	738,201	22
Total current assets	169,582,520	104,265,116
Noncurrent assets:
Vessels and vessel improvements, at cost, net of accumulated depreciation of $82,936,250 and $76,463,743, respectively	580,344,652	567,592,950
Advances for vessels purchase	10,320,000	1,926,886
Other fixed assets, net of accumulated amortization of $345,810 and $307,880, respectively	641,585	632,805
Restricted cash	74,917	74,917
Deferred drydock costs, net	10,551,043	11,507,309
Other assets	70,315	381,634
Total noncurrent assets	602,002,512	582,116,501
Total assets	771,585,032	686,381,617
Current liabilities:
Accounts payable	6,885,921	7,135,156
Accrued interest		28,872
Other accrued liabilities	7,870,858	11,545,447
Fair value below contract value of time charters acquired	820,313	820,313
Fair value of Derivatives	293,007
Unearned charter hire revenue	7,160,918	6,046,032
Total current liabilities	23,031,017	25,575,820
Noncurrent liabilities:
Other liabilities	419,567	483,132
Fair value below contract value of time charters acquired	3,691,404	3,896,482
Total noncurrent liabilities	260,939,121	260,323,158
Total liabilities	283,970,138	285,898,978
Commitment and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, 25,000,000 shares authorized, none issued as of March 31, 2017
Common stock, $0.01 par value, 700,000,000 shares authorized, 70,329,050 and 48,106,827 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively	703,291	481,069
Additional paid-in capital	881,348,179	783,369,698
Accumulated deficit	(394,436,576)	(383,368,128)
Total stockholders’ equity	487,614,894	400,482,639
Total liabilities and stockholders’ equity	771,585,032	686,381,617
First Lien Facility [Member]
Noncurrent liabilities:
Lien Facility, net of debt discount and debt issuance costs	201,884,750	204,352,318
Second Lien Facility [Member]
Noncurrent liabilities:
Lien Facility, net of debt discount and debt issuance costs	$ 54,943,400	$ 51,591,226

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Accumulated depreciation, vessels	$ 82,936,250	$ 76,463,743
Accumulated amortization, other fixed assets	$ 345,810	$ 307,880
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)	700,000,000	700,000,000
Common stock, issued (in shares)	70,329,050	48,106,827
Common stock, outstanding (in shares)	70,329,050	48,106,827

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Revenues, net		$ 45,855,057	$ 21,278,288
Voyage expenses		13,353,347	9,244,047
Vessel expenses		17,955,519	20,480,635
Charter hire expenses		3,873,332	1,488,518
Depreciation and amortization		7,492,808	9,396,701
General and administrative expenses		7,778,821	5,331,343
Refinancing expenses			5,634,260
Gain on sale of vessel		(92,114)
Impairment of Vessels			6,167,262
Total operating expenses		50,361,713	57,742,766
Operating loss		(4,506,656)	(36,464,478)
Interest expense		6,445,031	2,817,646
Interest income		(189,798)	(3,454)
Other expense		306,559
Total other expense, net		6,561,792	2,814,192
Net loss		$ (11,068,448)	$ (39,278,670)
Weighted average shares outstanding:
Basic* (in shares)	[1]	65,637,692	1,891,463
Diluted* (in shares)	[1]	65,637,692	1,891,463
Per share amounts:
Basic net loss* (in dollars per share)	[1]	$ (0.17)	$ (20.77)
Diluted net loss* (in dollars per share)	[1]	$ (0.17)	$ (20.77)
[1]	Basic net loss per share and Diluted net loss per share for the three months ended March 31, 2016 were adjusted to give effect for the 1 for 20 reverse stock split that became effective as of opening of trading on August 5, 2016.

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net loss	$ (11,068,448)	$ (39,278,670)
Comprehensive loss	$ (11,068,448)	$ (39,278,670)

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2015	1,883,303
Balance at Dec. 31, 2015	$ 18,833	$ 678,171,322	$ (159,845,693)	$ 518,344,462
Net loss			(39,278,670)	(39,278,670)	$ (39,278,670)
Non-cash compensation		826,613		826,613
Balance (in shares) at Mar. 31, 2016	2,254,579
Balance at Mar. 31, 2016	$ 22,546	678,994,222	(199,124,363)	479,892,405
Issuance of shares in connection with the entry into the Second Lien Loan Agreement (in shares)	371,276
Issuance of shares in connection with the entry into the Second Lien Loan Agreement	$ 3,713	(3,713)
Balance (in shares) at Dec. 31, 2016	48,106,827
Balance at Dec. 31, 2016	$ 481,069	783,369,698	(383,368,128)	400,482,639	400,482,639
Net loss			(11,068,448)	(11,068,448)	(11,068,448)
Issuance of shares in connection with private placement, net of issuance costs (in shares)	22,222,223
Issuance of shares in connection with private placement, net of issuance costs	$ 222,222	95,807,781		96,030,003
Non-cash compensation		2,170,700		2,170,700
Balance (in shares) at Mar. 31, 2017	70,329,050
Balance at Mar. 31, 2017	$ 703,291	$ 881,348,179	$ (394,436,576)	$ 487,614,894	$ 487,614,894

