StealthGas (GASS) 6-K9 Dec 132013 Q3 Unaudited Condensed Consolidated Financial StatementsFinancial data

Company Profile

Document_And_Entity_Informatio

Document And Entity Information	9 Months Ended
Document And Entity Information	Sep. 30, 2013
Document and Entity Information [Abstract]	'
Entity Registrant Name	'StealthGas Inc.
Document Type	'6-K
Current Fiscal Year End Date	'--12-31
Entity Common Stock, Shares Outstanding	32,127,329
Amendment Flag	'false
Entity Central Index Key	'0001328919
Entity Current Reporting Status	'Yes
Entity Voluntary Filers	'No
Entity Filer Category	'Accelerated Filer
Entity Well-known Seasoned Issuer	'No
Document Period End Date	30-Sep-13
Document Fiscal Year Focus	'2013
Document Fiscal Period Focus	'Q3

Unaudited_Condensed_Consolidat

Unaudited Condensed Consolidated Balance Sheets (USD $)	Sep. 30, 2013	Dec. 31, 2012
Current assets	'	'
Cash and cash equivalents	$95,856,697	$42,273,000
Receivables from related party	96,717	'
Trade and other receivables	3,391,637	3,029,284
Claims receivable	1,748,496	32,835
Inventories	3,341,831	3,152,407
Advances and prepayments	702,705	435,226
Restricted cash	6,865,568	7,340,655
Total current assets	112,003,651	56,263,407
Non current assets	'	'
Advances for vessels under construction	46,283,936	19,321,045
Vessels, net	685,112,848	634,634,671
Other receivables	578,173	224,422
Restricted cash	2,100,000	1,300,000
Deferred finance charges	1,415,992	1,295,486
Total non current assets	735,490,949	656,775,624
Total assets	847,494,600	713,039,031
Current liabilities	'	'
Payable to related party	7,944,631	7,288,899
Trade accounts payable	7,293,704	5,927,526
Accrued liabilities	3,459,375	2,855,170
Customer deposits	'	280,000
Deferred income	3,058,374	3,129,671
Fair value of derivatives	370,702	539,904
Current portion of long-term debt	72,873,605	35,787,544
Total current liabilities	95,000,391	55,808,714
Non current liabilities	'	'
Fair value of derivatives	3,240,319	5,409,337
Other non current liabilities	552,131	222,770
Long-term debt	281,673,584	309,564,768
Total non current liabilities	285,466,034	315,196,875
Total liabilities	380,466,425	371,005,589
Stockholders' equity	'	'
5,000,000 preferred shares authorized and zero outstanding with a par value of $0.01 per share, 100,000,000 common shares authorized 21,179,642 shares issued and 20,627,329 shares outstanding at December 31, 2012 and 32,679,642 shares issued and 32,127,329 shares outstanding at September 30, 2013 with a par value of $0.01 per share	321,273	206,273
Additional paid-in capital	385,079,657	275,792,164
Retained earnings	81,701,724	66,016,627
Accumulated other comprehensive income/(loss)	-74,479	18,378
Total stockholders' equity	467,028,175	342,033,442
Total liabilities and stockholders' equity	$847,494,600	$713,039,031

Unaudited_Condensed_Consolidat1

Unaudited Condensed Consolidated Balance Sheets (Parentheticals) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Common Stock Par Value (in Dollars per share)	$0.01	$0.01
Common Stock Shares Authorized	100,000,000	100,000,000
Common Stock Shares Issued	32,679,642	20,627,329
Common Stock Shares Outstanding	32,127,329	20,627,329
Preferred Stock Shares Authorized	5,000,000	5,000,000
Preferred Stock Shares Outstanding	0	0
Preferred Stock Par Value (in Dollars per share)	$0.01	$0.01

Unaudited_Condensed_Consolidat2

Unaudited Condensed Consolidated Statements of Income (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Revenues	'	'
Revenues	$82,108,144	$86,735,515
Revenues â€“ related party	7,340,891	1,891,884
Total revenues	89,449,035	88,627,399
Expenses	'	'
Voyage expenses	9,894,145	7,753,002
Voyage expenses â€“ related party	1,089,651	1,094,730
Vessels' operating expenses	23,447,417	21,972,357
Vessels' operating expenses â€“ related party	3,066,316	885,261
Dry-docking costs	2,456,614	2,045,656
Management fees â€“ related party	3,502,450	3,207,885
General and administrative expenses	1,892,747	2,151,866
Depreciation	22,671,019	21,442,465
Net gain on sale of vessels	'	-1,372,409
Total expenses	68,020,359	59,180,813
Income from operations	21,428,676	29,446,586
Other income and (expenses)	'	'
Interest and finance costs	-5,932,624	-7,250,396
(Loss)/gain on derivatives	64,611	-1,153,309
Interest income	203,666	169,844
Foreign exchange loss	-79,232	-13,316
Other expenses, net	-5,743,579	-8,247,177
Net income	$15,685,097	$21,199,409
Earnings per share	'	'
- Basic (in Dollars per share)	$0.58	$1.03
- Diluted (in Dollars per share)	$0.58	$1.03
Weighted average number of shares	'	'
-Basic (in Shares)	26,997,623	20,552,568
-Diluted (in Shares)	26,997,623	20,552,568

Unaudited_Condensed_Consolidat3

Unaudited Condensed Consolidated Statements of Comprehensive Income (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Net Income	$15,685,097	$21,199,409
Other Comprehensive Income/(Loss)	'	'
Reclassification adjustment	-92,857	11,830
Other Comprehensive Income/(Loss)	-92,857	11,830
Comprehensive Income	$15,592,240	$21,211,239

Unaudited_Condensed_Consolidat4

Unaudited Condensed Consolidated Statement of Changes in Stockholdersâ€™ Equity (USD $)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total
Balance at Dec. 31, 2011	$205,526	$275,761,643	$37,058,140	$72,718	$313,098,027
Balance (in Shares) at Dec. 31, 2011	20,552,568	'	'	'	'
Net income for the period	'	'	21,199,409	'	21,199,409
Other comprehensive income	'	'	'	11,830	11,830
Share based compensation	'	'	'	'	0
Balance at Sep. 30, 2012	205,526	275,761,643	58,257,549	84,548	334,309,266
Balance (in Shares) at Sep. 30, 2012	20,552,568	'	'	'	'
Balance at Dec. 31, 2012	206,273	275,792,164	66,016,627	18,378	342,033,442
Balance (in Shares) at Dec. 31, 2012	20,627,329	'	'	'	'
Net income for the period	'	'	15,685,097	'	15,685,097
Other comprehensive income	'	'	'	-92,857	-92,857
Follow-on public offering net of issuance cost	115,000	109,068,623	'	'	109,183,623
Follow-on public offering net of issuance cost (in Shares)	11,500,000	'	'	'	'
Share based compensation	'	218,870	'	'	218,870
Balance at Sep. 30, 2013	$321,273	$385,079,657	$81,701,724	($74,479)	$467,028,175
Balance (in Shares) at Sep. 30, 2013	32,127,329	'	'	'	'

Unaudited_Condensed_Consolidat5

Unaudited Condensed Consolidated Statements of Cash Flows (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Cash flows from operating activities	'	'
Net income for the period	$15,685,097	$21,199,409
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation	22,671,019	21,442,465
Amortization of deferred finance charges	321,524	325,577
Unrealized exchange differences	-10,694	92,138
Share based compensation	218,870	0
Change in fair value of derivatives	-2,431,077	-2,450,232
Gain on sale of vessels	'	-1,372,409
(Increase)/decrease in	'	'
Trade and other receivables	-716,104	-1,038,642
Claims receivable	-1,922,975	-275,734
Inventories	-189,424	-198,666
Advances and prepayments	-267,479	119,337
Increase/(decrease) in	'	'
Balances with related parties	559,015	107,632
Trade accounts payable	1,366,178	464,668
Accrued liabilities	604,205	-1,128,920
Other non current liabilities	329,361	'
Deferred income	-71,297	-257,320
Net cash provided by operating activities	36,146,219	37,029,303
Cash flows from investing activities	'	'
Insurance proceeds	207,314	792,137
Vessel acquisitions and advances for vessels under construction	-100,112,087	-62,513,765
Proceeds from sale of vessels, net	'	18,136,907
Decrease/(Increase) in restricted cash account	-324,913	2,141,047
Net cash used in investing activities	-100,229,686	-41,443,674
Cash flows from financing activities	'	'
Net proceeds from common stock issuance	109,183,623	'
Deferred finance paid	-442,030	'
Customer deposits returned	-280,000	'
Loan repayments	-27,567,623	-41,048,198
Proceeds from long-term debt	36,762,500	43,250,000
Net cash provided by financing activities	117,656,470	2,201,802
Effect of exchange rate changes on cash	10,694	-92,138
Net (decrease)/increase in cash and cash equivalents	53,583,697	-2,304,707
Cash and cash equivalents at beginning of year	42,273,000	43,539,303
Cash and cash equivalents at end of period	$95,856,697	$41,234,596

