Eagle Bulk Shipping (EGLE) 10-Q 6 Aug 19 2019 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 05, 2019
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 Common Stock, Shares Outstanding (in shares)		73,155,647
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 38,598,904	$ 67,209,753
Accounts receivable, net of a reserve of $1,754,604 and $2,073,616, respectively	17,736,491	19,785,582
Prepaid expenses	3,978,119	4,635,879
Inventories	12,994,459	16,137,785
Vessels held for sale	0	8,458,444
Other current assets	2,435,994	2,246,740
Total current assets	75,743,967	118,474,183
Noncurrent assets:
Vessels and vessel improvements, at cost, net of accumulated depreciation of $135,392,581 and $124,907,998, respectively	678,421,137	682,944,936
Advance for vessel purchase	0	2,040,000
Operating lease right-of-use assets	22,462,057
Other fixed assets, net of accumulated depreciation of $655,102 and $547,452, respectively	768,078	692,803
Restricted cash	26,863,979	10,953,885
Deferred drydock costs, net	13,591,833	12,186,356
Deferred financing costs - Super Senior Facility	194,864	285,342
Other assets	45,712,265	18,631,655
Total noncurrent assets	788,014,213	727,734,977
Total assets	863,758,180	846,209,160
Current liabilities:
Accounts payable	6,196,328	14,161,169
Accrued interest	2,759,451	1,735,631
Other accrued liabilities	20,502,093	10,064,017
Fair value of derivatives	65,850	929,313
Current portion of operating lease liabilities	12,155,767
Unearned charter hire revenue	2,430,654	6,926,839
Current portion of long-term debt	29,679,587	29,176,230
Total current liabilities	73,789,730	62,993,199
Noncurrent liabilities:
Total debt	302,741,735	301,583,347
Operating lease liabilities	11,788,557
Other liabilities	0	208,651
Fair value below contract value of time charters acquired	0	1,818,114
Total noncurrent liabilities	314,530,292	303,610,112
Total liabilities	388,320,022	366,603,311
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.01 par value, 25,000,000 shares authorized, none issued as of June 30, 2019 and December 31, 2018	0	0
Common stock, $.01 par value, 700,000,000 shares authorized, 71,348,524 and 71,055,400 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively	713,485	710,555
Additional paid-in capital	896,064,585	894,272,533
Accumulated deficit	(421,339,912)	(415,377,239)
Total stockholders' equity	475,438,158	479,605,849
Total liabilities and stockholders' equity	863,758,180	846,209,160
Norwegian Bond Debt Facility
Noncurrent liabilities:
Total debt	179,151,901	182,469,155
New First Lien Facility
Noncurrent liabilities:
Total debt	0	48,189,307
Ultraco Debt Facility
Noncurrent liabilities:
Total debt	0	70,924,885
New Ultraco Debt Facility
Noncurrent liabilities:
Total debt	$ 123,589,834	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Accounts receivable, reserve	$ 1,754,604	$ 2,073,616
Vessels and vessel improvements, at cost, accumulated depreciation	135,392,581	124,907,998
Other fixed assets, accumulated depreciation	$ 655,102	$ 547,452
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)	71,348,524	71,055,400
Common stock, outstanding (in shares)	71,348,524	71,055,400

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Revenues, net	$ 69,391,315	$ 74,938,700	$ 146,780,912	$ 154,309,309
Voyage expenses	20,907,155	17,204,964	46,813,295	39,719,556
Vessel expenses	19,958,408	20,577,116	40,052,114	41,655,773
Charter hire expenses	11,179,480	10,108,258	22,671,386	20,376,322
Depreciation and amortization	9,761,322	9,272,460	19,168,430	18,548,875
General and administrative expenses	8,040,811	8,895,505	16,450,730	18,809,469
Gain on sale of vessels	(966,802)	(105,073)	(5,073,349)	(105,073)
Total operating expenses	68,880,374	65,953,230	140,082,606	139,004,922
Operating income	510,941	8,985,470	6,698,306	15,304,387
Interest expense	6,733,156	6,387,011	13,495,159	12,648,080
Interest income	(393,164)	(111,952)	(827,482)	(207,228)
Loss on debt extinguishment	0	0	2,268,452	0
Other expense/(income)	163,105	(740,356)	(2,275,150)	(639,977)
Total other expense, net	6,503,097	5,534,703	12,660,979	11,800,875
Net (loss)/income	$ (5,992,156)	$ 3,450,767	$ (5,962,673)	$ 3,503,512
Weighted average shares outstanding:
Basic (in shares)	71,348,524	70,515,320	71,316,093	70,484,240
Diluted (in shares)	71,348,524	72,086,980	71,316,093	71,560,775
Per share amounts:
Basic (loss)/income (in usd per share)	$ (0.08)	$ 0.05	$ (0.08)	$ 0.05
Diluted (loss)/income (in usd per share)	$ (0.08)	$ 0.05	$ (0.08)	$ 0.05

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive (Loss)/Income - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net (loss)/income	$ (5,992,156)	$ 3,450,767	$ (5,962,673)	$ 3,503,512
Comprehensive (loss)/income	$ (5,992,156)	$ 3,450,767	$ (5,962,673)	$ 3,503,512

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($)	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2017		70,394,307
Beginning balance at Dec. 31, 2017	$ 461,165,033	$ 703,944	$ 887,625,902	$ (427,164,813)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss)/income	52,745			52,745
Issuance of shares due to vesting of restricted shares (in shares)		120,711
Issuance of shares due to vesting of restricted shares		$ 1,207	(1,207)
Cash used to settle net share equity awards	(254,146)		(254,146)
Stock-based compensation	3,510,911		3,510,911
Ending balance (in shares) at Mar. 31, 2018		70,515,018
Ending balance at Mar. 31, 2018	463,687,433	$ 705,151	890,881,460	(427,899,178)
Beginning balance (in shares) at Dec. 31, 2017		70,394,307
Beginning balance at Dec. 31, 2017	461,165,033	$ 703,944	887,625,902	(427,164,813)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss)/income	3,503,512
Ending balance (in shares) at Jun. 30, 2018		70,516,466
Ending balance at Jun. 30, 2018	469,551,696	$ 705,165	893,294,942	(424,448,411)
Beginning balance (in shares) at Mar. 31, 2018		70,515,018
Beginning balance at Mar. 31, 2018	463,687,433	$ 705,151	890,881,460	(427,899,178)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss)/income	3,450,767			3,450,767
Issuance of shares due to vesting of restricted shares (in shares)		1,448
Issuance of shares due to vesting of restricted shares	4,865	$ 14	4,851
Cash used to settle net share equity awards	(968)	$ 0	(968)
Stock-based compensation	2,409,599		2,409,599
Ending balance (in shares) at Jun. 30, 2018		70,516,466
Ending balance at Jun. 30, 2018	469,551,696	$ 705,165	893,294,942	(424,448,411)
Beginning balance (in shares) at Dec. 31, 2018		71,055,400
Beginning balance at Dec. 31, 2018	479,605,849	$ 710,555	894,272,533	(415,377,239)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss)/income	29,483			29,483
Issuance of shares due to vesting of restricted shares (in shares)		293,011
Issuance of shares due to vesting of restricted shares		$ 2,929	(2,929)
Cash used to settle net share equity awards	(877,161)		(877,161)
Stock-based compensation	1,445,469		1,445,469
Ending balance (in shares) at Mar. 31, 2019		71,348,411
Ending balance at Mar. 31, 2019	480,203,640	$ 713,484	894,837,912	(415,347,756)
Beginning balance (in shares) at Dec. 31, 2018		71,055,400
Beginning balance at Dec. 31, 2018	479,605,849	$ 710,555	894,272,533	(415,377,239)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss)/income	(5,962,673)
Ending balance (in shares) at Jun. 30, 2019		71,348,524
Ending balance at Jun. 30, 2019	475,438,158	$ 713,485	896,064,585	(421,339,912)
Beginning balance (in shares) at Mar. 31, 2019		71,348,411
Beginning balance at Mar. 31, 2019	480,203,640	$ 713,484	894,837,912	(415,347,756)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss)/income	(5,992,156)			(5,992,156)
Issuance of shares due to vesting of restricted shares (in shares)		113
Issuance of shares due to vesting of restricted shares		$ 1	(1)
Cash used to settle net share equity awards	(536)		(536)
Stock-based compensation	1,227,210		1,227,210
Ending balance (in shares) at Jun. 30, 2019		71,348,524
Ending balance at Jun. 30, 2019	$ 475,438,158	$ 713,485	$ 896,064,585	$ (421,339,912)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net (loss)/income	$ (5,962,673)	$ 3,503,512
Adjustments to reconcile net (loss)/income to net cash provided by operating activities:
Depreciation	16,434,359	16,049,334
Amortization of operating lease right-of-use asset	6,242,947
Amortization of deferred drydocking costs	2,734,071	2,499,541
Amortization of debt discount and debt issuance costs	1,128,929	970,352
Amortization of fair value below contract value of time charter acquired	0	(340,950)
Loss on debt extinguishment	2,268,452	0
Gain on sale of vessels	(5,073,349)	(105,073)
Net unrealized gain on fair value of derivatives	(1,951,420)	(234,988)
Stock-based compensation expense	2,672,679	5,920,510
Drydocking expenditures	(4,506,257)	(4,632,000)
Changes in operating assets and liabilities:
Accounts payable	(4,411,836)	652,934
Accounts receivable	747,545	4,173,849
Accrued interest	1,023,820	(57,037)
Inventories	3,143,326	2,201,681
Operating lease liabilities short and long-term	(6,616,844)
Other current and non-current assets	885,451	(333,715)
Other accrued liabilities and other liabilities	3,540,176	(3,332,732)
Prepaid expenses	657,760	213,117
Unearned revenue	(4,496,185)	(2,360,838)
Net cash provided by operating activities	8,460,951	24,787,497
Cash flows from investing activities:
Purchase of vessel and vessel improvements	(18,477,740)	(20,301,806)
Proceeds from redemption of short-term investment	0	4,500,000
Proceeds from sale of vessels	22,631,367	9,719,013
Proceeds from hull and machinery insurance claims	1,301,546	0
Purchase of other fixed assets	(200,959)	(50,933)
Purchase of scrubbers and ballast water systems	(23,893,065)	0
Net cash used in investing activities	(18,638,851)	(6,133,726)
Cash flows from financing activities:
Repayments of long-term debt	(4,000,000)	0
Cash used to settle net share equity awards	(877,697)	(255,114)
Cash received from exercise of stock options	0	4,865
Other financing costs	(280,237)	(1,373,449)
Net cash (used in)/provided by financing activities	(2,522,855)	1,976,302
Net (decrease)/increase in cash, cash equivalents and restricted cash	(12,700,755)	20,630,073
Cash, cash equivalents and restricted cash at beginning of period	78,163,638	56,325,961
Cash, cash equivalents and restricted cash at end of period	65,462,883	76,956,034
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid during the period for interest	11,028,514	11,734,765
Accruals for Scrubbers and ballast water treatment systems included in Accounts payable and Other accrued liabilities	8,976,160	0
New First Lien Facility
Cash flows from financing activities:
Repayment of lines of credit	(5,000,000)	(5,000,000)
Proceeds from debt facility	5,000,000	0
Repayments of long-term debt	(60,000,000)	0
Ultraco Debt Facility
Cash flows from financing activities:
Proceeds from debt facility	0	8,600,000
Repayments of long-term debt	(82,600,000)	0
New Ultraco Debt Facility
Cash flows from financing activities:
Proceeds from debt facility	153,440,000	0
Repayments of long-term debt	(5,048,671)	0
Debt issuance costs paid to lenders on New Ultraco Debt Facility	$ (3,156,250)	$ 0

