Eagle Bulk Shipping (EGLE) 10-Q 10 Aug 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Aug. 06, 2020
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-33831
Entity Registrant Name	EAGLE BULK SHIPPING INC.
Entity Incorporation, State or Country Code	1T
Entity Tax Identification Number	98-0453513
Entity Address, Address Line One	300 First Stamford Place
Entity Address, Address Line Two	5th floor
Entity Address, City or Town	Stamford
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06902
City Area Code	203
Local Phone Number	276-8100
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	EGLE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		77,052,592
Entity Central Index Key	0001322439
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 98,532,141	$ 53,583,898
Restricted cash - current	0	5,471,470
Accounts receivable, net of a reserve of $2,699,600 and $2,472,345, respectively	18,967,935	19,982,871
Prepaid expenses	3,416,652	4,631,416
Inventories	10,104,762	15,824,278
Derivative asset and other current assets	9,378,476	1,039,430
Total current assets	140,399,966	100,533,363
Noncurrent assets:
Vessel and vessel improvements, at cost, net of accumulated depreciation	853,916,919	835,959,084
Operating lease right-of-use assets	13,784,567	20,410,037
Other fixed assets, net of accumulated depreciation	617,631	740,654
Restricted cash - noncurrent	74,917	74,917
Deferred drydock costs, net	20,406,118	17,495,270
Deferred financing costs - Super Senior Facility	0	166,111
Advance for scrubbers, ballast water systems and other assets	2,896,962	26,707,700
Total noncurrent assets	891,697,114	901,553,773
Total assets	1,032,097,080	1,002,087,136
Current liabilities:
Accounts payable	15,310,881	13,483,397
Accrued interest	5,014,786	5,321,089
Other accrued liabilities	7,693,031	28,996,836
Fair value of derivative instruments - current	3,179,011	756,229
Current portion of operating lease liabilities	12,511,790	13,255,978
Unearned charter hire revenue	4,880,019	4,692,259
Current portion of long-term debt	39,244,297	35,709,394
Total current liabilities	87,833,815	102,215,182
Noncurrent liabilities:
Total debt	484,287,104	410,067,224
Fair value of derivative instruments - non current		0
Operating lease liabilities	2,441,982	8,301,793
Total noncurrent liabilities	487,302,447	418,369,017
Total liabilities	575,136,262	520,584,199
Commitments and contingencies
Stockholders' equity:
Preferred stock	0	0
Common stock	719,579	715,022
Additional paid-in capital	918,255,834	917,862,269
Accumulated deficit	(461,093,440)	(437,074,354)
Accumulated other comprehensive loss	(921,155)	0
Total stockholders' equity	456,960,818	481,502,937
Total liabilities and stockholders' equity	1,032,097,080	1,002,087,136
Fair value of derivative instruments - noncurrent | Designated as Hedging Instrument
Noncurrent liabilities:
Fair value of derivative instruments - non current	573,361	0
Norwegian Bond Debt Facility
Noncurrent liabilities:
Total debt	172,574,882	175,867,310
New First Lien Facility
Noncurrent liabilities:
Total debt	14,868,997	0
New Ultraco Debt Facility
Noncurrent liabilities:
Total debt	147,157,424	141,396,770
New Ultraco Debt Facility Revolver Loan
Noncurrent liabilities:
Total debt	55,000,000
Convertible Bond Debt
Noncurrent liabilities:
Total debt	$ 94,685,801	$ 92,803,144

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Accounts receivable, reserve	$ 2,699,600	$ 2,472,345
Vessels and vessel improvements, accumulated depreciation	174,169,557	153,029,544
Other fixed assets, accumulated depreciation	$ 996,418	$ 832,541
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, shares issued (in shares)	71,957,885	71,502,206
Common stock outstanding (in shares)	71,957,885	71,502,206

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Revenues, net	$ 57,391,784	$ 69,391,315	$ 131,770,103	$ 146,780,912
Voyage expenses	23,767,747	20,907,155	50,332,105	46,813,295
Vessel expenses	20,232,274	19,958,408	43,932,383	40,052,114
Charter hire expenses	4,719,367	11,179,480	10,760,306	22,671,386
Depreciation and amortization	12,503,191	9,761,322	24,969,674	19,168,430
General and administrative expenses	6,767,403	8,040,811	14,728,475	16,450,730
Operating lease impairment	352,368	0	352,368	0
Gain on sale of vessels	0	(966,802)	0	(5,073,349)
Total operating expenses	68,342,350	68,880,374	145,075,311	140,082,606
Operating (loss)/income	(10,950,566)	510,941	(13,305,208)	6,698,306
Interest expense	8,737,079	6,733,156	17,928,894	13,495,159
Interest income	(56,132)	(393,164)	(212,989)	(827,482)
Loss on debt extinguishment	0	0	0	2,268,452
Realized and unrealized loss/(gain) on derivative instruments, net	859,814	163,105	(7,002,027)	(2,275,150)
Total other expense, net	9,540,761	6,503,097	10,713,878	12,660,979
Net loss	$ (20,491,327)	$ (5,992,156)	$ (24,019,086)	$ (5,962,673)
Weighted average shares outstanding:
Basic (in shares)	71,945,621	71,348,524	71,907,387	71,316,093
Diluted (in shares)	71,945,621	71,348,524	71,907,387	71,316,093
Per share amounts:
Basic net loss (in usd per share)	$ (0.28)	$ (0.08)	$ (0.33)	$ (0.08)
Diluted net loss (in usd per share)	$ (0.28)	$ (0.08)	$ (0.33)	$ (0.08)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive loss - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net loss	$ (20,491,327)	$ (5,992,156)	$ (24,019,086)	$ (5,962,673)
Net unrealized loss on cash flow hedges	(649,287)	0	(921,155)	0
Comprehensive loss	$ (21,140,614)	$ (5,992,156)	$ (24,940,241)	$ (5,962,673)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($)	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated other comprehensive loss
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	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	(5,962,673)
Unrealized loss on cash flow hedges	0
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	(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)
Unrealized loss on cash flow hedges	0
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)
Beginning balance (in shares) at Dec. 31, 2019		71,502,206
Beginning balance at Dec. 31, 2019	481,502,937	$ 715,022	917,862,269	(437,074,354)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(3,527,759)			(3,527,759)
Issuance of shares due to vesting of restricted shares (in shares)		437,679
Issuance of shares due to vesting of restricted shares		$ 4,377	(4,377)
Unrealized loss on cash flow hedges	(271,868)				(271,868)
Cash used to settle net share equity awards	(1,161,301)		(1,161,301)
Stock-based compensation	836,200		836,200
Ending balance (in shares) at Mar. 31, 2020		71,939,885
Ending balance at Mar. 31, 2020	477,378,209	$ 719,399	917,532,791	(440,602,113)	(271,868)
Beginning balance (in shares) at Dec. 31, 2019		71,502,206
Beginning balance at Dec. 31, 2019	481,502,937	$ 715,022	917,862,269	(437,074,354)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(24,019,086)
Unrealized loss on cash flow hedges	(921,155)
Ending balance (in shares) at Jun. 30, 2020		71,957,885
Ending balance at Jun. 30, 2020	456,960,818	$ 719,579	918,255,834	(461,093,440)	(921,155)
Beginning balance (in shares) at Mar. 31, 2020		71,939,885
Beginning balance at Mar. 31, 2020	477,378,209	$ 719,399	917,532,791	(440,602,113)	(271,868)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(20,491,327)			(20,491,327)
Issuance of shares due to vesting of restricted shares (in shares)		18,000
Issuance of shares due to vesting of restricted shares		$ 180	(180)
Unrealized loss on cash flow hedges	(649,287)				(649,287)
Stock-based compensation	723,223		723,223
Ending balance (in shares) at Jun. 30, 2020		71,957,885
Ending balance at Jun. 30, 2020	$ 456,960,818	$ 719,579	$ 918,255,834	$ (461,093,440)	$ (921,155)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net loss	$ (24,019,086)	$ (5,962,673)
Adjustments to reconcile net loss to net cash (used in)/provided by operating activities:
Depreciation	21,303,889	16,434,359
Amortization of operating lease right-of-use assets	6,273,102	6,242,947
Amortization of deferred drydocking costs	3,665,785	2,734,071
Amortization of debt discount and debt issuance costs	3,046,071	1,128,929
Loss on debt extinguishment	0	2,268,452
Gain on sale of vessels	0	(5,073,349)
Operating lease impairment	352,368	0
Net unrealized loss/(gain) on fair value of derivatives	814,014	(1,951,420)
Stock-based compensation expense	1,559,423	2,672,679
Drydocking expenditures	(6,576,633)	(4,506,257)
Changes in operating assets and liabilities:
Accounts payable	(4,523,437)	(4,411,836)
Accounts receivable	(2,921,947)	747,545
Accrued interest	(306,303)	1,023,820
Inventories	5,719,516	3,143,326
Operating lease liabilities short and long-term	(6,603,999)	(6,616,844)
Derivative asset, other current and non-current assets	(7,078,072)	885,451
Other accrued liabilities	(7,280,400)	3,540,176
Prepaid expenses	1,214,764	657,760
Unearned revenue	187,760	(4,496,185)
Net cash (used in)/provided by operating activities	(15,173,185)	8,460,951
Cash flows from investing activities:
Purchase of vessel and vessel improvements	(510,029)	(18,477,740)
Purchase of scrubbers and ballast water systems	(22,371,606)	(23,893,065)
Proceeds from hull and machinery insurance claims	3,658,924	1,301,546
Proceeds from sale of vessels	0	22,631,367
Purchase of other fixed assets	(40,853)	(200,959)
Net cash used in investing activities	(19,263,564)	(18,638,851)
Cash flows from financing activities:
Cash used to settle net share equity awards	(1,161,301)	(877,697)
Other financing costs	18,539	(280,237)
Net cash provided by/(used in) financing activities	73,913,522	(2,522,855)
Net increase/(decrease) in cash, cash equivalents and Restricted cash	39,476,773	(12,700,755)
Cash, cash equivalents and Restricted cash at beginning of period	59,130,285	78,163,638
Cash, cash equivalents and Restricted cash at end of period	98,607,058	65,462,883
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid during the period for interest	15,202,876	11,028,514
Accruals for scrubbers and ballast water treatment systems included in Accounts payable and Other accrued liabilities	8,507,683	8,976,160
Accruals for debt issuance costs included in Other accrued liabilities	200,000	0
New First Lien Facility
Cash flows from financing activities:
Repayment of revolver loan under New First Lien Facility	0	(5,000,000)
Proceeds from debt	0	5,000,000
Repayments of long-term debt	0	(60,000,000)
Ultraco Debt Facility
Cash flows from financing activities:
Proceeds from debt	22,550,000	153,440,000
Repayments of long-term debt	0	(82,600,000)
Norwegian Bond Debt Facility
Cash flows from financing activities:
Repayments of long-term debt	(4,000,000)	(4,000,000)
New Ultraco Debt Facility
Cash flows from financing activities:
Proceeds from debt	55,000,000	0
Repayments of long-term debt	(13,112,245)	(5,048,671)
Debt issuance costs paid to lenders on New Ultraco Debt Facility	(381,471)	(3,156,250)
Convertible Bond Debt
Cash flows from financing activities:
Proceeds from debt	$ 15,000,000	$ 0

