Eagle Bulk Shipping (EGLE) 10-K 11 Mar 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2021	Mar. 09, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 269,420,584
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for its 2022 annual meeting of shareholders, which will be filed with the Securities and Exchange Commission within 120 days of December 31, 2021, are incorporated by reference into Part III of this Annual Report on Form 10-K for the registrant's fiscal year ended December 31, 2021.
Entity Central Index Key	0001322439
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		13,633,263

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	New York, New York
Auditor Firm ID	34

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 86,146,552	$ 69,927,594
Restricted cash - current	0	18,846,177
Accounts receivable, net of a reserve of $1,818,482 and $2,357,191, respectively	28,456,036	13,843,480
Prepaid expenses	3,361,730	3,182,815
Inventories	17,651,381	11,624,833
Collateral on derivatives	15,080,567	0
Fair value of derivative assets - current	4,668,873	0
Other current assets	667,677	839,881
Total current assets	156,032,816	118,264,780
Noncurrent assets:
Vessels and vessel improvements, at cost, net of accumulated depreciation of $218,669,885 and $177,771,755, respectively	908,075,913	810,713,959
Advances for vessel purchases	0	3,250,000
Operating lease, right-of-use asset	17,017,429	7,540,871
Other fixed assets, net of accumulated depreciation of $1,402,584 and $1,137,562, respectively	257,228	489,179
Restricted cash - noncurrent	75,000	75,000
Deferred drydock costs, net	37,093,531	24,153,776
Fair value of derivative assets - noncurrent	3,112,091	0
Advances for scrubbers and ballast water systems and other assets	4,994,416	2,639,491
Total noncurrent assets	970,625,608	848,862,276
Total assets	1,126,658,424	967,127,056
Current liabilities:
Accounts payable	20,781,295	10,589,970
Accrued interest	2,957,241	4,690,135
Other accrued liabilities	17,993,299	11,747,064
Fair value of derivative liabilities - current	4,253,155	481,791
Lease liabilities - short term	15,728,107	7,615,371
Unearned charter hire revenue	12,087,586	8,072,295
Current portion of long-term debt	49,800,000	39,244,297
Total current liabilities	123,600,683	82,440,923
Noncurrent liabilities:
Total debt	330,243,604	412,931,021
Lease liabilities - long term	1,282,553	686,422
Other noncurrent accrued liabilities	265,365	0
Fair value of derivative liabilities - noncurrent	0	650,607
Total noncurrent liabilities	331,791,522	414,268,050
Total liabilities	455,392,205	496,708,973
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, 25,000,000 shares authorized, none issued as of December 31, 2021 and 2020	0	0
Common stock, $0.01 par value, 700,000,000 shares authorized, 12,917,027 and 11,661,797 shares issued and outstanding as of December 31, 2021 and 2020, respectively	129,170	116,618
Additional paid-in capital	982,745,562	943,571,685
Accumulated deficit	(313,494,798)	(472,137,822)
Accumulated other comprehensive income/(loss)	1,886,285	(1,132,398)
Total stockholders' equity	671,266,219	470,418,083
Total liabilities and stockholders' equity	1,126,658,424	967,127,056
Fair Value Of Derivative, Noncurrent | Designated as Hedging Instrument
Noncurrent liabilities:
Fair value of derivative liabilities - noncurrent	0	650,607
Fair Value Of Derivative, Current | Designated as Hedging Instrument
Current liabilities:
Fair value of derivative liabilities - current	884,725	481,791
Norwegian Bond Debt
Noncurrent liabilities:
Total debt	0	169,290,230
Super Senior Revolver Facility
Noncurrent liabilities:
Total debt	0	14,896,357
Ultraco Global Debt Facility
Noncurrent liabilities:
Total debt	229,289,860	0
Convertible Bond Debt
Noncurrent liabilities:
Total debt	100,953,744	96,660,485
New Ultraco Debt Facility
Noncurrent liabilities:
Total debt	$ 0	$ 132,083,949

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Accounts receivable, reserve	$ 1,818,482	$ 2,357,191
Accumulated depreciation, vessels	218,669,885	177,771,755
Accumulated amortization, other fixed assets	$ 1,402,584	$ 1,137,562
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	25,000,000	25,000,000
Preferred stock, issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	700,000,000	700,000,000
Common stock, issued (in shares)	12,917,027	11,661,797
Common stock, outstanding (in shares)	12,917,027	11,661,797

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Revenue from contract with customer		$ 594,537,654	$ 275,133,547	$ 292,377,638
Voyage expenses		104,643,078	89,548,796	87,701,407
Vessel operating expenses		103,876,600	86,527,915	82,342,123
Charter hire expenses		37,101,692	21,280,224	42,168,642
Depreciation and amortization		53,517,372	50,157,147	40,545,904
General and administrative expenses		35,160,889	31,532,109	35,041,996
Impairment of operating lease right-of-use assets		0	352,368	0
Other Cost and Expense, Operating		2,812,415	0	1,125,000
(Gain)/loss on sale of vessels		(3,966,370)	489,772	(5,978,566)
Total operating expenses, net		333,145,676	279,888,331	282,946,506
Operating income/(loss)		261,391,978	(4,754,784)	9,431,132
Interest expense		32,256,787	35,392,623	30,577,489
Interest income		(91,533)	(257,165)	(1,867,326)
Realized and unrealized loss/(gain) on derivative instruments, net		38,243,746	(4,826,774)	149,632
Loss on debt extinguishment		6,085,094	0	2,268,452
Total other expense, net		76,494,094	30,308,684	31,128,247
Net income/(loss)		$ 184,897,884	$ (35,063,468)	$ (21,697,115)
Weighted average shares outstanding*:
Basic (in shares)	[1]	12,399,509	10,310,246	10,195,088
Diluted (in shares)	[1]	15,684,392	10,310,246	10,195,088
Earnings Per Share [Abstract]
Basic net (loss)/income (in dollars per share)	[1]	$ 14.91	$ (3.40)	$ (2.13)
Diluted net (loss)/income (in dollars per share)	[1]	$ 11.79	$ (3.40)	$ (2.13)
[1]	* Adjusted to give effect for the 1-for-7 Reverse Stock Split that became effective as of September 15, 2020, see Note 1, General Information.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive (Loss)/Income - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income/(loss)	$ 184,897,884	$ (35,063,468)	$ (21,697,115)
Net unrealized gain/(loss) on cash flow hedges	3,018,683	(1,132,398)	0
Comprehensive income/(loss)	$ 187,916,567	$ (36,195,866)	$ (21,697,115)

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($)		Total	Convertible Notes PayableConvertible Debt	Warrant Issued For Vessel Consideration	Common Stock		Common StockConvertible Notes PayableConvertible Debt	Common StockWarrant Issued For Vessel Consideration		Additional paid-in capital		Additional paid-in capitalConvertible Notes PayableConvertible Debt	[1]	Additional paid-in capitalWarrant Issued For Vessel Consideration	[1]	Accumulated Deficit	Accumulated other comprehensive income/(loss)
Beginning balance (in shares) at Dec. 31, 2018	[1]				10,150,771
Beginning balance at Dec. 31, 2018		$ 479,605,849			$ 101,508	[1]				$ 894,881,580	[1]					$ (415,377,239)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income/(loss)		(21,697,115)														(21,697,115)
Proceeds received from the Share Lending Agreement		35,829								35,829	[1]
Issuance of shares due to vesting of restricted shares (in shares)	[1]				63,829
Issuance of shares due to vesting of restricted shares	[1]				$ 638					(638)
Equity component of Convertible Bond Debt, net of equity issuance costs	[1]									20,175,803
Equity component of Convertible Bond Debt, net of equity issuance costs		20,175,803
Cash used to settle net share equity awards		(1,443,753)								(1,443,753)	[1]
Unrealized gain on cash flow hedges		0
Stock-based compensation		4,826,324								4,826,324	[1]
Ending balance (in shares) at Dec. 31, 2019	[1]				10,214,600
Ending 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)		(35,063,468)														(35,063,468)
Issuance of shares due to vesting of restricted shares (in shares)	[1]				65,982
Issuance of shares due to vesting of restricted shares	[1]				$ 660					(660)
Cash used to settle net share equity awards		(1,162,609)								(1,162,609)	[1]
Issuance of common shares for equity offering (in shares)	[1]				1,381,215
Issuance of common shares for equity offering		23,817,505			$ 13,812	[1]				23,803,693	[1]
Fees for Equity Offerings		(579,651)								(579,651)	[1]
Cash used to settle fractional shares in the Reverse Stock Split		(12,513)								(12,513)	[1]
Unrealized gain on cash flow hedges		(1,132,398)															(1,132,398)
Stock-based compensation		3,048,280								3,048,280	[1]
Ending balance (in shares) at Dec. 31, 2020	[1]				11,661,797
Ending balance at Dec. 31, 2020		470,418,083			$ 116,618	[1]				943,571,685	[1]					(472,137,822)	(1,132,398)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income/(loss)		184,897,884														184,897,884
Dividends		(26,254,860)														(26,254,860)
Issuance of shares due to vesting of restricted shares (in shares)	[1]				81,281
Issuance of shares due to vesting of restricted shares		0			$ 813	[1]				(813)	[1]
Issuance of shares upon exercise of stock options (in shares)	[1]				50,641
Options vested and exercised		55,578			$ 506	[1]				55,072	[1]
Cash used to settle net share equity awards		(1,936,581)								(1,936,581)	[1]
Issuance of common shares for equity offering (in shares)	[1]				581,385
Issuance of common shares for equity offering		27,138,338			$ 5,814	[1]				27,132,524	[1]
Issuance of shares upon conversion (in shares)	[1]						25	541,898
Issuance of shares upon conversion			$ 982	$ 10,679,988				$ 5,419	[1]			$ 982		$ 10,674,569
Fees for Equity Offerings		(232,971)								(232,971)	[1]
Unrealized gain on cash flow hedges		3,018,683															3,018,683
Stock-based compensation		3,481,095								3,481,095	[1]
Ending balance (in shares) at Dec. 31, 2021	[1]				12,917,027
Ending balance at Dec. 31, 2021		$ 671,266,219			$ 129,170	[1]				$ 982,745,562	[1]					$ (313,494,798)	$ 1,886,285
[1]	* Adjusted retroactively to give effect for the 1-for-7 Reverse Stock Split that became effective as of September 15, 2020, see Note 1, General Information.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income/(loss)	$ 184,897,884	$ (35,063,468)	$ (21,697,115)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Depreciation	44,861,755	42,778,395	34,318,053
Amortization of deferred drydocking costs	8,655,617	7,378,752	6,227,851
Amortization of operating lease right-of-use assets	16,364,248	12,516,798	12,764,596
Amortization of debt discount and debt issuance costs	7,082,655	6,272,309	3,783,939
Loss on debt extinguishment	6,085,094	0	2,268,452
(Gain)/loss on sale of vessels	(3,966,370)	489,772	(5,978,566)
Impairment of operating lease right-of-use assets	0	352,368	0
Net unrealized loss/(gain) on fair value of derivatives	68,153	(536,935)	(75,537)
Stock-based compensation expense	3,481,095	3,048,280	4,826,324
Drydocking expenditures	(21,906,358)	(14,293,562)	(11,903,474)
Changes in operating assets and liabilities:
Accounts payable	10,066,523	(4,170,779)	3,199,113
Accounts receivable	(14,966,819)	1,917,765	(6,902)
Accrued interest	(1,732,894)	(630,954)	3,585,458
Inventories	(6,026,548)	4,199,445	313,507
Operating lease liabilities current and noncurrent	(17,131,939)	(13,255,978)	(13,475,534)
Increase (Decrease) in Collateral Asset	(15,080,567)	0	0
Fair value of derivatives, other current and noncurrent assets	(1,622,099)	(228,992)	1,503,904
Other accrued liabilities	6,204,957	(3,006,946)	4,261,774
Prepaid expenses	(178,915)	1,448,601	4,463
Unearned charter hire revenue	4,015,291	3,380,036	(2,234,580)
Net cash provided by operating activities	209,170,763	12,594,907	21,685,726
Cash flows from investing activities:
Purchase of vessels and vessel improvements	(128,253,515)	(979,612)	(143,477,720)
Advances for vessel purchases	0	(3,250,000)	0
Purchase of scrubbers and ballast water treatment systems	(6,712,172)	(28,376,566)	(58,196,164)
Proceeds from hull and machinery insurance claims	354,263	3,943,667	3,845,967
Proceeds from sale of vessels	9,163,354	23,224,650	29,560,746
Purchase of other fixed assets	(33,071)	(53,794)	(351,434)
Net cash used in investing activities	(125,481,141)	(5,491,655)	(168,618,605)
Cash flows from financing activities:
Proceeds from issuance of common stock	27,138,338	0	0
Financing costs paid to lenders	(6,351,489)	(381,471)	(3,533,770)
Other financing costs	(730,711)	(141,634)	(1,655,353)
Payments on Equity Offerings, issuance costs	492,972
Proceeds from Equity Offerings, Net of Issuance Costs		23,497,854	0
Cash received from exercise of stock options	55,578	0	0
Cash used to settle fractional shares	(23)	(12,513)	0
Payments of Dividends	(25,763,388)	0	0
Cash used to settle net share equity awards	(1,936,581)	(1,162,609)	(1,443,753)
Net cash (used in)/provided by financing activities	(86,316,841)	22,615,234	127,899,526
Net (decrease)/increase in cash, cash equivalents and restricted cash	(2,627,219)	29,718,486	(19,033,353)
Cash, cash equivalents and restricted cash at beginning of year	88,848,771	59,130,285	78,163,638
Cash, cash equivalents and restricted cash at end of year	86,221,552	88,848,771	59,130,285
Supplemental cash flow information:
Accruals for vessel purchases and vessel improvements included in Other accrued liabilities	72,597	0	0
Accruals for scrubbers and ballast water treatment systems in Accounts payable and Other accrued liabilities	3,306,853	3,154,693	16,380,168
Accruals for dividends payable included in Other accrued liabilities and Other noncurrent accrued liabilities	491,472	0	0
Fair value of warrants issued as consideration for vessel purchases included in Vessels and vessel improvements	10,679,988	0	0
Accruals for equity issuance costs included in Accounts payable and Other accrued liabilities	0	260,000	0
Cash paid during the period for interest	25,966,735	29,603,965	23,208,093
New First Lien Facility
Cash flows from financing activities:
Repayments of lines of credit	0	0	(5,000,000)
New First Lien Facility | Revolver Loan
Cash flows from financing activities:
Proceeds from long term debt	0	0	5,000,000
New First Lien Facility | Term Loan
Cash flows from financing activities:
Repayments of long-term debt	0	0	(60,000,000)
Convertible Debt Securities
Cash flows from financing activities:
Proceeds from long term debt	0	0	112,482,586
Norwegian Bond Debt
Cash flows from financing activities:
Repayments of long-term debt	(184,356,000)	(8,000,000)	(8,000,000)
New Ultraco Debt Facility
Cash flows from financing activities:
Proceeds from long term debt	16,500,000	22,550,000	187,760,000
Repayments of long-term debt	(182,929,593)	(28,734,393)	(15,146,013)
Original Ultraco Debt Facility
Cash flows from financing activities:
Repayments of long-term debt	0	0	(82,600,000)
Share Lending Agreement
Cash flows from financing activities:
Proceeds from long term debt	0	0	35,829
New Ultraco Revolver Facility
Cash flows from financing activities:
Proceeds from long term debt	55,000,000	55,000,000	0
New Ultraco Revolver Facility | Revolving Credit Facility
Cash flows from financing activities:
Repayments of long-term debt	(55,000,000)	(55,000,000)	0
Super Senior Revolver Facility
Cash flows from financing activities:
Proceeds from long term debt	0	15,000,000	0
Super Senior Revolver Facility | Revolving Credit Facility
Cash flows from financing activities:
Repayments of long-term debt	(15,000,000)	0	0
Holdco Revolving Credit Facility | Revolving Credit Facility
Cash flows from financing activities:
Proceeds from long term debt	24,000,000	0	0
Repayments of long-term debt	(24,000,000)	0	0
Global Ultraco Debt Facility | Revolving Credit Facility
Cash flows from financing activities:
Proceeds from long term debt	300,000,000	0	0
Repayments of long-term debt	(12,450,000)	0	0
Global Ultraco Revolver Loan | Revolving Credit Facility
Cash flows from financing activities:
Proceeds from long term debt	50,000,000	0	0
Repayments of long-term debt	$ (50,000,000)	$ 0	$ 0

