Document_And_Entity_Informatio
Document And Entity Information | 12 Months Ended |
Dec. 31, 2014 | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | StealthGas Inc. |
Document Type | 20-F |
Current Fiscal Year End Date | -19 |
Entity Common Stock, Shares Outstanding | 42,889,773 |
Amendment Flag | FALSE |
Entity Central Index Key | 1328919 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Accelerated Filer |
Entity Well-known Seasoned Issuer | No |
Document Period End Date | 31-Dec-14 |
Document Fiscal Year Focus | 2014 |
Document Fiscal Period Focus | FY |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Current assets | ||
Cash and cash equivalents | $129,114,803 | $86,218,517 |
Receivable from related party | 104,476 | 104,476 |
Trade and other receivables | 3,211,563 | 4,726,758 |
Claims receivable | 70,273 | 136,867 |
Inventories | 2,958,666 | 2,461,093 |
Advances and prepayments | 1,386,003 | 715,444 |
Restricted cash | 2,896,677 | 3,521,902 |
Total current assets | 139,742,461 | 97,885,057 |
Non current assets | ||
Advances for vessels under construction and acquisitions | 88,965,085 | 70,577,435 |
Vessels, net | 711,352,845 | 677,022,902 |
Other receivables | 228,494 | 582,765 |
Restricted cash | 2,500,000 | 2,300,000 |
Deferred finance charges, net of accumulated amortization of $2,212,091 and $2,868,432 | 3,090,918 | 2,616,584 |
Total non current assets | 806,137,342 | 753,099,686 |
Total assets | 945,879,803 | 850,984,743 |
Current liabilities | ||
Payable to related party | 4,941,896 | 5,941,043 |
Trade accounts payable | 8,843,593 | 7,220,862 |
Accrued liabilities | 3,903,027 | 2,880,377 |
Deferred income | 6,892,328 | 5,487,585 |
Fair value of derivatives | 583,368 | 277,212 |
Current portion of long-term debt | 42,614,213 | 41,263,165 |
Total current liabilities | 67,778,425 | 63,070,244 |
Non current liabilities | ||
Fair value of derivatives | 1,873,295 | 2,955,755 |
Deferred gain on sale and leaseback of vessels | 775,741 | |
Deferred income | 172,428 | 758,844 |
Long-term debt | 282,889,640 | 311,605,457 |
Total non current liabilities | 285,711,104 | 315,320,056 |
Total liabilities | 353,489,529 | 378,390,300 |
Commitments and contingencies | ||
Stockholders’ equity | ||
Capital stock, 5,000,000 preferred shares authorized and zero outstanding with a par value of $0.01 per share, 100,000,000 common shares authorized 32,679,642 shares issued and 32,127,329 shares outstanding at December 31, 2013 and 44,285,108 shares issued and 42,889,773 shares outstanding at December 31, 2014 with a par value of $0.01 per share | 442,850 | 326,796 |
Treasury stock, 552,313 shares at December 31, 2013 and 1,395,335 shares at December 31, 2014 with a par value of $0.01 per share | -7,541,264 | -2,234,173 |
Additional paid-in capital | 499,862,062 | 387,317,471 |
Retained earnings | 99,919,646 | 87,233,820 |
Accumulated other comprehensive loss | -293,020 | -49,471 |
Total stockholders’ equity | 592,390,274 | 472,594,443 |
Total liabilities and stockholders’ equity | $945,879,803 | $850,984,743 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred Finance Charges, Accumulated Amortization (in Dollars) | $2,868,432 | $2,212,091 |
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 | 44,285,108 | 32,679,642 |
Common Stock, Shares Outstanding | 42,889,773 | 32,127,329 |
Preferred Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Shares Outstanding | 0 | 0 |
Preferred Shares Par Value (in Dollars per share) | $0.01 | $0.01 |
Treasury stock, shares | 1,395,335 | 552,313 |
Treasury stock, par value (in Dollars per share) | $0.01 | $0.01 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Revenues | |||
Revenues | $122,158,892 | $111,667,565 | $114,848,079 |
Revenues – related party | 9,814,000 | 9,814,000 | 4,364,992 |
Total revenues | 131,972,892 | 121,481,565 | 119,213,071 |
Expenses | |||
Voyage expenses | 12,474,090 | 12,819,866 | 11,231,340 |
Voyage expenses – related party | 1,613,421 | 1,482,764 | 1,472,410 |
Charter hire expenses | 320,804 | ||
Vessels’ operating expenses | 41,335,984 | 32,439,404 | 28,674,675 |
Vessels’ operating expenses – related party | 4,099,352 | 4,084,149 | 1,917,302 |
Dry-docking costs | 465,681 | 3,160,251 | 2,067,393 |
Management fees – related party | 5,501,675 | 4,807,010 | 4,315,720 |
General and administrative expenses (including $1,628,961, $1,323,836, and $1,394,025, to related party) | 3,150,929 | 2,816,397 | 2,838,759 |
Depreciation | 33,811,607 | 30,761,673 | 28,776,688 |
Impairment loss | 6,168,747 | 0 | 0 |
Net gain on sale of vessels | -1,372,409 | ||
Total expenses | 108,942,290 | 92,371,514 | 79,921,878 |
Income from operations | 23,030,602 | 29,110,051 | 39,291,193 |
Other (expenses)/income | |||
Interest and finance costs | -9,314,539 | -8,189,475 | -9,408,230 |
Loss on derivatives | -1,348,384 | -27,470 | -1,086,258 |
Interest income | 456,924 | 361,820 | 221,023 |
Foreign exchange loss | -138,777 | -37,733 | -59,241 |
Other expenses, net | -10,344,776 | -7,892,858 | -10,332,706 |
Net income | $12,685,826 | $21,217,193 | $28,958,487 |
Earnings per share | |||
– Basic and diluted (in Dollars per share) | $0.32 | $0.75 | $1.41 |
Weighted average number of shares | |||
– Basic and diluted (in Shares) | 39,305,644 | 28,271,746 | 20,552,568 |
Consolidated_Statements_of_Inc1
Consolidated Statements of Income (Parentheticals) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
General and administrative expenses, related party | $1,394,025 | $1,323,836 | $1,628,961 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Net income | $12,685,826 | $21,217,193 | $28,958,487 |
Other comprehensive loss | |||
Effective portion of changes in fair value of interest swap contracts | -293,020 | ||
Reclassification adjustment | 49,471 | -67,849 | -54,340 |
Other comprehensive loss | -243,549 | -67,849 | -54,340 |
Comprehensive income | $12,442,277 | $21,149,344 | $28,904,147 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders’ Equity (USD $) | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2011 | $211,049 | ($2,234,173) | $277,990,293 | $37,058,140 | $72,718 | $313,098,027 |
Balance (in Shares) at Dec. 31, 2011 | 21,104,881 | -552,313 | ||||
Stock based compensation | 31,268 | |||||
Issuance of restricted shares and related stock based compensation | 747 | 30,521 | 31,268 | |||
Issuance of restricted shares and related stock based compensation (in Shares) | 74,761 | |||||
Stock repurchase (in Shares) | 0 | |||||
Net income for the year | 28,958,487 | 28,958,487 | ||||
Other comprehensive loss | -54,340 | -54,340 | ||||
Balance at Dec. 31, 2012 | 211,796 | -2,234,173 | 278,020,814 | 66,016,627 | 18,378 | 342,033,442 |
Balance (in Shares) at Dec. 31, 2012 | 21,179,642 | -552,313 | ||||
Follow-on public offering net of issuance cost | 115,000 | 109,004,029 | 109,119,029 | |||
Follow-on public offering net of issuance cost (in Shares) | 11,500,000 | |||||
Stock based compensation | 292,628 | 292,628 | ||||
Stock repurchase (in Shares) | 0 | |||||
Net income for the year | 21,217,193 | 21,217,193 | ||||
Other comprehensive loss | -67,849 | -67,849 | ||||
Balance at Dec. 31, 2013 | 326,796 | -2,234,173 | 387,317,471 | 87,233,820 | -49,471 | 472,594,443 |
Balance (in Shares) at Dec. 31, 2013 | 32,679,642 | -552,313 | ||||
Follow-on public offering net of issuance cost | 113,747 | 112,188,931 | 112,302,678 | |||
Follow-on public offering net of issuance cost (in Shares) | 11,374,753 | |||||
Stock based compensation | 357,967 | |||||
Issuance of restricted shares and related stock based compensation | 2,307 | 355,660 | 357,967 | |||
Issuance of restricted shares and related stock based compensation (in Shares) | 230,713 | |||||
Stock repurchase | -5,307,091 | -5,307,091 | ||||
Stock repurchase (in Shares) | -843,022 | |||||
Net income for the year | 12,685,826 | 12,685,826 | ||||
Other comprehensive loss | -243,549 | -243,549 | ||||
Balance at Dec. 31, 2014 | $442,850 | ($7,541,264) | $499,862,062 | $99,919,646 | ($293,020) | $592,390,274 |
Balance (in Shares) at Dec. 31, 2014 | 44,285,108 | -1,395,335 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cash flows from operating activities | |||
Net income for the year | $12,685,826 | $21,217,193 | $28,958,487 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 33,811,607 | 30,761,673 | 28,776,688 |
Amortization of deferred finance charges | 656,341 | 425,933 | 412,138 |
Amortization of deferred gain on sale and leaseback of vessels | -4,954 | ||
Unrealized exchange differences | 251,662 | 3,745 | 98,294 |
Share based compensation | 357,967 | 292,628 | 31,268 |
Change in fair value of derivatives | -1,019,853 | -2,784,123 | -3,506,897 |
Impairment loss | 6,168,747 | 0 | 0 |
Gain on sale of vessels | -1,372,409 | ||
(Increase)/decrease in | |||
Trade and other receivables | 1,869,466 | -2,055,817 | -1,708,048 |
Claims receivable | -317,570 | -1,905,152 | -502,534 |
Inventories | -497,573 | 691,314 | -736,299 |
Advances and prepayments | -670,559 | -280,218 | 193,397 |
Increase/(decrease) in | |||
Balance with related parties | -999,147 | -1,452,332 | -586,091 |
Trade accounts payable | 1,104,798 | 1,442,443 | -526,281 |
Accrued liabilities | 1,022,650 | 25,207 | -1,653,992 |
Deferred income | 818,327 | 2,744,881 | 563,255 |
Net cash provided by operating activities | 55,237,735 | 49,127,375 | 48,440,976 |
Cash flows from investing activities | |||
Insurance proceeds | 384,164 | 1,801,120 | 986,102 |
Vessels’ acquisitions and advances for vessels under construction | -129,891,982 | -124,406,294 | -62,634,833 |
Proceeds from sale of vessels, net | 27,929,931 | 18,136,907 | |
Net proceeds related to cancellation of vessels’ acquisitions | 10,044,799 | ||
(Increase)/decrease in restricted cash account | 425,225 | 2,818,753 | -386,292 |
Net cash used in investing activities | -91,107,863 | -119,786,421 | -43,898,116 |
Cash flows from financing activities | |||
Stock repurchase | -4,789,158 | ||
Net proceeds from common stock issuance | 112,302,678 | 109,119,029 | |
Deferred finance charges paid | -1,130,675 | -1,747,031 | |
Customer deposits received | 5,000 | ||
Customer deposits paid | -280,000 | ||
Loan repayments | -75,268,462 | -37,696,190 | -48,965,869 |
Proceeds from long-term debt | 47,903,693 | 45,212,500 | 43,250,000 |
Net cash (used in)/provided by financing activities | 79,018,076 | 114,608,308 | -5,710,869 |
Effect of exchange rate changes on cash | -251,662 | -3,745 | -98,294 |
Net (decrease)/increase in cash and cash equivalents | 42,896,286 | 43,945,517 | -1,266,303 |
Cash and cash equivalents at beginning of year | 86,218,517 | 42,273,000 | 43,539,303 |
Cash and cash equivalents at end of year | 129,114,803 | 86,218,517 | 42,273,000 |
Supplemental Cash Flow Information: | |||
Cash paid during the year for interest, net of amounts capitalized | 6,770,830 | 7,374,110 | 8,757,734 |
Non cash financing activity – Stock repurchase | $517,933 |
Note_1_Basis_of_Presentation_a
Note 1 - Basis of Presentation and General Information | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1 | Basis of Presentation and General Information | |||||||||||