Note_1_Basis_of_Presentation_a

Note 1 - Basis of Presentation and General Information	9 Months Ended
	Sep. 30, 2013
Disclosure Text Block [Abstract]	'
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	'
	1.	Basis of Presentation and General Information

	The accompanying unaudited condensed consolidated financial statements include the accounts of StealthGas Inc.and its subsidiaries (collectively, the “Company”). StealthGas Inc. was formed under the laws of the Marshall Islands on December 22, 2004 and, as of September 30, 2013 owned a fleet of thirty eight (38) liquefied petroleum gas (LPG) carriers, three medium range (M.R.) type product carriers and one Aframax tanker providing worldwide marine transportation services under long, medium or short-term charters. The Company’s vessels are managed by Stealth Maritime Corporation S.A. — Liberia (the “Manager”), a related party. The Manager is a company incorporated in Liberia and registered in Greece on May 17, 1999 under the provisions of law 89/1967, 378/1968 and article 25 of law 27/75 as amended by article 4 of law 2234/94. (See Note 3).

	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These statements and the accompanying notes should be read in conjunction with the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2012, filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 18, 2013.

	These unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. Operating results for the nine-month period ended September 30, 2013, are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2013.

Note_2_Significant_Accounting_

Note 2 - Significant Accounting Policies	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
Significant Accounting Policies [Text Block]	'
	2.	Significant Accounting Policies

	A discussion of the Company’s significant accounting policies can be found in the Company’s consolidated financial statements included in the Annual Report on Form 20-F for the fiscal year ended December 31, 2012, filed with SEC on April 18, 2013. There have been no material changes to these policies in the nine-month period ended September 30, 2013.

Note_3_Transactions_with_Relat

Note 3 -Transactions with Related Parties	9 Months Ended
	Sep. 30, 2013
Related Party Transactions [Abstract]	'
Related Party Transactions Disclosure [Text Block]	'
	3.	Transactions with Related Parties

	The Manager provides the vessels with a wide range of shipping services such as chartering, technical support and maintenance, insurance, consulting, financial and accounting services, for a fixed daily fee of $440 per vessel operating under a voyage or time charter or $125 per vessel operating under a bareboat charter and a brokerage commission of 1.25% on freight, hire and demurrage per vessel, effective after an amendment on January 1, 2007 to the Management Agreement. For the nine-month periods ended September 30, 2012 and 2013, total brokerage commissions of 1.25% amounted to $1,094,730 and $1,089,651, respectively, and were included in voyage expenses – related party in the unaudited condensed consolidated statements of income. For the nine-month periods ended September 30, 2012 and 2013, the management fees were $3,207,885 and $3,502,450, respectively. In addition, the Manager arranges for supervision onboard the vessels, when required, by superintendent engineers and when such visits exceed a period of five days in a twelve month period, an amount of $500 was charged for each additional day. For the nine-month periods ended September 30, 2012 and 2013, the superintendent fees amounted to $153,000 and $121,001, respectively, and are included in vessels’ operating expenses—related party in the unaudited condensed consolidated statements of income.

	The Manager also acts as a sales and purchase broker of the Company in exchange for a commission fee equal to 1% of the gross sale or purchase price of vessels or companies. For the nine-month periods ended September 30, 2012 and 2013, commission fees of $634,479 and $723,500, respectively, were incurred and capitalized to the cost of the vessels. For the nine-month periods ended September 30, 2012 and 2013 the amounts of $192,000 and $0, respectively, were recognized as commission expenses relating to the sale of vessels and are included in the unaudited condensed consolidated statements of income under the caption “Net gain on sale of vessels”.

	The Manager has subcontracted the technical management of some of the vessels to three unaffiliated ship-management companies, Selandia Ship Management (“Selandia”), Swan Shipping Corporation (“Swan”) and Bernhard Schulte Ship Management Ltd. (“BSM’) and to one affiliated ship-management company, Brave Maritime Corp. S.A (“Brave”). These companies provide technical management to the Company’s vessels for a fixed annual fee per vessel.

	In addition to management services, the Company reimburses the Manager for compensation of its Chief Executive Officer, its Chief Financial Officer, its Internal Auditor and its Deputy Chairman and Executive Director, which reimbursements were in the amounts of $1,220,548 and $868,477 for the nine-month periods ended September 30, 2012 and 2013, respectively, and are included in the unaudited condensed consolidated statements of income under the caption “General and administrative expenses”.

	The current account balance with the Manager at December 31, 2012, and at September 30, 2013, was a liability of $7,288,899 and $7,944,631, respectively. The liability represents payments made by the Manager on behalf of the ship-owning companies.

	The Company rents office space that is owned by an affiliated company of the Vafias Group. Rental expense for the nine-month periods ended September 30, 2012 and 2013 amounted to $56,994 and $57,834, respectively.

	In April 2012, the Company reached time charter agreements for two of the Company's vessels with Emihar Petroleum Inc., an affiliate of the Vafias Group incorporated in the Marshall Islands. Revenue from the related party amounted to $1,891,884 and $7,340,891 for the nine-month periods ended September 30, 2012 and 2013, respectively, and is included in the unaudited condensed consolidated statements of income under the caption “Revenues – related party”. For the vessels’ operating expenses, the Company paid to the Manager amounts of $732,261 and $2,945,315 for the nine-month periods ended September 30, 2012 and 2013, respectively, which are included in the unaudited condensed consolidated statements of income under the caption “Vessels' operating expenses – related party”.

	On August 22, 2012, the Company entered into separate memoranda of agreements with an affiliated company to acquire four LPG carriers under construction which are scheduled to be delivered during the year 2015. The aggregate purchase price of these vessels was $96,000,000. As provided by the memorandum of agreements, an advance payment of 20% of the aggregate purchase price was paid on September 28, 2012.

Note_4_Inventories

Note 4 - Inventories	9 Months Ended
Note 4 - Inventories	Sep. 30, 2013
Inventory Disclosure [Abstract]	'
Inventory Disclosure [Text Block]	'
	4.	Inventories

	The amounts shown in the accompanying unaudited condensed consolidated balance sheets are analyzed as follows:

			31-Dec-12		30-Sep-13
	Bunkers			1,854,589		1,862,235
	Lubricants			1,297,818		1,479,596
	Total			3,152,407		3,341,831

Note_5_Advances_for_Vessels_Un

Note 5 - Advances for Vessels Under Construction and Acquisitions	9 Months Ended
	Sep. 30, 2013
Advances For Vessels Under Construction And Acquisitions [Abstract]	'
Advances For Vessels Under Construction And Acquisitions [Text Block]	'
	5.	Advances for Vessels Under Construction and Acquisitions

	For the nine-month period ended September 30, 2013, the movement of the account, advances for vessels under construction and acquisitions, was as follows:

	Balance, December 31, 2012		19,321,045
	Advances paid		26,521,200
	Capitalized interest		441,386
	Capitalized expenses		305
	Balance, September 30, 2013		46,283,936

	On March 22, 2013, the Company entered into separate memoranda of agreement to acquire two LPG carriers under construction, which are scheduled to be delivered in the first and second quarter of 2014, respectively. The total consideration payable for these vessels amounts to $50,000,000 and an advance payment of $12,500,000 was paid during the third quarter of 2013.

	On August 1, 2013, the Company signed contracts with a Japanese shipbuilding yard for the construction of four LPG carriers at an aggregate contract price of $62,316,400. The vessels are scheduled for delivery between August 2014 and May 2015. During the third quarter of 2013, the Company effected advance payments to the shipbuilding yard of $14,021,200.