General Information

General Information	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General Information	General Information The accompanying consolidated financial statements include the accounts of Eagle Bulk Shipping Inc. and its wholly-owned subsidiaries (collectively, the "Company,” “we” or “our” or similar terms). The Company is engaged in the ocean transportation of drybulk cargoes worldwide through the ownership, charter and operation of drybulk vessels. The Company's fleet is comprised of Supramax and Ultramax drybulk carriers and the Company operates its business in one business segment. Each of the Company’s vessels serve the same type of customer, have similar operation and maintenance requirements, operate in the same regulatory environment, and are subject to similar economic characteristics. Based on this, the Company has determined that it operates in one reportable segment, which is engaged in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carrier vessels. The Company is a holding company incorporated in 2005, under the laws of the Republic of the Marshall Islands and is the sole owner of all of the outstanding shares of its wholly-owned subsidiaries formed in the Republic of the Marshall Islands. The primary activity of each of the subsidiaries is the ownership of a vessel. The operations of the vessels are managed by a directly wholly-owned subsidiary of the Company, Eagle Bulk Management LLC, a Republic of the Marshall Islands limited liability company. As of December 31, 2021, the Company owned and operated a modern fleet of 53 ocean-going vessels, including 27 Supramax and 26 Ultramax vessels, with a combined carrying capacity of 3.19 million deadweight tons ("dwt") and an average age of approximately 9.3 years. Additionally, the Company chartered-in four Ultramax vessels for remaining lease term of less than one year. The Company also charters-in third-party vessels on a short to medium term basis. For the years ended December 31, 2021, 2020 and 2019, the Company had no charterers which individually accounted for more than 10% of the Company's gross charter revenue. In March 2021, the Company entered into an at market issuance sales agreement with B. Riley Securities, Inc., BTIG, LLC and Fearnley Securities, Inc., as sales agents (each, a “Sales Agent” and collectively, the “Sales Agents”), to sell shares of common stock, par value $0.01 per share, of the Company with aggregate gross sales proceeds of up to $50.0 million, from time to time through an “at-the-market” offering program (the “ATM Offering”). During the second quarter of 2021, the Company sold and issued an aggregate of 581,385 shares at a weighted-average sales price of $47.97 per share under the ATM Offering for aggregate net proceeds of $27.1 million after deducting sales agent commissions and other offering costs. The proceeds were used for partial financing of vessel acquisitions and other corporate purposes. 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. 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 for all periods presented in these consolidated financial statements and notes thereto, have been retrospectively adjusted to reflect the Reverse Stock Split.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies (a) Principles of Consolidation: The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP” or “GAAP”) and include the accounts of Eagle Bulk Shipping Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions were eliminated upon consolidation. (b) Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include vessel impairment, vessel valuations, residual value of vessels, the useful lives of vessels, the value of stock-based compensation, fair value of the Convertible Bond Debt (as defined below) and its equity component, estimated losses on our trade receivables, fair value of right-of-use assets and lease liabilities and the fair value of derivatives. Actual results could differ from those estimates. (c) Cash, Cash Equivalents and Restricted Cash: The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less at the time of purchase to be cash equivalents. The Restricted cash - current balance as of December 31, 2020 relates to the proceeds from the sale of vessels, which were restricted pursuant to the terms under the Norwegian Bond Debt. Please see Note 6, Debt, for additional information. Additionally, the Company also had Restricted cash - noncurrent of $0.1 million for collateralizing a letter of credit on our office lease as of December 31, 2021 and 2020. The following table provides a reconciliation of cash, cash equivalents and restricted cash within the Consolidated Balance Sheets that sum to the total amounts shown in the Consolidated Statements of Cash Flows: December 31, 2021 December 31, 2020 December 31, 2019 Cash and cash equivalents $ 86,146,552 $ 69,927,594 $ 53,583,898 Restricted cash - current — 18,846,177 5,471,470 Restricted cash - noncurrent 75,000 75,000 74,917 $ 86,221,552 $ 88,848,771 $ 59,130,285 (d) Accounts Receivable and Credit Losses: Accounts receivable includes receivables from charterers for time and voyage charterers. On January 1, 2020, the Company adopted Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, (or "ASC 326"). At each balance sheet date, the Company maintains an allowance for credit losses for expected uncollectible accounts receivable. The Company wrote off $0.9 million and $0.8 million for the years ended December 31, 2021 and 2020, respectively, related to previously reserved amounts in the allowance for doubtful accounts. The Company recorded a provision of $0.4 million and $0.7 million respectively, for doubtful accounts for the years ended December 31, 2021 and 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 Consolidated Statements of Operations for the years ended December 31, 2021, 2020 and 2019. The Company assesses 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 considers customer-specific information, current market conditions and reasonable and supportable forecasts of future economic conditions to inform adjustments to historical loss data. For the years ended December 31, 2021 and 2020, our assessment considered business and market disruptions caused by COVID-19 and estimates of expected emerging credit and collectability trends. The continued volatility in market conditions and evolving shifts in credit trends are difficult to predict causing variability and volatility that may have a material impact on our allowance for credit losses in future periods. The allowance for credit losses on accounts receivable was $1.8 million as of December 31, 2021 and $2.4 million as of December 31, 2020. (e) Insurance Claims: Insurance claims are recorded net of any deductible amounts for insured damages, which are recognized when recovery is virtually certain under the related insurance policies and where the Company can make an estimate of the amount to be reimbursed following the insurance claim. Insurance claims are included in accounts receivable on the consolidated balance sheets. (f) Inventories: Inventories, which consist of bunkers, are stated at cost which is determined on a first-in, first-out method. Lubes and spares are expensed as incurred. (g) Vessels and Vessel Improvements, At Cost: Vessels are stated at cost, which consists of the contract price, and other direct costs relating to acquiring and placing the vessels in service. Major vessel improvements such as scrubbers and ballast water systems are capitalized and depreciated over the remaining useful lives of the vessels. Depreciation is calculated on a straight-line basis over the estimated useful lives of the vessels based on the cost of the vessels reduced by the estimated scrap value of the vessels as discussed below. (h) Vessel Useful Economic Life and Impairment of Long-Lived Assets: The Company estimates the useful life of the Company's vessels to be 25 years from the date of initial delivery from the shipyard to the original owner. The useful lives of the Company's vessels are evaluated to determine if events have occurred which would require modification to their useful lives. In addition, the Company estimates the scrap value of the vessels to be $300 per light weight ton ("lwt"). The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company will evaluate the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset as provided by third parties. The Company reviews on an annual basis all the assumptions used in the calculation of undiscounted cash flows. The Company uses the 15 year average of one and three year time charter rates as published by a reputable independent third party shipping broker in its calculation of undiscounted cash flows. We did not recognize any vessel impairment charges for the years ended December 31, 2021, 2020 and 2019. (i) Accounting for Drydocking Costs: The Company follows the deferral method of accounting for drydocking costs whereby actual costs incurred are deferred and are amortized on a straight-line basis over the period through the date the next drydocking is required to become due, generally 30 months if the vessels are 15 years old or more and 60 months for the vessels younger than 15 years. Costs deferred as part of the drydocking include direct costs that are incurred as part of the drydocking to meet regulatory requirements. Certain costs are capitalized during drydocking if they are expenditures that add economic life to the vessel, increase the vessel’s earnings capacity or improve the vessel’s efficiency. Direct costs that are deferred include the shipyard costs, parts, inspection fees, steel, blasting and painting. Expenditures for normal maintenance and repairs, whether incurred as part of the drydocking or not, are expensed as incurred. Unamortized drydocking costs of vessels that are sold are written off and included in the calculation of the resulting gain or loss in the year of the vessels’ sale. Unamortized drydocking costs are written off as drydocking expense if the vessels are drydocked before the expiration of the applicable amortization period. (j) Deferred Financing Costs: Fees incurred for obtaining new loans or refinancing existing ones are deferred and amortized to interest expense over the life of the related debt using the effective interest method. Unamortized deferred financing costs are written off when the related debt is repaid or refinanced and such amounts are expensed in the period the repayment or refinancing is made. Such amounts are classified as a reduction of the long-term debt balance on the consolidated balance sheets. (k) Other Fixed Assets: Other fixed assets are stated at cost less accumulated depreciation. Depreciation is based on a straight-line basis over the estimated useful life of the asset. Other fixed assets consist principally of leasehold improvements, computers and software and are depreciated over three years. Depreciation expense for other fixed assets for each of the years ended December 31, 2021, 2020 and 2019 was $0.3 million. (l) Leases: On January 1, 2019, the Company adopted Accounting Standards Codification ("ASC") 842, Leases , ("ASC 842"), which revised the accounting for leases. Under the revised lease standard, lessees are required to recognize a right-of-use asset and a lease liability for substantially all leases. The standard continues to classify leases as either financing or operating, with classification affecting the pattern of expense recognition. 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. Operating lease right-of-use assets are assessed for any potential impairment on each balance sheet date. The accounting applied by a lessor under ASC 842 is substantially equivalent to the prior lease accounting guidance. 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. (m) Accounting for Revenues and Expenses: Revenues generated from time charters and/or revenues generated from profit sharing arrangements are recognized on a straight-line basis over the term of the respective time charter agreements as service is provided and the profit sharing is fixed and determinable. Under voyage charters, voyage revenues for cargo transportation are recognized ratably over the estimated relative transit time of each voyage. Voyage revenue is deemed to commence upon the loading of the charterer’s cargo and is deemed to end upon the completion of discharge, provided an agreed non-cancellable charter between the Company and the charterer is in existence, the charter rate is fixed and determinable, and collectability is reasonably assured. Under voyage charters, voyage expenses include costs such as bunkers, port charges, canal tolls and cargo handling operations, whereas, under time charters, such voyage costs are the responsibility of the Company's customers. Vessel operating expenses include crewing, vessel maintenance and vessel insurance. Brokerage commissions under voyage or time charters are included in voyage expenses. All voyage and vessel operating expenses are expensed as incurred on an accrual basis, except for commissions. Commissions are recognized over the related time or voyage charter period since commissions are earned as the Company's revenues are earned. Probable losses on voyages are provided for in full at the time such loss can be estimated. At the inception of a time charter, the Company records the difference between the cost of bunker from previous charterer and the bunker sold to the current charterer as a gain or loss within voyage expenses. Additionally, the Company records lower of cost and net realizable value adjustments to re-value the bunker fuel on a quarterly basis for certain time charter agreements where the inventory is subject to gains and losses. These differences in bunkers, including any lower of cost and net realizable value adjustments, resulted in a net (gain) or loss of ($6.3 million), ($0.6 million) and $0.2 million during the years ended December 31, 2021, 2020 and 2019, respectively. Additionally, voyage expenses include the cost of bunkers consumed during the ballast period for time charter voyages. The ballast period starts from the completion of the previous voyage and ends on the delivery of the vessel to the current charterers. (n) Unearned Charter Hire Revenue: Unearned charter hire revenue represents cash received from charterers prior to the time such amounts are earned. These amounts are recognized as revenue as services are provided in future periods. (o) Repairs and Maintenance: All repair and maintenance expenses are expensed as incurred and are recorded in vessel operating expenses. (p) Protection and Indemnity Insurance: The Company’s Protection and Indemnity Insurance is subject to additional premiums referred to as "back calls" or "supplemental calls" which are accounted for on an accrual basis and are recorded in vessel operating expenses. (q) Earnings Per Share: Basic earnings per share is computed by dividing the net income or loss by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects the impact of stock options, restricted stock and warrants, if any, under the treasury stock method unless their impact is anti-dilutive. The Convertible Bond Debt is included in diluted earnings per share based on the if-converted method. (r) Interest Rate Risk Management: The Company is exposed to the impact of interest rate changes for outstanding debt under the revolver facility on the Global Ultraco Debt Facility. The Company's objective is to manage the impact of interest rate changes on its earnings and cash flows. During October 2021, the Company entered into four interest rate swaps to hedge the three month LIBOR based on floating interest rate exposure of the term loan under the Global Ultraco Debt Facility for the full notional amount of $300.0 million ranging between 0.83% and 1.06%. (s) Federal Taxes: The Company is a Republic of the Marshall Islands Corporation. For the years ended December 31, 2021, 2020 and 2019, the Company believes that its operations qualify for Internal Revenue Code Section 883 exemption and therefore are not subject to United States federal taxes on United States source shipping income. (t) Stock-Based Compensation: The Company issues stock-based compensation utilizing both stock options and stock grants. In accordance with ASC 718, Stock Compensation , ("ASC 718"), stock-based compensation is measured at the fair value of the award at the date of grant and recognized over the period of vesting on a straight-line basis using the graded vesting method. The grant-date fair value of stock options is estimated using the Black-Scholes option pricing model. Additionally, the Company granted performance-based restricted stock grants in September 2021 to certain members of its senior management team under the 2016 Plan, which are contingent on certain performance criteria such as earnings per share and the total shareholder return. The fair value of such grants is valued using the Monte Carlo simulation model. Please see Note 13, Stock-Based Compensation, for additional information. Forfeitures are recognized as they occur. (u) Collateral on Derivatives: The Company does not offset fair value amounts recognized for derivatives by the right to reclaim cash collateral or the obligation to return cash collateral. The amount of collateral to be posted is defined in the terms of respective master agreement executed with counterparties or exchanges and is required when agreed upon threshold limits are exceeded. As of December 31, 2021 and 2020, the Company posted cash collateral related to derivative instruments under its collateral security arrangements of $15.1 million and $0.1 million, respectively, which is recorded within Collateral on derivatives for the year ended December 31, 2021 and recorded within Other current assets for the year ended December 31, 2020 in the consolidated balance sheets. Recently Issued Accounting Pronouncements Not Yet Effective The Financial Accounting Standards Board ("FASB") has issued accounting standards that had not yet become effective as of December 31, 2021 and may impact the Company’s consolidated financial statements or related disclosures in future periods. Those standards and their potential impact are discussed below. In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting , (“ASU 2020-04”). ASU 2020-04 addresses concerns about certain accounting consequences that could result from the anticipated transition away from the use of LIBOR and other interbank offered rates to alternative reference rates. ASU 2020-04 is elective and applies “to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform.” ASU 2020-04 establishes (1) a general contract modification principle that entities can apply in other areas that may be affected by reference rate reform and (2) certain elective hedge accounting expedients. ASU 2020-04 is optional and effective for all entities as of March 12, 2020 and may be applied prospectively to contract modifications made on or before December 31, 2022. In January 2021, the FASB issued ASU 2021-01, Rate Reference Reform (Topic 848), Scope , ("ASU 2021-01"), which clarifies certain provisions in Topic 848, if elected by an entity, to apply to derivative instruments that use interest rate for margining, discounting, or contract price alignment that is modified as a result of rate reference reform The Company is currently evaluating the adoption of ASU 2020-04 on its debt under the Global Ultraco Debt Facility as it bears interest on outstanding borrowings at LIBOR plus a margin rate. Additionally, the Company is also evaluating the adoption of ASU 2021-01 on its interest rate swaps related to the Global Ultraco Debt Facility. In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity , (“ASU 2020-06”). ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. ASU 2020-06 removes from U.S. GAAP the separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion feature. As a result, after adopting the ASU's guidance, entities will not separately present in equity an embedded conversion feature in such debt. Instead, the entity will account for a convertible debt instrument wholly as debt, and for convertible preferred stock wholly as preferred stock (i.e., as a single unit of account), unless (1) a convertible instrument contains features that require bifurcation as a derivative under ASC 815, Derivatives and Hedging, or (2) a convertible debt instrument was issued at a substantial premium. ASU 2020-06 is effective for all public entities for fiscal years beginning after December 15, 2021, with early adoption permitted in fiscal years beginning after December 15, 2020. The Company is finalizing its evaluation of the adoption of ASU 2020-06 on its Convertible Bond Debt but has initially concluded

Vessels and vessel improvements

Vessels and vessel improvements	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Vessels and vessel improvements	Vessels and Vessel Improvements As of December 31, 2021, the Company’s owned fleet consisted of 53 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 bulk carriers for a total purchase price of $51.5 million including direct expenses of acquisition. The Company paid a deposit of $3.3 million on these vessels as of December 31, 2020. 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 bulk carrier for a total purchase price of $15.3 million and a warrant convertible into 212,315 common shares of the Company. The remaining three vessels are 2011-built, Crown-58 Supramax bulk carriers that were purchased for a total purchase price of $20.5 million and a warrant convertible into 329,583 common shares of the Company. The above mentioned prices include direct expenses of acquisition. Common shares were issuable upon exercise of warrants on a pro-rata basis in connection with each vessel delivery. The warrants were measured at fair value on the date of the memorandum of agreement and recorded as Vessels and vessel improvements on the Consolidated Balance Sheets when the Company took delivery of the vessels. The fair value of the warrants for the total of 541,898 common shares was approximately $10.7 million as of the date of the memorandum of agreements for each vessel. The Company took delivery of the four vessels during the second and third quarters of 2021 and issued 541,898 shares of common stock upon conversion of outstanding warrants. During the second quarter of 2021, the Company entered into memorandum of agreements to acquire two high-specification 2015-built, scrubber-fitted Ultramax bulk carriers. This acquisition was partially financed with cash on hand, which included proceeds raised from equity issued under the Company's ATM Offering. The total cost of the vessels acquired including the direct costs of acquisition was $42.2 million. The Company took delivery of the two vessels in each of the third and fourth quarters of 2021. In the second quarter of 2021, the Company signed a memorandum of agreement to sell the vessel Tern for a total net consideration of $9.2 million after commissions and associated selling expenses. The vessel was delivered to the buyer during the third quarter of 2021. The Company recorded a gain of $4.0 million in its Consolidated Statements of Operations for the year ended December 31, 2021. Additionally, the Company wrote off $0.3 million of unamortized drydock costs upon sale of the vessel. During the third quarter of 2018, the Company entered into a contract for the purchase of ballast water treatment systems (“BWTS”) on 39 of our owned vessels. The projected costs, including installation, are approximately $0.5 million per BWTS. The Company intends to complete the installations during scheduled drydockings. The Company completed installation of BWTS on 23 vessels and recorded $11.5 million in Vessels and vessel improvements in the Consolidated Balance Sheet as of December 31, 2021. Additionally, the Company recorded $4.4 million as advances paid towards installation of BWTS on the remaining vessels as a noncurrent asset in its Consolidated Balance Sheet as of December 31, 2021. The Vessels and vessel improvements activity for the years ended December 31, 2021 and 2020 is below: December 31, 2021 December 31, 2020 Vessels and vessel improvements $ 810,713,959 $ 835,959,084 Transfer from advances paid for vessel purchases 3,250,000 — Purchase of vessels and vessel improvements 128,326,112 979,612 Fair value of warrants issued as consideration for vessel purchases 10,679,988 — Sale of vessels (4,885,998) (23,458,118) Scrubbers and BWTS 4,588,585 39,706,507 Depreciation expense (44,596,733) (42,473,126) Vessels and vessel improvements $ 908,075,913 $ 810,713,959

Deferred Drydock Costs

Deferred Drydock Costs	12 Months Ended
	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Drydock Costs	Deferred Drydock Costs Drydocking activity is summarized as follows: December 31, 2021 December 31, 2020 Beginning Balance $ 24,153,776 $ 17,495,270 Payments for drydocking 21,906,358 14,293,562 Drydock amortization (8,655,617) (7,378,752) Write-off due to sale of vessels (310,986) (256,304) Ending Balance $ 37,093,531 $ 24,153,776

Other accrued liabilities

Other accrued liabilities	12 Months Ended
	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Other accrued liabilities	Other Accrued Liabilities Other accrued liabilities consists of: December 31, 2021 December 31, 2020 Vessel and voyage expenses $ 7,467,901 $ 4,625,539 Scrubber, BWTS and drydocking costs 1,743,255 1,178,695 General and administrative expenses 8,556,036 5,942,830 Dividends payable 226,107 — Total $ 17,993,299 $ 11,747,064