Basis of Presentation and Gener

Basis of Presentation and General Information	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and General Information	Basis of Presentation and General Information The accompanying condensed consolidated financial statements include the accounts of Eagle Bulk Shipping Inc. and its wholly-owned subsidiaries (collectively, the “Company,” “we,” “our” or similar terms). The Company is engaged in the ocean transportation of drybulk cargoes worldwide through the ownership, charter and operation of drybulk vessels. The Company’s fleet is comprised of Supramax and Ultramax drybulk carriers and the Company operates its business in one business segment. As of June 30, 2019 , the Company owned and operated a modern fleet of 45 oceangoing vessels, including 31 Supramax and 14 Ultramax vessels with a combined carrying capacity of 2,615,519 deadweight tonnage ("dwt") and an average age of approximately 9.0 years . Additionally, the Company charters-in three 61,400 dwt, 2013 built Ultramax vessels for an average remaining period of approximately two years. In addition, the Company charters-in third-party vessels on a short to medium term basis. For the three and six months ended June 30, 2019 and 2018 , the Company’s charterers did not individually account for more than 10% of the Company’s gross charter revenue during those periods. The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), and the rules and regulations of the SEC that apply to interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes normally included in consolidated financial statements prepared in conformity with U.S. GAAP. They should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2018 Annual Report on Form 10-K, filed with the SEC on March 13, 2019. The accompanying condensed consolidated financial statements are unaudited and include all adjustments (consisting of normal recurring adjustments) that management considers necessary for a fair presentation of its condensed consolidated financial position and results of operations for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the entire year. As of January 1, 2019, we adopted ASU No. 2016-02, "Leases," as amended ("ASC 842" or the "new lease standard”). ASC 842 increases transparency and comparability among organizations by requiring a lessee to record right-of-use assets and related lease liabilities on its balance sheet when it commences an operating lease. The Company adopted ASC 842 using the modified retrospective transition method of adoption. Under this method, the cumulative effect of applying the new lease standard is recorded with no restatement of any comparative prior periods presented. As provided by ASC 842, the Company elected to record the required cumulative effect adjustments to the opening balance sheet in the period of adoption rather than in the earliest comparative period presented. As a result, prior periods as reported by the Company have not been impacted by the adoption. As required by ASC 842, the Company's disclosures around its leasing activities have been significantly expanded to enable users of our condensed consolidated financial statements to assess the amount, timing and uncertainty of cash flows arising from lease arrangements. Please refer to Note 2. Recent Accounting Pronouncements for further information. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates and assumptions of the Company are residual value of vessels, the useful lives of vessels, the value of stock-based compensation, fair value of right-of-use asset and lease liability and the fair value of derivatives. Actual results could differ from those estimates.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Leases On January 1, 2019, the Company adopted ASC 842. ASC 842 revises the accounting for leases. Under the new lease standard, lessees are required to recognize a right-of-use asset and a lease liability for substantially all leases. The new lease standard 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. The following are the type of contracts that fall under ASC 842: Time charter out contracts 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 Company determined that all time charter contracts are considered operating leases and therefore fall under the scope of ASC 842 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. The transition guidance associated with ASC 842 allows for certain practical expedients to the lessors. The Company elected not to separate the lease and non-lease components included in the time charter revenue because the pattern of revenue recognition for the lease and non-lease components (included in the daily hire rate) is the same. The daily hire rate represents the hire rate for a bare boat charter as well as the compensation for expenses incurred running the vessel such as crewing expense, repairs, insurance, maintenance and lubes. Both the lease and non-lease components are earned by passage of time. The adoption of ASC 842 did not materially impact our accounting for time charter out contracts. The revenue generated from time charter out contracts is recognized on a straight-line basis over the term of the respective time charter agreements, which are recorded as part of revenues, net in our Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2019 and 2018. Time charter in contracts The Company charters in vessels to supplement our own fleet and employs them both on time charters and voyage charters. The time charter in contracts range in lease terms from 30 days to 2 years. The Company elected the practical expedient of ASC 842 that allows for time charter in contracts with an initial lease term of less than 12 months to be excluded from the operating lease right-of-use assets and lease liabilities recognized on our Condensed Consolidated Balance Sheet as of January 1, 2019. The Company recognized the operating lease right-of-use assets and the corresponding lease liabilities on the Condensed Consolidated Balance sheet for time charter in contracts greater than 12 months on the date of adoption of ASC 842. The Company will continue to recognize the lease payments for all operating leases as charter hire expenses on the condensed consolidated statements of operations on a straight-line basis over the lease term. Under ASC 842, leases are classified as either finance or operating arrangements, with such classification affecting the pattern and classification of expense recognition in an entity's income statement. For operating leases, ASC 842 requires recognition in an entity’s income statement of a single lease expense, calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. Right-of-use assets represent a right to use an underlying asset for the lease term and the related lease liability represents an obligation to make lease payments pursuant to the contractual terms of the lease agreement. At lease commencement, a lessee must develop a discount rate to calculate the present value of the lease payments so that it can determine lease classification and measure the lease liability. When determining the discount rate to be used at lease commencement, a lessee must use the rate implicit in the lease unless that rate cannot be readily determined. When the rate implicit in the lease cannot be readily determined, the lessee should use its incremental borrowing rate. The incremental borrowing rate is the rate that reflects the interest a lessee would have to pay to borrow funds on a collateralized basis over a similar term and in a similar economic environment. The Company determined that the time charter in contracts do not contain an implicit borrowing rate. Therefore, the Company arrived at the incremental borrowing rate by determining the Company's implied credit rating and the yield curve for debt as of January 1, 2019. The Company then interpolated the yield curve to determine the incremental borrowing rate for each lease based on the remaining lease term on the specific lease. Based on the above methodology, the Company's incremental borrowing rates ranged from 5.05% to 6.08% for the five lease contracts for which the Company recorded operating lease right-of-use assets and corresponding lease liabilities. The Company has time charter in contracts for three Ultramax vessels which are greater than 12 months as of the date of adoption of ASC 842. A brief description of each of these contracts is below: (i) The Company entered into an agreement effective April 28, 2017, to charter in a 61,400 dwt, 2013 built Japanese vessel for approximately four years 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. The Company determined that it will not exercise the existing options under this contract and therefore the options are not included in the calculation of the operating lease right-of-use asset. In addition, the Company’s fair value below contract value of time charters acquired of $1.8 million as of December 31, 2018, which related to the unamortized value of a prior charter with the same counterparty that had been recorded at the time of the Company’s emergence from bankruptcy, was offset against the corresponding right of use asset on this lease as of January 1, 2019. (ii) 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 first 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. The Company determined that it will not exercise the existing options under this contract and therefore the options are not included in the calculation of the operating lease right-of-use asset. (iii) 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. The Company determined that it will not exercise the existing options under this contract and therefore the options are not included in the calculation of the operating lease right-of-use asset. Office leases 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 2016 through June 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 and is recorded as restricted cash in the accompanying condensed 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 . The Company determined the two office leases to be operating leases and records the lease expense as part of General and administrative expenses in the Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2019 and 2018. Adoption of ASC 842 The Company adopted ASC 842 on January 1, 2019, which resulted in the recognition of operating lease right-of-use assets of $28.7 million and related lease liabilities for operating leases of $30.5 million in Total Assets and Total Liabilities, respectively, on our Condensed Consolidated Balance Sheet on January 1, 2019. In connection with its adoption of ASC 842, the Company elected the "package of 3" practical expedients permitted under the transition guidance, which exempts the Company from reassessing: • whether any expired or existing contracts are or contain leases. • any expired or existing lease classifications. • initial direct costs for any existing leases. Additionally, the Company elected, consistent with the practical expedient allowed under the transition guidance of ASC 842 to not separate the lease and non-lease components related to a lease contract and to account for them instead as a single lease component for the purposes of the recognition and measurement requirements of ASC 842. The Company elected not to use the practical expedient of hindsight in determining the lease term and in assessing the impairment of the Company's operating lease right-of-use assets. Prior to January 1, 2019, the Company recognized lease expense in accordance with then-existing U.S. GAAP (“prior GAAP”). Because both ASC 842 and prior GAAP generally recognize operating lease expenses on a straight-line basis over the term of the lease arrangement and the Company only has operating lease arrangements, there were no material differences between the timing and amount of lease expenses recognized under the two accounting methodologies during the three and six months ended June 30, 2019 and 2018. Lease Disclosures Under ASC 842 The objective of the disclosure requirements under ASC 842 is to enable users of an entity’s financial statements to assess the amount, timing and uncertainty of cash flows arising from lease arrangements. In addition to the supplemental qualitative leasing disclosures included above, below are quantitative disclosures that are intended to meet the stated objective of ASC 842. Operating lease right-of-use assets and lease liabilities as of June 30, 2019 and January 1, 2019 are as follows: Description Location in Balance Sheet June 30, 2019 January 1, 2019 ** Assets: Chartered-in contracts greater than 12 months * Operating lease right-of-use assets $ 20,194,474 $ 26,144,409 Office leases Operating lease right-of-use assets 2,267,583 2,560,593 $ 22,462,057 $ 28,705,002 Liabilities : Chartered-in contracts greater than 12 months Current portion of operating lease liabilities $ 11,547,210 $ 13,802,149 Office leases Current portion of operating lease liabilities 608,557 693,203 $ 12,155,767 $ 14,495,352 Chartered-in contracts greater than 12 months Operating lease liabilities $ 10,129,531 $ 14,160,374 Office leases Operating lease liabilities 1,659,026 1,867,390 $ 11,788,557 $ 16,027,764 * The Company netted $1.8 million , which was previously recorded as fair value on time charters acquired in the Condensed Consolidated Balance Sheet as of December 31, 2018 against the Operating lease right-of-use asset upon adoption of ASC 842 on January 1, 2019. ** The Operating lease right-of-use asset and Operating lease liabilities represent the present value of lease payments for the remaining term of the lease. The discount rate used ranged from 5.05% to 6.08% . The weighted average discount rate used to calculate the lease liability was 5.49% . The table below presents the components of the Company’s lease expenses and sub-lease income on a gross basis earned from chartered-in contracts greater than 12 months for the three and six months ended June 30, 2019: Description Location in Statement of Operations Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Lease expense for chartered-in contracts less than 12 months Charter hire expenses $ 7,684,182 $ 16,044,965 Lease expense for chartered-in contracts greater than 12 months Charter hire expenses 3,495,298 6,626,421 $ 11,179,480 $ 22,671,386 Lease expense for office leases General and administrative expenses $ 177,356 $ 355,356 Sub lease income from chartered-in contracts greater than 12 months * Revenues, net $ 2,759,065 $ 5,841,817 * The sub-lease income represents only time charter revenue earned on the chartered-in contracts greater than 12 months. There is additional revenue of $0.2 million and $1.0 million , respectively, earned from voyage charters on the same chartered-in contracts which is recorded in Revenues, net in our Statement of Operations in the condensed consolidated financial statements for the three and six months ended June 30, 2019. Additionally, there is revenue earned from time charters from chartered-in contracts less than 12 months which is included in Revenues, net in our Statement of Operations for the three and six months ended June 30, 2019. The cash paid for operating leases with terms greater than 12 months is $3.7 million and $7.4 million for the three and six months ended June 30, 2019, respectively. The Company did not enter into any operating leases greater than 12 months for the three and six months ended June 30, 2019. The weighted average remaining lease term on our chartered-in contracts greater than 12 months is 25.3 months. The table below provides the total amount of lease payments on an undiscounted basis on our chartered-in contracts and office leases greater than 12 months as of June 30, 2019: Year Chartered-in contracts greater than 12 months Office leases Total Operating leases Discount rate upon adoption 5.37 % 5.80 % 5.48 % Six months ending December 31, 2019 $ 7,070,784 $ 364,341 $ 7,435,125 2020 9,867,731 733,874 10,601,605 2021 5,825,710 700,257 6,525,967 2022 — 483,048 483,048 2023 — 244,878 244,878 $ 22,764,225 $ 2,526,398 $ 25,290,623 Present value of lease liability $ 21,676,741 $ 2,267,583 $ 23,944,324 Lease liabilities - short term $ 11,547,210 $ 608,557 $ 12,155,767 Lease liabilities - long term 10,129,531 1,659,026 11,788,557 Total lease liabilities $ 21,676,741 $ 2,267,583 $ 23,944,324 Discount based on incremental borrowing rate $ 1,087,484 $ 258,815 $ 1,346,299 The future minimum commitments under the leases for office space as of December 31, 2018 are as follows: 2019 $ 714,794 2020 728,212 2021 707,630 2022 483,048 2023 244,878 Total $ 2,878,562 The office rent expense was $188,048 and $340,470 for the three and six months ended June 30, 2018, respectively. Revenue recognition 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 delays that exceed the agreed to laytime at the ports visited, with the amounts recorded as demurrage revenue. Conversely, the charterer is given credit if the loading/discharging activities happen within the allowed laytime which is known as despatch and results in a reduction of 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 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 three and six months ended June 30, 2019 and 2018 is not material. The Company recognized $5.2 million and $6.9 million , respectively, of revenue for the three and six months ended June 30, 2019 relating to performance obligations satisfied in prior periods. The following table shows the revenues earned from time charters and voyage charters for the three and six months ended June 30, 2019 and 2018: Three Months Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Time charters $ 32,138,075 $ 37,355,472 $ 59,642,266 $ 66,678,691 Voyage charters 37,253,240 37,583,228 87,138,646 87,630,618 $ 69,391,315 $ 74,938,700 $ 146,780,912 $ 154,309,309 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. As of June 30, 2019, the Company recognized $0.2 million of deferred costs which represents bunker expenses and charter-hire expenses incurred prior to commencement of loading. These costs, are recorded in Other current assets on the Condensed Consolidated Balance Sheet. Accounting standards issued but not yet adopted The FASB has issued accounting standards that have not yet become effective and may impact the Company’s condensed consolidated financial statements or related disclosures in future periods. These standards and their potential impact are discussed below: Fair Value Measurement Disclosures — In August 2018, the FASB issued ASU No. 2018-13, "Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement" ("ASU No. 2018-13"). ASU No. 2018-13, which is part of the FASB's broader disclosure framework project to modify and supplement the current U.S. GAAP disclosure requirements that pertain to fair value measurements, with an emphasis on Level 3 disclosures of the valuation hierarchy. ASU No. 2018-13 is effective on January 1, 2020, with early adoption permitted. The adoption of ASU No. 2018-13 is currently not expected to have a material impact on the Company's condensed consolidated financial statements. Financial Instrument Credit Losses — In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments—Credit Losses" ("ASU No. 2016-13"). ASU No. 2016-13 amends the current financial instrument impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. ASU No. 2016-13 is effective on January 1, 2020, with early adoption permitted. The Company is currently evaluating the impact of the adoption of the accounting standard on its condensed consolidated financial statements. The FASB continues to work on a number of other significant accounting standards, which if issued, could materially impact the Company's accounting policies and disclosures in future periods. As these standards have not yet been issued, the effective dates and potential impacts are unknown.