The accompanying consolidated financial statements include the accounts of StealthGas Inc. and its wholly owned subsidiaries (collectively, the “Company”) which, as of December 31, 2014 owned a fleet of forty one 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. StealthGas Inc. was formed under the laws of Marshall Islands on December 22, 2004. | |||||||||||||
The Company’s vessels are managed by Stealth Maritime Corporation S.A. (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). | |||||||||||||
During 2012, 2013 and 2014, the following charterer individually accounted for 10% or more of the Company’s revenues as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
Charterer | 2012 | 2013 | 2014 | ||||||||||
A | — | — | 13 | % | |||||||||
B | 12 | % | 11 | % | — | ||||||||
Note_2_Significant_Accounting_
Note 2 - Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Significant Accounting Policies [Text Block] | 2 | Significant Accounting Policies |
Principles of Consolidation: The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of StealthGas Inc. and its wholly owned subsidiaries. All inter-company balances and transactions have been eliminated upon consolidation. | ||
Use of Estimates: The preparation of consolidated financial statements in conformity with US 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. Actual results could differ from those estimates. | ||
Other Comprehensive Income/(Loss): The Company follows the provisions of guidance regarding reporting comprehensive income which requires separate presentation of certain transactions, such as unrealized gains and losses from effective portion of cash flow hedges, which are recorded directly as components of stockholders’ equity. | ||
Foreign Currency Translation: The functional currency of the Company is the U.S. Dollar because the Company’s vessels operate in international shipping markets, which utilize the U.S. Dollar as the functional currency. The accounting books of the Company are maintained in U.S. Dollars. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are translated to reflect the period end exchange rates. Resulting gains or losses are separately reflected in the accompanying consolidated statements of income. | ||
Cash and Cash Equivalents: The Company considers highly liquid investments such as time deposits and certificates of deposit with original maturity of three months or less to be cash equivalents. | ||
Restricted Cash: Restricted cash reflects deposits with certain banks that can only be used to pay the current loan installments or which are required to be maintained as a certain minimum cash balance per mortgaged vessel. In the event that the obligation relating to such deposits is expected to be terminated within the next twelve months, these deposits are classified as current assets; otherwise they are classified as non-current assets. | ||
Trade Receivables: The amount shown as trade receivables includes estimated recoveries from charterers for hire, freight and demurrage billings, net of allowance for doubtful accounts. At each balance sheet date, all potentially un-collectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. No provision for doubtful accounts was required for any of the periods presented. | ||
Claims Receivable: Claims receivable are recorded on the accrual basis and represent the claimable expenses, net of deductibles, incurred through each balance sheet date, for which recovery from insurance companies is probable and claim is not subject to litigation. Any remaining costs to complete the claims are included in accrued liabilities. | ||
Inventories: Inventories consist of bunkers (for vessels under voyage charter) and lubricants. The cost is determined by the first-in, first-out method. The Company considers victualling and stores as being consumed when purchased and, therefore, such costs are expensed when incurred. | ||
Advances for vessels under construction: This represents amounts expended by the Company in accordance with the terms of the construction contracts for vessels as well as other expenses in connection with on site supervision. In addition, interest costs incurred during the construction (until the asset is substantially complete and ready for its intended use) are capitalized. | ||
Vessels Acquisitions: Vessels are stated at cost, which consists of the contract price less discounts and any material expenses incurred upon acquisition (initial repairs, improvements, acquisition and expenditures made to prepare the vessel for its initial voyage). Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels, or otherwise are charged to expenses as incurred. The Company records all identified tangible and intangible assets associated with the acquisition of a vessel or liabilities at fair value. Where vessels are acquired with existing time charters, the Company allocates the purchase price to the time charters based on the present value (using an interest rate which reflects the risks associated with the acquired charters) of the difference between (i) the contractual amounts to be paid pursuant to the charter terms and (ii) management’s estimate of the fair market charter rate, measured over a period equal to the remaining term of the charter. The capitalized above-market (assets) and below-market (liabilities) charters are amortized as a reduction and increase, respectively, to revenues over the remaining term of the charter. | ||
Impairment or Disposal of Long-lived Assets:The Company follows the Accounting Standards Codification (“ASC”) Subtopic 360-10, “Property, Plant and Equipment” (“ASC 360-10”), which requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. If indicators of impairment are present, the Company performs an analysis of the anticipated undiscounted future net cash flows of the related long-lived assets. If the carrying value of the related asset exceeds the undiscounted cash flows, the carrying value is reduced to its fair value and the difference is recorded as an impairment loss in the consolidated statements of income. Various factors including anticipated future charter rates, estimated scrap values, future drydocking costs and estimated vessel operating costs are included in this analysis. These factors are based on historical trends as well as future expectations. Undiscounted cashflows are determined by considering the revenues from existing charters for those vessels that have long term employment and when there is no charter in place the estimates based on historical average rates with an annual increase of 2%. The Company also assumes an average annual inflation rate of 3% for operating expenses. No impairment loss was identified or recorded for the years ended December 31, 2012 and 2013. An impairment loss was identified and recorded for the year ended December 31, 2014 (Note 6). | ||
Vessels’ Depreciation: The cost of each of the Company’s vessels is depreciated on a straight-line basis over the vessel’s remaining economic useful life, after considering the estimated residual value. Management estimates the useful life of each of the Company’s LPG carriers to be 30 years and product and aframax tankers, to be 25 years, from the date of their construction. | ||
Assets Held for Sale: It is the Company’s policy to dispose of vessels when suitable opportunities occur and not necessarily to keep them until the end of their useful life. The Company classifies vessels as being held for sale when the following criteria are met: (i) management possessing the necessary authority has committed to a plan to sell the vessels, (ii) the vessels are available for immediate sale in their present condition, (iii) an active program to find a buyer and other actions required to complete the plan to sell the vessels have been initiated, (iv) the sale of the vessels is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within one year and (v) the vessels are being actively marketed for sale at a price that is reasonable in relation to their current fair value and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Vessels classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These vessels are not depreciated once they meet the criteria to be classified as held for sale. Furthermore, in the period a vessel meets the held for sale criteria in accordance with ASC 360-10, a loss is recognized for any reduction of the vessel’s carrying amount to its fair value less cost to sell. No assets are held for sale as of December 31, 2013 and 2014. | ||
Segment Reporting: The Company reports financial information and evaluates its operations by total charter revenues and not by the type of vessel, length of vessel employment, customer or type of charter. As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet, and thus, the Company has determined that it operates under one reportable segment. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographical information is impracticable. | ||
Accounting for Special Survey and Dry-docking Costs: Special survey and dry-docking costs and all non-capitalizable repair and maintenance expenses are expensed in the period incurred. | ||
Sale and Leaseback Transactions: The gains on sale of vessel sale and leaseback transactions are deferred and amortized to income over the lease period. | ||
Deferred Finance Charges: 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 fees relating to loans repaid or refinanced are expensed in the period the repayment or refinancing is made. | ||
Accounting for Revenue and Related Expenses:The Company generates its revenues from charterers for the charter hire of its vessels. Vessels are chartered using either voyage charters, where a contract is made in the spot market for the use of a vessel for a specific voyage for a specified charter rate, or time and bareboat charters, where a contract is entered into for the use of a vessel for a specific period of time and a specified daily or monthly charter hire rate payable monthly in advance. If a charter agreement exists and the price is fixed, service is provided and collection of the related revenue is reasonably assured, revenue is recognized as it is earned ratably on a straight-line basis over the duration of the period of each voyage or period charter. A voyage is deemed to commence upon the completion of discharge of the vessel’s previous cargo and is deemed to end upon the completion of discharge of the current cargo, but the Company does not begin recognizing revenue until a charter has been agreed to by the customer and the Company, even if the vessel has discharged its cargo and is sailing to the anticipated load port for its next voyage.. Demurrage income represents payments by a charterer to a vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized ratably as earned during the related voyage charter’s duration period. Deferred income includes cash received prior to the balance sheet date and is related to revenue earned after such date. | ||
Voyage expenses comprise commissions, bunkers and port expenses and are unique to a particular charter. Commissions in all cases are paid by the Company and are recognized on a pro-rata basis. All other voyage expenses are paid by the charterer under time charter arrangements or by the Company under voyage charter arrangements and are recognized as incurred. | ||