Basis of Presentation and Gener

Basis of Presentation and General Information	6 Months Ended
	Jun. 30, 2020
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, 2020, the Company owned and operated a modern fleet of 50 oceangoing vessels, including 30 Supramax and 20 Ultramax vessels with a combined carrying capacity of 2,946,188 deadweight tonnage ("dwt") and an average age of approximately 9.2 years. Additionally, the Company charters-in three Ultramax vessels on a long term basis with remaining lease term of approximately one year and also charters-in vessels on a short term basis for a period less than one year. For the three and six months ended June 30, 2020 and 2019, 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 8 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 2019 Annual Report on Form 10-K, filed with the SEC on March 12, 2020. 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. On March 11, 2020, the World Health Organization declared the novel coronavirus (“COVID-19”) outbreak a pandemic. In response to the pandemic, many countries, ports and organizations, including those where the Company conducts a large part of its operations, have implemented measures to combat the pandemic, such as quarantines and travel restrictions. Such measures have caused and will likely continue to cause severe trade disruptions. The extent to which COVID-19 will impact the Company's results of operations and financial condition, including possible vessel impairments, will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the virus and the actions to contain or treat its impact, among others. Accordingly, an estimate of the impact cannot be made at this time. As of January 1, 2020, we adopted ASU No. 2016-13, "Financial Instruments—Credit Losses" ("ASU 2016-13"). ASU 2016-13 amended 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. The adoption of the accounting standard did not have any material impact on our condensed consolidated financial statements. 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, estimated losses on our trade receivables, operating lease impairment, fair value of Convertible Bond Debt (as defined below) and its equity component, fair value of operating lease right-of-use assets and operating lease liabilities and the fair value of derivatives. Actual results could differ from those estimates.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Leases On January 1, 2019, the Company adopted Accounting Standards Update 2016-02, "Leases", ("ASC 842"). ASC 842 revises the accounting for leases. Under the new lease standard, lessees are required to recognize a operating lease right-of-use assets and a lease liabilities 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 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, 2020 and 2019. 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 (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 elected not to 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. On December 25, 2019, the Company renegotiated the lease terms for another year at a hire rate of $11,600 per day. The Company accounted for this as a lease modification on December 25, 2019 and increased its lease liability and right-of-use asset on its consolidated balance sheet as of December 31, 2019 by $4.5 million. Office leases On October 15, 2015, the Company entered into a commercial lease agreement as a sublessee 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 cash collateral of $74,917 which is recorded as restricted cash - noncurrent 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 recorded the lease expense as part of General and administrative expenses in the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2020 and 2019. 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, 2020 and December 31, 2019 are as follows: Description Location in Balance Sheet June 30, 2020 (1) December 31, 2019 (1) Assets: Chartered-in contracts greater than 12 months (2) Operating lease right-of-use assets $ 12,125,541 $ 18,442,965 Office leases Operating lease right-of-use assets 1,659,026 1,967,072 $ 13,784,567 $ 20,410,037 Liabilities: Chartered-in contracts greater than 12 months Current portion of operating lease liabilities $ 11,853,335 $ 12,622,524 Office leases Current portion of operating lease liabilities 658,455 633,454 Lease liabilities - current portion $ 12,511,790 $ 13,255,978 Chartered-in contracts greater than 12 months Operating lease liabilities $ 1,441,411 $ 6,974,943 Office leases Operating lease liabilities 1,000,571 1,326,850 Lease liabilities - noncurrent portion $ 2,441,982 $ 8,301,793 (1) The Operating lease right-of-use assets 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 5.50%. (2) As of June 30, 2020, the Company determined that there were impairment indicators present for one of our chartered-in vessel contracts and, as a result, we recorded an operating lease impairment of $0.4 million. The operating lease impairment was included as a component of Operating (loss)/income in our Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2020. 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, 2020 and 2019. Three Months Ended Six Months Ended Description Location in Statement of Operations June 30, 2019 June 30, 2020 June 30, 2019 Lease expense for chartered-in contracts less than 12 months Charter hire expenses $ 1,644,173 $ 7,684,182 $ 4,389,586 $ 16,044,965 Lease expense for chartered-in contracts greater than 12 months Charter hire expenses 3,075,194 3,495,298 6,370,720 6,626,421 $ 4,719,367 $ 11,179,480 $ 10,760,306 $ 22,671,386 Lease expense for office leases General and administrative expenses 181,412 177,356 362,824 355,356 Sub lease income from chartered-in contracts greater than 12 months * Revenues, net $ 1,292,814 $ 2,759,065 $ 5,290,038 $ 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 earned from voyage charters on the same chartered-in contracts which is recorded in Revenues, net in our Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2020 and 2019. The cash paid for operating leases with terms greater than 12 months is $3.4 million and $7.1 million for the three and six months ended June 30, 2020, respectively. 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, 2020. The weighted average remaining lease term on our chartered-in contracts greater than 12 months is 14.8 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, 2020: 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, 2020 $ 6,585,809 $ 371,050 $ 6,956,859 2021 6,982,810 700,256 7,683,066 2022 — 483,048 483,048 2023 — 244,878 244,878 $ 13,568,619 $ 1,799,232 $ 15,367,851 Present value of lease liability $ 13,294,746 $ 1,659,026 $ 14,953,772 Lease liabilities - short term $ 11,853,335 $ 658,455 $ 12,511,790 Lease liabilities - long term 1,441,411 1,000,571 2,441,982 Total lease liabilities $ 13,294,746 $ 1,659,026 $ 14,953,772 Discount based on incremental borrowing rate $ 273,873 $ 140,206 $ 414,079 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, 2020 was $2.1 million and $4.0 million, respectively. The amount of revenue earned as demurrage or despatch paid by the Company for the three and six months ended June 30, 2019 was $2.3 million and $6.0 million, respectively. The following table shows the revenues earned from time charters and voyage charters for the three and six months ended June 30, 2020 and 2019: Three Months Ended Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Time charters $ 20,506,088 $ 32,138,075 $ 48,336,563 $ 59,642,266 Voyage charters 36,885,696 37,253,240 83,433,540 87,138,646 $ 57,391,784 $ 69,391,315 $ 131,770,103 $ 146,780,912 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, 2020, the Company recognized $0.3 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. Financial Instruments - Credit Losses On January 1, 2020, the Company adopted ASC 2016-13, "Financial Instruments - Credit Losses" ("ASC 326"). The accounting standard amended 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. Under the new guidance, an entity recognizes as an allowance its estimate of lifetime expected credit losses will result in more timely recognition of such losses. The Company adopted the accounting standard using the prospective transition approach as of January 1, 2020. The cumulative effect upon adoption was not material to our condensed consolidated financial statements. The adoption of ASC 326 primarily impacted our trade receivables recorded on our Condensed Consolidated Balance Sheet as of June 30, 2020. The Company maintains an allowance for credit losses for expected uncollectible accounts receivable, which is recorded as an offset to accounts receivable and changes in such are classified as voyage expense in the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2020 and 2019. Upon adoption of ASC 326, the Company assessed collectability by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when we identify specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, the Company considered historical collectability based on past due status and made judgments about the creditworthiness of customers based on ongoing credit evaluations. The Company also considered customer-specific information, current market conditions and reasonable and supportable forecasts of future economic conditions to inform adjustments to historical loss data. For the three and six months ended June 30, 2020, our assessment considered business and market disruptions caused by COVID-19 and estimates of expected emerging credit and collectability trends. The continued volatility in market conditions and evolving shifts in credit trends are difficult to predict causing variability and volatility that may have a material impact on our allowance for credit losses in future periods. The allowance for credit losses on accounts receivable was $2.7 million as of June 30, 2020 and $2.5 million as of December 31, 2019.

Vessels

Vessels	6 Months Ended
	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Vessels	Vessels Vessel and Vessel Improvements As of June 30, 2020, the Company’s owned operating fleet consisted of 50 drybulk vessels. During the third quarter of 2018, the Company entered into a series of agreements to purchase up to 37 scrubbers, which were fitted on Company's vessels. The actual costs, including installation, was approximately $2.4 million per scrubber. During the second quarter of 2020, the Company has completed and commissioned all 37 scrubbers and recorded $88.1 million in Vessels and vessel improvements in the Condensed Consolidated Balance Sheet as of June 30, 2020. During the third quarter of 2018, the Company entered into a contract for the installation of ballast water treatment systems ("BWTS") on 39 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 completed installation of BWTS on 15 vessels and recorded $6.7 million in Vessels and vessel improvements in the Condensed Consolidated Balance Sheet as of June 30, 2020. Additionally, the Company recorded $2.8 million as advances paid towards installation of BWTS on the remaining vessels as a noncurrent asset in its Condensed Consolidated Balance Sheet as of June 30, 2020. During the second quarter of 2020, the Company applied and received extensions up to one year for BWTS installation on 18 of our vessels. Additionally, the Company cancelled the BWTS installation orders of three of its vessels. The Vessels and vessel improvements activity for the six months ended June 30, 2020 is below: Vessels and vessel improvements, at December 31, 2019 $ 835,959,084 Purchase of Vessel and vessel improvements 510,029 Scrubbers and BWTS 38,587,819 Depreciation expense (21,140,013) Vessels and vessel improvements, at June 30, 2020 $ 853,916,919