Vessels

Vessels	6 Months Ended
	Jun. 30, 2019
Property, Plant and Equipment [Abstract]
Vessels	Vessels Vessel and Vessel Improvements As of June 30, 2019 , the Company’s owned operating fleet consisted of 45 drybulk vessels. On May 2, 2019, the Company signed a memorandum of agreement to sell the vessel Thrasher for $9.8 million , after broker commissions and associated selling expenses. The vessel was delivered to the buyer in the second quarter of 2019. The Company recorded a gain of approximately $1.0 million in its condensed consolidated statements of operations for the three and six months ended June 30, 2019. On January 4, 2019, the Company signed a memorandum of agreement to sell the vessel Merlin, a 2001 built Supramax, for $6.1 million , after brokerage commissions and associated selling expenses. The vessel was delivered to the buyers in the first quarter of 2019. The Company recorded a gain of approximately $1.9 million in its condensed consolidated statements of operations for the six months ended June 30, 2019. On December 21, 2018, the Company signed a memorandum of agreement to acquire a 2015 built Ultramax vessel for $20.4 million and paid a deposit of $2.0 million in 2018. The Company took delivery of the vessel, the Cape Town Eagle, on January 11, 2019. On December 13, 2018, the Company signed a memorandum of agreement to sell the vessel Condor, a 2001 built Supramax, for $6.1 million , after brokerage commissions and associated selling expenses. The vessel was delivered to the buyer in the first quarter of 2019. The Company recorded a gain of $2.2 million in its condensed consolidated statements of operations for the six months ended June 30, 2019. On September 4, 2018, the Company entered into a series of agreements to purchase up to 37 Scrubbers, which are to be fitted on the Company's 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 three options. The projected costs, including installation, is approximately $2.2 million per scrubber system. The Company intends to complete the installation of a majority of the 37 Scrubbers prior to January 1, 2020, which is the implementation date of the new sulphur emission cap regulation, as set forth by the International Maritime Organization (“IMO”). The Company recorded $41.8 million of scrubber system costs in Other assets in the Condensed Consolidated Balance Sheet as of June 30, 2019. On August 14, 2018, the Company entered into a contract for the installation of ballast water treatment systems ("BWTS") on all 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 $3.2 million for BWTS in Other assets in the Condensed Consolidated Balance Sheet as of June 30, 2019. Vessel and vessel improvements consist of the following: Vessels and vessel improvements, at December 31, 2018 $ 682,944,936 Advance paid for purchase of Cape Town Eagle at December 31, 2018 2,040,000 Purchase of Vessels and Vessel Improvements 18,477,740 Sale of vessel (8,732,865 ) Vessel depreciation expense (16,308,674 ) Vessels and vessel improvements, at June 30, 2019 $ 678,421,137

Debt

Debt	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Debt	Debt June 30, 2019 December 31, 2018 Norwegian Bond Debt $ 192,000,000 $ 196,000,000 Debt discount and debt issuance costs - Norwegian Bond Debt (4,848,099 ) (5,530,845 ) Less: Current Portion - Norwegian Bond Debt (8,000,000 ) (8,000,000 ) Norwegian Bond Debt, net of debt discount and debt issuance costs 179,151,901 182,469,155 New Ultraco Debt Facility 148,391,329 — Debt issuance costs - New Ultraco Debt Facility (3,121,908 ) — Less: Current Portion - New Ultraco Debt Facility (21,679,587 ) — New Ultraco Debt Facility, net of debt discount and debt issuance costs 123,589,834 — New First Lien Facility — 60,000,000 Debt discount and debt issuance costs - New First Lien Facility — (1,060,693 ) 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 Original Ultraco Debt Facility — 82,600,000 Debt discount and debt issuance costs - Original Ultraco Debt Facility — (1,248,885 ) 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 Total long-term debt $ 302,741,735 $ 301,583,347 New Ultraco Debt Facility On January 25, 2019, Ultraco Shipping LLC ("Ultraco"), a wholly-owned subsidiary of the Company, entered into a new senior secured credit facility, as the borrower (the "New Ultraco Debt Facility"), with the Company and certain of its indirect 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 (the "Term Facility Loan") 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 (as defined below) and the New First Lien Facility (as defined below) 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 Company paid $3.1 million as debt issuance costs to the lenders. 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 are 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 made on the Maturity Date. Accrued interest on amounts outstanding under the New Ultraco Debt Facility must be paid on the last day of each applicable interest period. Interest periods are for three months, six months or any other period agreed to between Ultraco and the Lenders. Ultraco must prepay certain specified amounts outstanding under the credit agreement if an Ultraco Vessel (as defined below) is sold or becomes a total loss or if there is a change of control with respect to the Company, Ultraco or any Guarantor. Ultraco’s obligations under the New Ultraco Debt Facility are secured by, among other items, a first priority mortgage on 21 vessels owned by the Guarantors 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 “Ultraco Vessels”), an assignment of certain accounts, an assignment of certain charters with terms that exceeds 12 months, an assignment of insurances, an assignment of certain master agreements, and a pledge of the membership interests of Ultraco and each Guarantor. In the future, Ultraco or the Guarantors may grant additional security to the Lenders from time to time. The New Ultraco Debt Facility contains financial covenants requiring the Company, on a consolidated basis excluding Shipco (as defined below) and any of Shipco’s subsidiaries (each, a “Restricted Subsidiary”) and any of the vessels owned by any Restricted Subsidiary to maintain a minimum amount of free cash or cash equivalents in an amount not less than the greater of (i) $0.6 million per owned vessel and (ii) 7.5% of the total consolidated debt of the Company and its subsidiaries, excluding any Restricted Subsidiary, which currently consists of amounts outstanding under the New Ultraco Debt Facility. The New Ultraco Debt Facility also requires the Company to maintain a liquidity reserve of $0.6 million per Ultraco Vessel in an unblocked account. Additionally, the credit agreement requires the Company, on a consolidated basis, excluding any Restricted Subsidiary and the vessels owned by any Restricted Subsidiary, to maintain (i) a ratio of minimum value adjusted tangible equity to total assets ratio of not less than 0.30 :1, (ii) a consolidated interest coverage ratio of not less than a range varying from 1.50 to 1.00 to 2.50 to 1.00, and (iii) a positive working capital. The credit agreement also imposes operating restrictions on Ultraco and the Guarantors, including limiting Ultraco’s and the Guarantors’ ability to, among other things: 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 credit agreement allows for the Company to pay dividends upon satisfaction of certain conditions set forth in the credit agreement. The Company is in compliance with its financial covenants as of June 30, 2019. Finally, the credit agreement includes customary events of default, including those relating to: a failure to pay principal or interest; a breach of covenant, representation or warranty; a cross-default to other indebtedness; 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. Norwegian Bond Debt On November 28, 2017, Eagle Bulk Shipco LLC, a wholly-owned subsidiary of the Company ("Shipco" or "Issuer") issued $200,000,000 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 were 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 24 security vessels (the "Shipco Vessels") in the Company’s fleet, and are 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 (as defined in the Bond Terms), 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 8.25% 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 100.0 % Prior to the First Call Date, the Issuer may redeem some or all of the outstanding Bonds at a price equal to 100.0% 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 101.0% 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 75.0% and its subsidiaries’ free liquidity must at all times be at least $12.5 million. Shipco is in compliance with its financial covenants as of June 30, 2019. During the first half of 2019, the Company sold three vessels, Thrasher, Condor and Merlin, for combined net proceeds of $22.6 million . Additionally, the Company sold one vessel, Thrush, in 2018 for net proceeds of $10.8 million . 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 from the sale of these vessels as restricted cash in the Condensed Consolidated Balance Sheet. On November 6, 2018, the Company received 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. As of June 30, 2019, the Company used $6.7 million of 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 that limit the Company’s and the Issuer’s ability and the ability of the Issuer’s subsidiaries to, among other things, 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. Super Senior Facility On December 8, 2017, Shipco entered into the Super Senior Revolving Facility Agreement (the "Super Senior Facility"), by and among Shipco as borrower, and ABN AMRO Capital USA LLC, as original lender, mandated lead arranger and agent, 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 incurred $0.2 million as other financing costs in connection with the transaction, which was recorded as deferred financing costs on the Condensed Consolidated Balance Sheet at June 30, 2019. As of June 30, 2019, the availability under the Super Senior Facility is $15.0 million. The outstanding borrowings under the Super Senior Facility 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 to 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 24 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, limit Shipco’s and its subsidiaries’ ability to, among other things, 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 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. Shipco is in compliance with its financial covenants as of June 30, 2019 . The Super Senior Facility also contains certain events of default customary for transactions of this type, including, but not limited 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. New First Lien Facility On December 8, 2017, Eagle Shipping LLC, a wholly-owned subsidiary of the Company ("Eagle Shipping") entered into a credit agreement (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. On January 25, 2019, the Company repaid the outstanding balances of the Term Loan and the Revolving Loan together with accrued interest as of that date and discharged the debt under the New First Lien Facility in full from the proceeds of the New Ultraco Debt Facility. The Company accounted for the above transaction as a debt extinguishment. As a result, the Company recognized $1.1 million representing the outstanding balance of debt issuance costs as loss on debt extinguishment in the Condensed Consolidated Statement of Operations for the six months ended June 30, 2019 . 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”), and certain lenders thereto. On January 25, 2019, the Company repaid the outstanding balance of the Original Ultraco Debt facility and discharged the debt in full from the proceeds of the New Ultraco Debt Facility. The Company accounted for the above transaction as a debt extinguishment. As a result, the Company recognized $1.2 million representing the outstanding balance of debt issuance costs as loss on debt extinguishment in the Condensed Consolidated Statement of Operations for the six months ended June 30, 2019 . Interest Rates 2019 For the three and six months ended June 30, 2019 , the interest rate on the New First Lien Facility, which was repaid on January 25, 2019, ranged from 5.89% to 6.01% including a margin over LIBOR applicable under the terms of the New First Lien Facility 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 this period was 6.45% . For the three months ended June 30, 2019 , the interest rate on the New Ultraco Debt Facility ranged from 5.09% to 5.26% including a margin over LIBOR applicable under the terms of the New Ultraco Debt Facility and commitment fees of 40% of the margin on the undrawn portion of the revolver credit facility of the New Ultraco Debt Facility. The weighted average effective interest rate including the amortization of debt discount and debt issuance costs for this period was 5.62% . For the six months ended June 30, 2019 , the interest rate on the New Ultraco Debt Facility ranged from 4.15% to 5.26% including a margin over LIBOR applicable under the terms of the New Ultraco Debt Facility and commitment fees of 40% of the margin on the undrawn portion of the revolver credit facility of the New Ultraco Debt Facility. The weighted average effective interest rate including the amortization of debt discount and debt issuance costs for this period was 4.85% . For the three and six months ended June 30, 2019 , the interest rate on the Original Ultraco Debt Facility, which was repaid on January 25, 2019, was 5.28% 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 this period was 6.80% . For the three and six months ended June 30, 2019, interest rates on our outstanding debt under the Norwegian Bond Debt was 8.25% . The weighted average effective interest rate including the amortization of debt discount and debt issuance costs for this period was 8.79% . Additionally, we pay commitment fees of 40% of the margin on the undrawn portion of the Super Senior Revolver Facility. 2018 For the three months ended June 30, 2018, the interest rate on the New First Lien Facility was 5.55% including a margin over LIBOR applicable under the terms of the New First Lien Facility 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 for this period was 6.18% . For the six months ended June 30, 2018, interest rates on the New First Lien Facility ranged from 4.91% to 5.55% including a margin over LIBOR applicable under the terms of the New First Lien Facility 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 for this period was 5.82% . For the three and six months ended June 30, 2018, the interest rate on the Norwegian Bond Debt was 8.25% . The weighted average effective interest rate including the amortization of debt discount and debt issuance costs for these periods was 8.79% . For the three months ended June 30, 2018, the interest rate on the Original Ultraco Debt Facility was 5.25% 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 this period was 5.83% . For the six months ended June 30, 2018, the interest rates on the Original Ultraco Debt Facility ranged from 4.64% to 5.25% 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 this period was 5.56% . The following table summarizes the Company’s total interest expense for: Three Months Ended Six Months Ended 2019 2018 2019 2018 New First Lien Facility interest $ — $ 859,229 $ 293,545 $ 1,676,193 New Ultraco Debt Facility interest 1,882,295 — 3,340,865 — Norwegian Bond Debt interest 4,013,167 4,079,166 8,055,667 8,204,167 Original Ultraco Debt Facility interest — 938,026 362,257 1,737,701 Amortization of debt discount and debt issuance costs 625,213 480,257 1,128,929 970,352 Commitment fees on revolving credit facilities 212,481 30,333 313,896 59,667 Total Interest Expense $ 6,733,156 $ 6,387,011 $ 13,495,159 $ 12,648,080 Scheduled Debt Maturities The following table presents the scheduled maturities of principal amounts of our debt obligations, excluding the impact of any future vessel sales, for the next five years. Norwegian Bond Debt New Ultraco Debt Facility Total Six months ending December 31, 2019 $ 4,000,000 $ 10,097,342 $ 14,097,342 2020 8,000,000 24,649,394 32,649,394 2021 8,000,000 26,134,297 34,134,297 2022 172,000,000 26,134,297 198,134,297 2023 — 26,134,297 26,134,297 Thereafter — 35,241,702 35,241,702 $ 192,000,000 $ 148,391,329 $ 340,391,329