Vessel operating expenses comprise all expenses relating to the operation of the vessel, including crewing, repairs and maintenance, insurance, stores, lubricants and miscellaneous expenses. Vessel operating expenses are paid by the Company and are accounted for on an accrual basis. | ||
Under a bareboat charter, the charterer assumes responsibility for all voyage and vessel operating expenses and risk of operation. | ||
Leasing: Leases are classified as capital leases if they meet at least one of the following criteria: (i) the leased asset automatically transfers title at the end of the lease term; (ii) the lease contains a bargain purchase option; (iii) the lease term equals or exceeds 75% of the remaining estimated economic life of the leased asset; (iv) or the present value of the minimum lease payments equals or exceeds 90% of the excess of fair value of the leased property. If none of the above criteria is met, the lease is accounted for as an operating lease. | ||
Operating lease payments are recognized as an operating expense in the consolidated statement of income on a straight-line basis over the lease term. | ||
For sale and lease back transactions, when the lease qualifies as an operating lease and the lease back is considered “more than minor but less than substantially all” i.e. the seller-lessee retains more than a minor part but less than substantially all of the use of the asset, the resulting gains are deferred and amortized to income over the lease period. | ||
Equity Compensation Plan: Share-based compensation includes vested and non-vested shares granted to employees and to non-employee directors, for their services as directors and is included in General and administrative expenses in the consolidated statements of income. These shares are measured at their fair value, which is equal to the market value of the Company’s common stock on the grant date. The shares that do not contain any future service vesting conditions are considered vested shares and a total fair value of such shares is recognized in full on the grant date. The shares that contain a time-based service vesting condition are considered non-vested shares on the grant date and a total fair value of such shares is recognized over the vesting period on a straight-line basis over the requisite service period for each separate portion of the award as if the award was, in substance, multiple awards (graded vesting attribution method). In addition, non-vested awards granted to non-employees are measured at their then-current fair value as of the financial reporting dates until non-employees complete the service (Note 13). | ||
Earnings per Share: Basic earnings per share are computed under the two-class method by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised. Dilution has been computed by the treasury stock method whereby all of the Company’s dilutive securities are assumed to be exercised or converted and the proceeds used to repurchase common shares at the weighted average market price of the Company’s common stock during the relevant periods. The incremental shares (the difference between the number of shares assumed issued and the number of shares assumed purchased) are included in the denominator of the diluted earnings per share computation to the extent these are not anti-dilutive (Note 14). | ||
Derivatives: The Company is party to interest swap agreements where it receives a floating interest rate and pays a fixed interest rate for a certain period in exchange. The Company designates its derivatives based upon guidance on ASC 815, “Derivatives and Hedging” which establishes accounting and reporting requirements for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. The guidance on accounting for certain derivative instruments and certain hedging activities requires all derivative instruments to be recorded on the balance sheet as either an asset or liability measured at its fair value, with changes in fair value recognized in earnings unless specific hedge accounting criteria are met. | ||
(i) Hedge Accounting: At the inception of a hedge relationship, the Company formally designates and documents the hedge relationship to which the Company wishes to apply hedge accounting and the risk management objective and strategy undertaken for the hedge. The documentation includes identification of the hedging instrument, hedged item or transaction, the nature of the risk being hedged and how the entity will assess the hedging instrument’s effectiveness in offsetting exposure to changes in the hedged item’s cash flows attributable to the hedged risk. Such hedges are expected to be highly effective in achieving offsetting changes in cash flows and are assessed on an ongoing basis to determine whether they actually have been highly effective throughout the financial reporting periods for which they were designated. | ||
Contracts which meet the strict criteria for hedge accounting are accounted for as cash flow hedges. A cash flow hedge is a hedge of the exposure to variability in cash flows that is attributable to a particular risk associated with a recognized asset or liability, or a highly probable forecasted transaction that could affect profit or loss. | ||
The effective portion of the gain or loss on the hedging instrument is recognized directly as a component of “Accumulated other comprehensive income/loss” in equity, while any ineffective portion, if any, is recognized immediately in current period earnings. | ||
The Company discontinues cash flow hedge accounting if the hedging instrument expires and it no longer meets the criteria for hedge accounting or designation is revoked by the Company. At that time, any cumulative gain or loss on the hedging instrument recognized in equity is kept in equity until the forecasted transaction occurs. When the forecasted transaction occurs, any cumulative gain or loss on the hedging instrument is recognized in the statement of income. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in equity is transferred to net profit or loss for the year as a component of “Loss on derivatives”. | ||
(ii) Other Derivatives: Changes in the fair value of derivative instruments that have not been designated as hedging instruments are reported in current period earnings. | ||
Recent Accounting Pronouncements: In May 2014, the Financial Accounting Standards Board ("FASB"), issued Accounting Standards Update No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, and shall be applied either retrospectively to each period presented or as a cumulative effect adjustment as of the date of adoption. The Company is evaluating the potential impact of this adoption on its consolidated financial statements. | ||
In April 2015, the FASB issued ASU No 2015-03, "Simplifying the Presentation of Debt Issuance Costs", which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. This standard is effective for public entities with reporting periods beginning after December 15, 2015. The implementation of this standard will only affect the presentation of debt issuance costs which will be shown as a direct deduction of the related debt instead of under non-current assets in the accompanying consolidated balance sheets. | ||
Note_3_Transactions_with_Relat
Note 3 - Transactions with Related Parties | 12 Months Ended | |
Dec. 31, 2014 | ||
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, as per the management agreement between the Manager and the Company. The Manager has subcontracted the technical management of some of the vessels to an affiliated ship-management company, Brave Maritime Corp. Inc. (“Brave”) and one vessel to an unaffiliated ship-management company, Bernhard Schulte Shipmanagement (“BSS”) . These companies provide technical management to the Company’s vessels for a fixed annual fee per vessel which is paid by the Manager. For the years ended December 31, 2012, 2013 and 2014, total brokerage commissions of 1.25% amounted to $1,472,410, $1,482,764 and $1,613,421, respectively, and are included in “Voyage expenses – related party” in the consolidated statements of income. For the years ended December 31, 2012, 2013 and 2014, the management fees were $4,315,720, $4,807,010 and $5,501,675, respectively and are included in “Management fees – related party” in the consolidated statements of income. 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 is charged for each additional day. For the years ended December 31, 2012, 2013 and 2014, the superintendent fees amounted to $175,500, $151,000 and $167,000, respectively, and are included in “Vessels’ operating expenses – related party” in the consolidated statements of income. | ||
The Manager also acts as a sales and purchase broker for the Company in exchange for a commission fee equal to 1% of the gross sale or purchase price of vessels or companies. For the years ended December 31, 2012, 2013 and 2014 commission fees relating to vessels purchased of $634,479, $723,500 and $984,355, respectively, were incurred and capitalized to the cost of the vessels. For the years ended December 31, 2012 the amount of $192,000 was recognized as commission expenses relating to the sale of vessels and is included in the consolidated statements of income under the caption “Net gain on sale of vessels”. For the year ended December 31, 2014 the amount of $285,000 was recognized as commission expenses relating to the sale and leaseback of vessels and is included in the consolidated balance sheets under the caption “Deferred gain on sale and leaseback of vessels”. | ||
In addition to management services, the Company reimburses the Manager for compensation of its Chief Executive Officer, its Chief Financial Officer, its Internal Auditor, its Chief Technical Officer, its Finance Manager and its Deputy Chairman and Executive Director, which reimbursements were in the amounts of $1,552,541, $1,245,766 and $1,317,237, for the years ended December 31, 2012, 2013 and 2014, respectively, and are included in the consolidated statements of income under the caption “General and administrative expenses”. | ||
The current account balance with the Manager at December 31, 2013 and at December 31, 2014 was a liability of $5,941,043 and $4,941,896, 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 years ended December 31, 2012, 2013 and 2014 amounted to $76,420, $78,070 and $76,788, respectively, and is included in the consolidated statements of income under the caption “General and administrative expenses”. | ||
In April 2012, the Company entered into 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 $4,364,992, $9,814,000 and $9,814,000 for the years ended December 31, 2012, 2013 and 2014, respectively, and is included in the consolidated statements of income under the caption “Revenues – related party”. In accordance with the time charter agreements for the vessels’ operating expenses, the Company paid to the Manager amounts of $1,741,802, $3,933,149 and $3,932,352 for the years ended December 31, 2012, 2013 and 2014, respectively, which are included in the consolidated statements of income under the caption “Vessels’ operating expenses – related party”. The current account balance with Emihar as of both December 31, 2013 and 2014, was a receivable of $104,476. | ||