Debt

Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Debt	Debt June 30, 2020 December 31, 2019 Convertible Bond Debt $ 114,120,000 $ 114,120,000 Debt discount and debt issuance costs - Convertible Bond Debt (19,434,199) (21,316,856) Convertible Bond Debt, net of debt discount and debt issuance costs 94,685,801 92,803,144 Norwegian Bond Debt 184,000,000 188,000,000 Debt discount and debt issuance costs - Norwegian Bond Debt (3,425,118) (4,132,690) Less: Current portion - Norwegian Bond Debt (8,000,000) (8,000,000) Norwegian Bond Debt, net of debt discount and debt issuance costs 172,574,882 175,867,310 New Ultraco Debt Facility 182,051,742 172,613,988 Revolver loan under New Ultraco Debt Facility 55,000,000 — Debt discount and Debt issuance costs - New Ultraco Debt Facility (3,650,021) (3,507,824) Less: Current portion - New Ultraco Debt Facility (31,244,297) (27,709,394) New Ultraco Debt Facility, net of debt discount and debt issuance costs 202,157,424 141,396,770 Super Senior Facility 15,000,000 — Debt issuance costs - Super Senior Facility (131,003) — Super Senior Facility, net of debt discount and debt issuance costs 14,868,997 — Total long-term debt $ 484,287,104 $ 410,067,224 Convertible Bond Debt On July 29, 2019, the Company issued $114.12 million in aggregate principal amount of 5.00% Convertible Senior Notes due 2024 (the “Convertible Bond Debt”). After deducting debt discount of $1.6 million, the Company received net proceeds of approximately $112.5 million. Additionally, the Company incurred $1.0 million of debt issuance costs relating to this transaction. The Company used the proceeds to partially finance the purchase of six Ultramax vessels and for general corporate purposes, including working capital. The Company took delivery of the vessels in the third and fourth quarters of 2019. The Convertible Bond Debt bears 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 Convertible Bond Debt may bear additional interest upon certain events, as set forth in the indenture governing the Convertible Bond Debt (the "Indenture"). The Convertible Bond Debt will mature on August 1, 2024 (the “Maturity Date”), unless earlier repurchased, redeemed or converted pursuant to its terms. The Company may not otherwise redeem the Convertible Bond Debt prior to the Maturity Date. Each holder has the right to convert any portion of the Convertible Bond Debt, provided such portion is of $1,000 or a multiple thereof, at any time prior to the close of business on the business day immediately preceding the Maturity Date. The initial conversion rate of the Convertible Bond Debt is 178.1737 shares of the Company's common stock per $1,000 principal amount of Convertible Bond Debt (which is equivalent to an initial conversion price of approximately $5.61 per share of its common stock). Upon conversion, the Company will pay or deliver, as the case may be, either cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company’s election, to the holder, subject to shareholder approval requirements in accordance with the listing standards of the Nasdaq Global Select Market. If the Company undergoes a fundamental change, as set forth in the Indenture, each holder may require the Company to repurchase all or part of their Convertible Bond Debt for cash in principal amounts of $1,000 or a multiple thereof. The fundamental change repurchase price will be equal to 100% of the principal amount of the Convertible Bond Debt to be repurchased, plus accrued and unpaid interest. If, however, the holders instead elect to convert their Convertible Bond Debt in connection with the fundamental change, the Company will be required to increase the conversion rate of the Convertible Bond Debt at a rate determined by a combination of the date the fundamental change occurs and the stock price of the Company's common stock on such date. The Convertible Bond Debt is the general, unsecured senior obligations of the Company. It ranks: (i) senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the Convertible Bond Debt; (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. The Indenture also provides for customary events of default. Generally, if an event of default occurs and is continuing, then the trustee or the holders of at least 25% in aggregate principal amount of the Convertible Bond Debt then outstanding may declare 100% of the principal of and accrued and unpaid interest, if any, on all the Convertible Bond Debt then outstanding to be due and payable. In accordance with ASC 470-Debt, the liability and equity components of convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement) is to be separately accounted for in a manner that reflects the issuer's non-convertible debt borrowing rate. The guidance requires the initial proceeds received from the sale of convertible debt instruments to be allocated between a liability component and equity component in a manner that reflects the interest expense at the interest rate of similar non-convertible debt that could have been issued by the Company at the time of issuance. The Company accounted for the Convertible based on the above guidance and attributed a portion of the proceeds to the equity component. The resulting debt discount is amortized using effective interest method over the expected life of the Convertible Bond Debt as interest expense. Additionally, the debt discount and issuance costs were allocated based on the total amount incurred to the liability and equity components using the same proportions as the proceeds from the Convertible Bond Debt. Share Lending Agreement In connection with the issuance of the Convertible Bond Debt, certain persons entered into an arrangement (the "Share Lending Agreement") to borrow up to 3,582,880 shares of the Company’s common stock through share lending arrangements from Jefferies LLC (“JCS”), an initial purchaser of the Convertible Bond Debt, which in turn entered into an arrangement to borrow the shares from an entity affiliated with Oaktree Capital Management, LP, one of the Company’s shareholders. As of June 30, 2020, the fair value of the 3.6 million outstanding loaned shares was $7.8 million based on the closing price of the common stock on June 30, 2020. In connection with the Share Lending Agreement, JCS paid $0.03 million representing a nominal fee per borrowed share, equal to the par value of the Company’s common stock. While the Share Lending Agreement does not require cash payment upon return of the shares, physical settlement is required (i.e., the loaned shares must be returned at the end of the arrangement). In view of this share return provision and other contractual undertakings of JCS in the share lending agreement, which have the effect of substantially eliminating the economic dilution that otherwise would result from the issuance of borrowed shares, the loaned shares are not considered issued and outstanding for the purpose of computing and reporting the Company's basic and diluted weighted average shares or earnings per share. If JCS were to file bankruptcy or commence similar administrative, liquidating or restructuring proceedings, the Company will have to consider 3.6 million shares lent to JCS as issued and outstanding for the purposes of calculating earnings per share. New Ultraco Debt Facility On January 25, 2019, Ultraco Shipping LLC ("Ultraco"), a wholly-owned subsidiary of the Company, entered into a senior secured credit facility, (the "New Ultraco Debt Facility"), which 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, which was fully drawn as of June 30, 2020. 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 New Ultraco Debt Facility, 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. On October 1, 2019, Ultraco, the Company, and certain initial and additional guarantors entered into a first amendment to the New Ultraco Debt Facility (the "First Amendment") to provide for incremental commitments and pursuant to which on October 4, 2019, Ultraco borrowed $34.3 million for general corporate purposes, including capital expenditures relating to the installation of scrubbers. The Company paid $0.4 million as debt issuance costs to the lenders. On April 20, 2020, Ultraco, the Company, and certain initial and additional guarantors entered into a second amendment to the New Ultraco Debt Facility (the "Second Amendment") to provide for certain amendments to definitions of consolidated interest coverage ratio and consolidated earnings before interest, taxes and depreciation and amortization ("EBITDA"). The amendment provides that the calculation interest coverage ratio does not include amortization of debt discount, debt issuance costs and non-cash interest income. The definition of EBITDA has been updated to exclude stock based compensation from net loss. On June 9, 2020, Ultraco, the Company, and certain initial and additional guarantors entered into the Third Amendment (the "Third Amendment") to the New Ultraco Debt Facility to provide for incremental commitments and pursuant to which on June 12, 2020, Ultraco borrowed $22.6 million for general corporate purposes which was secured by two Ultramaxes already owned by the Company, the M/V Hong Kong Eagle and M/V Santos Eagle. The Company paid $0.4 million as debt issuance costs to the lenders. The Company incurred an additional $0.2 million as deferred financing costs in relation to the transaction. The New Ultraco Debt Facility matures on January 25, 2024 (the “New Ultraco 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 $7.8 million in quarterly installments from the second year until the New Ultraco 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 New Ultraco Maturity Date. Ultraco’s obligations under the New Ultraco Debt Facility are secured by, among other items, a first priority mortgage on 26 vessels owned by the Guarantors as identified in the New Ultraco Debt Facility and such other vessels that it may from time to time include with the approval of the Lenders (the “Ultraco Vessels”). 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 New Ultraco Debt Facility 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 New Ultraco Debt Facility also imposes operating restrictions on Ultraco and the Guarantors. The Company is in compliance with its financial covenants under the New Ultraco Debt Facility as of June 30, 2020. 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 8.25% Senior Secured Bonds (the "Bonds" or the "Norwegian Bond Debt"). 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. Interest on the Bonds accrues at a rate of 8.25% per annum and the Bonds will mature on November 28, 2022. The Norwegian Bond Debt is guaranteed by the Issuer's subsidiaries and secured by mortgages over 24 vessels (the "Shipco Vessels"), pledges of the equity of the Issuer and its subsidiaries and certain assignments. The Issuer may redeem some or all of the outstanding Bonds on the terms and conditions and prices set forth in the bond terms. Upon a change of control of the Company, each holder of the Bonds has the right to require that the Issuer purchase all or some of the Bonds held by such holder at a price equal to 101% of the nominal amount, plus accrued interest. The bond terms contain certain financial covenants that the Issuer’s leverage ratio, defined as the ratio of outstanding bond amount and any drawn amounts under the Super Senior Facility less consolidated cash balance to the aggregate book value of the Shipco Vessels, must not exceed 75%, and its subsidiaries’ free liquidity must at all times be at least $12.5 million. Shipco is in compliance with its financial covenants under the Bond Terms as of June 30, 2020. During 2019, the Company sold four vessels, Kestrel, Thrasher, Condor and Merlin, for combined net proceeds of $29.6 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 and for partial funding of scrubbers. As a result, the Company recorded the proceeds from the sale of these vessels as restricted cash - current in the Condensed Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019. During the fourth quarter of 2019, Shipco acquired one modern Ultramax vessel for $20.1 million which was paid from the restricted cash - current. As of June 30, 2020, the Company utilized all of the funds for the purchase of vessels and scrubbers. The bond terms also contain certain customary events of default. The bond terms also contain certain customary negative covenants that may restrict the Company's and the Issuer's ability to take certain actions. Super Senior Facility On December 8, 2017, Shipco entered into the Super Senior Revolving Facility Agreement (the "Super Senior Facility"), which provides for a revolving credit facility in an aggregate amount of up to $15.0 million. The proceeds of the Super Senior Facility are expected 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 $0.3 million as other financing costs in connection with the transaction. As of June 30, 2020, $15.0 million was drawn down to be used for general corporate purposes. 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. 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 are secured by, among other things, mortgages over such vessels. 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 under the Super Senior Facility as of June 30, 2020. The Super Senior Facility also contains certain customary events of default customary to the transactions of this type. 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”). 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 a loss on debt extinguishment in the 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 a loss on debt extinguishment in the Condensed Consolidated Statement of Operations for the six months ended June 30, 2019. Interest Rates 2020 For the three and six months ended June 30, 2020, the interest rate on the Convertible Bond Debt was 5.0%. The weighted average effective interest rate including the amortization of debt discount and debt issuance costs for these periods was 10.14%. For the three months ended June 30, 2020, the interest rate on the New Ultraco Debt Facility ranged from 2.73% to 4.27%, 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 3.90%. For the six months ended June 30, 2020, the interest rate on the New Ultraco Debt Facility ranged from 2.73% to 4.68%, 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 4.63%. For the three and six months ended June 30, 2020, the interest rate 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 these periods was 8.94% and 9.04%, respectively. For the three and six months ended June 30, 2020, the interest rate on our outstanding debt under the Super Senior Facility ranged between 2.9% and 2.4%. The weighted average effective interest rate including the amortization of debt issuance costs for these periods was 3.96% and 5.21%, respectively. Additionally, we pay commitment fees of 40% of the margin on the undrawn portion of the Super Senior Revolver Facility. 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 between 5.89% and 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 for this period was 6.45%. For the three months ended June 30, 2019, the interest rate on the New Ultraco Debt Facility ranged between 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 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 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 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%. The following table summarizes the Company’s total interest expense for: Three Months Ended Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 New First Lien Facility interest $ — $ — $ — $ 293,545 Convertible Bond Debt interest 1,426,500 — 2,852,950 — New Ultraco Debt Facility interest 1,878,164 1,882,295 4,106,110 3,340,865 Norwegian Bond Debt interest 3,818,833 4,013,167 7,698,942 8,055,667 Original Ultraco Debt Facility interest — — — 362,257 Super Senior Facility interest 27,998 — 27,998 — Amortization of debt discount and debt issuance costs 1,542,205 625,213 3,046,071 1,128,929 Commitment fees on revolving credit facilities 43,379 212,481 196,823 313,896 Total Interest expense $ 8,737,079 $ 6,733,156 $ 17,928,894 $ 13,495,159 Scheduled Debt Maturities The following table presents the scheduled maturities of principal amounts of our debt obligations: Norwegian Bond Debt Super Senior Facility New Ultraco Debt Facility Convertible Bond Debt Total Six months ending December 31, 2020 $ 4,000,000 $ — $ 15,622,148 $ — $ 19,622,148 2021 8,000,000 — 31,244,297 — 39,244,297 2022 172,000,000 15,000,000 31,244,297 — 218,244,297 2023 — — 31,244,297 — 31,244,297 2024 — — 127,696,703 114,120,000 241,816,703 $ 184,000,000 $ 15,000,000 $ 237,051,742 $ 114,120,000 $ 550,171,742