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net loss	$ (11,068,448)	$ (39,278,670)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	6,510,735	8,902,929
Amortization of deferred drydocking costs	982,073	493,772
Amortization of debt issuance costs	1,444,963	308,504
Amortization of fair value below contract value of time charter acquired	(205,078)	(46,018)
Payment-in-kind interest on debt	2,334,893
Impairment of Vessels		6,167,262
Non-cash compensation expense	2,170,700	826,613
Drydocking expenditures	(25,807)	(1,276,178)
Gain on sale of vessel	(92,114)
Changes in operating assets and liabilities:
Accounts receivable	(3,676,803)	(19,678)
Other assets	(426,860)	125,257
Prepaid expenses	502,054	598,833
Fair value of derivatives	293,007
Inventories	2,148,742	(21,939)
Accounts payable	(249,235)	3,195,027
Accrued interest	(28,872)	(73,949)
Accrued expenses	(3,738,154)	19,747
Unearned revenue	1,114,886	583,620
Net cash used in operating activities	(2,009,318)	(19,494,868)
Cash flows from investing activities:
Vessel Improvements	(251,258)	(112,488)
Purchase of vessel	(17,046,065)
Advance for purchase of vessels	(10,320,000)
Proceeds from sale of vessel	5,790,500
Purchase of Other Fixed assets	(47,008)	(396,304)
Net cash used in investing activities	(21,873,831)	(508,792)
Cash flows from financing activities:
Repayment of loan	(2,895,250)	(15,625,000)
Proceeds from the common stock private placement, net of issuance costs	96,030,003
Deferred financing costs		(2,340,427)
Net cash provided by financing activities	93,134,753	11,876,073
Net increase / (decrease) in cash and cash equivalents	69,251,604	(8,127,587)
Cash and cash equivalents at beginning of period	76,516,110	24,896,161
Cash and cash equivalents at end of period	145,767,714	16,768,574
Successor [Member]
Cash flows from operating activities:
Net loss	(11,068,448)	(39,278,670)
Term Loan [Member]
Cash flows from financing activities:
Proceeds from Loan Facility		60,000,000
Revolver Loan [Member] | Successor [Member]
Cash flows from financing activities:
Repayment of loan
Revolver Loan [Member] | Predecessor [Member]
Cash flows from financing activities:
Repayment of loan		$ (30,158,500)

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation and General Information	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	Note 1. The accompanying condensed consolidated financial statements include the accounts of Eagle Bulk Shipping Inc. and its wholly-owned subsidiaries (collectively, the “Company,” “we”, “our” or similar terms). The Company is engaged in the ocean transportation of dry bulk cargoes worldwide through the ownership, charter and operation of dry bulk vessels. The Company’s fleet is comprised of Supramax, Ultramax and Handymax dry bulk carriers and the Company operates its business in one As of March 31, 2017, 41 38 2 1 2,269,062 8.9 Additionally, the Company chartered-in a 37,000 October 2014 seven one . Subsequent to March 31, 2017, April 3, 2017 1 0. . For the three March 31, 2017 2016, 10% The accompanying condensed 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 SEC which apply to interim financial statements and with the instructions to Form 10 10 2016 10 March 31, 2017. The accompanying condensed consolidated financial statements are unaudited and include all adjustments (consisting of normal recurring adjustments) that management considers necessary for a fair presentation of its condensed 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 We adopted the provisions of Accounting Standard Update (“ASU”) 2015 11 January 1, 2017. The preparation of condensed 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 useful lives of fixed assets, the period of amortization, asset impairment, the fair value of warrants and stock-based compensation.

Note 2 - Equity Offerings

Note 2 - Equity Offerings	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	Note 2. On December 13, 2016, 4(a)(2) 506 “December 22.2 $0.01 $4.50 $100.0 January 20, 2017, December $96.0

Note 3 - New Accounting Pronoun

Note 3 - New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Significant Accounting Policies [Text Block]	Note 3. In May 2014, 2014 09, 2014 09”), 2014 09 five may December 15, 2017, May 2016, 2016 12, In February 2016, 2016 02, 2016 02 12 December 15, 2018, first 7. March 31, 2017.