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives Instruments	Derivative Instruments Forward freight agreements and bunker swaps 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 Condensed Consolidated Statement of Operations and Other current assets and Fair value of derivatives in the Condensed 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 condensed consolidated statements of operations and balance sheets is as follows: For the For the Derivatives not designated as hedging instruments Location of loss/(gain) recognized June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 FFAs Other expense/(income) $ 39,296 $ 36,625 $ (1,130,993 ) $ 82,432 Bunker Swaps Other expense/(income) 123,809 (776,981 ) (1,144,157 ) (722,409 ) Total $ 163,105 $ (740,356 ) $ (2,275,150 ) $ (639,977 ) Derivatives not designated as hedging instruments Balance Sheet location June 30, 2019 December 31, 2018 FFAs - Unrealized gain Other current assets $ 1,545,840 $ 669,240 Bunker Swaps - Unrealized gain Other current assets 211,357 — Bunker Swaps - Unrealized loss Fair value of derivatives 65,850 929,313 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 June 30, 2019 and December 31, 2018 , the Company posted cash collateral related to derivative instruments under its collateral security arrangements of $ 1.5 million and $0.8 million, respectively, which is recorded within Other current assets in the Condensed Consolidated Balance Sheets.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	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 Condensed Consolidated Balance Sheets for interest-bearing deposits approximate their fair value due to the short-term nature thereof. Debt —the carrying amounts of borrowings under the Norwegian Bond Debt and the New Ultraco Debt Facility (prior to application of the discount and debt issuance costs) including the Revolving Loan, 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 and the New Ultraco Debt Facility. Level 3 – Inputs that are unobservable (for example cash flow modeling inputs based on assumptions) June 30, 2019 Fair Value Carrying Value Level 1 Level 2 Assets Cash and cash equivalents (1) $ 65,462,883 $ 65,462,883 $ — Liabilities Norwegian Bond Debt (2) 187,151,901 — 192,240,000 New Ultraco Debt Facility (3) 145,269,421 — 148,391,329 December 31, 2018 Fair Value Carrying Value Level 1 Level 2 Assets Cash and cash equivalents (1) $ 78,163,638 $ 78,163,638 $ — Liabilities Norwegian Bond Debt (2) 190,469,155 — 195,040,000 New First Lien Facility (4) 58,939,307 — 60,000,000 Original Ultraco Debt Facility (4) 81,351,115 — 82,600,000 (1) Includes non-current restricted cash aggregating $26.9 million at June 30, 2019 and $11.0 million at December 31, 2018. (2) The fair value of the Bonds is based on the last trades on June 25, 2019 and December 21, 2018 on Bloomberg.com. (3) The fair value of the liabilities is based on the required repayment to the lenders if the debt was discharged in full on June 30, 2019 . (4 ) The New First Lien Facility and the Original Ultraco Debt Facility were discharged in full at the fair value mentioned in this table on January 25, 2019 as part of the debt refinancing transaction. Please see Note 4. Debt to the condensed consolidated financial statements.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings The Company is involved in legal proceedings and may become involved in other legal matters arising in the ordinary course of its business. The Company evaluates these legal matters on a case-by-case basis to make a determination as to the impact, if any, on its business, liquidity, results of operations, financial condition or cash flows. In November 2015, the Company filed a voluntary self-disclosure report with OFAC 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 (formerly Burma) (the “OFAC Disclosure”). At the time of such apparent violations, the Company had a different senior operational management team. Notwithstanding the fact that the apparent violations took place under a different senior operational management team and although the Company’s new Board of Directors and management have implemented robust remedial measures and significantly enhanced its compliance safeguards, 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 condensed consolidated financial condition or results of operations.

Income Per Common Share

Income Per Common Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Income Per Common Share	Income Per Common Share The computation of basic net income per share is based on the weighted average number of common shares outstanding for the three and six months ended June 30, 2019 and 2018 . Diluted net income 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 as of June 30, 2019 does not include 1,825,276 stock awards, 2,298,296 stock options and 152,266 warrants, as their effect was anti-dilutive. Diluted net income per share for the three months ended June 30, 2018 does not include 1,452 stock awards, 352,000 stock options and 152,266 warrants, as their effect was anti-dilutive. Three Months Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Net (loss)/income $ (5,992,156 ) $ 3,450,767 $ (5,962,673 ) $ 3,503,512 Weighted Average Shares - Basic 71,348,524 70,515,320 71,316,093 70,484,240 Dilutive effect of stock options and restricted stock units — 1,571,660 — 1,076,535 Weighted Average Shares - Diluted 71,348,524 72,086,980 71,316,093 71,560,775 Basic (loss)/income per share $ (0.08 ) $ 0.05 $ (0.08 ) $ 0.05 Diluted (loss)/income per share $ (0.08 ) $ 0.05 $ (0.08 ) $ 0.05

Stock Incentive Plans

Stock Incentive Plans	6 Months Ended
	Jun. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Incentive Plans	Stock Incentive Plans 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 post-emergence Management Incentive Program (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. 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. On June 7, 2019, the Company's shareholders approved an amendment and restatement of the 2016 Plan which increased the number of shares reserved under the 2016 Plan by an additional 2,500,000 shares to a maximum of 7,848,613 shares of common stock. 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. Additionally, the Company granted 28,200 common shares to its board of directors. The fair value of the grant based on the closing share price of December 31, 2018 was $0.1 million . The shares vested immediately. The amortization of the above grant is $0.5 million and $1.1 million , respectively for the three and six months ended June 30, 2019, which is included in general and administrative expenses in the Condensed Consolidated Statements of Operations. As of June 30, 2019 and December 31, 2018 , stock awards covering a total of 1,825,276 and 1,496,953 of the Company’s common shares, respectively, are outstanding under the 2014 Plan and 2016 Plan. The vesting terms range between one to three years from the grant date. The Company is amortizing to stock-based compensation expense included in general and administrative expenses the fair value of non-vested stock awards at the grant date. As of June 30, 2019 and December 31, 2018 , vested options covering 1,617,169 and 1,506,461 of the Company’s common shares, respectively, are outstanding with exercise prices ranging from $4.28 to $505.00 per share. As of June 30, 2019 and December 31, 2018, unvested options covering 681,127 and 791,835 of the Company's common shares, respectively, are outstanding with exercise prices ranging from $4.28 to $5.56 per share. The options vest and become exercisable in four equal installments beginning on the grant date. All options expire within five years from the effective date. Stock-based compensation expense for all stock awards and options included in General and administrative expenses: Three Months Ended June 30, Six Months Ended 2019 2018 2019 2018 Stock awards /Stock Option Plans $ 1,227,210 $ 2,409,599 $ 2,672,679 $ 5,920,510 The future compensation to be recognized for all the grants issued for the six month period ending December 31, 2019 , and the years ending December 31, 2020 and 2021 will be $2.2 million , $1.6 million and $0.4 million , respectively.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Vessel Sales and Purchases On July 18, 2019, the Company signed a memorandum of agreement to sell the vessel Kestrel for gross proceeds of $7.3 million . The vessel is scheduled to be delivered to the buyer during the third quarter of 2019. The Company expects to record a gain of approximately $1.0 million in its condensed consolidated statements of operations for the three and nine months ending September 30, 2019. On July 10, 2019 and July 15, 2019, the Company agreed to purchase six Ultramax bulk carriers for approximately $122 million ("Acquisition Vessels"), subject to final documentation and customary closing conditions. 5.00% Convertible Senior Notes due 2024 On July 29, 2019, the Company issued $114.1 million in aggregate principal amount of 5.00% Convertible Senior Notes due 2024 (the “Notes”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to certain non-U.S. persons in offshore transactions outside of the United States in reliance on Regulation S under the Securities Act (the “Notes Offering”). The Company received net proceeds of approximately $112.0 million from the sale of the Notes, after deducting fees and expenses. Investment funds managed by Oaktree Capital Management L.P. (“Oaktree”) and GoldenTree Asset Management LP, the Company’s two largest shareholders, or their affiliates, acquired approximately $45.5 million and $23.6 million aggregate principal amount of the Notes, respectively. The Notes were issued under an indenture (the “Indenture”), dated as of July 29, 2019, between the Company and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”). The Notes bear interest at a rate of 5.00% per annum on the outstanding principal amount thereof, payable semi-annually in arrears on February 1 and August 1 of each year, commencing on February 1, 2020. The Notes will mature on August 1, 2024. Each holder has the right to convert any portion of the Notes at any time prior to the Maturity Date. The initial conversion rate of the Notes is 178.1737 shares of the Common Stock per $1,000 principal amount of Notes (which is equivalent to an initial conversion price of approximately $5.61 per share of Common Stock), which the Company will pay or deliver, as the case may be, either cash, shares of Common Stock or a combination of cash and shares of Common Stock, at the Company’s election. The Notes are the general, unsecured senior obligations of the Company. They will rank: (i) senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the Notes; (ii) equal in right of payment to any of the Company’s unsecured indebtedness that is not so subordinated; (iii) effectively junior in right of payment to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and (iv) structurally junior to all indebtedness and other liabilities of current or future subsidiaries of the Company. Share Lending Agreement In connection with the Notes Offering, the Company agreed with Jefferies Capital Services, LLC ("JCS"), an affiliate of Jefferies LLC ("Jefferies"), an initial purchaser in the Notes Offering, to lend JCS up to 3,582,880 (of the 8,000,000 originally authorized by the Board) newly issued shares of Common Stock (the “Replacement Borrowed Shares”) pursuant to a share lending agreement, dated July 29, 2019. JCS will, in turn, lend the Replacement Borrowed Shares to Jeffries, which will lend the Replacement Borrowed Shares to certain investors in our Notes to facilitate hedging transactions with respect to the Notes they own. These investors may offer the Replacement Borrowed Shares by means of a prospectus supplement and accompany prospectus contained in a registration statement that the Company has agreed to file pursuant to the share lending agreement.