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives Instruments	Derivative Instruments Interest rate swaps On March 31, 2020, the Company entered into an interest rate swap agreement ("IRS") to effectively convert a portion of its debt under the New Ultraco Debt Facility from a floating to a fixed-rate basis. The Company entered into two additional IRS agreements during the second quarter of 2020 to convert the remaining portion of its outstanding debt under the New Ultraco Debt Facility excluding the revolver facility. The IRS was designated and qualified as a cash flow hedge. The Company uses the IRS for the management of interest rate risk exposure, as the IRS effectively converts a portion of the Company’s debt from a floating to a fixed rate. The IRS is an agreement between the Company and counterparties to pay, in the future, a fixed-rate payment in exchange for the counterparties paying the Company a variable payment. The amount of the net payment obligation is based on the notional amount of the IRS and the prevailing market interest rates. The Company may terminate the IRS prior to their expiration dates, at which point a realized gain or loss would be recognized. The value of the Company’s commitment would increase or decrease based primarily on the extent to which interest rates move against the rate fixed for each swap. The following table summarizes the interest rate swaps in place as of June 30, 2020 and December 31, 2019. Interest Rate Swap detail Notional Amount outstanding Trade date Fixed rate Start date End date June 30, 2020 December 31, 2019 March 31, 2020 0.64 % July 27, 2020 January 26, 2024 $ 76,101,584 $ — April 15, 2020 0.58 % July 27, 2020 January 26, 2024 38,050,792 — June 25, 2020 0.50 % July 27, 2020 January 26, 2024 60,088,292 — $ 174,240,668 $ — Under these swap contracts, exclusive of applicable margins, the Company will pay fixed rate interest and receive floating-rate interest amounts based on three-month LIBOR settings. The Company records the fair value of the interest rate swap as an asset or liability on its balance sheet. The effective portion of the swap is recorded in accumulated other comprehensive loss. No portion of the cash flow hedges was ineffective during the three and six months ended June 30, 2020. The following table shows the interest rate swap liabilities as of June 30, 2020 and December 31, 2019: Derivatives designated as hedging instruments Balance Sheet location June 30, 2020 December 31, 2019 Interest rate swap Fair value of derivative instruments - current $ 347,794 $ — Interest rate swap Fair value of derivative instruments - noncurrent $ 573,361 $ — 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, net in the Condensed Consolidated Statement of Operations and Derivative asset and Fair value of derivatives in the Condensed Consolidated Balance Sheets. Derivatives are considered to be Level 2 instruments in the fair value hierarchy. For our bunker swaps, the Company may enter into master netting, collateral and offset agreements with counterparties. As of June 30, 2020, the Company has International Swaps and Derivatives Association ("ISDA") agreements with two applicable banks and financial institutions which contain netting provisions. In addition to a master agreement with the Company supported by a primary parent guarantee on either side, the Company also has associated credit support agreements in place with the two counterparties which, among other things, provide the circumstances under which either party is required to post eligible collateral, when the market value of transactions covered by these agreements exceeds specified thresholds. The Company does not anticipate non-performance by any of the counterparties. As of June 30, 2020, no collateral had been received or pledged related to these derivative instruments. As of June 30, 2020, the Company had outstanding bunker swap agreements to purchase 6,000 metric tons of high sulfur fuel oil with prices ranging between $266 and $290 and sell 6,000 metric tons of low sulfur fuel oil with prices ranging between $446 and $467 per metric ton, that are expiring at December 31, 2020. The volume represents less than 10% of our estimated consumption on our fleet for the year. The Company also had outstanding bunker swap agreements to purchase 18,000 metric tons of high sulfur fuel oil with prices ranging between $283 and $286 and sell 18,000 metric tons of low sulfur fuel oil with prices ranging between $425 and $441 per metric ton, that are expiring at December 31, 2021. In addition, the Company had outstanding bunker swap agreements to purchase 21,100 metric tons of low sulfur fuel oil with prices ranging between $140 and $524 per metric ton, that are expiring at December 31, 2020. As of June 30, 2020, the Company entered into FFAs for 3,240 days covering the time period of July to December 2020 (between 15 and 30 days per month), expiring at the end of each calendar month during 2020. The FFA contract prices range from $7,500 to $11,650 per day. The Company will realize a gain or loss on these FFAs based on the price differential between the average daily BSI rate and the FFA contract price. The gains or losses are recorded in Other expense, net in the Condensed Consolidated 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 Three Months Ended For the Six Months Ended Derivatives not designated as hedging instruments Location of (gain)/loss in Statements of Operations June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 FFAs - realized gain Realized and unrealized (gain)/loss on derivative instruments, net $ (504,972) $ (815,299) $ (684,477) $ (254,393) FFAs - unrealized loss/(gain) Realized and unrealized (gain)/loss on derivative instruments, net 3,537,458 854,595 2,096,783 (876,600) Bunker swaps - realized gain Realized and unrealized (gain)/loss on derivative instruments, net (6,659,102) (28,330) (7,235,567) (69,338) Bunker swaps - unrealized loss/(gain) Realized and unrealized (gain)/loss on derivative instruments, net 4,486,430 152,139 (1,178,766) (1,074,819) Total $ 859,814 $ 163,105 $ (7,002,027) $ (2,275,150) Derivatives not designated as hedging instruments Balance Sheet location June 30, 2020 December 31, 2019 FFAs - Unrealized gain Derivative asset and other current assets $ 236,700 $ 475,650 FFAs - Unrealized loss Fair value of derivatives - current 1,753,830 — Bunker swaps - Unrealized gain Derivative asset and other current assets 1,595,532 96,043 Bunker swaps - Unrealized loss Fair value of derivatives - current 1,077,387 756,229 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 agreements executed with counterparties or exchanges and is required when agreed upon threshold limits are exceeded. As of June 30, 2020 and December 31, 2019, the Company posted cash collateral related to derivative instruments under its collateral security arrangements of $4.2 million and $0.6 million, respectively, which is recorded within Derivative asset and other current assets in the Condensed Consolidated Balance Sheets.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2020
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, Convertible Bond Debt, Super Senior Facility, 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 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 Convertible Bond Debt, Norwegian Bond Debt, Super Senior Facility, and the New Ultraco Debt Facility. Interest rate swaps are considered to be a Level 2 item as the Company, using the income approach to value the derivatives, uses observable Level 2 market inputs at measurement date and standard valuation techniques to convert future amounts to a single present amount assuming that participants are motivated, but not compelled to transact. Level 3 – Inputs that are unobservable (for example cash flow modeling inputs based on assumptions) As of June 30, 2020, the Company determined there were impairment indicators present for one of our chartered-in vessel contracts and, as a result, we recorded an operating lease impairment of $0.4 million. The operating lease impairment was included as a component of Operating (loss)/income in our Consolidated Statement of Operations for the three and six months ended June 30, 2020. June 30, 2020 Fair Value Carrying Value Level 1 Level 2 Assets Cash and cash equivalents (1) $ 98,607,058 $ 98,607,058 $ — Liabilities Norwegian Bond Debt (2) 184,000,000 — 172,960,000 New Ultraco Debt Facility (3) 237,051,742 — 237,051,742 Super Senior Facility (3) 15,000,000 — 15,000,000 Convertible Bond Debt (4) 114,120,000 — 68,899,950 December 31, 2019 Fair Value Carrying Value Level 1 Level 2 Assets Cash and cash equivalents (1) $ 59,130,285 $ 59,130,285 $ — Liabilities Norwegian Bond Debt (2) 188,000,000 — 192,626,680 New Ultraco Debt Facility (3) 172,613,988 — 172,613,988 Convertible Bond Debt (4) 114,120,000 — 118,844,868 (1) Includes restricted cash (current and non-current) of $0.08 million at June 30, 2020 and $5.5 million at December 31, 2019. (2) The fair value of the Norwegian Bond Debt is based on the last trades on June 26, 2020 and December 31, 2019 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, 2020. (4) The fair value of the Convertible Bond Debt is based on the last trade on July 7, 2020 and November 21, 2019 on Bloomberg.com.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
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.

Net loss per Common Share

Net loss per Common Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Net loss per Common Share	Net loss per Common Share The computation of basic net loss per share is based on the weighted average number of common stock outstanding for the three and six months ended June 30, 2020 and 2019. Diluted net loss per share gives effect to restricted stock awards and stock options using the treasury stock method, unless the impact is anti-dilutive. Diluted net loss per share as of June 30, 2020 does not include 1,511,827 restricted stock awards, 2,282,171 stock options and 152,266 warrants, as their effect was anti-dilutive. Additionally, the Convertible Bond Debt is not considered a participating security and therefore not included in the computation of the Basic loss per share for the three and six months ended June 30, 2020. The Company determined that it does not overcome the presumption of share settlement of outstanding debt and therefore the Company applied the if-converted method and did not include the potential shares to be issued upon conversion of Convertible Bond Debt in the calculation of Diluted loss per share for the three and six months ended June 30, 2020 as their effect was 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. The following table summarizes the calculation of basic and diluted loss per share: Three Months Ended Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Net loss $ (20,491,327) $ (5,992,156) $ (24,019,086) $ (5,962,673) Weighted Average Shares - Basic 71,945,621 71,348,524 71,907,387 71,316,093 Dilutive effect of stock options and restricted stock units — — — — Weighted Average Shares - Diluted 71,945,621 71,348,524 71,907,387 71,316,093 Basic loss per share $ (0.28) $ (0.08) $ (0.33) $ (0.08) Diluted loss per share $ (0.28) $ (0.08) $ (0.33) $ (0.08)

Stock Incentive Plans

Stock Incentive Plans	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [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. 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 2020 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, 2020, the Company granted 372,250 restricted shares as a company-wide grant under the 2016 Plan. The fair value of the grant based on the closing share price on January 2, 2020 was $1.7 million. The shares will vest in equal installments over a three During the second quarter of 2020, the Company granted 355,000 restricted shares to certain of its employees under the 2016 Plan. The fair value of the grant based on the closing share price on grant date was $0.6 million. The shares will vest in equal installments over a three As of June 30, 2020 and December 31, 2019, stock awards covering a total of 1,511,827 and 1,559,502 of the Company’s common stock, respectively, are outstanding under the 2016 Plan. The vesting terms range between one As of June 30, 2020 and December 31, 2019, vested options covering 2,212,171 and 2,028,921 of the Company’s common stock, respectively, are outstanding with exercise prices ranging from $4.28 to $5.56 per share. As of June 30, 2020 and December 31, 2019, unvested options covering 70,000 and 255,875 of the Company's common stock, 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 5 years from the effective date. Stock-based compensation expense for all stock awards and options included in General and administrative expenses: Three Months Ended Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Stock awards /Stock Option Plans $ 723,223 $ 1,227,210 $ 1,559,423 $ 2,672,679 The future compensation to be recognized for all the grants issued including the grants issued on January 2, 2020, for the six months ending December 31, 2020, and the years ending December 31, 2021 and 2022 will be $1.5 million, $1.0 million and $0.3 million, respectively.

Cash, cash equivalents, and Res

Cash, cash equivalents, and Restricted cash	6 Months Ended
	Jun. 30, 2020
Cash and Cash Equivalents [Abstract]
Cash, cash equivalents, and Restricted cash	Cash, cash equivalents, and Restricted cashThe following table provides a reconciliation of Cash and cash equivalents and Restricted cash reported within the consolidated balance sheets that sum to the total of the amounts shown in the condensed consolidated statements of cash flows: June 30, 2020 December 31, 2019 June 30, 2019 December 31, 2018 Cash and cash equivalents $ 98,532,141 $ 53,583,898 $ 38,598,904 $ 67,209,753 Restricted cash - current — 5,471,470 — — Restricted cash - noncurrent 74,917 74,917 26,863,979 10,953,885 Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows $ 98,607,058 $ 59,130,285 $ 65,462,883 $ 78,163,638 Amounts included in restricted cash represent the letter of credit on our office leases and the cash required to be set aside by the Norwegian Bond Debt, as defined in Note 4 above. The restriction lapsed when the funds were used for the purchase of one Ultramax vessel or the installation of scrubbers.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On July 9, 2020, the Company signed a memorandum of agreement to sell the vessel Goldeneye for $5.0 million before brokerage commission and associated selling expenses. The vessel was delivered to the buyers on August 7, 2020. The Company expects to record a loss of approximately $0.1 million after associated selling costs and related drydock costs in the third quarter of 2020. The proceeds will be recorded as restricted cash - current in the Condensed Consolidated Balance Sheet. On July 27, 2020, the lessor on our office sublease in Stamford, CT filed for Chapter 11 reorganization in the US Bankruptcy Court. They also filed a motion to reject the prime lease with the landlord as well as the sublease with the Company. If said motion is granted by the bankruptcy court, the prime lease as well as the sublease will deemed to be rejected as of the date of the petition. The Company has been in contact with the prime landlord to discuss alternative arrangements.

