Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 11, 2019 | Jun. 29, 2018 | |
Document And Entity Information | |||
Entity Registrant Name | Eagle Bulk Shipping Inc. | ||
Entity Central Index Key | 0001322439 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 73,185,184 | ||
Entity Public Float | $ 195,812,577 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Shell Company | false | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 67,209,753 | $ 56,251,044 |
Accounts receivable, net of a reserve of $2,073,616 and $3,501,964, respectively | 19,785,582 | 17,246,540 |
Prepaid expenses | 4,635,879 | 3,010,766 |
Short-term investment | 0 | 4,500,000 |
Inventories | 16,137,785 | 14,113,079 |
Vessels held for sale | 8,458,444 | 9,316,095 |
Other current assets | 2,246,740 | 785,027 |
Total current assets | 118,474,183 | 105,222,551 |
Noncurrent assets: | ||
Vessels and vessel improvements, at cost, net of accumulated depreciation of $124,907,998 and $99,910,416, respectively | 682,944,936 | 690,236,419 |
Advance for vessel purchase | 2,040,000 | 2,201,773 |
Other fixed assets, net of accumulated depreciation of $547,452 and $343,799, respectively | 692,803 | 617,343 |
Restricted cash | 10,953,885 | 74,917 |
Deferred financing costs - Super Senior Facility | 285,342 | 190,000 |
Deferred drydock costs, net | 12,186,356 | 9,749,751 |
Other assets | 18,631,655 | 57,181 |
Total noncurrent assets | 727,734,977 | 703,127,384 |
Total assets | 846,209,160 | 808,349,935 |
Current liabilities: | ||
Accounts payable | 14,161,169 | 7,470,844 |
Accrued interest | 1,735,631 | 1,790,315 |
Other accrued liabilities | 10,064,017 | 11,810,366 |
Fair value of derivatives | 929,313 | 73,170 |
Unearned charter hire revenue | 6,926,839 | 5,678,673 |
Current portion of long-term debt | 29,176,230 | 4,000,000 |
Total current liabilities | 62,993,199 | 30,823,368 |
Noncurrent liabilities: | ||
Debt, net of debt discount and debt issuance costs | 301,583,347 | 313,683,676 |
Other liabilities | 208,651 | 177,846 |
Fair value below contract value of time charters acquired | 1,818,114 | 2,500,012 |
Total noncurrent liabilities | 303,610,112 | 316,361,534 |
Total liabilities | 366,603,311 | 347,184,902 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $.01 par value, 25,000,000 shares authorized, none issued as of December 31, 2018 and 2017 | 0 | 0 |
Common stock, $.01 par value, 700,000,000 shares authorized, 71,055,400 and 70,394,307 shares issued and outstanding as of December 31, 2018 and 2017, respectively | 710,555 | 703,944 |
Additional paid-in capital | 894,272,533 | 887,625,902 |
Accumulated deficit | (415,377,239) | (427,164,813) |
Total stockholders' equity | 479,605,849 | 461,165,033 |
Total liabilities and stockholders' equity | 846,209,160 | 808,349,935 |
Norwegian Bond Debt | ||
Noncurrent liabilities: | ||
Debt, net of debt discount and debt issuance costs | 182,469,155 | 189,950,329 |
New First Lien Facility | ||
Noncurrent liabilities: | ||
Debt, net of debt discount and debt issuance costs | 48,189,307 | 63,758,185 |
Ultraco Debt Facility | ||
Noncurrent liabilities: | ||
Debt, net of debt discount and debt issuance costs | $ 70,924,885 | $ 59,975,162 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, reserve | $ 2,073,616 | $ 3,501,964 |
Accumulated depreciation, vessels | 124,907,998 | 99,910,416 |
Accumulated amortization, other fixed assets | $ 547,452 | $ 343,799 |
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) | 71,055,400 | 70,394,307 |
Common stock, outstanding (in shares) | 71,055,400 | 70,394,307 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
Revenues, net | $ 310,094,258 | $ 236,784,625 | $ 124,492,844 |
Voyage expenses | 79,566,452 | 62,351,252 | 42,093,714 |
Vessel expenses | 81,336,260 | 78,607,244 | 74,016,763 |
Charter hire expenses | 38,045,778 | 31,283,956 | 12,845,468 |
Depreciation and amortization | 37,717,462 | 33,690,686 | 38,884,322 |
General and administrative expenses | 36,156,660 | 33,126,310 | 22,905,802 |
Restructuring charges | 0 | 0 | 5,869,025 |
(Gain)/loss on sale of vessels | (335,160) | (2,134,767) | 101,860 |
Vessel impairment | 0 | 0 | 129,027,862 |
Total operating expenses | 272,487,452 | 236,924,681 | 325,744,816 |
Operating income/(loss) | 37,606,806 | (140,056) | (201,251,972) |
Interest expense | 25,743,531 | 29,376,994 | 21,799,146 |
Interest expense | (585,168) | (651,069) | (215,433) |
Other (income)/expense | (126,241) | (37,905) | 686,750 |
Loss on debt extinguishment | 0 | 14,968,609 | 0 |
Total other expense, net | 25,032,122 | 43,656,629 | 22,270,463 |
Net income/(loss) | $ 12,574,684 | $ (43,796,685) | $ (223,522,435) |
Weighted average shares outstanding: | |||
Basic (in shares) | 70,665,212 | 69,182,302 | 20,565,652 |
Diluted (in shares) | 71,802,173 | 69,182,302 | 20,565,652 |
Per share amounts: | |||
Basic income/(loss) (in dollars per share) | $ 0.18 | $ (0.63) | $ (10.87) |
Diluted net income/(loss) (in dollars per share) | $ 0.18 | $ (0.63) | $ (10.87) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income/(Loss) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net income/(loss) | $ 12,574,684 | $ (43,796,685) | $ (223,522,435) |
Total other comprehensive income/(loss) | 0 | 0 | 0 |
Comprehensive income/(loss) | $ 12,574,684 | $ (43,796,685) | $ (223,522,435) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Total | Common Stock | Additional paid-in Capital | Accumulated Deficit | |
Beginning balance (in shares) at Dec. 31, 2015 | 1,883,303 | ||||
Beginning balance at Dec. 31, 2015 | $ 518,344,462 | $ 18,833 | $ 678,171,322 | $ (159,845,693) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income/(loss) | (223,522,435) | (223,522,435) | |||
Issuance of shares in connection with Second Lien Loan Agreement (in shares) | 16,889,828 | ||||
Issuance of shares in connection with Second Lien Loan Agreement | 17,756,325 | $ 168,899 | 17,587,426 | ||
Issuance of shares for private placement, net of issuance costs (in shares) | 29,333,318 | ||||
Issuance of shares for private placement, net of issuance costs | 85,700,535 | $ 293,333 | 85,407,202 | ||
Reverse stock split adjustment (in shares) | [1] | (32) | |||
Issuance of shares due to vesting of restricted shares (in shares) | 410 | ||||
Issuance of shares due to vesting of restricted shares | $ 4 | (4) | |||
Cash used to settle net share equity awards | (2,938) | (2,938) | |||
Stock-based compensation | 2,206,690 | 2,206,690 | |||
Ending balance (in shares) at Dec. 31, 2016 | 48,106,827 | ||||
Ending balance at Dec. 31, 2016 | 400,482,639 | $ 481,069 | 783,369,698 | (383,368,128) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income/(loss) | (43,796,685) | (43,796,685) | |||
Issuance of shares for private placement, net of issuance costs (in shares) | 22,222,223 | ||||
Issuance of shares for private placement, net of issuance costs | 96,030,003 | $ 222,222 | 95,807,781 | ||
Issuance of shares due to vesting of restricted shares (in shares) | 65,257 | ||||
Issuance of shares due to vesting of restricted shares | 0 | $ 653 | (653) | ||
Cash used to settle net share equity awards | (289,539) | (289,539) | |||
Stock-based compensation | 8,738,615 | 8,738,615 | |||
Ending balance (in shares) at Dec. 31, 2017 | 70,394,307 | ||||
Ending balance at Dec. 31, 2017 | 461,165,033 | $ 703,944 | 887,625,902 | (427,164,813) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income/(loss) | 12,574,684 | 12,574,684 | |||
Issuance of shares due to vesting of restricted shares and exercise of options, net of cash received (in shares) | 661,093 | ||||
Issuance of shares due to vesting of restricted shares and exercise of options, net of cash received | 4,866 | $ 6,611 | (1,745) | ||
Cash used to settle net share equity awards | (2,559,104) | (2,559,104) | |||
Stock-based compensation | 9,207,480 | 9,207,480 | |||
Ending balance (in shares) at Dec. 31, 2018 | 71,055,400 | ||||
Ending balance at Dec. 31, 2018 | $ 479,605,849 | $ 710,555 | $ 894,272,533 | $ (415,377,239) | |
[1] | Effective August 5, 2016, the Company completed a 1 for 20 reverse stock split of its issued and outstanding shares of common stock, par value $0.01 per share (the “Reverse Stock Split”), pursuant to which proportional adjustments were made to the Company’s issued and outstanding common stock and to its common stock underlying stock options and other common stock-based equity grants outstanding immediately prior to the effectiveness of the Reverse Stock Split as well as the applicable exercise price. In addition, proportional adjustments were made to the number of shares of common stock issuable upon exercise of outstanding warrants and to the exercise price of such warrants, pursuant to the terms thereof. No fractional shares were issued in connection with the Reverse Stock Split, and shareholders who would have received a fractional share of common stock in connection with the Reverse Stock Split instead received a cash payment in lieu of such fractional share. The Company also had 3,040,540 outstanding warrants convertible to 152,027 shares of the Company's common stock which will be recorded as equity upon exercise at an exercise price of $556.40 per share. The warrants have a 7 year term and will expire on October 15, 2021. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) | Aug. 05, 2016$ / shares |
Statement of Stockholders' Equity [Abstract] | |
Reverse stock split | 0.2 |
Common stock, par value (in dollars per share) | $ 0.01 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Net income/(loss) | $ 12,574,684 | $ (43,796,685) | $ (223,522,435) |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | |||
Depreciation | 32,364,359 | 29,354,017 | 35,556,911 |
Amortization of deferred drydocking costs | 5,353,102 | 4,336,669 | 3,327,411 |
Amortization of debt discount and debt issuance costs | 1,913,651 | 5,927,984 | 4,532,481 |
Loss on debt extinguishment | 0 | 14,968,609 | 0 |
Amortization of fair value below contract value of time charter acquired | (681,898) | (716,783) | (661,253) |
Payment-in-kind interest on Second Lien Facility | 0 | 10,098,401 | 7,327,843 |
Cash paid towards Payment-in-kind interest on Second Lien Facility | 0 | (17,426,244) | 0 |
(Gain)/loss on sale of vessels, net | (335,160) | (2,134,767) | 101,860 |
Vessel impairment | 0 | 0 | 129,027,862 |
Net unrealized loss/(gain) on fair value of derivatives | 315,748 | (55,675) | 0 |
Fees paid on termination of time charter contract | 0 | (1,500,000) | 0 |
Stock-based compensation expense | 9,207,480 | 8,738,615 | 2,206,690 |
Drydocking expenditures | (8,323,191) | (2,579,111) | (3,688,711) |
Changes in operating assets and liabilities: | |||
Accounts receivable | (3,465,025) | (12,156,832) | 1,986,820 |
Other current and non-current assets | (207,234) | (331,707) | (26,799) |
Prepaid expenses | (1,625,113) | 83,196 | 138,801 |
Inventories | (2,024,706) | (3,236,366) | (5,302,307) |
Accounts payable | 993,557 | 335,688 | (1,081,317) |
Accrued interest | (54,684) | 1,761,443 | (372,360) |
Other accrued and non-current liabilities | (1,125,638) | (1,340,366) | 528,563 |
Unearned revenue | 590,531 | (367,359) | 4,485,630 |
Net cash provided by/(used in) operating activities | 45,470,463 | (10,037,273) | (45,434,310) |
Cash flows from investing activities: | |||
Purchase of vessels and vessel improvements | (41,404,328) | (174,400,746) | (19,860,401) |
Advance for vessel purchase | (2,040,000) | (2,201,773) | (1,926,886) |
Cash paid for scrubbers, ballast water treatment systems and other assets | (12,342,317) | 0 | 0 |
Proceeds/(purchase) of short-term investment | 4,500,000 | (4,500,000) | 0 |
Proceeds from sale of vessels | 20,545,202 | 26,042,000 | 13,001,000 |
Purchase of other fixed assets | (272,067) | (189,120) | (560,348) |
Net cash used in investing activities | (31,013,510) | (155,249,639) | (9,346,635) |
Cash flows from financing activities: | |||
Proceeds from common stock placement, net of issuance costs | 0 | 96,030,003 | 85,700,535 |
Financing costs paid to lenders | 0 | (2,025,514) | 0 |
Other financing costs | (2,465,037) | (3,886,104) | (3,086,947) |
Cash received from exercise of stock options | 4,865 | 0 | 0 |
Cash used to settle net share equity awards | (2,559,104) | (289,539) | (2,938) |
Net cash provided by financing activities | 7,380,724 | 145,021,846 | 106,334,650 |
Net increase/(decrease) in cash, cash equivalents and restricted cash | 21,837,677 | (20,265,066) | 51,553,705 |
Cash, cash equivalents and restricted cash at beginning of year | 56,325,961 | 76,591,027 | 25,037,322 |
Cash, cash equivalents and restricted cash at end of year | 78,163,638 | 56,325,961 | 76,591,027 |
Supplemental cash flow information: | |||
Non-cash accruals for Scrubbers and ballast water systems included in Accounts payable and Other accrued liabilities | 5,801,867 | 0 | 0 |
Cash paid during the period for interest excluding payment of accumulated payment-in-kind interest on the Second Lien Facility paid on December 8, 2017 of $17.7 million. | 23,884,565 | 11,589,192 | 10,257,766 |
Revolver Loan | |||
Cash flows from financing activities: | |||
Proceeds from lines of credit | 0 | 0 | 15,158,500 |
Term Loan | |||
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | |||
Amortization of debt discount and debt issuance costs | 16,424,449 | 1,558,333 | 0 |
First Lien Facility | |||
Cash flows from financing activities: | |||
Repayments of lines of credit | 0 | (184,099,000) | (21,276,000) |
First Lien Facility | Revolver Loan | |||
Cash flows from financing activities: | |||
Repayments of lines of credit | 0 | (25,000,000) | (30,158,500) |
Second Lien Facility | |||
Cash flows from financing activities: | |||
Repayments of lines of credit | 0 | (60,000,000) | 0 |
Second Lien Facility | Term Loan | |||
Cash flows from financing activities: | |||
Proceeds from lines of credit | 0 | 0 | 60,000,000 |
Norwegian Bond Debt | |||
Cash flows from financing activities: | |||
Proceeds from long term debt | 0 | 198,092,000 | 0 |
Repayments of long-term debt | (4,000,000) | 0 | |
New First Lien Facility | |||
Cash flows from financing activities: | |||
Repayments of lines of credit | (5,000,000) | 0 | 0 |
Proceeds from long term debt | 0 | 65,000,000 | |
Ultraco Debt Facility | |||
Cash flows from financing activities: | |||
Proceeds from long term debt | $ 21,400,000 | $ 61,200,000 | $ 0 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) | Dec. 08, 2017USD ($) |
Second Lien Facility | |
Payment-in-kind interest on Second Lien Facility | $ 17,700,000 |
General Information
General Information | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General Information | 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” or similar terms). The Company is engaged in the ocean transportation of drybulk cargoes worldwide through the ownership, charter and operation of drybulk vessels. The Company's fleet is comprised of Supramax and Ultramax bulk carriers and the Company operates its business in one business segment. Each of the Company’s vessels serve the same type of customer, have similar operation and maintenance requirements, operate in the same regulatory environment, and are subject to similar economic characteristics. Based on this, the Company has determined that it operates in one reportable segment, which is engaged in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels. The Company is a holding company incorporated in 2005, under the laws of the Republic of the Marshall Islands and is the sole owner of all of the outstanding shares of its wholly-owned subsidiaries formed in the Republic of the Marshall Islands. The primary activity of each of the subsidiaries is the ownership of a vessel. The operations of the vessels are managed by an indirectly wholly-owned subsidiary of the Company, Eagle Bulk Management LLC, a Republic of the Marshall Islands limited liability company. As of December 31, 2018 , the Company owned and operated a modern fleet of 47 oceangoing vessels, including 34 Supramax and 13 Ultramax vessels, with a combined carrying capacity of 2,705,764 dwt and an average age of approximately 9.0 years. Additionally, the Company chartered in three Ultramax vessels for periods ranging between one to four years. Please see Note 10. Commitments and Contingencies to the consolidated financial statements. For the years ended December 31, 2018, 2017 and 2016, the Company had no charterers which individually accounted for more than 10% of the Company's gross charter revenue. |
Equity Offerings
Equity Offerings | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Equity Offerings | Equity Offerings On December 13, 2016, the Company entered into a Stock Purchase Agreement with certain investors (the “Investors”), pursuant to which the Company agreed to issue to the Investors in a private placement (the “December Private Placement”) approximately 22.2 million shares of the Company’s common stock, par value $0.01 per share, at an initial purchase price of $4.50 per share, for aggregate gross proceeds of $100.0 million . On January 20, 2017, the Company closed its previously announced December Private Placement for aggregate net proceeds of $96.0 million . On July 1, 2016 and July 10, 2016, respectively, the Company entered into Common Stock Purchase Agreements (collectively, the “Common Stock Purchase Agreements”), with certain purchasers (the “Common Stock Purchasers”). The Common Stock Purchasers include certain of our existing shareholders, who held approximately 70% of our outstanding equity prior to entry into the Common Stock Purchase Agreements and prior to giving effect to the delivery of all of the shares of common stock issued in connection with the Second Lien Loan Agreement, as well as our Chairman and Chief Executive Officer. The Common Stock Purchase Agreements provided for the issuance and sale by the Company to the Common Stock Purchasers of an aggregate amount of $88.0 million of common stock, at an initial price per share of $3.00 . On August 10, 2016, the Company closed the transactions contemplated by the Common Stock Purchase Agreements for aggregate proceeds of $85.7 million net of fees and legal expenses. After giving effect to the Reverse Stock Split, the private placement included the issuance of 29,333,318 shares of the Company’s common stock. The Company used the proceeds of the private placement for the acquisition of drybulk vessels and general corporate purposes. The Company principally used the proceeds from both the private placements to partially finance the acquisition of 11 Ultramax vessels during 2017 and 2016. In 2016, the Company issued 16,889,828 shares of common stock to the lenders of the Second Lien Facility (defined herein) pro rata based on their participation in the Second Lien Facility. The Company has proportionately allocated the proceeds from the Second Lien Loan Agreement based on the relative fair values of the Second Lien Facility and the common stock issued to the Second Lien Lenders. The difference between the $60.0 million principal value of the Second Lien Facility and its relative fair value, amounting to approximately $17.8 million , was allocated to the issued shares. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies: (a) Principles of Consolidation: The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and include the accounts of Eagle Bulk Shipping Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions were eliminated upon consolidation. (b) Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles 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. Significant estimates include vessel valuations, residual value of vessels, the useful lives of vessels, the value of stock-based compensation and the fair value of derivatives. Actual results could differ from those estimates. (c) Other Comprehensive income/(loss): The Company records the fair value of interest rate swaps and foreign currency swaps designated as hedges as an asset or liability on the balance sheet. The effective portion of the swap is recorded in accumulated other comprehensive loss. Historically, the Company also recorded the unrealized gains and losses on its available for sale investments in accumulated other comprehensive loss. The Company did not have any swaps or available for sale investments as of December 31, 2018 and 2017 . (d) Cash, Cash Equivalents and Restricted Cash: The Company considers liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less at the time of purchase to be cash equivalents. Restricted Cash as of December 31, 2018 was $ 11.0 million related to the proceeds from the sale of vessel Thrush, which were restricted pursuant to the terms under the Norwegian Bond Debt. Please see Note 8 Debt to the consolidated financial statements for additional information. Additionally, the Company also had restricted cash and cash equivalents of $74,917 for collateralizing a letter of credit as of December 31, 2018 and December 31, 2017 , respectively. (e) Accounts Receivable: Accounts receivable includes receivables from charterers for time and voyage charterers. At each balance sheet date, all potentially uncollectible accounts are assessed for purposes of determining the appropriate provision for doubtful accounts. The Company wrote off $1.4 million and $3.4 million for the years ended December 31, 2018 and 2017, respectively, related to previously reserved amounts in the allowance for doubtful accounts. The Company did not record any material provisions for doubtful accounts for the years ended December 31, 2018 and 2017. (f) Insurance Claims: Insurance claims are recorded as incurred and represent the claimable expenses, net of deductibles, incurred through each balance sheet date, which are expected to be recovered from insurance companies. (g) Inventories: Inventories, which consist of bunkers, are stated at cost which is determined on a first-in, first-out method. Lubes and spares are expensed as incurred. (h) Short-term Investments: The Company considers liquid investments such as certificate of deposits with an original maturity of greater than three months as investments. As of December 31, 2017, the Company had $4.5 million in a certificate of deposit with an original maturity of one year. The certificate of deposit matured in the first quarter of 2018 and is included in cash and cash equivalents as of December 31, 2018. (i) Vessels and vessel improvements, at cost: Vessels are stated at cost, which consists of the contract price, and other direct costs relating to acquiring and placing the vessels in service. Major vessel improvements are capitalized and depreciated over the remaining useful lives of the vessels. Depreciation is calculated on a straight-line basis over the estimated useful lives of the vessels based on the cost of the vessels reduced by the estimated scrap value of the vessels as discussed below. (j) Vessel lives and Impairment of Long-Lived Assets: The Company estimates the useful life of the Company's vessels to be from the date of initial delivery from the shipyard to the original owner. The useful lives of the Company's vessels are evaluated to determine if events have occurred which would require modification to their useful lives. In addition, the Company estimates the scrap value of the vessels to be $300 per light weight ton ("lwt"). The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company will evaluate the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset as provided by third parties. In this respect, management regularly reviews the carrying amount of the vessels in connection with the estimated recoverable amount for each of the Company's vessels. We did no t recognize a vessel impairment charge for the years ended December 31, 2018 and 2017. For the year ended December 31, 2016 we recognized impairment charges of $129.0 million . Refer to Note 4 Vessels and vessel improvements for further discussion. (k) Accounting for Drydocking Costs: The Company follows the deferral method of accounting for drydocking costs whereby actual costs incurred are deferred and are amortized on a straight-line basis over the period through the date the next drydocking is required to become due, generally 30 months if the vessels are 15 years old or more and 60 months for the vessels younger than 15 years . Costs deferred as part of the drydocking include direct costs that are incurred as part of the drydocking to meet regulatory requirements. Certain costs are capitalized during drydocking if they are expenditures that add economic life to the vessel, increase the vessel’s earnings capacity or improve the vessel’s efficiency. Direct costs that are deferred include the shipyard costs, parts, inspection fees, steel, blasting and painting. Expenditures for normal maintenance and repairs, whether incurred as part of the drydocking or not, are expensed as incurred. Unamortized drydocking costs of vessels that are sold are written off and included in the calculation of the resulting gain or loss in the year of the vessels’ sale. Unamortized drydocking costs are written off as drydocking expense if the vessels are drydocked before the expiration of the applicable amortization period. (l) Deferred Financing Costs: Fees incurred for obtaining new loans or refinancing existing ones are deferred and amortized to interest expense over the life of the related debt using the effective interest method. Unamortized deferred financing costs are written off when the related debt is repaid or refinanced and such amounts are expensed in the period the repayment or refinancing is made. Such amounts are classified as a reduction of the long-term debt balance on the consolidated balance sheets. For our Super Senior Revolver Facility, as no amounts have been drawn, deferred financing fees of $0.3 million and $0.2 million have been classified as a non-current asset on the Consolidated Balance Sheets as of December 31, 2018 and 2017, respectively. (m) Other fixed assets: Other fixed assets are stated at cost less accumulated depreciation. Depreciation is based on a straight-line basis over the estimated useful life of the asset. Other fixed assets consist principally of leasehold improvements, computers and software and are depreciated over three years. (n) Accounting for Revenues and Expenses : Revenues generated from time charters and/or revenues generated from profit sharing arrangements are recognized on a straight-line basis over the term of the respective time charter agreements as service is provided and the profit sharing is fixed and determinable. Under voyage charters, voyage revenues for cargo transportation are recognized ratably over the estimated relative transit time of each voyage. Voyage revenue is deemed to commence upon the loading of the charterer’s cargo and is deemed to end upon the completion of discharge, provided an agreed non-cancellable charter between the Company and the charterer is in existence, the charter rate is fixed and determinable, and collectability is reasonably assured. Revenue under voyage charters will not be recognized until a charter has been agreed even if the vessel has discharged its previous cargo and is proceeding to an anticipated port of loading. Under voyage charters, voyage expenses such as bunkers, port charges, canal tolls, cargo handling operations and brokerage commissions are paid by the Company whereas, under time charters, such voyage costs are paid by the Company's customers. Vessel operating costs include crewing, vessel maintenance and vessel insurance. All voyage and vessel operating expenses are expensed as incurred on an accrual basis, except for commissions. Commissions are recognized over the related time or voyage charter period since commissions are earned as the Company's revenues are earned. Probable losses on voyages are provided for in full at the time such loss can be estimated. We adopted ASC 606 as of January 1, 2018 utilizing the modified retrospective method of transition. We recorded an adjustment of approximately $0.8 million to increase our opening accumulated deficit and increase our unearned revenue and other current assets on our Consolidated Balance Sheet on January 1, 2018. (o) Unearned Charter Hire Revenue: Unearned charter hire revenue represents cash received from charterers prior to the time such amounts are earned. These amounts are recognized as revenue as services are provided in future periods. (p) Repairs and Maintenance: All repair and maintenance expenses are expensed as incurred and