Eagle Bulk Shipping (EGLE) 10-Q 7 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	May 06, 2021
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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		12,553,046
Entity Central Index Key	0001322439
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 76,191,832	$ 69,927,594
Restricted cash - current	4,446,177	18,846,177
Accounts receivable, net of a reserve of $2,121,121 and $2,357,191, respectively	20,465,339	13,843,480
Prepaid expenses	3,491,076	3,182,815
Inventories	14,720,800	11,624,833
Other current assets	7,959,698	839,881
Total current assets	127,274,922	118,264,780
Noncurrent assets:
Vessel and vessel improvements, at cost, net of accumulated depreciation	851,894,939	810,713,959
Advances for vessel purchases	4,720,000	3,250,000
Operating lease right-of-use assets	5,454,129	7,540,871
Other fixed assets, net of accumulated depreciation	427,048	489,179
Restricted cash - noncurrent	75,000	75,000
Deferred drydock costs, net	26,975,526	24,153,776
Deferred financing costs	519,033	0
Fair value of derivatives asset - noncurrent	26,185	0
Advances for ballast water systems and other assets	3,273,076	2,639,491
Total noncurrent assets	893,364,936	848,862,276
Total assets	1,020,639,858	967,127,056
Current liabilities:
Accounts payable	17,041,784	10,589,970
Accrued interest	6,839,690	4,690,135
Other accrued liabilities	12,174,886	11,747,064
Fair value of derivatives - current	1,328,846	481,791
Current portion of operating lease liabilities	5,415,378	7,615,371
Unearned charter hire revenue	10,142,696	8,072,295
Current portion of long-term debt	39,244,297	39,244,297
Total current liabilities	92,187,577	82,440,923
Noncurrent liabilities:
Total debt	446,847,764	412,931,021
Fair value of derivatives - noncurrent	131,383	650,607
Noncurrent portion of operating lease liabilities	577,200	686,422
Total noncurrent liabilities	447,556,347	414,268,050
Total liabilities	539,743,924	496,708,973
Commitments and contingencies
Stockholders' equity:
Preferred stock	0	0
Common stock	117,329	116,618
Additional paid-in capital	943,599,631	943,571,685
Accumulated deficit	(462,288,512)	(472,137,822)
Accumulated other comprehensive loss	(532,514)	(1,132,398)
Total stockholders' equity	480,895,934	470,418,083
Total liabilities and stockholders' equity	1,020,639,858	967,127,056
Norwegian Bond Debt Facility
Noncurrent liabilities:
Total debt	169,640,129	169,290,230
New First Lien Facility
Noncurrent liabilities:
Total debt	0	14,896,357
New Ultraco Debt Facility
Noncurrent liabilities:
Total debt	124,522,090	132,083,949
New Ultraco Debt Facility Revolver Loan
Noncurrent liabilities:
Total debt	55,000,000	0
Convertible Bond Debt
Noncurrent liabilities:
Total debt	$ 97,685,545	$ 96,660,485

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Accounts receivable, reserve	$ 2,121,121	$ 2,357,191
Vessels and vessel improvements, accumulated depreciation	188,208,942	177,771,755
Other fixed assets, accumulated depreciation	$ 1,207,470	$ 1,137,562
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)	11,732,943	11,661,797
Common stock outstanding (in shares)	11,732,943	11,661,797

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Revenues, net		$ 96,572,168	$ 74,378,319
Voyage expenses		26,614,919	26,564,358
Vessel operating expenses		21,518,439	23,700,109
Charter hire expenses		8,480,220	6,040,939
Depreciation and amortization		12,506,386	12,466,483
General and administrative expenses		7,698,210	7,961,072
Other operating expense		961,116	0
Total operating expenses		77,779,290	76,732,961
Operating income/(loss)		18,792,878	(2,354,642)
Interest expense		8,251,421	9,191,815
Interest income		(17,769)	(156,857)
Realized and unrealized loss/(gain) on derivative instruments, net		709,916	(7,861,841)
Total other expense, net		8,943,568	1,173,117
Net income/(loss)		$ 9,849,310	$ (3,527,759)
Weighted average shares outstanding
Basic (in shares)	[1]	11,729,492	10,267,022
Diluted (in shares)	[1]	11,744,568	10,267,022
Per share amounts
Basic net loss (in usd per share)	[1]	$ 0.84	$ (0.34)
Diluted net loss (in usd per share)	[1]	$ 0.84	$ (0.34)
[1]	Adjusted to give effect for the 1-for-7 Reverse Stock Split that became effective as of September 15, 2020, see Note 1.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive income/(loss) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income/(loss)	$ 9,849,310	$ (3,527,759)
Other comprehensive income/(loss):
Net unrealized gain/(loss) on cash flow hedges	599,884	(271,868)
Comprehensive income/(loss)	$ 10,449,194	$ (3,799,627)

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, 2019	[1]		10,214,600
Beginning balance at Dec. 31, 2019		$ 481,502,937	$ 102,146	[1]	$ 918,475,145	[1]	$ (437,074,354)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income/(loss)		(3,527,759)					(3,527,759)
Issuance of shares due to vesting of restricted shares (in shares)	[1]		62,526
Issuance of shares due to vesting of restricted shares	[1]		$ 626		(626)
Unrealized gain on cash flow hedges		(271,868)						(271,868)
Cash used to settle net share equity awards		(1,161,301)			(1,161,301)	[1]
Stock-based compensation		836,200			836,200	[1]
Ending balance (in shares) at Mar. 31, 2020	[1]		10,277,126
Ending balance at Mar. 31, 2020		477,378,209	$ 102,772	[1]	918,149,418	[1]	(440,602,113)	(271,868)
Beginning balance (in shares) at Dec. 31, 2020			11,661,797
Beginning balance at Dec. 31, 2020		470,418,083	$ 116,618		943,571,685		(472,137,822)	(1,132,398)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income/(loss)		9,849,310					9,849,310
Issuance of shares due to vesting of restricted shares (in shares)			71,146
Issuance of shares due to vesting of restricted shares			$ 711		(711)
Unrealized gain on cash flow hedges		599,884						599,884
Fees for equity offerings		(31,830)			(31,830)
Cash used to settle net share equity awards		(811,456)			(811,456)
Stock-based compensation		871,943			871,943
Ending balance (in shares) at Mar. 31, 2021			11,732,943
Ending balance at Mar. 31, 2021		$ 480,895,934	$ 117,329		$ 943,599,631		$ (462,288,512)	$ (532,514)
[1]	Adjusted to give effect for the 1-for-7 Reverse Stock Split that became effective as of September 15, 2020, see Note 1.

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Cash flows from operating activities:
Net income/(loss)	$ 9,849,310	$ (3,527,759)
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation	10,507,095	10,566,534
Amortization of operating lease right-of-use assets	3,079,700	3,225,018
Amortization of deferred drydocking costs	1,999,291	1,899,949
Amortization of debt discount and debt issuance costs	1,628,784	1,503,866
Net unrealized gain on fair value of derivatives	(503,235)	(7,157,801)
Stock-based compensation expense	871,943	836,200
Drydocking expenditures	(4,821,041)	(5,176,872)
Changes in operating assets and liabilities:
Accounts payable	6,488,396	(3,427,047)
Accounts receivable	(6,696,859)	(2,020,325)
Accrued interest	2,149,555	2,476,203
Inventories	(3,095,967)	463,444
Operating lease liabilities current and noncurrent	(3,302,173)	(3,390,466)
Fair value of derivatives asset, other current and noncurrent assets	(5,742,704)	(4,092,628)
Other accrued liabilities	158,971	(3,755,411)
Prepaid expenses	(308,261)	612,182
Unearned charter hire revenue	2,070,401	(1,459,899)
Net cash provided by/(used in) operating activities	14,333,206	(12,424,812)
Cash flows from investing activities:
Purchase of vessels and vessel improvements	(47,976,865)	(466,556)
Advances for vessel purchases	(4,720,000)	0
Purchase of scrubbers and ballast water systems	(754,966)	(18,087,278)
Proceeds from hull and machinery insurance claims	75,000	3,569,901
Purchase of other fixed assets	(7,777)	(37,659)
Net cash used in investing activities	(53,384,608)	(15,021,592)
Cash flows from financing activities:
Cash used to settle net share equity awards	(811,456)	(1,161,301)
Equity offerings issuance costs	(291,830)	0
Financing costs paid to lenders	(170,000)	0
Other financing costs	0	13,819
Net cash provided by financing activities	30,915,640	40,538,847
Net (decrease)/increase in cash, cash equivalents and restricted cash	(8,135,762)	13,092,443
Cash, cash equivalents and restricted cash at beginning of period	88,848,771	59,130,285	$ 59,130,285
Cash, cash equivalents and restricted cash at end of period	80,713,009	72,222,728	88,848,771
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid during the period for interest	4,319,726	5,211,746
Accruals for vessel purchases and vessel improvements included in Other accrued liabilities	244,026	0
Accruals for scrubbers and ballast water treatment systems included in Accounts payable and Other accrued liabilities	3,152,936	8,669,169
Accruals for debt issuance costs included in Other accrued liabilities	250,000	0
New Ultraco Debt Facility | Term Loan
Cash flows from financing activities:
Repayments of long-term debt	(7,811,074)	(5,813,671)
New Ultraco Debt Facility | Revolver Loan
Cash flows from financing activities:
Proceeds from debt	55,000,000	45,000,000
Super Senior Facility
Cash flows from financing activities:
Proceeds from debt	0	$ 2,500,000
Super Senior Facility | Revolver Loan
Cash flows from financing activities:
Repayments of long-term debt	$ (15,000,000)		$ 0