Note 4 - Vessels

Note 4 - Vessels	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	Note 4. Vessel and Vessel Improvements As of March 31, 2017, 41 As of December 31, 2016, two December 31, 2016 $122,860,600. $6,167,262 March 31, 2016. On November 14, 2016, 2017 64,000 64 $17.9 January 11, 2017. On January 6, 2017, $5.8 $92,000.The December 31, 2016. On March 15, 2017, $4.8 second 2017.The $1.8 second 2017. March 31, 2017, Vessel and vessel improvements consist of the following: Vessels and Vessel Improvements, at December 31, 2016 $ 567,592,950 Advance paid for purchase of Singapore Eagle at December 31, 2016 1,926,886 Purchase of Vessel and Vessel Improvements 17,297,323 Depreciation Expense (6,472,507 ) Vessels and Vessel Improvements, at March 31, 2017 $ 580,344,652

Note 5 - Debt

Note 5 - Debt	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Long-term Debt [Text Block]	Note 5. March 31, 2017 December 31, 2016 First Lien Facility $ 206,203,750 $ 209,099,000 Debt issuance costs - First Lien (4,319,000 ) (4,746,682 ) First Lien Facility, net of debt issuance costs 201,884,750 204,352,318 Second Lien Facility 69,662,736 67,327,843 Debt discount and Debt issuance costs - Second Lien Facility (14,719,336 ) (15,736,617 ) Second Lien Facility, net of Debt issuance costs and debt discount 54,943,400 51,591,226 Total debt $ 256,828,150 $ 255,943,544 First Lien Facility On March 30, 2016, 7. March 30, 2016, $201,468,750 $50,000,000 $10,000,000 March 30, 2016 October 15, 2019. $600,000 As of March 31, 2017, $25,000,000. The A&R First Lien Agreement contains financial covenants requiring Eagle Shipping, among other things, to ensure that the aggregate market value of the vessels in Eagle Shipping’s fleet (plus the value of certain additional collateral) at all times on or after July 1, 2017 100% third fourth 2017, 110% 2018 120% 2019 $8,140,000 $185,000 may Upon entering into the A&R First Lien Loan Agreement, Eagle Shipping paid three $11,718,750, $30,158,500, $8,140,000 first $3,906,250 June 30, 2017, June 30, 2018 December 31, 2017 December 31, 2018 75% two $15,625,000 $3,906,250 January 15, 2019, April 15, 2019, July 15, 2019, October 15, 2019. Eagle Shipping has prepaid $8,546,250 March 31, 2017 March 31, 2017, $3,680,939 January 15, 2019, April 15, 2019, July 15, 2019, October 15, 2019. March 31, 2017, October 2017 Second Lien Facility On March 30, 2016, $60,000,000 January 14, 2020 (91 14.00% 1.0% 13.00% $30,158,500, three $8,140,000 The Second Lien Loan Agreement contains financial covenants substantially similar to those in the A&R First Lien Loan Agreement, subject to standard cushions, requiring Eagle Shipping, among other things, to ensure that the aggregate market value of the vessels in Eagle Shipping’s fleet (plus the value of certain additional collateral) at all times on or after July 1, 2017 100% third fourth 2017, 110% 2018 120% 2019 $6,512,000 $148,000 may The Second Lien Loan Agreement also includes customary events of default, including those relating to a failure to pay principal or interest, a breach of covenant, representation or warranty, a cross-default to other indebtedness and non-compliance with security documents. Further, there would be a default if any event occurs or circumstances arise in light of which, in the Second Lien Lenders’ judgment, there is significant risk that Eagle Shipping is or would become insolvent. Eagle Shipping is not permitted to pay dividends. Indebtedness under the Second Lien Facility may For the three March 31, 2017, 4.77% 4.99%, 40% 5.31%. 15% 17.05%. January 19, 2020. For the three March 31, 2016, 3.86% 6.39%, 40% 5.06%. Interest Expense consisted of: March 31, 2017 March 31, 2016 First Lien Facility/Exit Financing Facility $ 2,665,175 $ 2,509,142 Amortization of Debt issuance costs 1,444,963 308,504 Payment in kind interest on Second Lien Facility 2,334,893 - Total Interest Expense $ 6,445,031 $ 2,817,646 Interest paid amounted to $2,694,046 $2,529,674 three March 31, 2017 2016,