Basis of Presentation and Gen_2

Basis of Presentation and General Information (Policies)	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting	The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), and the rules and regulations of the SEC that apply to interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes normally included in consolidated financial statements prepared in conformity with U.S. GAAP. They should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2018 Annual Report on Form 10-K, filed with the SEC on March 13, 2019.
Adoption of New Accounting Standards and Accounting Standards Issued But Not Yet Adopted	As of January 1, 2019, we adopted ASU No. 2016-02, "Leases," as amended ("ASC 842" or the "new lease standard”). ASC 842 increases transparency and comparability among organizations by requiring a lessee to record right-of-use assets and related lease liabilities on its balance sheet when it commences an operating lease. The Company adopted ASC 842 using the modified retrospective transition method of adoption. Under this method, the cumulative effect of applying the new lease standard is recorded with no restatement of any comparative prior periods presented. As provided by ASC 842, the Company elected to record the required cumulative effect adjustments to the opening balance sheet in the period of adoption rather than in the earliest comparative period presented. As a result, prior periods as reported by the Company have not been impacted by the adoption. As required by ASC 842, the Company's disclosures around its leasing activities have been significantly expanded to enable users of our condensed consolidated financial statements to assess the amount, timing and uncertainty of cash flows arising from lease arrangements. Please refer to Note 2. Recent Accounting Pronouncements for further information. Leases On January 1, 2019, the Company adopted ASC 842. ASC 842 revises the accounting for leases. Under the new lease standard, lessees are required to recognize a right-of-use asset and a lease liability for substantially all leases. The new lease standard 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. The following are the type of contracts that fall under ASC 842: Time charter out contracts 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 Company determined that all time charter contracts are considered operating leases and therefore fall under the scope of ASC 842 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. The transition guidance associated with ASC 842 allows for certain practical expedients to the lessors. The Company elected not to separate the lease and non-lease components included in the time charter revenue because the pattern of revenue recognition for the lease and non-lease components (included in the daily hire rate) is the same. The daily hire rate represents the hire rate for a bare boat charter as well as the compensation for expenses incurred running the vessel such as crewing expense, repairs, insurance, maintenance and lubes. Both the lease and non-lease components are earned by passage of time. The adoption of ASC 842 did not materially impact our accounting for time charter out contracts. The revenue generated from time charter out contracts is recognized on a straight-line basis over the term of the respective time charter agreements, which are recorded as part of revenues, net in our Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2019 and 2018. Time charter in contracts The Company charters in vessels to supplement our own fleet and employs them both on time charters and voyage charters. The time charter in contracts range in lease terms from 30 days to 2 years. The Company elected the practical expedient of ASC 842 that allows for time charter in contracts with an initial lease term of less than 12 months to be excluded from the operating lease right-of-use assets and lease liabilities recognized on our Condensed Consolidated Balance Sheet as of January 1, 2019. The Company recognized the operating lease right-of-use assets and the corresponding lease liabilities on the Condensed Consolidated Balance sheet for time charter in contracts greater than 12 months on the date of adoption of ASC 842. The Company will continue to recognize the lease payments for all operating leases as charter hire expenses on the condensed consolidated statements of operations on a straight-line basis over the lease term. Under ASC 842, leases are classified as either finance or operating arrangements, with such classification affecting the pattern and classification of expense recognition in an entity's income statement. For operating leases, ASC 842 requires recognition in an entity’s income statement of a single lease expense, calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. Right-of-use assets represent a right to use an underlying asset for the lease term and the related lease liability represents an obligation to make lease payments pursuant to the contractual terms of the lease agreement. At lease commencement, a lessee must develop a discount rate to calculate the present value of the lease payments so that it can determine lease classification and measure the lease liability. When determining the discount rate to be used at lease commencement, a lessee must use the rate implicit in the lease unless that rate cannot be readily determined. When the rate implicit in the lease cannot be readily determined, the lessee should use its incremental borrowing rate. The incremental borrowing rate is the rate that reflects the interest a lessee would have to pay to borrow funds on a collateralized basis over a similar term and in a similar economic environment. The Company determined that the time charter in contracts do not contain an implicit borrowing rate. Therefore, the Company arrived at the incremental borrowing rate by determining the Company's implied credit rating and the yield curve for debt as of January 1, 2019. The Company then interpolated the yield curve to determine the incremental borrowing rate for each lease based on the remaining lease term on the specific lease. Based on the above methodology, the Company's incremental borrowing rates ranged from 5.05% to 6.08% for the five lease contracts for which the Company recorded operating lease right-of-use assets and corresponding lease liabilities. The Company has time charter in contracts for three Ultramax vessels which are greater than 12 months as of the date of adoption of ASC 842. A brief description of each of these contracts is below: (i) The Company entered into an agreement effective April 28, 2017, to charter in a 61,400 dwt, 2013 built Japanese vessel for approximately four years 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. The Company determined that it will not exercise the existing options under this contract and therefore the options are not included in the calculation of the operating lease right-of-use asset. In addition, the Company’s fair value below contract value of time charters acquired of $1.8 million as of December 31, 2018, which related to the unamortized value of a prior charter with the same counterparty that had been recorded at the time of the Company’s emergence from bankruptcy, was offset against the corresponding right of use asset on this lease as of January 1, 2019. (ii) 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 first 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. The Company determined that it will not exercise the existing options under this contract and therefore the options are not included in the calculation of the operating lease right-of-use asset. (iii) 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. The Company determined that it will not exercise the existing options under this contract and therefore the options are not included in the calculation of the operating lease right-of-use asset. Office leases 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 2016 through June 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 and is recorded as restricted cash in the accompanying condensed 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 . The Company determined the two office leases to be operating leases and records the lease expense as part of General and administrative expenses in the Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2019 and 2018. Adoption of ASC 842 The Company adopted ASC 842 on January 1, 2019, which resulted in the recognition of operating lease right-of-use assets of $28.7 million and related lease liabilities for operating leases of $30.5 million in Total Assets and Total Liabilities, respectively, on our Condensed Consolidated Balance Sheet on January 1, 2019. In connection with its adoption of ASC 842, the Company elected the "package of 3" practical expedients permitted under the transition guidance, which exempts the Company from reassessing: • whether any expired or existing contracts are or contain leases. • any expired or existing lease classifications. • initial direct costs for any existing leases. Additionally, the Company elected, consistent with the practical expedient allowed under the transition guidance of ASC 842 to not separate the lease and non-lease components related to a lease contract and to account for them instead as a single lease component for the purposes of the recognition and measurement requirements of ASC 842. The Company elected not to use the practical expedient of hindsight in determining the lease term and in assessing the impairment of the Company's operating lease right-of-use assets. Prior to January 1, 2019, the Company recognized lease expense in accordance with then-existing U.S. GAAP (“prior GAAP”). Because both ASC 842 and prior GAAP generally recognize operating lease expenses on a straight-line basis over the term of the lease arrangement and the Company only has operating lease arrangements, there were no material differences between the timing and amount of lease expenses recognized under the two accounting methodologies during the three and six months ended June 30, 2019 and 2018. Lease Disclosures Under ASC 842 The objective of the disclosure requirements under ASC 842 is to enable users of an entity’s financial statements to assess the amount, timing and uncertainty of cash flows arising from lease arrangements. In addition to the supplemental qualitative leasing disclosures included above, below are quantitative disclosures that are intended to meet the stated objective of ASC 842. Operating lease right-of-use assets and lease liabilities as of June 30, 2019 and January 1, 2019 are as follows: Description Location in Balance Sheet June 30, 2019 January 1, 2019 ** Assets: Chartered-in contracts greater than 12 months * Operating lease right-of-use assets $ 20,194,474 $ 26,144,409 Office leases Operating lease right-of-use assets 2,267,583 2,560,593 $ 22,462,057 $ 28,705,002 Liabilities : Chartered-in contracts greater than 12 months Current portion of operating lease liabilities $ 11,547,210 $ 13,802,149 Office leases Current portion of operating lease liabilities 608,557 693,203 $ 12,155,767 $ 14,495,352 Chartered-in contracts greater than 12 months Operating lease liabilities $ 10,129,531 $ 14,160,374 Office leases Operating lease liabilities 1,659,026 1,867,390 $ 11,788,557 $ 16,027,764 * The Company netted $1.8 million , which was previously recorded as fair value on time charters acquired in the Condensed Consolidated Balance Sheet as of December 31, 2018 against the Operating lease right-of-use asset upon adoption of ASC 842 on January 1, 2019. ** The Operating lease right-of-use asset and Operating lease liabilities represent the present value of lease payments for the remaining term of the lease. The discount rate used ranged from 5.05% to 6.08% . The weighted average discount rate used to calculate the lease liability was 5.49% . The table below presents the components of the Company’s lease expenses and sub-lease income on a gross basis earned from chartered-in contracts greater than 12 months for the three and six months ended June 30, 2019: Description Location in Statement of Operations Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Lease expense for chartered-in contracts less than 12 months Charter hire expenses $ 7,684,182 $ 16,044,965 Lease expense for chartered-in contracts greater than 12 months Charter hire expenses 3,495,298 6,626,421 $ 11,179,480 $ 22,671,386 Lease expense for office leases General and administrative expenses $ 177,356 $ 355,356 Sub lease income from chartered-in contracts greater than 12 months * Revenues, net $ 2,759,065 $ 5,841,817 * The sub-lease income represents only time charter revenue earned on the chartered-in contracts greater than 12 months. There is additional revenue of $0.2 million and $1.0 million , respectively, earned from voyage charters on the same chartered-in contracts which is recorded in Revenues, net in our Statement of Operations in the condensed consolidated financial statements for the three and six months ended June 30, 2019. Additionally, there is revenue earned from time charters from chartered-in contracts less than 12 months which is included in Revenues, net in our Statement of Operations for the three and six months ended June 30, 2019. The cash paid for operating leases with terms greater than 12 months is $3.7 million and $7.4 million for the three and six months ended June 30, 2019, respectively. The Company did not enter into any operating leases greater than 12 months for the three and six months ended June 30, 2019. The weighted average remaining lease term on our chartered-in contracts greater than 12 months is 25.3 months. The table below provides the total amount of lease payments on an undiscounted basis on our chartered-in contracts and office leases greater than 12 months as of June 30, 2019: Year Chartered-in contracts greater than 12 months Office leases Total Operating leases Discount rate upon adoption 5.37 % 5.80 % 5.48 % Six months ending December 31, 2019 $ 7,070,784 $ 364,341 $ 7,435,125 2020 9,867,731 733,874 10,601,605 2021 5,825,710 700,257 6,525,967 2022 — 483,048 483,048 2023 — 244,878 244,878 $ 22,764,225 $ 2,526,398 $ 25,290,623 Present value of lease liability $ 21,676,741 $ 2,267,583 $ 23,944,324 Lease liabilities - short term $ 11,547,210 $ 608,557 $ 12,155,767 Lease liabilities - long term 10,129,531 1,659,026 11,788,557 Total lease liabilities $ 21,676,741 $ 2,267,583 $ 23,944,324 Discount based on incremental borrowing rate $ 1,087,484 $ 258,815 $ 1,346,299 The future minimum commitments under the leases for office space as of December 31, 2018 are as follows: 2019 $ 714,794 2020 728,212 2021 707,630 2022 483,048 2023 244,878 Total $ 2,878,562 The office rent expense was $188,048 and $340,470 for the three and six months ended June 30, 2018, respectively. Revenue recognition 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 delays that exceed the agreed to laytime at the ports visited, with the amounts recorded as demurrage revenue. Conversely, the charterer is given credit if the loading/discharging activities happen within the allowed laytime which is known as despatch and results in a reduction of 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 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 three and six months ended June 30, 2019 and 2018 is not material. The Company recognized $5.2 million and $6.9 million , respectively, of revenue for the three and six months ended June 30, 2019 relating to performance obligations satisfied in prior periods. The following table shows the revenues earned from time charters and voyage charters for the three and six months ended June 30, 2019 and 2018: Three Months Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Time charters $ 32,138,075 $ 37,355,472 $ 59,642,266 $ 66,678,691 Voyage charters 37,253,240 37,583,228 87,138,646 87,630,618 $ 69,391,315 $ 74,938,700 $ 146,780,912 $ 154,309,309 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. As of June 30, 2019, the Company recognized $0.2 million of deferred costs which represents bunker expenses and charter-hire expenses incurred prior to commencement of loading. These costs, are recorded in Other current assets on the Condensed Consolidated Balance Sheet. Accounting standards issued but not yet adopted The FASB has issued accounting standards that have not yet become effective and may impact the Company’s condensed consolidated financial statements or related disclosures in future periods. These standards and their potential impact are discussed below: Fair Value Measurement Disclosures — In August 2018, the FASB issued ASU No. 2018-13, "Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement" ("ASU No. 2018-13"). ASU No. 2018-13, which is part of the FASB's broader disclosure framework project to modify and supplement the current U.S. GAAP disclosure requirements that pertain to fair value measurements, with an emphasis on Level 3 disclosures of the valuation hierarchy. ASU No. 2018-13 is effective on January 1, 2020, with early adoption permitted. The adoption of ASU No. 2018-13 is currently not expected to have a material impact on the Company's condensed consolidated financial statements. Financial Instrument Credit Losses — In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments—Credit Losses" ("ASU No. 2016-13"). ASU No. 2016-13 amends the current financial instrument impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. ASU No. 2016-13 is effective on January 1, 2020, with early adoption permitted. The Company is currently evaluating the impact of the adoption of the accounting standard on its condensed consolidated financial statements. The FASB continues to work on a number of other significant accounting standards, which if issued, could materially impact the Company's accounting policies and disclosures in future periods. As these standards have not yet been issued, the effective dates and potential impacts are unknown.
Use of Estimates	The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates and assumptions of the Company are residual value of vessels, the useful lives of vessels, the value of stock-based compensation, fair value of right-of-use asset and lease liability and the fair value of derivatives. Actual results could differ from those estimates.
Fair Value Measurements	Cash, cash equivalents and restricted cash— the carrying amounts reported in the Condensed Consolidated Balance Sheets for interest-bearing deposits approximate their fair value due to the short-term nature thereof. Debt —the carrying amounts of borrowings under the Norwegian Bond Debt and the New Ultraco Debt Facility (prior to application of the discount and debt issuance costs) including the Revolving Loan, 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 and the New Ultraco Debt Facility. Level 3 – Inputs that are unobservable (for example cash flow modeling inputs based on assumptions)