Basis of Presentation and Gener

Basis of Presentation and General Information	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021, the Company owned and operated a modern fleet of 48 oceangoing vessels, including 25 Supramax and 23 Ultramax vessels with a combined carrying capacity of 2,877,107 deadweight tonnage ("dwt") and an average age of approximately 8.8 years. Additionally, the Company charters-in three Ultramax vessels on a long term basis with remaining lease terms of less than one year and also charters-in vessels on a short term basis for a period less than one year. For the three months ended March 31, 2021 and 2020, 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 2020 Annual Report on Form 10-K, filed with the SEC on March 12, 2021. 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. Effective as of September 15, 2020, the Company completed a 1-for-7 reverse stock split (the “Reverse Stock Split”) of the Company's issued and outstanding shares of common stock, par value $0.01 per share, as previously approved by our Board of Directors (the "Board of Directors") and our shareholders. Proportional adjustments were made to the Company’s issued and outstanding common stock and to the exercise price and the number of shares issuable upon exercise of all of the Company’s outstanding warrants, the exercise price and number of shares issuable upon exercise of the options outstanding under the Company’s equity incentive plans, and the number of shares subject to restricted stock awards under the Company’s equity incentive plans. Furthermore, the conversion rate set forth in the indenture governing the Company’s Convertible Bond Debt was adjusted to reflect the Reverse Stock Split. No fractional shares of common stock were issued in connection with the Reverse Stock Split. Furthermore, if a shareholder held less than seven shares prior to the Reverse Stock Split, then such shareholder received cash in lieu of the fractional share. All references herein to common stock and per share data relating to periods prior to the Reverse Stock Split that are presented in these condensed consolidated financial statements and notes thereto have been retrospectively adjusted to reflect the Reverse Stock Split. 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, 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	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Leases 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 months ended March 31, 2021 and 2020. 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 had 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. (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 was $14,250 per day and $15,250 per day thereafter. The Company took delivery of the vessel in the fourth quarter of 2018. 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. During the first quarter of 2021, the Company decided to extend the lease term to its maximum redelivery date allowed under the charter party. Therefore, the lease liability and the corresponding right-of-use asset as of March 31, 2021 have been increased by $1.0 million to reflect the change in lease term from minimum redelivery date to maximum redelivery date allowed under the charter party. On May 4, 2021, the Company declared its option to extend the charter for another year till July 31, 2022 at a hire rate of $12,600 per day. The Company will update the lease liability and the corresponding right-of-use asset for the option period in its Condensed Consolidated Balance Sheet as of June 30, 2021. 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 cash collateral of $0.1 million which is recorded as Restricted cash - noncurrent in the accompanying condensed consolidated balance sheets as of March 31, 2021 and December 31, 2020. In November 2018, the Company entered into an office lease 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 months ended March 31, 2021 and 2020. 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 March 31, 2021 and December 31, 2020 are as follows: Description Location in Balance Sheet March 31, 2021 (1) December 31, 2020 (1) Noncurrent assets: Chartered-in contracts greater than 12 months Operating lease right-of-use assets $ 4,285,619 $ 6,207,253 Office leases Operating lease right-of-use assets 1,168,510 1,333,618 Operating lease right-of-use assets $ 5,454,129 $ 7,540,871 Liabilities: Chartered-in contracts greater than 12 months Current portion of operating lease liabilities $ 4,830,837 $ 6,974,943 Office leases Current portion of operating lease liabilities 584,541 640,428 Lease liabilities - current portion $ 5,415,378 $ 7,615,371 Office leases Noncurrent portion of operating lease liabilities $ 577,200 $ 686,422 Lease liabilities - noncurrent portion $ 577,200 $ 686,422 (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 2.81% to 6.08%. The weighted average discount rate used to calculate the lease liability was 5.08%. The table below presents the components of the Company’s lease expenses and sublease income on a gross basis earned from chartered-in contracts greater than 12 months for the three months ended March 31, 2021 and 2020. Three Months Ended Description Location in Statement of Operations March 31, 2021 March 31, 2020 Lease expense for chartered-in contracts less than 12 months Charter hire expenses $ 5,486,764 $ 2,748,414 Lease expense for chartered-in contracts greater than 12 months Charter hire expenses 2,993,456 3,292,525 Total charter hire expenses $ 8,480,220 $ 6,040,939 Lease expense for office leases General and administrative expenses 184,006 181,412 Sublease income from chartered-in contracts greater than 12 months * Revenues, net $ 1,145,791 $ 3,997,224 * The sublease income represents only time charter revenue earned on the chartered-in contracts with terms more 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 months ended March 31, 2021 and 2020. The cash paid for operating leases with terms greater than 12 months is $3.4 million and $3.6 million for the three months ended March 31, 2021 and 2020, respectively. On December 22, 2020, the Company entered into an agreement to lease a Japanese-built Supramax scrubber-fitted vessel for a minimum period of 12 months and maximum period of 15 months with an option to extend to a minimum period of 11 months and maximum period of 13 months. The fixed hire rate for the initial period is $5,900 per day plus 57% of BSI 58 average of 10 TC routes published by the Baltic Exchange each business day. The fixed hire during the optional period increases to $6,500 per day plus 57% of BSI 58 average of 10TC routes. The vessel is expected to be delivered in July 2021. The weighted average remaining lease term on our operating lease contracts greater than 12 months is 8.7 months. The table below provides the total amount of remaining lease payments on an undiscounted basis on our chartered-in contracts and office leases greater than 12 months as of March 31, 2021: Year Chartered-in contracts greater than 12 months Office leases Total Operating leases Discount rate upon adoption 5.37 % 5.80 % 5.48 % Nine months ending December 31, 2021 $ 4,875,296 $ 516,249 $ 5,391,545 2022 — 483,048 483,048 2023 — 244,878 244,878 $ 4,875,296 $ 1,244,175 $ 6,119,471 Present value of lease liability Lease liabilities - short term $ 4,830,837 $ 584,541 $ 5,415,378 Lease liabilities - long term — 577,200 577,200 Total lease liabilities $ 4,830,837 $ 1,161,741 $ 5,992,578 Discount based on incremental borrowing rate $ 44,459 $ 82,434 $ 126,893 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 months ended March 31, 2021 and 2020 was $3.9 million and $1.9 million, respectively. The following table shows the revenues earned from time charters and voyage charters for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 March 31, 2020 Time charters $ 29,240,537 $ 27,830,475 Voyage charters 67,331,631 46,547,844 $ 96,572,168 $ 74,378,319 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 March 31, 2021, the Company recognized $0.5 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 adoption of ASC 326 primarily impacted our trade receivables recorded on our Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 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 months ended March 31, 2021 and 2020. 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 months ended March 31, 2021, our assessment considered 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 $2.1 million as of March 31, 2021 and $2.4 million as of December 31, 2020.

Vessels

Vessels	3 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Vessels	Vessels Vessel and Vessel Improvements As of March 31, 2021, the Company’s owned operating fleet consisted of 48 drybulk vessels. During the fourth quarter of 2020, the Company entered into a series of memorandum of agreements to purchase three high specification scrubber-fitted Ultramax bulkcarriers for a total purchase price of $50.2 million excluding direct expenses of acquisition. The Company took delivery of the vessels during the first quarter of 2021. During the first quarter of 2021, the Company entered into another series of memorandum of agreements to purchase four vessels. The first vessel is a high-specification scrubber-fitted Ultramax bulkcarrier that was purchased for a total purchase price of $15.0 million and warrant for 212,315 common shares of the Company. The remaining three vessels are 2011-built Crown-58 Supramax bulkcarriers that were purchased for a total purchase price of $21.2 million and warrants for 329,583 common shares of the Company. Common shares are issuable upon exercise of warrants on a pro-rata basis in connection with each vessel delivery. The warrants would be measured at fair value on the date of the memorandum of agreement and recorded as Vessel and vessel improvements on the condensed consolidated balance sheet when the Company takes delivery of the vessels. The fair value of the warrants for the total of 541,898 common shares is approximately $10.7 million. The above mentioned prices exclude direct expenses of acquisition. The Company paid and recorded $4.7 million on the above mentioned vessels as Advances for vessel purchases in the Condensed Consolidated Balance Sheet as of March 31, 2021. One of the vessels was delivered on April 12, 2021, and the remaining vessels are expected to be delivered during the second quarter of 2021. 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 cost, including installation, is approximately $0.5 million per BWTS. The Company intends to complete the installations during scheduled drydockings. The Company completed installation of BWTS on 15 vessels and recorded $7.2 million in Vessels and vessel improvements in the Condensed Consolidated Balance Sheet as of March 31, 2021. Additionally, the Company recorded $2.9 million as advances paid towards installation of BWTS on the remaining vessels as a Noncurrent asset in its Condensed Consolidated Balance Sheet as of March 31, 2021. The Vessels and vessel improvements activity for the three months ended March 31, 2021 is below: Vessels and vessel improvements, at December 31, 2020 $ 810,713,959 Purchase of vessels and vessel improvements 48,220,891 Advance paid for vessel purchase as of December 31, 2020 3,250,000 Scrubbers and BWTS 147,276 Depreciation expense (10,437,187) Vessels and vessel improvements, at March 31, 2021 $ 851,894,939