Basis of Presentation and Gen_2

Basis of Presentation and General Information (Policies)	6 Months Ended
	Jun. 30, 2020
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 8 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 2019 Annual Report on Form 10-K, filed with the SEC on March 12, 2020.
Adoption of New Accounting Standards and Accounting Standards Issued But Not Yet Adopted	As of January 1, 2020, we adopted ASU No. 2016-13, "Financial Instruments—Credit Losses" ("ASU 2016-13"). ASU 2016-13 amended 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. The adoption of the accounting standard did not have any material impact on our condensed consolidated financial statements.
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, estimated losses on our trade receivables, operating lease impairment, fair value of Convertible Bond Debt (as defined below) and its equity component, fair value of operating lease right-of-use assets and operating lease liabilities 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, Convertible Bond Debt, Super Senior Facility, 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 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 Convertible Bond Debt, Norwegian Bond Debt, Super Senior Facility, and the New Ultraco Debt Facility. Interest rate swaps are considered to be a Level 2 item as the Company, using the income approach to value the derivatives, uses observable Level 2 market inputs at measurement date and standard valuation techniques to convert future amounts to a single present amount assuming that participants are motivated, but not compelled to transact. Level 3 – Inputs that are unobservable (for example cash flow modeling inputs based on assumptions) As of June 30, 2020, the Company determined there were impairment indicators present for one of our chartered-in vessel contracts and, as a result, we recorded an operating lease impairment of $0.4 million. The operating lease impairment was included as a component of Operating (loss)/income in our Consolidated Statement of Operations for the three and six months ended June 30, 2020.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Tables)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Assets and Liabilities, Lease	Operating lease right-of-use assets and lease liabilities as of June 30, 2020 and December 31, 2019 are as follows: Description Location in Balance Sheet June 30, 2020 (1) December 31, 2019 (1) Assets: Chartered-in contracts greater than 12 months (2) Operating lease right-of-use assets $ 12,125,541 $ 18,442,965 Office leases Operating lease right-of-use assets 1,659,026 1,967,072 $ 13,784,567 $ 20,410,037 Liabilities: Chartered-in contracts greater than 12 months Current portion of operating lease liabilities $ 11,853,335 $ 12,622,524 Office leases Current portion of operating lease liabilities 658,455 633,454 Lease liabilities - current portion $ 12,511,790 $ 13,255,978 Chartered-in contracts greater than 12 months Operating lease liabilities $ 1,441,411 $ 6,974,943 Office leases Operating lease liabilities 1,000,571 1,326,850 Lease liabilities - noncurrent portion $ 2,441,982 $ 8,301,793 (1) The Operating lease right-of-use assets 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 5.50%. (2) As of June 30, 2020, the Company determined that there were impairment indicators present for one of our chartered-in vessel contracts and, as a result, we recorded an operating lease impairment of $0.4 million. The operating lease impairment was included as a component of Operating (loss)/income in our Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2020.
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, 2020 and 2019. Three Months Ended Six Months Ended Description Location in Statement of Operations June 30, 2019 June 30, 2020 June 30, 2019 Lease expense for chartered-in contracts less than 12 months Charter hire expenses $ 1,644,173 $ 7,684,182 $ 4,389,586 $ 16,044,965 Lease expense for chartered-in contracts greater than 12 months Charter hire expenses 3,075,194 3,495,298 6,370,720 6,626,421 $ 4,719,367 $ 11,179,480 $ 10,760,306 $ 22,671,386 Lease expense for office leases General and administrative expenses 181,412 177,356 362,824 355,356 Sub lease income from chartered-in contracts greater than 12 months * Revenues, net $ 1,292,814 $ 2,759,065 $ 5,290,038 $ 5,841,817
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, 2020: 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, 2020 $ 6,585,809 $ 371,050 $ 6,956,859 2021 6,982,810 700,256 7,683,066 2022 — 483,048 483,048 2023 — 244,878 244,878 $ 13,568,619 $ 1,799,232 $ 15,367,851 Present value of lease liability $ 13,294,746 $ 1,659,026 $ 14,953,772 Lease liabilities - short term $ 11,853,335 $ 658,455 $ 12,511,790 Lease liabilities - long term 1,441,411 1,000,571 2,441,982 Total lease liabilities $ 13,294,746 $ 1,659,026 $ 14,953,772 Discount based on incremental borrowing rate $ 273,873 $ 140,206 $ 414,079
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, 2020 and 2019: Three Months Ended Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Time charters $ 20,506,088 $ 32,138,075 $ 48,336,563 $ 59,642,266 Voyage charters 36,885,696 37,253,240 83,433,540 87,138,646 $ 57,391,784 $ 69,391,315 $ 131,770,103 $ 146,780,912

Vessels (Tables)

Vessels (Tables)	6 Months Ended
	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Schedule of vessel and vessel improvements	The Vessels and vessel improvements activity for the six months ended June 30, 2020 is below: Vessels and vessel improvements, at December 31, 2019 $ 835,959,084 Purchase of Vessel and vessel improvements 510,029 Scrubbers and BWTS 38,587,819 Depreciation expense (21,140,013) Vessels and vessel improvements, at June 30, 2020 $ 853,916,919

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of Debt	June 30, 2020 December 31, 2019 Convertible Bond Debt $ 114,120,000 $ 114,120,000 Debt discount and debt issuance costs - Convertible Bond Debt (19,434,199) (21,316,856) Convertible Bond Debt, net of debt discount and debt issuance costs 94,685,801 92,803,144 Norwegian Bond Debt 184,000,000 188,000,000 Debt discount and debt issuance costs - Norwegian Bond Debt (3,425,118) (4,132,690) Less: Current portion - Norwegian Bond Debt (8,000,000) (8,000,000) Norwegian Bond Debt, net of debt discount and debt issuance costs 172,574,882 175,867,310 New Ultraco Debt Facility 182,051,742 172,613,988 Revolver loan under New Ultraco Debt Facility 55,000,000 — Debt discount and Debt issuance costs - New Ultraco Debt Facility (3,650,021) (3,507,824) Less: Current portion - New Ultraco Debt Facility (31,244,297) (27,709,394) New Ultraco Debt Facility, net of debt discount and debt issuance costs 202,157,424 141,396,770 Super Senior Facility 15,000,000 — Debt issuance costs - Super Senior Facility (131,003) — Super Senior Facility, net of debt discount and debt issuance costs 14,868,997 — Total long-term debt $ 484,287,104 $ 410,067,224
Schedule Of Interest Expense	The following table summarizes the Company’s total interest expense for: Three Months Ended Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 New First Lien Facility interest $ — $ — $ — $ 293,545 Convertible Bond Debt interest 1,426,500 — 2,852,950 — New Ultraco Debt Facility interest 1,878,164 1,882,295 4,106,110 3,340,865 Norwegian Bond Debt interest 3,818,833 4,013,167 7,698,942 8,055,667 Original Ultraco Debt Facility interest — — — 362,257 Super Senior Facility interest 27,998 — 27,998 — Amortization of debt discount and debt issuance costs 1,542,205 625,213 3,046,071 1,128,929 Commitment fees on revolving credit facilities 43,379 212,481 196,823 313,896 Total Interest expense $ 8,737,079 $ 6,733,156 $ 17,928,894 $ 13,495,159
Schedule of Debt Maturities	The following table presents the scheduled maturities of principal amounts of our debt obligations: Norwegian Bond Debt Super Senior Facility New Ultraco Debt Facility Convertible Bond Debt Total Six months ending December 31, 2020 $ 4,000,000 $ — $ 15,622,148 $ — $ 19,622,148 2021 8,000,000 — 31,244,297 — 39,244,297 2022 172,000,000 15,000,000 31,244,297 — 218,244,297 2023 — — 31,244,297 — 31,244,297 2024 — — 127,696,703 114,120,000 241,816,703 $ 184,000,000 $ 15,000,000 $ 237,051,742 $ 114,120,000 $ 550,171,742

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Interest Rate Swap Agreements	The following table summarizes the interest rate swaps in place as of June 30, 2020 and December 31, 2019. Interest Rate Swap detail Notional Amount outstanding Trade date Fixed rate Start date End date June 30, 2020 December 31, 2019 March 31, 2020 0.64 % July 27, 2020 January 26, 2024 $ 76,101,584 $ — April 15, 2020 0.58 % July 27, 2020 January 26, 2024 38,050,792 — June 25, 2020 0.50 % July 27, 2020 January 26, 2024 60,088,292 — $ 174,240,668 $ —
Schedule of Non-Designated Derivative Instruments Effect on Statement of Operations	The following table shows the interest rate swap liabilities as of June 30, 2020 and December 31, 2019: Derivatives designated as hedging instruments Balance Sheet location June 30, 2020 December 31, 2019 Interest rate swap Fair value of derivative instruments - current $ 347,794 $ — Interest rate swap Fair value of derivative instruments - noncurrent $ 573,361 $ — The effect of non-designated derivative instruments on the Condensed Consolidated Statements of Operations and Balance Sheets is as follows: For the Three Months Ended For the Six Months Ended Derivatives not designated as hedging instruments Location of (gain)/loss in Statements of Operations June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 FFAs - realized gain Realized and unrealized (gain)/loss on derivative instruments, net $ (504,972) $ (815,299) $ (684,477) $ (254,393) FFAs - unrealized loss/(gain) Realized and unrealized (gain)/loss on derivative instruments, net 3,537,458 854,595 2,096,783 (876,600) Bunker swaps - realized gain Realized and unrealized (gain)/loss on derivative instruments, net (6,659,102) (28,330) (7,235,567) (69,338) Bunker swaps - unrealized loss/(gain) Realized and unrealized (gain)/loss on derivative instruments, net 4,486,430 152,139 (1,178,766) (1,074,819) Total $ 859,814 $ 163,105 $ (7,002,027) $ (2,275,150) Derivatives not designated as hedging instruments Balance Sheet location June 30, 2020 December 31, 2019 FFAs - Unrealized gain Derivative asset and other current assets $ 236,700 $ 475,650 FFAs - Unrealized loss Fair value of derivatives - current 1,753,830 — Bunker swaps - Unrealized gain Derivative asset and other current assets 1,595,532 96,043 Bunker swaps - Unrealized loss Fair value of derivatives - current 1,077,387 756,229

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping	June 30, 2020 Fair Value Carrying Value Level 1 Level 2 Assets Cash and cash equivalents (1) $ 98,607,058 $ 98,607,058 $ — Liabilities Norwegian Bond Debt (2) 184,000,000 — 172,960,000 New Ultraco Debt Facility (3) 237,051,742 — 237,051,742 Super Senior Facility (3) 15,000,000 — 15,000,000 Convertible Bond Debt (4) 114,120,000 — 68,899,950 December 31, 2019 Fair Value Carrying Value Level 1 Level 2 Assets Cash and cash equivalents (1) $ 59,130,285 $ 59,130,285 $ — Liabilities Norwegian Bond Debt (2) 188,000,000 — 192,626,680 New Ultraco Debt Facility (3) 172,613,988 — 172,613,988 Convertible Bond Debt (4) 114,120,000 — 118,844,868 (1) Includes restricted cash (current and non-current) of $0.08 million at June 30, 2020 and $5.5 million at December 31, 2019. (2) The fair value of the Norwegian Bond Debt is based on the last trades on June 26, 2020 and December 31, 2019 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, 2020. (4) The fair value of the Convertible Bond Debt is based on the last trade on July 7, 2020 and November 21, 2019 on Bloomberg.com.