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Tables)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Assets and Liabilities, Lease	Operating lease right-of-use assets and lease liabilities as of June 30, 2019 and January 1, 2019 are as follows: Description Location in Balance Sheet June 30, 2019 January 1, 2019 ** Assets: Chartered-in contracts greater than 12 months * Operating lease right-of-use assets $ 20,194,474 $ 26,144,409 Office leases Operating lease right-of-use assets 2,267,583 2,560,593 $ 22,462,057 $ 28,705,002 Liabilities : Chartered-in contracts greater than 12 months Current portion of operating lease liabilities $ 11,547,210 $ 13,802,149 Office leases Current portion of operating lease liabilities 608,557 693,203 $ 12,155,767 $ 14,495,352 Chartered-in contracts greater than 12 months Operating lease liabilities $ 10,129,531 $ 14,160,374 Office leases Operating lease liabilities 1,659,026 1,867,390 $ 11,788,557 $ 16,027,764 * The Company netted $1.8 million , which was previously recorded as fair value on time charters acquired in the Condensed Consolidated Balance Sheet as of December 31, 2018 against the Operating lease right-of-use asset upon adoption of ASC 842 on January 1, 2019. ** The Operating lease right-of-use asset and Operating lease liabilities represent the present value of lease payments for the remaining term of the lease. The discount rate used ranged from 5.05% to 6.08% . The weighted average discount rate used to calculate the lease liability was 5.49% .
Charter Hire Expense	The table below presents the components of the Company’s lease expenses and sub-lease income on a gross basis earned from chartered-in contracts greater than 12 months for the three and six months ended June 30, 2019: Description Location in Statement of Operations Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Lease expense for chartered-in contracts less than 12 months Charter hire expenses $ 7,684,182 $ 16,044,965 Lease expense for chartered-in contracts greater than 12 months Charter hire expenses 3,495,298 6,626,421 $ 11,179,480 $ 22,671,386 Lease expense for office leases General and administrative expenses $ 177,356 $ 355,356 Sub lease income from chartered-in contracts greater than 12 months * Revenues, net $ 2,759,065 $ 5,841,817 * The sub-lease income represents only time charter revenue earned on the chartered-in contracts greater than 12 months. There is additional revenue of $0.2 million and $1.0 million , respectively, earned from voyage charters on the same chartered-in contracts which is recorded in Revenues, net in our Statement of Operations in the condensed consolidated financial statements for the three and six months ended June 30, 2019. Additionally, there is revenue earned from time charters from chartered-in contracts less than 12 months which is included in Revenues, net in our Statement of Operations for the three and six months ended June 30, 2019.
Future Minimum Lease Payments	The table below provides the total amount of lease payments on an undiscounted basis on our chartered-in contracts and office leases greater than 12 months as of June 30, 2019: Year Chartered-in contracts greater than 12 months Office leases Total Operating leases Discount rate upon adoption 5.37 % 5.80 % 5.48 % Six months ending December 31, 2019 $ 7,070,784 $ 364,341 $ 7,435,125 2020 9,867,731 733,874 10,601,605 2021 5,825,710 700,257 6,525,967 2022 — 483,048 483,048 2023 — 244,878 244,878 $ 22,764,225 $ 2,526,398 $ 25,290,623 Present value of lease liability $ 21,676,741 $ 2,267,583 $ 23,944,324 Lease liabilities - short term $ 11,547,210 $ 608,557 $ 12,155,767 Lease liabilities - long term 10,129,531 1,659,026 11,788,557 Total lease liabilities $ 21,676,741 $ 2,267,583 $ 23,944,324 Discount based on incremental borrowing rate $ 1,087,484 $ 258,815 $ 1,346,299
Schedule of Future Minimum Rental Payments for Operating Leases	The future minimum commitments under the leases for office space as of December 31, 2018 are as follows: 2019 $ 714,794 2020 728,212 2021 707,630 2022 483,048 2023 244,878 Total $ 2,878,562
Disaggregation of Revenue	The following table shows the revenues earned from time charters and voyage charters for the three and six months ended June 30, 2019 and 2018: Three Months Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Time charters $ 32,138,075 $ 37,355,472 $ 59,642,266 $ 66,678,691 Voyage charters 37,253,240 37,583,228 87,138,646 87,630,618 $ 69,391,315 $ 74,938,700 $ 146,780,912 $ 154,309,309

Vessels (Tables)

Vessels (Tables)	6 Months Ended
	Jun. 30, 2019
Property, Plant and Equipment [Abstract]
Schedule of vessel and vessel improvements	Vessel and vessel improvements consist of the following: Vessels and vessel improvements, at December 31, 2018 $ 682,944,936 Advance paid for purchase of Cape Town Eagle at December 31, 2018 2,040,000 Purchase of Vessels and Vessel Improvements 18,477,740 Sale of vessel (8,732,865 ) Vessel depreciation expense (16,308,674 ) Vessels and vessel improvements, at June 30, 2019 $ 678,421,137

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Schedule of Debt	June 30, 2019 December 31, 2018 Norwegian Bond Debt $ 192,000,000 $ 196,000,000 Debt discount and debt issuance costs - Norwegian Bond Debt (4,848,099 ) (5,530,845 ) Less: Current Portion - Norwegian Bond Debt (8,000,000 ) (8,000,000 ) Norwegian Bond Debt, net of debt discount and debt issuance costs 179,151,901 182,469,155 New Ultraco Debt Facility 148,391,329 — Debt issuance costs - New Ultraco Debt Facility (3,121,908 ) — Less: Current Portion - New Ultraco Debt Facility (21,679,587 ) — New Ultraco Debt Facility, net of debt discount and debt issuance costs 123,589,834 — New First Lien Facility — 60,000,000 Debt discount and debt issuance costs - New First Lien Facility — (1,060,693 ) 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 Original Ultraco Debt Facility — 82,600,000 Debt discount and debt issuance costs - Original Ultraco Debt Facility — (1,248,885 ) 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 Total long-term debt $ 302,741,735 $ 301,583,347
Schedule of 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 100.0 %
Schedule Of Interest Expense	The following table summarizes the Company’s total interest expense for: Three Months Ended Six Months Ended 2019 2018 2019 2018 New First Lien Facility interest $ — $ 859,229 $ 293,545 $ 1,676,193 New Ultraco Debt Facility interest 1,882,295 — 3,340,865 — Norwegian Bond Debt interest 4,013,167 4,079,166 8,055,667 8,204,167 Original Ultraco Debt Facility interest — 938,026 362,257 1,737,701 Amortization of debt discount and debt issuance costs 625,213 480,257 1,128,929 970,352 Commitment fees on revolving credit facilities 212,481 30,333 313,896 59,667 Total Interest Expense $ 6,733,156 $ 6,387,011 $ 13,495,159 $ 12,648,080
Schedule of Debt Maturities	The following table presents the scheduled maturities of principal amounts of our debt obligations, excluding the impact of any future vessel sales, for the next five years. Norwegian Bond Debt New Ultraco Debt Facility Total Six months ending December 31, 2019 $ 4,000,000 $ 10,097,342 $ 14,097,342 2020 8,000,000 24,649,394 32,649,394 2021 8,000,000 26,134,297 34,134,297 2022 172,000,000 26,134,297 198,134,297 2023 — 26,134,297 26,134,297 Thereafter — 35,241,702 35,241,702 $ 192,000,000 $ 148,391,329 $ 340,391,329

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Effect of Non-Designated Derivative Instruments on Statement of Operations	The effect of non-designated derivative instruments on the condensed consolidated statements of operations and balance sheets is as follows: For the For the Derivatives not designated as hedging instruments Location of loss/(gain) recognized June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 FFAs Other expense/(income) $ 39,296 $ 36,625 $ (1,130,993 ) $ 82,432 Bunker Swaps Other expense/(income) 123,809 (776,981 ) (1,144,157 ) (722,409 ) Total $ 163,105 $ (740,356 ) $ (2,275,150 ) $ (639,977 ) Derivatives not designated as hedging instruments Balance Sheet location June 30, 2019 December 31, 2018 FFAs - Unrealized gain Other current assets $ 1,545,840 $ 669,240 Bunker Swaps - Unrealized gain Other current assets 211,357 — Bunker Swaps - Unrealized loss Fair value of derivatives 65,850 929,313

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping	June 30, 2019 Fair Value Carrying Value Level 1 Level 2 Assets Cash and cash equivalents (1) $ 65,462,883 $ 65,462,883 $ — Liabilities Norwegian Bond Debt (2) 187,151,901 — 192,240,000 New Ultraco Debt Facility (3) 145,269,421 — 148,391,329 December 31, 2018 Fair Value Carrying Value Level 1 Level 2 Assets Cash and cash equivalents (1) $ 78,163,638 $ 78,163,638 $ — Liabilities Norwegian Bond Debt (2) 190,469,155 — 195,040,000 New First Lien Facility (4) 58,939,307 — 60,000,000 Original Ultraco Debt Facility (4) 81,351,115 — 82,600,000 (1) Includes non-current restricted cash aggregating $26.9 million at June 30, 2019 and $11.0 million at December 31, 2018. (2) The fair value of the Bonds is based on the last trades on June 25, 2019 and December 21, 2018 on Bloomberg.com. (3) The fair value of the liabilities is based on the required repayment to the lenders if the debt was discharged in full on June 30, 2019 . (4 ) The New First Lien Facility and the Original Ultraco Debt Facility were discharged in full at the fair value mentioned in this table on January 25, 2019 as part of the debt refinancing transaction. Please see Note 4. Debt to the condensed consolidated financial statements.

Income Per Common Share (Tables

Income Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The computation of basic net income per share is based on the weighted average number of common shares outstanding for the three and six months ended June 30, 2019 and 2018 . Diluted net income 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 as of June 30, 2019 does not include 1,825,276 stock awards, 2,298,296 stock options and 152,266 warrants, as their effect was anti-dilutive. Diluted net income per share for the three months ended June 30, 2018 does not include 1,452 stock awards, 352,000 stock options and 152,266 warrants, as their effect was anti-dilutive. Three Months Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Net (loss)/income $ (5,992,156 ) $ 3,450,767 $ (5,962,673 ) $ 3,503,512 Weighted Average Shares - Basic 71,348,524 70,515,320 71,316,093 70,484,240 Dilutive effect of stock options and restricted stock units — 1,571,660 — 1,076,535 Weighted Average Shares - Diluted 71,348,524 72,086,980 71,316,093 71,560,775 Basic (loss)/income per share $ (0.08 ) $ 0.05 $ (0.08 ) $ 0.05 Diluted (loss)/income per share $ (0.08 ) $ 0.05 $ (0.08 ) $ 0.05

Stock Incentive Plans (Tables)

Stock Incentive Plans (Tables)	6 Months Ended
	Jun. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Non-Cash Compensation Expense for Stock Awards and Options Included in G&A	Stock-based compensation expense for all stock awards and options included in General and administrative expenses: Three Months Ended June 30, Six Months Ended 2019 2018 2019 2018 Stock awards /Stock Option Plans $ 1,227,210 $ 2,409,599 $ 2,672,679 $ 5,920,510

Basis of Presentation and Gen_3

Basis of Presentation and General Information (Details)	May 04, 2018t	Jun. 30, 2019segmentvesselt
Property, Plant and Equipment [Line Items]
Number of business segments | segment		1
Number of vessels		45
Dead weight tonnage of operating fleet | t		2,615,519
Average age of operating fleet		9 years
2013 Built Ultramax Vessel
Property, Plant and Equipment [Line Items]
Dead weight tonnage of operating fleet | t	61,425	61,400
Vessels charted-in		3
Charters agreement term	3 years	2 years
Supramax Vessels
Property, Plant and Equipment [Line Items]
Vessels in operation		31
Ultramax Vessels
Property, Plant and Equipment [Line Items]
Vessels in operation		14

Recent Accounting Pronounceme_3

Recent Accounting Pronouncements - Additional Information (Details)	Dec. 09, 2018t$ / d	May 04, 2018t$ / d	Apr. 28, 2017t$ / d	Oct. 15, 2015USD ($)	Nov. 30, 2018USD ($)	Jun. 30, 2019USD ($)t	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)contractt	Jun. 30, 2018USD ($)	Jan. 01, 2019USD ($)	Dec. 31, 2018USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of contracts | contract								5
Dead weight tonnage of operating fleet | t						2,615,519		2,615,519
Fair value below contract value of time charters acquired											$ 1,800,000
Operating lease right-of-use assets						$ 22,462,057		$ 22,462,057		$ 28,705,002
Operating lease, liability						23,944,324		23,944,324
Cash paid on operating leases						$ 3,700,000		$ 7,400,000
Weighted average remaining lease term						25 years 4 months 6 days		25 years 4 months 6 days
Rent expense							$ 188,048		$ 340,470
Revenue recognized relating to performance obligations satisfied in prior periods						$ 5,200,000		$ 6,900,000
Performance obligation, timing of expectation								The voyage contract generally has standard payment terms of 95% freight paid within three days after completion of loading.
Deferred costs						200,000		$ 200,000
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets										28,700,000
Operating lease, liability										30,500,000
Letter of Credit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restricted cash, cash equivalents				$ 74,917
Chartered-in contracts greater than 12 months
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of contracts | contract								3
Operating lease right-of-use assets						20,194,474		$ 20,194,474		26,144,409
Operating lease, liability						$ 21,676,741		$ 21,676,741
2013 Built Japanese Vessel
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Dead weight tonnage of operating fleet | t			61,400
Charters agreement term			4 years
Charters agreement term, extension option			2 years
2013 Built Japanese Vessel | First Four Years
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Vessel hiring rate (in dollars per day) | $ / d			12,800
2013 Built Japanese Vessel | First Optional Year
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Vessel hiring rate (in dollars per day) | $ / d			13,800
2013 Built Japanese Vessel | Second Optional Year
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Vessel hiring rate (in dollars per day) | $ / d			14,300
2013 Built Ultramax Vessel
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Dead weight tonnage of operating fleet | t		61,425				61,400		61,400
Charters agreement term		3 years						2 years
Charters agreement term, extension option		2 years
2013 Built Ultramax Vessel | First Optional Year
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Vessel hiring rate (in dollars per day) | $ / d		13,750
2013 Built Ultramax Vessel | Second Optional Year
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Vessel hiring rate (in dollars per day) | $ / d		14,750
2013 Built Ultramax Vessel | First Three Years
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Vessel hiring rate (in dollars per day) | $ / d		12,700
2016 Built Ultramax Vessel
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Dead weight tonnage of operating fleet | t	62,487
Charters agreement term	2 years
2016 Built Ultramax Vessel | First Two Years
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Vessel hiring rate (in dollars per day) | $ / d	14,250
2016 Built Ultramax Vessel | Third Year Option
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Vessel hiring rate (in dollars per day) | $ / d	15,250
Office leases
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of contracts | contract								2
Operating lease right-of-use assets						$ 2,267,583		$ 2,267,583		$ 2,560,593
Operating lease, liability						$ 2,267,583		$ 2,267,583
Office leases | Lease Agreement for Office Space in Stamford
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Average annual rent expense				$ 400,000
Office leases | Singapore Lease Arrangement
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Average annual rent expense					$ 300,000
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, term of contract						30 days		30 days
Incremental borrowing rate						5.05%		5.05%
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease, term of contract						2 years		2 years
Incremental borrowing rate						6.08%		6.08%