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 memoranda of agreements, an advance payment of 20% of the aggregate purchase price was paid on September 28, 2012. On July 11, 2014, the acquisition of two of the above LPG carriers was cancelled and on September 30, 2014 the Company collected the full amount of the advances paid to the affiliated company with the capitalized interest, totaling to $10,044,799 (Note 5). | ||
On May 26, 2014, the Company entered into an agreement with Brave for the supervision of the construction of eight of its vessels for a fixed fee of Euro 390,000 per vessel. For the year ended December 31, 2014, the supervision fees amounted to $984,204 and were capitalized to the cost of the respective vessels. | ||
Note_4_Inventories
Note 4 - Inventories | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventory Disclosure [Text Block] | 4. Inventories | ||||||||
The amounts shown in the accompanying consolidated balance sheets are analyzed as follows: | |||||||||
December 31, | |||||||||
2013 | 2014 | ||||||||
Bunkers | 930,630 | 1,426,838 | |||||||
Lubricants | 1,530,463 | 1,531,828 | |||||||
Total | 2,461,093 | 2,958,666 | |||||||
Note_5_Advances_for_Vessels_Un
Note 5 - Advances for Vessels Under Construction and Acquisitions | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
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 | |||
The amount shown in the accompanying consolidated balance sheet as of December 31, 2013 of $70,577,435 mainly represents advance payments to sellers for four LPG carriers under construction contracted in 2012 (see Note 3), advance payments to sellers for five LPG carriers under construction contracted in 2013 and advance payments to a ship-builder for six LPG carriers under construction contracted in 2013. | |||||
The amount shown in the accompanying consolidated balance sheet as of December 31, 2014 of $88,965,085 mainly represents advance payments to sellers for two LPG carriers under construction contracted in 2012 (see Note 3), advance payments to sellers for three LPG carriers under construction contracted in 2013, advance payments to ship-builders for four LPG carriers under construction contracted in 2013, advance payments to ship-builders for six LPG carriers under construction contracted in 2014 and advance payments to sellers for one LPG carrier under construction contracted in 2014. | |||||
For the years ended December 31, 2013 and 2014, the movement of the account, advances for vessels under construction and acquisitions, was as follows: | |||||
Balance, December 31, 2012 | 19,321,045 | ||||
Advances for vessels under construction and acquisitions | 50,396,200 | ||||
Capitalized interest | 819,296 | ||||
Capitalized expenses | 40,894 | ||||
Balance, December 31, 2013 | 70,577,435 | ||||
Advances for vessels under construction and acquisitions | 124,973,343 | ||||
Capitalized interest | 2,113,297 | ||||
Capitalized expenses | 2,805,342 | ||||
Vessels delivered | (101,459,533 | ) | |||
Vessels cancelled (Note 3) | (10,044,799 | ) | |||
Balance, December 31, 2014 | 88,965,085 | ||||
Note_6_Vessels_Net
Note 6 - Vessels, Net | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||
Property, Plant and Equipment Disclosure [Text Block] | 6 | Vessels, net | |||||||||||
The amounts shown in the accompanying consolidated balance sheets are analyzed as follows: | |||||||||||||
Vessel cost | Accumulated | Net Book | |||||||||||
Depreciation | Value | ||||||||||||
Balance, December 31, 2012 | 776,302,690 | (141,668,019 | ) | 634,634,671 | |||||||||
Acquisitions | 73,149,904 | — | 73,149,904 | ||||||||||
Depreciation for the year | — | (30,761,673 | ) | (30,761,673 | ) | ||||||||
Balance, December 31, 2013 | 849,452,594 | (172,429,692 | ) | 677,022,902 | |||||||||
Acquisitions (transfer from Advances for Vessels under Construction and Acquisitions) | 101,459,533 | — | 101,459,533 | ||||||||||
Disposals | (39,075,007 | ) | 11,925,771 | (27,149,236 | ) | ||||||||
Impairment loss | (16,449,131 | ) | 10,280,384 | (6,168,747 | ) | ||||||||
Depreciation for the year | — | (33,811,607 | ) | (33,811,607 | ) | ||||||||
Balance, December 31, 2014 | 895,387,989 | (184,035,144 | ) | 711,352,845 | |||||||||
The additions in 2013 relate to the acquisition of vessels “Gas Enchanted”, “Gas Alice”, “Gas Inspiration”, “Gas Ethereal” and “Sakura Symphony”. | |||||||||||||
The additions in 2014 relate to the acquisition of vessels “Eco Stream”, “Eco Chios”, “Eco Elysium”, “Eco Invictus” and “Eco Corsair”. In addition, on November 14, 2014 and on December 15, 2014, the Company entered into separate memoranda of agreement for the disposal of the vessels “Gas Premiership” and “Gas Cathar”, respectively, to an unaffiliated third party for $28,500,000 and entered simultaneously into bareboat charter agreements to leaseback the vessels for periods of four years (Note 18).The vessels were delivered to the new owners on November 19, 2014 and on December 19, 2014, respectively. | |||||||||||||
At December 31, 2014, the Company decided to seek to dispose of two of the oldest vessels of the fleet. As a result of this decision, the undiscounted net operating cash flows of each of these vessels did not exceed each vessel’s carrying value and the Company identified and recorded an impairment loss of $6,168,747 which is presented under the caption “Impairment loss” in the consolidated statements of income. No assets are held for sale as of December 31, 2013 and 2014. | |||||||||||||
Note_7_Deferred_Finance_Charge
Note 7 - Deferred Finance Charges | 12 Months Ended | |
Dec. 31, 2014 | ||
Deferred Finance Charges [Abstract] | ||
Deferred Finance Charges [Text Block] | 7 | Deferred Finance Charges |
Gross deferred finance charges amounting to $4,828,675 and $5,959,350 as of December 31, 2013 and December 31, 2014, 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 years ended December 31, 2012, 2013 and 2014, the amortization of deferred financing charges amounted to $412,138, $425,933 and $656,340, respectively, and is included in interest and finance costs in the consolidated statements of income. | ||
Note_8_Accrued_Liabilities
Note 8 - Accrued Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 8 | Accrued Liabilities | |||||||
The amounts shown in the accompanying consolidated balance sheets are analyzed as follows: | |||||||||
December 31, | |||||||||
2013 | 2014 | ||||||||
Interest on long-term debt | 1,099,771 | 1,436,466 | |||||||
Administrative expenses | 203,396 | 339,778 | |||||||
Vessel operating and voyage expenses | 1,577,210 | 2,126,783 | |||||||
Total | 2,880,377 | 3,903,027 | |||||||
Note_9_Deferred_Income
Note 9 - Deferred Income | 12 Months Ended | |
Dec. 31, 2014 | ||
Deferred Revenue Disclosure [Abstract] | ||
Deferred Revenue Disclosure [Text Block] | 9 | Deferred Income |
The amounts shown in the accompanying consolidated balance sheets amounting to $5,487,585 and $6,892,328 represent time and bareboat charter revenues received in advance as of December 31, 2013 and as of December 31, 2014, respectively. | ||
Note_10_Longterm_Debt
Note 10 - Long-term Debt | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||
Debt Disclosure [Text Block] | 10 | Long-term Debt | ||||||||||||||||||||
Term Loans | Original | December 31, | Movement in 2014 | December 31, | ||||||||||||||||||
Issue Date | Maturity Date | amount | 2013 | Additions | Repayments | 2014 | ||||||||||||||||
5-Dec-05 | 9-Sep-16 | 100,067,500 | 34,012,031 | - | (20,195,149 | ) | 13,816,882 | |||||||||||||||
17-May-06 | 30-May-16 | 79,850,000 | 18,500,000 | - | (4,000,000 | ) | 14,500,000 | |||||||||||||||
6-Jun-06 | 28-Jun-16 | 6,580,000 | 2,237,200 | - | (473,760 | ) | 1,763,440 | |||||||||||||||
21-Jun-07 | 21-Dec-17 | 49,875,000 | 26,444,014 | - | (4,078,250 | ) | 22,365,764 | |||||||||||||||
12-Feb-08 | 19-Feb-20 | 40,250,000 | 24,375,000 | - | (2,500,000 | ) | 21,875,000 | |||||||||||||||
30-Jul-08 | 4-Nov-20 | 33,240,000 | 23,545,000 | - | (1,939,000 | ) | 21,606,000 | |||||||||||||||
Octrober 9, 2008 | Octrober 9, 2020 | 29,437,000 | 9,430,000 | - | (780,000 | ) | 8,650,000 | |||||||||||||||
30-Jan-09 | 15-Jul-16 | 45,000,000 | 33,950,000 | - | (3,400,000 | ) | 30,550,000 | |||||||||||||||
18-Feb-09 | 14-Apr-20 | 32,200,000 | 21,102,095 | 20,400,000 | (22,202,095 | ) | 19,300,000 | |||||||||||||||
19-Feb-09 | 14-Jul-19 | 29,250,000 | 20,520,000 | - | (20,520,000 | ) | - | |||||||||||||||
25-Jun-09 | 16-Apr-20 | 26,700,000 | 15,278,928 | 14,250,000 | (16,613,928 | ) | 12,915,000 | |||||||||||||||
1-Feb-11 | 1-Sep-18 | 49,400,000 | 41,150,000 | - | (3,300,000 | ) | 37,850,000 | |||||||||||||||
1-Mar-11 | 20-Jun-20 | 43,250,000 | 38,375,000 | - | (3,000,000 | ) | 35,375,000 | |||||||||||||||
23-Sep-13 | 30-Sep-20 | 45,212,500 | 43,949,354 | - | (5,052,587 | ) | 38,896,767 | |||||||||||||||
24-Mar-14 | 30-Jun-21 | 50,550,000 | - | 34,300,000 | (1,260,000 | ) | 33,040,000 | |||||||||||||||
12-Jun-14 | 2-Oct-20 | 13,000,000 | - | 13,000,000 | - | 13,000,000 | ||||||||||||||||
Total | 352,868,622 | 81,950,000 | (109,314,769 | ) | 325,503,853 | |||||||||||||||||
Current portion of long-term debt | 41,263,165 | 42,614,213 | ||||||||||||||||||||
Long term debt | 311,605,457 | 282,889,640 | ||||||||||||||||||||
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. | ||||||||||||||||||||||
On December 20, 2013 the Company entered into a term loan with a bank institution to partially finance the acquisition of four LPG carriers under construction, 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 $62,400,000 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. As of December 31, 2014, no amount had been drawn. | ||||||||||||||||||||||
On March 24, 2014 the Company entered into a term loan with a bank to partially finance the acquisition of three LPG carriers under construction, named “Eco Stream”, “Eco Chios” and “Eco Galaxy”, respectively, by three of the Company’s wholly owned subsidiaries. The term loan will be drawn down in three tranches upon the delivery of each vessel. The first tranche amounting to $17,150,000 was drawn down on March 31, 2014 and the second tranche amounting to $17,150,000 was drawn down on June 30, 2014. As of December 31, 2014, the third tranche amounting to $16,250,000 had not been drawn. | ||||||||||||||||||||||
On April 14, 2014, the Company entered into a facility agreement with a bank to refinance the existing term loan dated February 18, 2009. The aggregate committed term loan is up to $20,400,000 and was drawn down in one tranche at the signing date of the facility agreement. | ||||||||||||||||||||||
On April 16, 2014, the Company entered into a facility agreement with a bank to partially finance the acquisition of one LPG carrier on its delivery and to refinance the existing term loan dated June 25, 2009. The aggregate committed term loan was up to $30,000,000 and will be drawn down in three tranches. The two tranches amounting to $14,250,000 were drawn down on April 25, 2014. As of December 31, 2014, the third tranche amounting to $15,750,000 had not been drawn. | ||||||||||||||||||||||