are recorded in Vessel Expenses. (q) Protection and Indemnity Insurance: The Company’s Protection and Indemnity Insurance is subject to additional premiums referred to as "back calls" or "supplemental calls" which are accounted for on an accrual basis and are recorded in Vessel Expenses. (r) Earnings Per Share: Basic earnings per share is computed by dividing the net income or loss by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects the impact of stock options, warrants and restricted stock under the treasury stock method unless their impact is anti-dilutive. (s) Interest Rate Risk Management: The Company is exposed to the impact of interest rate changes for outstanding debt under the New First Lien Facility and the Original Ultraco Debt Facility. The Company's objective is to manage the impact of interest rate changes on earnings and cash flows of its borrowings. The Company may use interest rate swaps to manage net exposure to interest rate changes related to its borrowings. (t) Federal Taxes: The Company is a Republic of the Marshall Islands Corporation. For the years ended December 31, 2018 and 2017, the Company believes that its operations qualify for Internal Revenue Code Section 883 exemption and therefore are not subject to United States federal taxes on United States source shipping income. The Company recorded $0.6 million in such taxes as component of voyage expenses for the year ended December 31, 2016 which were reversed in the second quarter of 2017 upon the determination that the Company qualified for the Internal Revenue Code Section 883 exemption for 2016. (u) Restructuring charges : Restructuring charges consist of professional fees for advisors and attorneys who assisted the Company in the debt restructuring relative to the First Lien Facility in 2016 . ( v) Stock-based compensation: The Company issues stock-based compensation utilizing both stock options and stock grants. Stock-based compensation is measured at the fair value of the award at the date of grant and recognized over the period of vesting on a straight-line basis using the graded vesting method. The grant-date fair value of stock options is estimated using the Black-Scholes option pricing model. Forfeitures are recognized as they occur. Impact of Recently Adopted Accounting Standards Revenue recognition Time charters Our shipping revenues are principally generated from time charters and voyage charters. In a time charter contract, the vessel is hired by the charterer for a specified period of time in exchange for consideration which is based on a daily hire rate. The charterer has the full discretion over the ports visited, shipping routes and vessel speed. The contract/charter party generally provides typical warranties regarding the speed and performance of the vessel. The charter party generally has some owner protective restrictions such that the vessel is sent only to safe ports by the charterer, subject always to compliance with applicable sanction laws, and carry only lawful or non hazardous cargo. In a time charter contract, the Company is responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubes. The charterer bears the voyage related costs such as bunker expenses, port charges and canal tolls during the hire period. The performance obligations in a time charter contract are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to the Company. The charterer generally pays the charter hire in advance of the upcoming contract period. The time charter contracts are considered operating leases and therefore do not fall under the scope of ASC 606 because (i) the vessel is an identifiable asset (ii) the Company does not have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Voyage charters In a voyage charter contract, the charterer hires the vessel to transport a specific agreed-upon cargo for a single voyage which may contain multiple load ports and discharge ports. The consideration in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The charter party generally has a minimum amount of cargo. The charterer is liable for any short loading of cargo or "dead" freight. The voyage contract generally has standard payment terms of 95% freight paid within three days after completion of loading. The voyage charter party generally has a "demurrage" or "despatch" clause. As per this clause, the charterer reimburses the Company for any potential delays exceeding the allowed laytime as per the charter party clause at the ports visited which is recorded as demurrage revenue. Conversely, the charterer is given credit if the loading/discharging activities happen within the allowed laytime known as despatch resulting in a reduction in revenue. In a voyage charter contract, the performance obligations begin to be satisfied once the vessel begins loading the cargo. The Company determined that its voyage charter contracts consist of a single performance obligation of transporting the cargo within a specified time period. Therefore, the performance obligation is met evenly as the voyage progresses. and the revenue is recognized on a straight line basis over the voyage days from the commencement of the loading of cargo to completion of discharge. The voyage contracts are considered service contracts which fall under the provisions of ASC 606 because the Company as the shipowner retains the control over the operations of the vessel such as directing the routes taken or the vessel speed. The voyage contracts generally have variable consideration in the form of demurrage or despatch. The amount of revenue earned as demurrage or despatch paid by the Company for the year ended December 31, 2018 is not material. The following table shows the revenues earned from time charters and voyage charters for the year ended December 31, 2018: For the year ended December 31, 2018 Time charters $ 140,006,570 Voyage charters 170,087,688 $ 310,094,258 Contract costs In a voyage charter contract, the Company bears all voyage related costs such as fuel costs, port charges and canal tolls. These costs are considered contract fulfillment costs because the costs are direct costs related to the performance of the contract and are expected to be recovered. The costs incurred during the period prior to commencement of loading the cargo, primarily bunkers, are deferred as they represent setup costs and recorded as a current asset and are amortized on a straight-line basis as the related performance obligations are satisfied. We adopted the provisions of ASC 606 on January 1, 2018 using the modified retrospective approach. As such, the comparative information has not been restated and continues to be reported under the accounting standards in effect for periods prior to January 1, 2018. Under the modified retrospective approach, the Company recognized the cumulative effect of adopting this standard as an adjustment amounting to $0.8 million to increase the opening balance of Accumulated Deficit as of January 1, 2018. The Company recognized $0.8 million of deferred costs which represents the costs, such as bunker expenses and charter hire expenses on chartered-in vessels, incurred prior to commencement of loading which are recorded in other current assets and $1.6 million of unearned charter hire revenue which represents the Company's obligation to satisfy performance obligations under the contract for which the Company has received consideration from the customer. The adoption of ASC 606 impacted the timing of recognition of revenue for certain ongoing spot voyage charter contracts, related voyage expenses and charter hire expenses. Under ASC 606, revenue is recognized from when the vessel commences loading through the completion of discharge at the discharge port instead of recognizing revenue from the discharge of the previous voyage provided an agreed non-cancellable charter between the Company and the charterer is in existence, the charter rate is fixed and determinable, and collectability is reasonably assured. Any expenses incurred during the ballast portion of the voyage (time spent by the vessel traveling from discharge port of the previous voyage to the load port of the subsequent voyage) such as bunker expenses, canal tolls and charter hire expenses for chartered-in vessels are deferred and are recognized on a straight-line basis over the charter period as the Company satisfies the performance obligations under the contract. Further, the adoption of ASC 606 impacted the accounts receivable and unearned revenue on our Consolidated Balance Sheet as of December 31, 2018. Under ASC 606, receivables represent an entity's unconditional right to consideration, billed or unbilled. The Company determined that the performance obligations on its spot voyage charters do not begin to be satisfied unless the vessel arrives at the load port and commences loading the cargo. This impacted the amount of accounts receivable and unearned revenue recorded in our Consolidated Balance Sheet. The following table presents the impact of the adoption of ASC 606 on our Consolidated Balance Sheet at December 31, 2018: As of December 31, 2018 As Reported Balance without adoption of ASC 606 Effect of change Assets Accounts receivable $ 19,785,582 $ 20,771,299 $ (985,717 ) Other current assets 2,246,740 1,478,450 768,290 Liabilities Unearned charter hire revenue 6,926,839 6,528,275 398,564 The following table presents the impact of the adoption of ASC 606 on our Consolidated Statement of Operations: For the year ended December 31, 2018 As Reported Balance without adoption of ASC 606 Effect of change Revenues, net $ 310,094,258 $ 309,894,921 $ 199,337 Voyage expenses 79,566,452 79,292,962 273,490 Charter hire expenses 38,045,778 37,957,027 88,751 Net income 12,574,684 12,737,588 (162,904 ) Basic income per share $ 0.18 $ 0.18 $ — Diluted income per share $ 0.18 $ 0.18 $ — The cumulative effect of changes made to our opening Consolidated Balance Sheet on January 1, 2018 for the adoption of ASC 606: December 31, 2017 Effect of adoption of ASC 606 January 1, 2018 Assets Accounts receivable $ 17,246,540 $ (925,983 ) $ 16,320,557 Other current assets (1) 785,027 796,508 1,581,535 Liabilities Unearned charter hire revenue (2) 5,678,673 657,635 6,336,308 Stockholders' equity Accumulated deficit (427,164,813 ) (787,110 ) (427,951,923 ) (1) Under ASC 606, the contract fulfillment costs are deferred as a current asset and amortized as the related performance obligations are satisfied. The adjustment to other current assets includes bunker expenses of $0.6 million incurred to arrive at the load port for the voyages in progress as of January 1, 2018 and $0.2 million of charter hire expenses on third party chartered-in vessels which were chartered-in to fulfill the performance obligations under the voyage contract. (2) Under ASC 606, unearned charter hire revenue represents the consideration received for undelivered performance obligations. The Company recorded $0.7 million as unearned revenue on voyages in progress as of January 1, 2018. The Company recognized this revenue in the first quarter of 2018 as the performance obligations were met. The adoption of ASC 606 had no impact on net cash provided by operating activities, investing activities and financing activities for the year ended December 31, 2018. Cash, cash equivalents and restricted cash In November 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-18. The amendments in Accounting Standard Update ("ASU") 2016-18 require that a statement of cash flows explain the change during the year in the total of cash, cash equivalents, and amounts described as restricted cash and restricted cash equivalents. Therefore, the restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-year and end-of-year total amounts shown on the statement of cash flows. We adopted this accounting standard as of January 1, 2018 and $11.0 million of restricted cash has been aggregated with the cash and cash equivalents as of December 31, 2018. Additionally, we retrospectively aggregated $74,917 of restricted cash with cash and cash equivalents in both the beginning-of-year and end-of-year line items at the bottom of the statements of cash flows for the years ended December 31, 2017 and 2016. Statement of cash flows (Topic 230) - classification of certain cash receipts and cash payments In August 2016, the FASB issued Accounting Standards Update No. 2016-15, “Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments” ("ASU-2016-15"). The new guidance is intended to provide specific guidance on cash flow classification issues such as debt prepayment or debt extinguishment costs, settlement of zero coupon debt instruments or cases where the coupon interest rate is insignificant compared to the effective interest rate of the borrowing, contingent consideration payments in a business combination, proceeds from insurance claim settlements and distributions received by equity method investees. The standard is effective for annual periods beginning after December 15, 2017 and interim periods within those annual periods. The amendment was applied retrospectively to each period presented and the Company reclassified $17.4 million of accumulated payment-in-kind interest paid upon the discharge of the Second Lien Facility (defined herein) in 2017 previously recorded as a use of cash from financing activities, as a use of cash from operating activities. In May 2017, the FASB issued ASU No. 2017-09, Compensation-Stock Compensation ("ASU 2017-09"), which provides guidance about what changes to the terms and conditions of a stock award require an entity to apply modification accounting as per ASC 718. An entity should account for effects of modification unless (i) the fair value of the modified award is the same as the fair value of the original award (ii) the vesting conditions of the modified award are the same as the vesting conditions of the original award and (iii) the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award. The standard is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2017. There was no impact on the Company's consolidated financial statements upon adoption of this accounting standard. In January 2017, the FASB issued Accounting Standards Update No. 2017-1, “Business Combinations (Topic 805).” The amendments in this update are intended to clarify the definition of business. The current guidance specifies three elements of a business – inputs, processes, and outputs. The new guidance provides a screen to determine when a set (defined as an integrated set of assets and activities) is not a business. The ASU requires that, to be a business, the set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The screen requires that when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. This screen reduces the number of transactions that need to be further evaluated. The standard is effective to annual periods beginning after December 15, 2017, including interim periods within those periods. As of December 31, 2018, there was no impact on the Company's consolidated financial statements upon adoption of this accounting standard as the Company had no business combination transaction in 2018. Accounting Standards issued but not yet adopted. The FASB has issued accounting standards that had not yet become effective as of December 31, 2018 and may impact the Company’s consolidated financial statements or related disclosures in future periods. Those standards and their potential impact are discussed below. Accounting standards effective in 2019 In February 2016, the FASB issued ASU No. 2016-02, "Leases ( Topic 842)," as amended ("ASU No. 2016-02"), which revises the accounting for leases. Under the new guidance, lessees are required to recognize a right-of-use asset and a lease liability for substantially all leases. The new guidance will continue to classify leases as either financing or operating, with classification affecting the pattern of expense recognition. The accounting applied by a lessor under the new guidance will be substantially equivalent to current lease accounting guidance. Entities have the option to adopt the new guidance using a modified retrospective approach through an adjustment to retained earnings applied either to the beginning of the earliest period presented or the beginning of the period of adoption. The new guidance was effective January 1, 2019 and will be applied using a modified retrospective approach through a cumulative effect adjustment to retained earnings as of January 1, 2019. The most significant effects of adoption relate to the recognition of right-of-use assets and lease liabilities on our balance sheet for operating leases and providing new disclosures about our leasing activities. We currently expect the right-of-use assets and lease liabilities as of January 1, 2019 to range from $27.0 million to $35.0 million based on the present value of the Company’s remaining minimum lease payments, primarily due to the recognition of right of use assets and lease liabilities with respect to operating leases. We do not believe the adoption of ASC 842 will have a material effect on our consolidated results of operations or cash flows. The Company will provide the required disclosures under the standard in its Form 10-Q filing for the quarterly period ending March 31, 2019. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging ("ASU-2017-12"), which is intended to align the results of the cash flow and fair value hedge accounting with the risk management activities of an entity. The amendments expand the hedge accounting for both financial and non-financial risk components and they reduce the operational burden of applying hedge accounting. The amendment enables the financial statements to reflect accurately the intent and outcome of its hedging strategies. ASU 2017-12 requires a modified retrospective transition method in which the Company will recognize the cumulative effect of the change on the opening balance of each affected component of equity in the consolidated balance sheet as of the date of adoption. The Standard is effective for fiscal years beginning after December 15, 2018, and interim periods with those fiscal years. The Company currently is not expecting any material impact as a result of adoption of this accounting standard on its consolidated financial statements as we do not apply hedge accounting of our freight forward agreements and bunker swaps. In July 2017, the FASB issued ASU No. 2017-11, "Earnings Per Share, Distinguishing Liabilities from Equity, and Derivatives and Hedging" ("ASU No. 2017-11"), which changes the classification of certain equity-linked financial instruments with down round features. As a result, a free standing equity-linked financial instrument or an embedded conversion option would not be accounted for as a derivative liability at fair value as a result of existence of a down round feature. For freestanding equity classified financial instruments, the amendment requires the entities to recognize the effect of the down round feature when triggered in its earnings per share calculations. The standard is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently not expecting any material impact as a result of adoption of this accounting standard on its consolidated financial statements as we have not elected to apply hedge accounting related to our freight forward agreements and bunker swaps. Accounting standards effective in 2020 In August 2018, the FASB issued ASU No. 2018-13, Fair value measurement ( "ASU 2018-13"). ASU 2018-13 is intended to streamline the disclosures requirements on fair value measurements. Disclosures such as the amounts of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the valuation process for Level 3 fair value measurements were removed. Additional disclosures such as disclosure about changes in unrealized gains and losses included in the other comprehensive income for Level 3 fair value measurements, the range and weighted average of significant unobservable inputs used for Level 3 fair value measurements are required to be reported by the public entities. The amendment is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company is currently evaluating the impact of the adoption of the accounting standard on its consolidated financial statements. |
Vessels and vessel improvements
Vessels and vessel improvements | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Vessels and vessel improvements | Vessels and vessel improvements As of December 31, 2018 , the Company’s owned fleet consisted of 47 drybulk vessels. As of December 31, 2015, the Company identified six vessels which it was probable that the Company was going to sell, and recognized an impairment charge in 2015 of $50.9 million. The carrying value of these vessels prior to impairment in 2015 was $76.3 million. As the value of such vessels further declined in the first quarter of 2016, the Company recorded an additional impairment charge of $6.2 million in that quarter. Out of the six vessels initially identified in 2015, all vessels have been sold as of December 31, 2017. As of December 31, 2016, as part of the Company's fleet renewal program, management considered it probable that we would divest of some of our older vessels as well as certain less efficient vessels from our fleet to achieve operating cost savings within two years. Management's strategy also entailed moving to larger Ultramax vessels as the Company renews its fleet. As a result, the Company recognized an additional impairment charge of $122.9 million in the fourth quarter of 2016. The carrying value of these vessels prior to impairment was $234.9 million . The Company sold four of the sixteen impaired vessels in 2017 and 2018 and signed memorandum of agreements for the sale of two additional vessels as of December 31, 2018. The two vessels were delivered to the buyers in January 2019. For the year ended December 31, 2018, the Company purchased and took delivery of two modern Ultramax vessels for $21.3 million per vessel. For the year ended December 31, 2018, the Company sold two vessels (Avocet, and Thrush) for total net proceeds of $20.5 million after brokerage commissions and associated selling expenses. The Company recorded a net gain of $0.3 million from the sale of the two vessels. The Company recorded the proceeds from the sale of the vessel Thrush as restricted cash at December 31, 2018 pursuant to the Bond Terms governing the Norwegian Bond Debt. Please refer to Note 8 Debt to the consolidated financial statements. On December 13, 2018, the Company signed a memorandum of agreement to sell the vessel Condor for $6.5 million after brokerage commissions and associated selling expenses. The vessel was delivered to buyers in the first quarter of 2019. The Company expects to recognize a gain of $2.2 million . The Company recorded the carrying amount of the vessel as vessels held for sale in its Consolidated Balance Sheet as of December 31, 2018. On December 21, 2018, the Company signed a memorandum of agreement to purchase a 2015 built Ultramax vessel for $20.4 million . As of December 31, 2018, the Company paid a deposit of $2.0 million . The Company took delivery of the vessel in the first quarter of 2019. On January 4, 2019, the Company signed a memorandum of agreement to sell the vessel Merlin for $6.1 million after brokerage commissions and associated selling expenses. The vessel was delivered to the buyers in January 2019. The Company expects to record a gain of approximately $1.9 million in the first quarter of 2019. The Company recorded the carrying amount of the vessel as vessels held for sale in its Consolidated Balance Sheet as of December 31, 2018 On August 14, 2018, the Company entered into a contract for installation of ballast water treatment systems ("BWTS") on 47 of our owned vessels. The projected costs, including installation, is approximately $0.5 million per BWTS. The Company intends to complete the installation during scheduled drydockings. The Company recorded $1.0 million in Other assets as of December 31, 2018. On September 4, 2018, the Company announced it had entered into a series of agreements to purchase up to 37 Scrubbers which are to be retrofitted on owned vessels. The Agreements are comprised of firm orders for 19 Scrubbers and up to an additional 18 units, at the Company’s option. On November 20, 2018, the Company announced that it had exercised its option to purchase 15 of the 18 optional Scrubbers, and on January 23, 2019, the Company announced that it had exercised the remaining 3 options. The projected costs, including installation, is approximately $2.2 million per Scrubber. The Company recorded $16.9 million in Other assets in its Consolidated Balance Sheet as of December 31, 2018. 2018 2017 Vessel and vessel improvements at the beginning of the year $ 690,236,419 $ 567,592,950 Advance paid for vessel purchase 2,201,773 1,926,886 Purchase of Vessels and vessel improvements 41,487,795 174,400,746 Disposal of Vessels (10,354,855 ) (15,218,633 ) Reclassification to vessels held for sale (8,458,444 ) (9,316,095 ) Depreciation Expense (32,167,752 ) (29,149,435 ) Vessels and Vessel Improvements $ 682,944,936 $ 690,236,419 |
Short-term investment
Short-term investment | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Short-term investment | Short-term investment As of December 31, 2017, the Company held a certificate of deposit of $4.5 million , with an original maturity at the date of purchase of one year. It was classified as Level 2 security in the fair value hierarchy. The certificate of deposit matured in the first quarter of 2018. |
Deferred Drydock Costs
Deferred Drydock Costs | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Drydock Costs | Deferred Drydock Costs Drydocking activity is summarized as follows: December 31, 2018 December 31, 2017 December 31, 2016 Beginning Balance $ 9,749,751 $ 11,507,309 $ 11,146,009 Drydocking costs 8,323,191 2,579,111 3,688,711 Drydock amortization (5,353,102 ) (4,336,669 ) (3,327,411 ) Write-off due to sale of vessels * (533,484 ) — — Ending Balance $ 12,186,356 $ 9,749,751 $ 11,507,309 * The Company wrote off drydock expenses of $0.5 million relating to the sale of vessels Avocet and Thrush, which was recorded in (gain)/loss on sale of vessels in the Consolidated Statement of Operations for the year ended December 31, 2018. |
Other accrued liabilities