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	Debt March 31, 2021 December 31, 2020 Convertible Bond Debt $ 114,120,000 $ 114,120,000 Debt discount and debt issuance costs - Convertible Bond Debt (16,434,455) (17,459,515) Convertible Bond Debt, net of debt discount and debt issuance costs 97,685,545 96,660,485 Norwegian Bond Debt 180,000,000 180,000,000 Debt discount and debt issuance costs - Norwegian Bond Debt (2,359,871) (2,709,770) Less: Current portion - Norwegian Bond Debt (8,000,000) (8,000,000) Norwegian Bond Debt, net of debt discount and debt issuance costs 169,640,129 169,290,230 New Ultraco Debt Facility 158,618,519 166,429,594 Revolver loan under New Ultraco Debt Facility 55,000,000 — Debt discount and Debt issuance costs - New Ultraco Debt Facility (2,852,132) (3,101,348) Less: Current portion - New Ultraco Debt Facility (31,244,297) (31,244,297) New Ultraco Debt Facility, net of debt discount and debt issuance costs 179,522,090 132,083,949 Super Senior Facility — 15,000,000 Debt issuance costs - Super Senior Facility — (103,643) Super Senior Facility, net of debt discount and debt issuance costs — 14,896,357 Total long-term debt $ 446,847,764 $ 412,931,021 Convertible Bond Debt On July 29, 2019, the Company issued $114.1 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 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 conversion rate of the Convertible Bond Debt after adjusting for the Reverse Stock Split effected on September 15, 2020 is 25.453 shares of the Company's common stock per $1,000 principal amount of Convertible Bond Debt (which is equivalent to a conversion price of approximately $39.29 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. 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 511,840 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. The number of shares under the Share Lending Agreement have been adjusted for the Reverse Stock Split. As of March 31, 2021, the fair value of the 0.5 million outstanding loaned shares was $18.5 million based on the closing price of the common stock on March 31, 2021. 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 0.5 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 March 31, 2021. 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 income/(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 was in compliance with its financial covenants under the New Ultraco Debt Facility as of March 31, 2021. 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 20 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 was in compliance with its financial covenants under the bond terms as of March 31, 2021. During the year ended December 31, 2020, the Company sold five vessels, Goldeneye, Skua, Osprey, Hawk and Shrike for combined net proceeds of $23.2 million. During the years ended December 31, 2019 and 2018, the Company sold five vessels, Kestrel, Thrasher, Condor, Merlin and Thrush for combined net proceeds of $40.4 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 March 31, 2021 and December 31, 2020. The proceeds were used to purchase two Ultramax vessels for $36.1 million and partial financing of scrubbers for $23.6 million. 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 March 31, 2021, the availability under the Super Senior Facility was $15.0 million. The outstanding borrowings under the Super Senior Facility bear interest at LIBOR plus 2.00% per annum and commitment fees of 40% of the applicable margin on the undrawn portion of the facility. For each loan that is requested under the Super Senior Facility, Shipco must repay such loan along with accrued interest on the last day of each interest period relating to the loan. 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 20 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 was in compliance with its financial covenants under the Super Senior Facility as of March 31, 2021. The Super Senior Facility also contains certain customary events of default customary to the transactions of this type. Holdco RCF Credit Agreement On March 26, 2021, Eagle Bulk Holdco LLC (“Holdco”), a wholly-owned subsidiary of Eagle Bulk Shipping Inc. (the "Company"), entered into a Credit Agreement (as the same may be amended or supplemented from time to time, the “ Holdco RCF Credit Agreement”) made by and among (i) Holdco, as borrower, (ii) the Company and certain wholly-owned vessel-owning subsidiaries of Holdco, as joint and several guarantors, (iii) the banks and financial institutions named therein as lenders (together with their successors and assigns, the “RCF Lenders”), (iv) Crédit Agricole Corporate and Investment Bank and Nordea Bank ABP, New York Branch, as mandated lead arrangers, (v) Crédit Agricole Corporate and Investment Bank, as arranger and (vi) Crédit Agricole Corporate and Investment Bank, as facility agent and security trustee for the RCF Lenders. Pursant to the Holdco RCF Agreement, the RCF lenders agreed to make available an aggregate principal amount of up to the lesser of (a) $35,000,000 and (b) 65% of the Fair Market Value of the Initial Vessels (as defined below). Borrowings under the Holdco RCF Credit Agreement bear interest at a rate of 2.4% plus LIBOR for the relevant interest period. As of March 31, 2021, the availability under the Holdco RCF Credit Agreement was $24.0 million which would increase to $35.0 million when the Company takes delivery of M/V Rotterdam Eagle during the second quarter of 2021. Borrowings under the Holdco RCF Credit Agreement are secured by two Ultramaxes already owned by the Company, the M/V Helsinki Eagle and the M/V Stockholm Eagle and one Ultramax to be delivered to the Company, the M/V Rotterdam Eagle (collectively, the “Initial Vessels”). A fee of $0.2 million was paid to the Holdco RCF Lenders. The maturity date for the Holdco RCF Credit Agreement is December 31, 2021 on which day the aggregate principal outstanding amount of all loans outstanding should be paid in full. The Holdco RCF Credit Agreement includes affirmative and negative covenants and events of default that are customary for transactions of this kind. Additionally, the Holdco RCF Credit Agreement includes a minimum consolidated liquidity covenant that requires the Company on a consolidated basis (but excluding Shipco and its subsidiaries (the “Restricted Subsidiaries”)) to maintain cash equivalents in an amount not less than the greater of (i) $600,000 per vessel owned directly or indirectly by the Company and its subsidiaries and (ii) 7.5% of the consolidated total debt of the Company. The Holdco RCF Credit Agreement also requires the Company, on a consolidated basis (but excluding the Restricted Subsidiaries) to maintain, at all times, the ratio of its minimum value adjusted tangible equity of total assets of not less than 0.30 to 1. Finally, the Holdco RCF Credit Agreement requires the Company, on a consolidated basis (but excluding the Restricted Subsidiaries) to maintain, at all times, positive working capital. The Company was in compliance with its financial covenants under the Holdco RCF Credit Agreement as of March 31, 2021. Interest Rates 2021 For the three months ended March 31, 2021, 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 March 31, 2021, the interest rate on the New Ultraco Debt Facility ranged from 2.62% to 2.72%, 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 3.22%. For the three months ended March 31, 2021, 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 this period was 8.84%. For the three months ended March 31, 2021, the interest rate on our outstanding debt under the Super Senior Facility was 2.24%. The weighted average effective interest rate including the amortization of debt issuance costs for this period was 2.58%. Additionally, we pay commitment fees of 40% of the margin on the undrawn portion of the Super Senior Revolver Facility. 2020 For the three months ended March 31, 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 this period was 10.14%. For the three months ended March 31, 2020, the interest rate on the New Ultraco Debt Facility ranged from 3.39% 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 for this period was 5.52%. For the three months ended March 31, 2020, 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 this period was 8.91%. For the three months ended March 31, 2020, the interest rate on our outstanding debt under the Super Senior Facility was 2.90%. The weighted average effective interest rate including the amortization of debt issuance costs for this period was 3.00%. Additionally, we pay commitment fees of 40% of the margin on the undrawn portion of the Super Senior Revolver Facility. The following table summarizes the Company’s total interest expense for: Three Months Ended March 31, 2021 March 31, 2020 Convertible Bond Debt interest $ 1,426,500 $ 1,426,450 New Ultraco Debt Facility interest 1,464,902 2,227,946 Norwegian Bond Debt interest 3,630,000 3,880,108 Super Senior Facility interest 29,818 — Amortization of debt discount and debt issuance costs 1,628,784 1,503,866 Commitment fees on revolving credit facilities 71,417 153,445 Total Interest expense $ 8,251,421 $ 9,191,815 Scheduled Debt Maturities The following table presents the scheduled maturities of principal amounts of our debt obligations as of March 31, 2021, which excludes any additional debt incurred under various debt facilities subsequent to March 31, 2021: Norwegian Bond Debt New Ultraco Debt Facility Convertible Bond Debt Total Nine months ending December 31, 2021 $ 8,000,000 $ 23,433,222 $ — $ 31,433,222 2022 172,000,000 31,244,297 — 203,244,297 2023 — 31,244,297 — 31,244,297 2024 — 127,696,703 114,120,000 241,816,703 $ 180,000,000 $ 213,618,519 $ 114,120,000 $ 507,738,519