On June 12, 2014 the Company entered into a term loan with a bank to partially finance the acquisition of one LPG carrier under construction, named “Eco Invictus”, by one of the Company’s wholly owned subsidiary. The term loan, amounting to $13,000,000, was drawn down on October 1, 2014 in one tranche. | ||||||||||||||||||||||
On June 20, 2014 the Company entered into a term loan with a bank to partially finance the acquisition of two LPG carriers under construction, named “Eco Corsair” and “Eco Elysium”, respectively, by two of the Company’s wholly owned subsidiaries. The term loan amounting to $20,925,000 was drawn down on January 8, 2015. | ||||||||||||||||||||||
On July 4, 2014, the Company entered into a term loan with a bank to partially finance the acquisition of two LPG carriers under construction on their delivery. The aggregate committed term loan is up to $22,750,000 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 three months after the drawdown, in twenty four consecutive quarterly installments plus a balloon payment payable together with the last installment. As of December 31, 2014, no amount had been drawn. | ||||||||||||||||||||||
On July 5, 2014, the Company entered into a term loan with a bank to partially finance the acquisition of two LPG carriers under construction on their delivery. The aggregate committed term loan is up to $25,350,000 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 three months after the drawdown, in thirty two consecutive quarterly installments plus a balloon payment payable together with the last installment. As of December 31, 2014, no amount had been drawn. | ||||||||||||||||||||||
On November 19, 2014, an amount of $6,780,000 was repaid on the Company’s term loan dated December 5, 2005 from the proceeds of the sale of its vessel Gas Premiership (Note 6). | ||||||||||||||||||||||
On December 19, 2014, an amount of $7,005,297 was repaid on the Company’s term loan dated December 5, 2005 from the proceeds of the sale of its vessel Gas Cathar (Note 6). | ||||||||||||||||||||||
On December 19, 2014, the Company voluntary repaid the outstanding balance of the term loan dated February 19, 2009, amounting to $18,960,000. | ||||||||||||||||||||||
The above loans are generally repayable in quarterly or semi-annual installments and a balloon payment at maturity and 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, | |||||||||||||||||||||
· | 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 $2,500,000 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 December 31, 2014 are based on Libor plus a margin which varies from 0.70% to 3.00%. The average interest rates (including the margin) on the above outstanding loans for the applicable periods were: | ||||||||||||||||||||||
Year ended December 31, 2012: 2.39% | ||||||||||||||||||||||
Year ended December 31, 2013: 2.23% | ||||||||||||||||||||||
Year ended December 31, 2014: 2.28% | ||||||||||||||||||||||
Bank loan interest expense for the above loans for the years ended December 31, 2012, 2013 and 2014 amounted to $9,035,248, $7,997,247 and $8,746,786, respectively. Of these amounts, for the years ended December 31, 2012, 2013 and 2014, the amounts of $281,484, $819,296 and $2,113,297, respectively, were capitalized as part of advances paid for vessels under construction. Interest expense, net of interest capitalized, is included in interest and finance costs in the consolidated statements of income. | ||||||||||||||||||||||
At December 31, 2014, the Company was in compliance with all of its debt financial covenants. | ||||||||||||||||||||||
The aggregate available unused amounts under these facilities at December 31, 2014 were $168,225,000 and the Company is required to pay a quarterly commitment fee ranging from 0.725% to 1.10% per annum of the unutilized portion of the line of credit. | ||||||||||||||||||||||
The annual principal payments to be made, for the abovementioned loans, after December 31, 2014 are as follows: | ||||||||||||||||||||||
December 31, | Amount | |||||||||||||||||||||
2015 | 42,614,213 | |||||||||||||||||||||
2016 | 75,650,797 | |||||||||||||||||||||
2017 | 38,855,837 | |||||||||||||||||||||
2018 | 48,066,587 | |||||||||||||||||||||
2019 | 19,491,587 | |||||||||||||||||||||
Thereafter | 100,824,832 | |||||||||||||||||||||
Total | 325,503,853 | |||||||||||||||||||||
Commitment Letters: On December 23, 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 $22,400,000 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 three months after the drawdown, in twenty eight consecutive quarterly installments plus a balloon payment payable together with the last installment. As of December 31, 2014, no amount had been drawn. | ||||||||||||||||||||||
Note_11_Derivatives_and_Fair_V
Note 11 - Derivatives and Fair Value Disclosures | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Fair Value Disclosures [Text Block] | 11 | 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 approximately $48,692,694 at December 31, 2014 (2013: $53,682,179) pursuant to which it pays fixed rates ranging from 2.60% to 4.73% and receives floating rates based on the London Interbank Offered Rate (“LIBOR”) (approximately 0.33% at December 31, 2014). These agreements contain no leverage features and have maturity dates ranging from March 2016 to September 2020. The Company had five derivative contracts 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/(loss)" 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. As of December 31, 2014 one derivative contract qualifies for hedge accounting since its inception on April 10, 2014. | |||||||||||||||||||||
On April 10, 2014, the Company as a condition of its term loan dated September 23, 2013, entered into an amortizing interest rate swap agreement for a notional amount of $17,553,663. The agreement will be effective starting September 30, 2015 and expires on September 30, 2020; under this agreement the Company receives each quarter interest on the notional amount based on the three month LIBOR rate and pays interest based on a fixed interest rate of 2.60%. | |||||||||||||||||||||
The Company enters into foreign currency forward contracts in order to manage risks associated with fluctuations in foreign currencies. During 2014, the Company entered into a series of foreign currency forward contracts to hedge part of its exposure to fluctuations of its anticipated cash payments in Japanese Yen relating to certain vessels under construction. Under the contracts the Company converted U.S. dollars to approximately JPY900 million of cash outflows at various dates through 2014. As of and for the years ended December 31, 2012 and 2013, there were no such contracts. | |||||||||||||||||||||
The following tables present information on the location and amounts of derivatives’ fair values reflected in the consolidated balance sheets and with respect to gains and losses on derivative positions reflected in the consolidated statements of income or in the consolidated balance sheets, as a component of accumulated other comprehensive income/(loss). | |||||||||||||||||||||
Tabular disclosure of financial instruments is as follows: | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||
Derivatives designated as | Balance Sheet Location | Asset | Liability | Asset | Liability | ||||||||||||||||
hedging instruments | Derivatives | Derivatives | Derivatives | Derivatives | |||||||||||||||||
Interest Rate Swap Agreements | Non current liabilities — Fair value of derivatives | — | — | — | 384,589 | ||||||||||||||||
Total derivatives designated as hedging instruments | — | — | — | 384,589 | |||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||
Derivatives not designated as | Balance Sheet Location | Asset | Liability | Asset | Liability | ||||||||||||||||
hedging instruments | Derivatives | Derivatives | Derivatives | Derivatives | |||||||||||||||||
Interest Rate Swap Agreements | Current liabilities — Fair value of derivatives | — | 277,212 | — | — | ||||||||||||||||
Forward Currency Contract | Current liabilities — Fair value of derivatives | — | — | — | 583,368 | ||||||||||||||||
Interest Rate Swap Agreements | Non current liabilities — Fair value of derivatives | — | 2,955,755 | — | 1,488,706 | ||||||||||||||||
Total derivatives not designated as hedging instruments | — | 3,232,967 | — | 2,072,074 | |||||||||||||||||
The effect of derivative instruments on the consolidated statements of income for the years ended December 31, 2012, 2013 and 2014 is as follows: | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
Derivatives not designated as hedging instruments | Location of Gain/(Loss) Recognized | 2012 | 2013 | 2014 | |||||||||||||||||
Interest Rate Swap — Reclassification from OCI | Loss on derivatives | 54,340 | 67,849 | (49,471 | ) | ||||||||||||||||
Interest Rate Swap — Change in Fair Value | Loss on derivatives | 3,452,556 | 2,716,274 | 1,652,692 | |||||||||||||||||
Interest Rate Swap — Realized loss | Loss on derivatives | (4,593,154 | ) | (2,811,593 | ) | (1,857,362 | ) | ||||||||||||||
Foreign Currency Contract — Change in Fair Value | Loss on derivatives | — | — | (583,368 | ) | ||||||||||||||||
Foreign Currency Contract — Realized loss | Loss on derivatives | — | — | (510,875 | ) | ||||||||||||||||
Total loss on derivatives | (1,086,258 | ) | (27,470 | ) | (1,348,384 | ) | |||||||||||||||
The components of accumulated other comprehensive income /(loss) included in the accompanying consolidated balance sheets consist of unrealized gain / (loss) on cash flow hedges and are analyzed as follows: | |||||||||||||||||||||
Unrealized Gain / (Loss) on cash flow hedges | |||||||||||||||||||||
Accumulated other comprehensive income – Balance, January 1, 2013 | 18,378 | ||||||||||||||||||||
Reclassification adjustment | (67,849 | ) | |||||||||||||||||||
Accumulated other comprehensive loss – Balance, December 31, 2013 | (49,471 | ) | |||||||||||||||||||
Effective portion of changes in fair value of interest swap contracts | (293,020 | ) | |||||||||||||||||||
Reclassification adjustment | 49,471 | ||||||||||||||||||||
Accumulated other comprehensive loss– Balance, December 31, 2014 | (293,020 | ) | |||||||||||||||||||
During the years ended December 31, 2012 and 2013 the gains transferred from accumulated other comprehensive income/(loss) to the statement of income were $54,340 and $67,849, respectively, and during the year ended December 31, 2014, the loss transferred from accumulated other comprehensive income/(loss) to the statement of income was $49,471. | |||||||||||||||||||||
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 and cash equivalents, restricted cash, receivables from related party, trade and other receivables, claims receivable, payable to related party, trade accounts payable and accrued liabilities are reasonable estimates of their fair value due to the short term nature of these financial instruments. Cash and cash equivalents and restricted cash are considered Level 1 items as they represent liquid assets with short-term maturities. 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, 2013: | |||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||