Other accrued liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Other accrued liabilities | Other accrued liabilities Other accrued liabilities consist of: December 31, 2018 December 31, 2017 Vessel and voyage expenses $ 4,981,596 $ 5,373,389 General and administrative expenses 4,768,244 6,050,078 Other expenses 314,177 386,899 Balance $ 10,064,017 $ 11,810,366 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Debt Long-term debt consists of the following: December 31, 2018 December 31, 2017 Norwegian Bond Debt $ 196,000,000 $ 200,000,000 Debt discount and debt issuance costs - Norwegian Bond Debt (5,530,845 ) (6,049,671 ) Less: Current Portion - Norwegian Bond Debt (8,000,000 ) (4,000,000 ) Norwegian Bond Debt, net of debt discount and debt issuance costs 182,469,155 189,950,329 New First Lien Facility * 60,000,000 65,000,000 Debt discount and debt issuance costs - New First Lien Facility (1,060,693 ) (1,241,815 ) Less: Current Portion - New First Lien Facility (10,750,000 ) — New First Lien Facility, net of debt discount and debt issuance costs 48,189,307 63,758,185 Original Ultraco Debt Facility 82,600,000 61,200,000 Debt discount and debt issuance costs - Original Ultraco Debt Facility (1,248,885 ) (1,224,838 ) Less: Current Portion - Original Ultraco Debt Facility (10,426,230 ) — Original Ultraco Debt Facility, net of debt discount and debt issuance costs 70,924,885 59,975,162 Total long-term debt $ 301,583,347 $ 313,683,676 *Includes loan balances on term loan and revolver loan facility under the New First Lien Facility as of December 31, 2017 . The revolver loan of $5.0 million was repaid during 2018. Norwegian Bond Debt On November 28, 2017, Eagle Bulk Shipco LLC, a wholly-owned subsidiary of the Company ("Shipco" or "Issuer") issued $200.0 million in aggregate principal amount of 8.250% Senior Secured Bonds (the "Bonds" or the "Norwegian Bond Debt"), pursuant to those certain bond terms (the "Bond Terms"), dated as of November 22, 2017, by and between the Issuer and Nordic Trustee AS, as the Bond Trustee. After giving effect to an original issue discount of approximately 1% and deducting offering expenses of $3.1 million , the net proceeds from the issuance of the Bonds are approximately $195.0 million . These net proceeds from the Bonds, together with the proceeds from the New First Lien Facility and cash on hand, were used to repay all amounts outstanding including accrued interest under various debt facilities outstanding at that time and to pay expenses associated with the refinancing transactions. Shipco incurred $1.3 million in other financing costs in connection with the transaction. The Norwegian Bond Debt is guaranteed by the limited liability companies that are subsidiaries of the Issuer and the legal and beneficial owners of 27 security vessels (the "Shipco Vessels") in the Company’s fleet, and will be secured by mortgages over such security vessels, a pledge granted by the Company over all of the shares of the Issuer, a pledge granted by the Issuer over all the shares in the Vessel Owners, certain charter contract assignments, certain assignments of earnings, a pledge over certain accounts, an assignment of insurances covering security vessels, and assignments of intra-group debt between the Company and the Issuer or its subsidiaries. Pursuant to the Bond Terms, interest on the Bonds will accrue at a rate of 8.250% per annum on the nominal amount of each of the Bonds from November 28, 2017, payable semi-annually on May 29 and November 29 of each year (each, an “Interest Payment Date”), commencing May 29, 2018. The Bonds will mature on November 28, 2022. On each Interest Payment Date from and including November 29, 2018, the Issuer must repay an amount of $4.0 million , plus accrued interest thereon. Any outstanding Bonds must be repaid in full on the Maturity Date at a price equal to 100% of the nominal amount, plus accrued interest thereon. The Issuer may redeem some or all of the outstanding Bonds at any time on or after the Interest Payment Date in May 2020 (the “First Call Date”), at the following redemption prices (expressed as a percentage of the nominal amount), plus accrued interest on the redeemed amount, on any business day from and including: Period Redemption Price First Call Date to, but not including, the Interest Payment Date in November 2020 104.125 % Interest Payment Date in November 2020 to but not including, the Interest Payment Date in May 2021 103.3 % Interest Payment Date in May 2021 to, but not including, the Interest Payment Date in November 2021 102.475 % Interest Payment Date in November 2021 to, but not including, the Interest Payment Date in May 2022 101.65 % Interest Payment Date in May 2022 to, but not including, the Maturity Date 100 % Prior to the First Call Date, the Issuer may redeem some or all of the outstanding Bonds at a price equal to 100% of the nominal amount of the Bonds plus a “make-whole” premium and accrued and unpaid interest to the redemption date. If the Company experiences a change of control, each holder of the Bonds will have the right to require that the Issuer purchase all or some of the Bonds held by such holder at a price equal to 101% of the nominal amount, plus accrued interest. The Bond Terms contain certain financial covenants that the Issuer’s leverage ratio defined as the ratio of outstanding bond amount and any drawn amounts under the Super Senior Facility less consolidated cash balance to the aggregate book value of the Shipco Vessels must not exceed 75% and its and its subsidiaries’ free liquidity must at all times be at least $12.5 million . The Company is in compliance with its financial covenants as of December 31, 2018. On March 23, 2018, the Company signed a memorandum of agreement to sell the vessel Thrush for $10.8 million after brokerage commissions and associated selling expenses. Pursuant to the Bond Terms governing the Norwegian Bond Debt, the proceeds from the sale of vessels are to be held in a restricted account to be used for the financing of the acquisition of additional vessels by Shipco. As a result, the Company recorded the proceeds of the sale of Thrush as restricted cash at December 31, 2018 in the consolidated financial statements. On November 6, 2018, the Company received the approval for an amendment to the Bond Terms to allow for the proceeds from the sale of the Shipco vessels for partial financing of Scrubbers to be retrofitted to the Shipco vessels. As of December 31, 2018, the Company did not use any of the proceeds received from sale of Shipco vessels for financing of Scrubbers. The Bond Terms also contain certain events of default customary for transactions of this type, including, but not limited to, those relating to: a failure to pay principal or interest; a breach of covenants, representation or warranty; a cross default to other indebtedness; the occurrence of certain bankruptcy and insolvency events; and the impossibility or unlawfulness of performance of the finance documents. The Bond terms also contain certain exceptions and qualifications, among other things, limit the Company’s and the Issuer’s ability and the ability of the Issuer’s subsidiaries to do the following: make distributions; carry out any merger, other business combination, demerger or corporate reorganization; make substantial changes to the general nature of their respective businesses; incur certain indebtedness; incur liens; make loans or guarantees; make certain investments; transact with affiliates; enter into sale and leaseback transactions; engage in certain chartering-in of vessels; dispose of shares of Vessel Owners; or acquire the Bonds. The Bonds were listed for trading on the Oslo Stock Exchange on May 15, 2018. New First Lien Facility On December 8, 2017, Eagle Shipping entered into the New First Lien Facility, which provided for (i) a term loan facility in an aggregate principal amount of up to $60.0 million (the “Term Loan”) and (ii) a revolving credit facility in an aggregate principal amount of up to $5.0 million (the “Revolving Loan”). Outstanding borrowings under the New First Lien Facility bore interest at LIBOR plus 3.50% per annum. Eagle Shipping paid $1.0 million to the lenders and incurred $0.4 million of other financing costs in connection with the transaction. The New First Lien Facility had a maturity date on the earlier of (i) five years from the initial borrowing date under the Credit Agreement and (ii) December 8, 2022. With respect to the Term Loan, Eagle Shipping was required to make quarterly repayments of principal of $2.15 million beginning January 15, 2019, with a final balloon payment to be made at maturity. With respect to the Revolving Loan, Eagle Shipping was required to repay the aggregate principal amount of all borrowings outstanding on the maturity date. Accrued interest on amounts outstanding under the Term Loan and the Revolving Loan was required be paid on the last day of each applicable interest period. Interest periods were for three months, six months or any other period agreed between Eagle Shipping and the Lenders. Finally, Eagle Shipping was required to prepay certain specified amounts outstanding under the New First Lien Facility if an Eagle Shipping Vessel (as defined below) was sold or became a total loss or if there was a change of control with respect to the Company, Eagle Shipping or any Guarantor. Eagle Shipping’s obligations under the New First Lien Facility was secured by, among other items, a first priority mortgage on the nine vessels in Eagle Shipping’s fleet as identified in the Credit Agreement and such other vessels that it may from time to time include with the approval of the Lenders (the “Eagle Shipping Vessels”), an assignment of certain accounts, an assignment of certain charters with terms that may exceed 12 months, an assignment of insurances, an assignment of certain master agreements, and a pledge of the membership interests of each of Eagle Shipping’s vessel-owning subsidiaries. In the future, Eagle Shipping may grant additional security to the Lenders from time to time. The New First Lien Facility contained financial covenants requiring Eagle Shipping to maintain minimum liquidity of $0.5 million in respect of each Eagle Shipping Vessel and to maintain a consolidated interest coverage ratio beginning for the fiscal quarter ending on September 30, 2019, of not less than a range varying from 1.50 to 1.00 to 2.50 to 1.00. In addition, the New First Lien Facility also imposed operating restrictions on Eagle Shipping and the Guarantors, including limiting Eagle Shipping’s and the Guarantors’ ability to, among other things: pay dividends; incur additional indebtedness; create liens on assets; sell assets; dissolve or liquidate; merge or consolidate with another person; make investments; engage in transactions with affiliates; and allow certain changes of control to occur. The Company was in compliance with its financial covenants as of December 31, 2018. The New First Lien Facility also included 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; the occurrence of certain bankruptcy and insolvency events; the occurrence of certain ERISA events; a judgment default; the cessation of business; the impossibility or unlawfulness of performance of the loan documents; the ineffectiveness of any material provision of any loan document; the occurrence of a material adverse effect; and the occurrence of certain swap terminations. During the first quarter of 2018, Eagle Shipping repaid $5.0 million of the Revolving Loan. As of December 31, 2018, the availability under the Revolving Loan was $5.0 million . On January 25, 2019, the Company repaid the outstanding debt under the New First Lien Facility in full as part of the refinancing transaction as described below under "Refinancing." Super Senior Facility On December 8, 2017, Shipco entered into the Super Senior Facility, which provides for a revolving credit facility in an aggregate amount of up to $15.0 million . The proceeds of the Super Senior Facility, which are currently undrawn, are expected, pursuant to the terms of the Super Senior Facility, to be used (i) to acquire additional vessels or vessel owners and (ii) for general corporate and working capital purposes of Shipco and its subsidiaries. The Super Senior Facility matures on August 28, 2022. Shipco paid $0.3 million as other financing costs in connection with the transaction. As of December 31, 2018, the availability under the Super Senior Facility is $15.0 million . The outstanding borrowings under the Super Senior Facility will bear interest at LIBOR plus 2.00% per annum and commitment fees of 40% of the applicable margin on the undrawn portion of the facility. For each loan that is requested under the Super Senior Facility, Shipco must repay such loan along with accrued interest on the last day of each interest period relating to the loan. Interest periods are for three months, six months or any other period agreed between Shipco and the Super Senior Facility Agent. Additionally, subject to the other terms of the Super Senior Facility, amounts repaid on the last day of each interest period may be re-borrowed. Shipco’s obligations under the Super Senior Facility are guaranteed by the limited liability companies that are subsidiaries of Shipco and the legal and beneficial owners of 27 vessels in the Company’s fleet (the “Eagle Shipco Vessel Owners”), and will be secured by mortgages over such vessels, a pledge granted by the Company over all of the shares of Shipco, a pledge granted by Shipco over all the shares in the Eagle Shipco Vessel Owners, certain charter contract assignments, certain assignments of earnings, a pledge over certain accounts, an assignment of insurances covering security vessels, and assignments of intra-group debt between the Company and Shipco or its subsidiaries. The Super Senior Facility ranks super senior to the Bonds with respect to any proceeds from any enforcement action relating to security or guarantees for both the Super Senior Facility and the Bonds. The Super Senior Facility contains certain covenants that, subject to certain exceptions and qualifications, among other things, limit Shipco’s and its subsidiaries’ ability to do the following: make distributions; carry out any merger, other business combination, or corporate reorganization; make substantial changes to the general nature of their respective businesses; incur certain indebtedness; incur liens; make loans or guarantees; make certain investments; transact other than on arm’s-length terms; enter into sale and leaseback transactions; engage in certain chartering-in of vessels; or dispose of shares of Eagle Shipco Vessel Owners. Additionally, Shipco’s leverage ratio must not exceed 75% and its and its subsidiaries’ free liquidity must at all times be at least $12.5 million . Also, the total commitments under the Super Senior Facility will be cancelled if (i) at any time the aggregate market value of the security vessels for the Super Senior Facility is less than 300% of the total commitments under the Super Senior Facility or (ii) if Shipco or any of its subsidiaries redeems or otherwise repays the Bonds so that less than $100.0 million is outstanding under the Bond Terms. The Company is in compliance with its financial covenants as of December 31, 2018. The Super Senior Facility also contains certain events of default customary for transactions of this type, including, but not limited to, those relating to: a failure to pay principal or interest; a breach of covenants, representation or warranty; a cross default to other indebtedness; the occurrence of certain bankruptcy and insolvency events; the cessation of business; the impossibility or unlawfulness of performance of the finance documents for the Super Senior Facility; and the occurrence of a material adverse effect. Original Ultraco Debt Facility On June 28, 2017, Ultraco, a wholly-owned subsidiary of the Company, entered into a credit agreement (the “Original Ultraco Debt Facility”), by and among Ultraco, as borrower, certain wholly-owned vessel-owning subsidiaries of Ultraco, as guarantors (the “Ultraco Guarantors”). The Original Ultraco Debt Facility provided for a multi-draw senior secured term loan facility in an aggregate principal amount of up to the lesser of (i) $61.2 million and (ii) 40% of the lesser of (1) the purchase price of the nine Ultramax vessels to be acquired by Ultraco and the Ultraco Guarantors pursuant to a previously disclosed framework agreement, dated as of February 28, 2017, with Greenship Bulk Manager Pte. Ltd., as Trustee-Manager of Greenship Bulk Trust, and (2) the fair market value of the vessels. The proceeds of the Original Ultraco Debt Facility were used for the purpose of financing, refinancing or reimbursing a part of the acquisition cost of nine Ultramax vessels. The outstanding borrowings under the Original Ultraco Debt Facility bore interest at LIBOR plus 2.95% per annum. The Original Ultraco Debt Facility also provided for the payment of certain other fees and expenses by Ultraco. Ultraco paid $1.0 million to the lenders and $0.5 million as deferred financing costs in connection with the transaction. On December 29, 2017, Ultraco entered into a First Amendment (the “First Amendment”) to the Original Ultraco Debt Facility to increase the commitments for the purpose of financing the acquisition of an additional vessel by New London Eagle LLC, a wholly owned subsidiary of Ultraco and additional guarantor under the Original Ultraco Debt Facility. The increase in the commitments was $8.6 million . Ultraco took delivery of the vessel in January 2018 and drew down $8.6 million . The Company paid $0.1 million as financing costs to the lender in connection with the transaction. On October 17, 2018, Ultraco entered into a Second Amendment (the "Second Amendment") to the Original Ultraco Debt Facility to increase the commitments for the purpose of financing the acquisition of an additional vessel by Hamburg Eagle LLC, a wholly owned subsidiary of Ultraco and additional guarantor under the Original Ultraco Debt Facility. The increase in the commitments was $12.8 million . Ultraco took delivery of the vessel on October 22, 2018 and drew down $12.8 million . The Company paid $0.2 million as financing costs to the lender in connection with the transaction. As of December 31, 2018, Ultraco has drawn $82.6 million of the credit facility relating to the acquisition of 11 Ultramax vessels. The Original Ultraco Debt Facility was to mature on the earlier of (i) five years after the delivery of the last remaining Greenship Vessel to occur and (ii) October 31, 2022. There were no fixed repayments until January 2019 (the "First Repayment Date"). Ultraco was required to make quarterly repayments of principal in an amount of $2.1 million beginning in the first quarter of 2019 with a final balloon payment to be made at maturity. The Original Ultraco Debt Facility allowed for increased commitments, subject to the satisfaction of certain conditions and the obtaining of certain approvals, in an aggregate principal amount of up to the lesser of (i) $17.4 million and (ii) 40% of the aggregate fair market value of any additional vessels to be financed with such incremental commitment. Ultraco’s obligations under the Original Ultraco Debt Facility were secured by, among other items, a first priority mortgage on each of the Greenship Vessels and such other vessels that it may from time to time include with the approval of the Ultraco Lenders, an assignment of earnings of the Greenship Vessels, an assignment of all charters with terms that may exceed 12 months, an assignment of insurances, an assignment of certain master agreements, and a pledge of the membership interests of each of Ultraco’s vessel-owning subsidiaries. The Original Ultraco Debt Facility contained financial covenants requiring Ultraco, among other things: (1) to ensure that the aggregate market value of the Greenship Vessels (plus the value of certain additional collateral) was at all times not less than 150% of the aggregate principal amount of debt outstanding (subject to certain adjustments); (2) to maintain cash or cash equivalents not less than (a) a liquidity reserve of $0.6 million in respect of each Greenship Vessel and (b) a debt service reserve of $0.6 million in respect of each Greenship Vessel, a portion of which could have been utilized to satisfy the obligations under the Original Ultraco Debt Facility upon satisfaction of certain conditions; however, taking into account the requirements of 2(a) and 2(b), the cash or cash equivalents could not have been less than the greater of (i) $7.5 million or (ii) 12% of the consolidated total debt of Ultraco and its subsidiaries; (3) to maintain at all times a ratio of consolidated tangible net worth to consolidated total assets of not less than 0.35 to 1.00; (4) to maintain a consolidated interest coverage ratio beginning after the second anniversary of June 28, 2017, of not less than a range varying from 2.00 to 1.00 to 2.50 to 1.00; and (5) to maintain a ballast water treatment systems reserve of $4.6 million which may be released upon the satisfaction of certain conditions. In addition, the Original Ultraco Debt Facility also imposed operating restrictions on Ultraco and the Ultraco Guarantors, including limiting Ultraco’s and the Ultraco Guarantors’ ability to, among other things: pay dividends; incur additional indebtedness; create liens on assets; sell assets; dissolve or liquidate; merge or consolidate with another person; make investments; engage in transactions with affiliates; and allow certain changes of control to occur. The Original Ultraco Debt Facility also included 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; the occurrence of certain bankruptcy and insolvency events; the occurrence of certain ERISA events; a judgment default; the cessation of business; the impossibility or unlawfulness of performance of the loan documents; the ineffectiveness of any material provision of any loan document; the occurrence of a material adverse effect; and the occurrence of certain swap terminations. On January 25, 2019, the Company repaid the outstanding debt under the Original Ultraco Debt Facility in full as part of the refinancing transaction as described below). Interest rates For the year ended December 31, 2018, interest rates on Norwegian Bond Debt was 8.25% . The weighted average effective interest rate including amortization of debt discount and debt issuance costs for the year was 8.91% . The interest rates on the Original Ultraco Debt Facility ranged from 4.64% to 5.76% including a margin over LIBOR and commitment fees of 40% of the margin on the undrawn portion of the facility. The weighted average effective interest rate for the year was 5.58% . The interest rates on the New First Lien Facility ranged from 4.91% to 5.89% including a margin over LIBOR and commitment fees of 40% of the margin on the undrawn portion of the revolver credit facility of the New First Lien Facility. The weighted average effective interest rate including the amortization of debt discount and debt issuance costs for the year was 6.12% . For the year ended December 31, 2017, interest rates on our outstanding debt under the First Lien Facility ranged from 4.77% to 5.35% , including a margin over LIBOR and commitment fees of 40% of the margin on the undrawn portion of the facility. The weighted average effective interest rate was 6.18% . The interest rates on our outstanding debt under the Original Ultraco Debt Facility ranged from 4.19% to 4.28% , including a margin over LIBOR applicable under the terms of the Original Ultraco Debt Facility which was entered into on June 28, 2017. The weighted average effective interest rate was 4.71% . The Norwegian Bond debt carries an interest rate of 8.25% . The weighted average effective interest rate on the same was 8.84% . The interest rate on our outstanding debt under the New First Lien Facility was 4.83% including a margin over LIBOR applicable under the terms of the New First Lien Facility which was entered into on December 8, 2017. The weighted average effective interest rate was 5.21% . For 2016, interest rates on our outstanding debt ranged from 3.86% to 4.99% , including a margin over LIBOR applicable under the terms of the First Lien Facility/Exit Financing Facility. The weighted average effective interest rate including the amortization of debt discount for this period was 6.83% . For 2017 and 2016, the payment-in-kind interest rate on our Second Lien Facility was 15% including a margin over LIBOR. The weighted average effective interest rate on our Second Lien Facility including the amortization of debt discount was 17.05% . Interest Expense consisted of: For the Years Ended December 31, 2018 December 31, 2017 December 31, 2016 First Lien Facility / Exit Financing Facility interest * $ — $ 10,305,275 $ 9,938,822 Amortization of debt discount and debt issuance costs 1,913,651 5,927,984 4,532,481 Payment in kind interest on Second Lien Facility — 10,098,401 7,327,843 Original Ultraco Debt Facility interest 3,774,309 1,269,581 — Norwegian Bond Debt interest 16,424,449 1,558,333 — New First Lien Facility interest 3,509,790 209,420 — Commitment fees - Super Senior Revolver Facility 121,332 8,000 — Total Interest Expense $ 25,743,531 $ 29,376,994 $ 21,799,146 * The Exit Financing Facility was amended and restated on March 30, 2016 as a result of entering into the First Lien Facility. First Lien Facility On March 30, 2016, Eagle Shipping as borrower, and certain of its subsidiaries that were guarantors of the Company’s obligations under the Company’s senior secured credit facility (the “Exit Financing Facility”), as guarantors, entered into the “First Lien Facility with the lenders thereunder (the “First Lien Lenders”) and ABN AMRO Capital USA LLC, as agent and security trustee for the lenders. The First Lien Facility amended and restated the Exit Financing Facility in its entirety, provided for Eagle Shipping to be the borrower in the place of the Company, and further provided for a waiver of any and all events of default occurring as a result of the voluntary OFAC Disclosure referred to in Note 10. Commitments and Contingencies - Legal Proceedings to the consolidated financial statements. The First Lien Facility provided for a term loan in the amount of $201.5 million after giving effect to the entry into the First Lien Facility and the Second Lien Facility as well as a $50.0 million revolving credit facility (the "First Lien Facility"). The outstanding borrowings under the First Lien Facility bore interest at LIBOR plus 4.0% per annum. Eagle Shipping prepaid $5.7 million of the term loan during the year ended December 31, 2016 and $13.0 million of the term loan for the year ended December 31, 2017 pursuant to the terms of the First Lien Facility relating to mandatory prepayments upon sales of vessels. Additionally, Eagle Shipping also repaid $5.0 million of the revolving credit facility in the third quarter of 2017. On December 8, 2017, Eagle Shipping repaid the outstanding balance of the term loan of $171.1 million and the outstanding balance of the revolver loan of $20.0 million and discharged the debt under the First Lien Facility in full. As a result, Eagle Shipping recorded a loss, representing the difference between settlement price and the net carrying value of the debt amounting to $3.2 million which is included in loss on debt extinguishment in the Consolidated Statement of Operations for the year ended December 31, 2017. Second Lien Facility On March 30, 2016, Eagle Shipping, as borrower, and certain of its subsidiaries that were guarantors of the Company’s obligations under the Exit Financing Facility, as guarantors, entered into a Second Lien Facility with certain lenders (the “Second Lien Lenders”) and Wilmington Savings Fund Society, FSB as agent for the Second Lien Lenders (the “Second Lien Agent”). The Second Lien Facility provided for a term loan in the amount of $60.0 million (the “Second Lien Facility”), and scheduled to mature on January 14, 2020. The term loan under the Second Lien Facility bore interest at a rate of LIBOR plus 14.00% per annum with a 1.0% LIBOR floor paid in kind quarterly in arrears. The payment-in-kind interest represents a non-cash operating and financing activity on the consolidated statements of cash flows for the years ended December 31, 2017 and 2016. The Company adopted ASU-2016-15 which provided specific guidance on cash flow classification issues such as debt prepayment or debt extinguishment costs, settlement of zero coupon debt instruments. The amendment was applied retrospectively to each period presented and the Company reclassified $17.4 million of accumulated payment-in-kind interest paid upon the discharge of the Second Lien Facility previously recorded as a use of cash from financing activities, as a use of cash from operating activities. On December 8, 2017, in connection with the refinancing defined above, Eagle Shipping repaid the outstanding debt and accumulated payment-in-kind interest aggregating $77.4 million , and discharged the debt under the Second Lien Facility in full. Eagle Shipping recorded the difference between the settlement price and the net carrying value of the debt amounting to $11.8 million , as loss on debt extinguishment in the Consolidated Statement of Operations for the year ended December 31, 2017. Exit Financing Facility On October 9, 2014, the Company entered into the Exit Financing Facility with the Exit Lenders. The Exit Financing Facility was in the amount of $275.0 million , is including a $50.0 million revolving credit facility out of which $40.0 million was drawn as of December 31, 2015, and had a maturity date of on October 15, 2019. Amounts drawn under the Exit Financing Facility bore interest at a rate of LIBOR plus margin ranging between 3.50% and 4.00% per annum. The revolving credit facility was subject to an annual commitment fee of 40% of the margin. The Exit Financing Facility was amended and restated in its entirety by Eagle Shipping on March 30, 2016 and succeeded by the First Lien Facility described above. Scheduled Debt Maturities The following table presents the scheduled maturities of principal amounts of our debt obligations for the next five years. Norwegian Bond Debt New First Lien Facility * Original Ultraco Debt Facility * Total 2019 $ 8,000,000 $ 10,750,000 $ 10,426,230 $ 29,176,230 2020 8,000,000 8,600,000 8,340,984 24,940,984 2021 8,000,000 8,600,000 8,340,984 24,940,984 2022 172,000,000 32,050,000 55,491,802 259,541,802 $ 196,000,000 $ 60,000,000 $ 82,600,000 $ 338,600,000 ` * The scheduled maturities exclude the impact of the refinancing of the New First Lien Facility and Original Ultraco Debt Facility on January 25, 2019. Refinancing On January 25, 2019, Ultraco entered into a new senior secured credit facility, as the borrower (the "New Ultraco Debt Facility"), with the Company and certain of its indirectly vessel-owning subsidiaries, as guarantors (the “Guarantors”), the lenders party thereto, the swap banks party thereto, ABN AMRO Capital USA LLC ("ABN AMRO"), Credit Agricole Corporate and Investment Bank, Skandinaviska Enskilda Banken AB ( PUBL) and DNB Markets Inc., as mandated lead arrangers and bookrunners, and ABNAMRO, as arranger, security trustee and facility agent. The New Ultraco Debt Facility provides for an aggregate principal amount of $208.4 million , which consists of (i) a term loan facility of $153.4 million and (ii) a revolving credit facility of $55.0 million . The proceeds from the New Ultraco Debt Facility were used to repay the outstanding debt including accrued interest under the Original Ultraco Debt Facility and the New First Lien Facility in full and for general corporate purposes. Subject to certain conditions set forth in the credit agreement, Ultraco may request an increase of up to $60.0 million in the aggregate principal amount of the Term Facility Loan. Outstanding borrowings under the New Ultraco Debt Facility bear interest at LIBOR plus 2.50% per annum. The New Ultraco Debt Facility matures on the earlier of (i) five years from the initial borrowing date and (ii) February 15, 2024 (the “Maturity Date”). Pursuant to the terms of the facility, Ultraco must repay the aggregate principal amount of $5.1 million in quarterly installments for the first year and $6.5 million in quarterly installments from the second year until the Maturity Date. Additionally, there is a semi-annual catch up amortization payments from excess cash flow with a maximum cumulative payable of $4.6 million , with a final balloon payment of all remaining outstanding debt to be m |