Note 6 - Derivative Instruments

Note 6 - Derivative Instruments and Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Derivatives and Fair Value [Text Block]	Note 6. Forward freight agreements and bunker swaps The Company trades in forward freight agreements (“FFAs”), with the objective of utilizing this market as economic hedging instruments that reduce the risk of specific vessels to changes in the freight market. The Company’s FFAs have not qualified for hedge accounting treatment. As such, unrealized and realized losses are recognized as a component of other expense in the condensed consolidated statement of operations for the three March 31, 2017. March 31, 2017, $293,007 December 31, 2016, The effect of non-designated derivative instruments on the consolidated statements of operations is as follows: Derivatives not designated as hedging instruments Location of loss recognized Amount of Loss For the three months ended March 31, 2017 For the three months ended March 31, 2016 FFAs Other expense $ 306,559 $ - Total $ 306,559 $ - 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 in the terms of respective master agreement executed with counterparties or exchanges and is required when agreed upon threshold limits are exceeded. As of March 31, 2017 December 31, 2016, $738,201 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— Debt 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 1 Level 2 2 Level 3

Note 7 - Commitments and Contin

Note 7 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 7. Legal Proceedings The Company is involved in legal proceedings and may In November 2015, third may Other Commitments On July 28, 2011, 37,000 October 2014 seven one first seventh $13,500 $13,750 eighth March 31, 2017, April 3, 2017 1 0. On February 28, 2017, nine 2012 2015 nine three March 27, 2017. nine $153.0 $17.0 $10.3 first 2017 first six Subsequent to close of the first two May 2017 September 2017.

Note 8 - Loss Per Common Share

Note 8 - Loss Per Common Share	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 8. The computation of basic net loss per share is based on the weighted average number of common shares outstanding for the three March 31, 2017 March 31, 2016. March 31, 2017 1,843,211 2,279,908 152,266 March 31, 2016 39,231 68,867 152,266 March 31, 2017 March 31, 2016 Net loss $ (11,068,448 ) $ (39,278,670 ) Weighted Average Shares-Basic 65,637,692 1,891,463 Dilutive effect of stock options and restricted stock units - - Weighted Average Shares Diluted 65,637,692 1,891,463 Basic loss per share * $ (0.17 ) $ (20.77 ) Diluted loss per share * $ (0.17 ) $ (20.77 ) *Adjusted to give effect for the 1 20 August 5, 2016.

Note 9 - Stock Incentive Plans

Note 9 - Stock Incentive Plans	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Note 9. 2016 On December 15, 2016, 2016 “2016 5,348,613 may 2016 2016 “2014 2014 2014 2014 December 31, 2016, 24,644 2014 2016 3,000,000 may 2016 one one 3,000,000 may 2016 may 2016 one 500,000, 2016 2016 On March 1, 2017, 429,750 2016 three $2.35 three March 31, 2017 $123,215. On March 1, 2017, 337,000 $5.56 ten March 15, 2017. five four four $2.59. 718 1.72%, 64% 0%. three March 31, 2017 $39,222. As of March 31, 2017 2016, 1,843,211 39,231 2014 2016 one three As of March 31, 2017 2016, 1,865,865 68,867 $4.28 $505.00 four seven Non-cash compensation expense for all stock awards and options included in General and administrative expenses: For the three months ended March 31, 2017 For the three months ended March 31, 2016 Stock awards /Stock Option Plans $ 2,170,700 $ 826,613 Total non-cash compensation expense $ 2,170,700 $ 826,613 The future compensation to be recognized for all the grants issued for the nine December 31, 2017, December 31, 2018 2019 $4,584,037, $6,891,228 $1,258,777,

Note 10 - Subsequent Events

Note 10 - Subsequent Events	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Subsequent Events [Text Block]	Note 10 . Subsequent Events On April 3, 2017, 37,000 7. $1.5 May 2017 61,400 2013 four two first four $12,800 first $13,800 $14,300 second

Note 4 - Vessels (Tables)

Note 4 - Vessels (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule Of Vessel And Vessel Improvements [Table Text Block]	Vessels and Vessel Improvements, at December 31, 2016 $ 567,592,950 Advance paid for purchase of Singapore Eagle at December 31, 2016 1,926,886 Purchase of Vessel and Vessel Improvements 17,297,323 Depreciation Expense (6,472,507 ) Vessels and Vessel Improvements, at March 31, 2017 $ 580,344,652

Note 5 - Debt (Tables)