Description | Fair Value | Quoted Prices | Significant | Significant | |||||||||||||||||
as of | in Active | Other | Unobservable | ||||||||||||||||||
December 31, | Markets for | Observable | Inputs | ||||||||||||||||||
2013 | Identical | Inputs | (Level 3) | ||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||
Interest Rate Swap Agreements | (3,232,967 | ) | — | (3,232,967 | ) | — | |||||||||||||||
Total | (3,232,967 | ) | — | (3,232,967 | ) | — | |||||||||||||||
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, 2014: | |||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||
Description | Fair Value | Quoted Prices | Significant | Significant | |||||||||||||||||
as of | in Active | Other | Unobservable | ||||||||||||||||||
December 31, | Markets for | Observable | Inputs | ||||||||||||||||||
2014 | Identical | Inputs | (Level 3) | ||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||
Foreign Currency Contract | (583,368 | ) | — | (583,368 | ) | — | |||||||||||||||
Interest Rate Swap Agreements | (1,873,295 | ) | — | (1,873,295 | ) | — | |||||||||||||||
Total | (2,456,663 | ) | — | (2,456,663 | ) | — | |||||||||||||||
The following table summarizes the valuation of assets measured at fair value on a non-recurring basis as of the valuation date. | |||||||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||
Description | Fair Value | Quoted Prices | Significant | Significant | Impairment loss | ||||||||||||||||
as of | in Active | Other | Unobservable | ||||||||||||||||||
December 31, | Markets for | Observable | Inputs | ||||||||||||||||||
2014 | Identical | Inputs | (Level 3) | ||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
Long-lived assets held and used | 1,977,051 | — | 1,977,051 | — | (6,168,747 | ) | |||||||||||||||
Total | 1,977,051 | — | 1,977,051 | — | (6,168,747 | ) | |||||||||||||||
As a result of the impairment analysis performed for the year ended December 31, 2014, two of the Company's vessels, with a carrying amount of $8,145,798 were written down to their fair value as determined by the Company based on current demolition prices, resulting in an impairment charge of $6,168,747, which was included in the accompanying consolidated statement of income under the caption “Impairment loss” for the year ended December 31, 2014. | |||||||||||||||||||||
No asset or liability was measured at fair value on a non-recurring basis as of December 31, 2013. | |||||||||||||||||||||
Note_12_Common_Stock_and_Addit
Note 12 - Common Stock and Additional Paid-in Capital | 12 Months Ended | |
Dec. 31, 2014 | ||
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. | ||
The total authorized common stock of the Company is 100,000,000 shares. On October 5, 2005, the Company completed its initial public offering. It issued 8,000,000 additional shares bringing the total number of shares outstanding to 14,000,000. The holders of the shares are entitled to one vote on all matters submitted to a vote of stockholders and to receive all dividends, if any. | ||
On August 7, 2006, a private placement of 400,000 newly issued shares of the Company’s common stock was completed at a price of $12.54 per share, representing the average of the closing prices of the common stock over the five trading days ended August 1, 2006. | ||
On July 18, 2007, the Company completed a follow-on public offering of 7,200,000 shares of common stock, par value of $0.01, for $18.00 per share. The gross proceeds from the offering amounted to $129,600,000, while the net proceeds after the underwriters’ discounts and commissions and other related expensed amounted to $121,932,958. The Company also granted the underwriters a 30 day option to purchase up to an additional 1,080,000 shares of common stock to cover any over allotments. | ||
On August 1, 2007, the underwriters partially exercised the over-allotment option, purchasing from the Company 460,105 shares with par value of $0.01 of the Company’s common stock. The gross proceeds from the sale of these shares amounted to $8,281,890, the net proceeds after the underwriters’ discounts and commissions amounted to $7,826,386. | ||
On March 22, 2010, the Company’s Board of Directors adopted a new stock repurchase plan for up to $15,000,000 to be used for repurchasing the Company’s common shares. For the year ended December 31, 2010, the Company completed the repurchase of 1,205,229 shares paying an average price per share of $5.21. These shares were cancelled and removed from the Company’s capital stock. During the year ended December 31, 2011, the Company completed the repurchase of additional 551,646 shares paying an average price per share of $4.05. These shares are held as treasury stock by the Company. No shares were repurchased during the year ended December 31, 2012 and 2013. | ||
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 $109,119,029. | ||
On February 14, 2014, the Company completed an underwritten registered offering of 3,398,558 shares of common stock, par value of $0.01, for $9.71 per share. The gross proceeds from the offering amounted to $32,999,998, while the net proceeds after the underwriters’ discounts and commissions and other related expenses amounted to $31,937,044. | ||
On May 7, 2014, the Company completed an underwritten registered offering of 4,476,195 shares of common stock, par value of $0.01, for $10.50 per share. The gross proceeds from the offering amounted to $47,000,047, while the net proceeds after the underwriters’ discounts and commissions and other related expenses amounted to $46,294,133. | ||
On August 12, 2014, the Company completed an underwritten registered offering of 3,500,000 shares of common stock, par value of $0.01, for $10.00 per share. The gross proceeds from the offering amounted to $35,000,000, while the net proceeds after the underwriters’ discounts and commissions and other related expenses amounted to $34,071,501. | ||
On November 26, 2014, the Company’s Board of Directors adopted a new stock repurchase plan for up to $10,000,000 to be used for repurchasing the Company’s common shares. For the year ended December 31, 2014, the Company completed the repurchase of 843,022 shares paying an average price per share of $6.29. These shares are held as treasury stock by the Company. | ||
Note_13_Equity_Compensation_Pl
Note 13 - Equity Compensation Plan | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 13. Equity Compensation Plan | ||||||||
During 2007, the Company’s board of directors has 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 December 31, 2014, a total of 555,479 restricted shares had been granted under the Plan since the first grant in the third quarter of 2007. | |||||||||
On November 22, 2012, the Company granted 74,761 non-vested restricted shares to the Company’s CEO, CFO, Executive and non-executive members of Board of Directors. The fair value of each share granted was $7.26 which is equal to the market value of the Company’s common stock on that day. The restricted shares vested on September 30, 2014. | |||||||||
On November 20, 2014, the Company granted 230,713 of non-vested restricted shares to the Company’s CEO and non-executive members of Board of Directors of the Company. The fair value of each share granted was $7.58 which is equal to the market value of the Company’s common stock on that day. The restricted shares will vest over 3 years from the grant date, (115,357 restricted shares on November 20, 2015, 57,678 restricted shares on November 20, 2016 and 57,678 restricted shares on November 20, 2017). | |||||||||
All unvested restricted shares are conditional upon the option holder’s continued service as an employee of the Company, or as a director until the applicable vesting date. Until the forfeiture of any restricted shares, the grantee has the right to vote such restricted shares, to receive and retain all regular cash dividends paid on such restricted shares and to exercise all other rights provided that the Company will retain custody of all distributions other than regular cash dividends made or declared with respect to the restricted shares. | |||||||||
The Company pays dividends on all restricted shares regardless of whether they have vested and there is no obligation of the employee to return the dividend when employment ceases. The Company did not pay any dividends in the years ended December 31, 2012, 2013 and 2014. | |||||||||
The Company estimates the forfeitures of restricted shares to be immaterial. The Company will, however, re-evaluate the reasonableness of its assumption at each reporting period. | |||||||||
Management has selected the accelerated method allowed by the guidance with respect to recognizing stock based compensation expense for restricted share awards with graded vesting because it considers this method to better match expense with benefits received. | |||||||||
In addition, non-vested awards granted to non-employees are measured at their then-current fair value as of the financial reporting dates until non-employees complete the service. | |||||||||
The stock based compensation expense for the vested and non-vested shares for the years ended December 31, 2012, 2013 and 2014 amounted to $31,268, $292,628 and $357,967, respectively, and is included in the consolidated statements of income under the caption “General and administrative expenses”. | |||||||||
A summary of the status of the Company’s non-vested restricted shares as of December 31, 2014, is presented below: | |||||||||
Number of | Weighted average grant | ||||||||
restricted shares | date fair value per | ||||||||
non-vested share | |||||||||
Non-vested, January 1, 2014 | 74,761 | 7.26 | |||||||
Granted | 230,713 | 7.58 | |||||||
Vested | 74,761 | 7.26 | |||||||
Forfeited | — | — | |||||||
Non-vested, December 31, 2014 | 230,713 | 7.58 | |||||||
The total fair value of shares vested during the year ended December 31, 2014 was $681,073, based on the closing share price at each vesting date. No shares vested during the years ended December 31, 2012 and 2013. The remaining unrecognized compensation cost amounting to $1,609,707 as of December 31, 2014, is expected to be recognized over the remaining period of 2.89 years, according to the contractual terms of those non-vested share awards. | |||||||||
Note_14_Earnings_Per_Share
Note 14 - Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share [Text Block] | 14 | 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: | |||||||||||||
Year Ended December 31, | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Numerator | |||||||||||||
Net income | 28,958,487 | 21,217,193 | 12,685,826 | ||||||||||
Less: Undistributed earnings allocated to non-vested shares | (11,220 | ) | (55,958 | ) | (26,357 | ) | |||||||
Net income attributable to common shareholders, basic | 28,947,267 | 21,161,235 | 12,659,469 | ||||||||||
Denominator | |||||||||||||
Weighted average number of shares outstanding, basic and diluted | 20,552,568 | 28,271,746 | 39,305,644 | ||||||||||
Earnings per share, basic and diluted | 1.41 | 0.75 | 0.32 | ||||||||||
The Company excluded the dilutive effect of 230,713 (2013: 74,761, 2012: 74,761) non-vested share awards in calculating dilutive EPS for its common shares as of December 31, 2014, as they were anti-dilutive. | |||||||||||||