Debt

Debt	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Debt	Debt Long-term debt consists of the following: December 31, 2021 December 31, 2020 Convertible Bond Debt $ 114,119,000 $ 114,120,000 Debt discount and debt issuance costs - Convertible Bond Debt (13,165,256) (17,459,515) Convertible Bond Debt, net of debt discount and debt issuance costs 100,953,744 96,660,485 Global Ultraco Debt Facility 287,550,000 — Debt issuance costs - Global Ultraco Debt Facility (8,460,140) — Less: Current portion - Global Ultraco Debt Facility (49,800,000) — Global Ultraco Debt Facility, net of debt issuance costs 229,289,860 — Norwegian Bond Debt — 180,000,000 Debt discount and debt issuance costs - Norwegian Bond Debt — (2,709,770) Less: Current portion - Norwegian Bond Debt — (8,000,000) Norwegian Bond Debt, net of debt discount and debt issuance costs — 169,290,230 New Ultraco Debt Facility — 166,429,594 Debt issuance costs - New Ultraco Debt Facility — (3,101,348) Less: Current portion - New Ultraco Debt Facility — (31,244,297) New Ultraco Debt Facility, net of debt issuance costs — 132,083,949 Super Senior Facility — 15,000,000 Debt issuance costs - Super Senior Facility — (103,643) Super Senior Facility, net of debt issuance costs — 14,896,357 Total long-term debt $ 330,243,604 $ 412,931,021 Convertible Bond Debt On July 29, 2019, the Company issued $114.1 million in aggregate principal amount of 5.0% 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 the transaction. The Company used the proceeds to partially finance the purchase of six Ultramax vessels and for general corporate purposes, including working capital. The Company took delivery of the vessels in the third and fourth quarters of 2019. The Convertible Bond Debt bears interest at a rate of 5.0% per annum on the outstanding principal amount thereof, payable semi-annually in arrears on February 1 and August 1 of each year, which commenced 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 and the Company's payment of a cash dividend of $2.00 per share on November 24, 2021 to shareholders of record as of November 15, 2021 is 26.747 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 $37.39 per share of its common stock (subject to further adjustments for future dividends). 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 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 obligation of the Company. It ranks: (i) senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the Convertible Bond Debt; (ii) equal in right of payment to any of the Company’s unsecured indebtedness that is not so subordinated; (iii) effectively junior in right of payment to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and (iv) structurally junior to all indebtedness and other liabilities of current or future subsidiaries of the Company. The indenture also provides for customary events of default. Generally, if an event of default occurs and is continuing, then the trustee or the holders of at least 25% in aggregate principal amount of the Convertible Bond Debt then outstanding may declare 100% of the principal of and accrued and unpaid interest, if any, on all the Convertible Bond Debt then outstanding to be due and payable. In accordance with ASC 470, Debt, ("ASC 470") the liability and equity components of convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement) is to be separately accounted for in a manner that reflects the issuer's non-convertible debt borrowing rate. The guidance requires the initial proceeds received from the sale of convertible debt instruments to be allocated between a liability component and equity component in a manner that reflects the interest expense at the interest rate of similar non-convertible debt that could have been issued by the Company at the time of issuance. The Company accounted for the Convertible Bond Debt based on the above guidance and attributed a portion of the proceeds to the equity component. The resulting debt discount is amortized using the effective interest method over the expected life of the Convertible Bond Debt as interest expense. Additionally, the debt discount and issuance costs were allocated based on the total amount incurred to the liability and equity components using the same proportions as the proceeds from the Convertible Bond Debt. See Note 2, Significant Accounting Policies, for discussion of the impact of ASU 2020-06 on the accounting for the Convertible Bond Debt upon adoption on January 1, 2022. 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, L.P., 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 December 31, 2021, the fair value of the 511,840 outstanding loaned shares was $23.3 million based on the closing price of the common stock on December 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 accounting purposes and 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 511,840 shares lent to JCS as issued and outstanding for the purposes of calculating earnings per share. Global Ultraco Debt Facility On October 1, 2021, Eagle Bulk Ultraco LLC (“Eagle Ultraco”), a wholly-owned subsidiary of the Company, along with certain of its vessel-owning subsidiaries as guarantors, entered into a new senior secured credit facility (the "Global Ultraco Debt Facility") with the lenders party thereto (the “Lenders”) Credit Agricole Corporate and Investment Bank (“Credit Agricole”), Skandinaviska Enskilda Banken AB (PUBL), Danish Ship Finance A/S, Nordea Bank ABP, Filial I Norge, DNB Markets Inc., Deutsche Bank AG, and ING Bank N.V., London Branch. The Global Ultraco Debt Facility provides for an aggregate principal amount of $400.0 million, which consists of (i) a term loan facility in an aggregate principal amount of $300.0 million (the “Term Facility”) and (ii) a revolving credit facility in an aggregate principal amount of $100.0 million (the “Revolving Facility”) to be used for refinancing the outstanding debt including accrued interest and commitment fees under the Holdco Revolving Credit Facility, New Ultraco Debt Facility and Norwegian Bond Debt (the "Previous Debt Facilities"), which are discussed below, and for general corporate purposes. The Company paid fees of $5.8 million to the Lenders in connection with the transaction. The Global Ultraco Debt Facility has a maturity date of five The Global Ultraco Debt Facility is secured by 49 of the Company's vessels. The Global Ultraco Debt Facility contains certain standard affirmative and negative covenants along with financial covenants. The financial covenants include: (i) minimum consolidated liquidity based on the greater of (a) $0.6 million per vessel owned directly or indirectly by the Company or (b) 7.5% of the Company's total debt; (ii) debt to capitalization ratio not greater than 0.60:1.00; and (iii) maintaining positive working capital. Pursuant to the Global Ultraco Debt Facility, the Company borrowed $350.0 million and together with cash on hand repaid the outstanding debt, accrued interest and commitment fees under the Holdco Revolving Credit Facility and New Ultraco Debt Facility. Concurrently, the Company issued a 10 day call notice to redeem the outstanding bonds under the Norwegian Bond Debt (see details below). Additionally, in October 2021, the Company entered into four interest rate swaps for the notional amount of $300.0 million of the Term Facility under the Global Ultraco Debt Facility at a fixed interest rate ranging between 0.83% and 1.06% to hedge the LIBOR based floating interest rate (see Note 7, Derivative Instruments, for additional details). Holdco Revolving Credit Facility On March 26, 2021, Eagle Bulk Holdco LLC (“Holdco”), a wholly-owned subsidiary of the Company entered into a Credit Agreement ("Holdco Revolving Credit Facility”) 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, and (v) Crédit Agricole Corporate and Investment Bank, as arranger, facility agent and security trustee for the RCF Lenders. Borrowings under the Holdco Revolving Credit Facility were repaid in full on October 1, 2021 from the proceeds of the Global Ultraco Debt Facility. Certain of the lenders in the Holdco Revolving Credit Facility were also lenders in the Global Ultraco Debt Facility, and therefore, under the guidance in ASC 470 with certain other criteria met, the Company accounted for the repayment as a debt modification. Unamortized debt issuance costs of $0.2 million related to the Holdco Revolving Debt Facility were deferred and will be amortized over the term of the Global Ultraco Debt Facility. 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 provided for a term loan facility and a revolving credit facility. The proceeds from the New Ultraco Debt Facility were used to repay the outstanding debt including accrued interest under the Original Ultraco Debt Facility (as defined below) and the New First Lien Facility (as defined below) in full and for general corporate purposes. Subsequent to amendments on each of October 1, 2019, April 20, 2020 and June 9, 2020, which provided incremental commitments along with certain other amendments, and an agency resignation and appointment and further amendments providing incremental commitments on April 5, 2021, the Company repaid the New Ultraco Debt Facility in full from the proceeds of the Global Ultraco Debt Facility on October 1, 2021. Certain of the lenders in the New Ultraco Debt Facility were also lenders in the Global Ultraco Debt Facility, and therefore, under the guidance in ASC 470 with certain other criteria met, the Company accounted for the repayment as a debt modification. Unamortized debt issuance costs of $2.8 million related to the New Ultraco Debt Facility were deferred and will be amortized over the term of the Global Ultraco Debt Facility. New First Lien Facility On December 8, 2017, Eagle Shipping LLC, a wholly-owned subsidiary of the Company (“Eagle Shipping”) entered into a credit agreement (the “New First Lien Facility”), which was repaid in full from the proceeds of the New Ultraco Debt Facility on January 25, 2019. The Company accounted for the above transaction as a debt extinguishment. As a result, the Company recognized $1.1 million, representing the outstanding balance of debt issuance costs, as Loss on debt extinguishment in the Consolidated Statement of Operations for the year ended December 31, 2019. Super Senior Facility On December 8, 2017, Eagle Bulk Shipco LLC, a wholly-owned subsidiary of the Company ("Shipco") entered into a revolving credit facility in an aggregate amount of up to $15.0 million (the "Super Senior Facility"). During the third quarter of 2021, the Company cancelled the Super Senior Facility. There were no outstanding amounts under the facility, and the Company recorded $0.1 million as Loss on debt extinguishment in its Consolidated Statements of Operations for the year ended December 31, 2021. Norwegian Bond Debt On November 28, 2017, Shipco issued $200.0 million 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 was approximately $195.0 million. Interest on the Bonds accrued at a rate of 8.25% per annum and the Bonds were to mature on November 28, 2022. During the year ended December 31, 2021, the Company sold one vessel for net proceeds of $9.2 million; during the year ended December 31, 2020, the Company sold five vessels for combined net proceeds of $23.2 million; and during the years ended December 31, 2019 and 2018, the Company sold five vessels 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 were to be held in a restricted account to be used for the financing of the acquisition of additional vessels by Shipco and for the partial financing of the scrubbers. As a result, the Company recorded the proceeds from the sale of these vessels as Restricted cash - current in the Consolidated Balance Sheets as of December 31, 2020. The proceeds were used to purchase two Ultramax vessel for $36.1 million and partial financing of scrubbers for $23.6 million. During the third quarter of 2021, the Company transferred the remaining proceeds from sale of vessels of $13.8 million along with cash on hand of $11.8 million into a Shipco defeasance account to be used towards redemption of the bonds in October 2021. The Company issued a 10 day call notice to redeem the outstanding bonds under the Norwegian Bond Debt at a redemption price of 102.475% of the nominal amount of each bond. Pursuant to the bond terms, the Company paid $185.6 million consisting of $176.0 million par value of the outstanding bonds, accrued interest of $5.2 million and $4.4 million of a call premium into a defeasance account to be further credited to the bondholders upon expiry of the notice period. The bonds outstanding under the Norwegian Bond Debt were repaid in full on October 18, 2021 after the expiry of the requisite notice period. The repayment of the Norwegian Bond Debt was considered a debt extinguishment under ASC 470, and therefore, the call premium of $4.4 million and the unamortized debt discount and debt issuance costs of $1.6 million were record as Loss on debt extinguishment in the Consolidated Statement of Operations for the year ended December 31, 2021. Original Ultraco Debt Facility On June 28, 2017, Ultraco, a wholly-owned subsidiary of the Company, entered into a credit agreement (the “Original Ultraco Debt Facility”), which was repaid in full from the proceeds of the New Ultraco Debt Facility on January 25, 2019. The Company accounted for the above transaction as a debt extinguishment. As a result, the Company recognized $1.2 million representing the outstanding balance of debt issuance costs as Loss on debt extinguishment in the Consolidated Statement of Operations for the year ended December 31, 2019. Interest rates 2021 For the year ended December 31, 2021, the interest rate on the Convertible Bond Debt was 5.00%. The weighted average effective interest rate including the amortization of debt discount and debt issuance costs for the year was 10.14%. For the year ended December 31, 2021, the interest rate on the Global Ultraco Debt Facility ranged from 2.35% to 2.57%, including a margin over LIBOR applicable under the terms of the Global Ultraco Debt Facility and commitment fees of 40% of the margin on the undrawn portion of the revolver credit facility of the Global Ultraco Debt Facility. The weighted average effective interest rate including the amortization of debt issuance costs for the year was 3.04%. For the year ended December 31, 2021, the interest rate on the Holdco Revolving Credit Facility, which was repaid on October 1, 2021, ranged from 2.55% to 2.60%, including a margin over LIBOR applicable under the terms of the Holdco Revolving Credit Facility and commitment fees of 40% of the margin on the undrawn portion of the revolver credit facility of the Holdco Revolving Credit Facility. The weighted average effective interest rate including the amortization of debt issuance costs for the year was 5.61%. For the year ended December 31, 2021, the interest rate on the New Ultraco Debt Facility, which was repaid on October 1, 2021, ranged from 2.60% 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 issuance costs for the year was 3.28%. For the year ended December 31, 2021, the interest rate on the Super Senior Facility was 2.24%. The weighted average effective interest rate including the amortization of debt issuance costs for the year was 2.58%. The outstanding revolver loan under the Super Senior Facility was repaid in the first quarter of 2021. The facility was cancelled during the third quarter of 2021. For the year ended December 31, 2021, the interest rate on the Norwegian Bond Debt, which was repaid on October 18, 2021, was 8.25%. The weighted average effective interest rate including the amortization of debt discount and debt issuance costs for the year was 8.96%. 2020 For the year ended December 31, 2020, the interest rate on the Convertible Bond Debt was 5.00%. The weighted average effective interest rate including the amortization of debt discount and debt issuance costs for the year was 10.14%. For the year ended December 31, 2020, the interest rate on the New Ultraco Debt Facility ranged from 2.73% to 4.68% including a margin over LIBOR applicable under the terms of the New Ultraco Debt Facility and commitment fees of 40% of the margin on the undrawn portion of the revolver credit facility of the New Ultraco Debt Facility. The weighted average effective interest rate including the amortization of debt discount and debt issuance costs for the year was 3.98%. For the year ended December 31, 2020, the interest rate on our outstanding debt under the Super Senior Facility ranged between 2.24% and 2.89%. The weighted average effective interest rate including the amortization of debt issuance costs for the year was 3.00%. Additionally, we pay commitment fees of 40% of the margin on the undrawn portion of the Super Senior Revolver Facility. For the year ended December 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 the year was 8.75%. 2019 For the year ended December 31, 2019, the interest rate on the Convertible Bond Debt was 5.00%. The weighted average effective interest rate including the amortization of debt discount and debt issuance costs for the year was 10.14%. For the year ended December 31, 2019, the interest rate on the New Ultraco Debt Facility ranged from 4.51% to 5.26% including a margin over LIBOR applicable under the terms of the New Ultraco Debt Facility and commitment fees of 40% of the margin on the undrawn portion of the revolver credit facility of the New Ultraco Debt Facility. The weighted average effective interest rate including the amortization of debt discount and debt issuance costs for the year was 4.54%. For the year ended December 31, 2019, the interest rate on the New First Lien Facility, which was repaid on January 25, 2019, ranged from 5.89% to 6.01% including a margin over LIBOR applicable under the terms of the New First Lien Facility and commitment fees of 40% of the margin on the undrawn portion of the revolver credit facility of the New First Lien Facility. The weighted average effective interest rate including the amortization of debt discount and debt issuance costs for the year was 6.45%. For the year ended December 31, 2019, the interest rate on the Norwegian Bond Debt was 8.25%. The weighted average effective interest rate including the amortization of debt discount and debt issuance costs for the year was 9.04%. For the year ended December 31, 2019, the interest rate on the Original Ultraco Debt Facility, which was repaid on January 25, 2019, was 5.28% including a margin over LIBOR and commitment fees of 40% of the margin on the undrawn portion of the facility. The weighted average effective interest rate for the year was 6.80%. Interest expense consisted of: For the Years Ended December 31, 2021 December 31, 2020 December 31, 2019 Amortization of debt discount and debt issuance costs $ 7,082,655 $ 6,272,309 $ 3,783,939 Convertible Bond Debt interest 5,737,654 5,737,650 2,377,550 Global Ultraco Debt Facility interest 2,473,924 — — Holdco RCF interest 313,918 — — Original Ultraco Debt Facility interest — — 362,257 Norwegian Bond Debt interest 11,710,417 15,298,250 15,930,750 New Ultraco Debt Facility interest 4,335,026 7,612,342 7,172,442 New First Lien Facility interest — — 293,545 Super Senior Facility interest 29,818 215,804 — Commitment fees on revolver facilities 573,375 256,268 657,006 Total Interest expense $ 32,256,787 $ 35,392,623 $ 30,577,489 Scheduled Debt Maturities The following table presents the scheduled maturities of principal amounts of our debt obligations for the next five years. Global Ultraco Debt Facility Convertible Bond Debt (1) Total 2022 $ 49,800,000 $ — $ 49,800,000 2023 49,800,000 — 49,800,000 2024 49,800,000 114,119,000 163,919,000 2025 49,800,000 — 49,800,000 2026 $ 88,350,000 $ — $ 88,350,000 $ 287,550,000 $ 114,119,000 $ 401,669,000 (1) This amount represents the total amount of the Convertible Bond Debt that would be paid in cash at the election of the Company upon maturity.

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Fair Value Measurements	Derivative Instruments Interest rate swaps During October 2021, the Company entered into four interest rate swaps for the notional amount of $300.0 million of the Term Facility under the Credit Agreement for the Global Ultraco Debt Facility at a fixed interest rate ranging between 0.83% and 1.06% to hedge the LIBOR-based floating interest rate. On March 31, 2020, the Company entered into an interest rate swap to effectively convert a portion of its debt under the New Ultraco Debt Facility from a floating to a fixed-rate basis. The Company entered into two additional interest rate swap agreements during the second quarter of 2020 to convert the remaining portion of its outstanding debt under the New Ultraco Debt Facility excluding the revolver facility. In August 2021, the Company cancelled the interest rate swaps with a notional amount of $150.8 million and incurred a $0.2 million loss, which will be amortized as interest expense over the original life of the cancelled swaps. Concurrent with the cancellation, the Company entered into an interest rate swap with a notional amount of $143.0 million, which was subsequently cancelled on October 1, 2021 upon repayment of the debt. The Company incurred an additional $0.2 million loss, which will be amortized as interest expense over the original life of the cancelled swaps. The interest rate swaps were designated and qualified as cash flow hedges. The Company uses interest rate swaps for the management of interest rate risk exposure, as an interest rate swap effectively converts a portion of the Company’s debt from a floating to a fixed rate. The interest rate swap 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 interest rate swap and the prevailing market interest rates. The Company may terminate the interest rate swaps 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 December 31, 2021 and 2020: Interest Rate Swap Detail Notional Amount Outstanding Trade date Fixed rate Start date End date December 31, 2021 December 31, 2020 October 7, 2021 (1) 0.83% October 12, 2021 December 15, 2025 $ 215,662,500 $ — October 13, 2021 (1) 0.94% October 15, 2021 December 15, 2025 23,962,500 — October 14, 2021 (1) 0.93% October 18, 2021 December 15, 2025 23,962,500 — October 22, 2021 (1) 1.06% October 26, 2021 December 15, 2025 23,962,500 — March 31, 2020 (2) 0.64% July 27, 2020 January 26, 2024 — 72,452,297 April 15, 2020 (2) 0.58% July 27, 2020 January 26, 2024 — 36,226,149 June 25, 2020 (2) 0.50% July 27, 2020 January 26, 2024 — 57,751,148 $ 287,550,000 $ 166,429,594 (1) Interest rate swap associated with Global Ultraco Debt Facility. (2) Interest rate swap associated with New Ultraco Debt Facility. 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 income/(loss). As of December 31, 2021, the effective portion of the swap recorded in Accumulated other comprehensive income/(loss) was $3.0 million. The estimated loss that is currently recorded in Accumulated other comprehensive income/(loss) as of December 31, 2021 that is expected to be reclassified into earnings within the next twelve months is $0.6 million. No portion of the cash flow hedges was ineffective during the year ended December 31, 2021. The effect of derivative instruments on the Consolidated Statements of Operations for the years ended December 31, 2021 and 2020 is below: Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI on Derivatives Location of Gain or (Loss) Reclassified from Accumulated OCI into Income Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income For the Years Ended For the Years Ended December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Interest rate swaps $ 2,105,718 $ (1,021,453) Interest expense $ (912,965) $ 110,945 The following table shows the interest rate swap asset and liabilities as of December 31, 2021 and 2020: Derivatives designated as hedging instruments Balance Sheet location December 31, 2021 December 31, 2020 Interest rate swap Fair value of derivative assets - noncurrent $ 3,112,091 $ — Interest rate swap Fair value of derivative liabilities - current $ 884,725 $ 481,791 Interest rate swap Fair value of derivative liabilities - noncurrent $ — $ 650,607 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 Realized and unrealized loss/(gain) on derivative instruments, net in the Consolidated Statement of Operations and Other current assets and Fair value of derivatives in the Consolidated Balance Sheets. Derivatives are considered to be Level 2 instruments in the fair value hierarchy. For our bunker swaps, the Company may enter into master netting, collateral and offset agreements with counterparties. As of December 31, 2021, the Company has International Swaps and Derivatives Association (“ISDA”) agreements with five 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 December 31, 2021, no collateral had been received or pledged related to these bunker swaps. As of December 31, 2021, the Company had outstanding bunker swap agreements to purchase 21,660 metric tons of low sulphur fuel oil with prices ranging between $272 and $583 per metric ton, that are expiring in 2022. The following table shows our open positions on FFAs as of December 31, 2021: FFA Period Average FFA Contract Price Number of Days Hedged Quarter ending March 31, 2022 $ 26,352 855 Quarter ending June 30, 2022 24,809 720 Quarter ending September 30, 2022 21,638 720 Quarter ending December 31, 2022 20,259 720 The Company will realize a gain or loss on these FFAs based on the price differential between the average daily BSI rate and the FFA contract price. The gains or losses are recorded in Realized and unrealized loss/(gain) on derivative instruments, net in the Consolidated Statement of Operations. The effect of non-designated derivative instruments on the Consolidated Statements of Operations: For the Years Ended Derivatives not designated as hedging instruments Location of loss/(gain) recognized December 31, 2021 December 31, 2020 FFAs - realized loss Realized and unrealized loss/(gain) on derivative instruments, net $ 41,138,509 $ 3,822,049 FFAs - unrealized loss Realized and unrealized loss/(gain) on derivative instruments, net 58,747 711,708 Bunker swaps - realized gain Realized and unrealized loss/(gain) on derivative instruments, net (2,962,916) (8,347,947) Bunker swaps - unrealized loss/(gain) Realized and unrealized loss/(gain) on derivative instruments, net 9,406 (1,012,584) Total $ 38,243,746 $ (4,826,774) Fair value of derivatives Derivatives not designated as hedging instruments Balance Sheet Location December 31, 2021 December 31, 2020 FFAs - Unrealized loss Fair value of derivative liabilities - current $ 3,368,430 $ — FFAs - Unrealized gain Fair value of derivative assets - current 4,325,880 — Bunker Swaps - Unrealized gain Fair value of derivative assets - current 342,993 352,399 See Note 2, Significant Accounting Policies, for a discussion of the Company's policy on its collateral on derivatives.

Fair Value Measures and Disclos

Fair Value Measures and Disclosures	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Disclosures	Note 8. Fair Value Measurements The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash, cash equivalents and restricted cash— the carrying amounts reported in the consolidated balance sheets for interest-bearing deposits approximate their fair value due to their short-term nature thereof. Debt —the carrying values approximates fair values for bonds issued under the Convertible Bond Debt, which is traded on NASDAQ. The carrying amount of our term loan borrowing under the Global Ultraco Debt Facility approximates its fair value, due to its 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 debt balances under the Convertible Bond Debt and the Global 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 7 Derivative Instruments. • Level 3 – Inputs that are unobservable (for example cash flow modeling inputs based on assumptions). Assets and liabilities measured at fair value: Fair Value Carrying Value (8) Level 1 Level 2 December 31, 2021 Assets Cash and cash equivalents (1) $ 86,221,552 $ 86,221,552 $ — Collateral on derivatives 15,080,567 15,080,567 — Fair value of derivative assets - current (2) 4,668,873 — 4,668,873 Fair value of derivative assets - noncurrent (3) 3,112,091 — 3,112,091 Liabilities Global Ultraco Debt Facility (4) 287,550,000 — 287,550,000 Convertible Bond Debt (5) 114,119,000 — 147,498,808 Fair value of derivative liabilities - current (6) 4,253,155 — 4,253,155 Fair Value Carrying Value (8) Level 1 Level 2 December 31, 2020 Assets Cash and cash equivalents (1) $ 88,848,771 $ 88,848,771 $ — Other current assets (2) 483,739 131,340 352,399 Liabilities Norwegian Bond Debt (7) 180,000,000 — 173,250,000 New Ultraco Debt Facility (4) 166,429,594 — 166,429,594 Super Senior Facility (4) 15,000,000 — 15,000,000 Convertible Bond Debt (5) 114,120,000 — 92,748,748 Fair value of derivative liabilities - current and noncurrent (6) 1,132,398 — 1,132,398 (1) Includes restricted cash (current and non-current) of $0.1 million at December 31, 2021 and $18.9 million at December 31, 2020. (2) Relates to unrealized mark-to-market gains on FFAs and bunker swaps as of December 31, 2021 and December 31, 2020. Includes $0.1 million of collateral on derivatives as of December 31, 2020. (3) Includes $3.1 million of unrealized gains on our interest rate swaps as of December 31, 2021. (4) The fair value of the liabilities is based on the required repayment to the lenders if the debt was discharged in full on December 31, 2021 and December 31, 2020. (5) The fair value of the Convertible Bond Debt is based on the last trade on December 16, 2021 and the last trade on December 21, 2020 on Bloomberg.com. (6) Includes $3.4 million of unrealized mark-to-market losses on FFAs and $0.9 million of unrealized losses on our interest rate swaps as of December 31, 2021 and $1.1 million of unrealized losses on our interest rate swaps as of December 31, 2020. (7) The fair value of the bond is based on the last trade on December 14, 2020 on Bloomberg.com. (8) The outstanding debt balances represent the face value of the debt excluding debt discount and debt issuance costs.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 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 the Company's 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 ongoing, and although at this time we do not believe that this matter will have a material impact on the 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, penalties or associated costs that may be issued, and the Company is cooperating fully with the U.S. government in its investigation of this matter. For the year ended December 31, 2021, the Company incurred and recorded $2.8 million as Other operating expense in our Consolidated Statement of Operations, relating to this incident, which includes legal fees, surety bond expenses, vessel off-hire, crew changes and travel costs. We have not been involved in any legal proceedings, other than as disclosed above, which we believe may have, or have had, a significant effect on our business, financial position, results of operations or liquidity, nor are we aware of any proceedings that are pending or threatened, other than as described above, which we believe may have a significant effect on our business, financial position, and results of operations or liquidity. From time to time, we may be subject to legal proceedings and claims in the ordinary course of business, principally personal injury and property casualty claims. We expect that these claims would be covered by insurance, subject to customary deductibles. Those claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources.