Note 5 - Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Debt [Table Text Block]	March 31, 2017 December 31, 2016 First Lien Facility $ 206,203,750 $ 209,099,000 Debt issuance costs - First Lien (4,319,000 ) (4,746,682 ) First Lien Facility, net of debt issuance costs 201,884,750 204,352,318 Second Lien Facility 69,662,736 67,327,843 Debt discount and Debt issuance costs - Second Lien Facility (14,719,336 ) (15,736,617 ) Second Lien Facility, net of Debt issuance costs and debt discount 54,943,400 51,591,226 Total debt $ 256,828,150 $ 255,943,544
Schedule Of Interest Expense Excluding Capitalized Interest [Table Text Block]	March 31, 2017 March 31, 2016 First Lien Facility/Exit Financing Facility $ 2,665,175 $ 2,509,142 Amortization of Debt issuance costs 1,444,963 308,504 Payment in kind interest on Second Lien Facility 2,334,893 - Total Interest Expense $ 6,445,031 $ 2,817,646

Note 6 - Derivative Instrumen20

Note 6 - Derivative Instruments and Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]	Derivatives not designated as hedging instruments Location of loss recognized Amount of Loss For the three months ended March 31, 2017 For the three months ended March 31, 2016 FFAs Other expense $ 306,559 $ - Total $ 306,559 $ -

Note 8 - Loss Per Common Share

Note 8 - Loss Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	March 31, 2017 March 31, 2016 Net loss $ (11,068,448 ) $ (39,278,670 ) Weighted Average Shares-Basic 65,637,692 1,891,463 Dilutive effect of stock options and restricted stock units - - Weighted Average Shares Diluted 65,637,692 1,891,463 Basic loss per share * $ (0.17 ) $ (20.77 ) Diluted loss per share * $ (0.17 ) $ (20.77 )

Note 9 - Stock Incentive Plans

Note 9 - Stock Incentive Plans (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule Of Noncash Compensation Expenses [Table Text Block]	For the three months ended March 31, 2017 For the three months ended March 31, 2016 Stock awards /Stock Option Plans $ 2,170,700 $ 826,613 Total non-cash compensation expense $ 2,170,700 $ 826,613

Note 1 - Basis of Presentatio23

Note 1 - Basis of Presentation and General Information (Details Textual)	Oct. 02, 2014t	Mar. 31, 2017t
Vessels In Operation		41
Dead Weight Tonnage of Operating Fleet	37,000	2,269,062
Average Age in Years of Operating Fleet		8 years 328 days
Charters Agreement Term	7 years
Charters Agreement Term, Extension Option	1 year
Supramax Vessels [Member]
Vessels In Operation		38
Ultramax Vessels [Member]
Vessels In Operation		2
Handymax Vessels [Member]
Vessels In Operation		1

Note 2 - Equity Offerings (Deta

Note 2 - Equity Offerings (Details Textual) - USD ($) $ / shares in Units, shares in Millions	Jan. 20, 2017	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Common Stock, Par or Stated Value Per Share		$ 0.01		$ 0.01
Proceeds from Issuance of Common Stock		$ 96,030,003
December Private Placement [Member]
Stock Issued During Period, Shares, New Issues	22.2
Common Stock, Par or Stated Value Per Share	$ 0.01
Shares Issued, Price Per Share	$ 4.50
Proceeds from Issuance of Common Stock, Gross	$ 100,000,000
Proceeds from Issuance of Common Stock	$ 96,000,000

Note 4 - Vessels (Details Textu

Note 4 - Vessels (Details Textual)	Jan. 06, 2017USD ($)	Apr. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)t	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)	Nov. 14, 2016USD ($)t	Oct. 02, 2014t
Number Of Vessels				41
Impairment of Long-Lived Assets Held-for-use					$ 6,167,262
Dead Weight Tonnage of Operating Fleet | t				2,269,062				37,000
Proceeds from Sale of Property, Plant, and Equipment				$ 5,790,500
Gain (Loss) on Disposition of Property Plant Equipment				$ 92,114
Vessels and Vessel Improvements [Member]
Impairment of Long-Lived Assets Held-for-use					$ 6,167,262	$ 122,860,600
SDARI-64 Ultramax Dry Bulk Vessel [Member]
Dead Weight Tonnage of Operating Fleet | t							64,000
Vessel, Purchase Price							$ 17,900,000
Vessel Redwing [Member]
Proceeds from Sale of Property, Plant, and Equipment	$ 5,800,000
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property	$ 92,000
Vessel Sparrow [Member] | Scenario, Forecast [Member]
Gain (Loss) on Disposition of Property Plant Equipment			$ 1,800,000
Vessel Sparrow [Member] | Subsequent Event [Member]
Proceeds from Sale of Property, Plant, and Equipment		$ 4,800,000