Recent Accounting Pronounceme_4

Recent Accounting Pronouncements - Operating Lease Assets and Liabilities (Details) - USD ($)	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 22,462,057	$ 28,705,002
Current portion of operating lease liabilities	12,155,767	14,495,352
Noncurrent portion of operating lease liabilities	11,788,557	16,027,764
Fair value below contract value of time charters acquired	$ 0		$ 1,818,114
Discount rate	5.48%
Minimum
Lessee, Lease, Description [Line Items]
Discount rate	5.05%
Maximum
Lessee, Lease, Description [Line Items]
Discount rate	6.08%
Weighted Average
Lessee, Lease, Description [Line Items]
Discount rate	5.49%
Accounting Standards Update 2016-02
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets		28,700,000
Fair value below contract value of time charters acquired		1,800,000
Chartered-in contracts greater than 12 months
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 20,194,474	26,144,409
Current portion of operating lease liabilities	11,547,210	13,802,149
Noncurrent portion of operating lease liabilities	$ 10,129,531	14,160,374
Discount rate	5.37%
Office leases
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 2,267,583	2,560,593
Current portion of operating lease liabilities	608,557	693,203
Noncurrent portion of operating lease liabilities	$ 1,659,026	$ 1,867,390
Discount rate	5.80%

Recent Accounting Pronounceme_5

Recent Accounting Pronouncements - Lease Expense (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Lessee, Lease, Description [Line Items]
Sub lease income from chartered-in contracts greater than 12 months	$ 2,759,065	$ 5,841,817
Charter hire expenses
Lessee, Lease, Description [Line Items]
Lease expense for chartered-in contracts less than 12 months	7,684,182	16,044,965
Operating lease, expense	3,495,298	6,626,421
Lease cost	11,179,480	22,671,386
General and administrative expenses
Lessee, Lease, Description [Line Items]
Operating lease, expense	177,356	355,356
Voyage charters
Lessee, Lease, Description [Line Items]
Sub lease income from chartered-in contracts greater than 12 months	$ 200,000	$ 1,000,000

Recent Accounting Pronounceme_6

Recent Accounting Pronouncements - Future Minimum Lease Payments (Details) - USD ($)	Jun. 30, 2019	Jan. 01, 2019
Lessee, Lease, Description [Line Items]
Discount rate upon adoption	5.48%
Six months ending December 31, 2019	$ 7,435,125
2020	10,601,605
2021	6,525,967
2022	483,048
2023	244,878
Operating lease payments	25,290,623
Operating lease, liability	23,944,324
Lease liabilities - short term	12,155,767	$ 14,495,352
Noncurrent portion of operating lease liabilities	11,788,557	16,027,764
Discount based on incremental borrowing rate	$ 1,346,299
Chartered-in contracts greater than 12 months
Lessee, Lease, Description [Line Items]
Discount rate upon adoption	5.37%
Six months ending December 31, 2019	$ 7,070,784
2020	9,867,731
2021	5,825,710
2022	0
2023	0
Operating lease payments	22,764,225
Operating lease, liability	21,676,741
Lease liabilities - short term	11,547,210	13,802,149
Noncurrent portion of operating lease liabilities	10,129,531	14,160,374
Discount based on incremental borrowing rate	$ 1,087,484
Office leases
Lessee, Lease, Description [Line Items]
Discount rate upon adoption	5.80%
Six months ending December 31, 2019	$ 364,341
2020	733,874
2021	700,257
2022	483,048
2023	244,878
Operating lease payments	2,526,398
Operating lease, liability	2,267,583
Lease liabilities - short term	608,557	693,203
Noncurrent portion of operating lease liabilities	1,659,026	$ 1,867,390
Discount based on incremental borrowing rate	$ 258,815

Recent Accounting Pronounceme_7

Recent Accounting Pronouncements - Future Minimum Lease Payments Under ASC 840 (Details)	Jun. 30, 2018USD ($)
Accounting Policies [Abstract]
2019	$ 714,794
2020	728,212
2021	707,630
2022	483,048
2023	244,878
Total	$ 2,878,562

Recent Accounting Pronounceme_8

Recent Accounting Pronouncements - Revenue Earned (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Revenues, net	$ 69,391,315	$ 74,938,700	$ 146,780,912	$ 154,309,309
Time charters
Disaggregation of Revenue [Line Items]
Revenues, net	32,138,075	37,355,472	59,642,266	66,678,691
Voyage charters
Disaggregation of Revenue [Line Items]
Revenues, net	$ 37,253,240	$ 37,583,228	$ 87,138,646	$ 87,630,618

Vessels - Additional Informati

Vessels - Additional Information (Details)

May 02, 2019USD ($)

Jan. 04, 2019USD ($)

Dec. 13, 2018USD ($)

Aug. 14, 2018USD ($)

Jun. 30, 2019USD ($)vessel

Jun. 30, 2018USD ($)

Jun. 30, 2019USD ($)vessel

Jun. 30, 2018USD ($)

Dec. 31, 2018USD ($)

Jan. 23, 2019option

Dec. 21, 2018USD ($)

Nov. 20, 2018vessel

Sep. 04, 2018order

Sep. 04, 2018vessel

Sep. 04, 2018USD ($)

Sep. 04, 2018scrubber

Property, Plant and Equipment [Line Items]

Number of vessels | vessel

45

45

Proceeds from sale of vessels

$ 22,631,367

$ 9,719,013

Gain on sale of vessels

$ 966,802

$ 105,073

5,073,349

$ 105,073

Vessel Thrasher

Property, Plant and Equipment [Line Items]

Proceeds from sale of vessels

$ 9,800,000

Gain on sale of vessels

1,000,000

1,000,000

Vessel Merlin

Property, Plant and Equipment [Line Items]

Proceeds from sale of vessels

$ 6,100,000

Gain on sale of vessels

1,900,000

2015 Built Ultramax Vessel

Property, Plant and Equipment [Line Items]

Vessel purchase price

$ 20,400,000

Deposits on vessel purchases

$ 2,000,000

Supramax Vessels

Property, Plant and Equipment [Line Items]

Proceeds from sale of vessels

$ 6,100,000

Gain on sale of vessels

2,200,000

Scrubber Systems

Property, Plant and Equipment [Line Items]

Number of vessels | vessel

37

Number of scrubbers

15

19

Additional units to be purchased

18

18

Number of options exercised | option

3

Projected project costs

$ 2,200,000

System costs

$ 41,800,000

$ 41,800,000

Scrubber Systems | Maximum

Property, Plant and Equipment [Line Items]

Number of scrubbers | scrubber

37

Ballast Water Treatment System

Property, Plant and Equipment [Line Items]

Projected project costs

$ 500,000

Advance paid for purchase of Cape Town Eagle at December 31, 2018

$ 3,200,000

Vessels - Vessel and Vessel Im

Vessels - Vessel and Vessel Improvements (Details)	6 Months Ended
	Jun. 30, 2019USD ($)
Movement in Property, Plant and Equipment [Roll Forward]
Sale of Vessels	$ (8,732,865)
Vessels and Vessel Improvements
Movement in Property, Plant and Equipment [Roll Forward]
Vessels and vessel improvements, beginning balance	682,944,936
Advance paid for purchase of Cape Town Eagle at December 31, 2018	2,040,000
Purchase of Vessels and Vessel Improvements	18,477,740
Vessel depreciation expense	(16,308,674)
Vessels and vessel improvements, ending balance	$ 678,421,137

Debt - Schedule of Debt (Detai

Debt - Schedule of Debt (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Long-term debt	$ 340,391,329
Current portion of long-term debt	(29,679,587)	$ (29,176,230)
Total long-term debt	302,741,735	301,583,347
Norwegian Bond Debt Facility
Debt Instrument [Line Items]
Long-term debt	192,000,000
Total long-term debt	179,151,901	182,469,155
New Ultraco Debt Facility
Debt Instrument [Line Items]
Long-term debt	148,391,329
Total long-term debt	123,589,834	0
New First Lien Facility
Debt Instrument [Line Items]
Total long-term debt	0	48,189,307
Ultraco Debt Facility
Debt Instrument [Line Items]
Total long-term debt	0	70,924,885
Senior Subordinated Notes | Norwegian Bond Debt Facility
Debt Instrument [Line Items]
Long-term debt	192,000,000	196,000,000
Debt discount and debt issuance costs	(4,848,099)	(5,530,845)
Current portion of long-term debt	(8,000,000)	(8,000,000)
Long-term Debt	179,151,901	182,469,155
Term Loan | New Ultraco Debt Facility
Debt Instrument [Line Items]
Long-term debt	148,391,329	0
Debt discount and debt issuance costs	(3,121,908)	0
Current portion of long-term debt	(21,679,587)	0
Long-term Debt	123,589,834	0
Term Loan | Ultraco Debt Facility
Debt Instrument [Line Items]
Long-term debt	0	82,600,000
Debt discount and debt issuance costs	0	(1,248,885)
Current portion of long-term debt	0	(10,426,230)
Long-term Debt	0	70,924,885
Line of Credit | New First Lien Facility
Debt Instrument [Line Items]
Long-term debt	0	60,000,000
Debt discount and debt issuance costs	0	(1,060,693)
Current portion of long-term debt	0	(10,750,000)
Long-term Debt	$ 0	$ 48,189,307