Leases

Leases	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Lessee, Operating Leases	Note 10. Leases The following are the types of contracts the Company has, which are accounted for under lease guidance, ASC 842: Time charter out contracts The Company's shipping revenues are principally generated from time charters and voyage charters. In a time charter contract, the vessel is hired by the charterer for a specified period of time in exchange for consideration which is based on a daily hire rate. The charterer has the full discretion over the ports visited, shipping routes and vessel speed. The contract/charter party generally provides typical warranties regarding the speed and performance of the vessel. The charter party generally has some owner protective restrictions such that the vessel is sent only to safe ports by the charterer, subject always to compliance with applicable sanction laws, and carry only lawful or non-hazardous cargo. In a time charter contract, the Company is responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubes. The charterer bears the voyage related costs such as bunker expenses, port charges and canal tolls during the hire period. The performance obligations in a time charter contract are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to the Company. The charterer generally pays the charter hire in advance of the upcoming contract period. The Company determined that all time charter contracts are considered operating leases and therefore fall under the scope of ASC 842 because: (i) the vessel is an identifiable asset; (ii) the Company does not have substantive substitution rights; and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Under ASC 842, 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 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 Consolidated Statements of Operations for the years ended December 31, 2021, 2020 and 2019. Time charter-in contracts The Company charters in vessels to supplement our own fleet and employs them both on time charters and voyage charters. The time charter-in contracts range in lease terms from 30 days to 2 years. Time charter-in contracts with an initial lease term of less than 12 months are excluded from the operating lease right-of-use assets and lease liabilities recognized on our Consolidated Balance Sheet but recognizes the operating lease right-of-use assets and the corresponding lease liabilities on the Consolidated Balance sheet for time charter-in contracts greater than 12 months. The Company recognizes the lease payments for all vessel operating leases as charter hire expenses on the Consolidated Statements of Operations on a straight-line basis over the lease term. 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 2.81% to 6.08% for the five lease contracts (three time charter-in contracts and two office leases) for which the Company recorded operating lease right-of-use assets and corresponding lease liabilities. The Company has time charter-in contracts for Ultramax vessels which are greater than 12 months as of the date of lease commencement. A 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 at a hire rate of $13,800 per day. The Company has increased the lease liability and the corresponding right-of-use asset by $5.0 million to reflect the extended lease term in its Consolidated Balance Sheet as of December 31, 2021. The discount rate utilized in the measurement of lease liability and the corresponding right-of-use asset based on the Company's implied credit rating and the yield curve for debt as of July 8, 2021 was 1.36%. (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. During the second quarter of 2021, the Company decided to extend the lease term to its maximum redelivery date allowed under the charter party. Additionally, on June 28, 2021, the Company exercised its option to extend the charter for another year until October 19, 2022 at a hire rate of $13,750 per day. The Company has increased the lease liability and the corresponding right-of-use asset by $5.8 million to reflect the extended lease term in its Consolidated Balance Sheet as of December 31, 2021. The discount rate utilized in the measurement of lease liability and the corresponding right-of-use asset based on the Company's implied credit rating and the yield curve for debt as of June 28, 2021 was 1.34%. (iii) On December 9, 2018, the Company entered into an agreement to charter-in a 62,487 dwt, 2016 built Ultramax vessel for two years. The hire rate for the vessel until March 2020 is $14,250 per day and $15,250 per day thereafter. The Company took delivery of the vessel in the fourth quarter of 2018. 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 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 exercised its option to extend the charter for another year until July 31, 2022 at a hire rate of $12,600 per day. The Company has increased the lease liability and the corresponding right-of-use asset by $4.3 million to reflect the extended lease term in its Consolidated Balance Sheet as of December 31, 2021. The discount rate utilized in the measurement of lease liability and the corresponding right-of-use asset based on the Company's implied credit rating and the yield curve for debt as of May 4, 2021 was 1.38%. (iv) On December 22, 2020, the Company entered into an agreement to charter-in a 63,634 dwt, 2021 built Ultramax vessel for twelve three fifteen eleven thirteen (v) On September 6, 2021, the Company entered into an agreement to charter-in a 2021 built Ultramax vessel for a period of a minimum of twelve fifteen Office leases On October 15, 2015, the Company entered into a commercial lease agreement as a sublessee for office space in Stamford, Connecticut. The lease is effective from January 2016 through June 2023, with an average annual rent of $0.4 million. The lease is secured by a letter of credit backed by cash collateral of $0.1 million and is recorded as Restricted cash - noncurrent in the accompanying Consolidated Balance Sheets as of December 31, 2021 and 2020. In November 2018, the Company entered into an office lease agreement in Singapore, which was originally set to expire in October 2021, with an average annual rent of $0.3 million. On August 17, 2021, the Company renewed the lease on the existing office space for an additional 5 years with an average annual rent of $0.4 million. The Company increased the lease liability and the corresponding right-of-use asset by $1.3 million in its Consolidated Balance Sheets as of December 31, 2021. The discount rate utilized in the measurement of lease liability and the corresponding right-of-use asset based on the Company's implied credit rating as of August 17, 2021 was 3.09%. Additionally, the Company entered into a new lease agreement for an additional office space in Singapore for 4.9 years beginning in the second quarter of 2022 with an average annual rent of $0.2 million. The Company took possession of the unit in February 2022. No right-of-use asset or corresponding liability has been recognized in the Consolidated Balance Sheets as of December 31, 2021 since the Company did not take possession of the office space and the lease term has not yet commenced. 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 Consolidated Statement of Operations for the years ended December 31, 2021, 2020 and 2019. Operating lease right-of-use assets and lease liabilities as of December 31, 2021 and 2020 are as follows: Description Location in Balance Sheet December 31, 2021 (1) December 31, 2020 (1) Non current assets: Chartered-in contracts greater than 12 months (2) Operating lease right-of-use assets $ 15,039,060 $ 6,207,253 Office leases Operating lease right-of-use assets 1,978,369 1,333,618 $ 17,017,429 $ 7,540,871 Liabilities: Chartered-in contracts greater than 12 months Current portion of operating lease liabilities $ 15,039,060 $ 6,974,943 Office leases Current portion of operating lease liabilities 689,047 640,428 Lease liabilities - current portion $ 15,728,107 $ 7,615,371 Office leases Noncurrent portion of operating lease liabilities 1,282,553 686,422 Lease liabilities - non current portion $ 1,282,553 $ 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 rates used ranged from 1.33% to 6.08%. The weighted average discount rate used to calculate the lease liability was 1.67%. (2) During the second quarter of 2020, the Company determined that there were impairment indicators present for one of our chartered-in vessel contracts and, as a result, we recorded an operating lease impairment of $0.4 million. The operating lease impairment was included as component of Operating income/(loss) in our Consolidated Statements of Operations for the year ended December 31, 2020. The table below presents the components of the Company’s lease expenses and sub-lease income on a gross basis earned from chartered-in contracts greater than 12 months for the year ended December 31, 2021 and 2020: Description Location in Statement of Operations For the Year Ended For the Year Ended Lease expense for chartered-in contracts less than 12 months Charter hire expenses $ 20,553,368 $ 8,731,978 Lease expense for chartered-in contracts greater than 12 months Charter hire expenses 16,548,324 12,548,246 Total charter hire expenses $ 37,101,692 $ 21,280,224 Lease expense for office leases General and administrative expenses $ 642,020 $ 733,874 Sub lease income from chartered-in contracts greater than 12 months * Revenues, net $ 25,372,314 $ 8,589,156 * The sub-lease income represents only time charter revenue earned on the chartered-in contracts greater than 12 months. There is additional revenue earned from voyage charters on the same chartered-in contracts which is recorded in Revenues, net in our Consolidated Statements of Operations for the years ended December 31, 2021 and 2020. Additionally, there is revenue earned from time charters from chartered-in contracts less than 12 months which is included in Revenues, net in our Consolidated Statements of Operations for the years ended December 31, 2021 and 2020. The cash paid for operating leases with terms greater than 12 months is $18.1 million and $14.0 million for the years ended December 31, 2021 and 2020, respectively. The weighted average remaining lease term on our operating leases greater than 12 months is 12.82 months. The table below provides the total amount of lease payments on an undiscounted basis on our time chartered-in contracts and office leases greater than 12 months as of December 31, 2021: Supplemental Disclosure Information Chartered-in contracts greater than 12 months Office leases Total Operating leases Discount rate upon adoption (1) 5.37 % 5.80 % 5.48 % Year: 2022 15,096,117 748,243 15,844,360 2023 — 510,074 510,074 2024 — 265,922 265,922 2025 — 265,195 265,195 2026 — 265,195 265,195 2027 — 53,766 53,766 15,096,117 2,108,395 17,204,512 Present value of lease liability Lease liabilities - short term 15,039,060 689,047 15,728,107 Lease liabilities - long term — 1,282,553 1,282,553 Total lease liabilities 15,039,060 1,971,600 17,010,660 Discount based on incremental borrowing rate $ 57,057 $ 136,795 $ 193,852

Revenue

Revenue	12 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer	Note 11. Revenue Voyage charters In a voyage charter contract, the charterer hires the vessel to transport a specific agreed-upon cargo for a single voyage which may contain multiple load ports and discharge ports. The consideration in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The charter party generally has a minimum amount of cargo. The charterer is liable for any short loading of cargo or “dead” freight. The voyage contract generally has standard payment terms of 95% freight paid within three days after completion of loading. The voyage charter party generally has a “demurrage” or “despatch” clause. As per this clause, the charterer reimburses the Company for any potential delays exceeding the allowed laytime as per the charter party clause at the ports visited which is recorded as demurrage revenue. Conversely, the charterer is given credit if the loading/discharging activities happen within the allowed laytime known as despatch, resulting in a reduction in revenue. In a voyage charter contract, the performance obligations begin to be satisfied once the vessel begins loading the cargo. The Company determined that its voyage charter contracts consist of a single performance obligation of transporting the cargo within a specified time period. Therefore, the performance obligation is met evenly as the voyage progresses and the revenue is recognized on a straight line basis over the voyage days from the commencement of the loading of cargo to the completion of discharge. The voyage contracts are considered service contracts which fall under the provisions of ASC 606, Revenue Recognition , ("ASC 606") because the Company, as the shipowner, retains the control over the operations of the vessel such as directing the routes taken or the vessel speed. The voyage contracts generally have variable consideration in the form of demurrage or despatch. The amount of revenue earned as demurrage or paid by the Company as despatch for the years ended December 31, 2021, 2020 and 2019 was $20.7 million, $6.3 million and $10.7 million, respectively. The following table shows the revenues earned from time charters and voyage charters for the years ended December 31, 2021, 2020 and 2019: For the Years Ended December 31, 2021 December 31, 2020 December 31, 2019 Time charters $ 299,613,590 $ 105,028,131 $ 128,142,708 Voyage charters 294,924,064 170,105,416 164,234,930 $ 594,537,654 $ 275,133,547 $ 292,377,638 Contract costs

Net (Loss)_income per Common Sh

Net (Loss)/income per Common Share	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Net (Loss)/income per Common Share	Net Income/(Loss) per Common Share The computation of basic net income/(loss) per share is based on the weighted average number of common shares outstanding for the years ended December 31, 2021, 2020 and 2019. Diluted net income/(loss) per share gives effect to stock awards, stock options and restricted stock units using the treasury stock method, unless the impact is anti-dilutive. Diluted net income per share for the year ended December 31, 2021 includes 200,145 stock awards and 47,568 stock options as their effect was dilutive. Additionally, the Convertible Bond Debt is not considered a participating security and therefore not included in the computation of Basic net income per share for the year ended December 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 included the potential shares to be issued upon conversion of Convertible Bond Debt in the calculation of Diluted net income per share for the year ended December 31, 2021 as their effect was dilutive. Diluted net loss per share for the year ended December 31, 2020 does not include 218,013 stock awards, 325,591 stock options and outstanding warrants convertible to 21,718 shares of common stock 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 Basic net loss per share for the year ended December 31, 2020. The Company determined that it does not overcome the presumption of share settlement of outstanding debt and therefore the Company applied the if-converted method and did not include the potential shares to be issued upon conversion of Convertible Bond Debt in the calculation of Diluted net loss per share for the year ended December 31, 2020 as their effect was anti-dilutive. Diluted net loss per share for the year ended December 31, 2019 does not include 222,786 stock awards, 326,399 stock options and outstanding warrants convertible to 21,718 shares of common stock 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 Basic net loss per share for the year ended December 31, 2019. 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 net loss per share for the year ended December 31, 2019 as their effect was anti-dilutive. For the Years Ended December 31, 2021 December 31, 2020 December 31, 2019 * Net income/(loss) $ 184,897,884 $ (35,063,468) $ (21,697,115) Weighted Average Shares - Basic 12,399,509 10,310,246 10,195,088 Dilutive effect of stock options, warrants and restricted stock units 3,284,883 — — Weighted Average Shares - Diluted 15,684,392 10,310,246 10,195,088 Basic net income/(loss) per share $ 14.91 $ (3.40) $ (2.13) Diluted net income/(loss) per share $ 11.79 $ (3.40) $ (2.13) * Adjusted to give effect for the 1-for-7 Reverse Stock Split that became effective on September 15, 2020. See Note 1, General Information.

Stock Incentive Plans

Stock Incentive Plans	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock Incentive Plans	Stock Incentive Plans As a result of the Reverse Stock Split, proportional adjustments were made to the Company's issued and outstanding common stock and to its common stock underlying stock options and other common stock-based equity grants outstanding immediately prior to the effectiveness of the Reverse Stock Split. No fractional shares were issued in connection with the Reverse Stock Split. All references herein to common stock and per share data presented in this footnote have been retrospectively adjusted to reflect the Reverse Stock Split. 2014 Management Incentive Plan On October 15, 2014, in accordance with the Plan of Reorganization, the Company adopted the post-emergence Management Incentive Program (the “2014 Plan” or "MIP"), which provided for the distribution of New Eagle MIP Primary Equity in the form of shares of New Eagle Common Stock, and New Eagle MIP Options, to the participating senior management and other employees of the reorganized Company with 2% of the New Eagle Common Stock (on a fully diluted basis) on the Effective Date, and two tiers of options to acquire 5.5% of the New Eagle Common Stock (on a fully diluted basis) with different strike prices based on the equity value for the reorganized Company. There are no unvested restricted stock awards outstanding as of December 31, 2021 and 2020 under the 2014 Plan. There are no unvested and unexercised options as of December 31, 2021. There were 40,000 options vested but not exercised and no unvested options as of December 31, 2020. The 40,000 vested options were exercised in November 2021 at an exercise price of $29.96 per share and 5,351 shares were issued after tax. 2016 Equity Compensation Plan On December 15, 2016, the Company’s shareholders approved the 2016 Equity Compensation Plan (the “2016 Plan”) and the Company registered 764,087 shares of common stock, which can be issued under the 2016 Plan. The 2016 Plan replaced the 2014 Plan and no other awards will be granted under the 2014 Plan. Under the terms of the 2016 Plan, awards for up to a maximum of 428,571 shares may be granted under the 2016 Plan to any one employee of the Company and its subsidiaries during any one calendar year, and awards in the form of options and stock appreciation rights for up to a maximum of 428,571 shares may be granted under the 2016 Plan. The total number of shares of common stock with respect to which awards may be granted under the 2016 Plan to any non-employee director during any one calendar year shall not exceed 71,428, subject to adjustment as provided in the 2016 Plan. Any Director, officer, employee or consultant of the Company or any of its subsidiaries (including any prospective officer or employee) is eligible to be designated to participate in the 2016 Plan. The Company withheld shares related to restricted stock awards that vested in 2021 at the fair market value equivalent to the maximum statutory tax 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 aggregate fair value of the grant is $2.8 million based on the closing share price of $29.96 on February 19, 2021. The shares will vest in equal installments on each of the next three grant date anniversaries over a three On September 3, 2021, the Company granted 17,727 shares of time-based restricted share awards to certain members of its senior management team under the 2016 Plan. The shares will vest in equal installments on each of the next three grant date anniversaries over a three Additionally, on September 3, 2021, the Company granted performance-based restricted stock grants to certain members of its senior management team under the 2016 Plan, which are contingent on certain performance criteria. The maximum number of performance-based stock awards that can be issued are 53,182. Of the maximum 53,182 performance-based stock awards granted, 35,454 shares were granted on September 3, 2021 based on earnings per share ("EPS performance") for the year ended December 31, 2021 (with targets set forth earlier in 2021). These performance-based restricted shares will vest in equal installments on each of the next three grant-date anniversaries over a three Of the maximum 53,182 performance-based stock awards granted, 17,728 shares were granted on September 3, 2021, based on relative total shareholder return ("TSR performance") for the year ended December 31, 2021. These market-based restricted shares will vest in equal installments on each of the next three grant-date anniversaries over a three holding period using the Finnerty model. Volatility for each of the peer companies as well as the correlation of returns between each of the companies was also determined as inputs into the Monte Carlo model. As of December 31, 2021, the Company determined that the TSR performance achievement will be 64.1% of the total maximum shares under the market criteria and recorded $0.2 million as stock-based compensation expense, which is included in General and administrative expenses in its Consolidated Statement of Operations for the year ended December 31, 2021. The following schedule represents outstanding stock awards granted under the 2016 Plan, excluding the performance-based shares described above: Restricted shares Weighted Average Fair value on grant date Aggregate fair value (in millions) Vesting Terms Unvested restricted stock outstanding as of December 31, 2019 222,786 $ 32.63 $ 7.27 Issued during 2020 107,930 22.12 2.39 33% vesting annually over three Vested during 2020 (65,981) 32.63 (2.15) Forfeitures and cancellations due to settlement of tax liability on vested shares during 2020 (46,722) 32.63 (1.52) Unvested restricted stock outstanding as of December 31, 2020 218,013 27.48 5.99 Issued during 2021 114,395 33.40 3.82 33% vesting annually over three Vested during 2021 (81,734) 27.48 (2.25) Forfeitures and cancellations due to settlement of tax liability on vested shares during 2021 (50,529) 27.48 (1.39) Unvested restricted stock outstanding as of December 31, 2021 200,145 $ 30.83 $ 6.17 The following schedule represents unvested options outstanding granted under the 2016 Plan: Options Weighted Average Exercise Fair Value of Options on grant date Aggregate fair value (in millions) Unvested options outstanding as of December 31, 2019 26,000 $ 38.92 $ 18.20 $ 0.47 Vested and unexercised during 2020 (13,000) 38.92 (9.10) $ (0.24) Unvested options outstanding as of December 31, 2020 13,000 $ 38.92 $ 9.10 $ 0.23 Vested and unexercised during 2021 (13,000) $ 38.92 $ (9.10) $ (0.23) Unvested options outstanding as of December 31, 2021 — $ — $ — There are 47,568 options vested but not exercised as of December 31, 2021. The Company issues new shares upon exercise of any vested options. All options expire within five years from the grant date. The vested but not exercised options expire on March 1, 2022 and June 1, 2022 at exercise prices ranging between $32.97 and $38.92 per share. All 47,568 options were exercised prior to March 1, 2022. The stock-based compensation expense for the above stock awards and options under the 2016 Plan and 2014 Plan included in General and administrative expenses: For the Years Ended December 31, 2021 December 31, 2020 December 31, 2019 Stock awards / stock option plans $ 3,481,095 $ 3,048,280 $ 4,826,324 Total stock-based compensation expense $ 3,481,095 $ 3,048,280 $ 4,826,324 The future compensation expense to be recognized for all grants for the years ending December 31, 2022, 2023 and 2024 is estimated to be $2.5 million, $1.0 million and $0.2 million.