Note 4 - Vessels - Vessels and

Note 4 - Vessels - Vessels and Vessel Improvements (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Vessels and vessel improvements at end of period	$ 580,344,652	$ 567,592,950
Vessels and Vessel Improvements [Member]
Vessels and vessel improvements at end of period	580,344,652	567,592,950
Advance paid for purchase of Singapore Eagle at December 31, 2016		$ 1,926,886
Purchase of Vessel and Vessel Improvements	17,297,323
Depreciation Expense	$ (6,472,507)

Note 5 - Debt (Details Textual)

Note 5 - Debt (Details Textual)	Jul. 15, 2019USD ($)	Mar. 30, 2016USD ($)$ / item	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018
Payments of Debt Issuance Costs				$ 2,340,427
Repayments of Long-term Debt			2,895,250	15,625,000
Interest Paid			$ 2,694,046	$ 2,529,674
Successor [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage			40.00%	40.00%
Successor [Member] | Minimum [Member]
Debt Instrument, Interest Rate During Period				3.86%
Successor [Member] | Maximum [Member]
Debt Instrument, Interest Rate During Period				6.39%
Successor [Member] | Weighted Average [Member]
Debt Instrument, Interest Rate, Effective Percentage				5.06%
First Lien Facility [Member] | Successor [Member] | Minimum [Member]
Debt Instrument, Interest Rate During Period			4.77%
First Lien Facility [Member] | Successor [Member] | Maximum [Member]
Debt Instrument, Interest Rate During Period			4.99%
First Lien Facility [Member] | Successor [Member] | Weighted Average [Member]
Debt Instrument, Interest Rate, Effective Percentage			5.31%
First Lien Facility [Member] | First Lien Lenders [Member]
Long-term Debt		$ 201,468,750
Amount Undrawn Prior to Refinancing		10,000,000
Payments of Debt Issuance Costs		600,000
Debt Instrument, Covenant, Minimum Liquidity, Minimum Threshold		$ 8,140,000
Debt Instrument, Covenant, Minimum Liquidity, Minimum Threshold Per Vessel | $ / item		185,000
Repayments of Long-term Debt		$ 11,718,750	$ 8,546,250
First Lien Facility [Member] | First Lien Lenders [Member] | Scenario, Forecast [Member]
Debt Instrument, Covenant Percentage of Aggregate Principal, Minimum Threshold					100.00%	120.00%	110.00%
Debt Instrument, Periodic Payment	$ 3,680,939
First Lien Facility [Member] | First Lien Lenders [Member] | Through December 31, 2018 [Member]
Debt Instrument, Covenant, Periodic Payment Amount, Percentage of Excess Cash Flow from Preceding Period		75.00%
Debt Instrument, Maximum Annual Periodic Payment		$ 15,625,000
Debt Instrument, Periodic Payment		3,906,250
First Lien Facility [Member] | First Lien Lenders [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity		50,000,000
Line of Credit Facility, Remaining Borrowing Capacity			$ 25,000,000
Repayments of Lines of Credit		30,158,500
Forbearance Agreement [Member]
Repayments of Lines of Credit				$ 3,906,250
Second Lien Facility [Member] | Successor [Member]
Debt Instrument, Interest Rate During Period			15.00%
Second Lien Facility [Member] | Successor [Member] | Weighted Average [Member]
Debt Instrument, Interest Rate, Effective Percentage			17.05%
Second Lien Facility [Member] | Second Lien Lenders [Member]
Long-term Debt		60,000,000
Debt Instrument, Covenant, Minimum Liquidity, Minimum Threshold		$ 6,512,000
Debt Instrument, Covenant, Minimum Liquidity, Minimum Threshold Per Vessel | $ / item		148,000
Second Lien Facility [Member] | Second Lien Lenders [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		14.00%
Debt Instrument, Reference Rate Floor		1.00%
Second Lien Facility [Member] | Second Lien Lenders [Member] | Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		13.00%
Second Lien Facility [Member] | Second Lien Lenders [Member] | Scenario, Forecast [Member]
Debt Instrument, Covenant Percentage of Aggregate Principal, Minimum Threshold					100.00%	120.00%	110.00%