Derivative Instruments and Fair
Derivative Instruments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Derivative Instruments and Fair Value Measurements | Derivative Instruments and Fair Value Measurements Forward freight agreements, bunker swaps and freight derivatives The Company trades in forward freight agreements (“FFAs”) and bunker swaps, 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 and bunker swaps have not qualified for hedge accounting treatment. As such, unrealized and realized gains are recognized as a component of other expense in the Consolidated Statement of Operations and Other current assets and Fair value of derivatives in the Consolidated Balance Sheets. Derivatives are considered to be Level 2 instruments in the fair value hierarchy. The effect of non-designated derivative instruments on the Consolidated Statements of Operations: For the Years Ended Derivatives not designated as hedging instruments Location of (gain)/loss recognized December 31, 2018 December 31, 2017 December 31, 2016 FFAs Other (income)/expense $ (471,679 ) $ 375,672 $ 561,495 Bunker swaps Other (income)/expense 345,438 (413,577 ) — Total $ (126,241 ) $ (37,905 ) $ 561,495 Derivatives not designated as hedging instruments Balance Sheet Location Fair value of derivatives December 31, 2018 December 31, 2017 FFAs - Unrealized loss Fair value of derivatives $ — $ 73,170 FFAs - Unrealized gain Other current assets 669,240 — Bunker Swaps - Unrealized loss Fair value of derivatives 929,313 — Bunker Swaps - Unrealized gain Other current assets — 128,845 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 December 31, 2018 and December 31, 2017, the Company posted cash collateral related to derivative instruments under its collateral security arrangements of $0.8 million and $0.2 million, respectively, which is recorded within other current assets in the consolidated balance sheets. 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 sheets for interest-bearing deposits approximate their fair value due to their short-term nature thereof. Debt —the carrying amounts of borrowings under the Norwegian Bond Debt, New First Lien Facility and Original Ultraco Debt Facility (prior to application of the discount and debt issuance costs) including the revolving credit agreement approximate their fair value, due to the variable interest rate nature thereof. 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, certain short-term investments and restricted cash accounts. Level 2 – Quoted prices for similar assets and liabilities in active markets or inputs that are observable. Our Level 2 non-derivatives include our short-term investments and debt balances under the Norwegian Bond Debt, New First Lien Facility and Original Ultraco Debt Facility. Level 3 – Inputs that are unobservable (for example cash flow modeling inputs based on assumptions). Assets and liabilities measured at fair value: Fair Value Carrying Value Level 1 Level 2 December 31, 2018 Assets Cash and cash equivalents (1) $ 78,163,638 $ 78,163,638 $ — Liabilities Norwegian Bond Debt * $ 190,469,155 $ — $ 195,040,000 New First Lien Facility ** $ 58,939,307 $ — $ 60,000,000 Original Ultraco Debt Facility ** $ 81,351,115 $ — $ 82,600,000 Fair Value Carrying Value Level 1 Level 2 December 31, 2017 Assets Cash and cash equivalents (1) $ 56,325,961 $ 56,325,961 $ — Short-term investment $ 4,500,000 $ — $ 4,500,000 Liabilities Norwegian Bond Debt * $ 189,950,329 $ — $ 200,990,000 New First Lien Facility ** $ 63,758,185 $ — $ 65,000,000 Original Ultraco Debt Facility ** $ 59,975,162 $ — $ 61,200,000 (1) Includes non-current restricted cash of $ 11.0 million at December 31, 2018 and $0.1 million at December 31, 2017. * The fair value of the bonds is based on the last trade on December 21, 2018 and December 21, 2017 on Bloomberg.com. ** The fair value of the New First Lien Facility and the Original Ultraco Debt Facility is based on the required repayment to the lenders if the debt was discharged in full on December 31, 2018 and 2017. The New First Lien Facility and Original Ultraco Debt Facility were fully discharged as part of the refinancing transaction on January 25, 2019. Please see Note 8. Debt to the consolidated financial statements. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Operating Lease On October 15, 2015, the Company entered into a new commercial lease agreement as a subtenant for office space in Stamford, Connecticut. The lease is effective from January 1, 2016 through June 29, 2023, with an average annual rent of $0.4 million . The lease is secured by a letter of credit backed by cash collateral of $74,917 which amount is recorded as restricted cash in the accompanying consolidated balance sheets. In November 2018, the Company entered into a lease office agreement in Singapore, which expires in October 2021, with an average annual rent of $0.3 million . Rent expense for all of our global locations recorded for the years ended December 31, 2018 , 2017 , and 2016 was $0.7 million , $0.7 million and $0.8 million , respectively. The future minimum commitments under the leases for office space as of December 31, 2018 are as follows: (In thousands of U.S. dollars) 2019 $ 715 2020 728 2021 708 2022 483 2023 245 Thereafter — Total $ 2,879 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. In November 2015, the Company filed a voluntary self-disclosure report regarding certain apparent violations of U.S. sanctions regulations in the provision of shipping services for third party charterers with respect to the transportation of cargo to or from Myanmar. At the time of such apparent violations, the Company had a different senior operational management team. There can be no assurance that OFAC will not conclude that these past actions warrant the imposition of civil penalties and/or referral for further investigation by the U.S. Department of Justice. The report was provided to OFAC for the agency’s review, consideration and determination regarding what action, if any, may be taken in resolution of this matter. The Company will continue to cooperate with the agency regarding this matter and cannot estimate when such review will be concluded. While the ultimate impact of these matters cannot be determined, there can be no assurance that the impact will not be material to the Company’s financial condition or results of operations. Other Commitments On July 28, 2011, the Company entered into an agreement to charter in a 37,000 dwt newbuilding Japanese vessel that was delivered 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. On May 10, 2017, the Company signed an agreement to cancel this existing time charter contract. The Company agreed to pay a lump sum termination fee of $1.5 million relating to the cancellation. At the same time, the Company entered into an agreement with the same lessor, effective April 28, 2017 to charter in a 61,400 dwt, 2013 built Japanese vessel for approximately four years (having the same redelivery dates as the aforementioned cancelled charter) with options for two additional years. The hire rate for the first four years is $12,800 per day and the hire rate for the first optional year is $13,800 per day and $14,300 per day for the second optional year. On May 4, 2018, the Company entered into an agreement to charter-in a 61,425 dwt 2013 built Ultramax vessel for three years with an option for an additional two years. The hire rate for the first three years is $12,700 per day and $13,750 per day for the 1st year option and $14,750 per day for the second year option. The Company took delivery of the vessel in the third quarter of 2018. On December 9, 2018, the Company entered into an agreement to charter-in a 62,487 dwt 2016 built Ultramax vessel for two years. The hire rate for the vessel until March 2020 is $14,250 per day and $15,250 per day thereafter. The Company took delivery of the vessel in the fourth quarter of 2018. On August 14, 2018, the Company entered into a contract for installation of ballast water treatment systems ("BWTS") on our owned vessels. The projected costs, including installation, is approximately $0.5 million per BWTS. The Company intends to complete the installation during scheduled drydockings. The Company recorded $1.0 million in Other assets in the Consolidated Balance Sheet as of December 31, 2018. On September 4, 2018, the Company entered into a series of agreements to purchase up to 37 Scrubbers which are to be retrofitted on the vessels. The Agreements are comprised of firm orders for 19 Scrubbers and up to an additional 18 units, at the Company’s option. On November 20, 2018 the Company announced that it has exercised its option to purchase 15 of the 18 Scrubbers, and on January 23, 2019 the Company announced that it has exercised the remaining 3 options. The projected costs, including installation, is approximately $2.2 million per Scrubber. The Company intends to complete the retrofit of all 37 vessels prior to the January 1, 2020 implementation date of the new sulphur emission cap regulation, as set forth by the IMO. The Company recorded $16.9 million of Scrubber costs and $1.0 million for ballast water treatment systems in Other assets in the Consolidated Balance Sheet as of December 31, 2018. On December 21, 2018, the Company signed a memorandum of agreement to purchase a 2015 built Ultramax vessel for $20.4 million . As of December 31, 2018, the Company paid a deposit of $2.0 million . The Company took delivery of the vessel in the first quarter of 2019. |
Income_(Loss) per Common Share
Income/(Loss) per Common Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Income/(Loss) per Common Share | Income/(Loss) per Common Share The computation of basic net income/(loss) per share is based on the weighted average number of common shares outstanding for the years ended December 31, 2018 , 2017 and 2016 . As of December 31, 2018 and 2017, the Company had 3,040,540 outstanding warrants convertible to 152,027 shares of the Company's common stock with an exercise price of $556.40 per share. The warrants have a 7 year term and will expire on October 15, 2021. Diluted net income/(loss) per share gives effect to stock awards, stock options and restricted stock units using the treasury stock method, unless the impact is anti-dilutive. Diluted net income per share for the year ended December 31, 2018 does not include 687 unvested stock awards, 348,625 stock options and outstanding warrants convertible to 152,027 shares of common stock as their effect was anti-dilutive. Diluted net loss per share for the year ended December 31, 2017 does not include 1,716,928 unvested stock awards, 2,301,046 stock options and outstanding warrants convertible to 152,027 shares of common stock as their effect was anti-dilutive. Diluted net loss per share for the year ended December 31, 2016 does not include 1,413,461 unvested stock awards, 1,942,909 stock options and outstanding warrants convertible into 152,027 shares of common stock as their effect was anti-dilutive. For the Years Ended December 31, 2018 December 31, 2017 December 31, 2016 Net income/(loss) $ 12,574,684 $ (43,796,685 ) $ (223,522,435 ) Weighted Average Shares-Basic 70,665,212 69,182,302 20,565,652 Dilutive effect of stock options, warrants and restricted stock units 1,136,961 — — Weighted Average Shares - Diluted 71,802,173 69,182,302 20,565,652 Basic income/(loss) per share $ 0.18 $ (0.63 ) $ (10.87 ) Diluted income/(loss) per share $ 0.18 $ (0.63 ) $ (10.87 ) |
Stock Incentive Plans
Stock Incentive Plans | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Incentive Plans | Stock Incentive Plans 2014 Management Incentive Plan On October 15, 2014, in accordance with the Plan of Reorganization, the Company adopted the post-emergence Management Incentive Program (the “2014 Plan”), which provided for the distribution of New Eagle MIP Primary Equity in the form of shares of New Eagle Common Stock, and New Eagle MIP Options, to the participating senior management and other employees of the reorganized Company with 2% of the New Eagle Common Stock (on a fully diluted basis) on the Effective Date, and two tiers of options to acquire 5.5% of the New Eagle Common Stock (on a fully diluted basis) with different strike prices based on the equity value for the reorganized Company and a premium to the equity value, each of the foregoing to vest generally over a four year schedule through 25% annual installments commencing on the first anniversary of the Effective Date. The New Eagle MIP Primary Equity is subject to vesting, but the holder thereof is entitled to receive all dividends paid with respect to such shares as if such New Eagle MIP Primary Equity had vested on the grant date (subject to forfeiture by the holder in the event that such grant is terminated prior to vesting unless the administrator of the 2014 Plan determines otherwise). The New Eagle MIP Options contain adjustment provisions to reflect any transaction involving shares of New Eagle Common Stock, including as a result of any dividend, recapitalization, or stock split, to prevent any diminution or enlargement of the holder’s rights under the award. During 2018, 1,432 restricted stock awards vested and 83 restricted stock awards were forfeited. There were 50,625 unvested restricted stock awards outstanding with an average share price on grant date of $5.90 as of December 31, 2018. The restricted stock awards are expected to vest fully during 2019. The amortization of these restricted shares was calculated using the cliff method of vesting and included in general and administrative expenses in the consolidated statement of operations for the years ended December 31, 2018, 2017 and 2016. During 2017, 133,452 restricted stock awards vested and there were 52,140 restricted stock awards outstanding with an average share price on grant date of $42.19 as of December 31, 2017. As of December 31, 2018, there were 12,875 options vested but unexercised with exercise prices ranging from $360 to $505 and there were no unvested MIP options. The fair value of the vested options is insignificant. There were 9,960 options vested but not exercised as of December 31, 2017 and 2,915 options that were not vested but were expected to vest. The fair value of vested options is insignificant. On November 7, 2016, the Company granted 233,863 shares of restricted common stock and options to purchase 280,000 shares of the Company’s common stock in connection with the appointment of a new member to the senior management team. The restricted stock and option were not granted under, but are subject to, the terms of the Company’s 2014 Plan. The details of the grant are below: Restricted shares * Fair value on grant date Aggregate fair value (in millions) Vesting Terms Granted on November 7, 2016 233,863 $ 4.24 $ 1.0 100% vesting on third anniversary date Unvested restricted stock outstanding as of December 31, 2018 and 2017 233,863 $ 4.24 $ 1.0 * Amortization of the above stock awards was calculated using the cliff method of vesting and included in general and administrative expenses. Options** Weighted Average Exercise Price Expiration( years) Risk free interest rate Volatility Dividend % Fair Value of Options on grant date Aggregate fair value (in millions) Expected Term and vesting conditions Granted on November 7, 2016 280,000 $ 4.28 5 1.10 % 61 % — % $ 1.91 $ 0.53 3.75 years and 25% vesting annually over four year term Vested during 2017 (70,000 ) $ (0.13 ) Unvested options outstanding as of December 31, 2017 210,000 $ 4.28 $ 1.91 $ 0.40 Vested during 2018 (70,000 ) $ (0.13 ) Unvested options outstanding as of December 31, 2018 140,000 $ 4.28 $ 1.91 $ 0.27 ** The volatility was calculated by comparing the Company’s share price movement since emergence from bankruptcy on October 14, 2014 and its peers’ share price movement for the past five years. The amortization of these stock options was calculated using the graded method of vesting and included in general and administrative expenses. There are 140,000 options vested but not exercised and 140,000 unvested options, all of which are expected to vest as of December 31, 2018. The vested but not exercised options expire at various dates beginning November 2022 until November 2023 at an exercise price of $4.28 per share. There were 70,000 options vested but not exercised as of December 31, 2017 and 210,000 options expected to vest. 2016 Equity Compensation Plan On December 15, 2016, the Company’s shareholders approved the 2016 Equity Compensation Plan (the “2016 Plan”) and the Company registered 5,348,613 shares of common stock which may be issued under the 2016 Plan. The 2016 Plan replaced the 2014 Plan and no other awards will be granted under the 2014 Plan. Outstanding awards under the 2014 Plan will continue to be governed by the terms of the 2014 Plan until exercised, expired, otherwise terminated, or canceled. Under the terms of the 2016 Plan, awards for up to a maximum of 3,000,000 shares may be granted under the 2016 Plan to any one employee of the Company and its subsidiaries during any one calendar year, and awards in the form of options and stock appreciation rights for up to a maximum of 3,000,000 shares may be granted under the 2016 Plan. The total number of shares of common stock with respect to which awards may be granted under the 2016 Plan to any non-employee director during any one calendar year shall not exceed 500,000 , subject to adjustment as provided in the 2016 Plan. Any Director, officer, employee or consultant of the Company or any of its subsidiaries (including any prospective officer or employee) is eligible to be designated to participate in the 2016 Plan. The Company withheld shares related to restricted stock awards that vested in 2018 at the fair market value equivalent to the maximum statutory withholding obligation, and remitted that amount in cash to the appropriate taxation authorities. The following schedule represents outstanding stock awards and options granted under the 2016 Plan as of December 31, 2018. Restricted shares Weighted Average Fair value on grant date Aggregate fair value (in millions) Vesting Terms Granted on December 15, 2016 * 760,056 $ 5.90 $ 4.40 100% on September 1, 2018 Granted on December 15, 2016 * 233,869 5.90 1.38 100% on October 14, 2018 Unvested restricted stock outstanding as of December 31, 2016 993,925 5.90 5.78 Issued on March 1, 2017 429,750 5.47 2.35 33% vesting annually over three year term Issued on June 1, 2017 18,000 4.64 0.08 100% vesting on third anniversary date Forfeited during 2017 (10,750 ) 5.47 $ (0.06 ) Unvested restricted stock outstanding as of December 31, 2017 1,430,925 5.70 8.15 Issued on January 4, 2018 948,500 4.71 4.47 33% vesting annually over three year term Issued on January 10, 2018 30,000 4.81 0.10 Vested on January 10, 2018 (30,000 ) 4.81 (0.10 ) Net shares vested on March 1, 2018 (90,711 ) 5.47 (0.50 ) Vested on September 1, 2018 (408,143 ) 5.90 (2.41 ) Vested on October 14, 2018 (130,164 ) 5.90 (0.77 ) Forfeitures and cancellations due to settlement of tax liability on vested shares during 2018 (537,942 ) 5.81 (3.13 ) Unvested restricted stock outstanding as of December 31, 2018 1,212,465 $ 4.79 $ 5.81 *The above stock awards were issued concurrently with the cancellation of outstanding stock awards and options under the 2014 Plan. Therefore, the issuance was accounted for as a modification as per ASC 718 “Compensation-Stock Compensation.” The fair value is the incremental compensation cost, which was calculated as the excess of the fair value of the replacement award over the fair value of the cancelled award at the cancellation date. The amortization of the above stock awards was calculated using the graded method of vesting and included in general and administrative expenses. Options* Weighted AverageExercise Price Expiration (years) Risk free interest rate Volatility Dividend % Fair Value of Options on grant date Aggregate fair value (in millions) Expected Term and Vesting conditions Granted on December 15, 2016 ** 1,266,476 $ 4.28 5 1.79 % 62 % — % $ 3.12 $ 3.96 3.15 years and 25% vesting annually Granted on December 15, 2016 ** 389,695 $ 4.28 5 1.79 % 62 % — % $ 3.14 $ 1.21 3.15 years and 25% vesting annually Unvested options outstanding as of December 31, 2016 1,656,171 $ 4.28 $ 5.17 Issued on March 1, 2017 337,000 $ 5.56 5 1.72 % 63.5 % — % $ 2.60 $ 0.90 3.75 years and 25% vesting annually over four year term Issued on June 1, 2017 18,000 $ 4.71 5 1.56 % 64.7 % — % $ 2.23 $ 0.04 3.75 years and 25% vesting annually over four year term Vested during 2017 (828,085 ) $ 4.28 $ 3.12 $ (2.60 ) Forfeitures during 2017 (3,000 ) $ 5.56 $ 2.60 $ (0.08 ) Unvested options outstanding as of December 31, 2017 1,180,086 $ 4.65 $ 2.91 $ 3.43 Vested and unexercised during 2018 (525,501 ) $ 4.55 $ 3.01 $ (1.60 ) Forfeitures during 2018 (1,875 ) $ 5.56 $ 2.60 $ (0.05 ) Exercised during 2018 (875 ) $ 5.56 $ 2.60 $ (0.03 ) Unvested options outstanding as of December 31, 2018 651,835 $ 4.72 $ 3.01 *The volatility was calculated by comparing the Company’s share price movement since emergence from bankruptcy on October 14, 2014 and its peers’ share price movement for the past five years. **The above stock options were issued concurrently with cancellation of outstanding stock awards and options under the 2014 Equity Incentive Plan. Therefore, the transaction was accounted for as a modification as per ASC 718 “Compensation-Stock Compensation.” The fair value is the incremental compensation cost, which was calculated as the excess of the fair value of the replacement award over the fair value of the cancelled award at the cancellation date. The amortization of the above stock options was included in general and administrative expenses. There are 1,353,586 options vested but not exercised as of December 31, 2018 and 651,835 options expected to vest. The Company issues new shares upon exercise of any vested options. The vested but not exercised options expire at various dates beginning September 2022 until October 2023 at exercise prices ranging between $4.28 to $5.56 per share. There were 828,085 options vested but not exercised as of December 31, 2017 and 1,180,086 options expected to vest. The stock-based compensation expense for the above stock awards and options under the 2016 Plan and 2014 Plan included in General and administrative expenses: For the Years Ended December 31, 2018 December 31, 2017 December 31, 2016 Stock awards /stock option plans $ 9,207,480 $ 8,738,615 $ 2,206,690 Total stock-based compensation expense $ 9,207,480 $ 8,738,615 $ 2,206,690 The future compensation to be recognized for all the grants issued for the years ending December 31, 2019 , 2020 and 2021 is estimated to be $4.7 million , $1.7 million and $0.5 million , respectively. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2018 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plan | Employee Benefit Plan In October 2010, the Company established a safe harbor 401(k) plan, which is available to full-time office employees who meet the plan’s eligibility requirements. The plan allows participants to contribute to the plan a percentage of pre-tax compensation, but not in excess of the maximum allowed under the Internal Revenue Code. The Company is matching contributions amounting to 100% of the first 3% and 50% of the next 2% of each employee’s salary. The matching contribution vests immediately. The total matching contribution incurred by the Company and included in general and administrative expenses for the years ended December 31, 2018 , 2017 and 2016 was $275,674 , $240,888 and $167,778 , respectively. The Company has a discretionary profit sharing contribution program under which employees may receive profit sharing contributions based on the Company’s annual operating performance. For the years ended December 31, 2018 , 2017 and 2016 , the Company did no t make a profit sharing contribution. The Company revised its matching contributions to 100% of the first 6% of each employee's salary beginning January 1, 2019. |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (Unaudited) | Quarterly Results of Operations (Unaudited) We have presented the unaudited quarterly results of operations for the fiscal years ended December 31, 2018 and December 31, 2017 . Consolidated Statement of Operations (Unaudited) 2018 Three Months Three Months Three Months Three Months Revenues, net $ 79,370,609 $ 74,938,700 $ 69,092,740 $ 86,692,209 Total Operating expenses 73,051,692 65,953,230 60,262,456 73,220,074 Operating income 6,318,917 8,985,470 8,830,284 13,472,135 Net income 52,745 3,450,767 2,584,822 6,486,350 Basic income Per Share $ 0.00 $ 0.05 $ 0.04 $ 0.09 Diluted income Per Share $ 0.00 $ 0.05 $ 0.04 $ 0.09 2017 Three Months ended March 31 Three Months ended June 30 Three Months ended September 30 Three Months ended December 31, Revenues, net $ 45,855,057 $ 53,631,224 $ 62,710,903 $ 74,587,441 Total Operating expenses 50,361,713 53,938,837 64,624,733 67,999,398 Operating (loss)/income (4,506,656 ) (307,613 ) (1,913,830 ) 6,588,043 Net loss * (11,068,448 ) (5,888,466 ) (10,255,346 ) (16,584,425 ) Basic Loss Per Share $ (0.17 ) $ (0.08 ) $ (0.15 ) $ (0.24 ) Diluted Loss Per Share $ (0.17 ) $ (0.08 ) $ (0.15 ) $ (0.24 ) * Net loss for the three months ended December 31, 2017 includes $15.0 million of loss on debt extinguishment. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On January 2, 2019, the Company granted 781,890 restricted shares as a company-wide grant under the 2016 Plan. The fair value of the grant based on the closing share price on December 31, 2018 was $3.7 million . The shares will vest in equal installments over a three year term. During first quarter of 2019, the Company delivered the vessel Condor to its buyer pursuant to a memorandum of agreement, dated December 13, 2018 for net proceeds of $6.5 million . The Company expects to recognize a gain of $2.2 million . On January 4, 2019, the Company signed a memorandum of agreement to sell the vessel Merlin for $6.1 million after brokerage commissions and associated selling expenses. The vessel was delivered to the buyers in January 2019. The Company will record a gain of approximately $1.9 million in the first quarter of 2019. As discussed above in Note 8 Debt - Refinancing, on January 25, 2019, Ultraco entered into the New Ultraco Debt Facility, which provides for an aggregate principal amount of $208.4 million , consisting of (i) a term loan facility of $153.4 million and (ii) a revolving credit facility of $55.0 million The proceeds from the New Ultraco Debt Facility were used to repay the outstanding debt including accrued interest under the Original Ultraco Debt Facility and the New First Lien Facility in full and for general corporate purposes. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation: The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and include the accounts of Eagle Bulk Shipping Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions were eliminated upon consolidation. |