Note_6_Vessels_Net

Note 6 - Vessels, Net	9 Months Ended
Note 6 - Vessels, Net	Sep. 30, 2013
Property, Plant and Equipment [Abstract]	'
Property, Plant and Equipment Disclosure [Text Block]	'
	6.	Vessels, net

			Vessel		Accumulated			Net Book
			cost		Depreciation			Value
	Balance, December 31, 2012			776,302,690		(141,668,019	)		634,634,671
	Additions			73,149,196		-			73,149,196
	Depreciation for the period			-		(22,671,019	)		(22,671,019	)
	Balance, September 30, 2013			849,451,886		(164,339,038	)		685,112,848

	Vessels with a carrying value of $666,204,617 as of September 30, 2013 are mortgaged as security for the term loans discussed in Note 9.

	During the nine-month period ended September 30, 2013, the Company acquired the vessels “Gas Enchanted”, “Gas Alice”, “Gas Inspiration”, “Gas Ethereal” and “Sakura Symphony” for a total consideration of $73,149,196.

Note_7_Deferred_Finance_Charge

Note 7 - Deferred Finance Charges	9 Months Ended
	Sep. 30, 2013
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]	'
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]	'
	7.	Deferred Finance Charges

	Gross deferred finance charges amounting to $3,081,644 and $3,523,674 as of December 31, 2012 and September 30, 2013, respectively, represent fees paid to the lenders for obtaining the related loans, and are presented on the balance sheet net of accumulated amortization. For the nine-month periods ended September 30, 2012 and 2013, the amortization of deferred finance charges amounted to $325,577 and $321,524, respectively, and is included in Interest and finance costs in the accompanying unaudited condensed consolidated statements of income. Accumulated amortization as of December 31, 2012 and September 30, 2013 amounted to $1,786,158 and $2,107,682, respectively.

Note_8_Deferred_Income

Note 8 - Deferred Income	9 Months Ended
	Sep. 30, 2013
Deferred Revenue Disclosure [Abstract]	'
Deferred Revenue Disclosure [Text Block]	'
	8.	Deferred Income

	The amounts shown in the accompanying unaudited condensed consolidated balance sheets amounting to $3,129,671 and $3,058,374 represent time charter revenues received in advance as of December 31, 2012 and September 30, 2013, respectively.

Note_9_Longterm_Debt

Note 9 - Long-term Debt	9 Months Ended
Note 9 - Long-term Debt	Sep. 30, 2013
Debt Disclosure [Abstract]	'
Debt Disclosure [Text Block]	'
	9.	Long-term Debt

	Term Loans				Original		December 31,		Movement in 2013					September 30,
	Issue Date		Maturity Date		amount		2012		Additions		Repayments			2013
	5-Dec-05		30-May-16			100,067,500		40,421,883		-		(6,409,852	)		34,012,031
	17-May-06		9-May-16			79,850,000		22,500,000		-		(3,000,000	)		19,500,000
	6-Jun-06		28-Jun-16			6,580,000		2,710,960		-		(236,880	)		2,474,080
	21-Jun-07		21-Dec-17			49,875,000		30,845,014		-		(2,200,500	)		28,644,514
	12-Feb-08		19-Feb-20			40,250,000		26,875,000		-		(1,875,000	)		25,000,000
	30-Jul-08		4-Nov-20			33,240,000		25,484,000		-		(969,500	)		24,514,500
	Octrober 9, 2008		Octrober 9, 2020			29,437,000		10,210,000		-		(390,000	)		9,820,000
	30-Jan-09		20-Jul-16			45,000,000		37,350,000		-		(2,550,000	)		34,800,000
	18-Feb-09		5-Jul-14			32,200,000		23,616,259		-		(1,885,623	)		21,730,636
	19-Feb-09		14-Jul-19			29,250,000		22,080,000		-		(1,170,000	)		20,910,000
	25-Jun-09		2-Jul-14			26,700,000		17,434,196		-		(2,155,268	)		15,278,928
	1-Feb-11		1-Sep-18			49,400,000		44,450,000		-		(2,475,000	)		41,975,000
	1-Mar-11		20-Jun-20			43,250,000		41,375,000				(2,250,000	)		39,125,000
	23-Sep-13		31-Dec-20			45,212,500		-		36,762,500		-			36,762,500
	Total							345,352,312		36,762,500		(27,567,623	)		354,547,189
	Current portion of long-term debt							35,787,544							72,873,605
	Long term debt							309,564,768							281,673,584

	On September 23, 2013, the Company entered into a term loan with a bank to partially finance the acquisition of the five LPG carriers, named “Gas Enchanted”, “Gas Alice”, “Gas Inspiration”, “Gas Ethereal” and “Sakura Symphony”, respectively, by five of the Company’s wholly owned subsidiaries. The term loan was drawn down in two tranches. The first tranche amounting to $36,762,500 was drawn down on September 30, 2013 and the second tranche amounting to $8,450,000 was drawn down on October 25, 2013.

	The above term loans are secured by first priority mortgages over the vessels involved, plus the assignment of the vessels’ insurances, earnings and operating and retention accounts with the lenders, and the guarantee of ship-owning companies, as owners of the vessels. The term loans contain financial covenants requiring the Company to ensure that:

	·	the aggregate market value of the mortgaged vessels at all times exceeds a certain percentage of the amounts outstanding as defined in the term loans, ranging from 125% to 130%,

	·	the leverage of the Company defined as Total Debt net of Cash should not exceed 80% of total market value adjusted assets,

	·	the Interest Coverage Ratio of the Company defined as EBITDA to interest expense to be at all times greater than to 2.5:1,

	·	that at least a certain percentage of the Company is to always be owned by members of the Vafias family,

	·	the Company should maintain on a monthly basis a cash balance of a proportionate amount of the next installment and relevant interest plus a minimum aggregate cash balance of $2,100,000 in the earnings account with the relevant banks,

	·	dividends paid by the borrower will not exceed 50% of the Company’s free cash flow in any rolling 12 month period.

	The interest rates on the outstanding loans as of September 30, 2013 are based on Libor plus a margin which varies from 0.70% to 3.00%. The average interest rate (including the margin) on the outstanding loans for the nine-month periods ended September 30, 2012 and 2013 was 2.43% and 2.26%, respectively.

	Bank loan interest expense for the above loans for the nine-month periods ended September 30, 2012 and 2013 amounted to $6,873,954 and $5,834,692, respectively. Of these amounts, for the nine-month periods ended September 30, 2012 and 2013, the amounts of $160,439 and $441,386, respectively, were capitalized to “Advances for vessels under construction”. Interest expense, net of interest capitalized, is included in interest and finance costs in the accompanying unaudited condensed consolidated statements of income.

	As of September 30, 2013, the Company was not in compliance with the required value-to-loan ratio included in one facility under which a total of $25,000,000 was outstanding as of September 30, 2013. Value-to-loan ratio shortfalls do not constitute events of default that would automatically trigger the full repayment of the loan. Based on the loan agreements, upon receiving written notice of non-compliance from lenders, value-to-loan shortfalls may be remedied by the Company by providing additional collateral or repaying the amount of the shortfall. No such notice has been received from its lenders. Management has the intent and the ability to cure the shortfall by providing additional collateral to its lenders in the form of cash in the total amount of approximately $2,050,000 which has been classified as restricted cash as of September 30, 2013. Therefore this term loan, excluding the current portion of scheduled loan repayments, has been presented as long term liabilities on the Company’s unaudited condensed consolidated balance sheet.

	The available unused amount under these facilities at September 30, 2013 was $8,450,000, which was drawn down on October 25, 2013 and the Company is required to pay a quarterly commitment fee of 0.98% per annum of the unutilized portion of the line of credit.

	The annual principal payments to be made, for the fourteen term loans, after September 30, 2013 are as follows:

	September 30,		Amount
	2014			72,873,605
	2015			36,668,555
	2016			82,480,816
	2017			20,261,930
	2018			55,527,429
	2019 & thereafter			86,734,854
	Total			354,547,189

	Commitment Letters: On September 6, 2012 the Company signed a commitment letter with a bank institution to partially finance the acquisition of four under construction LPG carriers in an amount equal to (i) the lesser of $67,200,000 or 70% of the fair market value of the vessels subject to the Minimum Employment Condition being met at the delivery date of each vessel or (ii) the lesser of $62,500,000 or 65% of the fair market value of the vessels if the Minimum Employment Condition will not be met at the delivery date of each vessel. The term loan will be drawn down in four tranches upon the delivery of each vessel. The total facility will be repayable, with the first installment commencing three months after the drawdown, in twenty eight consecutive quarterly installments plus a balloon payment payable together with the last installment.