Note 5 - Debt - Summary of Debt

Note 5 - Debt - Summary of Debt (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
First Lien Facility [Member]
Total debt	$ 201,884,750	$ 204,352,318
Second Lien Facility [Member]
Total debt	54,943,400	51,591,226
Successor [Member]
Total debt	256,828,150	255,943,544
Successor [Member] | First Lien Facility [Member] | Term Loan [Member]
Term loan	206,203,750	209,099,000
Debt issuance costs	(4,319,000)	(4,746,682)
Long-term Debt	201,884,750	204,352,318
Successor [Member] | Second Lien Facility [Member] | Term Loan [Member]
Term loan	69,662,736	67,327,843
Debt issuance costs	(14,719,336)	(15,736,617)
Long-term Debt	$ 54,943,400	$ 51,591,226

Note 5 - Debt - Interest Expens

Note 5 - Debt - Interest Expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
First Lien Facility/Exit Financing Facility	$ 2,665,175	$ 2,509,142
Amortization of Debt issuance costs	1,444,963	308,504
Payment in kind interest on Second Lien Facility	2,334,893
Total Interest Expense	6,445,031	2,817,646
Successor [Member]
Total Interest Expense	6,445,031	2,817,646
Successor [Member] | Line of Credit [Member]
Amortization of Debt issuance costs	1,444,963	308,504
Payment in kind interest on Second Lien Facility	$ 2,334,893

Note 6 - Derivative Instrumen30

Note 6 - Derivative Instruments and Fair Value Measurements (Details Textual) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Derivative Liability, Current	$ 293,007
Current Liabilities [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Derivative Liability, Current	293,007
Other Current Assets [Member] | Forward Freight Agreements [Member]
Derivative, Collateral, Right to Reclaim Cash	$ 738,201

Note 6 - Derivative Instrumen31

Note 6 - Derivative Instruments and Fair Value Measurements - Effect of Non-designated Derivative Instruments (Details) - Successor [Member] - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Derivative Instruments Not Designated as Hedging Instruments, Loss	$ 306,559
Forward Freight Agreements [Member] | Other Expense [Member]
Derivative Instruments Not Designated as Hedging Instruments, Loss	$ 306,559

Note 7 - Commitments and Cont32

Note 7 - Commitments and Contingencies (Details Textual)	Oct. 02, 2014t	Oct. 31, 2014t$ / d	Mar. 31, 2017USD ($)t	Mar. 31, 2016USD ($)	Apr. 01, 2017	Feb. 28, 2017USD ($)
Dead Weight Tonnage of Operating Fleet | t	37,000		2,269,062
Charters Agreement Term	7 years
Charters Agreement Term, Extension Option	1 year
Advance Payments for Vessels Purchase			$ 10,320,000
Eagle Bulk Ultraco LLC [Member]
Vessel Agreement, Number of Vessels to be Purchased						9
Vessel Agreement, Number of Vessels Subject to Certain Customary Conditions						3
Vessel Agreement, Aggregate Purchase Price						$ 153,000,000
Vessel Agreement, Purchase Price of Each Vessel						$ 17,000,000
Advance Payments for Vessels Purchase			$ 10,300,000
Vessel Agreement, Number of Vessels Purchased			6
Eagle Bulk Ultraco LLC [Member] | Subsequent Event [Member]
Vessel Agreement, Number of Vessels Delivered					2
Japanese Vessel [Member]
Dead Weight Tonnage of Operating Fleet | t		37,000	37,000
Charters Agreement Term		7 years
Charters Agreement Term, Extension Option		1 year
Japanese Vessel [Member] | First Seven Years [Member]
Vessel Hiring Rate | $ / d		13,500
Japanese Vessel [Member] | Eighth Year Option [Member]
Vessel Hiring Rate | $ / d		13,750

Note 8 - Loss Per Common Shar33

Note 8 - Loss Per Common Share (Details Textual)	Aug. 05, 2016	Mar. 31, 2017shares	Mar. 31, 2016shares
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio	20
Stock Compensation Plan [Member] | Successor [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		1,843,211	39,231
Employee Stock Option [Member] | Successor [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		2,279,908	68,867
Warrant [Member] | Successor [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		152,266	152,266