Use of Estimates | Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles 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. Significant estimates include vessel valuations, residual value of vessels, the useful lives of vessels, the value of stock-based compensation and the fair value of derivatives. Actual results could differ from those estimates. |
Other Comprehensive income/(loss) | Other Comprehensive income/(loss): The Company records the fair value of interest rate swaps and foreign currency swaps designated as hedges as an asset or liability on the balance sheet. The effective portion of the swap is recorded in accumulated other comprehensive loss. Historically, the Company also recorded the unrealized gains and losses on its available for sale investments in accumulated other comprehensive loss. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash: The Company considers liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less at the time of purchase to be cash equivalents |
Accounts Receivable | Accounts Receivable: Accounts receivable includes receivables from charterers for time and voyage charterers. At each balance sheet date, all potentially uncollectible accounts are assessed for purposes of determining the appropriate provision for doubtful accounts. |
Insurance Claims | Insurance Claims: Insurance claims are recorded as incurred and represent the claimable expenses, net of deductibles, incurred through each balance sheet date, which are expected to be recovered from insurance companies. |
Inventories | Inventories: Inventories, which consist of bunkers, are stated at cost which is determined on a first-in, first-out method. Lubes and spares are expensed as incurred. |
Short-term Investments | Short-term Investments: The Company considers liquid investments such as certificate of deposits with an original maturity of greater than three months as investments. As of December 31, 2017, the Company had $4.5 million in a certificate of deposit with an original maturity of one year. |
Vessels and vessel improvements, at cost | Vessels and vessel improvements, at cost: Vessels are stated at cost, which consists of the contract price, and other direct costs relating to acquiring and placing the vessels in service. Major vessel improvements are capitalized and depreciated over the remaining useful lives of the vessels. Depreciation is calculated on a straight-line basis over the estimated useful lives of the vessels based on the cost of the vessels reduced by the estimated scrap value of the vessels as discussed below. |
Vessel lives | Vessel lives and Impairment of Long-Lived Assets: The Company estimates the useful life of the Company's vessels to be from the date of initial delivery from the shipyard to the original owner. The useful lives of the Company's vessels are evaluated to determine if events have occurred which would require modification to their useful lives. In addition, the Company estimates the scrap value of the vessels to be $300 per light weight ton ("lwt"). |
Impairment of Long-Lived Assets | The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company will evaluate the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset as provided by third parties. In this respect, management regularly reviews the carrying amount of the vessels in connection with the estimated recoverable amount for each of the Company's vessels. |
Accounting For Drydocking Costs | Accounting for Drydocking Costs: The Company follows the deferral method of accounting for drydocking costs whereby actual costs incurred are deferred and are amortized on a straight-line basis over the period through the date the next drydocking is required to become due, generally 30 months if the vessels are 15 years old or more and 60 months for the vessels younger than 15 years . Costs deferred as part of the drydocking include direct costs that are incurred as part of the drydocking to meet regulatory requirements. Certain costs are capitalized during drydocking if they are expenditures that add economic life to the vessel, increase the vessel’s earnings capacity or improve the vessel’s efficiency. Direct costs that are deferred include the shipyard costs, parts, inspection fees, steel, blasting and painting. Expenditures for normal maintenance and repairs, whether incurred as part of the drydocking or not, are expensed as incurred. Unamortized drydocking costs of vessels that are sold are written off and included in the calculation of the resulting gain or loss in the year of the vessels’ sale. Unamortized drydocking costs are written off as drydocking expense if the vessels are drydocked before the expiration of the applicable amortization period. |
Deferred Financing Costs | Deferred Financing Costs: Fees incurred for obtaining new loans or refinancing existing ones are deferred and amortized to interest expense over the life of the related debt using the effective interest method. Unamortized deferred financing costs are written off when the related debt is repaid or refinanced and such amounts are expensed in the period the repayment or refinancing is made. Such amounts are classified as a reduction of the long-term debt balance on the consolidated balance sheets. |
Other fixed assets | Other fixed assets: Other fixed assets are stated at cost less accumulated depreciation. Depreciation is based on a straight-line basis over the estimated useful life of the asset. Other fixed assets consist principally of leasehold improvements, computers and software and are depreciated over three years |
Accounting For Revenues And Expenses | Accounting for Revenues and Expenses : Revenues generated from time charters and/or revenues generated from profit sharing arrangements are recognized on a straight-line basis over the term of the respective time charter agreements as service is provided and the profit sharing is fixed and determinable. Under voyage charters, voyage revenues for cargo transportation are recognized ratably over the estimated relative transit time of each voyage. Voyage revenue is deemed to commence upon the loading of the charterer’s cargo and is deemed to end upon the completion of discharge, provided an agreed non-cancellable charter between the Company and the charterer is in existence, the charter rate is fixed and determinable, and collectability is reasonably assured. Revenue under voyage charters will not be recognized until a charter has been agreed even if the vessel has discharged its previous cargo and is proceeding to an anticipated port of loading. Under voyage charters, voyage expenses such as bunkers, port charges, canal tolls, cargo handling operations and brokerage commissions are paid by the Company whereas, under time charters, such voyage costs are paid by the Company's customers. Vessel operating costs include crewing, vessel maintenance and vessel insurance. All voyage and vessel operating expenses are expensed as incurred on an accrual basis, except for commissions. Commissions are recognized over the related time or voyage charter period since commissions are earned as the Company's revenues are earned. Probable losses on voyages are provided for in full at the time such loss can be estimated. We adopted ASC 606 as of January 1, 2018 utilizing the modified retrospective method of transition. We recorded an adjustment of approximately $0.8 million to increase our opening accumulated deficit and increase our unearned revenue and other current assets on our Consolidated Balance Sheet on January 1, 2018. |
Unearned Charter Hire Revenue | Unearned Charter Hire Revenue: Unearned charter hire revenue represents cash received from charterers prior to the time such amounts are earned. These amounts are recognized as revenue as services are provided in future periods. |
Repairs and Maintenance | Repairs and Maintenance: All repair and maintenance expenses are expensed as incurred and are recorded in Vessel Expenses. |
Protection and Indemnity Insurance | Protection and Indemnity Insurance: The Company’s Protection and Indemnity Insurance is subject to additional premiums referred to as "back calls" or "supplemental calls" which are accounted for on an accrual basis and are recorded in Vessel Expenses. |
Earnings Per Share | Earnings Per Share: Basic earnings per share is computed by dividing the net income or loss by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects the impact of stock options, warrants and restricted stock under the treasury stock method unless their impact is anti-dilutive. |
Interest Rate Risk Management | Interest Rate Risk Management: The Company is exposed to the impact of interest rate changes for outstanding debt under the New First Lien Facility and the Original Ultraco Debt Facility. The Company's objective is to manage the impact of interest rate changes on earnings and cash flows of its borrowings. The Company may use interest rate swaps to manage net exposure to interest rate changes related to its borrowings. |
Federal Taxes | Federal Taxes: The Company is a Republic of the Marshall Islands Corporation. For the years ended December 31, 2018 and 2017, the Company believes that its operations qualify for Internal Revenue Code Section 883 exemption and therefore are not subject to United States federal taxes on United States source shipping income. |
Restructuring charges | Restructuring charges : Restructuring charges consist of professional fees for advisors and attorneys who assisted the Company in the debt restructuring relative to the First Lien Facility in 2016 . |
Share-based compensation | Stock-based compensation: The Company issues stock-based compensation utilizing both stock options and stock grants. Stock-based compensation is measured at the fair value of the award at the date of grant and recognized over the period of vesting on a straight-line basis using the graded vesting method. The grant-date fair value of stock options is estimated using the Black-Scholes option pricing model. Forfeitures are recognized as they occur. |
Impact of Recently Issued Accounting Standards | Impact of Recently Adopted Accounting Standards Revenue recognition Time charters Our shipping revenues are principally generated from time charters and voyage charters. In a time charter contract, the vessel is hired by the charterer for a specified period of time in exchange for consideration which is based on a daily hire rate. The charterer has the full discretion over the ports visited, shipping routes and vessel speed. The contract/charter party generally provides typical warranties regarding the speed and performance of the vessel. The charter party generally has some owner protective restrictions such that the vessel is sent only to safe ports by the charterer, subject always to compliance with applicable sanction laws, and carry only lawful or non hazardous cargo. In a time charter contract, the Company is responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubes. The charterer bears the voyage related costs such as bunker expenses, port charges and canal tolls during the hire period. The performance obligations in a time charter contract are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to the Company. The charterer generally pays the charter hire in advance of the upcoming contract period. The time charter contracts are considered operating leases and therefore do not fall under the scope of ASC 606 because (i) the vessel is an identifiable asset (ii) the Company does not have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Voyage charters In a voyage charter contract, the charterer hires the vessel to transport a specific agreed-upon cargo for a single voyage which may contain multiple load ports and discharge ports. The consideration in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The charter party generally has a minimum amount of cargo. The charterer is liable for any short loading of cargo or "dead" freight. The voyage contract generally has standard payment terms of 95% freight paid within three days after completion of loading. The voyage charter party generally has a "demurrage" or "despatch" clause. As per this clause, the charterer reimburses the Company for any potential delays exceeding the allowed laytime as per the charter party clause at the ports visited which is recorded as demurrage revenue. Conversely, the charterer is given credit if the loading/discharging activities happen within the allowed laytime known as despatch resulting in a reduction in revenue. In a voyage charter contract, the performance obligations begin to be satisfied once the vessel begins loading the cargo. The Company determined that its voyage charter contracts consist of a single performance obligation of transporting the cargo within a specified time period. Therefore, the performance obligation is met evenly as the voyage progresses. and the revenue is recognized on a straight line basis over the voyage days from the commencement of the loading of cargo to completion of discharge. The voyage contracts are considered service contracts which fall under the provisions of ASC 606 because the Company as the shipowner retains the control over the operations of the vessel such as directing the routes taken or the vessel speed. The voyage contracts generally have variable consideration in the form of demurrage or despatch. The amount of revenue earned as demurrage or despatch paid by the Company for the year ended December 31, 2018 is not material. The following table shows the revenues earned from time charters and voyage charters for the year ended December 31, 2018: For the year ended December 31, 2018 Time charters $ 140,006,570 Voyage charters 170,087,688 $ 310,094,258 Contract costs In a voyage charter contract, the Company bears all voyage related costs such as fuel costs, port charges and canal tolls. These costs are considered contract fulfillment costs because the costs are direct costs related to the performance of the contract and are expected to be recovered. The costs incurred during the period prior to commencement of loading the cargo, primarily bunkers, are deferred as they represent setup costs and recorded as a current asset and are amortized on a straight-line basis as the related performance obligations are satisfied. We adopted the provisions of ASC 606 on January 1, 2018 using the modified retrospective approach. As such, the comparative information has not been restated and continues to be reported under the accounting standards in effect for periods prior to January 1, 2018. Under the modified retrospective approach, the Company recognized the cumulative effect of adopting this standard as an adjustment amounting to $0.8 million to increase the opening balance of Accumulated Deficit as of January 1, 2018. The Company recognized $0.8 million of deferred costs which represents the costs, such as bunker expenses and charter hire expenses on chartered-in vessels, incurred prior to commencement of loading which are recorded in other current assets and $1.6 million of unearned charter hire revenue which represents the Company's obligation to satisfy performance obligations under the contract for which the Company has received consideration from the customer. The adoption of ASC 606 impacted the timing of recognition of revenue for certain ongoing spot voyage charter contracts, related voyage expenses and charter hire expenses. Under ASC 606, revenue is recognized from when the vessel commences loading through the completion of discharge at the discharge port instead of recognizing revenue from the discharge of the previous voyage provided an agreed non-cancellable charter between the Company and the charterer is in existence, the charter rate is fixed and determinable, and collectability is reasonably assured. Any expenses incurred during the ballast portion of the voyage (time spent by the vessel traveling from discharge port of the previous voyage to the load port of the subsequent voyage) such as bunker expenses, canal tolls and charter hire expenses for chartered-in vessels are deferred and are recognized on a straight-line basis over the charter period as the Company satisfies the performance obligations under the contract. Further, the adoption of ASC 606 impacted the accounts receivable and unearned revenue on our Consolidated Balance Sheet as of December 31, 2018. Under ASC 606, receivables represent an entity's unconditional right to consideration, billed or unbilled. The Company determined that the performance obligations on its spot voyage charters do not begin to be satisfied unless the vessel arrives at the load port and commences loading the cargo. This impacted the amount of accounts receivable and unearned revenue recorded in our Consolidated Balance Sheet. The following table presents the impact of the adoption of ASC 606 on our Consolidated Balance Sheet at December 31, 2018: As of December 31, 2018 As Reported Balance without adoption of ASC 606 Effect of change Assets Accounts receivable $ 19,785,582 $ 20,771,299 $ (985,717 ) Other current assets 2,246,740 1,478,450 768,290 Liabilities Unearned charter hire revenue 6,926,839 6,528,275 398,564 The following table presents the impact of the adoption of ASC 606 on our Consolidated Statement of Operations: For the year ended December 31, 2018 As Reported Balance without adoption of ASC 606 Effect of change Revenues, net $ 310,094,258 $ 309,894,921 $ 199,337 Voyage expenses 79,566,452 79,292,962 273,490 Charter hire expenses 38,045,778 37,957,027 88,751 Net income 12,574,684 12,737,588 (162,904 ) Basic income per share $ 0.18 $ 0.18 $ — Diluted income per share $ 0.18 $ 0.18 $ — The cumulative effect of changes made to our opening Consolidated Balance Sheet on January 1, 2018 for the adoption of ASC 606: December 31, 2017 Effect of adoption of ASC 606 January 1, 2018 Assets Accounts receivable $ 17,246,540 $ (925,983 ) $ 16,320,557 Other current assets (1) 785,027 796,508 1,581,535 Liabilities Unearned charter hire revenue (2) 5,678,673 657,635 6,336,308 Stockholders' equity Accumulated deficit (427,164,813 ) (787,110 ) (427,951,923 ) (1) Under ASC 606, the contract fulfillment costs are deferred as a current asset and amortized as the related performance obligations are satisfied. The adjustment to other current assets includes bunker expenses of $0.6 million incurred to arrive at the load port for the voyages in progress as of January 1, 2018 and $0.2 million of charter hire expenses on third party chartered-in vessels which were chartered-in to fulfill the performance obligations under the voyage contract. (2) Under ASC 606, unearned charter hire revenue represents the consideration received for undelivered performance obligations. The Company recorded $0.7 million as unearned revenue on voyages in progress as of January 1, 2018. The Company recognized this revenue in the first quarter of 2018 as the performance obligations were met. The adoption of ASC 606 had no impact on net cash provided by operating activities, investing activities and financing activities for the year ended December 31, 2018. Cash, cash equivalents and restricted cash In November 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-18. The amendments in Accounting Standard Update ("ASU") 2016-18 require that a statement of cash flows explain the change during the year in the total of cash, cash equivalents, and amounts described as restricted cash and restricted cash equivalents. Therefore, the restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-year and end-of-year total amounts shown on the statement of cash flows. We adopted this accounting standard as of January 1, 2018 and $11.0 million of restricted cash has been aggregated with the cash and cash equivalents as of December 31, 2018. Additionally, we retrospectively aggregated $74,917 of restricted cash with cash and cash equivalents in both the beginning-of-year and end-of-year line items at the bottom of the statements of cash flows for the years ended December 31, 2017 and 2016. Statement of cash flows (Topic 230) - classification of certain cash receipts and cash payments In August 2016, the FASB issued Accounting Standards Update No. 2016-15, “Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments” ("ASU-2016-15"). The new guidance is intended to provide specific guidance on cash flow classification issues such as debt prepayment or debt extinguishment costs, settlement of zero coupon debt instruments or cases where the coupon interest rate is insignificant compared to the effective interest rate of the borrowing, contingent consideration payments in a business combination, proceeds from insurance claim settlements and distributions received by equity method investees. The standard is effective for annual periods beginning after December 15, 2017 and interim periods within those annual periods. The amendment was applied retrospectively to each period presented and the Company reclassified $17.4 million of accumulated payment-in-kind interest paid upon the discharge of the Second Lien Facility (defined herein) in 2017 previously recorded as a use of cash from financing activities, as a use of cash from operating activities. In May 2017, the FASB issued ASU No. 2017-09, Compensation-Stock Compensation ("ASU 2017-09"), which provides guidance about what changes to the terms and conditions of a stock award require an entity to apply modification accounting as per ASC 718. An entity should account for effects of modification unless (i) the fair value of the modified award is the same as the fair value of the original award (ii) the vesting conditions of the modified award are the same as the vesting conditions of the original award and (iii) the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award. The standard is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2017. There was no impact on the Company's consolidated financial statements upon adoption of this accounting standard. In January 2017, the FASB issued Accounting Standards Update No. 2017-1, “Business Combinations (Topic 805).” The amendments in this update are intended to clarify the definition of business. The current guidance specifies three elements of a business – inputs, processes, and outputs. The new guidance provides a screen to determine when a set (defined as an integrated set of assets and activities) is not a business. The ASU requires that, to be a business, the set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The screen requires that when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. This screen reduces the number of transactions that need to be further evaluated. The standard is effective to annual periods beginning after December 15, 2017, including interim periods within those periods. As of December 31, 2018, there was no impact on the Company's consolidated financial statements upon adoption of this accounting standard as the Company had no business combination transaction in 2018. Accounting Standards issued but not yet adopted. The FASB has issued accounting standards that had not yet become effective as of December 31, 2018 and may impact the Company’s consolidated financial statements or related disclosures in future periods. Those standards and their potential impact are discussed below. Accounting standards effective in 2019 In February 2016, the FASB issued ASU No. 2016-02, "Leases ( Topic 842)," as amended ("ASU No. 2016-02"), which revises the accounting for leases. Under the new guidance, lessees are required to recognize a right-of-use asset and a lease liability for substantially all leases. The new guidance will continue to classify leases as either financing or operating, with classification affecting the pattern of expense recognition. The accounting applied by a lessor under the new guidance will be substantially equivalent to current lease accounting guidance. Entities have the option to adopt the new guidance using a modified retrospective approach through an adjustment to retained earnings applied either to the beginning of the earliest period presented or the beginning of the period of adoption. The new guidance was effective January 1, 2019 and will be applied using a modified retrospective approach through a cumulative effect adjustment to retained earnings as of January 1, 2019. The most significant effects of adoption relate to the recognition of right-of-use assets and lease liabilities on our balance sheet for operating leases and providing new disclosures about our leasing activities. We currently expect the right-of-use assets and lease liabilities as of January 1, 2019 to range from $27.0 million to $35.0 million based on the present value of the Company’s remaining minimum lease payments, primarily due to the recognition of right of use assets and lease liabilities with respect to operating leases. We do not believe the adoption of ASC 842 will have a material effect on our consolidated results of operations or cash flows. The Company will provide the required disclosures under the standard in its Form 10-Q filing for the quarterly period ending March 31, 2019. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging ("ASU-2017-12"), which is intended to align the results of the cash flow and fair value hedge accounting with the risk management activities of an entity. The amendments expand the hedge accounting for both financial and non-financial risk components and they reduce the operational burden of applying hedge accounting. The amendment enables the financial statements to reflect accurately the intent and outcome of its hedging strategies. ASU 2017-12 requires a modified retrospective transition method in which the Company will recognize the cumulative effect of the change on the opening balance of each affected component of equity in the consolidated balance sheet as of the date of adoption. The Standard is effective for fiscal years beginning after December 15, 2018, and interim periods with those fiscal years. The Company currently is not expecting any material impact as a result of adoption of this accounting standard on its consolidated financial statements as we do not apply hedge accounting of our freight forward agreements and bunker swaps. In July 2017, the FASB issued ASU No. 2017-11, "Earnings Per Share, Distinguishing Liabilities from Equity, and Derivatives and Hedging" ("ASU No. 2017-11"), which changes the classification of certain equity-linked financial instruments with down round features. As a result, a free standing equity-linked financial instrument or an embedded conversion option would not be accounted for as a derivative liability at fair value as a result of existence of a down round feature. For freestanding equity classified financial instruments, the amendment requires the entities to recognize the effect of the down round feature when triggered in its earnings per share calculations. The standard is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2018. The Company is currently not expecting any material impact as a result of adoption of this accounting standard on its consolidated financial statements as we have not elected to apply hedge accounting related to our freight forward agreements and bunker swaps. Accounting standards effective in 2020 In August 2018, the FASB issued ASU No. 2018-13, Fair value measurement ( "ASU 2018-13"). ASU 2018-13 is intended to streamline the disclosures requirements on fair value measurements. Disclosures such as the amounts of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the valuation process for Level 3 fair value measurements were removed. Additional disclosures such as disclosure about changes in unrealized gains and losses included in the other comprehensive income for Level 3 fair value measurements, the range and weighted average of significant unobservable inputs used for Level 3 fair value measurements are required to be reported by the public entities. The amendment is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company is currently evaluating the impact of the adoption of the accounting standard on its consolidated financial statements. |