Net loss per Common Share (Tabl

Net loss per Common Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table summarizes the calculation of basic and diluted loss per share: Three Months Ended Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Net loss $ (20,491,327) $ (5,992,156) $ (24,019,086) $ (5,962,673) Weighted Average Shares - Basic 71,945,621 71,348,524 71,907,387 71,316,093 Dilutive effect of stock options and restricted stock units — — — — Weighted Average Shares - Diluted 71,945,621 71,348,524 71,907,387 71,316,093 Basic loss per share $ (0.28) $ (0.08) $ (0.33) $ (0.08) Diluted loss per share $ (0.28) $ (0.08) $ (0.33) $ (0.08)

Stock Incentive Plans (Tables)

Stock Incentive Plans (Tables)	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [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 Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Stock awards /Stock Option Plans $ 723,223 $ 1,227,210 $ 1,559,423 $ 2,672,679

Cash, cash equivalents, and R_2

Cash, cash equivalents, and Restricted cash (Tables)	6 Months Ended
	Jun. 30, 2020
Cash and Cash Equivalents [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of Cash and cash equivalents and Restricted cash reported within the consolidated balance sheets that sum to the total of the amounts shown in the condensed consolidated statements of cash flows: June 30, 2020 December 31, 2019 June 30, 2019 December 31, 2018 Cash and cash equivalents $ 98,532,141 $ 53,583,898 $ 38,598,904 $ 67,209,753 Restricted cash - current — 5,471,470 — — Restricted cash - noncurrent 74,917 74,917 26,863,979 10,953,885 Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows $ 98,607,058 $ 59,130,285 $ 65,462,883 $ 78,163,638

Basis of Presentation and Gen_3

Basis of Presentation and General Information (Details)	May 04, 2018t	Jun. 30, 2020vesselsegmentt
Property, Plant and Equipment [Line Items]
Number of business segments | segment		1
Number of vessels		50
Dead weight tonnage of operating fleet | t		2,946,188
Average age of operating fleet		9 years 2 months 12 days
2013 Built Ultramax Vessel
Property, Plant and Equipment [Line Items]
Dead weight tonnage of operating fleet | t	61,425
Number of vessels charted-in		3
Charters agreement term	3 years
Supramax Vessels
Property, Plant and Equipment [Line Items]
Vessels in operation		30
Ultramax Vessels
Property, Plant and Equipment [Line Items]
Vessels in operation		20

Recent Accounting Pronounceme_3

Recent Accounting Pronouncements - Additional Information (Details)

Dec. 25, 2019$ / d

Dec. 09, 2018t$ / d

May 04, 2018t$ / d

Apr. 28, 2017t$ / d

Oct. 15, 2015USD ($)

Nov. 30, 2018USD ($)

Jun. 30, 2020USD ($)t

Jun. 30, 2019USD ($)

Jun. 30, 2020USD ($)contractt

Jun. 30, 2019USD ($)

Dec. 31, 2019USD ($)

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

2,946,188

2,946,188

Fair value below contract value of time charters acquired

$ 1,800,000

Increase to lease liability

$ 4,500,000

Operating lease right-of-use assets

$ 13,784,567

$ 13,784,567

20,410,037

$ 20,410,037

Operating lease, liability

14,953,772

14,953,772

Cash paid on operating leases

$ 3,400,000

$ 3,700,000

$ 7,100,000

$ 7,400,000

Weighted average remaining lease term

14 years 9 months 18 days

14 years 9 months 18 days

Revenue earned as demurrage

$ 57,391,784

69,391,315

$ 131,770,103

146,780,912

Deferred costs

300,000

300,000

Allowance for credit loss

2,700,000

2,700,000

$ 2,500,000

Voyage In Progress

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Revenue earned as demurrage

2,100,000

$ 2,300,000

$ 4,000,000

$ 6,000,000

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

12,125,541

$ 12,125,541

18,442,965

Operating lease, liability

13,294,746

$ 13,294,746

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

Charters agreement term

3 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

11,600

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

1,659,026

$ 1,659,026

$ 1,967,072

Operating lease, liability

$ 1,659,026

$ 1,659,026

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 ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Jan. 01, 2019
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 13,784,567		$ 13,784,567		$ 20,410,037	$ 20,410,037
Current portion of operating lease liabilities	12,511,790		12,511,790		13,255,978	13,255,978
Lease liabilities - long term	$ 2,441,982		$ 2,441,982		$ 8,301,793	8,301,793
Discount rate	5.48%		5.48%
Operating lease impairment	$ 352,368	$ 0	$ 352,368	$ 0
Minimum
Lessee, Lease, Description [Line Items]
Discount rate	5.05%		5.05%
Maximum
Lessee, Lease, Description [Line Items]
Discount rate	6.08%		6.08%
Weighted Average
Lessee, Lease, Description [Line Items]
Discount rate	5.50%		5.50%
Chartered-in contracts greater than 12 months
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 12,125,541		$ 12,125,541			18,442,965
Current portion of operating lease liabilities	11,853,335		11,853,335			12,622,524
Lease liabilities - long term	$ 1,441,411		$ 1,441,411			6,974,943
Discount rate	5.37%		5.37%
Office leases
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 1,659,026		$ 1,659,026			1,967,072
Current portion of operating lease liabilities	658,455		658,455			633,454
Lease liabilities - long term	$ 1,000,571		$ 1,000,571			$ 1,326,850
Discount rate	5.80%		5.80%

Recent Accounting Pronounceme_5

Recent Accounting Pronouncements - Lease Expense (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Lessee, Lease, Description [Line Items]
Sub lease income from chartered-in contracts greater than 12 months *	$ 1,292,814	$ 2,759,065	$ 5,290,038	$ 5,841,817
Charter hire expenses
Lessee, Lease, Description [Line Items]
Lease expense for chartered-in contracts less than 12 months	1,644,173	7,684,182	4,389,586	16,044,965
Operating lease, expense	3,075,194	3,495,298	6,370,720	6,626,421
Lease cost	4,719,367	11,179,480	10,760,306	22,671,386
General and administrative expenses
Lessee, Lease, Description [Line Items]
Operating lease, expense	$ 181,412	$ 177,356	$ 362,824	$ 355,356

Recent Accounting Pronounceme_6

Recent Accounting Pronouncements - Future Minimum Lease Payments (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019	Jan. 01, 2019
Lessee, Lease, Description [Line Items]
Discount rate upon adoption	5.48%
Six months ending December 31, 2020	$ 6,956,859
2021	7,683,066
2022	483,048
2023	244,878
Operating lease payments	15,367,851
Total lease liabilities	14,953,772
Lease liabilities - short term	12,511,790	$ 13,255,978	$ 13,255,978
Lease liabilities - long term	2,441,982	$ 8,301,793	8,301,793
Discount based on incremental borrowing rate	$ 414,079
Chartered-in contracts greater than 12 months
Lessee, Lease, Description [Line Items]
Discount rate upon adoption	5.37%
Six months ending December 31, 2020	$ 6,585,809
2021	6,982,810
2022	0
2023	0
Operating lease payments	13,568,619
Total lease liabilities	13,294,746
Lease liabilities - short term	11,853,335		12,622,524
Lease liabilities - long term	1,441,411		6,974,943
Discount based on incremental borrowing rate	$ 273,873
Office leases
Lessee, Lease, Description [Line Items]
Discount rate upon adoption	5.80%
Six months ending December 31, 2020	$ 371,050
2021	700,256
2022	483,048
2023	244,878
Operating lease payments	1,799,232
Total lease liabilities	1,659,026
Lease liabilities - short term	658,455		633,454
Lease liabilities - long term	1,000,571		$ 1,326,850
Discount based on incremental borrowing rate	$ 140,206

Recent Accounting Pronounceme_7

Recent Accounting Pronouncements - Revenue Earned (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Revenues, net	$ 57,391,784	$ 69,391,315	$ 131,770,103	$ 146,780,912
Time charters
Disaggregation of Revenue [Line Items]
Revenues, net	20,506,088	32,138,075	48,336,563	59,642,266
Voyage charters
Disaggregation of Revenue [Line Items]
Revenues, net	$ 36,885,696	$ 37,253,240	$ 83,433,540	$ 87,138,646

Vessels - Additional Informatio

Vessels - Additional Information (Details)	6 Months Ended
	Jun. 30, 2020USD ($)vessel	Jun. 30, 2019USD ($)	Sep. 30, 2018USD ($)vesselscrubber
Property, Plant and Equipment [Line Items]
Number of vessels | vessel	50
Amount recorded in balance sheet	$ 22,371,606	$ 23,893,065
Scrubber Systems
Property, Plant and Equipment [Line Items]
Number of vessels | vessel	37
Projected project costs			$ 2,400,000
Amount recorded in balance sheet	$ 88,100,000
Scrubber Systems | Maximum
Property, Plant and Equipment [Line Items]
Number of scrubbers | scrubber			37
Ballast Water Treatment System
Property, Plant and Equipment [Line Items]
Number of vessels | vessel			39
Projected project costs			$ 500,000
Scrubbers and BWTS reclassified	2,800,000
Vessels and Vessel Improvements
Property, Plant and Equipment [Line Items]
Number of vessels | vessel			15
Amount recorded in balance sheet	6,700,000
Scrubbers and BWTS reclassified	$ 38,587,819

Vessels - Vessel and Vessel Imp

Vessels - Vessel and Vessel Improvements (Details) - Vessels and Vessel Improvements	6 Months Ended
	Jun. 30, 2020USD ($)
Movement in Property, Plant and Equipment [Roll Forward]
Vessels and vessel improvements, beginning balance	$ 835,959,084
Purchase of Vessel and vessel improvements	510,029
Scrubbers and BWTS	38,587,819
Depreciation expense	(21,140,013)
Vessels and vessel improvements, ending balance	$ 853,916,919