	On September 18, 2013 the Company signed a commitment letter with a bank to partially finance the acquisition of two LPG carriers on their delivery. The aggregate committed term loan is up to $35,000,000 and will be drawn down in two tranches upon the delivery of each vessel. The total facility will be repayable, with the first installment commencing six months after the drawdown, in fourteen consecutive semi-annual installments plus a balloon payment payable together with the last installment.

Note_10_Derivatives_and_Fair_V

Note 10 - Derivatives and Fair Value Disclosures

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

10.

Derivatives and Fair Value Disclosures

The Company uses interest rate swaps for the management of interest rate risk exposure. The interest rate swaps effectively convert a portion of the Company’s debt from a floating to a fixed rate. The Company is a party to three floating-to-fixed interest rate swaps with various major financial institutions covering notional amounts aggregating $54,492,179 at September 30, 2013 pursuant to which it pays fixed rates ranging from 2.77% to 4.73% and receives floating rates based on the London Interbank Offered Rate (“LIBOR”) (approximately 0.36% at September 30, 2013). These agreements contain no leverage features and have maturity dates ranging from July 2014 to March 2016. The Company had derivatives that qualified for hedge accounting up to October 1, 2009, subsequent to which the Company discontinued hedge accounting. In accordance with ASC 815-30-40 the unrealized results accumulated in “Accumulated other comprehensive income” for previously designated cash flow hedges, are being reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings.

The following tables present information on the location and amounts of derivatives’ fair values reflected in the unaudited condensed consolidated balance sheets.

31-Dec-12

30-Sep-13

Liability

Derivatives not designated as hedging instruments

Balance Sheet Location

Derivatives

Interest Rate Swap Agreements

Current liabilities - Fair value of derivatives

539,904

370,702

Interest Rate Swap Agreements

Non current liabilities - Fair value of derivatives

5,409,337

3,240,319

Total derivatives not designated as hedging instruments

5,949,241

3,611,021

Total derivatives

5,949,241

3,611,021

The effect of derivative instruments on the unaudited condensed consolidated statements of income for the nine- month periods ended September 30, 2012 and 2013 is as follows:

Nine-month periods ended

September 30,

Derivatives not designated as hedging instruments

Location of Gain / (Loss) Recognized

2012

2013

Interest Rate Swap - Reclassification from OCI

(Loss)/gain on derivatives

(11,830

)

92,857

Interest Rate Swap - Change in fair value

(Loss)/gain on derivatives

2,462,062

2,338,220

Interest Rate Swap - Realized loss

(Loss)/gain on derivatives

(3,603,541

)

(2,366,466

)

Total (loss)/gain on derivatives

(1,153,309

)

64,611

During the nine-month periods ended September 30, 2012 and 2013, the amounts transferred from other comprehensive income to the unaudited condensed consolidated statements of income were losses of $(11,830) and gains of $92,857, respectively. The estimated net amount of existing losses at September 30, 2013, that will be reclassified into earnings within the next twelve months relating to previously designated cash flow hedges is $74,479.

Fair Value of Financial Instruments and Concentration of Credit Risk: Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of trade accounts receivable, cash and cash equivalents, time deposits and derivative instruments. The Company limits its credit risk with respect to accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its trade accounts receivable. The Company places its cash and cash equivalents, time deposits and other investments with high credit quality financial institutions.

The Company performs periodic evaluations of the relative credit standing of those financial institutions. The Company is exposed to credit risk in the event of non-performance by its counterparties to derivative instruments; however, the Company limits its exposure by transacting with counterparties with high credit ratings. The carrying values of cash, accounts receivable and accounts payable are reasonable estimates of their fair value due to the short term nature of these financial instruments. The fair value of long term bank loans is estimated based on current rates offered to the Company for similar debt of the same remaining maturities. Their carrying value approximates their fair market value due to their variable interest rate, being LIBOR. LIBOR rates are observable at commonly quoted intervals for the full terms of the loans and hence floating rate loans are considered Level 2 items in accordance with the fair value hierarchy. Additionally, the Company considers the creditworthiness of each counterparty when determining the fair value of the credit facilities. The Company’s interest rate swap agreements are recorded at fair value. The fair value of the interest rate swaps is determined using a discounted cash flow method based on market-based LIBOR swap yield curves. LIBOR swap rates are observable at commonly quoted intervals for the full terms of the swap and therefore are considered Level 2 items.

Fair Value Disclosures: The Company has categorized assets and liabilities recorded at fair value based upon the fair value hierarchy specified by the guidance. The levels of fair value hierarchy are as follows:

Level 1: Quoted market prices in active markets for identical assets or liabilities.

Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data.

Level 3: Unobservable inputs that are not corroborated by market data.

The following table presents the fair values for assets and liabilities measured on a recurring basis categorized into a Level based upon the lowest level of significant input to the valuations as of December 31, 2012:

Fair Value Measurements Using

Description

Fair Value as

Quoted Prices in

Significant Other

Significant

of December

Active Markets for

Observable

Unobservable

31, 2012

Identical Assets

Inputs

(Level 1)

(Level 2)

(Level 3)

Liabilities

Interest Rate Swap Agreements

5,949,241

Total

5,949,241

Fair Value Measurements Using

Description

Fair Value as

Quoted Prices in

Significant Other

Significant

of September

Active Markets for

Observable

Unobservable

30, 2013

Identical Assets

Inputs

(Level 1)

(Level 2)

(Level 3)

Liabilities

Interest Rate Swap Agreements

3,611,021

Total

3,611,021

Note_11_Share_Based_Compensati

Note 11 - Share Based Compensation	9 Months Ended
	Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	'
	11.	Share Based Compensation

	During 2007, the Company’s board of directors adopted an Equity Compensation Plan (“the Plan”), under which the Company’s employees, directors or other persons or entities providing significant services to the Company or its subsidiaries are eligible to receive stock-based awards including restricted stock, restricted stock units, unrestricted stock, bonus stock, performance stock and stock appreciation rights. The Plan is administered by the Compensation Committee of the Company’s board of directors and the aggregate number of shares of common stock reserved under this plan cannot exceed 10% of the number of shares of Company’s common stock issued and outstanding at the time any award is granted. The Company’s Board of Directors may terminate the Plan at any time. As of September 30, 2013, a total of 324,766 restricted shares had been granted under the Plan since the first grant in the first quarter of 2007. There were no changes in the status of the Company’s unvested shares for the nine month period ended September 30, 2013.

	The remaining unrecognized compensation cost amounting to $292,628 as of September 30, 2013, is expected to be recognized over the remaining period of one year, according to the contractual terms of those nonvested share awards. The share based compensation recognized relating to the unvested shares was $218,870 for the nine month period ended September 30, 2013 (September 30, 2012: $0) and is included in the unaudited condensed consolidated statement of income under the caption “General and administrative expenses”.

Note_12_Common_Stock_and_Addit

Note 12 - Common Stock and Additional Paid-in Capital	9 Months Ended
	Sep. 30, 2013
Stockholders' Equity Note [Abstract]	'
Stockholders' Equity Note Disclosure [Text Block]	'
	12.	Common Stock and Additional Paid-in Capital

	The amounts shown in the accompanying consolidated balance sheets as additional paid-in capital, represent payments made by the stockholders for the acquisitions of the Company’s vessels, or investments in the Company’s common stock.

	On April 30, 2013, the Company completed a follow-on public offering of 11,500,000 shares of common stock, par value of $0.01, for $10.00 per share. The gross proceeds from the offering amounted to $115,000,000, while the net proceeds after the underwriters’ discounts and commissions and other related expenses amounted to $109,183,623.

Note_13_Earnings_Per_Share

Note 13 - Earnings Per Share	9 Months Ended
Note 13 - Earnings Per Share	Sep. 30, 2013
Earnings per share [Abstract]	'
Earnings Per Share [Text Block]	'
	13.	Earnings per share

	Basic earnings per share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share give effect to all potentially dilutive securities. All of the Company’s shares (including non-vested restricted stock issued under the Plan) participate equally in dividend distributions and in undistributed earnings.

	The Company applies the two-class method of computing earnings per share (EPS) as the unvested share-based payment awards that contain rights to receive non forfeitable dividends are participating securities. Dividends declared during the period for non-vested restricted stock as well as undistributed earnings allocated to non-vested stock are deducted from net income for the purpose of the computation of basic earnings per share in accordance with the two-class method. The denominator of the basic earnings per common share excludes any non-vested shares as such they are not considered outstanding until the time-based vesting restriction has elapsed.