Significant Accounting Polici_3
Significant Accounting Policies Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Disaggregation of Revenue | The following table shows the revenues earned from time charters and voyage charters for the year ended December 31, 2018: For the year ended December 31, 2018 Time charters $ 140,006,570 Voyage charters 170,087,688 $ 310,094,258 |
Schedule of Impact of Adoption of ASC 606 | The following table presents the impact of the adoption of ASC 606 on our Consolidated Balance Sheet at December 31, 2018: As of December 31, 2018 As Reported Balance without adoption of ASC 606 Effect of change Assets Accounts receivable $ 19,785,582 $ 20,771,299 $ (985,717 ) Other current assets 2,246,740 1,478,450 768,290 Liabilities Unearned charter hire revenue 6,926,839 6,528,275 398,564 The following table presents the impact of the adoption of ASC 606 on our Consolidated Statement of Operations: For the year ended December 31, 2018 As Reported Balance without adoption of ASC 606 Effect of change Revenues, net $ 310,094,258 $ 309,894,921 $ 199,337 Voyage expenses 79,566,452 79,292,962 273,490 Charter hire expenses 38,045,778 37,957,027 88,751 Net income 12,574,684 12,737,588 (162,904 ) Basic income per share $ 0.18 $ 0.18 $ — Diluted income per share $ 0.18 $ 0.18 $ — The cumulative effect of changes made to our opening Consolidated Balance Sheet on January 1, 2018 for the adoption of ASC 606: December 31, 2017 Effect of adoption of ASC 606 January 1, 2018 Assets Accounts receivable $ 17,246,540 $ (925,983 ) $ 16,320,557 Other current assets (1) 785,027 796,508 1,581,535 Liabilities Unearned charter hire revenue (2) 5,678,673 657,635 6,336,308 Stockholders' equity Accumulated deficit (427,164,813 ) (787,110 ) (427,951,923 ) (1) Under ASC 606, the contract fulfillment costs are deferred as a current asset and amortized as the related performance obligations are satisfied. The adjustment to other current assets includes bunker expenses of $0.6 million incurred to arrive at the load port for the voyages in progress as of January 1, 2018 and $0.2 million of charter hire expenses on third party chartered-in vessels which were chartered-in to fulfill the performance obligations under the voyage contract. (2) Under ASC 606, unearned charter hire revenue represents the consideration received for undelivered performance obligations. The Company recorded $0.7 million as unearned revenue on voyages in progress as of January 1, 2018. The Company recognized this revenue in the first quarter of 2018 as the performance obligations were met. |
Vessels and vessel improvemen_2
Vessels and vessel improvements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule Of Vessel And Vessel Improvements | 2018 2017 Vessel and vessel improvements at the beginning of the year $ 690,236,419 $ 567,592,950 Advance paid for vessel purchase 2,201,773 1,926,886 Purchase of Vessels and vessel improvements 41,487,795 174,400,746 Disposal of Vessels (10,354,855 ) (15,218,633 ) Reclassification to vessels held for sale (8,458,444 ) (9,316,095 ) Depreciation Expense (32,167,752 ) (29,149,435 ) Vessels and Vessel Improvements $ 682,944,936 $ 690,236,419 |
Deferred Drydock Costs (Tables)
Deferred Drydock Costs (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule Of Dry Docking Activity | Drydocking activity is summarized as follows: December 31, 2018 December 31, 2017 December 31, 2016 Beginning Balance $ 9,749,751 $ 11,507,309 $ 11,146,009 Drydocking costs 8,323,191 2,579,111 3,688,711 Drydock amortization (5,353,102 ) (4,336,669 ) (3,327,411 ) Write-off due to sale of vessels * (533,484 ) — — Ending Balance $ 12,186,356 $ 9,749,751 $ 11,507,309 * The Company wrote off drydock expenses of $0.5 million relating to the sale of vessels Avocet and Thrush, which was recorded in (gain)/loss on sale of vessels in the Consolidated Statement of Operations for the year ended December 31, 2018. |
Other accrued liabilities (Tabl
Other accrued liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Accrued Liabilities | Other accrued liabilities consist of: December 31, 2018 December 31, 2017 Vessel and voyage expenses $ 4,981,596 $ 5,373,389 General and administrative expenses 4,768,244 6,050,078 Other expenses 314,177 386,899 Balance $ 10,064,017 $ 11,810,366 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt consists of the following: December 31, 2018 December 31, 2017 Norwegian Bond Debt $ 196,000,000 $ 200,000,000 Debt discount and debt issuance costs - Norwegian Bond Debt (5,530,845 ) (6,049,671 ) Less: Current Portion - Norwegian Bond Debt (8,000,000 ) (4,000,000 ) Norwegian Bond Debt, net of debt discount and debt issuance costs 182,469,155 189,950,329 New First Lien Facility * 60,000,000 65,000,000 Debt discount and debt issuance costs - New First Lien Facility (1,060,693 ) (1,241,815 ) Less: Current Portion - New First Lien Facility (10,750,000 ) — New First Lien Facility, net of debt discount and debt issuance costs 48,189,307 63,758,185 Original Ultraco Debt Facility 82,600,000 61,200,000 Debt discount and debt issuance costs - Original Ultraco Debt Facility (1,248,885 ) (1,224,838 ) Less: Current Portion - Original Ultraco Debt Facility (10,426,230 ) — Original Ultraco Debt Facility, net of debt discount and debt issuance costs 70,924,885 59,975,162 Total long-term debt $ 301,583,347 $ 313,683,676 *Includes loan balances on term loan and revolver loan facility under the New First Lien Facility as of December 31, 2017 . The revolver loan of $5.0 million was repaid during 2018. |
Debt Instrument Redemption | The Issuer may redeem some or all of the outstanding Bonds at any time on or after the Interest Payment Date in May 2020 (the “First Call Date”), at the following redemption prices (expressed as a percentage of the nominal amount), plus accrued interest on the redeemed amount, on any business day from and including: Period Redemption Price First Call Date to, but not including, the Interest Payment Date in November 2020 104.125 % Interest Payment Date in November 2020 to but not including, the Interest Payment Date in May 2021 103.3 % Interest Payment Date in May 2021 to, but not including, the Interest Payment Date in November 2021 102.475 % Interest Payment Date in November 2021 to, but not including, the Interest Payment Date in May 2022 101.65 % Interest Payment Date in May 2022 to, but not including, the Maturity Date 100 % |
Schedule Of Interest Expense | Interest Expense consisted of: For the Years Ended December 31, 2018 December 31, 2017 December 31, 2016 First Lien Facility / Exit Financing Facility interest * $ — $ 10,305,275 $ 9,938,822 Amortization of debt discount and debt issuance costs 1,913,651 5,927,984 4,532,481 Payment in kind interest on Second Lien Facility — 10,098,401 7,327,843 Original Ultraco Debt Facility interest 3,774,309 1,269,581 — Norwegian Bond Debt interest 16,424,449 1,558,333 — New First Lien Facility interest 3,509,790 209,420 — Commitment fees - Super Senior Revolver Facility 121,332 8,000 — Total Interest Expense $ 25,743,531 $ 29,376,994 $ 21,799,146 * The Exit Financing Facility was amended and restated on March 30, 2016 as a result of entering into the First Lien Facility. |
Schedule of Maturities of Long-term Debt | The following table presents the scheduled maturities of principal amounts of our debt obligations for the next five years. Norwegian Bond Debt New First Lien Facility * Original Ultraco Debt Facility * Total 2019 $ 8,000,000 $ 10,750,000 $ 10,426,230 $ 29,176,230 2020 8,000,000 8,600,000 8,340,984 24,940,984 2021 8,000,000 8,600,000 8,340,984 24,940,984 2022 172,000,000 32,050,000 55,491,802 259,541,802 $ 196,000,000 $ 60,000,000 $ 82,600,000 $ 338,600,000 ` * The scheduled maturities exclude the impact of the refinancing of the New First Lien Facility and Original Ultraco Debt Facility on January 25, 2019. |
Derivative Instruments and Fa_2
Derivative Instruments and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Non-Designated Derivative Instruments Effect on Statement of Operations | The effect of non-designated derivative instruments on the Consolidated Statements of Operations: For the Years Ended Derivatives not designated as hedging instruments Location of (gain)/loss recognized December 31, 2018 December 31, 2017 December 31, 2016 FFAs Other (income)/expense $ (471,679 ) $ 375,672 $ 561,495 Bunker swaps Other (income)/expense 345,438 (413,577 ) — Total $ (126,241 ) $ (37,905 ) $ 561,495 Derivatives not designated as hedging instruments Balance Sheet Location Fair value of derivatives December 31, 2018 December 31, 2017 FFAs - Unrealized loss Fair value of derivatives $ — $ 73,170 FFAs - Unrealized gain Other current assets 669,240 — Bunker Swaps - Unrealized loss Fair value of derivatives 929,313 — Bunker Swaps - Unrealized gain Other current assets — 128,845 |
Fair Value, by Balance Sheet Grouping | Assets and liabilities measured at fair value: Fair Value Carrying Value Level 1 Level 2 December 31, 2018 Assets Cash and cash equivalents (1) $ 78,163,638 $ 78,163,638 $ — Liabilities Norwegian Bond Debt * $ 190,469,155 $ — $ 195,040,000 New First Lien Facility ** $ 58,939,307 $ — $ 60,000,000 Original Ultraco Debt Facility ** $ 81,351,115 $ — $ 82,600,000 Fair Value Carrying Value Level 1 Level 2 December 31, 2017 Assets Cash and cash equivalents (1) $ 56,325,961 $ 56,325,961 $ — Short-term investment $ 4,500,000 $ — $ 4,500,000 Liabilities Norwegian Bond Debt * $ 189,950,329 $ — $ 200,990,000 New First Lien Facility ** $ 63,758,185 $ — $ 65,000,000 Original Ultraco Debt Facility ** $ 59,975,162 $ — $ 61,200,000 (1) Includes non-current restricted cash of $ 11.0 million at December 31, 2018 and $0.1 million at December 31, 2017. * The fair value of the bonds is based on the last trade on December 21, 2018 and December 21, 2017 on Bloomberg.com. ** The fair value of the New First Lien Facility and the Original Ultraco Debt Facility is based on the required repayment to the lenders if the debt was discharged in full on December 31, 2018 and 2017. The New First Lien Facility and Original Ultraco Debt Facility were fully discharged as part of the refinancing transaction on January 25, 2019. Please see Note 8. Debt to the consolidated financial statements. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Commitments | The future minimum commitments under the leases for office space as of December 31, 2018 are as follows: (In thousands of U.S. dollars) 2019 $ 715 2020 728 2021 708 2022 483 2023 245 Thereafter — Total $ 2,879 |
Income_(Loss) per Common Share
Income/(Loss) per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | For the Years Ended December 31, 2018 December 31, 2017 December 31, 2016 Net income/(loss) $ 12,574,684 $ (43,796,685 ) $ (223,522,435 ) Weighted Average Shares-Basic 70,665,212 69,182,302 20,565,652 Dilutive effect of stock options, warrants and restricted stock units 1,136,961 — — Weighted Average Shares - Diluted 71,802,173 69,182,302 20,565,652 Basic income/(loss) per share $ 0.18 $ (0.63 ) $ (10.87 ) Diluted income/(loss) per share $ 0.18 $ (0.63 ) $ (10.87 ) |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Restricted Stock Award Activity | The restricted stock and option were not granted under, but are subject to, the terms of the Company’s 2014 Plan. The details of the grant are below: Restricted shares * Fair value on grant date Aggregate fair value (in millions) Vesting Terms Granted on November 7, 2016 233,863 $ 4.24 $ 1.0 100% vesting on third anniversary date Unvested restricted stock outstanding as of December 31, 2018 and 2017 233,863 $ 4.24 $ 1.0 The following schedule represents outstanding stock awards and options granted under the 2016 Plan as of December 31, 2018. Restricted shares Weighted Average Fair value on grant date Aggregate fair value (in millions) Vesting Terms Granted on December 15, 2016 * 760,056 $ 5.90 $ 4.40 100% on September 1, 2018 Granted on December 15, 2016 * 233,869 5.90 1.38 100% on October 14, 2018 Unvested restricted stock outstanding as of December 31, 2016 993,925 5.90 5.78 Issued on March 1, 2017 429,750 5.47 2.35 33% vesting annually over three year term Issued on June 1, 2017 18,000 4.64 0.08 100% vesting on third anniversary date Forfeited during 2017 (10,750 ) 5.47 $ (0.06 ) Unvested restricted stock outstanding as of December 31, 2017 1,430,925 5.70 8.15 Issued on January 4, 2018 948,500 4.71 4.47 33% vesting annually over three year term Issued on January 10, 2018 30,000 4.81 0.10 Vested on January 10, 2018 (30,000 ) 4.81 (0.10 ) Net shares vested on March 1, 2018 (90,711 ) 5.47 (0.50 ) Vested on September 1, 2018 (408,143 ) 5.90 (2.41 ) Vested on October 14, 2018 (130,164 ) 5.90 (0.77 ) Forfeitures and cancellations due to settlement of tax liability on vested shares during 2018 (537,942 ) 5.81 (3.13 ) Unvested restricted stock outstanding as of December 31, 2018 1,212,465 $ 4.79 $ 5.81 *The above stock awards were issued concurrently with the cancellation of outstanding stock awards and options under the 2014 Plan. Therefore, the issuance was accounted for as a modification as per ASC 718 “Compensation-Stock Compensation.” The fair value is the incremental compensation cost, which was calculated as the excess of the fair value of the replacement award over the fair value of the cancelled award at the cancellation date. The amortization of the above stock awards was calculated using the graded method of vesting and included in general and administrative expenses. |
Stock Options Activity | Amortization of the above stock awards was calculated using the cliff method of vesting and included in general and administrative expenses. Options** Weighted Average Exercise Price Expiration( years) Risk free interest rate Volatility Dividend % Fair Value of Options on grant date Aggregate fair value (in millions) Expected Term and vesting conditions Granted on November 7, 2016 280,000 $ 4.28 5 1.10 % 61 % — % $ 1.91 $ 0.53 3.75 years and 25% vesting annually over four year term Vested during 2017 (70,000 ) $ (0.13 ) Unvested options outstanding as of December 31, 2017 210,000 $ 4.28 $ 1.91 $ 0.40 Vested during 2018 (70,000 ) $ (0.13 ) Unvested options outstanding as of December 31, 2018 140,000 $ 4.28 $ 1.91 $ 0.27 ** The volatility was calculated by comparing the Company’s share price movement since emergence from bankruptcy on October 14, 2014 and its peers’ share price movement for the past five years. The amortization of these stock options was calculated using the graded method of vesting and included in general and administrative expenses. Options* Weighted AverageExercise Price Expiration (years) Risk free interest rate Volatility Dividend % Fair Value of Options on grant date Aggregate fair value (in millions) Expected Term and Vesting conditions Granted on December 15, 2016 ** 1,266,476 $ 4.28 5 1.79 % 62 % — % $ 3.12 $ 3.96 3.15 years and 25% vesting annually Granted on December 15, 2016 ** 389,695 $ 4.28 5 1.79 % 62 % — % $ 3.14 $ 1.21 3.15 years and 25% vesting annually Unvested options outstanding as of December 31, 2016 1,656,171 $ 4.28 $ 5.17 Issued on March 1, 2017 337,000 $ 5.56 5 1.72 % 63.5 % — % $ 2.60 $ 0.90 3.75 years and 25% vesting annually over four year term Issued on June 1, 2017 18,000 $ 4.71 5 1.56 % 64.7 % — % $ 2.23 $ 0.04 3.75 years and 25% vesting annually over four year term Vested during 2017 (828,085 ) $ 4.28 $ 3.12 $ (2.60 ) Forfeitures during 2017 (3,000 ) $ 5.56 $ 2.60 $ (0.08 ) Unvested options outstanding as of December 31, 2017 1,180,086 $ 4.65 $ 2.91 $ 3.43 Vested and unexercised during 2018 (525,501 ) $ 4.55 $ 3.01 $ (1.60 ) Forfeitures during 2018 (1,875 ) $ 5.56 $ 2.60 $ (0.05 ) Exercised during 2018 (875 ) $ 5.56 $ 2.60 $ (0.03 ) Unvested options outstanding as of December 31, 2018 651,835 $ 4.72 $ 3.01 *The volatility was calculated by comparing the Company’s share price movement since emergence from bankruptcy on October 14, 2014 and its peers’ share price movement for the past five years. **The above stock options were issued concurrently with cancellation of outstanding stock awards and options under the 2014 Equity Incentive Plan. Therefore, the transaction was accounted for as a modification as per ASC 718 “Compensation-Stock Compensation.” The fair value is the incremental compensation cost, which was calculated as the excess of the fair value of the replacement award over the fair value of the cancelled award at the cancellation date. The amortization of the above stock options was included in general and administrative expenses. |
Schedule Of Noncash Compensation Expenses | The stock-based compensation expense for the above stock awards and options under the 2016 Plan and 2014 Plan included in General and administrative expenses: For the Years Ended December 31, 2018 December 31, 2017 December 31, 2016 Stock awards /stock option plans $ 9,207,480 $ 8,738,615 $ 2,206,690 Total stock-based compensation expense $ 9,207,480 $ 8,738,615 $ 2,206,690 |
Quarterly Results of Operatio_2
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Information | 2018 Three Months Three Months Three Months Three Months Revenues, net $ 79,370,609 $ 74,938,700 $ 69,092,740 $ 86,692,209 Total Operating expenses 73,051,692 65,953,230 60,262,456 73,220,074 Operating income 6,318,917 8,985,470 8,830,284 13,472,135 Net income 52,745 3,450,767 2,584,822 6,486,350 Basic income Per Share $ 0.00 $ 0.05 $ 0.04 $ 0.09 Diluted income Per Share $ 0.00 $ 0.05 $ 0.04 $ 0.09 2017 Three Months ended March 31 Three Months ended June 30 Three Months ended September 30 Three Months ended December 31, Revenues, net $ 45,855,057 $ 53,631,224 $ 62,710,903 $ 74,587,441 Total Operating expenses 50,361,713 53,938,837 64,624,733 67,999,398 Operating (loss)/income (4,506,656 ) (307,613 ) (1,913,830 ) 6,588,043 Net loss * (11,068,448 ) (5,888,466 ) (10,255,346 ) (16,584,425 ) Basic Loss Per Share $ (0.17 ) $ (0.08 ) $ (0.15 ) $ (0.24 ) Diluted Loss Per Share $ (0.17 ) $ (0.08 ) $ (0.15 ) $ (0.24 ) * Net loss for the three months ended December 31, 2017 includes $15.0 million of loss on debt extinguishment. |
General Information (Details)
General Information (Details) | 12 Months Ended |
Dec. 31, 2018segmentvesselt | |
Property, Plant and Equipment [Line Items] | |
Number of operating segments | segment | 1 |
Number of reportable segments | segment | 1 |
Number of vessels | 47 |
Carrying capacity (in dead weight tonnage) | t | 2,705,764 |
Average age of operating fleet | 9 years |
Supramax Vessels | |
Property, Plant and Equipment [Line Items] | |
Vessels owned and operated | 34 |
Ultramax Vessels | |
Property, Plant and Equipment [Line Items] | |
Vessels owned and operated | 13 |
Vessels chartered in | 3 |
Minimum | Ultramax Vessels | |
Property, Plant and Equipment [Line Items] | |
Term of charter agreement | 1 year |
Maximum | Ultramax Vessels | |
Property, Plant and Equipment [Line Items] | |
Term of charter agreement | 4 years |
Equity Offerings (Details)
Equity Offerings (Details) | Jan. 20, 2017USD ($) | Dec. 13, 2016USD ($)$ / sharesshares | Aug. 10, 2016USD ($)shares | Jul. 10, 2016USD ($)$ / shares | Jun. 30, 2016 | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2017USD ($)vessel$ / sharesshares | Dec. 31, 2016USD ($)vesselshares | Aug. 05, 2016$ / shares |
Class of Stock [Line Items] | |||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
Proceeds from common stock placement, net of issuance costs | $ 0 | $ 96,030,003 | $ 85,700,535 | ||||||
Issuance of shares in connection with Second Lien Loan Agreement | 17,756,325 | ||||||||
Second Lien Lenders | Second Lien Facility | |||||||||
Class of Stock [Line Items] | |||||||||
Aggregate principal amount | $ 60,000,000 | ||||||||
Common Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Shares issued for private placement (in shares) | shares | 22,222,223 | 29,333,318 | |||||||
Issuance of shares in connection with the entry into the Second Lien Loan Agreement (in shares) | shares | 16,889,828 | ||||||||
Issuance of shares in connection with Second Lien Loan Agreement | $ 168,899 | ||||||||
Ultramax Vessels | |||||||||
Class of Stock [Line Items] | |||||||||
Number of vessels acquired | vessel | 11 | 11 | |||||||
December Private Placement | |||||||||
Class of Stock [Line Items] | |||||||||
Shares issued for private placement (in shares) | shares | 22,200,000 | ||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | ||||||||
Initial price per share of common stock issued (in dollars per share) | $ / shares | $ 4.50 | ||||||||
Gross proceeds from issuance of common stock | $ 100,000,000 | ||||||||
Proceeds from common stock placement, net of issuance costs | $ 96,000,000 | ||||||||
Common Stock Purchase Agreements | |||||||||
Class of Stock [Line Items] | |||||||||
Shares issued for private placement (in shares) | shares | 29,333,318 | ||||||||
Initial price per share of common stock issued (in dollars per share) | $ / shares | $ 3 | ||||||||
Gross proceeds from issuance of common stock | $ 88,000,000 | ||||||||
Proceeds from common stock placement, net of issuance costs | $ 85,700,000 | ||||||||
Ownership percentage before transaction | 70.00% |
Significant Accounting Polici_4
Significant Accounting Policies - Narrative (Details) | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2017USD ($) | Dec. 31, 2018USD ($)t | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 01, 2019USD ($) | Jan. 01, 2018USD ($) | |
Property, Plant and Equipment [Line Items] | ||||||
Restricted cash | $ 100,000 | |||||
Restricted cash and cash equivalents | $ 74,917 | |||||
Write off of allowance for doubtful accounts | 1,400,000 | 3,400,000 | ||||
Certificates of deposit | 4,500,000 | |||||
Asset impairment charges | $ 0 | 0 | $ 129,000,000 | |||
Amortization period for vessels over fifteen years old | 30 months | |||||
Age of vessels | 15 years | |||||
Amortization period for vessels less than fifteen years old | 60 months | |||||
Deferred financing costs - Super Senior Facility | $ 285,342 | 190,000 | ||||
Vessel useful lives | 3 years | |||||
Accumulated deficit | $ 415,377,239 | 427,164,813 | $ 427,951,923 | |||
Tax expense | $ (600,000) | 600,000 | ||||
Other current assets | 2,246,740 | 785,027 | 1,581,535 | |||
Unearned charter hire revenue | 6,926,839 | 5,678,673 | 6,336,308 | |||
Restricted cash | 10,953,885 | 74,917 | ||||
Cash paid towards payment-in-kind interest on Second Lien Facility | 0 | 17,426,244 | $ 0 | |||
Calculated under Revenue Guidance in Effect before Topic 606 | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Accumulated deficit | 427,164,813 | |||||
Other current assets | 1,478,450 | 785,027 | ||||
Unearned charter hire revenue | 6,528,275 | 5,678,673 | ||||
Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606 | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Accumulated deficit | 787,110 | 800,000 | ||||
Other current assets | 768,290 | 796,508 | 800,000 | |||
Unearned charter hire revenue | 398,564 | 657,635 | 1,600,000 | |||
Super Senior Revolver Facility | Revolving Credit Facility | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Proceeds from lines of credit | 0 | |||||
Vessel Thrush | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Restricted cash | $ 11,000,000 | |||||
Vessels | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Scrap value of vessels | t | 300 | |||||
Bunker Expenses | Calculated under Revenue Guidance in Effect before Topic 606 | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Other current assets | 600,000 | |||||
Charter Hire Expenses | Calculated under Revenue Guidance in Effect before Topic 606 | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Other current assets | 200,000 | |||||
Voyage In Progress | Calculated under Revenue Guidance in Effect before Topic 606 | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Unearned charter hire revenue | $ 700,000 | |||||
Subsequent Event | Accounting Standards Update 2016-02 | Minimum | Scenario, Forecast | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Right of use asset | $ 27,000,000 | |||||
Lease liability | 27,000,000 | |||||
Subsequent Event | Accounting Standards Update 2016-02 | Maximum | Scenario, Forecast | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Right of use asset | 35,000,000 | |||||
Lease liability | $ 35,000,000 | |||||
Letter of Credit | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Restricted cash and cash equivalents | $ 74,917 | $ 74,917 |
Significant Accounting Polici_5
Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues, net | $ 86,692,209 | $ 69,092,740 | $ 74,938,700 | $ 79,370,609 | $ 74,587,441 | $ 62,710,903 | $ 53,631,224 | $ 45,855,057 | $ 310,094,258 | $ 236,784,625 | $ 124,492,844 |
Time charters | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues, net | 140,006,570 | ||||||||||
Voyage charters | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues, net | $ 170,087,688 |
Significant Accounting Polici_6
Significant Accounting Policies - Schedule of Effects of ASC 606 (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Accounts receivable | $ 19,785,582 | $ 17,246,540 | $ 19,785,582 | $ 17,246,540 | $ 16,320,557 | |||||||
Other current assets | 2,246,740 | 785,027 | 2,246,740 | 785,027 | 1,581,535 | |||||||
Unearned charter hire revenue | 6,926,839 | 5,678,673 | 6,926,839 | 5,678,673 | 6,336,308 | |||||||
Revenues, net | 86,692,209 | $ 69,092,740 | $ 74,938,700 | $ 79,370,609 | 74,587,441 | $ 62,710,903 | $ 53,631,224 | $ 45,855,057 | 310,094,258 | 236,784,625 | $ 124,492,844 | |
Voyage expenses | 79,566,452 | 62,351,252 | 42,093,714 | |||||||||
Charter hire expenses | 38,045,778 | 31,283,956 | 12,845,468 | |||||||||
Net income/(loss) | $ 6,486,350 | $ 2,584,822 | $ 3,450,767 | $ 52,745 | $ (16,584,425) | $ (10,255,346) | $ (5,888,466) | $ (11,068,448) | $ 12,574,684 | $ (43,796,685) | $ (223,522,435) | |
Basic income (in dollars per share) | $ 0.09 | $ 0.04 | $ 0.05 | $ 0 | $ (0.24) | $ (0.15) | $ (0.08) | $ (0.17) | $ 0.18 | $ (0.63) | $ (10.87) | |
Diluted net income (in dollars per share) | $ 0.09 | $ 0.04 | $ 0.05 | $ 0 | $ (0.24) | $ (0.15) | $ (0.08) | $ (0.17) | $ 0.18 | $ (0.63) | $ (10.87) | |
Accumulated deficit | $ (415,377,239) | $ (427,164,813) | $ (415,377,239) | $ (427,164,813) | (427,951,923) | |||||||
Calculated under Revenue Guidance in Effect before Topic 606 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Accounts receivable | 20,771,299 | 17,246,540 | 20,771,299 | 17,246,540 | ||||||||
Other current assets | 1,478,450 | 785,027 | 1,478,450 | 785,027 | ||||||||
Unearned charter hire revenue | 6,528,275 | 5,678,673 | 6,528,275 | 5,678,673 | ||||||||
Revenues, net | 309,894,921 | |||||||||||
Voyage expenses | 79,292,962 | |||||||||||
Charter hire expenses | 37,957,027 | |||||||||||
Net income/(loss) | $ 12,737,588 | |||||||||||
Basic income (in dollars per share) | $ 0.18 | |||||||||||
Diluted net income (in dollars per share) | $ 0.18 | |||||||||||
Accumulated deficit | (427,164,813) | (427,164,813) | ||||||||||
Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606 | ||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||||
Accounts receivable | (985,717) | (925,983) | $ (985,717) | (925,983) | ||||||||
Other current assets | 768,290 | 796,508 | 768,290 | 796,508 | 800,000 | |||||||
Unearned charter hire revenue | $ 398,564 | 657,635 | 398,564 | 657,635 | 1,600,000 | |||||||
Revenues, net | 199,337 | |||||||||||
Voyage expenses | 273,490 | |||||||||||
Charter hire expenses | 88,751 | |||||||||||
Net income/(loss) | $ (162,904) | |||||||||||
Basic income (in dollars per share) | $ 0 | |||||||||||
Diluted net income (in dollars per share) | $ 0 | |||||||||||
Accumulated deficit | $ (787,110) | $ (787,110) | $ (800,000) |
Vessels and vessel improvemen_3
Vessels and vessel improvements - Narrative (Details) | Jan. 04, 2019USD ($) | Dec. 13, 2018USD ($) | Jan. 31, 2019vessel | Mar. 31, 2019USD ($) | Dec. 31, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2018USD ($)vesseloption | Dec. 31, 2017USD ($)vessel | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)vessel | Jan. 23, 2019option | Dec. 21, 2018USD ($) | Nov. 20, 2018vessel | Sep. 04, 2018USD ($)vessel | Aug. 14, 2018USD ($)vessel | Sep. 30, 2016USD ($) |