Note_15_Voyage_Expenses_and_Ve
Note 15 - Voyage Expenses and Vessel Operating Expenses | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Voyage Expenses And Vessel Operating Expenses [Abstract] | |||||||||||||
Voyage Expenses And Vessel Operating Expenses [Text Block] | 15 | Voyage Expenses and Vessel Operating Expenses | |||||||||||
The amounts in the accompanying consolidated statements of income are analyzed as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
Voyage Expenses | 2012 | 2013 | 2014 | ||||||||||
Port expenses | 1,749,565 | 2,067,494 | 2,278,961 | ||||||||||
Bunkers | 7,253,583 | 8,347,130 | 7,553,318 | ||||||||||
Commissions | 3,304,220 | 3,244,939 | 3,725,645 | ||||||||||
Other voyage expenses | 396,382 | 643,067 | 529,587 | ||||||||||
Total | 12,703,750 | 14,302,630 | 14,087,511 | ||||||||||
Year ended December 31, | |||||||||||||
Vessels’ Operating Expenses | 2012 | 2013 | 2014 | ||||||||||
Crew wages and related costs | 19,304,929 | 22,138,595 | 26,378,730 | ||||||||||
Insurance | 1,260,289 | 1,667,915 | 2,028,142 | ||||||||||
Repairs and maintenance | 3,026,513 | 4,243,133 | 5,194,476 | ||||||||||
Spares and consumable stores | 5,313,053 | 5,757,455 | 7,120,974 | ||||||||||
Miscellaneous expenses | 1,687,193 | 2,716,455 | 4,713,014 | ||||||||||
Total | 30,591,977 | 36,523,553 | 45,435,336 | ||||||||||
Note_16_Income_Taxes
Note 16 - Income Taxes | 12 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 16. Income Taxes |
Under the laws of the countries of the companies’ incorporation and/or vessels’ registration, the companies are not subject to tax on international shipping income, however, they are subject to registration and tonnage taxes, which have been included in Vessel operating expenses in the consolidated statements of income. | |
Pursuant to the Internal Revenue Code of the United States (the “Code”), U.S. source income from the international operations of ships is generally exempt from U.S. tax if the Company operating the ships meets certain requirements. Among other things, in order to qualify for this exemption, the Company operating the ships must be incorporated in a country which grants an equivalent exemption from income taxes to U.S. corporations. All the Company’s ship-operating subsidiaries satisfy these initial criteria. In addition, these companies must be more than 50% owned by individuals who are residents, as defined, in the country of incorporation or another foreign country that grants an equivalent exemption to U.S. corporations. These companies also currently satisfy the more than 50% beneficial ownership requirement. | |
In addition, the management of the Company believes that by virtue of a special rule applicable to situations where the ship-operating companies are beneficially owned by a publicly traded company like the Company, the more than 50% beneficial ownership requirement can also be satisfied based on the trading volume and the anticipated widely-held ownership of the Company’s shares, but no assurance can be given that this will remain so in the future, since continued compliance with this rule is subject to factors outside the Company’s control. | |
Note_17_Commitments_and_Contin
Note 17 - Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies Disclosure [Text Block] | 17 | 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 consolidated financial statements. | ||||
• | As of December 31, 2014, the Company has entered into separate agreements to acquire sixteen LPG carriers which are currently under construction, and are described in Notes 3 and 5. The Company has future outstanding commitments for installment payments for these agreements as follows: | ||||
31-Dec | Amount | ||||
2015 | 145,534,934 | ||||
2016 | 75,717,889 | ||||
2017 | 135,408,000 | ||||
356,660,823 | |||||
• | Future minimum contractual charter revenues, gross of commissions, based on vessels committed to non-cancellable, long-term time and bareboat charter contracts as of December 31, 2014, amount to $90,126,629 during 2015, $47,939,159 during 2016, $29,208,000 during 2017, $20,137,573 during 2018 and $18,960,000 during 2019. These amounts do not include any assumed off-hire. Of these amounts, $9,814,000 for the year ending 2015, $7,412,400 for the year ending 2016 and $2,023,500 for the year ending 2017 relate to time charter agreements with Emihar Petroleum Inc. discussed in Note 3. | ||||
Note_18_Sale_and_Leaseback_of_
Note 18 - Sale and Leaseback of Vessels | 12 Months Ended |
Dec. 31, 2014 | |
Leases [Abstract] | |
Sale Leaseback Transaction Disclosure [Text Block] | 18. Sale and Leaseback of Vessels |
In November and December 2014, the Company sold the vessels Gas Premiership and Gas Cathar and realized a total gain of $780,695. The Company entered into bareboat charter agreements to leaseback the vessels for a period of four years. The charter back agreements are accounted for as operating leases and the gain on the sale was deferred and is being amortized to income over the four-year lease period. For the years ended December 31, 2014, the amortization amounted to $4,954, and is included in Charter hire expenses in the consolidated statements of income. | |
Lease payments relating to the bareboat charters of the vessels amounted to $325,758 for the year ended December 31, 2014, and are included in Charter hire expenses in the consolidated statements of income. | |
Note_19_Subsequent_Events
Note 19 - Subsequent Events | 12 Months Ended | ||
Dec. 31, 2014 | |||
Subsequent Events [Abstract] | |||
Subsequent Events [Text Block] | 19 | Subsequent Events | |
(a) | On January 9, 2015, the Company paid the delivery installment amounting to $6,732,334 and took delivery of the vessel “Eco Lucidity”. | ||
(b) | On February 26, 2015, the Company’s Board of Directors approved the extension of the existing stock repurchase plan for an additional amount of $20,000,000 to be used for repurchasing the Company’s common shares. From the beginning of 2015 and up to April 15, 2015, the Company completed the repurchase of 926,074 shares paying an average price per share of $6.08. These shares are held as treasury stock by the Company. | ||
(c) | On March 12, 2015, the Company concluded separate memoranda of agreements for the demolition of the vessels “Gas Kaizen” and “Gas Crystal” for an aggregate amount of $2,117,684. The “Gas Kaizen” was delivered on April 1, 2015 and the “Gas Crystal” was delivered on April 16, 2015. Gain on the demolition of these vessels amounted to $34,751. | ||
(d) | On March 27, 2015, the Company repaid the outstanding balance of the term loan dated May 17, 2006, amounting to $13,500,000. | ||
(e) | On April 14, 2015, the Company paid the delivery installment amounting to $14,625,000 and took delivery of the vessel “Eco Enigma”. | ||
(f) | On April 22, 2015, the committed third tranche of the facility agreement dated April 16, 2014 amounting to $15,750,000 was drawn down. | ||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation: The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of StealthGas Inc. and its wholly owned subsidiaries. All inter-company balances and transactions have been eliminated upon consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates: The preparation of consolidated financial statements in conformity with US 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. Actual results could differ from those estimates. |
Comprehensive Income, Policy [Policy Text Block] | Other Comprehensive Income/(Loss): The Company follows the provisions of guidance regarding reporting comprehensive income which requires separate presentation of certain transactions, such as unrealized gains and losses from effective portion of cash flow hedges, which are recorded directly as components of stockholders’ equity. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation: The functional currency of the Company is the U.S. Dollar because the Company’s vessels operate in international shipping markets, which utilize the U.S. Dollar as the functional currency. The accounting books of the Company are maintained in U.S. Dollars. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are translated to reflect the period end exchange rates. Resulting gains or losses are separately reflected in the accompanying consolidated statements of income. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents: The Company considers highly liquid investments such as time deposits and certificates of deposit with original maturity of three months or less to be cash equivalents. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash: Restricted cash reflects deposits with certain banks that can only be used to pay the current loan installments or which are required to be maintained as a certain minimum cash balance per mortgaged vessel. In the event that the obligation relating to such deposits is expected to be terminated within the next twelve months, these deposits are classified as current assets; otherwise they are classified as non-current assets. |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Trade Receivables: The amount shown as trade receivables includes estimated recoveries from charterers for hire, freight and demurrage billings, net of allowance for doubtful accounts. At each balance sheet date, all potentially un-collectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. No provision for doubtful accounts was required for any of the periods presented. |
Receivables, Policy [Policy Text Block] | Claims Receivable: Claims receivable are recorded on the accrual basis and represent the claimable expenses, net of deductibles, incurred through each balance sheet date, for which recovery from insurance companies is probable and claim is not subject to litigation. Any remaining costs to complete the claims are included in accrued liabilities. |
Inventory, Policy [Policy Text Block] | Inventories: Inventories consist of bunkers (for vessels under voyage charter) and lubricants. The cost is determined by the first-in, first-out method. The Company considers victualling and stores as being consumed when purchased and, therefore, such costs are expensed when incurred. |
Advances for Vessels Under Construction, Policy [Policy Text Block] | Advances for vessels under construction: This represents amounts expended by the Company in accordance with the terms of the construction contracts for vessels as well as other expenses in connection with on site supervision. In addition, interest costs incurred during the construction (until the asset is substantially complete and ready for its intended use) are capitalized. |