Debt - Additional Information

Debt - Additional Information (Details)	Jan. 25, 2019USD ($)vessel	Dec. 08, 2017USD ($)vessel	Nov. 28, 2017USD ($)vessel	Jun. 30, 2019USD ($)vessel	Jun. 30, 2018	Jun. 30, 2019USD ($)vessel	Jun. 30, 2018USD ($)
Debt Instrument [Line Items]
Proceeds from sale of vessels						$ 22,631,367	$ 9,719,013
Repayments of long-term debt						4,000,000	0
Vessels Condor And Merlin
Debt Instrument [Line Items]
Proceeds from sale of vessels						$ 22,600,000
Number of vessels sold | vessel				3		3
Vessel Thrush
Debt Instrument [Line Items]
Proceeds from sale of vessels						$ 10,800,000
Number of vessels sold | vessel				1		1
Shipco Vessels
Debt Instrument [Line Items]
Proceeds from sale of vessels						$ 6,700,000
New Ultraco Debt Facility
Debt Instrument [Line Items]
Repayments of long-term debt						$ 5,048,671	$ 0
Commitment fee percentage				40.00%
New Ultraco Debt Facility | Minimum
Debt Instrument [Line Items]
Interest rate				5.09%		4.15%
New Ultraco Debt Facility | Maximum
Debt Instrument [Line Items]
Interest rate				5.26%		5.26%
New Ultraco Debt Facility | Weighted Average
Debt Instrument [Line Items]
Commitment fee percentage						40.00%
Interest rate				5.62%		4.85%
Norwegian Bond Debt Facility
Debt Instrument [Line Items]
Interest rate					8.25%	8.25%	8.25%
Norwegian Bond Debt Facility | Weighted Average
Debt Instrument [Line Items]
Interest rate					8.79%	8.79%	8.79%
New First Lien Facility
Debt Instrument [Line Items]
Repayments of long-term debt						$ 60,000,000	$ 0
Commitment fee percentage				40.00%		40.00%
Interest rate					5.55%
New First Lien Facility | Minimum
Debt Instrument [Line Items]
Interest rate				5.89%		5.89%	4.91%
New First Lien Facility | Maximum
Debt Instrument [Line Items]
Interest rate				6.01%		6.01%	5.55%
New First Lien Facility | Weighted Average
Debt Instrument [Line Items]
Commitment fee percentage					40.00%		40.00%
Interest rate				6.45%	6.18%	6.45%	5.82%
Original Ultraco Debt Facility
Debt Instrument [Line Items]
Commitment fee percentage				40.00%		40.00%
Interest rate				5.28%	5.25%	5.28%
Original Ultraco Debt Facility | Minimum
Debt Instrument [Line Items]
Interest rate							4.64%
Original Ultraco Debt Facility | Maximum
Debt Instrument [Line Items]
Interest rate							5.25%
Original Ultraco Debt Facility | Weighted Average
Debt Instrument [Line Items]
Commitment fee percentage					40.00%		40.00%
Interest rate				6.80%	5.83%	6.80%	5.56%
Senior Subordinated Notes | Norwegian Bond Debt Facility
Debt Instrument [Line Items]
Commitment fee percentage				40.00%		40.00%
Interest rate				8.25%
Senior Subordinated Notes | Norwegian Bond Debt Facility | Weighted Average
Debt Instrument [Line Items]
Interest rate				8.79%
Eagle Bulk Ultraco LLC | Original Ultraco Debt Facility | Ultraco Lenders
Debt Instrument [Line Items]
Outstanding balance of debt issuance costs as loss on debt extinguishment						$ 1,200,000
Eagle Bulk Ultraco LLC | Line of Credit | New Ultraco Debt Facility
Debt Instrument [Line Items]
Debt instrument, face amount	$ 208,400,000
Potential increase in maximum principal amount	60,000,000
Debt issuance costs	3,100,000
Maximum cumulative payable	$ 4,600,000
Eagle Bulk Ultraco LLC | Line of Credit | New Ultraco Debt Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
Eagle Bulk Ultraco LLC | Line of Credit | New Ultraco Debt Facility | Ultraco Lenders
Debt Instrument [Line Items]
Maturity date	5 years
Number of vessels secured by first priority mortgage | vessel	21
Minimum liquidity threshold	$ 600,000
Debt instrument, covenant, percentage of consolidated total debt minimum threshold	7.50%
Minimum ratio of consolidated tangible assets to consolidated total assets covenant	0.30
Eagle Bulk Ultraco LLC | Line of Credit | New Ultraco Debt Facility | Ultraco Lenders | Minimum
Debt Instrument [Line Items]
Interest coverage ratio	1.50
Eagle Bulk Ultraco LLC | Line of Credit | New Ultraco Debt Facility | Ultraco Lenders | Maximum
Debt Instrument [Line Items]
Interest coverage ratio	2.50
Eagle Bulk Ultraco LLC | Line of Credit | New Ultraco Debt Facility | Ultraco Lenders | Effective Date, First Year
Debt Instrument [Line Items]
Periodic principal payment	$ 5,100,000
Eagle Bulk Ultraco LLC | Line of Credit | New Ultraco Debt Facility | Ultraco Lenders | Effective Date, Second Year To Maturity
Debt Instrument [Line Items]
Periodic principal payment	6,500,000
Eagle Bulk Ultraco LLC | Line of Credit | New Ultraco Debt Facility | Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount	153,400,000
Eagle Bulk Ultraco LLC | Line of Credit | New Ultraco Debt Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility amount	$ 55,000,000
Eagle Bulk Shipco LLC
Debt Instrument [Line Items]
Payments of financing costs			$ 1,300,000
Eagle Bulk Shipco LLC | Line of Credit | Super Senior Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility amount		$ 15,000,000
Minimum liquidity threshold		$ 12,500,000
Payments of financing costs						200,000
Number of vessels secured | vessel		24
Maximum leverage ratio		75.00%
Total availability in the revolving credit facility				$ 15,000,000		15,000,000
Commitment fee percentage		40.00%
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 Facility | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		2.00%
Eagle Bulk Shipco LLC | Senior Subordinated Notes | Norwegian Bond Debt Facility
Debt Instrument [Line Items]
Debt instrument, face amount			200,000,000
Periodic principal payment			$ 4,000,000
Minimum liquidity threshold				$ 12,500,000		$ 12,500,000
Stated interest rate			8.25%
Original issue discount rate			1.00%
Debt issuance costs, gross			$ 3,100,000
Proceeds from issuance of senior long-term debt			$ 195,000,000
Number of vessels secured | vessel			24
Redemption price percentage			100.00%			100.00%
Maximum leverage ratio						75.00%
Eagle Bulk Shipco LLC | Senior Subordinated Notes | Norwegian Bond Debt Facility | Debt Instrument, Redemption, Period Six
Debt Instrument [Line Items]
Redemption price percentage						101.00%
Eagle Shipping LLC | New First Lien Facility
Debt Instrument [Line Items]
Payments of financing costs		$ 400,000
Repayments of long-term debt		$ 1,000,000
Outstanding balance of debt issuance costs as loss on debt extinguishment						$ 1,100,000
Eagle Shipping LLC | New First Lien Facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		3.50%
Eagle Shipping LLC | Line of Credit | New First Lien Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility amount		$ 5,000,000
Eagle Shipping LLC | Secured Debt | New First Lien Facility
Debt Instrument [Line Items]
Debt instrument, face amount		$ 60,000,000

Debt - Schedule of Redemption

Debt - Schedule of Redemption Price Percentages (Details) - Norwegian Bond Debt Facility	6 Months Ended
	Jun. 30, 2019
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 - Schedule of Interest Ex

Debt - Schedule of Interest Expense (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Debt Instrument [Line Items]
Line of credit facility, interest	$ 0		$ 859,229		$ 293,545	$ 1,676,193
Amortization of debt discount and debt issuance costs	625,213		480,257		1,128,929	970,352
Commitment fees on revolving credit facilities	212,481		30,333		313,896	59,667
Total Interest Expense	6,733,156	$ 13,495,159	6,387,011	$ 6,387,011	13,495,159	12,648,080
New Ultraco Debt Facility
Debt Instrument [Line Items]
Debt, interest expense	1,882,295		0		3,340,865	0
Norwegian Bond Debt Facility
Debt Instrument [Line Items]
Debt, interest expense	4,013,167		4,079,166		8,055,667	8,204,167
Ultraco Debt Facility
Debt Instrument [Line Items]
Debt, interest expense	$ 0		$ 938,026		$ 362,257	$ 1,737,701

Debt - Schedule of Maturities

Debt - Schedule of Maturities of Principal Amounts of Debt Obligations (Details)	Jun. 30, 2019USD ($)
Debt Instrument [Line Items]
Six months ending December 31, 2019	$ 14,097,342
2020	32,649,394
2021	34,134,297
2022	198,134,297
2023	26,134,297
Thereafter	35,241,702
Long-term debt	340,391,329
Norwegian Bond Debt Facility
Debt Instrument [Line Items]
Six months ending December 31, 2019	4,000,000
2020	8,000,000
2021	8,000,000
2022	172,000,000
2023	0
Thereafter	0
Long-term debt	192,000,000
New Ultraco Debt Facility
Debt Instrument [Line Items]
Six months ending December 31, 2019	10,097,342
2020	24,649,394
2021	26,134,297
2022	26,134,297
2023	26,134,297
Thereafter	35,241,702
Long-term debt	$ 148,391,329

Derivative Instruments (Details

Derivative Instruments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Level 2 | Derivatives not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives not designated as hedging instruments, location of (gain)/loss recognized	$ 163,105	$ (740,356)	$ (2,275,150)	$ (639,977)
FFAs | Other current assets
Derivative Instruments, Gain (Loss) [Line Items]
Collateral related to derivative instruments under collateral security arrangements	1,500,000		1,500,000		$ 800,000
FFAs | Level 2 | Derivatives not designated as hedging instruments | Other current assets
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset	1,545,840		1,545,840		669,240
FFAs | Level 2 | Other expense/(income) | Derivatives not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives not designated as hedging instruments, location of (gain)/loss recognized	39,296	36,625	(1,130,993)	82,432
Bunker Swaps | Derivatives not designated as hedging instruments | Fair value of derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability	65,850		65,850		929,313
Bunker Swaps | Level 2 | Derivatives not designated as hedging instruments | Other current assets
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset	211,357		211,357		$ 0
Bunker Swaps | Level 2 | Other expense/(income) | Derivatives not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives not designated as hedging instruments, location of (gain)/loss recognized	$ 123,809	$ (776,981)	$ (1,144,157)	$ (722,409)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Liabilities
Restricted cash	$ 26,900,000	$ 11,000,000
Recurring
Assets
Cash and cash equivalents	65,462,883	78,163,638
Recurring | Level 1
Assets
Cash and cash equivalents	65,462,883	78,163,638
Recurring | Level 2
Assets
Cash and cash equivalents	0	0
Recurring | Norwegian Bond Debt Facility
Liabilities
Debt instrument	187,151,901	190,469,155
Recurring | Norwegian Bond Debt Facility | Level 1
Liabilities
Debt instrument	0	0
Recurring | Norwegian Bond Debt Facility | Level 2
Liabilities
Debt instrument	192,240,000	195,040,000
Recurring | New First Lien Facility
Liabilities
Debt instrument	145,269,421	58,939,307
Recurring | New First Lien Facility | Level 1
Liabilities
Debt instrument	0	0
Recurring | New First Lien Facility | Level 2
Liabilities
Debt instrument	$ 148,391,329	60,000,000
Recurring | Ultraco Debt Facility
Liabilities
Debt instrument		81,351,115
Recurring | Ultraco Debt Facility | Level 1
Liabilities
Debt instrument		0
Recurring | Ultraco Debt Facility | Level 2
Liabilities
Debt instrument		$ 82,600,000

Income Per Common Share - Addi

Income Per Common Share - Additional Information (Details) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2019
Stock Compensation Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share computation (in shares)	1,452	1,825,276
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share computation (in shares)	352,000	2,298,296
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share computation (in shares)	152,266	152,266

Income Per Common Share - Loss

Income Per Common Share - Loss Per Share, Basic and Diluted (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Net (loss)/income	$ (5,992,156)	$ 29,483	$ 3,450,767	$ 52,745	$ (5,962,673)	$ 3,503,512
Weighted Average Shares - Basic (in shares)	71,348,524		70,515,320		71,316,093	70,484,240
Dilutive effect of stock options and restricted stock units (in shares)	0		1,571,660		0	1,076,535
Weighted Average Shares - Diluted (in shares)	71,348,524		72,086,980		71,316,093	71,560,775
Basic (loss)/income (in usd per share)	$ (0.08)		$ 0.05		$ (0.08)	$ 0.05
Diluted (loss)/income (in usd per share)	$ (0.08)		$ 0.05		$ (0.08)	$ 0.05

Stock Incentive Plans (Details)

Stock Incentive Plans (Details) - USD ($)	Jun. 07, 2019	Jan. 02, 2019	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2019	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2018	Dec. 15, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards /Stock Option Plans			$ 1,227,210	$ 2,409,599		$ 2,672,679	$ 5,920,510
Number of outstanding options (in shares)			1,617,169			1,617,169				1,506,461
Outstanding options exercise price, lower range limit (in usd per share)						$ 4.28
Outstanding options exercise price, upper range limit (in usd per share)										$ 505
Unvested options (in shares)			681,127			681,127				791,835
Remaining years for options to vest and become exercisable						4 years
Remaining years until options expire						5 years
Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share based compensation expense					$ 2,200,000			$ 400,000	$ 1,600,000
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested options, exercise prices (in usd per share)			$ 4.28			$ 4.28
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested options, exercise prices (in usd per share)										$ 5.56
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (in shares)		781,890
Restricted shares granted in period, aggregate fair value		$ 3,700,000
Award vesting period		3 years
Options granted, fair value		$ 100,000
Stock awards /Stock Option Plans			$ 500,000			$ 1,100,000
Restricted Stock | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)		28,200
Equity Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity compensation plan, shares authorized (in shares)	7,848,613										5,348,613
Equity compensation plan, additional shares authorized (in shares)	2,500,000
Management Incentive Plan and Equity Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards outstanding (in shares)			1,825,276			1,825,276				1,496,953
Management Incentive Plan and Equity Compensation Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period						1 year
Management Incentive Plan and Equity Compensation Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period						3 years

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Jul. 29, 2019	Jul. 18, 2019	Jul. 15, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Proceeds from sale of vessels						$ 22,631,367	$ 9,719,013
Gain on sale of vessels				$ 966,802	$ 105,073	$ 5,073,349	$ 105,073
Common stock, shares authorized (in shares)				700,000,000		700,000,000		700,000,000
Subsequent Event
Property, Plant and Equipment [Line Items]
Common stock, shares authorized (in shares)	8,000,000
Subsequent Event | Jefferies Capital Services LLC | Affiliated Entity
Property, Plant and Equipment [Line Items]
Commons stock available to affiliate (in shares)	3,582,880
Subsequent Event | Convertible Senior Notes due 2024 | Convertible Debt
Property, Plant and Equipment [Line Items]
Debt instrument, face amount	$ 114,100,000
Stated interest rate	5.00%
Net proceeds	$ 112,000,000
Conversion premium	17817.37%
Conversion premium per principal amount of notes	$ 1,000
Conversion price (in dollars per share)	$ 5.61
Subsequent Event | Convertible Senior Notes due 2024 | Convertible Debt | Oaktree Capital Management L.P.
Property, Plant and Equipment [Line Items]
Debt instrument, face amount	$ 45,500,000
Subsequent Event | Convertible Senior Notes due 2024 | Convertible Debt | GoldenTree Asset Management LP
Property, Plant and Equipment [Line Items]
Debt instrument, face amount	$ 23,600,000
Subsequent Event | Kestrel Vessel
Property, Plant and Equipment [Line Items]
Proceeds from sale of vessels		$ 7,300,000
Gain on sale of vessels		$ 1,000,000
Subsequent Event | SDARI-64 Ultramax Dry Bulk Vessel
Property, Plant and Equipment [Line Items]
Total consideration			$ 122,000,000

Uncategorized Items - egle-2019

Label	Element	Value	[1]
Accounting Standards Update 2014-09 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (787,110)
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (787,110)
[1]	The opening accumulated deficit was adjusted on January 1, 2018 in connection with adoption of Accounting Standards Update 2014-09, revenue from contracts with customers ("ASC 606").