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Number of vessels | vessel | 47 | |||||||||||||||
Number of vessels expected to be sold | vessel | 2 | 6 | ||||||||||||||
Impairment of assets to be sold | $ 122,900,000 | $ 6,200,000 | $ 50,900,000 | |||||||||||||
Carrying value of assets to be sold | $ 76,300,000 | $ 234,900,000 | ||||||||||||||
Cost savings period | 2 years | |||||||||||||||
Number of vessels sold | vessel | 4 | 4 | ||||||||||||||
Number of vessels evaluated as impaired | vessel | 16 | 16 | ||||||||||||||
Proceeds from sale of vessels | $ 20,545,202 | $ 26,042,000 | $ 13,001,000 | |||||||||||||
Gain on sale of vessel | 335,160 | 2,134,767 | (101,860) | |||||||||||||
Advance for vessel purchase | $ 2,040,000 | $ 2,201,773 | $ 1,926,886 | |||||||||||||
Ultramax Vessels | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Number of vessels delivered | vessel | 2 | |||||||||||||||
Vessel agreement, purchase price per vessel | $ 21,300,000 | |||||||||||||||
Avocet and Thrush Vessels | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Number of vessels sold | vessel | 2 | |||||||||||||||
Proceeds from sale of vessels | $ 20,500,000 | |||||||||||||||
Gain on sale of vessel | 300,000 | |||||||||||||||
Vessel Condor | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Proceeds from sale of vessels | $ 6,500,000 | |||||||||||||||
2015 Built Ultramax Vessel | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Vessel purchase price | $ 20,400,000 | |||||||||||||||
Deposit paid on purchase of vessel | 2,000,000 | |||||||||||||||
Ballast Water Treatment System | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Number of vessels | vessel | 47 | |||||||||||||||
Projected project costs | $ 500,000 | |||||||||||||||
Advance for vessel purchase | 1,000,000 | |||||||||||||||
Scrubber Systems | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Projected project costs | $ 2,200,000 | |||||||||||||||
Advance for vessel purchase | $ 16,900,000 | |||||||||||||||
Number of scrubbers | vessel | 15 | 19 | ||||||||||||||
Number of additional units to be purchased | vessel | 18 | |||||||||||||||
Number of purchase options exercised | option | 3 | |||||||||||||||
Maximum | Scrubber Systems | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Number of scrubbers | vessel | 37 | |||||||||||||||
Subsequent Event | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Number of vessels delivered | vessel | 2 | |||||||||||||||
Subsequent Event | Vessel Merlin | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Proceeds from sale of vessels | $ 6,100,000 | |||||||||||||||
Subsequent Event | Scrubber Systems | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Number of purchase options exercised | option | 3 | |||||||||||||||
Scenario, Forecast | Vessel Condor | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Gain on sale of vessel | $ 2,200,000 | |||||||||||||||
Scenario, Forecast | Vessel Merlin | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Gain on sale of vessel | $ 1,900,000 |
Vessels and vessel improvemen_4
Vessels and vessel improvements - Schedule of Vessels and vessel improvements (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Movement in Property, Plant and Equipment [Roll Forward] | ||
Vessel and vessel improvements at the beginning of the year | $ 690,236,419 | |
Vessels and vessel improvements at the end of the year | 682,944,936 | $ 690,236,419 |
Vessels and Vessel Improvements | ||
Movement in Property, Plant and Equipment [Roll Forward] | ||
Vessel and vessel improvements at the beginning of the year | 690,236,419 | 567,592,950 |
Advance paid for vessel purchase | 2,201,773 | 1,926,886 |
Purchase of Vessels and vessel improvements | 41,487,795 | 174,400,746 |
Disposal of Vessels | (10,354,855) | (15,218,633) |
Reclassification to vessels held for sale | (8,458,444) | (9,316,095) |
Depreciation Expense | (32,167,752) | (29,149,435) |
Vessels and vessel improvements at the end of the year | $ 682,944,936 | $ 690,236,419 |
Short-term investment (Details)
Short-term investment (Details) $ in Millions | Dec. 31, 2017USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Certificates of deposit | $ 4.5 |
Deferred Drydock Costs (Details
Deferred Drydock Costs (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Changes in Deferred Drydock Costs [Roll Forward] | |||
Beginning Balance | $ 9,749,751 | $ 11,507,309 | $ 11,146,009 |
Drydocking costs | 8,323,191 | 2,579,111 | 3,688,711 |
Drydock amortization | (5,353,102) | (4,336,669) | (3,327,411) |
Write-off due to sale of vessels | (533,484) | 0 | 0 |
Ending Balance | $ 12,186,356 | $ 9,749,751 | $ 11,507,309 |
Other accrued liabilities (Deta
Other accrued liabilities (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Other Accrued Liabilities [Line Items] | ||
Other accrued liabilities | $ 10,064,017 | $ 11,810,366 |
Vessel and voyage expenses | ||
Other Accrued Liabilities [Line Items] | ||
Other accrued liabilities | 4,981,596 | 5,373,389 |
General and administrative expenses | ||
Other Accrued Liabilities [Line Items] | ||
Other accrued liabilities | 4,768,244 | 6,050,078 |
Other expenses | ||
Other Accrued Liabilities [Line Items] | ||
Other accrued liabilities | $ 314,177 | $ 386,899 |
Debt - Summary of Debt (Details
Debt - Summary of Debt (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 338,600,000 | ||
Less: current portion | (29,176,230) | $ (4,000,000) | |
Total long-term debt | 301,583,347 | 313,683,676 | |
Norwegian Bond Debt | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 196,000,000 | ||
Total long-term debt | 182,469,155 | 189,950,329 | |
New First Lien Facility | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 60,000,000 | ||
Total long-term debt | 48,189,307 | 63,758,185 | |
Repayments of lines of credit | 5,000,000 | 0 | $ 0 |
Ultraco Debt Facility | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 82,600,000 | ||
Total long-term debt | 70,924,885 | 59,975,162 | |
Bond Debt | Norwegian Bond Debt | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 196,000,000 | 200,000,000 | |
Debt issuance costs | (5,530,845) | (6,049,671) | |
Less: current portion | (8,000,000) | (4,000,000) | |
Long-term debt, net | 182,469,155 | 189,950,329 | |
Line of Credit | New First Lien Facility | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 60,000,000 | 65,000,000 | |
Debt issuance costs | (1,060,693) | (1,241,815) | |
Less: current portion | (10,750,000) | 0 | |
Long-term debt, net | 48,189,307 | 63,758,185 | |
Term Loan | Ultraco Debt Facility | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 82,600,000 | 61,200,000 | |
Debt issuance costs | (1,248,885) | (1,224,838) | |
Less: current portion | (10,426,230) | 0 | |
Long-term debt, net | 70,924,885 | $ 59,975,162 | |
Revolving Credit Facility | Line of Credit | New First Lien Facility | |||
Debt Instrument [Line Items] | |||
Repayments of lines of credit | $ 5,000,000 |
Debt - Norwegian Bond Debt (Det
Debt - Norwegian Bond Debt (Details) | Mar. 23, 2018USD ($) | Nov. 28, 2017USD ($)vessel | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | |||||
Other financing costs | $ 0 | $ 2,025,514 | $ 0 | ||
Proceeds from sale of vessels | $ 20,545,202 | $ 26,042,000 | $ 13,001,000 | ||
Eagle Bulk Shipco LLC | |||||
Debt Instrument [Line Items] | |||||
Other financing costs | $ 1,300,000 | ||||
Eagle Bulk Shipco LLC | Bond Debt | Norwegian Bond Debt | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 200,000,000 | ||||
Interest rate | 8.25% | ||||
Original issue discount rate | 1.00% | ||||
Debt issuance costs | $ 3,100,000 | ||||
Proceeds from issuance of debt | $ 195,000,000 | ||||
Number of vessels securing debt issuance | vessel | 27 | ||||
Debt principal amount | $ 4,000,000 | ||||
Redemption price percentage | 100.00% | 100.00% | |||
Leverage ratio | 75.00% | ||||
Minimum liquidity threshold | $ 12,500,000 | ||||
Change in control | Eagle Bulk Shipco LLC | Bond Debt | Norwegian Bond Debt | |||||
Debt Instrument [Line Items] | |||||
Redemption price percentage | 101.00% | ||||
Vessel Thrush | |||||
Debt Instrument [Line Items] | |||||
Proceeds from sale of vessels | $ 10,800,000 |
Debt - Schedule of Redemption P
Debt - Schedule of Redemption Price Percentages (Details) - Norwegian Bond Debt | 12 Months Ended |
Dec. 31, 2018 | |
First Call Date to, but not including, the Interest Payment Date in November 2020 | |
Debt Instrument, Redemption [Line Items] | |
Redemption price percentage | 104.125% |
Interest Payment Date in November 2020 to but not including, the Interest Payment Date in May 2021 | |
Debt Instrument, Redemption [Line Items] | |
Redemption price percentage | 103.30% |
Interest Payment Date in May 2021 to, but not including, the Interest Payment Date in November 2021 | |
Debt Instrument, Redemption [Line Items] | |
Redemption price percentage | 102.475% |
Interest Payment Date in November 2021 to, but not including, the Interest Payment Date in May 2022 | |
Debt Instrument, Redemption [Line Items] | |
Redemption price percentage | 101.65% |
Interest Payment Date in May 2022 to, but not including, the Maturity Date | |
Debt Instrument, Redemption [Line Items] | |
Redemption price percentage | 100.00% |
Debt - New First Lien Facility
Debt - New First Lien Facility (Details) | Dec. 08, 2017USD ($)vessel | Mar. 30, 2016 | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 4.00% | |||||
Other financing costs | $ 0 | $ 2,025,514 | $ 0 | |||
New First Lien Facility | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of lines of credit | 5,000,000 | $ 0 | $ 0 | |||
Eagle Shipping | New First Lien Facility | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of loans | $ 1,000,000 | |||||
Other financing costs | $ 400,000 | |||||
Debt instrument term | 5 years | |||||
Debt principal amount | $ 2,150,000 | |||||
Number of vessels securing debt issuance | vessel | 9 | |||||
Minimum liquidity threshold | $ 500,000 | |||||
Eagle Shipping | New First Lien Facility | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Consolidated interest coverage ratio | 1.50 | |||||
Eagle Shipping | New First Lien Facility | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Consolidated interest coverage ratio | 2.50 | |||||
Eagle Shipping | New First Lien Facility | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 3.50% | |||||
Secured Debt | Eagle Shipping | New First Lien Facility | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal amount | $ 60,000,000 | |||||
Line of Credit | New First Lien Facility | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of lines of credit | 5,000,000 | |||||
Line of Credit | Eagle Shipping | New First Lien Facility | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Revolving credit facility | $ 5,000,000 | |||||
Repayments of lines of credit | $ 5,000,000 | |||||
Total availability on revolving credit facility | $ 5,000,000 |
Debt - Super Senior Facility (D
Debt - Super Senior Facility (Details) | Dec. 08, 2017USD ($)vessel | Nov. 28, 2017USD ($) | Mar. 30, 2016 | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | ||||||
Other financing costs | $ 0 | $ 2,025,514 | $ 0 | |||
Basis spread on variable rate | 4.00% | |||||
Eagle Bulk Shipco LLC | ||||||
Debt Instrument [Line Items] | ||||||
Other financing costs | $ 1,300,000 | |||||
Eagle Bulk Shipco LLC | Line of Credit | Super Senior Revolver Facility | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Revolving credit facility | $ 15,000,000 | |||||
Other financing costs | $ 300,000 | |||||
Total availability on revolving credit facility | $ 15,000,000 | |||||
Commitment fee percentage | 40.00% | |||||
Number of vessels securing debt issuance | vessel | 27 | |||||
Leverage ratio | 75.00% | |||||
Minimum liquidity threshold | $ 12,500,000 | |||||
Minimum market value to total commitments percentage | 300.00% | |||||
Minimum amount of bonds outstanding | $ 100,000,000 | |||||
Eagle Bulk Shipco LLC | Line of Credit | Super Senior Revolver Facility | Revolving Credit Facility | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 2.00% |
Debt - Ultraco Debt Facility (D
Debt - Ultraco Debt Facility (Details) | Oct. 22, 2018USD ($) | Jun. 28, 2017USD ($)vessel | Feb. 28, 2017USD ($) | Mar. 30, 2016 | Jan. 31, 2018USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($)vessel | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Oct. 17, 2018USD ($) | Dec. 29, 2017USD ($) |
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate | 4.00% | ||||||||||
Other financing costs | $ 0 | $ 2,025,514 | $ 0 | ||||||||
Ultraco Debt Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Draw down amount | 21,400,000 | $ 61,200,000 | $ 0 | ||||||||
Ultraco Lenders | Ultraco Debt Facility | Eagle Bulk Ultraco LLC | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Loan facility aggregate principal amount | $ 61,200,000 | ||||||||||
Percentage of fair market value of additional vessel acquired | 40.00% | ||||||||||
Number of vessels to be purchased | vessel | 9 | ||||||||||
Repayments of loans | $ 1,000,000 | ||||||||||
Other financing costs | $ 500,000 | ||||||||||
Debt instrument term | 5 years | ||||||||||
Additional borrowing capacity | $ 17,400,000 | ||||||||||
Maximum borrowing capacity fair market value of additional vessels to be financed | 40.00% | ||||||||||
Aggregate market value minimum threshold | 150.00% | ||||||||||
Liquidity reserve | $ 600,000 | ||||||||||
Debt service reserve covenant | 600,000 | ||||||||||
Minimum liquidity threshold | $ 7,500,000 | ||||||||||
Percentage of consolidated total debt, minimum threshold | 12.00% | ||||||||||
Minimum ratio of consolidated tangible assets to consolidated total assets covenant | 0.35 | ||||||||||
Ballast water treatment system reserve covenant | $ 4,550,000 | ||||||||||
Ultraco Lenders | Ultraco Debt Facility | Eagle Bulk Ultraco LLC | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Consolidated interest coverage ratio | 2 | ||||||||||
Ultraco Lenders | Ultraco Debt Facility | Eagle Bulk Ultraco LLC | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Consolidated interest coverage ratio | 2.50 | ||||||||||
Ultraco Lenders | Ultraco Debt Facility | Eagle Bulk Ultraco LLC | Scenario, Forecast | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt principal amount | $ 2,100,000 | ||||||||||
Ultraco Lenders | Ultraco Debt Facility | Eagle Bulk Ultraco LLC | LIBOR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate | 2.95% | ||||||||||
Ultraco Lenders | Ultraco Debt Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Other financing costs | $ 200,000 | $ 100,000 | |||||||||
Draw down amount | $ 12,800,000 | $ 8,600,000 | $ 82,600,000 | ||||||||
Ultraco Lenders | Ultraco Debt Facility | Eagle Bulk Ultraco LLC | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of vessels to be purchased | vessel | 11 | ||||||||||
Increase in capacity | $ 12,800,000 | $ 8,600,000 |
Debt - Interest Rates (Details)
Debt - Interest Rates (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Ultraco Debt Facility | |||
Debt Instrument [Line Items] | |||
Commitment fee percentage | 40.00% | ||
Ultraco Debt Facility | Minimum | |||
Debt Instrument [Line Items] | |||
Interest rate during period | 4.64% | 4.19% | |
Ultraco Debt Facility | Maximum | |||
Debt Instrument [Line Items] | |||
Interest rate during period | 5.76% | 4.28% | |
Ultraco Debt Facility | Weighted Average | |||
Debt Instrument [Line Items] | |||
Interest rate during period | 5.58% | 4.71% | |
New First Lien Facility | |||
Debt Instrument [Line Items] | |||
Interest rate during period | 4.83% | ||
Commitment fee percentage | 40.00% | ||
New First Lien Facility | Minimum | |||
Debt Instrument [Line Items] | |||
Interest rate during period | 4.91% | ||
New First Lien Facility | Maximum | |||
Debt Instrument [Line Items] | |||
Interest rate during period | 5.89% | ||
New First Lien Facility | Weighted Average | |||
Debt Instrument [Line Items] | |||
Interest rate during period | 6.12% | 5.21% | |
First Lien Facility | |||
Debt Instrument [Line Items] | |||
Commitment fee percentage | 40.00% | ||
First Lien Facility | Minimum | |||
Debt Instrument [Line Items] | |||
Interest rate during period | 4.77% | 3.86% | |
First Lien Facility | Maximum | |||
Debt Instrument [Line Items] | |||
Interest rate during period | 5.35% | 4.99% | |
First Lien Facility | Weighted Average | |||
Debt Instrument [Line Items] | |||
Interest rate during period | 6.18% | 6.83% | |
Second Lien Facility | |||
Debt Instrument [Line Items] | |||
Interest rate during period | 15.00% | 15.00% | |
Second Lien Facility | Weighted Average | |||
Debt Instrument [Line Items] | |||
Interest rate during period | 17.05% | 17.05% | |
Bond Debt | Norwegian Bond Debt | |||
Debt Instrument [Line Items] | |||
Interest rate during period | 8.25% | 8.25% | |
Bond Debt | Norwegian Bond Debt | Weighted Average | |||
Debt Instrument [Line Items] | |||
Interest rate during period | 8.91% | 8.84% |
Debt - Interest Expense (Detail
Debt - Interest Expense (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
First Lien Facility / Exit Financing Facility interest | $ 0 | $ 10,305,275 | $ 9,938,822 |
Amortization of debt issuance costs and deferred financing costs | 1,913,651 | 5,927,984 | 4,532,481 |
Payment in kind interest on Second Lien Facility | 0 | 10,098,401 | 7,327,843 |
Original Ultraco Debt Facility interest | 3,774,309 | 1,269,581 | 0 |
New First Lien Facility interest | 3,509,790 | 209,420 | 0 |
Total Interest Expense | 25,743,531 | 29,376,994 | 21,799,146 |
Line of Credit | |||
Debt Instrument [Line Items] | |||
Amortization of debt issuance costs and deferred financing costs | 1,913,651 | 5,927,984 | 4,532,481 |
Payment in kind interest on Second Lien Facility | 0 | 10,098,401 | 7,327,843 |
Term Loan | |||
Debt Instrument [Line Items] | |||
Amortization of debt issuance costs and deferred financing costs | 16,424,449 | 1,558,333 | 0 |
DIP Financing | |||
Debt Instrument [Line Items] | |||
Amortization of debt issuance costs and deferred financing costs | $ 121,332 | $ 8,000 | $ 0 |
Debt - First Lien, Second Lien,
Debt - First Lien, Second Lien, and Exit Financing Facility (Details) - USD ($) | Dec. 08, 2017 | Mar. 30, 2016 | Oct. 09, 2014 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 4.00% | ||||||||
Loss on debt extinguishment | $ 11,800,000 | $ 15,000,000 | $ 0 | $ 14,968,609 | $ 0 | ||||
Cash paid towards payment-in-kind interest on Second Lien Facility | 0 | 17,426,244 | 0 | ||||||
Accumulated payment in kind interest | 77,400,000 | ||||||||
Revolving Credit Facility | Restructuring Support Agreement and Plan of Reorganization | |||||||||
Debt Instrument [Line Items] | |||||||||
Revolving credit facility | $ 50,000,000 | ||||||||
Long-term line of credit | $ 40,000,000 | ||||||||
Commitment fee percentage | 40.00% | ||||||||
Line of Credit | Restructuring Support Agreement and Plan of Reorganization | |||||||||
Debt Instrument [Line Items] | |||||||||
Revolving credit facility | $ 275,000,000 | ||||||||
Line of Credit | LIBOR | Restructuring Support Agreement and Plan of Reorganization | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 3.50% | ||||||||
Line of Credit | LIBOR | Restructuring Support Agreement and Plan of Reorganization | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 4.00% | ||||||||
First Lien Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of lines of credit | 0 | 184,099,000 | 21,276,000 | ||||||
First Lien Facility | First Lien Lenders | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, net | $ 201,500,000 | ||||||||
Repayments of loans | 171,100,000 | 13,000,000 | 5,700,000 | ||||||
Loss on debt extinguishment | 3,200,000 | ||||||||
First Lien Facility | First Lien Lenders | Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Revolving credit facility | 50,000,000 | ||||||||
Repayments of lines of credit | $ 20,000,000 | $ 5,000,000 | |||||||
Second Lien Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of lines of credit | $ 0 | $ 60,000,000 | $ 0 | ||||||
Second Lien Facility | Second Lien Lenders | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt, net | $ 60,000,000 | ||||||||
Second Lien Facility | Second Lien Lenders | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 14.00% | ||||||||
LIBOR rate floor | 1.00% |
Debt - Scheduled Debt Maturitie
Debt - Scheduled Debt Maturities (Details) | Dec. 31, 2018USD ($) |
Debt Instrument [Line Items] | |
2019 | $ 29,176,230 |
2020 | 24,940,984 |
2021 | 24,940,984 |
2022 | 259,541,802 |
Long-term debt, gross | 338,600,000 |
Norwegian Bond Debt | |
Debt Instrument [Line Items] | |
2019 | 8,000,000 |
2020 | 8,000,000 |
2021 | 8,000,000 |
2022 | 172,000,000 |
Long-term debt, gross | 196,000,000 |
New First Lien Facility | |
Debt Instrument [Line Items] | |
2019 | 10,750,000 |
2020 | 8,600,000 |
2021 | 8,600,000 |
2022 | 32,050,000 |
Long-term debt, gross | 60,000,000 |
Ultraco Debt Facility | |
Debt Instrument [Line Items] | |
2019 | 10,426,230 |
2020 | 8,340,984 |
2021 | 8,340,984 |
2022 | 55,491,802 |
Long-term debt, gross | $ 82,600,000 |
Debt - Refinancing (Details)
Debt - Refinancing (Details) | Jan. 25, 2019USD ($)vessel | Mar. 30, 2016 |
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 4.00% | |
Subsequent Event | Eagle Bulk Ultraco LLC | Line of Credit | New Ultraco Debt Facility | ||
Debt Instrument [Line Items] | ||
Aggregate principal amount | $ 208,400,000 | |
Maximum increase amount | 60,000,000 | |
Maximum cumulative payable | $ 4,600,000 | |
Subsequent Event | Eagle Bulk Ultraco LLC | Line of Credit | New Ultraco Debt Facility | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.50% | |
Subsequent Event | Secured Debt | Eagle Bulk Ultraco LLC | Line of Credit | New Ultraco Debt Facility | ||
Debt Instrument [Line Items] | ||
Aggregate principal amount | $ 153,400,000 | |
Subsequent Event | Revolving Credit Facility | Eagle Bulk Ultraco LLC | Line of Credit | New Ultraco Debt Facility | ||
Debt Instrument [Line Items] | ||
Revolving credit facility | $ 55,000,000 | |
Subsequent Event | Ultraco Lenders | Eagle Bulk Ultraco LLC | Line of Credit | New Ultraco Debt Facility | ||
Debt Instrument [Line Items] | ||
Debt instrument term | 5 years | |
Vessels secured by first priority mortgage | vessel | 21 | |
Minimum liquidity threshold | $ 600,000 | |
Percentage of consolidated total debt, minimum threshold | 7.50% | |
Minimum ratio of consolidated tangible assets to consolidated total assets covenant | 0.30 | |
Minimum | Subsequent Event | Ultraco Lenders | Eagle Bulk Ultraco LLC | Line of Credit | New Ultraco Debt Facility | ||
Debt Instrument [Line Items] | ||
Consolidated interest coverage ratio | 1.50 | |
Maximum | Subsequent Event | Ultraco Lenders | Eagle Bulk Ultraco LLC | Line of Credit | New Ultraco Debt Facility | ||
Debt Instrument [Line Items] | ||
Consolidated interest coverage ratio | 2.50 | |
Effective Date, First Year | Subsequent Event | Ultraco Lenders | Eagle Bulk Ultraco LLC | Line of Credit | New Ultraco Debt Facility | ||
Debt Instrument [Line Items] | ||
Debt principal amount | $ 5,100,000 | |
Effective Date, Second Year To Maturity | Subsequent Event | Ultraco Lenders | Eagle Bulk Ultraco LLC | Line of Credit | New Ultraco Debt Facility | ||
Debt Instrument [Line Items] | ||
Debt principal amount | $ 6,500,000 |
Derivative Instruments and Fa_3
Derivative Instruments and Fair Value Measurements - Effect of Non-designated Derivative Instruments (Details) - Derivatives not designated as hedging instruments - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Amount of (gain)/loss | $ (126,241) | $ (37,905) | $ 561,495 |
FFAs | Fair value of derivatives | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Derivative liability | 0 | 73,170 | |
FFAs | Other current assets | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Derivative asset | 669,240 | 0 | |
Bunker swaps | Fair value of derivatives | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Derivative liability | 929,313 | 0 | |
Bunker swaps | Other current assets | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Derivative asset | 0 | 128,845 | |
Other (income)/expense | FFAs | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Amount of (gain)/loss | (471,679) | 375,672 | 561,495 |
Other (income)/expense | Bunker swaps | |||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Amount of (gain)/loss | $ 345,438 | $ (413,577) | $ 0 |
Derivative Instruments and Fa_4
Derivative Instruments and Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
FFAs | Other current assets | ||
Property, Plant and Equipment [Line Items] | ||
Cash collateral related to derivative instruments under its collateral security arrangements | $ 0.8 | $ 0.2 |
Derivative Instruments and Fa_5
Derivative Instruments and Fair Value Measurements - Fair Value by Balance Sheet Grouping (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Restricted Cash | $ 100,000 | |
Restricted cash, noncurrent | $ 11,000,000 | 100,000 |
Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 78,163,638 | 56,325,961 |
Short-term investment | 4,500,000 | |
Recurring | Norwegian Bond Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 190,469,155 | 189,950,329 |
Recurring | New First Lien Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 58,939,307 | 63,758,185 |
Recurring | Ultraco Debt Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 81,351,115 | 59,975,162 |
Recurring | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 78,163,638 | 56,325,961 |
Short-term investment | 0 | |
Recurring | Level 1 | Norwegian Bond Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 0 | 0 |
Recurring | Level 1 | New First Lien Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 0 | 0 |
Recurring | Level 1 | Ultraco Debt Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 0 | 0 |
Recurring | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Short-term investment | 4,500,000 | |
Recurring | Level 2 | Norwegian Bond Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 195,040,000 | 200,990,000 |
Recurring | Level 2 | New First Lien Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 60,000,000 | 65,000,000 |
Recurring | Level 2 | Ultraco Debt Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 82,600,000 | $ 61,200,000 |
Vessel Thrush | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Restricted Cash | $ 11,000,000 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) | Dec. 09, 2018t$ / d | May 04, 2018t$ / d | May 10, 2017USD ($)t$ / d | Oct. 15, 2015USD ($) | Nov. 30, 2018USD ($) | Oct. 31, 2014t$ / d | Dec. 31, 2018USD ($)optiont | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 23, 2019option | Dec. 21, 2018USD ($) | Nov. 20, 2018vessel | Sep. 04, 2018USD ($)vessel | Aug. 14, 2018USD ($) |
Operating Leased Assets [Line Items] | ||||||||||||||
Restricted cash | $ 74,917 | |||||||||||||
Rent expense | $ 700,000 | $ 700,000 | $ 800,000 | |||||||||||
Carrying capacity (in dead weight tonnage) | t | 2,705,764 | |||||||||||||
Advance for vessel purchase | $ 2,040,000 | $ 2,201,773 | $ 1,926,886 | |||||||||||
Japanese Vessel | ||||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||||
Carrying capacity (in dead weight tonnage) | t | 37,000 | |||||||||||||
Term of charter agreement | 7 years | |||||||||||||
Charters agreement extension option | 1 year | |||||||||||||
Vessel agreement termination fee | $ 1,500,000 | |||||||||||||
Japanese Vessel | First Seven Years | ||||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||||
Vessel hire rate | $ / d | 13,500 | |||||||||||||
Japanese Vessel | Eighth Year Option | ||||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||||
Vessel hire rate | $ / d | 13,750 | |||||||||||||
2013 Built Japanese Vessel | ||||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||||
Carrying capacity (in dead weight tonnage) | t | 61,400 | |||||||||||||
Term of charter agreement | 4 years | |||||||||||||
Charters agreement extension option | 2 years | |||||||||||||
2013 Built Japanese Vessel | First Four Years | ||||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||||
Vessel hire rate | $ / d | 12,800 | |||||||||||||
2013 Built Japanese Vessel | First Optional Year | ||||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||||
Vessel hire rate | $ / d | 13,800 | |||||||||||||
2013 Built Japanese Vessel | Second Optional Year | ||||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||||
Vessel hire rate | $ / d | 14,300 | |||||||||||||
Ultramax Vessels | ||||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||||