	For purposes of calculating diluted earnings per share, dividends declared during the period for non-vested restricted stock and undistributed earnings allocated to non-vested stock are not deducted from net income as reported since such calculation assumes non-vested restricted stock is fully vested from the grant date.

	The Company calculates basic and diluted earnings per share as follows:

			Nine-month periods ended
			September 30,
			2012		2013
	Numerator
	Net income			21,199,409		15,685,097
	Less: Undistributed earnings allocated to non-vested shares			-		(43,315	)
	Net income attributable to common shareholders, basic			21,199,409		15,641,782

	Denominator
	Weighted average number of shares outstanding, basic and diluted			20,552,568		26,997,623

	Earnings per share, basic and diluted			1.03		0.58

	The Company excluded the dilutive effect of the 74,761 non-vested restricted shares in calculating dilutive EPS for the nine-month periods ended September 30, 2013, as they were anti-dilutive.

Note_14_Commitments_and_Contin

Note 14 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2013
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies Disclosure [Text Block]	'
	14.	Commitments and Contingencies

	From time to time the Company expects to be subject to legal proceedings and claims in the ordinary course of its business, principally personal injury and property casualty claims. Such claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources. The Company is not aware of any such claims or contingent liabilities which should be disclosed, or for which a provision should be established in the accompanying unaudited condensed consolidated financial statements.

	The Company has entered into separate agreements to acquire fifteen LPG carriers which are currently under construction, ten of which are described in Notes 3 and 5 and the remaining five are described in Note 14 below. As of September 30, 2013, the Company has future outstanding commitments for installment payments for these agreements as follows:

	September 30,		Amount
	2014			85,522,600
	2015			176,072,600
				261,595,200

	On September 11, 2013, the Company entered into a memorandum of agreement to acquire one LPG carrier under construction, which is scheduled to be delivered in the third quarter of 2015. The purchase price of this vessel amounts to $25,000,000 and an advance payment of $6,250,000 was paid on October 1, 2013.

	On September 25, 2013, the Company entered into separate memoranda of agreement to acquire two LPG carriers under construction, which are each scheduled to be delivered in the second quarter of 2015. The total consideration of these vessels amounts to $39,000,000 and an advance payment of $9,750,000 was paid on October 10, 2013.

	On September 27, 2013, the Company signed contracts with a Japanese shipbuilding yard for the construction of two LPG carriers, named, at an aggregate contract price of $35,000,000. The vessels are scheduled for delivery in the third quarter of 2015. The Company effected advance payments to the shipbuilding yard of $7,875,000 on October 30, 2013.

	Future minimum contractual charter revenue, gross of commissions, based on vessels committed to non-cancellable, long-term time and bareboat charter contracts as of September 30, 2013, amount to $90,287,234 for the twelve months ending September 30, 2014, $42,306,739 for the twelve months ending September 30, 2015, $23,538,080 for the twelve months ending September 30, 2016 and $3,867,250 for the twelve months ending September 30, 2017. These amounts do not include any assumed off-hire. Of these amounts, $9,814,000 for the twelve months ending September 30, 2014, $9,814,000 for the twelve months ending September 30, 2015, $8,850,200 for the twelve months ending September 30, 2016 and $3,035,250 for the twelve months ending September 30, 2017 relate to time charter agreements with Emihar Petroleum Inc. discussed in Note 3.

Note_15_Subsequent_Events

Note 15 - Subsequent Events	9 Months Ended
	Sep. 30, 2013
Subsequent Events [Abstract]	'
Subsequent Events [Text Block]	'
	15.	Subsequent Events

	(a)	On October 31, 2013 the Company signed a commitment letter with a bank to partially finance the acquisition of two LPG carriers on their delivery in an amount equal to (i) the lesser of $21,700,000 or 70% of the fair market value of the vessels subject to the specified vessel minimum employment condition being met at the delivery date of each vessel or (ii) the lesser of $20,150,000 or 65% of the fair market value of the vessels if the specified vessel minimum employment condition will not be met at the delivery date of each vessel. The term loan will be drawn down in two tranches upon the delivery of each vessel. The total facility will be repayable, with the first installment commencing three months after the drawdown, in thirty two consecutive quarterly installments plus a balloon payment payable together with the last installment.

Note_4_Inventories_Tables

Note 4 - Inventories (Tables)	9 Months Ended
Note 4 - Inventories (Tables)	Sep. 30, 2013
Inventory Disclosure [Abstract]	'
Schedule of Inventory, Current [Table Text Block]	'
		31-Dec-12		30-Sep-13
	Bunkers		1,854,589		1,862,235
	Lubricants		1,297,818		1,479,596
	Total		3,152,407		3,341,831

Note_5_Advances_for_Vessels_Un1

Note 5 - Advances for Vessels Under Construction and Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2013
Advances For Vessels Under Construction And Acquisitions [Abstract]	'
Advances for Vessels Under Construction and Acquisitions [Table Text Block]	'
	Balance, December 31, 2012	19,321,045
	Advances paid	26,521,200
	Capitalized interest	441,386
	Capitalized expenses	305
	Balance, September 30, 2013	46,283,936

Note_6_Vessels_Net_Tables

Note 6 - Vessels, Net (Tables)	9 Months Ended
Note 6 - Vessels, Net (Tables)	Sep. 30, 2013
Property, Plant and Equipment [Abstract]	'
Property, Plant and Equipment [Table Text Block]	'
		Vessel		Accumulated			Net Book
		cost		Depreciation			Value
	Balance, December 31, 2012		776,302,690		(141,668,019	)		634,634,671
	Additions		73,149,196		-			73,149,196
	Depreciation for the period		-		(22,671,019	)		(22,671,019	)
	Balance, September 30, 2013		849,451,886		(164,339,038	)		685,112,848

Note_9_Longterm_Debt_Tables

Note 9 - Long-term Debt (Tables)	9 Months Ended
Note 9 - Long-term Debt (Tables)	Sep. 30, 2013
Debt Disclosure [Abstract]	'
Schedule of Debt [Table Text Block]	'
	Term Loans			Original		December 31,		Movement in 2013					September 30,
	Issue Date	Maturity Date		amount		2012		Additions		Repayments			2013
	5-Dec-05	30-May-16			100,067,500		40,421,883		-		(6,409,852	)		34,012,031
	17-May-06	9-May-16			79,850,000		22,500,000		-		(3,000,000	)		19,500,000
	6-Jun-06	28-Jun-16			6,580,000		2,710,960		-		(236,880	)		2,474,080
	21-Jun-07	21-Dec-17			49,875,000		30,845,014		-		(2,200,500	)		28,644,514
	12-Feb-08	19-Feb-20			40,250,000		26,875,000		-		(1,875,000	)		25,000,000
	30-Jul-08	4-Nov-20			33,240,000		25,484,000		-		(969,500	)		24,514,500
	Octrober 9, 2008	Octrober 9, 2020			29,437,000		10,210,000		-		(390,000	)		9,820,000
	30-Jan-09	20-Jul-16			45,000,000		37,350,000		-		(2,550,000	)		34,800,000
	18-Feb-09	5-Jul-14			32,200,000		23,616,259		-		(1,885,623	)		21,730,636
	19-Feb-09	14-Jul-19			29,250,000		22,080,000		-		(1,170,000	)		20,910,000
	25-Jun-09	2-Jul-14			26,700,000		17,434,196		-		(2,155,268	)		15,278,928
	1-Feb-11	1-Sep-18			49,400,000		44,450,000		-		(2,475,000	)		41,975,000
	1-Mar-11	20-Jun-20			43,250,000		41,375,000				(2,250,000	)		39,125,000
	23-Sep-13	31-Dec-20			45,212,500		-		36,762,500		-			36,762,500
	Total						345,352,312		36,762,500		(27,567,623	)		354,547,189
	Current portion of long-term debt						35,787,544							72,873,605
	Long term debt						309,564,768							281,673,584
Schedule of Maturities of Long-term Debt [Table Text Block]	'
	September 30,	Amount
	2014		72,873,605
	2015		36,668,555
	2016		82,480,816
	2017		20,261,930
	2018		55,527,429
	2019 & thereafter		86,734,854
	Total		354,547,189

Note_10_Derivatives_and_Fair_V1

Note 10 - Derivatives and Fair Value Disclosures (Tables)