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives Instruments	Derivative Instruments Interest rate swaps During 2020, the Company entered into a series of interest rate swap agreements ("IRS") to effectively convert a portion of its debt under the New Ultraco Debt Facility excluding any amounts outstanding under the revolving credit facility from a floating to a fixed-rate basis. 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. Tabular disclosure of derivatives location The following table summarizes the interest rate swaps in place as of March 31, 2021 and December 31, 2020. Interest Rate Swap detail Notional Amount outstanding Trade date Fixed rate Start date End date March 31, 2021 December 31, 2020 March 31, 2020 0.64 % July 27, 2020 January 26, 2024 $ 68,803,009 $ 72,452,297 April 15, 2020 0.58 % July 27, 2020 January 26, 2024 34,401,505 36,226,149 June 25, 2020 0.50 % July 27, 2020 January 26, 2024 55,414,005 57,751,148 $ 158,618,519 $ 166,429,594 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. The estimated loss that is currently recorded in Accumulated other comprehensive loss as of March 31, 2021 that is expected to be reclassified into the earnings within the next twelve months is $0.5 million. No portion of the cash flow hedges was ineffective during the three months ended March 31, 2021. The effect of derivative instruments on the Statement of Operations for the three months ended March 31, 2021 and 2020 is below: Derivatives designated as hedging instruments Location of loss in Statements of Operations Effective portion of loss reclassified from Accumulated other comprehensive income/(loss) Three Months Ended March 31, 2021 March 31, 2020 Interest rate swaps Interest expense $ 145,221 $ — The following table shows the interest rate swap asset and liabilities as of March 31, 2021 and December 31, 2020: Derivatives designated as hedging instruments Balance Sheet location March 31, 2021 December 31, 2020 Interest rate swap Fair value of derivatives - current/Current liabilities $ 427,316 $ 481,791 Interest rate swap Fair value of derivatives - noncurrent/Noncurrent liabilities $ 131,383 $ 650,607 Interest rate swap Fair value of derivatives asset - noncurrent/Noncurrent assets $ 26,185 $ — 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 Other current assets and Fair value of derivatives in the condensed consolidated balance Sheets. Derivatives are considered to be Level 2 instruments in the fair value hierarchy. For our bunker swaps, the Company may enter into master netting, collateral and offset agreements with counterparties. As of March 31, 2021, 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 March 31, 2021, no collateral had been received or pledged related to these derivative instruments. As of March 31, 2021, the Company had outstanding bunker swap agreements to purchase 22,220 metric tons of high and low sulfur fuel oil with prices ranging between $251 and $525 that are expiring at December 31, 2021. As of March 31, 2021, the Company had an outstanding bunker swap agreement to purchase 360 metric tons of high sulfur fuel oil at a price of $272 that is expiring in 2022. The volume represents less than 10% of our estimated consumption on our fleet for the year. As of March 31, 2021, the Company entered into FFAs for 2,835 days covering the time period of April to December 2021 (between 15 and 30 days per month), expiring at the end of each calendar month during 2021. The FFA contract prices range from $11,500 to $21,800 per day. The Company will realize a gain or loss on these FFAs based on the price differential between the average daily Baltic Supramax Index ("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 Derivatives not designated as hedging instruments Location of (gain)/loss in Statements of Operations March 31, 2021 March 31, 2020 FFAs - realized loss/(gain) Realized and unrealized loss/(gain) on derivative instruments, net $ 1,966,116 $ (179,505) FFAs - unrealized gain Realized and unrealized loss/(gain) on derivative instruments, net (277,357) (1,440,676) Bunker swaps - realized gain Realized and unrealized loss/(gain) on derivative instruments, net (752,965) (576,464) Bunker swaps - unrealized gain Realized and unrealized loss/(gain) on derivative instruments, net (225,878) (5,665,196) Total $ 709,916 $ (7,861,841) Derivatives not designated as hedging instruments Balance Sheet location March 31, 2021 December 31, 2020 FFAs - Unrealized gain Other current assets $ 1,400,466 $ — FFAs - Unrealized loss Fair value of derivatives - current/Current liabilities 901,530 — Bunker swaps - Unrealized gain Other current assets 578,277 352,399 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 March 31, 2021 and December 31, 2020, the Company posted cash collateral related to derivative instruments under its collateral security arrangements of $4.6 million and $0.1 million, respectively, which is recorded within Other current assets in the Condensed Consolidated Balance Sheets.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
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 values approximates fair values for bonds issued under the Norwegian Bond Debt and the Convertible Bond Debt, which are traded on the Oslo Stock Exchange and NASDAQ, respectively. The carrying amounts of our term loan and revolver loan under the New Ultraco Debt Facility approximate their fair value, due to their variable interest rates. 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 and the New Ultraco Debt Facility. Freight forward agreements, bunker swaps and 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. See Note 5 Derivative Instruments. Level 3 – Inputs that are unobservable (for example cash flow modeling inputs based on assumptions) March 31, 2021 Fair Value Carrying Value (5) Level 1 Level 2 Assets Cash and cash equivalents (1) $ 80,713,009 $ 80,713,009 $ — Liabilities Norwegian Bond Debt (2) 180,000,000 — 185,850,000 New Ultraco Debt Facility (3) 213,618,519 — 213,618,519 Convertible Bond Debt (4) 114,120,000 — 136,373,400 December 31, 2020 Fair Value Carrying Value (5) Level 1 Level 2 Assets Cash and cash equivalents (1) $ 88,848,771 $ 88,848,771 $ — Liabilities Norwegian Bond Debt (2) 180,000,000 — 173,250,000 New Ultraco Debt Facility (3) 166,429,594 — 166,429,594 Super Senior Facility (3) 15,000,000 — 15,000,000 Convertible Bond Debt (4) 114,120,000 — 92,748,748 (1) Includes restricted cash (current and noncurrent) of $4.5 million at March 31, 2021 and $18.9 million at December 31, 2020. (2) The fair value of the bond is based on the last trades on March 3, 2021 and December 14, 2020 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 March 31, 2021. (4) The fair value of the Convertible Bond Debt is based on the last trade on March 10, 2021 and December 21, 2020 on Bloomberg.com. (5) The outstanding debt balances represent the face value of the debt excluding debt discount and debt issuance costs.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings The Company is involved in legal proceedings and may become involved in other legal matters arising in the ordinary course of its business. The Company evaluates these legal matters on a case-by-case basis to make a determination as to the impact, if any, on its business, liquidity, results of operations, financial condition or cash flows. In March 2021, the U.S. government began investigating an allegation that one of our vessels may have improperly disposed of ballast water that entered the engine room bilges during a repair. The investigation of this alleged violation of environmental laws is in its early stages and is ongoing, and, although at this time we do not believe that this matter will have a material impact on our company, our financial condition or results of operations, we cannot determine what penalties, if any, will be imposed. We have posted a surety bond as security for any fines or penalties that may be issued, and the Company is cooperating fully with the U.S. government in its investigation of this matter. For the three months ended March 31, 2021, the Company incurred and recorded $1.0 million as Other operating expense relating to this incident, which include legal fees, surety bond expenses, vessel offhire, crew changes and travel costs.

Net income_(loss) per Common Sh

Net income/(loss) per Common Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Net income/(loss) per Common Share	Net income/(loss) per Common ShareThe computation of basic net income/(loss) per share is based on the weighted average number of common stock outstanding for the three months ended March 31, 2021 and 2020. Diluted net income/(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 income per share as of March 31, 2021 does not include 325,591 stock options and 21,718 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 net income per share for the three months ended March 31, 2021. 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 income per share for the three months ended March 31, 2021 as their effect was anti-dilutive. Diluted net loss per share as of March 31, 2020 does not include 175,294 stock awards, 326,024 stock options and 21,752 warrants, as their effect was anti-dilutive. The following table summarizes the calculation of basic and diluted loss per share: Three Months Ended March 31, 2021 March 31, 2020 Net income/(loss) $ 9,849,310 $ (3,527,759) Weighted Average Shares - Basic * 11,729,492 10,267,022 Dilutive effect of stock options and restricted stock units 15,076 — Weighted Average Shares - Diluted * 11,744,568 10,267,022 Basic income/(loss) per share * $ 0.84 $ (0.34) Diluted income/(loss) per share * $ 0.84 $ (0.34) * Adjusted to give effect for the 1-for-7 Reverse Stock Split that became effective as of September 15, 2020. See Note 1.

Stock Incentive Plans

Stock Incentive Plans	3 Months Ended
	Mar. 31, 2021
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 764,087 shares of common stock adjusted for the Reverse Stock Split, 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 2021 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 357,142 shares to a maximum of 1,121,229 shares of common stock. On February 19, 2021, the Company granted 92,327 restricted shares as a company-wide grant under the 2016 Plan. The fair value of the grant based on the closing share price on February 19, 2021 was $2.8 million. The shares will vest in equal installments over a three-year term. Additionally, the Company granted 3,506 shares of common stock to its board of directors. The fair value of the grant based on the closing share price of February 19, 2021 was $0.1 million. The shares vested immediately. The amortization of the above grants is $0.5 million for the three months ended March 31, 2021, which is included in General and administrative expenses in the Condensed Consolidated Statements of Operations. As of March 31, 2021 and December 31, 2020, stock awards covering a total of 197,567 and 218,013 shares of the Company’s common stock, respectively, are outstanding under the 2016 Plan. The vesting terms range between one As of March 31, 2021 and December 31, 2020, vested options covering 325,591 and 312,591 shares of the Company’s common stock, respectively, are outstanding with exercise prices ranging from $29.96 to $38.92 per share. As of March 31, 2021 there were no unvested options outstanding. As of December 31, 2020, there were 13,000 unvested options outstanding. All options expire within five years from the effective date. Stock-based compensation expense for all stock awards and options included in General and administrative expenses: Three Months Ended March 31, 2021 March 31, 2020 Stock awards/Stock Option Plans $ 871,943 $ 836,200 The future compensation to be recognized for all the grants for the nine months ending December 31, 2021, and the years ending December 31, 2022 and 2023 will be $1.9 million, $1.0 million and $0.3 million, respectively.

Cash, cash equivalents, and Res

Cash, cash equivalents, and Restricted cash	3 Months Ended
	Mar. 31, 2021
Cash and Cash Equivalents [Abstract]
Cash, cash equivalents, and Restricted cash	Cash, cash equivalents, and restricted cash The following table provides a reconciliation of Cash and cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the amounts shown in the Condensed Consolidated Statements of Cash Flows: March 31, 2021 December 31, 2020 March 31, 2020 December 31, 2019 Cash and cash equivalents $ 76,191,832 $ 69,927,594 $ 69,229,926 $ 53,583,898 Restricted cash - current * 4,446,177 18,846,177 2,917,885 5,471,470 Restricted cash - noncurrent * 75,000 75,000 74,917 74,917 Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows $ 80,713,009 $ 88,848,771 $ 72,222,728 $ 59,130,285 *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 Debt above. The restriction lapsed when the funds were used for the purchase of two Ultramax vessels or the installation of scrubbers.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 5, 2021, Ultraco entered into an Agency Resignation and Appointment Agreement pursuant to which Crédit Agricole Corporate and Investment Bank was appointed as facility agent and security trustee under the New Ultraco Debt Facility and ABN AMRO Capital USA LLC resigned its role as facility agent and security trustee. Additionally, the commitments under the existing term loan facility under the Ultraco Debt Facility is increased by an amount equal to the lesser of (i) $16,500,000 and (ii) 50% of the aggregate fair market value of any Additional Vessel (as defined under the Ultraco Debt Facility) and in any case in a maximum borrowed amount of $5,500,000 per Additional Vessel. The incremental commitments will be secured by acquisitions of M/V Sankaty Eagle, M/V Newport Eagle and M/V Montauk Eagle. Pursuant to the above, the Company borrowed $5.5 million in connection with the delivery of Sankaty Eagle on April 12, 2021. Additionally, the Company issued 109,861 common shares to the seller of Sankaty Eagle upon exercise of a warrant issued in connection with the purchase of the vessel.