Carrying capacity (in dead weight tonnage) | t | 61,425 | |||||||||||||
Term of charter agreement | 3 years | |||||||||||||
Charters agreement extension option | 2 years | |||||||||||||
Ultramax Vessels | First Optional Year | ||||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||||
Vessel hire rate | $ / d | 13,750 | |||||||||||||
Ultramax Vessels | Second Optional Year | ||||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||||
Vessel hire rate | $ / d | 14,750 | |||||||||||||
Ultramax Vessels | First Three Years | ||||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||||
Vessel hire rate | $ / d | 12,700 | |||||||||||||
2016 Built Ultramax Vessel | ||||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||||
Carrying capacity (in dead weight tonnage) | t | 62,487 | |||||||||||||
Term of charter agreement | 2 years | |||||||||||||
2016 Built Ultramax Vessel | First Two Years | ||||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||||
Vessel hire rate | $ / d | 14,250 | |||||||||||||
2016 Built Ultramax Vessel | Third Year Option | ||||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||||
Vessel hire rate | $ / d | 15,250 | |||||||||||||
Ballast Water Treatment System | ||||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||||
Projected project costs | $ 500,000 | |||||||||||||
Advance for vessel purchase | 1,000,000 | |||||||||||||
Scrubber Systems | ||||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||||
Projected project costs | $ 2,200,000 | |||||||||||||
Advance for vessel purchase | $ 16,900,000 | |||||||||||||
Number of scrubbers | vessel | 15 | 19 | ||||||||||||
Number of additional units to be purchased | vessel | 18 | |||||||||||||
Number of purchase options exercised | option | 3 | |||||||||||||
2015 Built Ultramax Vessel | ||||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||||
Vessel purchase price | $ 20,400,000 | |||||||||||||
Deposit paid on purchase of vessel | $ 2,000,000 | |||||||||||||
Letter of Credit | ||||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||||
Restricted cash | $ 74,917 | |||||||||||||
Lease Agreement for Office Space in Stamford | ||||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||||
Average annual rent expense | $ 400,000 | |||||||||||||
Singapore Lease Arrangement | ||||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||||
Average annual rent expense | $ 300,000 | |||||||||||||
Maximum | Scrubber Systems | ||||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||||
Number of scrubbers | vessel | 37 | |||||||||||||
Subsequent Event | Scrubber Systems | ||||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||||
Number of purchase options exercised | option | 3 |
Commitments and Contingencies_2
Commitments and Contingencies - Future Minimum Commitments Under Leases (Details) | Dec. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2019 | $ 715 |
2020 | 728 |
2021 | 708 |
2022 | 483 |
2023 | 245 |
Thereafter | 0 |
Total | $ 2,879 |
Income_(Loss) per Common Shar_2
Income/(Loss) per Common Share - Narrative (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Warrants outstanding (in shares) | 3,040,540 | 3,040,540 | |
Number of securities called by warrants (in shares) | 152,027 | 152,027 | 152,027 |
Minimum price per share to exercise for first half of warrants (in dollars per share) | $ 556.40 | $ 556.40 | |
Term of warrants | 7 years | ||
Stock Compensation Plan | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 687 | 1,716,928 | 1,413,461 |
Employee Stock Option | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 348,625 | 2,301,046 | 1,942,909 |
Income_(Loss) per Common Shar_3
Income/(Loss) per Common Share - Basic and Diluted (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||||||||||
Net income/(loss) | $ 6,486,350 | $ 2,584,822 | $ 3,450,767 | $ 52,745 | $ (16,584,425) | $ (10,255,346) | $ (5,888,466) | $ (11,068,448) | $ 12,574,684 | $ (43,796,685) | $ (223,522,435) |
Weighted Average Shares-Basic (in shares) | 70,665,212 | 69,182,302 | 20,565,652 | ||||||||
Dilutive effect of stock options and restricted stock units (in shares) | 1,136,961 | 0 | 0 | ||||||||
Weighted Average Shares - Diluted (in shares) | 71,802,173 | 69,182,302 | 20,565,652 | ||||||||
Basic income/(loss) (in dollars per share) | $ 0.09 | $ 0.04 | $ 0.05 | $ 0 | $ (0.24) | $ (0.15) | $ (0.08) | $ (0.17) | $ 0.18 | $ (0.63) | $ (10.87) |
Diluted net income/(loss) (in dollars per share) | $ 0.09 | $ 0.04 | $ 0.05 | $ 0 | $ (0.24) | $ (0.15) | $ (0.08) | $ (0.17) | $ 0.18 | $ (0.63) | $ (10.87) |
Stock Incentive Plans - Narrati
Stock Incentive Plans - Narrative (Details) - $ / shares | Dec. 15, 2016 | Nov. 07, 2016 | Oct. 15, 2014 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Chief Financial Officer | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted, options (in shares) | 280,000 | |||||
Chief Financial Officer | Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted (in shares) | 233,863 | |||||
Management Incentive Plan 2014 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percent of common stock for distribution | 2.00% | |||||
Vesting period | 4 years | |||||
Vesting Year | 25.00% | |||||
Management Incentive Plan 2014 | Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vested (in shares) | 1,432 | 133,452 | ||||
Forfeited (in shares) | 83 | |||||
Shares outstanding (in shares) | 50,625 | 52,140 | ||||
Weighted average grant date fair value (in dollars per share) | $ 5.90 | $ 42.19 | ||||
Management Incentive Plan 2014 | Employee Stock Option | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Options vested but not exercised (in shares) | 12,875 | 9,960 | ||||
Nonvested (in shares) | 0 | |||||
Not vested but expected to vest (in shares) | 140,000 | 2,915 | ||||
Vested and unexercised (in dollars per share) | $ 4.28 | |||||
Options vested or expected to vest (in shares) | 210,000 | |||||
Management Incentive Plan 2014 | Chief Financial Officer | Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares outstanding (in shares) | 233,863 | 233,863 | ||||
Weighted average grant date fair value (in dollars per share) | $ 4.24 | $ 4.24 | ||||
Granted (in shares) | 233,863 | |||||
Management Incentive Plan 2014 | Chief Financial Officer | Employee Stock Option | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Options vested but not exercised (in shares) | 140,000 | |||||
Granted, options (in shares) | 280,000 | |||||
Vested, options (in shares) | 70,000 | 70,000 | ||||
Management Incentive Plan 2014 | With Different Striking Prices | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percent of common stock for distribution | 5.50% | |||||
2016 Equity Compensation Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares authorized (in shares) | 5,348,613 | |||||
Shares that can be granted per employee (in shares) | 3,000,000 | |||||
Maximum number of options and stock appreciation rights that can be granted per employee in one year (in shares) | 3,000,000 | |||||
Maximum shares to be granted to non employee director in one year (in shares) | 500,000 | |||||
2016 Equity Compensation Plan | Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Forfeited (in shares) | 10,750 | |||||
Shares outstanding (in shares) | 1,212,465 | 1,430,925 | 993,925 | |||
Weighted average grant date fair value (in dollars per share) | $ 4.79 | $ 5.70 | $ 5.90 | |||
2016 Equity Compensation Plan | Employee Stock Option | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Options vested but not exercised (in shares) | 525,501 | 828,085 | ||||
Vested and unexercised (in dollars per share) | $ 4.55 | |||||
Vested, options (in shares) | 828,085 | |||||
Cumulative options vested or expected to vest (in shares) | 1,353,586 | |||||
Options vested or expected to vest (in shares) | 651,835 | 1,180,086 | ||||
Minimum | Management Incentive Plan 2014 | Employee Stock Option | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Exercise Price (in dollars per share) | $ 360 | |||||
Minimum | 2016 Equity Compensation Plan | Employee Stock Option | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Exercise Price (in dollars per share) | 4.28 | |||||
Maximum | Management Incentive Plan 2014 | Employee Stock Option | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Exercise Price (in dollars per share) | 505 | |||||
Maximum | 2016 Equity Compensation Plan | Employee Stock Option | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Exercise Price (in dollars per share) | $ 5.56 |
Stock Incentive Plans - Restric
Stock Incentive Plans - Restricted Stock Units Award Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 07, 2016 | Oct. 15, 2014 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Management Incentive Plan 2014 | |||||
Aggregate fair value (in millions) | |||||
Vesting Year | 25.00% | ||||
Restricted Stock | Chief Financial Officer | |||||
Restricted Shares | |||||
Granted (in shares) | 233,863 | ||||
Restricted Stock | Management Incentive Plan 2014 | |||||
Restricted Shares | |||||
Beginning balance (in shares) | 52,140 | ||||
Forfeited (in shares) | (83) | ||||
Vested (in shares) | (1,432) | (133,452) | |||
Ending balance (in shares) | 50,625 | 52,140 | |||
Price on grant date | |||||
Beginning balance (in dollars per share) | $ 42.19 | ||||
Ending balance (in dollars per share) | $ 5.90 | $ 42.19 | |||
Restricted Stock | Management Incentive Plan 2014 | Chief Financial Officer | |||||
Restricted Shares | |||||
Beginning balance (in shares) | 233,863 | ||||
Granted (in shares) | 233,863 | ||||
Ending balance (in shares) | 233,863 | 233,863 | |||
Price on grant date | |||||
Beginning balance (in dollars per share) | $ 4.24 | ||||
Granted, price on grant date (in dollars per share) | $ 4.24 | ||||
Ending balance (in dollars per share) | $ 4.24 | $ 4.24 | |||
Aggregate fair value (in millions) | |||||
Beginning balance, aggregate fair value | $ 1,000 | ||||
Granted, aggregate fair value | $ 1,000 | ||||
Ending balance, aggregate fair value | $ 1,000 | $ 1,000 | |||
Restricted Stock | 2016 Equity Compensation Plan | |||||
Restricted Shares | |||||
Beginning balance (in shares) | 1,430,925 | 993,925 | |||
Forfeited (in shares) | (10,750) | ||||
Forfeitures and cancellations (in shares) | (537,942) | ||||
Ending balance (in shares) | 1,212,465 | 1,430,925 | 993,925 | ||
Price on grant date | |||||
Beginning balance (in dollars per share) | $ 5.70 | $ 5.90 | |||
Forfeited during period (in dollars per share) | 5.47 | ||||
Forfeitures and cancellations (in dollars per share) | 5.81 | ||||
Ending balance (in dollars per share) | $ 4.79 | $ 5.70 | $ 5.90 | ||
Aggregate fair value (in millions) | |||||
Beginning balance, aggregate fair value | $ 8,150 | $ 5,780 | |||
Forfeited, aggregate fair value | (60) | ||||
Forfeitures and cancellations, aggregate fair value | (3,130) | ||||
Ending balance, aggregate fair value | $ 5,810 | $ 8,150 | $ 5,780 | ||
Restricted Stock | 2016 Equity Compensation Plan | Vesting Year 3 | Chief Financial Officer | |||||
Aggregate fair value (in millions) | |||||
Vesting Year | 100.00% | ||||
Restricted Stock | 2016 Equity Compensation Plan | December 15, 2016, Group 1 | |||||
Restricted Shares | |||||
Granted (in shares) | 760,056 | ||||
Price on grant date | |||||
Granted, price on grant date (in dollars per share) | $ 5.90 | ||||
Aggregate fair value (in millions) | |||||
Granted, aggregate fair value | $ 4,400 | ||||
Vesting Year | 100.00% | ||||
Restricted Stock | 2016 Equity Compensation Plan | December 15, 2016, Group 2 | |||||
Restricted Shares | |||||
Granted (in shares) | 233,869 | ||||
Price on grant date | |||||
Granted, price on grant date (in dollars per share) | $ 5.90 | ||||
Aggregate fair value (in millions) | |||||
Granted, aggregate fair value | $ 1,380 | ||||
Vesting Year | 100.00% | ||||
Restricted Stock | 2016 Equity Compensation Plan | March 1, 2017 | |||||
Restricted Shares | |||||
Issued (in shares) | 429,750 | ||||
Price on grant date | |||||
Issued, price on grant date (in dollars per share) | $ 5.47 | ||||
Aggregate fair value (in millions) | |||||
Issued, aggregate fair value | $ 2,350 | ||||
Term | 3 years | ||||
Restricted Stock | 2016 Equity Compensation Plan | March 1, 2017 | Vesting Year 1 | |||||
Aggregate fair value (in millions) | |||||
Vesting Year | 33.00% | ||||
Restricted Stock | 2016 Equity Compensation Plan | March 1, 2017 | Vesting Year 2 | |||||
Aggregate fair value (in millions) | |||||
Vesting Year | 33.00% | ||||
Restricted Stock | 2016 Equity Compensation Plan | March 1, 2017 | Vesting Year 3 | |||||
Aggregate fair value (in millions) | |||||
Vesting Year | 33.00% | ||||
Restricted Stock | 2016 Equity Compensation Plan | June 1, 2017 | |||||
Restricted Shares | |||||
Issued (in shares) | 18,000 | ||||
Price on grant date | |||||
Issued, price on grant date (in dollars per share) | $ 4.64 | ||||
Aggregate fair value (in millions) | |||||
Issued, aggregate fair value | $ 80 | ||||
Restricted Stock | 2016 Equity Compensation Plan | June 1, 2017 | Vesting Year 3 | |||||
Aggregate fair value (in millions) | |||||
Vesting Year | 100.00% | ||||
Restricted Stock | 2016 Equity Compensation Plan | January 4, 2018 | |||||
Restricted Shares | |||||
Issued (in shares) | 948,500 | ||||
Price on grant date | |||||
Issued, price on grant date (in dollars per share) | $ 4.71 | ||||
Aggregate fair value (in millions) | |||||
Issued, aggregate fair value | $ 4,470 | ||||
Term | 3 years | ||||
Restricted Stock | 2016 Equity Compensation Plan | January 4, 2018 | Vesting Year 1 | |||||
Aggregate fair value (in millions) | |||||
Vesting Year | 33.00% | ||||
Restricted Stock | 2016 Equity Compensation Plan | January 4, 2018 | Vesting Year 2 | |||||
Aggregate fair value (in millions) | |||||
Vesting Year | 33.00% | ||||
Restricted Stock | 2016 Equity Compensation Plan | January 4, 2018 | Vesting Year 3 | |||||
Aggregate fair value (in millions) | |||||
Vesting Year | 33.00% | ||||
Restricted Stock | 2016 Equity Compensation Plan | January 10, 2018 | |||||
Restricted Shares | |||||
Issued (in shares) | 30,000 | ||||
Vested (in shares) | (30,000) | ||||
Price on grant date | |||||
Issued, price on grant date (in dollars per share) | $ 4.81 | ||||
Vested during period (in dollars per share) | $ 4.81 | ||||
Aggregate fair value (in millions) | |||||
Issued, aggregate fair value | $ 100 | ||||
Vested, aggregate fair value | $ (100) | ||||
Restricted Stock | 2016 Equity Compensation Plan | March 1, 2018 | |||||
Restricted Shares | |||||
Vested (in shares) | (90,711) | ||||
Price on grant date | |||||
Vested during period (in dollars per share) | $ 5.47 | ||||
Aggregate fair value (in millions) | |||||
Vested, aggregate fair value | $ (500) | ||||
Restricted Stock | 2016 Equity Compensation Plan | September 1, 2018 | |||||
Restricted Shares | |||||
Vested (in shares) | (408,143) | ||||
Price on grant date | |||||
Vested during period (in dollars per share) | $ 5.90 | ||||
Aggregate fair value (in millions) | |||||
Vested, aggregate fair value | $ (2,410) | ||||
Restricted Stock | 2016 Equity Compensation Plan | October 14, 2018 | |||||
Restricted Shares | |||||
Vested (in shares) | (130,164) | ||||
Price on grant date | |||||
Vested during period (in dollars per share) | $ 5.90 | ||||
Aggregate fair value (in millions) | |||||
Vested, aggregate fair value | $ (770) |
Stock Incentive Plans - Stock O
Stock Incentive Plans - Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 07, 2016 | Oct. 15, 2014 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Chief Financial Officer | |||||
Options | |||||
Granted, options (in shares) | 280,000 | ||||
Management Incentive Plan 2014 | |||||
Aggregate fair value (in millions) | |||||
Vesting Year | 25.00% | ||||
Employee Stock Option | Management Incentive Plan 2014 | |||||
Options | |||||
Vested and unexercised (in shares) | (12,875) | (9,960) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||||
Vested and unexercised (in dollars per share) | $ 4.28 | ||||
Employee Stock Option | Management Incentive Plan 2014 | Chief Financial Officer | |||||
Options | |||||
Balance outstanding beginning of period, options (in shares) | 210,000 | ||||
Granted, options (in shares) | 280,000 | ||||
Vested, options (in shares) | (70,000) | (70,000) | |||
Vested and unexercised (in shares) | (140,000) | ||||
Balance outstanding end of period, options (in shares) | 140,000 | 210,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||||
Granted, exercise price (in dollars per share) | $ 4.28 | $ 4.28 | $ 4.28 | ||
Expiration | 5 years | ||||
Risk free interest rate | 1.10% | ||||
Volatility | 61.00% | ||||
Dividend % | 0.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Granted, fair value of options on grant date (in dollars per share) | $ 1.91 | $ 1.91 | $ 1.91 | ||
Aggregate fair value (in millions) | |||||
Balance outstanding beginning of period, aggregate fair value | $ 400 | ||||
Granted, aggregate fair value | $ 530 | ||||
Vested, aggregate fair value | (130) | $ (130) | |||
Balance outstanding end of period, aggregate fair value | $ 270 | $ 400 | |||
Expected Term | 3 years 9 months | ||||
Term | 4 years | ||||
Employee Stock Option | Management Incentive Plan 2014 | Vesting Year 1 | Chief Financial Officer | |||||
Aggregate fair value (in millions) | |||||
Vesting Year | 25.00% | ||||
Employee Stock Option | Management Incentive Plan 2014 | Vesting Year 2 | Chief Financial Officer | |||||
Aggregate fair value (in millions) | |||||
Vesting Year | 25.00% | ||||
Employee Stock Option | Management Incentive Plan 2014 | Vesting Year 3 | Chief Financial Officer | |||||
Aggregate fair value (in millions) | |||||
Vesting Year | 25.00% | ||||
Employee Stock Option | Management Incentive Plan 2014 | Vesting Year 4 | Chief Financial Officer | |||||
Aggregate fair value (in millions) | |||||
Vesting Year | 25.00% | ||||
Employee Stock Option | 2016 Equity Compensation Plan | |||||
Options | |||||
Balance outstanding beginning of period, options (in shares) | 1,180,086 | 1,656,171 | |||
Vested, options (in shares) | (828,085) | ||||
Vested and unexercised (in shares) | (525,501) | (828,085) | |||
Forfeited, options (in shares) | (1,875) | (3,000) | |||
Exercised, options (in shares) | (875) | ||||
Balance outstanding end of period, options (in shares) | 651,835 | 1,180,086 | 1,656,171 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||||
Exercise Price (in dollars per share) | $ 4.65 | $ 4.28 | |||
Vested (in dollars per share) | 4.28 | ||||
Vested and unexercised (in dollars per share) | 4.55 | ||||
Forfeitures exercise price (in dollars per share) | 5.56 | 5.56 | |||
Exercised (in dollars per share) | 5.56 | ||||
Exercise Price (in dollars per share) | 4.72 | 4.65 | $ 4.28 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Fair Value of Options on Grant Date (in dollars per share) | 2.91 | ||||
Vested, fair value of options on grant date (in dollars per share) | 3.12 | ||||
Vested and unexercised, fair value (in dollars per share) | 3.01 | ||||
Forfeitures, fair value of options on grant date (in dollars per share) | 2.60 | 2.60 | |||
Exercised, fair value of options on grant date (in dollars per share) | $ 2.60 | ||||
Fair Value of Options on Grant Date (in dollars per share) | $ 2.91 | ||||
Aggregate fair value (in millions) | |||||
Balance outstanding beginning of period, aggregate fair value | $ 3,430 | $ 5,170 | |||
Forfeited, aggregate fair value | (50) | (80) | |||
Vested and unexercised, aggregate fair value | (1,600) | ||||
Vested, aggregate fair value | (2,600) | ||||
Exercised, aggregate fair value | (30) | ||||
Balance outstanding end of period, aggregate fair value | $ 3,010 | $ 3,430 | $ 5,170 | ||
Employee Stock Option | 2016 Equity Compensation Plan | December 15, 2016, Group 1 | |||||
Options | |||||
Granted, options (in shares) | 1,266,476 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||||
Granted, exercise price (in dollars per share) | $ 4.28 | ||||
Expiration | 5 years | ||||
Risk free interest rate | 1.79% | ||||
Volatility | 62.00% | ||||
Dividend % | 0.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Granted, fair value of options on grant date (in dollars per share) | $ 3.12 | ||||
Aggregate fair value (in millions) | |||||
Granted, aggregate fair value | $ 3,960 | ||||
Expected Term | 3 years 1 month 24 days | ||||
Employee Stock Option | 2016 Equity Compensation Plan | December 15, 2016, Group 1 | Vesting Year 1 | |||||
Aggregate fair value (in millions) | |||||
Vesting Year | 25.00% | ||||
Employee Stock Option | 2016 Equity Compensation Plan | December 15, 2016, Group 1 | Vesting Year 2 | |||||
Aggregate fair value (in millions) | |||||
Vesting Year | 25.00% | ||||
Employee Stock Option | 2016 Equity Compensation Plan | December 15, 2016, Group 1 | Vesting Year 3 | |||||
Aggregate fair value (in millions) | |||||
Vesting Year | 25.00% | ||||
Employee Stock Option | 2016 Equity Compensation Plan | December 15, 2016, Group 1 | Vesting Year 4 | |||||
Aggregate fair value (in millions) | |||||
Vesting Year | 25.00% | ||||
Employee Stock Option | 2016 Equity Compensation Plan | December 15, 2016, Group 2 | |||||
Options | |||||
Granted, options (in shares) | 389,695 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||||
Granted, exercise price (in dollars per share) | $ 4.28 | ||||
Expiration | 5 years | ||||
Risk free interest rate | 1.79% | ||||
Volatility | 62.00% | ||||
Dividend % | 0.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Granted, fair value of options on grant date (in dollars per share) | $ 3.14 | ||||
Aggregate fair value (in millions) | |||||
Granted, aggregate fair value | $ 1,210 | ||||
Expected Term | 3 years 1 month 24 days | ||||
Employee Stock Option | 2016 Equity Compensation Plan | December 15, 2016, Group 2 | Vesting Year 1 | |||||
Aggregate fair value (in millions) | |||||
Vesting Year | 25.00% | ||||
Employee Stock Option | 2016 Equity Compensation Plan | December 15, 2016, Group 2 | Vesting Year 2 | |||||
Aggregate fair value (in millions) | |||||
Vesting Year | 25.00% | ||||
Employee Stock Option | 2016 Equity Compensation Plan | December 15, 2016, Group 2 | Vesting Year 3 | |||||
Aggregate fair value (in millions) | |||||
Vesting Year | 25.00% | ||||
Employee Stock Option | 2016 Equity Compensation Plan | December 15, 2016, Group 2 | Vesting Year 4 | |||||
Aggregate fair value (in millions) | |||||
Vesting Year | 25.00% | ||||
Employee Stock Option | 2016 Equity Compensation Plan | March 1, 2017 | |||||
Options | |||||
Issued, options (in shares) | 337,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||||
Issued, exercise price (in dollars per share) | $ 5.56 | ||||
Expiration | 5 years | ||||
Risk free interest rate | 1.72% | ||||
Volatility | 63.50% | ||||
Dividend % | 0.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Issued, fair value of options on grant date (in dollars per share) | $ 2.60 | ||||
Aggregate fair value (in millions) | |||||
Issued, aggregate fair value | $ 900 | ||||
Expected Term | 3 years 9 months | ||||
Vesting Year | 25.00% | ||||
Term | 4 years | ||||
Employee Stock Option | 2016 Equity Compensation Plan | June 1, 2017 | |||||
Options | |||||
Issued, options (in shares) | 18,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||||
Issued, exercise price (in dollars per share) | $ 4.71 | ||||
Expiration | 5 years | ||||
Risk free interest rate | 1.56% | ||||
Volatility | 64.70% | ||||
Dividend % | 0.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||
Issued, fair value of options on grant date (in dollars per share) | $ 2.23 | ||||
Aggregate fair value (in millions) | |||||
Issued, aggregate fair value | $ 40 | ||||
Expected Term | 3 years 9 months | ||||
Vesting Year | 25.00% | ||||
Term | 4 years |
Stock Incentive Plans - Non-cas
Stock Incentive Plans - Non-cash Compensation Expenses (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation expense | $ 9,207,480 | $ 8,738,615 | $ 2,206,690 | |||
Scenario, Forecast | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Non-cash compensation expense | $ 500,000 | $ 1,700,000 | $ 4,700,000 | |||
2016 and 2014 Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Non-cash compensation expense | $ 9,207,480 | $ 8,738,615 | $ 2,206,690 |
Employee Benefit Plan (Details)
Employee Benefit Plan (Details) - USD ($) | Jan. 01, 2019 | Oct. 31, 2010 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Employer matching contribution percent of employees gross pay | 3.00% | ||||
Profit sharing contribution | $ 0 | $ 0 | $ 0 | ||
General and administrative expenses | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Matching contribution incurred | $ 275,674 | $ 240,888 | $ 167,778 | ||
First 3% of Employee's Salary | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Employer matching contribution percent | 100.00% | ||||
Next 2% of Employee's Salary | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Employer matching contribution percent | 50.00% | ||||
Matched at 50% | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Employer matching contribution percent of employees gross pay | 2.00% | ||||
Subsequent Event | |||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||
Employer matching contribution percent | 100.00% | ||||
Employer matching contribution percent of employees gross pay | 6.00% |
Quarterly Results of Operatio_3
Quarterly Results of Operations (Unaudited) (Details) - USD ($) | Dec. 08, 2017 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
Revenues, net | $ 86,692,209 | $ 69,092,740 | $ 74,938,700 | $ 79,370,609 | $ 74,587,441 | $ 62,710,903 | $ 53,631,224 | $ 45,855,057 | $ 310,094,258 | $ 236,784,625 | $ 124,492,844 | |
Total Operating expenses | 73,220,074 | 60,262,456 | 65,953,230 | 73,051,692 | 67,999,398 | 64,624,733 | 53,938,837 | 50,361,713 | 272,487,452 | 236,924,681 | 325,744,816 | |
Operating (loss)/income | 13,472,135 | 8,830,284 | 8,985,470 | 6,318,917 | 6,588,043 | (1,913,830) | (307,613) | (4,506,656) | 37,606,806 | (140,056) | (201,251,972) | |
Net income/(loss) | $ 6,486,350 | $ 2,584,822 | $ 3,450,767 | $ 52,745 | $ (16,584,425) | $ (10,255,346) | $ (5,888,466) | $ (11,068,448) | $ 12,574,684 | $ (43,796,685) | $ (223,522,435) | |
Basic income/(loss) (in dollars per share) | $ 0.09 | $ 0.04 | $ 0.05 | $ 0 | $ (0.24) | $ (0.15) | $ (0.08) | $ (0.17) | $ 0.18 | $ (0.63) | $ (10.87) | |
Diluted net income/(loss) (in dollars per share) | $ 0.09 | $ 0.04 | $ 0.05 | $ 0 | $ (0.24) | $ (0.15) | $ (0.08) | $ (0.17) | $ 0.18 | $ (0.63) | $ (10.87) | |
Loss on debt extinguishment | $ 11,800,000 | $ 15,000,000 | $ 0 | $ 14,968,609 | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Jan. 04, 2019 | Jan. 02, 2019 | Dec. 13, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 25, 2019 |
Subsequent Event [Line Items] | ||||||||
Proceeds from sale of vessels | $ 20,545,202 | $ 26,042,000 | $ 13,001,000 | |||||
Gain on sale of vessel | $ 335,160 | $ 2,134,767 | $ (101,860) | |||||
Subsequent Event | Restricted Stock | ||||||||
Subsequent Event [Line Items] | ||||||||
Granted (in shares) | 781,890 | |||||||
Restricted shares granted, value | $ 3,700,000 | |||||||
Vesting period | 3 years | |||||||
Vessel Condor | ||||||||
Subsequent Event [Line Items] | ||||||||
Proceeds from sale of vessels | $ 6,500,000 | |||||||
Vessel Merlin | Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Proceeds from sale of vessels | $ 6,100,000 | |||||||
Line of Credit | Subsequent Event | New Ultraco Debt Facility | Eagle Bulk Ultraco LLC | ||||||||
Subsequent Event [Line Items] | ||||||||
Aggregate principal amount | $ 208,400,000 | |||||||
Revolving Credit Facility | Line of Credit | Subsequent Event | New Ultraco Debt Facility | Eagle Bulk Ultraco LLC | ||||||||
Subsequent Event [Line Items] | ||||||||
Revolving credit facility | $ 55,000,000 | |||||||
Scenario, Forecast | Vessel Condor | ||||||||
Subsequent Event [Line Items] | ||||||||
Gain on sale of vessel | $ 2,200,000 | |||||||
Scenario, Forecast | Vessel Merlin | ||||||||
Subsequent Event [Line Items] | ||||||||
Gain on sale of vessel | $ 1,900,000 |
Uncategorized Items - egle-2018
Label | Element | Value | [1] |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (787,110) | |
Retained Earnings [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (787,110) | |
[1] | The opening accumulated deficit has been adjusted on January 1, 2018 in connection with the adoption of Accounting Standards ASC 606. Please refer to Note 3. Significant Accounting Policies to the consolidated financial statements. |