Employee Benefit Plan

Employee Benefit Plan	12 Months Ended
	Dec. 31, 2021
Postemployment Benefits [Abstract]
Employee Benefit Plan	Employee Benefit PlanIn October 2010, the Company established a safe harbor 401(k) plan, which is available to full-time office employees who meet the plan’s eligibility requirements. The plan allows participants to contribute to the plan a percentage of pre-tax compensation, but not in excess of the maximum allowed under the Internal Revenue Code. The Company was matching contributions amounting to 100% of the first 3% and 50% of the next 2% of each employee’s salary. The matching contribution vests immediately. The Company revised its matching contributions to 100% up to 6% of each employee's salary beginning January 1, 2019. The total matching contribution incurred by the Company and included in general and administrative expenses for the years ended December 31, 2021, 2020 and 2019 was $433,048, $447,574 and $435,142, respectively. The Company has a discretionary profit sharing contribution program under which employees may receive profit sharing contributions based on the Company’s annual operating performance. For the years ended December 31, 2021, 2020 and 2019, the Company did not make a profit sharing contribution.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent events On February 22, 2022, the Company's Board of Directors declared a cash dividend of $2.05 per share to be paid on March 25, 2022 to shareholders of record at the close of business on March 15, 2022. The aggregate amount of the dividend is expected to be approximately $27.0 million, which the Company anticipates will be funded from cash on hand.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation: The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP” or “GAAP”) and include the accounts of Eagle Bulk Shipping Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions were eliminated upon consolidation.
Use of Estimates	Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include vessel impairment, vessel valuations, residual value of vessels, the useful lives of vessels, the value of stock-based compensation, fair value of the Convertible Bond Debt (as defined below) and its equity component, estimated losses on our trade receivables, fair value of right-of-use assets and lease liabilities and the fair value of derivatives. Actual results could differ from those estimates.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash: The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less at the time of purchase to be cash equivalents
Accounts Receivable	Accounts Receivable and Credit Losses: Accounts receivable includes receivables from charterers for time and voyage charterers. On January 1, 2020, the Company adopted Accounting Standards Update ("ASU") 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,
Insurance Claims	Insurance Claims: Insurance claims are recorded net of any deductible amounts for insured damages, which are recognized when recovery is virtually certain under the related insurance policies and where the Company can make an estimate of the amount to be reimbursed following the insurance claim. Insurance claims are included in accounts receivable on the consolidated balance sheets.
Inventories	Inventories: Inventories, which consist of bunkers, are stated at cost which is determined on a first-in, first-out method. Lubes and spares are expensed as incurred.
Vessels and vessel improvements, at cost	Vessels and Vessel Improvements, At Cost: Vessels are stated at cost, which consists of the contract price, and other direct costs relating to acquiring and placing the vessels in service. Major vessel improvements such as scrubbers and ballast water systems are capitalized and depreciated over the remaining useful lives of the vessels. Depreciation is calculated on a straight-line basis over the estimated useful lives of the vessels based on the cost of the vessels reduced by the estimated scrap value of the vessels as discussed below.
Vessel lives	Vessel Useful Economic Life and Impairment of Long-Lived Assets: The Company estimates the useful life of the Company's vessels to be 25 years from the date of initial delivery from the shipyard to the original owner. The useful lives of the Company's vessels are evaluated to determine if events have occurred which would require modification to their useful lives. In addition, the Company estimates the scrap value of the vessels to be $300 per light weight ton ("lwt").
Impairment of long-lived assets	The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company will evaluate the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset as provided by third parties. The Company reviews on an annual basis all the assumptions used in the calculation of undiscounted cash flows. The Company uses the 15 year average of one and three year time charter rates as published by a reputable independent third party shipping broker in its calculation of undiscounted cash flows.
Deferred Financing Costs	Deferred Financing Costs: Fees incurred for obtaining new loans or refinancing existing ones are deferred and amortized to interest expense over the life of the related debt using the effective interest method. Unamortized deferred financing costs are written off when the related debt is repaid or refinanced and such amounts are expensed in the period the repayment or refinancing is made. Such amounts are classified as a reduction of the long-term debt balance on the consolidated balance sheets.
Other fixed assets	Other Fixed Assets: Other fixed assets are stated at cost less accumulated depreciation. Depreciation is based on a straight-line basis over the estimated useful life of the asset. Other fixed assets consist principally of leasehold improvements, computers and software and are depreciated over three years
Accounting For Revenues And Expenses	Accounting for Revenues and Expenses: Revenues generated from time charters and/or revenues generated from profit sharing arrangements are recognized on a straight-line basis over the term of the respective time charter agreements as service is provided and the profit sharing is fixed and determinable. Under voyage charters, voyage revenues for cargo transportation are recognized ratably over the estimated relative transit time of each voyage. Voyage revenue is deemed to commence upon the loading of the charterer’s cargo and is deemed to end upon the completion of discharge, provided an agreed non-cancellable charter between the Company and the charterer is in existence, the charter rate is fixed and determinable, and collectability is reasonably assured. Under voyage charters, voyage expenses include costs such as bunkers, port charges, canal tolls and cargo handling operations, whereas, under time charters, such voyage costs are the responsibility of the Company's customers. Vessel operating expenses include crewing, vessel maintenance and vessel insurance. Brokerage commissions under voyage or time charters are included in voyage expenses. All voyage and vessel operating expenses are expensed as incurred on an accrual basis, except for commissions. Commissions are recognized over the related time or voyage charter period since commissions are earned as the Company's revenues are earned. Probable losses on voyages are provided for in full at the time such loss can be estimated. At the inception of a time charter, the Company records the difference between the cost of bunker from previous charterer and the bunker sold to the current charterer as a gain or loss within voyage expenses. Additionally, the Company records lower of cost and net realizable value adjustments to re-value the bunker fuel on a quarterly basis for certain time charter agreements where the inventory is subject to gains and losses. These differences in bunkers, including any lower of cost and net realizable value adjustments, resulted in a net (gain) or loss of ($6.3 million), ($0.6 million) and $0.2 million during the years ended December 31, 2021, 2020 and 2019, respectively. Additionally, voyage expenses include the cost of bunkers consumed during the ballast period for time charter voyages. The ballast period starts from the completion of the previous voyage and ends on the delivery of the vessel to the current charterers.
Unearned Charter Hire Revenue	Unearned Charter Hire Revenue: Unearned charter hire revenue represents cash received from charterers prior to the time such amounts are earned. These amounts are recognized as revenue as services are provided in future periods.
Repairs and Maintenance	Repairs and Maintenance: All repair and maintenance expenses are expensed as incurred and are recorded in vessel operating expenses.
Protection and Indemnity Insurance	Protection and Indemnity Insurance: The Company’s Protection and Indemnity Insurance is subject to additional premiums referred to as "back calls" or "supplemental calls" which are accounted for on an accrual basis and are recorded in vessel operating expenses.
Earnings Per Share	Earnings Per Share: Basic earnings per share is computed by dividing the net income or loss by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects the impact of stock options, restricted stock and warrants, if any, under the treasury stock method unless their impact is anti-dilutive. The Convertible Bond Debt is included in diluted earnings per share based on the if-converted method.
Interest Rate Risk Management	Interest Rate Risk Management: The Company is exposed to the impact of interest rate changes for outstanding debt under the revolver facility on the Global Ultraco Debt Facility. The Company's objective is to manage the impact of interest rate changes on its earnings and cash flows. During October 2021, the Company entered into four interest rate swaps to hedge the three month LIBOR based on floating interest rate exposure of the term loan under the Global Ultraco Debt Facility for the full notional amount of $300.0 million ranging between 0.83% and 1.06%.
Federal Taxes	Federal Taxes: The Company is a Republic of the Marshall Islands Corporation. For the years ended December 31, 2021, 2020 and 2019, the Company believes that its operations qualify for Internal Revenue Code Section 883 exemption and therefore are not subject to United States federal taxes on United States source shipping income.
Share-based compensation	Stock-Based Compensation: The Company issues stock-based compensation utilizing both stock options and stock grants. In accordance with ASC 718, Stock Compensation , ("ASC 718"), stock-based compensation is measured at the fair value of the award at the date of grant and recognized over the period of vesting on a straight-line basis using the graded vesting method. The grant-date fair value of stock options is estimated using the Black-Scholes option pricing model. Additionally, the Company granted performance-based restricted stock grants in September 2021 to certain members of its senior management team under the 2016 Plan, which are contingent on certain performance criteria such as earnings per share and the total shareholder return. The fair value of such grants is valued using the Monte Carlo simulation model. Please see Note 13, Stock-Based Compensation, for additional information. Forfeitures are recognized as they occur.
Impact of Recently Issued Accounting Standards		Recently Issued Accounting Pronouncements Not Yet Effective The Financial Accounting Standards Board ("FASB") has issued accounting standards that had not yet become effective as of December 31, 2021 and may impact the Company’s consolidated financial statements or related disclosures in future periods. Those standards and their potential impact are discussed below. In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting , (“ASU 2020-04”). ASU 2020-04 addresses concerns about certain accounting consequences that could result from the anticipated transition away from the use of LIBOR and other interbank offered rates to alternative reference rates. ASU 2020-04 is elective and applies “to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform.” ASU 2020-04 establishes (1) a general contract modification principle that entities can apply in other areas that may be affected by reference rate reform and (2) certain elective hedge accounting expedients. ASU 2020-04 is optional and effective for all entities as of March 12, 2020 and may be applied prospectively to contract modifications made on or before December 31, 2022. In January 2021, the FASB issued ASU 2021-01, Rate Reference Reform (Topic 848), Scope , ("ASU 2021-01"), which clarifies certain provisions in Topic 848, if elected by an entity, to apply to derivative instruments that use interest rate for margining, discounting, or contract price alignment that is modified as a result of rate reference reform The Company is currently evaluating the adoption of ASU 2020-04 on its debt under the Global Ultraco Debt Facility as it bears interest on outstanding borrowings at LIBOR plus a margin rate. Additionally, the Company is also evaluating the adoption of ASU 2021-01 on its interest rate swaps related to the Global Ultraco Debt Facility. In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity , (“ASU 2020-06”). ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. ASU 2020-06 removes from U.S. GAAP the separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion feature. As a result, after adopting the ASU's guidance, entities will not separately present in equity an embedded conversion feature in such debt. Instead, the entity will account for a convertible debt instrument wholly as debt, and for convertible preferred stock wholly as preferred stock (i.e., as a single unit of account), unless (1) a convertible instrument contains features that require bifurcation as a derivative under ASC 815, Derivatives and Hedging, or (2) a convertible debt instrument was issued at a substantial premium. ASU 2020-06 is effective for all public entities for fiscal years beginning after December 15, 2021, with early adoption permitted in fiscal years beginning after December 15, 2020. The Company is finalizing its evaluation of the adoption of ASU 2020-06 on its Convertible Bond Debt but has initially concluded
Accounting For Drydocking Costs	Accounting for Drydocking Costs: The Company follows the deferral method of accounting for drydocking costs whereby actual costs incurred are deferred and are amortized on a straight-line basis over the period through the date the next drydocking is required to become due, generally 30 months if the vessels are 15 years old or more and 60 months for the vessels younger than 15 years. Costs deferred as part of the drydocking include direct costs that are incurred as part of the drydocking to meet regulatory requirements. Certain costs are capitalized during drydocking if they are expenditures that add economic life to the vessel, increase the vessel’s earnings capacity or improve the vessel’s efficiency. Direct costs that are deferred include the shipyard costs, parts, inspection fees, steel, blasting and painting. Expenditures for normal maintenance and repairs, whether incurred as part of the drydocking or not, are expensed as incurred. Unamortized drydocking costs of vessels that are sold are written off and included in the calculation of the resulting gain or loss in the year of the vessels’ sale. Unamortized drydocking costs are written off as drydocking expense if the vessels are drydocked before the expiration of the applicable amortization period.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Schedule of Reconciliation of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash within the Consolidated Balance Sheets that sum to the total amounts shown in the Consolidated Statements of Cash Flows: December 31, 2021 December 31, 2020 December 31, 2019 Cash and cash equivalents $ 86,146,552 $ 69,927,594 $ 53,583,898 Restricted cash - current — 18,846,177 5,471,470 Restricted cash - noncurrent 75,000 75,000 74,917 $ 86,221,552 $ 88,848,771 $ 59,130,285
Charter Hire Expense	The table below presents the components of the Company’s lease expenses and sub-lease income on a gross basis earned from chartered-in contracts greater than 12 months for the year ended December 31, 2021 and 2020: Description Location in Statement of Operations For the Year Ended For the Year Ended Lease expense for chartered-in contracts less than 12 months Charter hire expenses $ 20,553,368 $ 8,731,978 Lease expense for chartered-in contracts greater than 12 months Charter hire expenses 16,548,324 12,548,246 Total charter hire expenses $ 37,101,692 $ 21,280,224 Lease expense for office leases General and administrative expenses $ 642,020 $ 733,874 Sub lease income from chartered-in contracts greater than 12 months * Revenues, net $ 25,372,314 $ 8,589,156 * The sub-lease income represents only time charter revenue earned on the chartered-in contracts greater than 12 months. There is additional revenue earned from voyage charters on the same chartered-in contracts which is recorded in Revenues, net in our Consolidated Statements of Operations for the years ended December 31, 2021 and 2020. Additionally, there is revenue earned from time charters from chartered-in contracts less than 12 months which is included in Revenues, net in our Consolidated Statements of Operations for the years ended December 31, 2021 and 2020.
Future Minimum Lease Payments	The table below provides the total amount of lease payments on an undiscounted basis on our time chartered-in contracts and office leases greater than 12 months as of December 31, 2021: Supplemental Disclosure Information Chartered-in contracts greater than 12 months Office leases Total Operating leases Discount rate upon adoption (1) 5.37 % 5.80 % 5.48 % Year: 2022 15,096,117 748,243 15,844,360 2023 — 510,074 510,074 2024 — 265,922 265,922 2025 — 265,195 265,195 2026 — 265,195 265,195 2027 — 53,766 53,766 15,096,117 2,108,395 17,204,512 Present value of lease liability Lease liabilities - short term 15,039,060 689,047 15,728,107 Lease liabilities - long term — 1,282,553 1,282,553 Total lease liabilities 15,039,060 1,971,600 17,010,660 Discount based on incremental borrowing rate $ 57,057 $ 136,795 $ 193,852
Disaggregation of Revenue	The following table shows the revenues earned from time charters and voyage charters for the years ended December 31, 2021, 2020 and 2019: For the Years Ended December 31, 2021 December 31, 2020 December 31, 2019 Time charters $ 299,613,590 $ 105,028,131 $ 128,142,708 Voyage charters 294,924,064 170,105,416 164,234,930 $ 594,537,654 $ 275,133,547 $ 292,377,638

Vessels and vessel improvemen_2

Vessels and vessel improvements (Tables)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Schedule Of Vessel And Vessel Improvements	The Vessels and vessel improvements activity for the years ended December 31, 2021 and 2020 is below: December 31, 2021 December 31, 2020 Vessels and vessel improvements $ 810,713,959 $ 835,959,084 Transfer from advances paid for vessel purchases 3,250,000 — Purchase of vessels and vessel improvements 128,326,112 979,612 Fair value of warrants issued as consideration for vessel purchases 10,679,988 — Sale of vessels (4,885,998) (23,458,118) Scrubbers and BWTS 4,588,585 39,706,507 Depreciation expense (44,596,733) (42,473,126) Vessels and vessel improvements $ 908,075,913 $ 810,713,959

Deferred Drydock Costs (Tables)

Deferred Drydock Costs (Tables)	12 Months Ended
	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule Of Dry Docking Activity	Drydocking activity is summarized as follows: December 31, 2021 December 31, 2020 Beginning Balance $ 24,153,776 $ 17,495,270 Payments for drydocking 21,906,358 14,293,562 Drydock amortization (8,655,617) (7,378,752) Write-off due to sale of vessels (310,986) (256,304) Ending Balance $ 37,093,531 $ 24,153,776

Other accrued liabilities (Tabl

Other accrued liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Schedule of Other Accrued Liabilities	Other accrued liabilities consists of: December 31, 2021 December 31, 2020 Vessel and voyage expenses $ 7,467,901 $ 4,625,539 Scrubber, BWTS and drydocking costs 1,743,255 1,178,695 General and administrative expenses 8,556,036 5,942,830 Dividends payable 226,107 — Total $ 17,993,299 $ 11,747,064

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consists of the following: December 31, 2021 December 31, 2020 Convertible Bond Debt $ 114,119,000 $ 114,120,000 Debt discount and debt issuance costs - Convertible Bond Debt (13,165,256) (17,459,515) Convertible Bond Debt, net of debt discount and debt issuance costs 100,953,744 96,660,485 Global Ultraco Debt Facility 287,550,000 — Debt issuance costs - Global Ultraco Debt Facility (8,460,140) — Less: Current portion - Global Ultraco Debt Facility (49,800,000) — Global Ultraco Debt Facility, net of debt issuance costs 229,289,860 — Norwegian Bond Debt — 180,000,000 Debt discount and debt issuance costs - Norwegian Bond Debt — (2,709,770) Less: Current portion - Norwegian Bond Debt — (8,000,000) Norwegian Bond Debt, net of debt discount and debt issuance costs — 169,290,230 New Ultraco Debt Facility — 166,429,594 Debt issuance costs - New Ultraco Debt Facility — (3,101,348) Less: Current portion - New Ultraco Debt Facility — (31,244,297) New Ultraco Debt Facility, net of debt issuance costs — 132,083,949 Super Senior Facility — 15,000,000 Debt issuance costs - Super Senior Facility — (103,643) Super Senior Facility, net of debt issuance costs — 14,896,357 Total long-term debt $ 330,243,604 $ 412,931,021
Schedule Of Interest Expense	Interest expense consisted of: For the Years Ended December 31, 2021 December 31, 2020 December 31, 2019 Amortization of debt discount and debt issuance costs $ 7,082,655 $ 6,272,309 $ 3,783,939 Convertible Bond Debt interest 5,737,654 5,737,650 2,377,550 Global Ultraco Debt Facility interest 2,473,924 — — Holdco RCF interest 313,918 — — Original Ultraco Debt Facility interest — — 362,257 Norwegian Bond Debt interest 11,710,417 15,298,250 15,930,750 New Ultraco Debt Facility interest 4,335,026 7,612,342 7,172,442 New First Lien Facility interest — — 293,545 Super Senior Facility interest 29,818 215,804 — Commitment fees on revolver facilities 573,375 256,268 657,006 Total Interest expense $ 32,256,787 $ 35,392,623 $ 30,577,489
Schedule of Maturities of Long-term Debt	The following table presents the scheduled maturities of principal amounts of our debt obligations for the next five years. Global Ultraco Debt Facility Convertible Bond Debt (1) Total 2022 $ 49,800,000 $ — $ 49,800,000 2023 49,800,000 — 49,800,000 2024 49,800,000 114,119,000 163,919,000 2025 49,800,000 — 49,800,000 2026 $ 88,350,000 $ — $ 88,350,000 $ 287,550,000 $ 114,119,000 $ 401,669,000 (1)

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Swap Agreements	The following table summarizes the interest rate swaps in place as of December 31, 2021 and 2020: Interest Rate Swap Detail Notional Amount Outstanding Trade date Fixed rate Start date End date December 31, 2021 December 31, 2020 October 7, 2021 (1) 0.83% October 12, 2021 December 15, 2025 $ 215,662,500 $ — October 13, 2021 (1) 0.94% October 15, 2021 December 15, 2025 23,962,500 — October 14, 2021 (1) 0.93% October 18, 2021 December 15, 2025 23,962,500 — October 22, 2021 (1) 1.06% October 26, 2021 December 15, 2025 23,962,500 — March 31, 2020 (2) 0.64% July 27, 2020 January 26, 2024 — 72,452,297 April 15, 2020 (2) 0.58% July 27, 2020 January 26, 2024 — 36,226,149 June 25, 2020 (2) 0.50% July 27, 2020 January 26, 2024 — 57,751,148 $ 287,550,000 $ 166,429,594 (1) Interest rate swap associated with Global Ultraco Debt Facility. (2) Interest rate swap associated with New Ultraco Debt Facility. The effect of derivative instruments on the Consolidated Statements of Operations for the years ended December 31, 2021 and 2020 is below: Derivatives in Cash Flow Hedging Relationships Amount of Gain or (Loss) Recognized in OCI on Derivatives Location of Gain or (Loss) Reclassified from Accumulated OCI into Income Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income For the Years Ended For the Years Ended December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Interest rate swaps $ 2,105,718 $ (1,021,453) Interest expense $ (912,965) $ 110,945
Schedule of Non-Designated Derivative Instruments Effect on Statement of Operations	The following table shows the interest rate swap asset and liabilities as of December 31, 2021 and 2020: Derivatives designated as hedging instruments Balance Sheet location December 31, 2021 December 31, 2020 Interest rate swap Fair value of derivative assets - noncurrent $ 3,112,091 $ — Interest rate swap Fair value of derivative liabilities - current $ 884,725 $ 481,791 Interest rate swap Fair value of derivative liabilities - noncurrent $ — $ 650,607 The effect of non-designated derivative instruments on the Consolidated Statements of Operations: For the Years Ended Derivatives not designated as hedging instruments Location of loss/(gain) recognized December 31, 2021 December 31, 2020 FFAs - realized loss Realized and unrealized loss/(gain) on derivative instruments, net $ 41,138,509 $ 3,822,049 FFAs - unrealized loss Realized and unrealized loss/(gain) on derivative instruments, net 58,747 711,708 Bunker swaps - realized gain Realized and unrealized loss/(gain) on derivative instruments, net (2,962,916) (8,347,947) Bunker swaps - unrealized loss/(gain) Realized and unrealized loss/(gain) on derivative instruments, net 9,406 (1,012,584) Total $ 38,243,746 $ (4,826,774) Fair value of derivatives Derivatives not designated as hedging instruments Balance Sheet Location December 31, 2021 December 31, 2020 FFAs - Unrealized loss Fair value of derivative liabilities - current $ 3,368,430 $ — FFAs - Unrealized gain Fair value of derivative assets - current 4,325,880 — Bunker Swaps - Unrealized gain Fair value of derivative assets - current 342,993 352,399

Fair Value Measures and Discl_2

Fair Value Measures and Disclosures (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping	Assets and liabilities measured at fair value: Fair Value Carrying Value (8) Level 1 Level 2 December 31, 2021 Assets Cash and cash equivalents (1) $ 86,221,552 $ 86,221,552 $ — Collateral on derivatives 15,080,567 15,080,567 — Fair value of derivative assets - current (2) 4,668,873 — 4,668,873 Fair value of derivative assets - noncurrent (3) 3,112,091 — 3,112,091 Liabilities Global Ultraco Debt Facility (4) 287,550,000 — 287,550,000 Convertible Bond Debt (5) 114,119,000 — 147,498,808 Fair value of derivative liabilities - current (6) 4,253,155 — 4,253,155 Fair Value Carrying Value (8) Level 1 Level 2 December 31, 2020 Assets Cash and cash equivalents (1) $ 88,848,771 $ 88,848,771 $ — Other current assets (2) 483,739 131,340 352,399 Liabilities Norwegian Bond Debt (7) 180,000,000 — 173,250,000 New Ultraco Debt Facility (4) 166,429,594 — 166,429,594 Super Senior Facility (4) 15,000,000 — 15,000,000 Convertible Bond Debt (5) 114,120,000 — 92,748,748 Fair value of derivative liabilities - current and noncurrent (6) 1,132,398 — 1,132,398 (1) Includes restricted cash (current and non-current) of $0.1 million at December 31, 2021 and $18.9 million at December 31, 2020. (2) Relates to unrealized mark-to-market gains on FFAs and bunker swaps as of December 31, 2021 and December 31, 2020. Includes $0.1 million of collateral on derivatives as of December 31, 2020. (3) Includes $3.1 million of unrealized gains on our interest rate swaps as of December 31, 2021. (4) The fair value of the liabilities is based on the required repayment to the lenders if the debt was discharged in full on December 31, 2021 and December 31, 2020. (5) The fair value of the Convertible Bond Debt is based on the last trade on December 16, 2021 and the last trade on December 21, 2020 on Bloomberg.com. (6) Includes $3.4 million of unrealized mark-to-market losses on FFAs and $0.9 million of unrealized losses on our interest rate swaps as of December 31, 2021 and $1.1 million of unrealized losses on our interest rate swaps as of December 31, 2020. (7) The fair value of the bond is based on the last trade on December 14, 2020 on Bloomberg.com. (8) The outstanding debt balances represent the face value of the debt excluding debt discount and debt issuance costs.