Basis of Presentation and Gen_2

Basis of Presentation and General Information (Policies)	3 Months Ended
	Mar. 31, 2021
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 2020 Annual Report on Form 10-K, filed with the SEC on March 12, 2021.
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, 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 values approximates fair values for bonds issued under the Norwegian Bond Debt and the Convertible Bond Debt, which are traded on the Oslo Stock Exchange and NASDAQ, respectively. The carrying amounts of our term loan and revolver loan under the New Ultraco Debt Facility approximate their fair value, due to their variable interest rates. 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 and the New Ultraco Debt Facility. Freight forward agreements, bunker swaps and 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. See Note 5 Derivative Instruments. Level 3 – Inputs that are unobservable (for example cash flow modeling inputs based on assumptions)

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Tables)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Assets and Liabilities, Lease	Operating lease right-of-use assets and lease liabilities as of March 31, 2021 and December 31, 2020 are as follows: Description Location in Balance Sheet March 31, 2021 (1) December 31, 2020 (1) Noncurrent assets: Chartered-in contracts greater than 12 months Operating lease right-of-use assets $ 4,285,619 $ 6,207,253 Office leases Operating lease right-of-use assets 1,168,510 1,333,618 Operating lease right-of-use assets $ 5,454,129 $ 7,540,871 Liabilities: Chartered-in contracts greater than 12 months Current portion of operating lease liabilities $ 4,830,837 $ 6,974,943 Office leases Current portion of operating lease liabilities 584,541 640,428 Lease liabilities - current portion $ 5,415,378 $ 7,615,371 Office leases Noncurrent portion of operating lease liabilities $ 577,200 $ 686,422 Lease liabilities - noncurrent portion $ 577,200 $ 686,422 (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 2.81% to 6.08%. The weighted average discount rate used to calculate the lease liability was 5.08%.
Charter Hire Expense	The table below presents the components of the Company’s lease expenses and sublease income on a gross basis earned from chartered-in contracts greater than 12 months for the three months ended March 31, 2021 and 2020. Three Months Ended Description Location in Statement of Operations March 31, 2021 March 31, 2020 Lease expense for chartered-in contracts less than 12 months Charter hire expenses $ 5,486,764 $ 2,748,414 Lease expense for chartered-in contracts greater than 12 months Charter hire expenses 2,993,456 3,292,525 Total charter hire expenses $ 8,480,220 $ 6,040,939 Lease expense for office leases General and administrative expenses 184,006 181,412 Sublease income from chartered-in contracts greater than 12 months * Revenues, net $ 1,145,791 $ 3,997,224
Future Minimum Lease Payments	The table below provides the total amount of remaining lease payments on an undiscounted basis on our chartered-in contracts and office leases greater than 12 months as of March 31, 2021: Year Chartered-in contracts greater than 12 months Office leases Total Operating leases Discount rate upon adoption 5.37 % 5.80 % 5.48 % Nine months ending December 31, 2021 $ 4,875,296 $ 516,249 $ 5,391,545 2022 — 483,048 483,048 2023 — 244,878 244,878 $ 4,875,296 $ 1,244,175 $ 6,119,471 Present value of lease liability Lease liabilities - short term $ 4,830,837 $ 584,541 $ 5,415,378 Lease liabilities - long term — 577,200 577,200 Total lease liabilities $ 4,830,837 $ 1,161,741 $ 5,992,578 Discount based on incremental borrowing rate $ 44,459 $ 82,434 $ 126,893
Disaggregation of Revenue	The following table shows the revenues earned from time charters and voyage charters for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 March 31, 2020 Time charters $ 29,240,537 $ 27,830,475 Voyage charters 67,331,631 46,547,844 $ 96,572,168 $ 74,378,319

Vessels (Tables)

Vessels (Tables)	3 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Schedule of vessel and vessel improvements	The Vessels and vessel improvements activity for the three months ended March 31, 2021 is below: Vessels and vessel improvements, at December 31, 2020 $ 810,713,959 Purchase of vessels and vessel improvements 48,220,891 Advance paid for vessel purchase as of December 31, 2020 3,250,000 Scrubbers and BWTS 147,276 Depreciation expense (10,437,187) Vessels and vessel improvements, at March 31, 2021 $ 851,894,939

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Debt	March 31, 2021 December 31, 2020 Convertible Bond Debt $ 114,120,000 $ 114,120,000 Debt discount and debt issuance costs - Convertible Bond Debt (16,434,455) (17,459,515) Convertible Bond Debt, net of debt discount and debt issuance costs 97,685,545 96,660,485 Norwegian Bond Debt 180,000,000 180,000,000 Debt discount and debt issuance costs - Norwegian Bond Debt (2,359,871) (2,709,770) Less: Current portion - Norwegian Bond Debt (8,000,000) (8,000,000) Norwegian Bond Debt, net of debt discount and debt issuance costs 169,640,129 169,290,230 New Ultraco Debt Facility 158,618,519 166,429,594 Revolver loan under New Ultraco Debt Facility 55,000,000 — Debt discount and Debt issuance costs - New Ultraco Debt Facility (2,852,132) (3,101,348) Less: Current portion - New Ultraco Debt Facility (31,244,297) (31,244,297) New Ultraco Debt Facility, net of debt discount and debt issuance costs 179,522,090 132,083,949 Super Senior Facility — 15,000,000 Debt issuance costs - Super Senior Facility — (103,643) Super Senior Facility, net of debt discount and debt issuance costs — 14,896,357 Total long-term debt $ 446,847,764 $ 412,931,021
Schedule Of Interest Expense	The following table summarizes the Company’s total interest expense for: Three Months Ended March 31, 2021 March 31, 2020 Convertible Bond Debt interest $ 1,426,500 $ 1,426,450 New Ultraco Debt Facility interest 1,464,902 2,227,946 Norwegian Bond Debt interest 3,630,000 3,880,108 Super Senior Facility interest 29,818 — Amortization of debt discount and debt issuance costs 1,628,784 1,503,866 Commitment fees on revolving credit facilities 71,417 153,445 Total Interest expense $ 8,251,421 $ 9,191,815
Schedule of Debt Maturities	The following table presents the scheduled maturities of principal amounts of our debt obligations as of March 31, 2021, which excludes any additional debt incurred under various debt facilities subsequent to March 31, 2021: Norwegian Bond Debt New Ultraco Debt Facility Convertible Bond Debt Total Nine months ending December 31, 2021 $ 8,000,000 $ 23,433,222 $ — $ 31,433,222 2022 172,000,000 31,244,297 — 203,244,297 2023 — 31,244,297 — 31,244,297 2024 — 127,696,703 114,120,000 241,816,703 $ 180,000,000 $ 213,618,519 $ 114,120,000 $ 507,738,519

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020. Interest Rate Swap detail Notional Amount outstanding Trade date Fixed rate Start date End date March 31, 2021 December 31, 2020 March 31, 2020 0.64 % July 27, 2020 January 26, 2024 $ 68,803,009 $ 72,452,297 April 15, 2020 0.58 % July 27, 2020 January 26, 2024 34,401,505 36,226,149 June 25, 2020 0.50 % July 27, 2020 January 26, 2024 55,414,005 57,751,148 $ 158,618,519 $ 166,429,594 The effect of derivative instruments on the Statement of Operations for the three months ended March 31, 2021 and 2020 is below: Derivatives designated as hedging instruments Location of loss in Statements of Operations Effective portion of loss reclassified from Accumulated other comprehensive income/(loss) Three Months Ended March 31, 2021 March 31, 2020 Interest rate swaps Interest expense $ 145,221 $ — The following table shows the interest rate swap asset and liabilities as of March 31, 2021 and December 31, 2020: Derivatives designated as hedging instruments Balance Sheet location March 31, 2021 December 31, 2020 Interest rate swap Fair value of derivatives - current/Current liabilities $ 427,316 $ 481,791 Interest rate swap Fair value of derivatives - noncurrent/Noncurrent liabilities $ 131,383 $ 650,607 Interest rate swap Fair value of derivatives asset - noncurrent/Noncurrent assets $ 26,185 $ —
Schedule of Non-Designated Derivative Instruments Effect on Statement of Operations	The effect of non-designated derivative instruments on the Condensed Consolidated Statements of Operations and Balance Sheets is as follows: For the Three Months Ended Derivatives not designated as hedging instruments Location of (gain)/loss in Statements of Operations March 31, 2021 March 31, 2020 FFAs - realized loss/(gain) Realized and unrealized loss/(gain) on derivative instruments, net $ 1,966,116 $ (179,505) FFAs - unrealized gain Realized and unrealized loss/(gain) on derivative instruments, net (277,357) (1,440,676) Bunker swaps - realized gain Realized and unrealized loss/(gain) on derivative instruments, net (752,965) (576,464) Bunker swaps - unrealized gain Realized and unrealized loss/(gain) on derivative instruments, net (225,878) (5,665,196) Total $ 709,916 $ (7,861,841) Derivatives not designated as hedging instruments Balance Sheet location March 31, 2021 December 31, 2020 FFAs - Unrealized gain Other current assets $ 1,400,466 $ — FFAs - Unrealized loss Fair value of derivatives - current/Current liabilities 901,530 — Bunker swaps - Unrealized gain Other current assets 578,277 352,399

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping	March 31, 2021 Fair Value Carrying Value (5) Level 1 Level 2 Assets Cash and cash equivalents (1) $ 80,713,009 $ 80,713,009 $ — Liabilities Norwegian Bond Debt (2) 180,000,000 — 185,850,000 New Ultraco Debt Facility (3) 213,618,519 — 213,618,519 Convertible Bond Debt (4) 114,120,000 — 136,373,400 December 31, 2020 Fair Value Carrying Value (5) Level 1 Level 2 Assets Cash and cash equivalents (1) $ 88,848,771 $ 88,848,771 $ — Liabilities Norwegian Bond Debt (2) 180,000,000 — 173,250,000 New Ultraco Debt Facility (3) 166,429,594 — 166,429,594 Super Senior Facility (3) 15,000,000 — 15,000,000 Convertible Bond Debt (4) 114,120,000 — 92,748,748 (1) Includes restricted cash (current and noncurrent) of $4.5 million at March 31, 2021 and $18.9 million at December 31, 2020. (2) The fair value of the bond is based on the last trades on March 3, 2021 and December 14, 2020 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 March 31, 2021. (4) The fair value of the Convertible Bond Debt is based on the last trade on March 10, 2021 and December 21, 2020 on Bloomberg.com. (5) The outstanding debt balances represent the face value of the debt excluding debt discount and debt issuance costs.