9 Months Ended

Sep. 30, 2013

Fair Value Disclosures [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

31-Dec-12

30-Sep-13

Liability

Derivatives not designated as hedging instruments

Balance Sheet Location

Derivatives

Interest Rate Swap Agreements

Current liabilities - Fair value of derivatives

539,904

370,702

Interest Rate Swap Agreements

Non current liabilities - Fair value of derivatives

5,409,337

3,240,319

Total derivatives not designated as hedging instruments

5,949,241

3,611,021

Total derivatives

5,949,241

3,611,021

Derivative Instruments, Gain (Loss) [Table Text Block]

Nine-month periods ended

September 30,

Derivatives not designated as hedging instruments

Location of Gain / (Loss) Recognized

2012

2013

Interest Rate Swap - Reclassification from OCI

(Loss)/gain on derivatives

(11,830

)

92,857

Interest Rate Swap - Change in fair value

(Loss)/gain on derivatives

2,462,062

2,338,220

Interest Rate Swap - Realized loss

(Loss)/gain on derivatives

(3,603,541

)

(2,366,466

)

Total (loss)/gain on derivatives

(1,153,309

)

64,611

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

Fair Value Measurements Using

Description

Fair Value as

Quoted Prices in

Significant Other

Significant

of December

Active Markets for

Observable

Unobservable

31, 2012

Identical Assets

Inputs

(Level 1)

(Level 2)

(Level 3)

Liabilities

Interest Rate Swap Agreements

5,949,241

Total

5,949,241

Fair Value Measurements Using

Description

Fair Value as

Quoted Prices in

Significant Other

Significant

of September

Active Markets for

Observable

Unobservable

30, 2013

Identical Assets

Inputs

(Level 1)

(Level 2)

(Level 3)

Liabilities

Interest Rate Swap Agreements

3,611,021

Total

3,611,021

Note_13_Earnings_Per_Share_Tab

Note 13 - Earnings Per Share (Tables)	9 Months Ended
Note 13 - Earnings Per Share (Tables)	Sep. 30, 2013
Earnings per share [Abstract]	'
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	'
		Nine-month periods ended
		September 30,
		2012		2013
	Numerator
	Net income		21,199,409		15,685,097
	Less: Undistributed earnings allocated to non-vested shares		-		(43,315	)
	Net income attributable to common shareholders, basic		21,199,409		15,641,782

	Denominator
	Weighted average number of shares outstanding, basic and diluted		20,552,568		26,997,623

	Earnings per share, basic and diluted		1.03		0.58

Note_14_Commitments_and_Contin1

Note 14 - Commitments and Contingencies (Tables)	9 Months Ended
Note 14 - Commitments and Contingencies (Tables)	Sep. 30, 2012
Commitments and Contingencies Disclosure [Abstract]	'
Long-term Purchase Commitment [Table Text Block]	'
	September 30,	Amount
	2014		85,522,600
	2015		176,072,600
			261,595,200

Note_1_Basis_of_Presentation_a1

Note 1 - Basis of Presentation and General Information (Details)	Sep. 30, 2013
Liquified Petroleum Gas Vessel [Member]	'
Note 1 - Basis of Presentation and General Information (Details) [Line Items]	'
Number Of Vessels	38
MR Tankers Vessels [Member]	'
Note 1 - Basis of Presentation and General Information (Details) [Line Items]	'
Number Of Vessels	3
Aframax Tanker [Member]	'
Note 1 - Basis of Presentation and General Information (Details) [Line Items]	'
Number Of Vessels	1

Note_3_Transactions_with_Relat1

Note 3 -Transactions with Related Parties (Details) (USD $)

9 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Sep. 25, 2013

Sep. 11, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 28, 2012

Sep. 30, 2013

Sep. 30, 2012

Superintendent Fees [Member]

Reimbursed Compensation Manager [Member]

Office Space Rent [Member]

Emihar Petroleum Inc [Member]

Affiliated Company [Member]

Commission Expenses [Member]

Note 3 -Transactions with Related Parties (Details) [Line Items]

Management Fee Per Day Per Vessel

$440

Management Fee Per Day Per Vessel Under Bareboat Charter

125

Vessel Brokerage Commission Pecentage

1.25%

Vessel Brokerage Commission

1,089,651

1,094,730

Professional and Contract Services Expense

3,502,450

3,207,885

Vessels Visit Period Threshold

'5 days

Charge for Each Additional Day for Vessels Visit

500

Related Party Transaction, Expenses from Transactions with Related Party

2,945,315

732,261

121,001

153,000

Sales and Purchase Broker Commission Fee Percentage

1.00%

Salesand Purchase Broker Commission Fee

723,500

634,479

Net (gain) loss on sale of vessels

192,000

General and Administrative Expense

1,892,747

2,151,866

868,477

1,220,548

Due to Related Parties, Current

7,944,631

7,288,899

Related Party Transaction, Amounts of Transaction

57,834

56,994

Revenue from Related Parties

7,340,891

1,891,884

Vessel Purchase Price

$39,000,000

$25,000,000

$96,000,000

Advances Percentage For Vessels Under Construction Acquisitions

20.00%

Note_4_Inventories_Details_Inv

Note 4 - Inventories (Details) - Inventories (USD $)	Sep. 30, 2013	Dec. 31, 2012
Inventories [Abstract]	'	'
Bunkers	$1,862,235	$1,854,589
Lubricants	1,479,596	1,297,818
Total	$3,341,831	$3,152,407

Note_5_Advances_for_Vessels_Un2

Note 5 - Advances for Vessels Under Construction and Acquisitions (Details) (USD $)	Sep. 30, 2013	Sep. 27, 2013	Sep. 25, 2013	Sep. 11, 2013	Aug. 31, 2013
Note 5 - Advances for Vessels Under Construction and Acquisitions (Details) [Line Items]	'	'	'	'	'
Number of Vessels Under Construction	15	2	2	1	4
Advances for vessels under construction and acquisitions	$26,521,200	'	'	'	'
Hull S514 And Hull S515 [Member]	'	'	'	'	'
Note 5 - Advances for Vessels Under Construction and Acquisitions (Details) [Line Items]	'	'	'	'	'
Number of Vessels Under Construction	2	'	'	'	'
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds	50,000,000	'	'	'	'
Advances for vessels under construction and acquisitions	12,500,000	'	'	'	'
Four LPG Carriers [Member]	'	'	'	'	'
Note 5 - Advances for Vessels Under Construction and Acquisitions (Details) [Line Items]	'	'	'	'	'
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds	'	'	'	'	62,316,400
Advances for vessels under construction and acquisitions	$14,021,200	'	'	'	'

Note_5_Advances_for_Vessels_Un3

Note 5 - Advances for Vessels Under Construction and Acquisitions (Details) - Advances for Vessels Under Construction and Acquisitions (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Advances for Vessels Under Construction and Acquisitions [Abstract]	'	'
Balance, December 31, 2012	$19,321,045	'
Balance, September 30, 2013	46,283,936	'
Advances paid	26,521,200	'
Capitalized interest	441,386	160,439
Capitalized expenses	$305	'

Note_6_Vessels_Net_Details

Note 6 - Vessels, Net (Details) (USD $)	Sep. 30, 2013
Note 6 - Vessels, Net (Details) [Line Items]	'
Pledged Assets, Not Separately Reported, Other	$666,204,617
Gas Enchanted, Gas Alice, Gas Inspiration, Gas Ethereal, And Sakura Symphony [Member]	'
Note 6 - Vessels, Net (Details) [Line Items]	'
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds	$73,149,196

Note_6_Vessels_Net_Details_Ves

Note 6 - Vessels, Net (Details) - Vessels, Net and Vessels Held for Sale (USD $)	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Dec. 31, 2011	Sep. 30, 2013	Dec. 31, 2011	Sep. 30, 2013	Dec. 31, 2011
	Sep. 30, 2013	Dec. 31, 2012	Vessel Cost [Member]	Vessel Cost [Member]	Vessel Accumulated Depreciation [Member]	Vessel Accumulated Depreciation [Member]	Vessel Net Book Value [Member]	Vessel Net Book Value [Member]
Property, Plant and Equipment [Line Items]	'	'	'	'	'	'	'	'
Balance, December 31, 2012	'	'	'	$776,302,690	'	'	'	'
Balance, December 31, 2012	'	'	'	'	'	-141,668,019	'	'
Balance, December 31, 2012	685,112,848	634,634,671	'	'	'	'	'	634,634,671
Balance, September 30, 2013	'	'	849,451,886	776,302,690	'	'	'	'
Balance, September 30, 2013	'	'	'	'	-164,339,038	-141,668,019	'	'
Balance, September 30, 2013	685,112,848	634,634,671	'	'	'	'	685,112,848	634,634,671
Additions	'	'	73,149,196	'	'	'	73,149,196	'
Additions	'	'	73,149,196	'	'	'	73,149,196	'
Depreciation for the period	'	'	'	'	-22,671,019	'	'	'
Depreciation for the period	'	'	'	'	'	'	($22,671,019)	'