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt	$ 550,171,742
Current portion of long-term debt	(39,244,297)	$ (35,709,394)
Total long-term debt	484,287,104	410,067,224
Convertible Bond Debt
Debt Instrument [Line Items]
Long-term debt	114,120,000	114,120,000
Norwegian Bond Debt Facility
Debt Instrument [Line Items]
Long-term debt	184,000,000	188,000,000
Total long-term debt	172,574,882	175,867,310
New Ultraco Debt Facility
Debt Instrument [Line Items]
Long-term debt	237,051,742	172,613,988
Total long-term debt	147,157,424	141,396,770
New Ultraco Debt Facility Revolver Loan
Debt Instrument [Line Items]
Total long-term debt	55,000,000
Super Senior Facility
Debt Instrument [Line Items]
Long-term debt	15,000,000
New First Lien Facility
Debt Instrument [Line Items]
Total long-term debt	14,868,997	0
Convertible Debt | Convertible Bond Debt
Debt Instrument [Line Items]
Debt discount and debt issuance costs	(19,434,199)	(21,316,856)
Long-term Debt	94,685,801	92,803,144
Senior Subordinated Notes | Norwegian Bond Debt Facility
Debt Instrument [Line Items]
Debt discount and debt issuance costs	(3,425,118)	(4,132,690)
Current portion of long-term debt	(8,000,000)	(8,000,000)
Long-term Debt	172,574,882	175,867,310
Term Loan | New Ultraco Debt Facility
Debt Instrument [Line Items]
Long-term debt	182,051,742
Debt discount and debt issuance costs	(3,650,021)	(3,507,824)
Current portion of long-term debt	(31,244,297)	(27,709,394)
Long-term Debt	202,157,424	141,396,770
Term Loan | New Ultraco Debt Facility Revolver Loan
Debt Instrument [Line Items]
Long-term debt	55,000,000	0
Line of Credit | Super Senior Facility
Debt Instrument [Line Items]
Long-term debt		0
Debt discount and debt issuance costs	(131,003)	0
Line of Credit | New First Lien Facility
Debt Instrument [Line Items]
Long-term Debt	$ 14,868,997	$ 0

Debt - Convertible Bond Debt (D

Debt - Convertible Bond Debt (Details)	Jul. 29, 2019USD ($)vessel$ / sharesshares
Debt Instrument [Line Items]
Number of vessels acquired | vessel	6
Convertible Senior Notes due 2024 | Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 114,120,000
Interest Rate Swap detail	5.00%
Debt issuance costs	$ 1,600,000
Conversion premium (in shares) | shares	0.1781737
Conversion price (in dollars per share) | $ / shares	$ 5.61
Convertible Senior Notes due 2024 | Convertible Debt | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price percentage	100.00%
Convertible Senior Notes due 2024 | Convertible Debt | Other Liabilities
Debt Instrument [Line Items]
Debt issuance costs	$ 1,000,000
Convertible Bond Debt
Debt Instrument [Line Items]
Net proceeds	$ 112,500,000
Credit Default Option | Unsecured Debt
Debt Instrument [Line Items]
Amount of principal amount eligible for declaration in case of default	25.00%
Amount of notes to be due and payable	100.00%

Debt - Share Lending Agreement

Debt - Share Lending Agreement (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Oct. 15, 2019
Debt Instrument [Line Items]
Common stock outstanding (in shares)	71,957,885	71,502,206
Affiliated Entity | Jefferies Capital Services LLC
Debt Instrument [Line Items]
Commons stock available to affiliate (in shares)			3,582,880
Common stock outstanding (in shares)	3,600,000
Outstanding loaned shares	$ 7,800
Nominal fee per borrowed share	$ 30
Shares subject to become issued and outstanding in case of restructuring proceedings (in shares)	3,600,000

Debt - New Ultraco Debt Facilit

Debt - New Ultraco Debt Facility (Details) - New Ultraco Debt Facility - Line of Credit - Eagle Bulk Ultraco LLC	Jan. 25, 2019USD ($)vessel	Jun. 09, 2020USD ($)vessel	Oct. 04, 2019USD ($)
Debt Instrument [Line Items]
Debt instrument, face amount	$ 208,400,000	$ 22,600,000	$ 34,300,000
Potential increase in maximum principal amount	60,000,000
Vessels used to secure borrowings | vessel		2
Debt issuance costs	3,100,000	$ 400,000	$ 400,000
Deferred financing costs		$ 200,000
Maximum cumulative payable	$ 4,600,000
Ultraco Lenders
Debt Instrument [Line Items]
Number of vessels secured by first priority mortgage | vessel	26
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
Ultraco Lenders | Minimum
Debt Instrument [Line Items]
Interest coverage ratio	1.50
Ultraco Lenders | Maximum
Debt Instrument [Line Items]
Interest coverage ratio	2.50
Effective Date, First Year | Ultraco Lenders
Debt Instrument [Line Items]
Periodic principal payment	$ 5,100,000
Effective Date, Second Year To Maturity | Ultraco Lenders
Debt Instrument [Line Items]
Periodic principal payment	$ 7,800,000
LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 153,400,000
Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility amount	$ 55,000,000

Debt - Norwegian Bond Debt (Det

Debt - Norwegian Bond Debt (Details)	Nov. 28, 2017USD ($)vessel	Dec. 31, 2019USD ($)vessel	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)vessel	Dec. 31, 2018USD ($)vessel	Jul. 29, 2019vessel
Debt Instrument [Line Items]
Proceeds from sale of vessels			$ 0	$ 22,631,367
Number of vessels acquired | vessel							6
Vessels Condor And Merlin
Debt Instrument [Line Items]
Number of vessels sold | vessel		4			4
Proceeds from sale of vessels					$ 29,600,000
Vessel Thrush
Debt Instrument [Line Items]
Number of vessels sold | vessel						1
Proceeds from sale of vessels						$ 10,800,000
Ultramax Vessels
Debt Instrument [Line Items]
Number of vessels acquired | vessel		1			1
Payments to acquire vessels		$ 20,100,000
Eagle Bulk Shipco LLC
Debt Instrument [Line Items]
Payments of financing costs	$ 1,300,000
Norwegian Bond Debt Facility | Senior Subordinated Notes | Eagle Bulk Shipco LLC
Debt Instrument [Line Items]
Debt instrument, face amount	$ 200,000,000
Interest Rate Swap detail	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
Maximum leverage ratio			75.00%
Minimum liquidity threshold			$ 12,500,000
Norwegian Bond Debt Facility | Senior Subordinated Notes | Eagle Bulk Shipco LLC | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price percentage	101.00%

Debt - Super Senior Facility (D

Debt - Super Senior Facility (Details)	Dec. 08, 2017USD ($)vessel	Nov. 28, 2017USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2020USD ($)
Eagle Bulk Shipco LLC
Debt Instrument [Line Items]
Payments of financing costs		$ 1,300,000
Super Senior Facility
Debt Instrument [Line Items]
Commitment fee percentage			40.00%	40.00%
Revolving Credit Facility | Super Senior Facility | Line of Credit | Eagle Bulk Shipco LLC
Debt Instrument [Line Items]
Revolving credit facility amount	$ 15,000,000
Payments of financing costs				$ 300,000
Total availability in the revolving credit facility			$ 15,000,000	$ 15,000,000
Commitment fee percentage	40.00%
Number of vessels secured | vessel	24
Maximum leverage ratio	75.00%
Minimum liquidity threshold	$ 12,500,000
Minimum market value to total commitments percentage	300.00%
Minimum amount of bonds outstanding	$ 100,000,000
Revolving Credit Facility | Super Senior Facility | Line of Credit | Eagle Bulk Shipco LLC | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%

Debt - New First Lien Facility

Debt - New First Lien Facility (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 08, 2017
Debt Instrument [Line Items]
Loss on debt extinguishment	$ 0	$ 0	$ 0	$ 2,268,452
New First Lien Facility | Eagle Bulk Shipco LLC | Line of Credit | Term Loan
Debt Instrument [Line Items]
Revolving credit facility amount					$ 60,000,000
New First Lien Facility | Eagle Bulk Shipco LLC | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility amount					$ 5,000,000
Loss on debt extinguishment				$ 1,100,000

Debt - Original Ultraco Facilit

Debt - Original Ultraco Facility (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
Original Ultraco Debt Facility | Ultraco Lenders | Eagle Bulk Ultraco LLC
Debt Instrument [Line Items]
Outstanding balance of debt issuance costs as loss on debt extinguishment	$ 1.2

Debt - Interest Rates (Details)

Debt - Interest Rates (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
New Ultraco Debt Facility
Debt Instrument [Line Items]
Interest rate				5.26%
Commitment fee percentage	40.00%	40.00%	40.00%
Norwegian Bond Debt Facility
Debt Instrument [Line Items]
Interest rate		8.25%		8.25%
Norwegian Bond Debt Facility | Senior Subordinated Notes
Debt Instrument [Line Items]
Interest rate	8.25%		8.25%
Super Senior Facility
Debt Instrument [Line Items]
Commitment fee percentage	40.00%		40.00%
Super Senior Facility | Senior Subordinated Notes
Debt Instrument [Line Items]
Interest rate	3.96%		5.21%
New First Lien Facility
Debt Instrument [Line Items]
Interest rate		6.01%		6.01%
Minimum | Convertible Bond Debt
Debt Instrument [Line Items]
Interest rate	5.00%		5.00%
Minimum | New Ultraco Debt Facility
Debt Instrument [Line Items]
Interest rate	2.73%	5.09%	2.73%	4.15%
Minimum | Super Senior Facility | Senior Subordinated Notes
Debt Instrument [Line Items]
Interest rate	2.40%		2.40%
Minimum | New First Lien Facility
Debt Instrument [Line Items]
Interest rate		5.89%		5.89%
Minimum | Original Ultraco Debt Facility
Debt Instrument [Line Items]
Interest rate		5.28%		5.28%
Weighted Average | Convertible Bond Debt
Debt Instrument [Line Items]
Interest rate	10.14%		10.14%
Weighted Average | New Ultraco Debt Facility
Debt Instrument [Line Items]
Interest rate		5.62%		4.85%
Commitment fee percentage				40.00%
Weighted Average | New Ultraco Debt Facility | Senior Subordinated Notes
Debt Instrument [Line Items]
Interest rate	3.90%		4.63%
Weighted Average | Norwegian Bond Debt Facility
Debt Instrument [Line Items]
Interest rate		8.79%		8.79%
Weighted Average | Norwegian Bond Debt Facility | Senior Subordinated Notes
Debt Instrument [Line Items]
Interest rate	8.94%		9.04%
Weighted Average | New First Lien Facility
Debt Instrument [Line Items]
Interest rate		6.45%		6.45%
Commitment fee percentage		40.00%		40.00%
Weighted Average | Original Ultraco Debt Facility
Debt Instrument [Line Items]
Interest rate		6.80%		6.80%
Commitment fee percentage		40.00%		40.00%
Maximum | New Ultraco Debt Facility
Debt Instrument [Line Items]
Interest rate	4.27%	5.26%	4.68%
Maximum | Super Senior Facility | Senior Subordinated Notes
Debt Instrument [Line Items]
Interest rate	2.90%		2.90%

Debt - Schedule of Interest Exp

Debt - Schedule of Interest Expense (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Debt Instrument [Line Items]
Amortization of debt discount and debt issuance costs	$ 1,542,205	$ 625,213	$ 3,046,071	$ 1,128,929
Commitment fees on revolving credit facilities	43,379	212,481	196,823	313,896
Total Interest expense	8,737,079	6,733,156	17,928,894	13,495,159
New First Lien Facility
Debt Instrument [Line Items]
Line of credit facility, interest	0	0	0	293,545
Convertible Debt
Debt Instrument [Line Items]
Line of credit facility, interest	1,426,500	0	2,852,950	0
New Ultraco Debt Facility
Debt Instrument [Line Items]
Debt, interest expense	1,878,164	1,882,295	4,106,110	3,340,865
Norwegian Bond Debt Facility
Debt Instrument [Line Items]
Debt, interest expense	3,818,833	4,013,167	7,698,942	8,055,667
Ultraco Debt Facility
Debt Instrument [Line Items]
Debt, interest expense	0	0	0	362,257
Super Senior Facility
Debt Instrument [Line Items]
Line of credit facility, interest	$ 27,998	$ 0	$ 27,998	$ 0