Net income_(loss) per Common _2

Net income/(loss) per Common Share (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 March 31, 2020 Net income/(loss) $ 9,849,310 $ (3,527,759) Weighted Average Shares - Basic * 11,729,492 10,267,022 Dilutive effect of stock options and restricted stock units 15,076 — Weighted Average Shares - Diluted * 11,744,568 10,267,022 Basic income/(loss) per share * $ 0.84 $ (0.34) Diluted income/(loss) per share * $ 0.84 $ (0.34) * Adjusted to give effect for the 1-for-7 Reverse Stock Split that became effective as of September 15, 2020. See Note 1.

Stock Incentive Plans (Tables)

Stock Incentive Plans (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 March 31, 2020 Stock awards/Stock Option Plans $ 871,943 $ 836,200

Cash, cash equivalents, and R_2

Cash, cash equivalents, and Restricted cash (Tables)	3 Months Ended
	Mar. 31, 2021
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 Condensed Consolidated Balance Sheets that sum to the total of the amounts shown in the Condensed Consolidated Statements of Cash Flows: March 31, 2021 December 31, 2020 March 31, 2020 December 31, 2019 Cash and cash equivalents $ 76,191,832 $ 69,927,594 $ 69,229,926 $ 53,583,898 Restricted cash - current * 4,446,177 18,846,177 2,917,885 5,471,470 Restricted cash - noncurrent * 75,000 75,000 74,917 74,917 Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows $ 80,713,009 $ 88,848,771 $ 72,222,728 $ 59,130,285 *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 Debt above. The restriction lapsed when the funds were used for the purchase of two Ultramax vessels or the installation of scrubbers.

Basis of Presentation and Gen_3

Basis of Presentation and General Information (Details)	Sep. 15, 2020$ / shares	Mar. 31, 2021vesselsegmentt$ / shares	Dec. 31, 2020$ / shares	May 04, 2018t
Property, Plant and Equipment [Line Items]
Number of business segments | segment		1
Number of vessels		48
Dead weight tonnage of operating fleet | t		2,877,107
Average age of operating fleet		8 years 9 months 18 days
Common stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01	$ 0.01
Reverse stock split ratio	0.1429
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
Supramax Vessels
Property, Plant and Equipment [Line Items]
Vessels in operation		25
Ultramax Vessels
Property, Plant and Equipment [Line Items]
Vessels in operation		23

Recent Accounting Pronounceme_3

Recent Accounting Pronouncements - Additional Information (Details)

May 04, 2021$ / d

Dec. 22, 2020route$ / d

Dec. 25, 2019$ / d

Dec. 09, 2018t$ / d

May 04, 2018t$ / d

Apr. 28, 2017t$ / d

Oct. 15, 2015USD ($)

Nov. 30, 2018USD ($)

Mar. 31, 2021USD ($)contractt

Mar. 31, 2020USD ($)contract

Dec. 31, 2020USD ($)

Dec. 31, 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

2,877,107

Fair value below contract value of time charters acquired

$ 1,800,000

Increase to lease liability

$ 1,000,000

$ 4,500,000

Operating lease right-of-use assets

5,454,129

$ 7,540,871

Operating lease, liability

5,992,578

Cash paid on operating leases

3,400,000

$ 3,600,000

Revenue earned as demurrage

96,572,168

74,378,319

Deferred costs

500,000

Accounts receivable, reserve

2,121,121

2,357,191

Voyage In Progress

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

Revenue earned as demurrage

3,900,000

$ 1,900,000

Letter of Credit

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

Restricted cash, cash equivalents

$ 100,000

100,000

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

$ 4,285,619

6,207,253

Operating lease, liability

$ 4,830,837

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

2016 Built Ultramax Vessel | Additional Year Option | Subsequent Event

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

Vessel hiring rate (in dollars per day) | $ / d

12,600

Office leases

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

Number of contracts | contract

2

2

Operating lease right-of-use assets

$ 1,168,510

$ 1,333,618

Operating lease, liability

$ 1,161,741

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

2021 Built Ultramax Vessel | Twelve Month Option

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

Vessel hiring rate (in dollars per day) | $ / d

5,900

Vessel hire rate (usd per day)

57.00%

Number of routes | route

10

2021 Built Ultramax Vessel | Three Month Option

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

Vessel hiring rate (in dollars per day) | $ / d

6,500

Vessel hire rate (usd per day)

57.00%

Minimum

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

Operating lease, term of contract

30 days

Incremental borrowing rate

5.05%

Minimum | 2021 Built Ultramax Vessel

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

Charters agreement term

12 months

Charters agreement term, additional option length

11 months

Maximum

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

Operating lease, term of contract

2 years

Incremental borrowing rate

6.08%

Maximum | 2021 Built Ultramax Vessel

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

Charters agreement term

15 months

Charters agreement term, additional option length

13 months

Recent Accounting Pronounceme_4

Recent Accounting Pronouncements - Operating Lease Assets and Liabilities (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 5,454,129	$ 7,540,871
Current portion of operating lease liabilities	5,415,378	7,615,371
Lease liabilities - long term	$ 577,200	686,422
Discount rate	5.48%
Minimum
Lessee, Lease, Description [Line Items]
Discount rate	2.81%
Maximum
Lessee, Lease, Description [Line Items]
Discount rate	6.08%
Weighted Average
Lessee, Lease, Description [Line Items]
Discount rate	5.08%
Chartered-in contracts greater than 12 months
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 4,285,619	6,207,253
Current portion of operating lease liabilities	4,830,837	6,974,943
Lease liabilities - long term	$ 0
Discount rate	5.37%
Office leases
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 1,168,510	1,333,618
Current portion of operating lease liabilities	584,541	640,428
Lease liabilities - long term	$ 577,200	$ 686,422
Discount rate	5.80%

Recent Accounting Pronounceme_5

Recent Accounting Pronouncements - Lease Expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Lessee, Lease, Description [Line Items]
Sublease income from chartered-in contracts greater than 12 months *	$ 1,145,791	$ 3,997,224
Weighted average remaining lease term	8 months 21 days
Charter hire expenses
Lessee, Lease, Description [Line Items]
Lease expense for chartered-in contracts less than 12 months	$ 5,486,764	2,748,414
Operating lease, expense	2,993,456	3,292,525
Lease cost	8,480,220	6,040,939
General and administrative expenses
Lessee, Lease, Description [Line Items]
Operating lease, expense	$ 184,006	$ 181,412

Recent Accounting Pronounceme_6

Recent Accounting Pronouncements - Future Minimum Lease Payments (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Discount rate upon adoption	5.48%
Nine months ending December 31, 2021	$ 5,391,545
2022	483,048
2023	244,878
Operating lease payments	6,119,471
Total lease liabilities	5,992,578
Lease liabilities - short term	5,415,378	$ 7,615,371
Lease liabilities - long term	577,200	686,422
Discount based on incremental borrowing rate	$ 126,893
Chartered-in contracts greater than 12 months
Lessee, Lease, Description [Line Items]
Discount rate upon adoption	5.37%
Nine months ending December 31, 2021	$ 4,875,296
2022	0
2023	0
Operating lease payments	4,875,296
Total lease liabilities	4,830,837
Lease liabilities - short term	4,830,837	6,974,943
Lease liabilities - long term	0
Discount based on incremental borrowing rate	$ 44,459
Office leases
Lessee, Lease, Description [Line Items]
Discount rate upon adoption	5.80%
Nine months ending December 31, 2021	$ 516,249
2022	483,048
2023	244,878
Operating lease payments	1,244,175
Total lease liabilities	1,161,741
Lease liabilities - short term	584,541	640,428
Lease liabilities - long term	577,200	$ 686,422
Discount based on incremental borrowing rate	$ 82,434

Recent Accounting Pronounceme_7

Recent Accounting Pronouncements - Revenue Earned (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues, net	$ 96,572,168	$ 74,378,319
Time charters
Disaggregation of Revenue [Line Items]
Revenues, net	29,240,537	27,830,475
Voyage charters
Disaggregation of Revenue [Line Items]
Revenues, net	$ 67,331,631	$ 46,547,844