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Assets And Liabilities, Lease	Operating lease right-of-use assets and lease liabilities as of December 31, 2021 and 2020 are as follows: Description Location in Balance Sheet December 31, 2021 (1) December 31, 2020 (1) Non current assets: Chartered-in contracts greater than 12 months (2) Operating lease right-of-use assets $ 15,039,060 $ 6,207,253 Office leases Operating lease right-of-use assets 1,978,369 1,333,618 $ 17,017,429 $ 7,540,871 Liabilities: Chartered-in contracts greater than 12 months Current portion of operating lease liabilities $ 15,039,060 $ 6,974,943 Office leases Current portion of operating lease liabilities 689,047 640,428 Lease liabilities - current portion $ 15,728,107 $ 7,615,371 Office leases Noncurrent portion of operating lease liabilities 1,282,553 686,422 Lease liabilities - non current portion $ 1,282,553 $ 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 rates used ranged from 1.33% to 6.08%. The weighted average discount rate used to calculate the lease liability was 1.67%. (2) During the second quarter of 2020, the Company determined that there were impairment indicators present for one of our chartered-in vessel contracts and, as a result, we recorded an operating lease impairment of $0.4 million. The operating lease impairment was included as component of Operating income/(loss) in our Consolidated Statements of Operations for the year ended December 31, 2020.
Charter Hire Expense	The table below presents the components of the Company’s lease expenses and sub-lease income on a gross basis earned from chartered-in contracts greater than 12 months for the year ended December 31, 2021 and 2020: Description Location in Statement of Operations For the Year Ended For the Year Ended Lease expense for chartered-in contracts less than 12 months Charter hire expenses $ 20,553,368 $ 8,731,978 Lease expense for chartered-in contracts greater than 12 months Charter hire expenses 16,548,324 12,548,246 Total charter hire expenses $ 37,101,692 $ 21,280,224 Lease expense for office leases General and administrative expenses $ 642,020 $ 733,874 Sub lease income from chartered-in contracts greater than 12 months * Revenues, net $ 25,372,314 $ 8,589,156 * The sub-lease income represents only time charter revenue earned on the chartered-in contracts greater than 12 months. There is additional revenue earned from voyage charters on the same chartered-in contracts which is recorded in Revenues, net in our Consolidated Statements of Operations for the years ended December 31, 2021 and 2020. Additionally, there is revenue earned from time charters from chartered-in contracts less than 12 months which is included in Revenues, net in our Consolidated Statements of Operations for the years ended December 31, 2021 and 2020.
Future Minimum Lease Payments	The table below provides the total amount of lease payments on an undiscounted basis on our time chartered-in contracts and office leases greater than 12 months as of December 31, 2021: Supplemental Disclosure Information Chartered-in contracts greater than 12 months Office leases Total Operating leases Discount rate upon adoption (1) 5.37 % 5.80 % 5.48 % Year: 2022 15,096,117 748,243 15,844,360 2023 — 510,074 510,074 2024 — 265,922 265,922 2025 — 265,195 265,195 2026 — 265,195 265,195 2027 — 53,766 53,766 15,096,117 2,108,395 17,204,512 Present value of lease liability Lease liabilities - short term 15,039,060 689,047 15,728,107 Lease liabilities - long term — 1,282,553 1,282,553 Total lease liabilities 15,039,060 1,971,600 17,010,660 Discount based on incremental borrowing rate $ 57,057 $ 136,795 $ 193,852

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table shows the revenues earned from time charters and voyage charters for the years ended December 31, 2021, 2020 and 2019: For the Years Ended December 31, 2021 December 31, 2020 December 31, 2019 Time charters $ 299,613,590 $ 105,028,131 $ 128,142,708 Voyage charters 294,924,064 170,105,416 164,234,930 $ 594,537,654 $ 275,133,547 $ 292,377,638

Income_(Loss) per Common Share

Income/(Loss) per Common Share (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	For the Years Ended December 31, 2021 December 31, 2020 December 31, 2019 * Net income/(loss) $ 184,897,884 $ (35,063,468) $ (21,697,115) Weighted Average Shares - Basic 12,399,509 10,310,246 10,195,088 Dilutive effect of stock options, warrants and restricted stock units 3,284,883 — — Weighted Average Shares - Diluted 15,684,392 10,310,246 10,195,088 Basic net income/(loss) per share $ 14.91 $ (3.40) $ (2.13) Diluted net income/(loss) per share $ 11.79 $ (3.40) $ (2.13) * Adjusted to give effect for the 1-for-7 Reverse Stock Split that became effective on September 15, 2020. See Note 1, General Information.

Stock Incentive Plans (Tables)

Stock Incentive Plans (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Restricted Stock Award Activity	The following schedule represents outstanding stock awards granted under the 2016 Plan, excluding the performance-based shares described above: Restricted shares Weighted Average Fair value on grant date Aggregate fair value (in millions) Vesting Terms Unvested restricted stock outstanding as of December 31, 2019 222,786 $ 32.63 $ 7.27 Issued during 2020 107,930 22.12 2.39 33% vesting annually over three Vested during 2020 (65,981) 32.63 (2.15) Forfeitures and cancellations due to settlement of tax liability on vested shares during 2020 (46,722) 32.63 (1.52) Unvested restricted stock outstanding as of December 31, 2020 218,013 27.48 5.99 Issued during 2021 114,395 33.40 3.82 33% vesting annually over three Vested during 2021 (81,734) 27.48 (2.25) Forfeitures and cancellations due to settlement of tax liability on vested shares during 2021 (50,529) 27.48 (1.39) Unvested restricted stock outstanding as of December 31, 2021 200,145 $ 30.83 $ 6.17
Stock Options Activity	Options Weighted Average Exercise Fair Value of Options on grant date Aggregate fair value (in millions) Unvested options outstanding as of December 31, 2019 26,000 $ 38.92 $ 18.20 $ 0.47 Vested and unexercised during 2020 (13,000) 38.92 (9.10) $ (0.24) Unvested options outstanding as of December 31, 2020 13,000 $ 38.92 $ 9.10 $ 0.23 Vested and unexercised during 2021 (13,000) $ 38.92 $ (9.10) $ (0.23) Unvested options outstanding as of December 31, 2021 — $ — $ —
Schedule Of Noncash Compensation Expenses	The stock-based compensation expense for the above stock awards and options under the 2016 Plan and 2014 Plan included in General and administrative expenses: For the Years Ended December 31, 2021 December 31, 2020 December 31, 2019 Stock awards / stock option plans $ 3,481,095 $ 3,048,280 $ 4,826,324 Total stock-based compensation expense $ 3,481,095 $ 3,048,280 $ 4,826,324

General Information (Details)

General Information (Details)	Sep. 06, 2021	Dec. 22, 2020	Jun. 30, 2021$ / sharesshares	Dec. 31, 2021USD ($)vesselsegmentt$ / shares	Dec. 31, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)	Mar. 31, 2021USD ($)$ / shares	Sep. 15, 2020$ / shares
Property, Plant and Equipment [Line Items]
Number of operating segments | segment				1
Number of reportable segments | segment				1
Number of vessels | vessel				53
Common stock, par value (in dollars per share) | $ / shares				$ 0.01	$ 0.01			$ 0.01
Carrying capacity (in dead weight tonnage) | t				3,190,000
Average age of operating fleet				9 years 3 months 18 days
Proceeds from issuance of common stock | $				$ 27,138,338	$ 0	$ 0
Reverse stock split		0.1429
ATM Offering
Property, Plant and Equipment [Line Items]
Issuance of common shares for equity offering (in shares) | shares			581,385
Common stock, par value (in dollars per share) | $ / shares							$ 0.01
Sale of stock, consideration authorized | $							$ 50,000,000
Sale of stock, price per share | $ / shares			$ 47.97
Minimum
Property, Plant and Equipment [Line Items]
Term of charter agreement	12 years
Maximum
Property, Plant and Equipment [Line Items]
Term of charter agreement	15 years
Supramax Vessels
Property, Plant and Equipment [Line Items]
Vessels owned and operated | vessel				27
Ultramax Vessels
Property, Plant and Equipment [Line Items]
Vessels owned and operated | vessel				26

Significant Accounting Polici_4

Significant Accounting Policies - Additional Information (Details)	3 Months Ended	12 Months Ended
	Jun. 30, 2020USD ($)	Dec. 31, 2021USD ($)t	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Property, Plant and Equipment [Line Items]
Write off of allowance for doubtful accounts		$ 900,000	$ 800,000
Accounts receivable, credit loss expense (reversal)		$ 400,000	700,000
Length of time used in calculation of undiscounted cash flows		15 years
Asset impairment charges		$ 0	0	$ 0
Amortization period for vessels over fifteen years old		30 months
Age of vessels		15 years
Amortization period for vessels less than fifteen years old		60 months
Depreciation expense		$ 300,000	300,000	300,000
Vessel useful lives		3 years
Accumulated deficit		$ 313,494,798	472,137,822
Operating lease, right-of-use asset		17,017,429	7,540,871
Revenues earned as demurrage		594,537,654	275,133,547	292,377,638
Deferred costs		700,000	500,000
Impairment of operating lease right-of-use assets	$ 400,000	0	352,368	0
Lease liability		17,010,660
Accounts Receivable, Allowance for Credit Loss		1,800,000	2,400,000
Net (Gain) Loss on Lower of Cost and NRV Adjustments		$ 6,300,000	600,000	(200,000)
Minimum
Property, Plant and Equipment [Line Items]
Term of contract		30 days
Maximum
Property, Plant and Equipment [Line Items]
Term of contract		2 years
Voyage In Progress
Property, Plant and Equipment [Line Items]
Revenues earned as demurrage		$ 20,700,000	6,300,000	$ 10,700,000
Vessels
Property, Plant and Equipment [Line Items]
Scrap value of vessels | t		300
Vessel useful lives		25 years
Super Senior Revolver Facility | Line of Credit
Property, Plant and Equipment [Line Items]
Deferred financing fee		$ 0	(103,643)
Letter of Credit
Property, Plant and Equipment [Line Items]
Restricted cash and cash equivalents		$ 100,000	$ 100,000

Significant Accounting Polici_5

Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash and cash equivalents	$ 86,146,552	$ 69,927,594	$ 53,583,898
Restricted cash - current	0	18,846,177	5,471,470
Restricted cash - noncurrent	75,000	75,000	74,917
Total cash	$ 86,221,552	$ 88,848,771	$ 59,130,285	$ 78,163,638

Vessels and vessel improvemen_3

Vessels and vessel improvements - Narrative (Details)	6 Months Ended		12 Months Ended
	Dec. 31, 2021USD ($)vessel	Sep. 30, 2021vesselshares	Dec. 31, 2021USD ($)vessel	Dec. 31, 2020USD ($)vessel	Dec. 31, 2019USD ($)vessel	Jun. 30, 2021USD ($)vessel	Mar. 31, 2021USD ($)vesselshares	Sep. 30, 2018USD ($)vessel
Property, Plant and Equipment [Line Items]
Number of vessels | vessel	53		53
Number of vessels sold | vessel	1		1	5	5
Gain on sale of vessel			$ 3,966,370	$ (489,772)	$ 5,978,566
Transfer from advances paid for vessel purchases			0	3,250,000	$ 0
Advances for vessel purchases	$ 0		0	3,250,000
Number of vessels purchased | vessel							4
Issuance of shares upon conversion (in shares) | shares		541,898
Write Off Of Unamortized Drydock Costs			300,000
Warrants Issued For Consideration
Property, Plant and Equipment [Line Items]
Warrants outstanding (in shares) | shares							541,898
Warrants and Rights Outstanding							$ 10,700,000
Ballast Water Treatment System
Property, Plant and Equipment [Line Items]
Number of vessels | vessel								39
Projected project costs								$ 500,000
Transfer from advances paid for vessel purchases			11,500,000
Advances paid for vessel installation			$ 4,400,000
Number of vessels, installation complete | vessel	23		23
Vessels and Vessel Improvements
Property, Plant and Equipment [Line Items]
Transfer from advances paid for vessel purchases			$ 3,250,000	0
Advances paid for vessel installation			$ 4,588,585	39,706,507
High-Specification Scrubber-Fitted Ultramax Bulkcarriers
Property, Plant and Equipment [Line Items]
Vessel purchase price				$ 51,500,000		$ 42,200,000	$ 15,300,000
Number of vessels purchased | vessel						2
Number Of Vessels Delivered | vessel	2
High-Specification Scrubber-Fitted Ultramax Bulkcarriers | Warrants Issued For Consideration
Property, Plant and Equipment [Line Items]
Warrants outstanding (in shares) | shares							212,315
Crown-58 Supramax Bulkcarriers
Property, Plant and Equipment [Line Items]
Vessel purchase price							$ 20,500,000
Number of vessels purchased | vessel							3
Number Of Vessels Delivered | vessel		4
Crown-58 Supramax Bulkcarriers | Warrants Issued For Consideration
Property, Plant and Equipment [Line Items]
Warrants outstanding (in shares) | shares							329,583
Vessel Tern
Property, Plant and Equipment [Line Items]
Vessel Sold, Consideration						$ 9,200,000

Vessels and vessel improvemen_4

Vessels and vessel improvements - Schedule of Vessels and vessel improvements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Movement in Property, Plant and Equipment [Roll Forward]
Vessels and vessel improvements	$ 810,713,959
Transfer from advances paid for vessel purchases	0	$ 3,250,000	$ 0
Depreciation expense	(300,000)	(300,000)	(300,000)
Vessels and vessel improvements	908,075,913	810,713,959
Vessels and Vessel Improvements
Movement in Property, Plant and Equipment [Roll Forward]
Vessels and vessel improvements	810,713,959	835,959,084
Transfer from advances paid for vessel purchases	3,250,000	0
Purchase of vessels and vessel improvements	128,326,112	979,612
Fair value of warrants issued as consideration for vessel purchases	10,679,988	0
Sale of vessels	(4,885,998)	(23,458,118)
Advances paid for vessel installation	4,588,585	39,706,507
Depreciation expense	(44,596,733)	(42,473,126)
Vessels and vessel improvements	$ 908,075,913	$ 810,713,959	$ 835,959,084

Deferred Drydock Costs (Details

Deferred Drydock Costs (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Changes in Deferred Drydock Costs [Roll Forward]
Beginning Balance	$ 24,153,776	$ 17,495,270
Payments for drydocking	21,906,358	14,293,562	$ 11,903,474
Drydock amortization	(8,655,617)	(7,378,752)	(6,227,851)
Write-off due to sale of vessels	(310,986)	(256,304)
Ending Balance	$ 37,093,531	$ 24,153,776	$ 17,495,270

Other accrued liabilities (Deta

Other accrued liabilities (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Other Accrued Liabilities [Line Items]
Other accrued liabilities	$ 17,993,299	$ 11,747,064
Dividends payable	226,107	0
Vessel and voyage expenses
Other Accrued Liabilities [Line Items]
Other accrued liabilities	7,467,901	4,625,539
Scrubber, BWTS and drydocking costs
Other Accrued Liabilities [Line Items]
Other accrued liabilities	1,743,255	1,178,695
Dividends payable
Other Accrued Liabilities [Line Items]
Other accrued liabilities	$ 8,556,036	$ 5,942,830

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt, gross	$ 401,669,000
Less: current portion	(49,800,000)	$ (39,244,297)
Total long-term debt	330,243,604	412,931,021
Norwegian Bond Debt
Debt Instrument [Line Items]
Total long-term debt	0	169,290,230
New Ultraco Debt Facility
Debt Instrument [Line Items]
Long-term debt, gross	287,550,000
Total long-term debt	0	132,083,949
Super Senior Revolver Facility
Debt Instrument [Line Items]
Total long-term debt	0	14,896,357
Convertible Debt | Convertible Debt Securities
Debt Instrument [Line Items]
Long-term debt, gross	114,119,000
Debt issuance costs	(13,165,256)	(17,459,515)
Long-term debt, net	100,953,744	96,660,485
Bond Debt | Norwegian Bond Debt
Debt Instrument [Line Items]
Long-term debt, gross	0	180,000,000
Debt issuance costs	0	(2,709,770)
Less: current portion	0	(8,000,000)
Long-term debt, net	0	169,290,230
Term Loan | New Ultraco Debt Facility
Debt Instrument [Line Items]
Long-term debt, gross	0
Debt issuance costs	0	(3,101,348)
Less: current portion	0	(31,244,297)
Long-term debt, net	0	132,083,949
Line of Credit | Super Senior Revolver Facility
Debt Instrument [Line Items]
Long-term debt, gross	0	15,000,000
Debt issuance costs	0	(103,643)
Long-term debt, net	0	14,896,357
Revolver Loan | Global Ultraco Debt Facility
Debt Instrument [Line Items]
Long-term debt, gross	287,550,000	0
Debt issuance costs	(8,460,140)	0
Less: current portion	(49,800,000)	0
Long-term debt, net	$ 229,289,860	$ 0

Debt - Convertible Bond Debt (D

Debt - Convertible Bond Debt (Details)	Nov. 24, 2021$ / shares	Nov. 15, 2021USD ($)$ / sharesshares	Jul. 29, 2019USD ($)vessel
Debt Instrument [Line Items]
Number of vessels acquired | vessel			6
Convertible Notes Payable | Convertible Debt
Debt Instrument [Line Items]
Aggregate principal amount			$ 114,100,000
Stated interest rate			5.00%
Debt issuance costs			$ 1,600,000
Conversion premium | shares		26.747
Conversion price (in dollars per share) | $ / shares		$ 37.39
Conversion premium | $ / shares	$ 2
Convertible Notes Payable | Convertible Debt | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Redemption price percentage			100.00%
Convertible Notes Payable | Convertible Debt | Other Liabilities
Debt Instrument [Line Items]
Debt issuance costs			$ 1,000,000
Convertible Debt Securities
Debt Instrument [Line Items]
Net proceeds			112,500,000
Conversion premium per principal amount of notes		$ 1,000	$ 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	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Jul. 29, 2019
Debt Instrument [Line Items]
Common stock, outstanding (in shares)	12,917,027	11,661,797
Affiliated Entity | Jeffries Capital Services LLC
Debt Instrument [Line Items]
Commons stock available to affiliate (in shares)			511,840
Common stock, outstanding (in shares)	511,840
Nominal fee per borrowed share	$ 30
Shares subject to become issued and outstanding in case of restructuring proceedings	511,840
Outstanding loaned shares value	$ 23,300