Note_7_Deferred_Finance_Charge1

Note 7 - Deferred Finance Charges (Details) (USD $)	9 Months Ended
Note 7 - Deferred Finance Charges (Details) (USD $)	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]	'	'	'
Deferred Finance Costs, Gross	$3,523,674	'	$3,081,644
Amortization of Financing Costs	321,524	325,577	'
Accumulated Amortization, Deferred Finance Costs	$2,107,682	'	$1,786,158

Note_8_Deferred_Income_Details

Note 8 - Deferred Income (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Deferred Revenue Disclosure [Abstract]	'	'
Deferred Revenue, Current	$3,058,374	$3,129,671

Note_9_Longterm_Debt_Details

Note 9 - Long-term Debt (Details) (USD $)

1 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

1 Months Ended

Oct. 25, 2013

Sep. 30, 2013

Sep. 30, 2012

Sep. 27, 2013

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

LPG Vessels [Member]

Term Loan 5 [Member]

Minimum [Member]

Maximum [Member]

Not To Exceed [Member]

Numerator [Member]

Denominator [Member]

Lesser of [Member]

Maximum [Member]

Condition Met At Delivery [Member]

Condition Not Being Met [Member]

Note 9 - Long-term Debt (Details) [Line Items]

Proceeds from Issuance of Debt

$8,450,000

$36,762,500

$67,200,000

$62,500,000

Percentage Of Aggregate Market Value Exceeds Outstanding Debt

1.25

1.3

Percentage of Total Debt To Total Maket Value Adjusted Assets

80.00%

EBITDA To Interest Expense

2.50%

1.00%

Cash

2,100,000

Percentage of Dividends Paid To Free Cash Flow

50.00%

Debt Instrument, Basis Spread on Variable Rate

0.70%

3.00%

Debt, Weighted Average Interest Rate

2.26%

2.43%

Interest Expense, Debt

5,834,692

6,873,954

Interest Costs Capitalized

441,386

160,439

Line of Credit Facility, Amount Outstanding

8,450,000

25,000,000

Cash Collateral for Borrowed Securities

2,050,000

Quarterly Commitment Fee Percentage

0.98%

Percentage of Fair Market Value of Vessel Subject to the Minimum Employment Condition

70.00%

65.00%

Percentage of Fair Market Value of Vessel Subject to the Minimum Employment Condition

70.00%

65.00%

Aggregate Indebtedness

$35,000,000

Note_9_Longterm_Debt_Details_L

Note 9 - Long-term Debt (Details) - Long-term Debt (USD $)	1 Months Ended		9 Months Ended
Note 9 - Long-term Debt (Details) - Long-term Debt (USD $)	Oct. 25, 2013	Sep. 30, 2013	Sep. 30, 2013
Note 9 - Long-term Debt (Details) - Long-term Debt [Line Items]	'	'	'
December 31,	$354,547,189	'	$345,352,312
Current portion of long-term debt	72,873,605	'	35,787,544
Current portion of long-term debt	'	72,873,605	72,873,605
Long term debt	281,673,584	'	309,564,768
Long term debt	'	281,673,584	281,673,584
Additions	8,450,000	36,762,500	36,762,500
Repayments	'	'	-27,567,623
September 30,	'	354,547,189	354,547,189
Current portion of long-term debt	72,873,605	'	35,787,544
Current portion of long-term debt	'	72,873,605	72,873,605
Long term debt	281,673,584	'	309,564,768
Long term debt	'	281,673,584	281,673,584
Term Loan 1 [Member]	'	'	'
Note 9 - Long-term Debt (Details) - Long-term Debt [Line Items]	'	'	'
Maturity Date	'	'	30-May-16
Original Amount	'	100,067,500	100,067,500
December 31,	'	'	40,421,883
Repayments	'	'	-6,409,852
September 30,	'	34,012,031	34,012,031
Term Loan 2 [Member]	'	'	'
Note 9 - Long-term Debt (Details) - Long-term Debt [Line Items]	'	'	'
Maturity Date	'	'	9-May-16
Original Amount	'	79,850,000	79,850,000
December 31,	'	'	22,500,000
Repayments	'	'	-3,000,000
September 30,	'	19,500,000	19,500,000
Term Loan 3 [Member]	'	'	'
Note 9 - Long-term Debt (Details) - Long-term Debt [Line Items]	'	'	'
Maturity Date	'	'	28-Jun-16
Original Amount	'	6,580,000	6,580,000
December 31,	'	'	2,710,960
Repayments	'	'	-236,880
September 30,	'	2,474,080	2,474,080
Term Loan 4 [Member]	'	'	'
Note 9 - Long-term Debt (Details) - Long-term Debt [Line Items]	'	'	'
Maturity Date	'	'	21-Dec-17
Original Amount	'	49,875,000	49,875,000
December 31,	'	'	30,845,014
Repayments	'	'	-2,200,500
September 30,	'	28,644,514	28,644,514
Term Loan 5 [Member]	'	'	'
Note 9 - Long-term Debt (Details) - Long-term Debt [Line Items]	'	'	'
Maturity Date	'	'	19-Feb-20
Original Amount	'	40,250,000	40,250,000
December 31,	'	'	26,875,000
Repayments	'	'	-1,875,000
September 30,	'	25,000,000	25,000,000
Term Loan 6 [Member]	'	'	'
Note 9 - Long-term Debt (Details) - Long-term Debt [Line Items]	'	'	'
Maturity Date	'	'	4-Nov-20
Original Amount	'	33,240,000	33,240,000
December 31,	'	'	25,484,000
Repayments	'	'	-969,500
September 30,	'	24,514,500	24,514,500
Term Loan 7 [Member]	'	'	'
Note 9 - Long-term Debt (Details) - Long-term Debt [Line Items]	'	'	'
Maturity Date	'	'	9-Oct-20
Original Amount	'	29,437,000	29,437,000
December 31,	'	'	10,210,000
Repayments	'	'	-390,000
September 30,	'	9,820,000	9,820,000
Term Loan 8 [Member]	'	'	'
Note 9 - Long-term Debt (Details) - Long-term Debt [Line Items]	'	'	'
Maturity Date	'	'	20-Jul-16
Original Amount	'	45,000,000	45,000,000
December 31,	'	'	37,350,000
Repayments	'	'	-2,550,000
September 30,	'	34,800,000	34,800,000
Term Loan 9 [Member]	'	'	'
Note 9 - Long-term Debt (Details) - Long-term Debt [Line Items]	'	'	'
Maturity Date	'	'	5-Jul-14
Original Amount	'	32,200,000	32,200,000
December 31,	'	'	23,616,259
Repayments	'	'	-1,885,623
September 30,	'	21,730,636	21,730,636
Term Loan 10 [Member]	'	'	'
Note 9 - Long-term Debt (Details) - Long-term Debt [Line Items]	'	'	'
Maturity Date	'	'	14-Jul-19
Original Amount	'	29,250,000	29,250,000
December 31,	'	'	22,080,000
Repayments	'	'	-1,170,000
September 30,	'	20,910,000	20,910,000
Term Loan 11 [Member]	'	'	'
Note 9 - Long-term Debt (Details) - Long-term Debt [Line Items]	'	'	'
Maturity Date	'	'	2-Jul-14
Original Amount	'	26,700,000	26,700,000
December 31,	'	'	17,434,196
Repayments	'	'	-2,155,268
September 30,	'	15,278,928	15,278,928
Term Loan 12 [Member]	'	'	'
Note 9 - Long-term Debt (Details) - Long-term Debt [Line Items]	'	'	'
Maturity Date	'	'	1-Sep-18
Original Amount	'	49,400,000	49,400,000
December 31,	'	'	44,450,000
Repayments	'	'	-2,475,000
September 30,	'	41,975,000	41,975,000
Term Loan 13 [Member]	'	'	'
Note 9 - Long-term Debt (Details) - Long-term Debt [Line Items]	'	'	'
Maturity Date	'	'	20-Jun-20
Original Amount	'	43,250,000	43,250,000
December 31,	'	'	41,375,000
Repayments	'	'	-2,250,000
September 30,	'	39,125,000	39,125,000
Term Loan 14 [Member]	'	'	'
Note 9 - Long-term Debt (Details) - Long-term Debt [Line Items]	'	'	'
Maturity Date	'	'	31-Dec-20
Original Amount	'	45,212,500	45,212,500
Additions	'	'	36,762,500
September 30,	'	$36,762,500	$36,762,500