Vessels - Additional Informatio

Vessels - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021USD ($)vesselshares	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)vessel	Mar. 31, 2018USD ($)vessel
Property, Plant and Equipment [Line Items]
Number of vessels | vessel	48
Number of vessels acquired | vessel	4
Amount recorded in balance sheet	$ 4,720,000	$ 0
Warrants Issued For Consideration
Property, Plant and Equipment [Line Items]
Warrant for common stock (in shares) | shares	541,898
Warrant fair value	$ 10,700,000
High-Specification Scrubber-Fitted Ultramax Bulkcarriers
Property, Plant and Equipment [Line Items]
Number of vessels acquired | vessel			3
Vessel purchase price	$ 15,000,000		$ 50,200,000
High-Specification Scrubber-Fitted Ultramax Bulkcarriers | Warrants Issued For Consideration
Property, Plant and Equipment [Line Items]
Warrant for common stock (in shares) | shares	212,315
Crown-58 Supramax Bulkcarriers
Property, Plant and Equipment [Line Items]
Number of vessels acquired | vessel	3
Vessel purchase price	$ 21,200,000
Crown-58 Supramax Bulkcarriers | Warrants Issued For Consideration
Property, Plant and Equipment [Line Items]
Warrant for common stock (in shares) | shares	329,583
Ballast Water Treatment System
Property, Plant and Equipment [Line Items]
Number of vessels | vessel				39
Amount recorded in balance sheet	$ 7,200,000
Projected project costs				$ 500,000
Scrubbers and BWTS reclassified	2,900,000
Vessels and Vessel Improvements
Property, Plant and Equipment [Line Items]
Number of vessels | vessel				15
Amount recorded in balance sheet	3,250,000
Scrubbers and BWTS reclassified	$ 147,276

Vessels - Vessel and Vessel Imp

Vessels - Vessel and Vessel Improvements (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Movement in Property, Plant and Equipment [Roll Forward]
Advance paid for vessel purchase as of December 31, 2020	$ 4,720,000	$ 0
Vessels and Vessel Improvements
Movement in Property, Plant and Equipment [Roll Forward]
Vessels and vessel improvements, beginning balance	810,713,959
Purchase of vessels and vessel improvements	48,220,891
Advance paid for vessel purchase as of December 31, 2020	3,250,000
Scrubbers and BWTS	147,276
Depreciation expense	(10,437,187)
Vessels and vessel improvements, ending balance	$ 851,894,939

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt	$ 507,738,519
Current portion of long-term debt	(39,244,297)	$ (39,244,297)
Total long-term debt	446,847,764	412,931,021
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	180,000,000	180,000,000
Total long-term debt	169,640,129	169,290,230
New Ultraco Debt Facility
Debt Instrument [Line Items]
Long-term debt	213,618,519	166,429,594
Total long-term debt	124,522,090	132,083,949
New Ultraco Debt Facility Revolver Loan
Debt Instrument [Line Items]
Total long-term debt	55,000,000	0
Super Senior Facility
Debt Instrument [Line Items]
Long-term debt	0	15,000,000
New First Lien Facility
Debt Instrument [Line Items]
Total long-term debt	0	14,896,357
Convertible Debt | Convertible Bond Debt
Debt Instrument [Line Items]
Debt discount and debt issuance costs	(16,434,455)	(17,459,515)
Long-term debt, net of debt discount and debt issuance costs	97,685,545	96,660,485
Senior Subordinated Notes | Norwegian Bond Debt Facility
Debt Instrument [Line Items]
Debt discount and debt issuance costs	(2,359,871)	(2,709,770)
Current portion of long-term debt	(8,000,000)	(8,000,000)
Long-term debt, net of debt discount and debt issuance costs	169,640,129	169,290,230
Term Loan | New Ultraco Debt Facility
Debt Instrument [Line Items]
Long-term debt	158,618,519	166,429,594
Debt discount and debt issuance costs	(2,852,132)	(3,101,348)
Current portion of long-term debt	(31,244,297)	(31,244,297)
Long-term debt, net of debt discount and debt issuance costs	179,522,090	132,083,949
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]
Debt discount and debt issuance costs	0	(103,643)
Line of Credit | New First Lien Facility
Debt Instrument [Line Items]
Debt discount and debt issuance costs		(103,643)
Long-term debt, net of debt discount and debt issuance costs	$ 0	$ 14,896,357

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	$ 114,100,000
Interest Rate Swap detail	5.00%
Debt issuance costs	$ 1,600,000
Conversion premium (in shares) | shares	25.453
Conversion price (in dollars per share) | $ / shares	$ 39.29
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
Conversion premium per principal amount of notes	$ 1,000
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	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Oct. 15, 2019
Debt Instrument [Line Items]
Common stock outstanding (in shares)	11,732,943	11,661,797
Affiliated Entity | Jefferies Capital Services LLC
Debt Instrument [Line Items]
Commons stock available to affiliate (in shares)			511,840
Common stock outstanding (in shares)	500,000
Outstanding loaned shares	$ 18,500
Nominal fee per borrowed share	$ 30
Shares subject to become issued and outstanding in case of restructuring proceedings (in shares)	500,000

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
Number of vessels secured | 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 ($)vessel	Mar. 31, 2021USD ($)vessel	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)vessel	Dec. 31, 2019USD ($)vessel	Dec. 31, 2018USD ($)vessel	Jul. 29, 2019vessel
Debt Instrument [Line Items]
Payments of financing costs		$ 170,000	$ 0
Number of vessels acquired | vessel							6
Vessel Goldeneye, Skua, Osprey, Hawk and Shrike
Debt Instrument [Line Items]
Net proceeds from sale of vessels				$ 23,200,000
Number of vessels sold | vessel				5
Vessels Kestrel, Thrasher, Condor, Merlin And Thrush
Debt Instrument [Line Items]
Net proceeds from sale of vessels					$ 40,400,000	$ 40,400,000
Number of vessels sold | vessel					5	5
Ultramax Vessels
Debt Instrument [Line Items]
Number of vessels acquired | vessel		2
Payments to acquire vessels		$ 36,100,000
Shipco Vessels
Debt Instrument [Line Items]
Net proceeds from sale of vessels		$ 23,600,000
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	20
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 ($)vessel	Nov. 28, 2017USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)
Debt Instrument [Line Items]
Payments of financing costs			$ 170,000	$ 0
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
Commitment fee percentage	40.00%
Number of vessels secured | vessel	20
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 - Holdco RCF Credit Agreem

Debt - Holdco RCF Credit Agreement (Details)	Mar. 26, 2021USD ($)vessel	Nov. 28, 2017USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2021USD ($)
Debt Instrument [Line Items]
Payments of financing costs			$ 170,000	$ 0
Eagle Bulk Shipco LLC
Debt Instrument [Line Items]
Payments of financing costs		$ 1,300,000
Holdco RCF Credit Agreement | Line of Credit | Eagle Bulk Shipco LLC | Ultramax Vessels Owned
Debt Instrument [Line Items]
Number of vessels secured | vessel	2
Holdco RCF Credit Agreement | Line of Credit | Eagle Bulk Shipco LLC | Ultramax Vessels To Be Delivered
Debt Instrument [Line Items]
Number of vessels secured | vessel	1
Revolving Credit Facility | Holdco RCF Credit Agreement | Line of Credit | Eagle Bulk Shipco LLC
Debt Instrument [Line Items]
Revolving credit facility amount	$ 35,000,000
Revolving credit facility amount based on fair market value	65.00%
Total availability in the revolving credit facility			$ 24,000,000
Payments of financing costs	$ 200,000
Debt covenant, cash threshold per vessel	$ 600,000
Debt covenant, consolidated debt of the company	7.50%
Debt covenant, minimum value adjusted tangible equity of total assets	30.00%
Revolving Credit Facility | Holdco RCF Credit Agreement | Line of Credit | Eagle Bulk Shipco LLC | Forecast
Debt Instrument [Line Items]
Total availability in the revolving credit facility					$ 35,000,000
Revolving Credit Facility | Holdco RCF Credit Agreement | Line of Credit | Eagle Bulk Shipco LLC | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.40%

Debt - Interest Rates (Details)

Debt - Interest Rates (Details)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
New Ultraco Debt Facility
Debt Instrument [Line Items]
Commitment fee percentage	40.00%	40.00%
Norwegian Bond Debt Facility
Debt Instrument [Line Items]
Interest rate		8.25%
Norwegian Bond Debt Facility | Senior Subordinated Notes
Debt Instrument [Line Items]
Interest rate	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	2.58%	3.00%
Minimum | Convertible Bond Debt
Debt Instrument [Line Items]
Interest rate	5.00%	500.00%
Minimum | New Ultraco Debt Facility
Debt Instrument [Line Items]
Interest rate	2.62%	3.39%
Minimum | Super Senior Facility | Senior Subordinated Notes
Debt Instrument [Line Items]
Interest rate	2.24%	2.90%
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		5.52%
Weighted Average | New Ultraco Debt Facility | Senior Subordinated Notes
Debt Instrument [Line Items]
Interest rate	3.22%
Weighted Average | Norwegian Bond Debt Facility
Debt Instrument [Line Items]
Interest rate		8.91%
Weighted Average | Norwegian Bond Debt Facility | Senior Subordinated Notes
Debt Instrument [Line Items]
Interest rate	8.84%
Maximum | New Ultraco Debt Facility
Debt Instrument [Line Items]
Interest rate	2.72%	4.68%

Debt - Schedule of Interest Exp

Debt - Schedule of Interest Expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Debt Instrument [Line Items]
Amortization of debt discount and debt issuance costs	$ 1,628,784	$ 1,503,866
Commitment fees on revolving credit facilities	71,417	153,445
Total Interest expense	8,251,421	9,191,815
Convertible Debt
Debt Instrument [Line Items]
Line of credit facility, interest	1,426,500	1,426,450
New Ultraco Debt Facility
Debt Instrument [Line Items]
Debt, interest expense	1,464,902	2,227,946
Norwegian Bond Debt Facility
Debt Instrument [Line Items]
Debt, interest expense	3,630,000	3,880,108
Super Senior Facility
Debt Instrument [Line Items]
Line of credit facility, interest	$ 29,818	$ 0