Debt - Global Ultraco Debt Faci

Debt - Global Ultraco Debt Facility (Details)	Oct. 01, 2021USD ($)derivativevessel	Oct. 31, 2021USD ($)derivative	Nov. 28, 2017USD ($)
Norwegian Bond Debt | Bond Debt
Debt Instrument [Line Items]
Debt instrument, redemption notice to redeem, period		10 days
Eagle Bulk Ultraco LLC | Global Ultraco Debt Facility | Line of Credit
Debt Instrument [Line Items]
Aggregate principal amount	$ 400,000,000
Debt instrument term	5 years
Repayment of outstanding revolver debt	$ 12,450,000
Vessels Secured By Global Ultraco Debt Facility | vessel	49
Proceeds from Lines of Credit	$ 350,000,000
Payments of Debt Issuance Costs	5,800,000
Eagle Bulk Ultraco LLC | Global Ultraco Debt Facility | Line of Credit | Global Ultraco Lenders
Debt Instrument [Line Items]
Minimum liquidity threshold	$ 600,000
Percentage of consolidated total debt, minimum threshold	7.50%
Ratio of Indebtedness to Net Capital	0.60
Eagle Bulk Ultraco LLC | Global Ultraco Debt Facility | Line of Credit | Minimum | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.10%
Eagle Bulk Ultraco LLC | Global Ultraco Debt Facility | Line of Credit | Maximum | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.80%
Eagle Bulk Ultraco LLC | Global Ultraco Debt Facility | Line of Credit | Secured Debt
Debt Instrument [Line Items]
Aggregate principal amount	$ 300,000,000
Number of Interest Rate Derivatives Held | derivative	4	4
Notional Amount Outstanding	$ 300,000,000	$ 300,000,000
Eagle Bulk Ultraco LLC | Global Ultraco Debt Facility | Line of Credit | Secured Debt | Minimum
Debt Instrument [Line Items]
Interest Rate Swap Detail	0.83%	0.83%
Eagle Bulk Ultraco LLC | Global Ultraco Debt Facility | Line of Credit | Secured Debt | Maximum
Debt Instrument [Line Items]
Interest Rate Swap Detail	1.06%	1.06%
Eagle Bulk Ultraco LLC | Global Ultraco Debt Facility | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity on line of credit facility	$ 100,000,000
Eagle Bulk Shipco LLC | Norwegian Bond Debt | Bond Debt
Debt Instrument [Line Items]
Aggregate principal amount			$ 200,000,000
Debt instrument, redemption notice to redeem, period	10 days

Debt - Holdco RCF Credit Agreem

Debt - Holdco RCF Credit Agreement (Details) $ in Millions	Mar. 26, 2021USD ($)
Eagle Bulk Shipco LLC | Revolving Credit Facility | Holdco RCF Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Debt issuance costs	$ 0.2

Debt - New Ultraco Debt Facilit

Debt - New Ultraco Debt Facility (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Mar. 26, 2021
Debt Instrument [Line Items]
Financing costs paid to lenders	$ (6,351,489)	$ (381,471)	$ (3,533,770)
Other financing costs	730,711	141,634	1,655,353
New Ultraco Debt Facility
Debt Instrument [Line Items]
Proceeds from long term debt	$ 16,500,000	$ 22,550,000	$ 187,760,000
New Ultraco Debt Facility | Line of Credit | Eagle Bulk Shipco LLC | Revolving Credit Facility
Debt Instrument [Line Items]
Debt issuance costs				$ 2,800,000
Holdco RCF Credit Agreement | Line of Credit | Eagle Bulk Shipco LLC | Revolving Credit Facility
Debt Instrument [Line Items]
Debt issuance costs				$ 200,000

Debt - Norwegian Bond Debt (Det

Debt - Norwegian Bond Debt (Details)	Oct. 01, 2021	Nov. 28, 2017USD ($)	Oct. 31, 2021USD ($)	Sep. 30, 2021USD ($)	Dec. 31, 2021USD ($)vessel	Dec. 31, 2020USD ($)vessel	Dec. 31, 2019USD ($)vessel	Dec. 31, 2019USD ($)vessel	Jul. 29, 2019vessel
Debt Instrument [Line Items]
Other financing costs					$ 6,351,489	$ 381,471	$ 3,533,770
Number of vessels sold | vessel					1	5	5	5
Proceeds from sale of vessels					$ 9,163,354	$ 23,224,650	$ 29,560,746	$ 40,400,000
Number of vessels acquired | vessel									6
Proceeds from sale of vessels				$ 13,800,000
Cash paid during the period for interest					$ 25,966,735	29,603,965	23,208,093
Defeasance Deposit
Debt Instrument [Line Items]
Cash on hand				$ 11,800,000
Ultramax Vessels
Debt Instrument [Line Items]
Number of vessels acquired | vessel					2
Scrubber Systems
Debt Instrument [Line Items]
Payments to acquire vessels					$ 23,600,000
Norwegian Bond Debt
Debt Instrument [Line Items]
Repayments of long-term debt					184,356,000	8,000,000	$ 8,000,000
Norwegian Bond Debt | Bond Debt
Debt Instrument [Line Items]
Redemption price percentage			102.475%
Debt instrument, redemption notice to redeem, period			10 days
Repayments of long-term debt			$ 185,600,000
Debt instrument, repurchased face amount			176,000,000
Cash paid during the period for interest			5,200,000
Payment for debt extinguishment or debt prepayment cost			$ 4,400,000
Debt issuance costs					0	$ 2,709,770
Norwegian Bond Debt | Bond Debt | Call Premium
Debt Instrument [Line Items]
Extinguishment of debt, amount					4,400,000
Norwegian Bond Debt | Bond Debt | Unamortized Debt Discount and Issuance Costs
Debt Instrument [Line Items]
Extinguishment of debt, amount					1,600,000
Norwegian Bond Debt | Bond Debt | Eagle Bulk Shipco LLC
Debt Instrument [Line Items]
Aggregate principal amount		$ 200,000,000
Stated interest rate		8.25%
Original issue discount rate		1.00%
Debt issuance costs, gross		$ 3,100,000
Proceeds from issuance of debt		$ 195,000,000
Debt instrument, redemption notice to redeem, period	10 days
Payments to Acquire Property, Plant, and Equipment					$ 36,100,000

Debt - New First Lien Facility

Debt - New First Lien Facility (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Loss on debt extinguishment	$ 6,085,094	$ 0	$ 2,268,452
Revolving Credit Facility | New First Lien Facility | Line of Credit | Eagle Bulk Shipco LLC
Debt Instrument [Line Items]
Loss on debt extinguishment			$ 1,100,000

Debt - Super Senior Facility (D

Debt - Super Senior Facility (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 08, 2017
Debt Instrument [Line Items]
Other financing costs	$ 6,351,489	$ 381,471	$ 3,533,770
Loss on debt extinguishment	6,085,094	$ 0	$ 2,268,452
Super Senior Revolver Facility
Debt Instrument [Line Items]
Commitment fee percentage		40.00%
Line of Credit | Super Senior Revolver Facility
Debt Instrument [Line Items]
Loss on debt extinguishment	$ 100,000
Eagle Bulk Shipco LLC | Line of Credit | Super Senior Revolver Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility				$ 15,000,000

Debt - Original Ultraco Debt Fa

Debt - Original Ultraco Debt Facility (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021USD ($)
Original Ultraco Debt Facility | Ultraco Lenders | Eagle Bulk Ultraco LLC
Debt Instrument [Line Items]
Outstanding balance of debt issuance costs as loss on debt extinguishment	$ 1.2

Debt - Interest Rates (Details)

Debt - Interest Rates (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
New First Lien Facility
Debt Instrument [Line Items]
Commitment fee percentage			40.00%
New First Lien Facility | Minimum
Debt Instrument [Line Items]
Interest rate during period			5.89%
New First Lien Facility | Maximum
Debt Instrument [Line Items]
Interest rate during period			6.01%
New First Lien Facility | Weighted Average
Debt Instrument [Line Items]
Interest rate during period			6.45%
Original Ultraco Debt Facility
Debt Instrument [Line Items]
Interest rate during period			5.28%
Commitment fee percentage			40.00%
Original Ultraco Debt Facility | Weighted Average
Debt Instrument [Line Items]
Interest rate during period			6.80%
Convertible Bond Debt | Minimum
Debt Instrument [Line Items]
Interest rate during period			5.00%
Convertible Bond Debt | Weighted Average
Debt Instrument [Line Items]
Interest rate during period			10.14%
Norwegian Bond Debt
Debt Instrument [Line Items]
Interest rate during period	8.25%	8.25%
Norwegian Bond Debt | Bond Debt
Debt Instrument [Line Items]
Interest rate during period			8.25%
Norwegian Bond Debt | Weighted Average
Debt Instrument [Line Items]
Interest rate during period	8.96%	8.75%
Norwegian Bond Debt | Weighted Average | Bond Debt
Debt Instrument [Line Items]
Interest rate during period			9.04%
New Ultraco Debt Facility
Debt Instrument [Line Items]
Commitment fee percentage		40.00%	40.00%
New Ultraco Debt Facility | Bond Debt
Debt Instrument [Line Items]
Interest rate during period	40.00%
New Ultraco Debt Facility | Minimum
Debt Instrument [Line Items]
Interest rate during period	2.60%	2.73%	4.51%
New Ultraco Debt Facility | Maximum
Debt Instrument [Line Items]
Interest rate during period	2.72%	4.68%	5.26%
New Ultraco Debt Facility | Weighted Average
Debt Instrument [Line Items]
Interest rate during period			4.54%
New Ultraco Debt Facility | Weighted Average | Bond Debt
Debt Instrument [Line Items]
Interest rate during period	3.28%	3.98%
Convertible Debt Securities | Minimum
Debt Instrument [Line Items]
Interest rate during period	5.00%	5.00%
Convertible Debt Securities | Weighted Average
Debt Instrument [Line Items]
Interest rate during period	10.14%	10.14%
Super Senior Revolver Facility
Debt Instrument [Line Items]
Commitment fee percentage		40.00%
Super Senior Revolver Facility | Bond Debt
Debt Instrument [Line Items]
Interest rate during period	2.24%
Super Senior Revolver Facility | Minimum
Debt Instrument [Line Items]
Interest rate during period		2.24%
Super Senior Revolver Facility | Maximum
Debt Instrument [Line Items]
Interest rate during period		2.89%
Super Senior Revolver Facility | Weighted Average | Bond Debt
Debt Instrument [Line Items]
Interest rate during period	2.58%	3.00%
Global Ultraco Debt Facility
Debt Instrument [Line Items]
Commitment fee percentage	40.00%
Global Ultraco Debt Facility | Minimum
Debt Instrument [Line Items]
Interest rate during period	2.35%
Global Ultraco Debt Facility | Maximum
Debt Instrument [Line Items]
Interest rate during period	2.57%
Global Ultraco Debt Facility | Weighted Average | Bond Debt
Debt Instrument [Line Items]
Interest rate during period	3.04%
Holdco Revolving Credit Facility
Debt Instrument [Line Items]
Commitment fee percentage	40.00%
Holdco Revolving Credit Facility | Minimum | Bond Debt
Debt Instrument [Line Items]
Interest rate during period	2.55%
Holdco Revolving Credit Facility | Maximum | Bond Debt
Debt Instrument [Line Items]
Interest rate during period	2.60%
Holdco Revolving Credit Facility | Weighted Average | Bond Debt
Debt Instrument [Line Items]
Interest rate during period	5.61%

Debt - Interest Expense (Detail

Debt - Interest Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Amortization of debt discount and debt issuance costs	$ 7,082,655	$ 6,272,309	$ 3,783,939
Total Interest expense	32,256,787	35,392,623	30,577,489
Convertible Debt
Debt Instrument [Line Items]
Line of credit facility, interest	5,737,654	5,737,650	2,377,550
Original Ultraco Debt Facility
Debt Instrument [Line Items]
Debt, interest expense	0	0	362,257
Norwegian Bond Debt
Debt Instrument [Line Items]
Debt, interest expense	11,710,417	15,298,250	15,930,750
New Ultraco Debt Facility
Debt Instrument [Line Items]
Debt, interest expense	4,335,026	7,612,342	7,172,442
New First Lien Facility
Debt Instrument [Line Items]
Line of credit facility, interest	0	0	293,545
Super Senior Revolver Facility
Debt Instrument [Line Items]
Line of credit facility, interest	29,818	215,804	0
Super Senior Revolver Facility
Debt Instrument [Line Items]
Commitment fees on revolver facilities	573,375	256,268	657,006
Global Ultraco Debt Facility
Debt Instrument [Line Items]
Debt, interest expense	2,473,924	0	0
Holdco Revolving Credit Facility
Debt Instrument [Line Items]
Debt, interest expense	$ 313,918	$ 0	$ 0

Debt - Scheduled Debt Maturitie

Debt - Scheduled Debt Maturities (Details)	Dec. 31, 2021USD ($)
Debt Instrument [Line Items]
2022	$ 49,800,000
2023	49,800,000
2024	163,919,000
2025	49,800,000
2025	88,350,000
2026	88,350,000
Long-term debt, gross	401,669,000
New Ultraco Debt Facility
Debt Instrument [Line Items]
2022	49,800,000
2023	49,800,000
2024	49,800,000
2025	49,800,000
2025	88,350,000
2026	88,350,000
Long-term debt, gross	287,550,000
Convertible Bond Debt
Debt Instrument [Line Items]
2022	0
2023	0
2024	114,119,000
2025	0
2025	0
2026	0
Long-term debt, gross	$ 114,119,000

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details)	12 Months Ended
	Dec. 31, 2021USD ($)t$ / T	Dec. 31, 2020USD ($)	Oct. 31, 2021USD ($)derivative
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Collateral on derivatives	$ 15,080,567	$ 0
Loss expected to be reclassified into earnings	600,000
Accumulated other comprehensive income/(loss)	$ 1,886,285	$ (1,132,398)
Super Senior Revolver Facility
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Commitment fee percentage		40.00%
Super Senior Revolver Facility | Bond Debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate during period	2.24%
Secured Debt | Credit Agreement | Eagle Bulk Ultraco LLC | Line of Credit
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Interest Rate Derivatives Held | derivative			4
Notional Amount Outstanding			$ 300,000,000
Minimum | Super Senior Revolver Facility
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate during period		2.24%
Minimum | Secured Debt | Credit Agreement | Eagle Bulk Ultraco LLC | Line of Credit
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest Rate Swap Detail			0.83%
Maximum | Super Senior Revolver Facility
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate during period		2.89%
Maximum | Secured Debt | Credit Agreement | Eagle Bulk Ultraco LLC | Line of Credit
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest Rate Swap Detail			1.06%
Weighted Average | Super Senior Revolver Facility | Bond Debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate during period	2.58%	3.00%
Low Sulfur Fuel Cost Spread | Expiring in 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative notional mass (metric tons) | t	21,660
Low Sulfur Fuel Cost Spread | Minimum | Expiring in 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative contract price (usd per metric ton) | $ / T	272
Low Sulfur Fuel Cost Spread | Maximum | Expiring in 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative contract price (usd per metric ton) | $ / T	583
FFAs - Unrealized loss | Other current assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Collateral on derivatives		$ 100,000

Derivative Instruments - Intere

Derivative Instruments - Interest Rate Swap Agreements (Details) - Interest Rate Swap - USD ($)	Sep. 30, 2021	Aug. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of cancelled interest rate swap	$ 143,000,000	$ 150,800,000
Amount of loss incurred on cancelled interest rate swap	$ 200,000	$ 200,000
Notional Amount Outstanding			$ 287,550,000	$ 166,429,594
New Ultraco Debt Facility
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount Outstanding			$ 0
Global Ultraco Debt Facility
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount Outstanding				0
31 March 2020 | New Ultraco Debt Facility
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest Rate Swap Detail			0.64%
Notional Amount Outstanding				72,452,297
15 April 2020 | New Ultraco Debt Facility
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest Rate Swap Detail			0.58%
Notional Amount Outstanding				36,226,149
25 June 2020 | New Ultraco Debt Facility
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest Rate Swap Detail			0.50%
Notional Amount Outstanding				$ 57,751,148
12 October 2021 | New Ultraco Debt Facility
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest Rate Swap Detail			0.83%
12 October 2021 | Global Ultraco Debt Facility
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount Outstanding			$ 215,662,500
15 October 2021 | New Ultraco Debt Facility
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest Rate Swap Detail			0.94%
15 October 2021 | Global Ultraco Debt Facility
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount Outstanding			$ 23,962,500
18 October 2021 | New Ultraco Debt Facility
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest Rate Swap Detail			0.93%
18 October 2021 | Global Ultraco Debt Facility
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount Outstanding			$ 23,962,500
26 October 2021 | New Ultraco Debt Facility
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest Rate Swap Detail			1.06%
26 October 2021 | Global Ultraco Debt Facility
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount Outstanding			$ 23,962,500

Derivative Instruments - Effect

Derivative Instruments - Effect of Derivative Instruments (Details) - Interest Rate Swap - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate swaps	$ 2,105,718	$ (1,021,453)
Interest expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate swaps	$ (912,965)	$ 110,945

Derivative Instruments - Inte_2

Derivative Instruments - Interest Swap Assets and Liabilities (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of derivative liabilities - current	$ 4,253,155	$ 481,791
Fair value of derivative liabilities - noncurrent	0	650,607
Fair value of derivative assets - noncurrent	3,112,091	0
Designated as Hedging Instrument | Fair Value Of Derivative, Current
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of derivative liabilities - current	884,725	481,791
Designated as Hedging Instrument | Fair Value Of Derivative, Noncurrent
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of derivative liabilities - noncurrent	0	650,607
Designated as Hedging Instrument | Fair Value Of Derivative Asset - noncurrent
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of derivative assets - noncurrent	$ 3,112,091	$ 0

Derivative Instruments - Open P

Derivative Instruments - Open Positions on Forward Freight Agreements (Details) - Scenario, Forecast - Forward Freight Agreement - USD ($)	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Amount of Hedged Item		$ 21,638	$ 24,809	$ 26,352	$ 20,259
Maximum Length of Time Hedged in Price Risk Cash Flow Hedge	720 days	720 days	720 days	855 days

Derivative Instruments - Effe_2

Derivative Instruments - Effect of Non-designated Derivative Instruments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability		$ 1,132,398
Derivatives not designated as hedging instruments
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amount of (gain)/loss	$ 38,243,746	(4,826,774)
Derivatives not designated as hedging instruments | Bunker swaps - unrealized loss/(gain) | Fair Value Of Derivative, Current | Fair Value, Inputs, Level 2
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset	342,993	352,399
Derivatives not designated as hedging instruments | Forward Freight Agreements, Unrealized Loss | Fair Value, Inputs, Level 2
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amount of (gain)/loss	(3,400,000)
Derivatives not designated as hedging instruments | Forward Freight Agreements, Unrealized Loss | Fair Value of Derivatives | Fair Value, Inputs, Level 2
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability	3,368,430	0
Derivatives not designated as hedging instruments | FFAs - unrealized loss | Fair Value Of Derivative, Current | Fair Value, Inputs, Level 2
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative asset	4,325,880	0
Derivatives not designated as hedging instruments | Realized and Unrealized Loss/(Gain) on Derivative Instruments, Net | Bunker swaps - unrealized loss/(gain) | Fair Value, Inputs, Level 2
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amount of (gain)/loss	9,406	(1,012,584)
Derivatives not designated as hedging instruments | Realized and Unrealized Loss/(Gain) on Derivative Instruments, Net | FFAs - Unrealized loss
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amount of (gain)/loss	41,138,509	3,822,049
Derivatives not designated as hedging instruments | Realized and Unrealized Loss/(Gain) on Derivative Instruments, Net | Forward Freight Agreements, Unrealized Loss | Fair Value, Inputs, Level 2
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amount of (gain)/loss	58,747	711,708
Derivatives not designated as hedging instruments | Realized and Unrealized Loss/(Gain) on Derivative Instruments, Net | Bunker Swaps - Realized (Gain)/Loss
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Amount of (gain)/loss	$ (2,962,916)	$ (8,347,947)

Fair Value Measures and Discl_3

Fair Value Measures and Disclosures (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 86,221,552	$ 88,848,771
Other Assets, Fair Value Disclosure		483,739
Collateral on derivatives	15,080,567	0
Fair value of derivative assets - current	4,668,873	0
Derivative liability		1,132,398
Restricted cash	100,000	18,900,000
Fair value of derivative assets - noncurrent	3,112,091	0
Designated as Hedging Instrument | Fair Value Of Derivative Asset - noncurrent
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of derivative assets - noncurrent	3,112,091	0
Derivatives not designated as hedging instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	(38,243,746)	4,826,774
FFAs - Unrealized loss | Other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Collateral on derivatives		100,000
FFAs - Unrealized loss | Derivatives not designated as hedging instruments | Realized and Unrealized Loss/(Gain) on Derivative Instruments, Net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	(41,138,509)	(3,822,049)
Bunker Swaps - Realized (Gain)/Loss | Derivatives not designated as hedging instruments | Realized and Unrealized Loss/(Gain) on Derivative Instruments, Net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	2,962,916	8,347,947
Global Ultraco Debt Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	287,550,000
Convertible Bond Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	114,119,000	114,120,000
Norwegian Bond Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt		180,000,000
New Ultraco Debt Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt		166,429,594
Super Senior Revolver Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt		15,000,000
Fair Value, Inputs, Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	86,221,552	88,848,771
Other Assets, Fair Value Disclosure		131,340
Collateral on derivatives	15,080,567
Derivative liability	0	0
Fair Value, Inputs, Level 1 | Recurring | Global Ultraco Debt Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	0
Fair Value, Inputs, Level 1 | Recurring | Convertible Bond Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	0	0
Fair Value, Inputs, Level 1 | Recurring | Norwegian Bond Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt		0
Fair Value, Inputs, Level 1 | Recurring | New Ultraco Debt Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt		0
Fair Value, Inputs, Level 1 | Recurring | Super Senior Revolver Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt		0
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Assets, Fair Value Disclosure		352,399
Fair Value, Inputs, Level 2 | Interest Rate Swap | Derivatives not designated as hedging instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	900,000	1,100,000
Fair Value, Inputs, Level 2 | Forward Freight Agreements, Unrealized Loss | Derivatives not designated as hedging instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	3,400,000
Fair Value, Inputs, Level 2 | Forward Freight Agreements, Unrealized Loss | Derivatives not designated as hedging instruments | Fair Value of Derivatives
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liability	3,368,430	0
Fair Value, Inputs, Level 2 | Forward Freight Agreements, Unrealized Loss | Derivatives not designated as hedging instruments | Realized and Unrealized Loss/(Gain) on Derivative Instruments, Net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	(58,747)	(711,708)
Fair Value, Inputs, Level 2 | Bunker swaps - unrealized loss/(gain) | Derivatives not designated as hedging instruments | Realized and Unrealized Loss/(Gain) on Derivative Instruments, Net
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset	(9,406)	1,012,584
Fair Value, Inputs, Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Collateral on derivatives	0
Fair value of derivative assets - current	4,668,873
Derivative liability	4,253,155	1,132,398
Fair value of derivative assets - noncurrent	3,112,091
Fair Value, Inputs, Level 2 | Recurring | Global Ultraco Debt Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	287,550,000
Fair Value, Inputs, Level 2 | Recurring | Convertible Bond Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 147,498,808	92,748,748
Fair Value, Inputs, Level 2 | Recurring | Norwegian Bond Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt		173,250,000
Fair Value, Inputs, Level 2 | Recurring | New Ultraco Debt Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt		166,429,594
Fair Value, Inputs, Level 2 | Recurring | Super Senior Revolver Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt		$ 15,000,000