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Principal Amounts of Debt Obligations (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Six months ending December 31, 2020	$ 19,622,148
2021	39,244,297
2022	218,244,297
2023	31,244,297
2024	241,816,703
Long-term debt	550,171,742
Norwegian Bond Debt Facility
Debt Instrument [Line Items]
Six months ending December 31, 2020	4,000,000
2021	8,000,000
2022	172,000,000
2023	0
2024	0
Long-term debt	184,000,000	$ 188,000,000
Super Senior Facility
Debt Instrument [Line Items]
Six months ending December 31, 2020	0
2021	0
2022	15,000,000
2023	0
2024	0
Long-term debt	15,000,000
New Ultraco Debt Facility
Debt Instrument [Line Items]
Six months ending December 31, 2020	15,622,148
2021	31,244,297
2022	31,244,297
2023	31,244,297
2024	127,696,703
Long-term debt	237,051,742	$ 172,613,988
Convertible Senior Notes due 2024
Debt Instrument [Line Items]
Six months ending December 31, 2020	0
2021	0
2022	0
2023	0
2024	114,120,000
Long-term debt	$ 114,120,000

Derivative Instruments (Details

Derivative Instruments (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)t$ / d$ / T	Jun. 30, 2019USD ($)	Dec. 31, 2020vessel	Dec. 31, 2019USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of derivative instruments - current	$ 3,179,011		$ 3,179,011			$ 756,229
Fair value of derivative instruments - non current						0
Designated as Hedging Instrument | Fair value of derivative instruments - current
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of derivative instruments - current	347,794		347,794			0
Designated as Hedging Instrument | Fair value of derivative instruments - noncurrent
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of derivative instruments - non current	573,361		573,361			0
Level 2 | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives not designated as hedging instruments, location of (gain)/loss recognized	859,814	$ 163,105	(7,002,027)	$ (2,275,150)
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount outstanding	$ 174,240,668		$ 174,240,668			0
Interest Rate Swap | New Ultraco Debt Facility | March 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Interest Rate Swap detail	0.64%		0.64%
Notional Amount outstanding	$ 76,101,584		$ 76,101,584			0
Interest Rate Swap | New Ultraco Debt Facility | April 15, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Interest Rate Swap detail	0.58%		0.58%
Notional Amount outstanding	$ 38,050,792		$ 38,050,792			0
Interest Rate Swap | New Ultraco Debt Facility | June 25, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Interest Rate Swap detail	0.50%		0.50%
Notional Amount outstanding	$ 60,088,292		$ 60,088,292			0
High Sulfur Fuel Cost Spread | Expiring In 2020
Derivative Instruments, Gain (Loss) [Line Items]
Derivative notional mass (metric tons) | t			6,000
High Sulfur Fuel Cost Spread | Expiring In 2020 | Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Derivative contract price (usd per metric ton) | $ / T			266
High Sulfur Fuel Cost Spread | Expiring In 2020 | Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Derivative contract price (usd per metric ton) | $ / T			290
Low Sulfur Fuel Cost Spread | Expiring In 2020
Derivative Instruments, Gain (Loss) [Line Items]
Derivative notional mass (metric tons) | t			6,000
Low Sulfur Fuel Cost Spread | Expiring In 2020 | Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Derivative contract price (usd per metric ton) | $ / T			446
Low Sulfur Fuel Cost Spread | Expiring In 2020 | Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Derivative contract price (usd per metric ton) | $ / T			467
Low Sulfur Fuel Cost Spread | Expiring In 2021
Derivative Instruments, Gain (Loss) [Line Items]
Derivative notional mass (metric tons) | t			18,000
Low Sulfur Fuel Cost Spread | Expiring In 2021 | Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Derivative contract price (usd per metric ton) | $ / T			425
Low Sulfur Fuel Cost Spread | Expiring In 2021 | Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Derivative contract price (usd per metric ton) | $ / T			441
Bunker Swaps | Expiring In 2020
Derivative Instruments, Gain (Loss) [Line Items]
Derivative notional mass (metric tons) | t			21,100
Bunker Swaps | Expiring In 2020 | Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Derivative contract price (usd per metric ton) | $ / T			140
Bunker Swaps | Expiring In 2020 | Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Derivative contract price (usd per metric ton) | $ / T			524
Bunker Swaps | Expiring In 2021
Derivative Instruments, Gain (Loss) [Line Items]
Derivative notional mass (metric tons) | t			18,000
Bunker Swaps | Expiring In 2021 | Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Derivative contract price (usd per metric ton) | $ / T			283
Bunker Swaps | Expiring In 2021 | Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Derivative contract price (usd per metric ton) | $ / T			286
FFAs - realized gain | Forecast
Derivative Instruments, Gain (Loss) [Line Items]
Number of days hedged | vessel					3,240
FFAs - realized gain | Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Vessel hiring rate (in dollars per day) | $ / d			7,500
FFAs - realized gain | Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Vessel hiring rate (in dollars per day) | $ / d			11,650
FFAs - realized gain | Other current assets
Derivative Instruments, Gain (Loss) [Line Items]
Collateral related to derivative instruments under collateral security arrangements	4,200,000		$ 4,200,000			600,000
FFAs - realized gain | Level 2 | Not Designated as Hedging Instrument | Other current assets
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset	236,700		236,700			475,650
FFAs - realized gain | Level 2 | Realized and unrealized (gain)/loss on derivative instruments, net | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives not designated as hedging instruments, location of (gain)/loss recognized	(504,972)	(815,299)	(684,477)	(254,393)
FFAs - unrealized loss/(gain) | Level 2 | Realized and unrealized (gain)/loss on derivative instruments, net | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives not designated as hedging instruments, location of (gain)/loss recognized	3,537,458	854,595	2,096,783	(876,600)
Bunker swaps - realized gain | Level 2 | Realized and unrealized (gain)/loss on derivative instruments, net | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives not designated as hedging instruments, location of (gain)/loss recognized	(6,659,102)	(28,330)	(7,235,567)	(69,338)
Bunker swaps - unrealized loss/(gain) | Level 2 | Not Designated as Hedging Instrument | Other current assets
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability	1,595,532		1,595,532			96,043
Bunker swaps - unrealized loss/(gain) | Level 2 | Not Designated as Hedging Instrument | Fair value of derivatives - current
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability	1,753,830		1,753,830			0
Bunker swaps - unrealized loss/(gain) | Level 2 | Realized and unrealized (gain)/loss on derivative instruments, net | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives not designated as hedging instruments, location of (gain)/loss recognized	4,486,430	$ 152,139	(1,178,766)	$ (1,074,819)
Bunker swaps - Unrealized loss | Level 2 | Not Designated as Hedging Instrument | Fair value of derivatives - current
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability	$ 1,077,387		$ 1,077,387			$ 756,229

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Operating lease impairment	$ 352,368	$ 0	$ 352,368	$ 0
Assets
Cash and cash equivalents	98,607,058		98,607,058		$ 59,130,285
Liabilities
Long-term debt	550,171,742		550,171,742
Restricted cash	80,000		80,000		5,500,000
Norwegian Bond Debt Facility
Liabilities
Long-term debt	184,000,000		184,000,000		188,000,000
New Ultraco Debt Facility
Liabilities
Long-term debt	237,051,742		237,051,742		172,613,988
Super Senior Facility
Liabilities
Long-term debt	15,000,000		15,000,000
Convertible Bond Debt
Liabilities
Long-term debt	114,120,000		114,120,000		114,120,000
Recurring | Level 1
Assets
Cash and cash equivalents	98,607,058		98,607,058		59,130,285
Recurring | Level 1 | Norwegian Bond Debt Facility
Liabilities
Long-term debt	0		0		0
Recurring | Level 1 | New Ultraco Debt Facility
Liabilities
Long-term debt	0		0		0
Recurring | Level 1 | Super Senior Facility
Liabilities
Long-term debt	0		0
Recurring | Level 1 | Convertible Bond Debt
Liabilities
Long-term debt	0		0		0
Recurring | Level 2
Assets
Cash and cash equivalents	0		0		0
Recurring | Level 2 | Norwegian Bond Debt Facility
Liabilities
Long-term debt	172,960,000		172,960,000		192,626,680
Recurring | Level 2 | New Ultraco Debt Facility
Liabilities
Long-term debt	237,051,742		237,051,742		172,613,988
Recurring | Level 2 | Super Senior Facility
Liabilities
Long-term debt	15,000,000		15,000,000
Recurring | Level 2 | Convertible Bond Debt
Liabilities
Long-term debt	$ 68,899,950		$ 68,899,950		$ 118,844,868

Net loss per Common Share - Add

Net loss per Common Share - Additional Information (Details) - shares	6 Months Ended
	Jun. 30, 2020	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)	1,511,827	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)	2,282,171	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

Net loss per Common Share - Los

Net loss per Common Share - Loss Per Share, Basic and Diluted (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Net loss	$ (20,491,327)	$ (3,527,759)	$ (5,992,156)	$ 29,483	$ (24,019,086)	$ (5,962,673)
Weighted Average Shares - Basic (in shares)	71,945,621		71,348,524		71,907,387	71,316,093
Dilutive effect of stock options and restricted stock units (in shares)	0		0		0	0
Weighted Average Shares - Diluted (in shares)	71,945,621		71,348,524		71,907,387	71,316,093
Basic net loss (in usd per share)	$ (0.28)		$ (0.08)		$ (0.33)	$ (0.08)
Diluted net loss (in usd per share)	$ (0.28)		$ (0.08)		$ (0.33)	$ (0.08)

Stock Incentive Plans (Details)

Stock Incentive Plans (Details) - USD ($)	Jan. 02, 2020	Jun. 07, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2020	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2019	Dec. 15, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards /Stock Option Plans			$ 723,223	$ 1,227,210		$ 1,559,423	$ 2,672,679
Number of outstanding options (in shares)			2,212,171			2,212,171				2,028,921
Unvested options (in shares)			70,000			70,000				255,875
Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share based compensation expense					$ 1,500,000			$ 300,000	$ 1,000,000
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in usd per share)			$ 4.28			$ 4.28
Unvested options, exercise prices (in usd per share)			$ 4.28			$ 4.28
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in usd per share)										$ 5.56
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)	372,250		355,000
Restricted shares granted in period, aggregate fair value	$ 1,700,000		$ 600,000
Award vesting period	3 years		3 years
Stock awards /Stock Option Plans			$ 60,000			$ 60,000
Restricted Stock | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)	28,262
Options granted, fair value	$ 100,000
Stock awards /Stock Option Plans			$ 300,000			$ 600,000
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)			1,511,827			1,511,827				1,559,502
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

Cash, cash equivalents, and R_3

Cash, cash equivalents, and Restricted cash (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 98,532,141	$ 53,583,898	$ 38,598,904	$ 67,209,753
Restricted cash - current	0	5,471,470	0	0
Restricted cash - noncurrent	74,917	74,917	26,863,979	10,953,885
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$ 98,607,058	$ 59,130,285	$ 65,462,883	$ 78,163,638

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Jul. 09, 2020	Sep. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Subsequent Event [Line Items]
Loss on sale of vessels			$ 0	$ (966,802)	$ 0	$ (5,073,349)
Subsequent Event | Vessel Goldeneye
Subsequent Event [Line Items]
Agreed upon sales price	$ 5,000,000
Subsequent Event | Vessel Goldeneye | Forecast
Subsequent Event [Line Items]
Loss on sale of vessels		$ 100,000