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Principal Amounts of Debt Obligations (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Nine months ending December 31, 2021	$ 31,433,222
2022	203,244,297
2023	31,244,297
2024	241,816,703
Long-term debt	507,738,519
Norwegian Bond Debt Facility
Debt Instrument [Line Items]
Nine months ending December 31, 2021	8,000,000
2022	172,000,000
2023	0
2024	0
Long-term debt	180,000,000	$ 180,000,000
Super Senior Facility
Debt Instrument [Line Items]
Long-term debt	0	15,000,000
New Ultraco Debt Facility
Debt Instrument [Line Items]
Nine months ending December 31, 2021	23,433,222
2022	31,244,297
2023	31,244,297
2024	127,696,703
Long-term debt	213,618,519	$ 166,429,594
Convertible Senior Notes due 2024
Debt Instrument [Line Items]
Nine months ending December 31, 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
	Mar. 31, 2021USD ($)t$ / d$ / T	Mar. 31, 2020USD ($)	Dec. 31, 2021day	Dec. 31, 2020USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Expected to be reclassified into the earnings within the next twelve months	$ 500,000
Fair value of derivatives - current	1,328,846			$ 481,791
Fair value of derivatives - noncurrent	131,383			650,607
Fair value of derivatives asset - noncurrent	26,185			0
Designated as Hedging Instrument | Fair value of derivatives - current
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of derivatives - current	427,316			481,791
Designated as Hedging Instrument | Fair value of derivatives - noncurrent
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of derivatives - noncurrent	131,383			650,607
Designated as Hedging Instrument | Fair value of derivatives asset - noncurrent
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of derivatives asset - noncurrent	26,185			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	709,916	$ (7,861,841)
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Notional Amount outstanding	$ 158,618,519			166,429,594
Interest Rate Swap | New Ultraco Debt Facility | March 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Interest Rate Swap detail	0.64%
Notional Amount outstanding	$ 68,803,009			72,452,297
Interest Rate Swap | New Ultraco Debt Facility | April 15, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Interest Rate Swap detail	0.58%
Notional Amount outstanding	$ 34,401,505			36,226,149
Interest Rate Swap | New Ultraco Debt Facility | June 25, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Interest Rate Swap detail	0.50%
Notional Amount outstanding	$ 55,414,005			57,751,148
Interest Rate Swap | Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Interest expense	$ 145,221	0
High Sulfur Fuel Cost Spread | Expiring In 2020
Derivative Instruments, Gain (Loss) [Line Items]
Derivative notional mass (metric tons) | t	22,220
High Sulfur Fuel Cost Spread | Expiring In 2020 | Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Derivative contract price (usd per metric ton) | $ / T	251
High Sulfur Fuel Cost Spread | Expiring In 2020 | Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Derivative contract price (usd per metric ton) | $ / T	525
High Sulfur Fuel Cost Spread | Expiring In 2022
Derivative Instruments, Gain (Loss) [Line Items]
Derivative notional mass (metric tons) | t	360
Derivative contract price (usd per metric ton) | $ / T	272
FFAs - realized loss/(gain) | Forecast
Derivative Instruments, Gain (Loss) [Line Items]
Number of days hedged | day			2,835
FFAs - realized loss/(gain) | Minimum
Derivative Instruments, Gain (Loss) [Line Items]
Vessel hiring rate (in dollars per day) | $ / d	11,500
FFAs - realized loss/(gain) | Maximum
Derivative Instruments, Gain (Loss) [Line Items]
Vessel hiring rate (in dollars per day) | $ / d	21,800
FFAs - realized loss/(gain) | Other current assets
Derivative Instruments, Gain (Loss) [Line Items]
Collateral related to derivative instruments under collateral security arrangements	$ 4,600,000			100,000
FFAs - realized loss/(gain) | Level 2 | Not Designated as Hedging Instrument | Other current assets
Derivative Instruments, Gain (Loss) [Line Items]
Derivative asset	1,400,466			0
FFAs - realized loss/(gain) | Level 2 | Realized and unrealized loss/(gain) 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	1,966,116	(179,505)
FFAs - unrealized gain | Level 2 | Realized and unrealized loss/(gain) 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	(277,357)	(1,440,676)
Bunker swaps - realized gain | Level 2 | Realized and unrealized loss/(gain) 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	(752,965)	(576,464)
Bunker swaps - unrealized gain | Level 2 | Not Designated as Hedging Instrument | Other current assets
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability	578,277			352,399
Bunker swaps - unrealized gain | Level 2 | Not Designated as Hedging Instrument | Fair Value of Derivatives [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Derivative liability	901,530			$ 0
Bunker swaps - unrealized gain | Level 2 | Realized and unrealized loss/(gain) 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	$ (225,878)	$ (5,665,196)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 80,713,009	$ 88,848,771
Liabilities
Restricted cash	4,500,000	18,900,000
Norwegian Bond Debt Facility
Liabilities
Debt instrument	180,000,000
New Ultraco Debt Facility
Liabilities
Debt instrument	213,618,519
Super Senior Facility
Liabilities
Debt instrument	15,000,000
Convertible Bond Debt
Liabilities
Debt instrument	114,120,000
Recurring | Level 1
Assets
Cash and cash equivalents	80,713,009	88,848,771
Recurring | Level 1 | Norwegian Bond Debt Facility
Liabilities
Debt instrument	0	0
Recurring | Level 1 | New Ultraco Debt Facility
Liabilities
Debt instrument	0	0
Recurring | Level 1 | Super Senior Facility
Liabilities
Debt instrument		0
Recurring | Level 1 | Convertible Bond Debt
Liabilities
Debt instrument	0	0
Recurring | Level 2
Assets
Cash and cash equivalents	0	0
Recurring | Level 2 | Norwegian Bond Debt Facility
Liabilities
Debt instrument	185,850,000	173,250,000
Recurring | Level 2 | New Ultraco Debt Facility
Liabilities
Debt instrument	213,618,519	166,429,594
Recurring | Level 2 | Super Senior Facility
Liabilities
Debt instrument		15,000,000
Recurring | Level 2 | Convertible Bond Debt
Liabilities
Debt instrument	$ 136,373,400	$ 92,748,748

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
Other operating expense related to government investigation	$ 1

Net income_(loss) per Common _3

Net income/(loss) per Common Share - Additional Information (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Stock Compensation Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share computation (in shares)		175,294
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share computation (in shares)	325,591	326,024
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share computation (in shares)	21,718	21,752

Net income_(loss) per Common _4

Net income/(loss) per Common Share - Loss Per Share, Basic and Diluted (Details)		Sep. 15, 2020	Mar. 31, 2021USD ($)$ / sharesshares	Mar. 31, 2020USD ($)$ / sharesshares
Earnings Per Share [Abstract]
Net income/(loss) | $			$ 9,849,310	$ (3,527,759)
Weighted Average Shares - Basic (in shares)	[1]		11,729,492	10,267,022
Dilutive effect of stock options and restricted stock units (in shares)			15,076	0
Weighted Average Shares - Diluted (in shares)	[1]		11,744,568	10,267,022
Basic income/(loss) per share (in usd per share) | $ / shares	[1]		$ 0.84	$ (0.34)
Diluted income/(loss) per share (in usd per share) | $ / shares	[1]		$ 0.84	$ (0.34)
Reverse stock split ratio		0.1429
[1]	Adjusted to give effect for the 1-for-7 Reverse Stock Split that became effective as of September 15, 2020, see Note 1.

Stock Incentive Plans (Details)

Stock Incentive Plans (Details) - USD ($)	Feb. 19, 2021	Jun. 07, 2019	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2020	Dec. 15, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards/Stock Option Plans			$ 871,943	$ 836,200
Number of vested options (in shares)			325,591					312,591
Exercise price (in usd per share)			$ 38.92
Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share based compensation expense					$ 1,900,000	$ 300,000	$ 1,000,000
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in usd per share)			$ 29.96					$ 29.96
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price (in usd per share)								$ 38.92
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (in shares)	92,327
Restricted shares granted in period, aggregate fair value	$ 2,800,000
Award vesting period	3 years
Restricted Stock | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)	3,506
Options granted, fair value	$ 100,000
Stock awards/Stock Option Plans			$ 500,000
Equity Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity compensation plan, shares authorized (in shares)		1,121,229							764,087
Equity compensation plan, additional shares authorized (in shares)		357,142
Management Incentive Plan and Equity Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards outstanding (in shares)			197,567					218,013
Number of unvested options (in shares)			0					13,000
Option expiration period			5 years
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)	Mar. 31, 2021USD ($)vessel	Dec. 31, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jul. 29, 2019vessel
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 76,191,832	$ 69,927,594	$ 69,229,926	$ 53,583,898
Restricted cash - current	4,446,177	18,846,177	2,917,885	5,471,470
Restricted cash - noncurrent	75,000	75,000	74,917	74,917
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$ 80,713,009	$ 88,848,771	$ 72,222,728	$ 59,130,285
Number of vessels acquired | vessel					6
Ultramax Vessels
Cash and Cash Equivalents [Line Items]
Number of vessels acquired | vessel	2

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - USD ($)	Apr. 12, 2021	Apr. 05, 2021
Subsequent Event [Line Items]
Common shares issued to seller (in shares)	109,861
New Ultraco Debt Facility | Line of Credit | Secured Debt
Subsequent Event [Line Items]
Increase to borrowing capacity		$ 16,500,000
Increase to borrowing capacity based on market fair value		50.00%
Increase to borrowing amount, per additional vessel		$ 5,500,000
Proceeds from debt	$ 5,500,000