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Other operating expense related to government investigation	$ 2,812,415	$ 0	$ 1,125,000

Leases - Additional Information

Leases - Additional Information (Details)

Sep. 06, 2021route$ / d

Aug. 17, 2021USD ($)

Jul. 08, 2021$ / d

Jun. 28, 2021$ / d

May 04, 2021$ / d

Dec. 22, 2020routet$ / d

Dec. 25, 2019$ / d

Dec. 09, 2018t$ / d

May 04, 2018t$ / d

Apr. 28, 2017t$ / d

Nov. 30, 2018USD ($)

Dec. 31, 2021USD ($)contractt

Dec. 31, 2020USD ($)contract

Dec. 31, 2019USD ($)contract

Mar. 31, 2021USD ($)

Dec. 31, 2018USD ($)

Lessee, Lease, Description [Line Items]

Dead weight tonnage of operating fleet | t

3,190,000

Fair value below contract value of time charters acquired

$ 1,800,000

Increase to lease liability

$ 4,500,000

$ 1,000,000

Operating lease, right-of-use asset

$ 17,017,429

$ 7,540,871

Operating lease, liability

$ 17,010,660

Increase (Decrease), Lease Modification, Operating Lease Right-Of-Use-Asset

$ 4,500,000

$ 1,000,000

Weighted average remaining lease term (in months)

12 years 9 months 25 days

Letter of Credit

Lessee, Lease, Description [Line Items]

Restricted cash

$ 100,000

$ 100,000

Operating Lease Right-Of-Use Assets And Corresponding Lease Liabilities

Lessee, Lease, Description [Line Items]

Number of contracts | contract

5

2013 Built Japanese Vessel

Lessee, Lease, Description [Line Items]

Dead weight tonnage of operating fleet | t

61,400

Term of charter agreement

4 years

Charters agreement extension option

2 years

Increase to lease liability and the corresponding ROU asset

$ 5,000,000

Discount rate

1.36%

2013 Built Japanese Vessel | First Four Years

Lessee, Lease, Description [Line Items]

Vessel hire rate (usd per day) | $ / d

12,800

2013 Built Japanese Vessel | First Optional Year

Lessee, Lease, Description [Line Items]

Vessel hire rate (usd per day) | $ / d

13,800

13,800

2013 Built Japanese Vessel | Second Optional Year

Lessee, Lease, Description [Line Items]

Vessel hire rate (usd per day) | $ / d

14,300

Ultramax Vessels

Lessee, Lease, Description [Line Items]

Dead weight tonnage of operating fleet | t

61,425

Term of charter agreement

3 years

Charters agreement extension option

2 years

Increase to lease liability and the corresponding ROU asset

5,800,000

Ultramax Vessels | First Optional Year

Lessee, Lease, Description [Line Items]

Vessel hire rate (usd per day) | $ / d

13,750

Ultramax Vessels | Second Optional Year

Lessee, Lease, Description [Line Items]

Vessel hire rate (usd per day) | $ / d

13,750

14,750

Discount rate

1.34%

Ultramax Vessels | First Three Years

Lessee, Lease, Description [Line Items]

Vessel hire rate (usd per day) | $ / d

12,700

2016 Built Ultramax Vessel

Lessee, Lease, Description [Line Items]

Dead weight tonnage of operating fleet | t

62,487

Term of charter agreement

2 years

2016 Built Ultramax Vessel | First Two Years

Lessee, Lease, Description [Line Items]

Vessel hire rate (usd per day) | $ / d

11,600

14,250

2016 Built Ultramax Vessel | Third Year Option

Lessee, Lease, Description [Line Items]

Vessel hire rate (usd per day) | $ / d

15,250

2016 Built Ultramax Vessel | Additional Year Option

Lessee, Lease, Description [Line Items]

Vessel hire rate (usd per day) | $ / d

12,600

Increase to lease liability and the corresponding ROU asset

4,300,000

Discount rate

1.38%

2021 Built Ultramax Vessel

Lessee, Lease, Description [Line Items]

Dead weight tonnage of operating fleet | t

63,634

Term of charter agreement

12 years

Charters agreement extension option

3 years

Discount rate

1.33%

Charters agreement term, initial period

15 years

Operating lease, right-of-use asset

9,100,000

Operating lease, liability

9,100,000

2021 Built Ultramax Vessel | Additional Year Option

Lessee, Lease, Description [Line Items]

Vessel hire rate (usd per day) | $ / d

10,750

Operating lease, right-of-use asset

0

Operating lease, liability

$ 0

2021 Built Ultramax Vessel | Twelve Month Option

Lessee, Lease, Description [Line Items]

Vessel hire rate (usd per day) | $ / d

5,900

Amount of Baltic Supermax Index added to hiring rate

57.00%

Number of routes | route

10

2021 Built Ultramax Vessel | Three Month Option

Lessee, Lease, Description [Line Items]

Vessel hire rate (usd per day) | $ / d

6,500

Shares scrubber benefit

50.00%

2021 Built Ultramax Vessel | Twelve to Fifteen Month Option

Lessee, Lease, Description [Line Items]

Vessel hire rate (usd per day) | $ / d

11,250

Amount of Baltic Supermax Index added to hiring rate

57.50%

Number of routes | route

10

Office Building

Lessee, Lease, Description [Line Items]

Number of contracts | contract

2

2

2

Operating lease, right-of-use asset

$ 1,978,369

$ 1,333,618

Operating lease, liability

1,971,600

Office Building | Lease Agreement for Office Space in Stamford

Lessee, Lease, Description [Line Items]

Average annual rent expense

400,000

Office Building | Singapore Lease Arrangement

Lessee, Lease, Description [Line Items]

Increase to lease liability and the corresponding ROU asset

1,300,000

Discount rate

3.09%

Average annual rent expense

$ 400,000

$ 300,000

Lessee, operating lease, renewal term

5 years

Office Building | Additional Singapore Lease Arrangement

Lessee, Lease, Description [Line Items]

Operating lease, right-of-use asset

0

Operating lease, liability

$ 0

Average annual rent expense

$ 200,000

Lessee, operating lease, renewal term

4 years 10 months 24 days

Minimum

Lessee, Lease, Description [Line Items]

Term of contract

30 days

Incremental borrowing rate

2.81%

Term of charter agreement

12 years

Charters agreement extension option

11 years

Maximum

Lessee, Lease, Description [Line Items]

Term of contract

2 years

Incremental borrowing rate

6.08%

Term of charter agreement

15 years

Charters agreement extension option

13 years

Leases - Operating Lease Assets

Leases - Operating Lease Assets and Liabilities (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2021	Dec. 25, 2019
Lessee, Lease, Description [Line Items]
Operating lease, right-of-use asset		$ 17,017,429	$ 7,540,871
Lease liabilities - short term		15,728,107	7,615,371
Lease liabilities - long term		$ 1,282,553	686,422
Discount rate upon adoption		5.48%				2.806%
Impairment of operating lease right-of-use assets	$ 400,000	$ 0	352,368	$ 0
Minimum
Lessee, Lease, Description [Line Items]
Discount rate upon adoption					1.33%
Maximum
Lessee, Lease, Description [Line Items]
Discount rate upon adoption		6.08%
Weighted Average
Lessee, Lease, Description [Line Items]
Discount rate upon adoption					1.67%
Chartered In Contracts
Lessee, Lease, Description [Line Items]
Operating lease, right-of-use asset		$ 15,039,060	6,207,253
Lease liabilities - short term		15,039,060	6,974,943
Lease liabilities - long term		$ 1,282,553	686,422
Discount rate upon adoption		5.37%
Office Building
Lessee, Lease, Description [Line Items]
Operating lease, right-of-use asset		$ 1,978,369	1,333,618
Lease liabilities - short term		689,047	640,428
Lease liabilities - long term		$ 1,282,553	$ 686,422
Discount rate upon adoption		5.80%

Leases - Lease Expense (Details

Leases - Lease Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Sublease Income	$ 25,372,314	$ 8,589,156
Cash paid for operating leases	18,100,000	14,000,000
Charter Hire Expenses [Member]
Lessee, Lease, Description [Line Items]
Short-term Lease, Cost	20,553,368	8,731,978
Operating lease, expense	16,548,324	12,548,246
Lease cost	37,101,692	21,280,224
Dividends payable
Lessee, Lease, Description [Line Items]
Operating lease, expense	$ 642,020	$ 733,874

Leases - Lease Maturities (Deta

Leases - Lease Maturities (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 25, 2019
Lessee, Lease, Description [Line Items]
2022	$ 15,844,360
2023	510,074
2024	265,922
2025	265,195
2026	265,195
2027	53,766
Operating lease payments	17,204,512
Lease liabilities - short term	15,728,107	$ 7,615,371
Lease liabilities - long term	1,282,553	686,422
Total Lease Liabilities	17,010,660
Discount based on incremental borrowing rate	$ 193,852
Discount rate upon adoption	5.48%		2.806%
Office Building
Lessee, Lease, Description [Line Items]
2022	$ 748,243
2023	510,074
2024	265,922
2025	265,195
2026	265,195
2027	53,766
Operating lease payments	2,108,395
Lease liabilities - short term	689,047	640,428
Lease liabilities - long term	1,282,553	686,422
Total Lease Liabilities	1,971,600
Discount based on incremental borrowing rate	$ 136,795
Discount rate upon adoption	5.80%
Chartered In Contracts
Lessee, Lease, Description [Line Items]
2022	$ 15,096,117
Operating lease payments	15,096,117
Lease liabilities - short term	15,039,060	6,974,943
Lease liabilities - long term	1,282,553	$ 686,422
Total Lease Liabilities	15,039,060
Discount based on incremental borrowing rate	$ 57,057
Discount rate upon adoption	5.37%

Revenue (Details)

Revenue (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues earned as demurrage	$ 594,537,654	$ 275,133,547	$ 292,377,638
Deferred costs	700,000	500,000
Voyage In Progress
Disaggregation of Revenue [Line Items]
Revenues earned as demurrage	$ 20,700,000	$ 6,300,000	$ 10,700,000

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues, net	$ 594,537,654	$ 275,133,547	$ 292,377,638
Time charters
Disaggregation of Revenue [Line Items]
Revenues, net	299,613,590	105,028,131	128,142,708
Voyage charters
Disaggregation of Revenue [Line Items]
Revenues, net	$ 294,924,064	$ 170,105,416	$ 164,234,930

Income_(Loss) per Common Shar_2

Income/(Loss) per Common Share - Narrative (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Number of securities called by warrants (in shares)		21,718	21,718
Stock Compensation Plan
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	200,145	218,013	222,786
Employee Stock Option
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	47,568	325,591	326,399

Income_(Loss) per Common Shar_3

Income/(Loss) per Common Share - Basic and Diluted (Details) - USD ($)		12 Months Ended
		Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Net income/(loss)		$ 184,897,884	$ (35,063,468)	$ (21,697,115)
Weighted average shares-basic (in shares)	[1]	12,399,509	10,310,246	10,195,088
Dilutive effect of stock options, warrants and restricted stock units (in shares)		3,284,883	0	0
Weighted average shares - diluted (in shares)	[1]	15,684,392	10,310,246	10,195,088
Basic net (loss)/income per share (in dollars per share)	[1]	$ 14.91	$ (3.40)	$ (2.13)
Diluted net (loss)/income per share (in dollars per share)	[1]	$ 11.79	$ (3.40)	$ (2.13)
[1]	* Adjusted to give effect for the 1-for-7 Reverse Stock Split that became effective as of September 15, 2020, see Note 1, General Information.

Stock Incentive Plans - 2014 Ma

Stock Incentive Plans - 2014 Management Incentive Plan Narrative (Details) - $ / shares	1 Months Ended	12 Months Ended
	Nov. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Oct. 15, 2014
Management Incentive Plan 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of common stock for distribution					2.00%
Management Incentive Plan 2014 | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)		0	0
Nonvested (in shares)		0	0
Management Incentive Plan 2014 | Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested and unexercised (in dollars per share)	$ 29.96
Management Incentive Plan 2014 | Employee Stock Option | Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options vested but not exercised (in shares)		40,000
Options vested and exercised (in shares)	40,000
Management Incentive Plan 2014 | With Different Striking Prices
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of common stock for distribution					5.50%
2016 Equity Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period (in shares)	5,351
2016 Equity Compensation Plan | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)		200,145	218,013	222,786
2016 Equity Compensation Plan | Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options vested but not exercised (in shares)		13,000	13,000
Vested and unexercised (in dollars per share)		$ 38.92	$ 38.92

Stock Incentive Plans - 2016 Eq

Stock Incentive Plans - 2016 Equity Compensation Plan Narrative (Details) - USD ($)

Sep. 03, 2021

Feb. 19, 2021

Jun. 07, 2019

Dec. 15, 2016

Dec. 31, 2021

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Mar. 01, 2022

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock-based compensation expense

$ 3,481,095

$ 3,048,280

$ 4,826,324

Scenario, Forecast

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Future compensation expense

$ 200,000

$ 1,000,000

$ 2,500,000

Restricted Stock

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Restricted common stock granted (in shares)

92,327

Restricted shares granted in period, aggregate fair value

$ 2,800,000

Vesting period

3 years

Share Price

$ 29.96

Restricted Stock | Director

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Granted, options (in shares)

4,341

Granted, aggregate fair value

$ 100,000

Stock-based compensation expense

$ 1,800,000

Restricted Stock, Time Based Awards

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Restricted common stock granted (in shares)

17,727

Vesting period

3 years

Restricted Stock, Performance Based

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Equity compensation plan, shares authorized (in shares)

53,182

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms

3 years

Restricted Stock, Earnings Per Share Performance

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Restricted common stock granted (in shares)

35,454

Restricted Stock, Total Shareholder Return Performance

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Restricted common stock granted (in shares)

17,728

2016 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, shares that can be granted to employee (in shares)

428,571

Maximum number of options and stock appreciation rights that can be granted per employee in one year (in shares)

428,571

Maximum shares to be granted to non employee director in one year (in shares)

71,428

Additional shares authorized (in shares)

357,142

2016 Equity Compensation Plan | Employee Stock Option

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Cumulative options vested or expected to vest (in shares)

47,568

47,568

2016 Equity Compensation Plan | Employee Stock Option | Subsequent Event

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Cumulative options vested and exercised (in shares)

47,568

2016 Equity Compensation Plan | Employee Stock Option | Minimum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Exercise price (in dollars per share)

$ 32.97

$ 32.97

2016 Equity Compensation Plan | Employee Stock Option | Maximum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Exercise price (in dollars per share)

$ 38.92

$ 38.92

2016 Equity Compensation Plan | Restricted Stock, Time Based Awards

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share Price

$ 49.77

2016 Equity Compensation Plan | Restricted Stock, Time Based Awards | Management

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Restricted shares granted in period, aggregate fair value

$ 900,000

Stock-based compensation expense

$ 200,000

2016 Equity Compensation Plan | Restricted Stock, Earnings Per Share Performance

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share Price

$ 49.77

2016 Equity Compensation Plan | Restricted Stock, Earnings Per Share Performance | Management

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Restricted shares granted in period, aggregate fair value

$ 1,800,000

Vesting period

3 years

Stock-based compensation expense

$ 400,000

2016 Equity Compensation Plan | Restricted Stock, Total Shareholder Return Performance

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

TSR performance percentage of shares

64.10%

Share Price

$ 49.77

2016 Equity Compensation Plan | Restricted Stock, Total Shareholder Return Performance | Management

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Restricted shares granted in period, aggregate fair value

$ 500,000

Stock-based compensation expense

$ 200,000

Trading day period used in TSR performance calculation

20 days

Risk free rate of return

0.05%

Risk free rate of return, treasury rate period used for measurement

4 years

Expected volatility

55.66%

Expected volatility, measurement period

1 year

Discount applied

8.10%

Discount applied, measurement period using Finnerty model

1 year

Stock Incentive Plans - 2016 _2

Stock Incentive Plans - 2016 Equity Compensation Plan Restricted Stock Units Award Activity (Details) - Restricted Stock - 2016 Equity Compensation Plan - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Restricted shares
Beginning balance (in shares)	218,013	222,786
Issued (in shares)	114,395	107,930
Vested (in shares)	(81,734)	(65,981)
Forfeitures and cancellations (in shares)	(50,529)	(46,722)
Ending balance (in shares)	200,145	218,013
Weighted Average Fair value on grant date
Beginning balance (in dollars per share)	$ 27.48	$ 32.63
Issued, price on grant date (in dollars per share)	33.40	22.12
Vested during period (in dollars per share)	27.48	32.63
Forfeitures and cancellations (in dollars per share)	27.48	32.63
Ending balance (in dollars per share)	$ 30.83	$ 27.48
Share Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other than Options, Aggregate Fair Value [Roll Forward]
Beginning balance, aggregate fair value	$ 5,990	$ 7,270
Issued, aggregate fair value	3,820	2,390
Vested, aggregate fair value	(2,250)	(2,150)
Forfeitures and cancellations, aggregate fair value	(1,390)	(1,520)
Ending balance, aggregate fair value	$ 6,170	$ 5,990
Term	3 years
Vesting Year 1
Share Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other than Options, Aggregate Fair Value [Roll Forward]
Annual installment amount	33.00%
Vesting Year 2
Share Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other than Options, Aggregate Fair Value [Roll Forward]
Annual installment amount	33.00%
Vesting Year 3
Share Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other than Options, Aggregate Fair Value [Roll Forward]
Annual installment amount	33.00%

Stock Incentive Plans - 2016 _3

Stock Incentive Plans - 2016 Equity Compensation Plan Stock Options Activity (Details) - Employee Stock Option - 2016 Equity Compensation Plan - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Options
Balance outstanding beginning of period, options (in shares)	13,000	26,000
Options vested but not exercised (in shares)	(13,000)	(13,000)
Balance outstanding end of period, options (in shares)	0	13,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Beginning balance, weighted-average exercise price (in dollars per share)	$ 38.92	$ 38.92
Vested and unexercised (in dollars per share)	38.92	38.92
Ending balance, weighted-average exercise price (in dollars per share)		38.92
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning balance, fair value of options on grant date (in dollars per share)	9.10	18.20
Vested and unexercised, fair value (in dollars per share)	(9.10)	(9.10)
Forfeitures, fair value of options on grant date (in dollars per share)	$ 0
Ending balance, fair value of options on grant date (in dollars per share)		$ 9.10
Share Based Compensation Arrangement By Share Based Payment Award, Option, Aggregate Fair Value [Roll Forward]
Balance outstanding beginning of period, aggregate fair value	$ 230	$ 470
Vested and unexercised, aggregate fair value	(230)	(240)
Forfeited, aggregate fair value	$ 0
Balance outstanding end of period, aggregate fair value		$ 230

Stock Incentive Plans - Non-cas

Stock Incentive Plans - Non-cash Compensation Expenses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 3,481,095	$ 3,048,280	$ 4,826,324
2016 and 2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 3,481,095	$ 3,048,280	$ 4,826,324

Employee Benefit Plan (Details)

Employee Benefit Plan (Details) - USD ($)	Jan. 01, 2019	Oct. 31, 2010	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Employer matching contribution percent	100.00%
Employer matching contribution percent of employees gross pay	600.00%	3.00%
Profit sharing contribution			$ 0	$ 0	$ 0
Dividends payable
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Matching contribution incurred			$ 433,048	$ 447,574	$ 435,142
First 3% of Employee's Salary
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Employer matching contribution percent		100.00%
Next 2% of Employee's Salary
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Employer matching contribution percent		50.00%
Matched at 50%
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Employer matching contribution percent of employees gross pay		2.00%

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event $ / shares in Units, $ in Millions	Feb. 22, 2022USD ($)$ / shares
Subsequent Event [Line Items]
Cash dividends declared, per share (in usd per share) | $ / shares	$ 2.05
Scenario, Forecast
Subsequent Event [Line Items]
Dividends, common stock, cash | $	$ 27