Note 8 - Loss Per Common Shar34

Note 8 - Loss Per Common Share - Loss Per Share, Basic and Diluted (Details) - USD ($)		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Net loss		$ (11,068,448)	$ (39,278,670)
Weighted Average Shares-Basic (in shares)	[1]	65,637,692	1,891,463
Weighted Average Shares Diluted (in shares)	[1]	65,637,692	1,891,463
Basic loss per share * (in dollars per share)	[1]	$ (0.17)	$ (20.77)
Diluted loss per share * (in dollars per share)	[1]	$ (0.17)	$ (20.77)
Successor [Member]
Net loss		$ (11,068,448)	$ (39,278,670)
Weighted Average Shares-Basic (in shares)		65,637,692	1,891,463
Weighted Average Shares Diluted (in shares)		65,637,692	1,891,463
Basic loss per share * (in dollars per share)	[2]	$ (0.17)	$ (20.77)
Diluted loss per share * (in dollars per share)	[2]	$ (0.17)	$ (20.77)
[1]	Basic net loss per share and Diluted net loss per share for the three months ended March 31, 2016 were adjusted to give effect for the 1 for 20 reverse stock split that became effective as of opening of trading on August 5, 2016.
[2]	Adjusted to give effect for the 1 for 20 reverse stock split that became effective as of the opening of trading on August 5, 2016.

Note 9 - Stock Incentive Plan35

Note 9 - Stock Incentive Plans (Details Textual) - USD ($)	Mar. 01, 2017	Mar. 31, 2017	Dec. 15, 2016	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Average Closing Price Per Share, Number of Trading Days, Proceeding Grant Date	10 days
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options		1,865,865						68,867
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit		$ 4.28
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit		$ 505
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term		4 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term		7 years
Scenario, Forecast [Member]
Allocated Share-based Compensation Expense				$ 1,258,777	$ 6,891,228	$ 4,584,037
2016 Equity Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized			5,348,613
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Can Be Granted Per Emoloyee In One Year			3,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Options and Stock Appreciation Rights Can Be Granted Per Employee In One Year			3,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares Can Be Granted to Non-employee Director In One Year			500,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	337,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 5.56
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	5 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 2.59
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate		1.72%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate		64.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate		0.00%
2016 Equity Compensation Plan [Member] | Restricted Stock [Member] | Certain Employees and Management [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	429,750
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Stock Granted, Value, Share-based Compensation, Gross	$ 2,350,000
2016 Equity Compensation Plan [Member] | Restricted Stock [Member] | Certain Employees and Management [Member] | General and Administrative Expense [Member]
Allocated Share-based Compensation Expense		$ 123,215
2016 Equity Compensation Plan [Member] | Employee Stock Option [Member] | General and Administrative Expense [Member]
Allocated Share-based Compensation Expense		$ 39,222
Management Incentive Plan 2014 [Member]
Common Stock, Capital Shares Reserved for Future Issuance							24,644
Management Incentive Plan 2014 and Equity Compensation Plan 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Outstanding Number		1,843,211						39,231
Management Incentive Plan 2014 and Equity Compensation Plan 2016 [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		1 year
Management Incentive Plan 2014 and Equity Compensation Plan 2016 [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		3 years

Note 9 - Stock Incentive Plan36

Note 9 - Stock Incentive Plans - Non-cash Compensation Expenses (Details) - Successor [Member] - Management Incentive Plan 2014 [Member] - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Non-cash compensation expense	$ 2,170,700	$ 826,613
Stock Awards and Stock Option Plans [Member] | General and Administrative Expense [Member]
Non-cash compensation expense	$ 2,170,700	$ 826,613

Note 10 - Subsequent Events (De

Note 10 - Subsequent Events (Details Textual) $ in Millions	Apr. 03, 2017USD ($)t$ / item	Oct. 02, 2014t	Oct. 31, 2014t	Mar. 31, 2017t
Dead Weight Tonnage of Operating Fleet | t		37,000		2,269,062
Charters Agreement Term		7 years
Charters Agreement Term, Extension Option		1 year
Japanese Vessel [Member]
Dead Weight Tonnage of Operating Fleet | t			37,000	37,000
Charters Agreement Term			7 years
Charters Agreement Term, Extension Option			1 year
Japanese Vessel [Member] | Subsequent Event [Member]
Vessel Agreement, Termination Fee | $	$ 1.5
2013 Built Japanese Vessel [Member] | Subsequent Event [Member]
Dead Weight Tonnage of Operating Fleet | t	61,400
Charters Agreement Term	4 years
Charters Agreement Term, Extension Option	2 years
Vessel Hiring Rate | $ / item	12,800
2013 Built Japanese Vessel [Member] | Subsequent Event [Member] | First Optional Year [Member]
Vessel Hiring Rate | $ / item	13,800
2013 Built Japanese Vessel [Member] | Subsequent Event [Member] | Second Optional Year [Member]
Vessel Hiring Rate | $ / item	14,300