Note_9_Longterm_Debt_Details_P

Note 9 - Long-term Debt (Details) - Principal Payments (USD $)	Sep. 30, 2013	Dec. 31, 2012
Principal Payments [Abstract]	'	'
2014	$72,873,605	'
2015	36,668,555	'
2016	82,480,816	'
2017	20,261,930	'
2018	55,527,429	'
2019 & thereafter	86,734,854	'
Total	$354,547,189	$345,352,312

Note_10_Derivatives_and_Fair_V2

Note 10 - Derivatives and Fair Value Disclosures (Details) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Note 10 - Derivatives and Fair Value Disclosures (Details) [Line Items]	'	'
Derivative, Notional Amount	$54,492,179	'
Derivative, Reference Rate LIBOR	0.36%	'
Derivative Instruments Not Designated As Hedging Instruments Reclassification From OCI	92,857	-11,830
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	$74,479	'
Minimum [Member]	'	'
Note 10 - Derivatives and Fair Value Disclosures (Details) [Line Items]	'	'
Interest Rate Swap, Fixed Rate	2.77%	'
Maximum [Member]	'	'
Note 10 - Derivatives and Fair Value Disclosures (Details) [Line Items]	'	'
Interest Rate Swap, Fixed Rate	4.73%	'

Note_10_Derivatives_and_Fair_V3

Note 10 - Derivatives and Fair Value Disclosures (Details) - Financial Instruments (USD $)	Sep. 30, 2013	Dec. 31, 2012
Derivatives, Fair Value [Line Items]	'	'
Interest Rate Swap Agreements	$370,702	$539,904
Interest Rate Swap Agreements	3,240,319	5,409,337
Total derivatives not designated as hedging instruments	3,611,021	5,949,241
Total derivatives	3,611,021	5,949,241
Not Designated as Hedging Instrument [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Interest Rate Swap Agreements	370,702	539,904
Interest Rate Swap Agreements	3,240,319	5,409,337
Total derivatives not designated as hedging instruments	3,611,021	5,949,241
Total derivatives	$3,611,021	$5,949,241

Note_10_Derivatives_and_Fair_V4

Note 10 - Derivatives and Fair Value Disclosures (Details) - Effect of Derivative Instruments on the Statements of Income (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Derivative Instruments, Gain (Loss) [Line Items]	'	'
Interest Rate Swap - Reclassification from OCI	$92,857	($11,830)
Total (loss)/gain on derivatives	64,611	-1,153,309
Other Comprehensive Income (Loss) [Member] \| Interest Rate Swap [Member]	'	'
Derivative Instruments, Gain (Loss) [Line Items]	'	'
Interest Rate Swap - Reclassification from OCI	92,857	-11,830
Interest Rate Swap - Change in fair value	2,338,220	2,462,062
Interest Rate Swap - Realized loss	($2,366,466)	($3,603,541)

Note_10_Derivatives_and_Fair_V5

Note 10 - Derivatives and Fair Value Disclosures (Details) - Fair Values for Assets and Liabilities Measured on a Recurring Basis (USD $)	Sep. 30, 2013	Dec. 31, 2012
Note 10 - Derivatives and Fair Value Disclosures (Details) - Fair Values for Assets and Liabilities Measured on a Recurring Basis [Line Items]	'	'
Interest Rate Swap Agreements	$3,611,021	$5,949,241
Fair Value, Inputs, Level 2 [Member]	'	'
Note 10 - Derivatives and Fair Value Disclosures (Details) - Fair Values for Assets and Liabilities Measured on a Recurring Basis [Line Items]	'	'
Interest Rate Swap Agreements	$3,611,021	$5,949,241

Note_11_Share_Based_Compensati1

Note 11 - Share Based Compensation (Details) (USD $)	9 Months Ended
Note 11 - Share Based Compensation (Details) (USD $)	Sep. 30, 2013	Sep. 30, 2012
Note 11 - Share Based Compensation (Details) [Line Items]	'	'
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$292,628	'
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	'1 year	'
Share-based Compensation	$218,870	$0
The Plan [Member]	'	'
Note 11 - Share Based Compensation (Details) [Line Items]	'	'
Common Stock Reserved Percentage	10.00%	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares)	324,766	'

Note_12_Common_Stock_and_Addit1

Note 12 - Common Stock and Additional Paid-in Capital (Details) (USD $)	9 Months Ended
	Sep. 30, 2013	Apr. 30, 2013	Dec. 31, 2012
Stockholders' Equity Note [Abstract]	'	'	'
SharesPublicOffering (in Shares)	'	11,500,000	'
Common Stock, Par or Stated Value Per Share (in Dollars per share)	$0.01	$0.01	$0.01
Sale of Stock, Price Per Share (in Dollars per share)	'	$10	'
Proceeds from Issuance or Sale of Equity	$115,000,000	'	'
ProceedsFromIssuanceOfEquityNetOfIssuanceCosts	$109,183,623	'	'

Note_13_Earnings_Per_Share_Det

Note 13 - Earnings Per Share (Details)	9 Months Ended
Note 13 - Earnings Per Share (Details)	Sep. 30, 2013
Earnings per share [Abstract]	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	74,761

Note_13_Earnings_Per_Share_Det1

Note 13 - Earnings Per Share (Details) - Earnings Per Share Calculation (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Numerator	'	'
Net income	$15,685,097	$21,199,409
Less: Undistributed earnings allocated to non-vested shares	-43,315	'
Net income attributable to common shareholders, basic	$15,641,782	$21,199,409
Denominator	'	'
Weighted average number of shares outstanding, basic and diluted (in Shares)	26,997,623	20,552,568
Earnings per share, basic and diluted (in Dollars per share)	$0.58	$1.03

Note_14_Commitments_and_Contin2

Note 14 - Commitments and Contingencies (Details) (USD $)

12 Months Ended

0 Months Ended

1 Months Ended

12 Months Ended

Sep. 30, 2017

Sep. 30, 2016

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2013

Sep. 27, 2013

Sep. 25, 2013

Sep. 11, 2013

Aug. 31, 2013

Oct. 02, 2013

Oct. 10, 2013

Oct. 30, 2013

Sep. 30, 2017

Sep. 30, 2016

Sep. 30, 2015

Sep. 30, 2014

Sep. 27, 2013

Subsequent Event [Member]

Scenario, Forecast [Member]

LPG Vessels [Member]

Emihar Petroleum Inc [Member]

Note 14 - Commitments and Contingencies (Details) [Line Items]

Number of Vessels Under Construction

Vessel Purchase Price

$39,000,000

$25,000,000

Payments for Purchase of Other Assets

6,250,000

9,750,000

7,875,000

Contractual Obligation (in Dollars)

35,000,000

Contractual Charter Revenue

$3,867,250

$23,538,080

$42,306,739

$90,287,234

$3,035,250

$8,850,200

$9,814,000

Note_14_Commitments_and_Contin3

Note 14 - Commitments and Contingencies (Details) - Future Outstanding Commitments (USD $)	Sep. 30, 2013
Future Outstanding Commitments [Abstract]	'
2014	$85,522,600
2015	176,072,600
	$261,595,200

Note_15_Subsequent_Events_Deta

Note 15 - Subsequent Events (Details) (Subsequent Event [Member], USD $)	1 Months Ended
	Oct. 31, 2013
Note 15 - Subsequent Events (Details) [Line Items]	'
Number Of Vessels	2
ContractualObligationNumberOfQuarterlyInstallments	32
Vessel Cost [Member] \| Minimum Employment Condition [Member]	'
Note 15 - Subsequent Events (Details) [Line Items]	'
Contractual Obligation (in Dollars)	21,700,000
ContractualObligationPercentageOfFairMarketValue	70.00%
Vessel Cost [Member]	'
Note 15 - Subsequent Events (Details) [Line Items]	'
Contractual Obligation (in Dollars)	20,150,000
ContractualObligationPercentageOfFairMarketValue	65.00%