Vessels Acquisitions [Policy Text Block] | Vessels Acquisitions: Vessels are stated at cost, which consists of the contract price less discounts and any material expenses incurred upon acquisition (initial repairs, improvements, acquisition and expenditures made to prepare the vessel for its initial voyage). Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels, or otherwise are charged to expenses as incurred. The Company records all identified tangible and intangible assets associated with the acquisition of a vessel or liabilities at fair value. Where vessels are acquired with existing time charters, the Company allocates the purchase price to the time charters based on the present value (using an interest rate which reflects the risks associated with the acquired charters) of the difference between (i) the contractual amounts to be paid pursuant to the charter terms and (ii) management’s estimate of the fair market charter rate, measured over a period equal to the remaining term of the charter. The capitalized above-market (assets) and below-market (liabilities) charters are amortized as a reduction and increase, respectively, to revenues over the remaining term of the charter. |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Impairment or Disposal of Long-lived Assets:The Company follows the Accounting Standards Codification (“ASC”) Subtopic 360-10, “Property, Plant and Equipment” (“ASC 360-10”), which requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than their carrying amounts. If indicators of impairment are present, the Company performs an analysis of the anticipated undiscounted future net cash flows of the related long-lived assets. If the carrying value of the related asset exceeds the undiscounted cash flows, the carrying value is reduced to its fair value and the difference is recorded as an impairment loss in the consolidated statements of income. Various factors including anticipated future charter rates, estimated scrap values, future drydocking costs and estimated vessel operating costs are included in this analysis. These factors are based on historical trends as well as future expectations. Undiscounted cashflows are determined by considering the revenues from existing charters for those vessels that have long term employment and when there is no charter in place the estimates based on historical average rates with an annual increase of 2%. The Company also assumes an average annual inflation rate of 3% for operating expenses. No impairment loss was identified or recorded for the years ended December 31, 2012 and 2013. An impairment loss was identified and recorded for the year ended December 31, 2014 (Note 6). |
Depreciation, Depletion, and Amortization [Policy Text Block] | Vessels’ Depreciation: The cost of each of the Company’s vessels is depreciated on a straight-line basis over the vessel’s remaining economic useful life, after considering the estimated residual value. Management estimates the useful life of each of the Company’s LPG carriers to be 30 years and product and aframax tankers, to be 25 years, from the date of their construction. |
Property, Plant and Equipment, Policy [Policy Text Block] | Assets Held for Sale: It is the Company’s policy to dispose of vessels when suitable opportunities occur and not necessarily to keep them until the end of their useful life. The Company classifies vessels as being held for sale when the following criteria are met: (i) management possessing the necessary authority has committed to a plan to sell the vessels, (ii) the vessels are available for immediate sale in their present condition, (iii) an active program to find a buyer and other actions required to complete the plan to sell the vessels have been initiated, (iv) the sale of the vessels is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within one year and (v) the vessels are being actively marketed for sale at a price that is reasonable in relation to their current fair value and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Vessels classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These vessels are not depreciated once they meet the criteria to be classified as held for sale. Furthermore, in the period a vessel meets the held for sale criteria in accordance with ASC 360-10, a loss is recognized for any reduction of the vessel’s carrying amount to its fair value less cost to sell. No assets are held for sale as of December 31, 2013 and 2014. |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting: The Company reports financial information and evaluates its operations by total charter revenues and not by the type of vessel, length of vessel employment, customer or type of charter. As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet, and thus, the Company has determined that it operates under one reportable segment. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographical information is impracticable. |
Accounting For Special Survey and Dry-Docking Costs [Policy Text Block] | Accounting for Special Survey and Dry-docking Costs: Special survey and dry-docking costs and all non-capitalizable repair and maintenance expenses are expensed in the period incurred. |
Sale Leaseback Transactions, Policy [Policy Text Block] | Sale and Leaseback Transactions: The gains on sale of vessel sale and leaseback transactions are deferred and amortized to income over the lease period. |
Deferred Charges, Policy [Policy Text Block] | Deferred Finance Charges: 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 fees relating to loans repaid or refinanced are expensed in the period the repayment or refinancing is made. |
Revenue Recognition, Policy [Policy Text Block] | Accounting for Revenue and Related Expenses:The Company generates its revenues from charterers for the charter hire of its vessels. Vessels are chartered using either voyage charters, where a contract is made in the spot market for the use of a vessel for a specific voyage for a specified charter rate, or time and bareboat charters, where a contract is entered into for the use of a vessel for a specific period of time and a specified daily or monthly charter hire rate payable monthly in advance. If a charter agreement exists and the price is fixed, service is provided and collection of the related revenue is reasonably assured, revenue is recognized as it is earned ratably on a straight-line basis over the duration of the period of each voyage or period charter. A voyage is deemed to commence upon the completion of discharge of the vessel’s previous cargo and is deemed to end upon the completion of discharge of the current cargo, but the Company does not begin recognizing revenue until a charter has been agreed to by the customer and the Company, even if the vessel has discharged its cargo and is sailing to the anticipated load port for its next voyage.. Demurrage income represents payments by a charterer to a vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized ratably as earned during the related voyage charter’s duration period. Deferred income includes cash received prior to the balance sheet date and is related to revenue earned after such date. |
Voyage expenses comprise commissions, bunkers and port expenses and are unique to a particular charter. Commissions in all cases are paid by the Company and are recognized on a pro-rata basis. All other voyage expenses are paid by the charterer under time charter arrangements or by the Company under voyage charter arrangements and are recognized as incurred. | |
Vessel operating expenses comprise all expenses relating to the operation of the vessel, including crewing, repairs and maintenance, insurance, stores, lubricants and miscellaneous expenses. Vessel operating expenses are paid by the Company and are accounted for on an accrual basis. | |
Under a bareboat charter, the charterer assumes responsibility for all voyage and vessel operating expenses and risk of operation. | |
Lease, Policy [Policy Text Block] | Leasing: Leases are classified as capital leases if they meet at least one of the following criteria: (i) the leased asset automatically transfers title at the end of the lease term; (ii) the lease contains a bargain purchase option; (iii) the lease term equals or exceeds 75% of the remaining estimated economic life of the leased asset; (iv) or the present value of the minimum lease payments equals or exceeds 90% of the excess of fair value of the leased property. If none of the above criteria is met, the lease is accounted for as an operating lease. |
Operating lease payments are recognized as an operating expense in the consolidated statement of income on a straight-line basis over the lease term. | |
For sale and lease back transactions, when the lease qualifies as an operating lease and the lease back is considered “more than minor but less than substantially all” i.e. the seller-lessee retains more than a minor part but less than substantially all of the use of the asset, the resulting gains are deferred and amortized to income over the lease period. | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Equity Compensation Plan: Share-based compensation includes vested and non-vested shares granted to employees and to non-employee directors, for their services as directors and is included in General and administrative expenses in the consolidated statements of income. These shares are measured at their fair value, which is equal to the market value of the Company’s common stock on the grant date. The shares that do not contain any future service vesting conditions are considered vested shares and a total fair value of such shares is recognized in full on the grant date. The shares that contain a time-based service vesting condition are considered non-vested shares on the grant date and a total fair value of such shares is recognized over the vesting period on a straight-line basis over the requisite service period for each separate portion of the award as if the award was, in substance, multiple awards (graded vesting attribution method). In addition, non-vested awards granted to non-employees are measured at their then-current fair value as of the financial reporting dates until non-employees complete the service (Note 13). |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share: Basic earnings per share are computed under the two-class method by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised. Dilution has been computed by the treasury stock method whereby all of the Company’s dilutive securities are assumed to be exercised or converted and the proceeds used to repurchase common shares at the weighted average market price of the Company’s common stock during the relevant periods. The incremental shares (the difference between the number of shares assumed issued and the number of shares assumed purchased) are included in the denominator of the diluted earnings per share computation to the extent these are not anti-dilutive (Note 14). |
Derivatives, Policy [Policy Text Block] | Derivatives: The Company is party to interest swap agreements where it receives a floating interest rate and pays a fixed interest rate for a certain period in exchange. The Company designates its derivatives based upon guidance on ASC 815, “Derivatives and Hedging” which establishes accounting and reporting requirements for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. The guidance on accounting for certain derivative instruments and certain hedging activities requires all derivative instruments to be recorded on the balance sheet as either an asset or liability measured at its fair value, with changes in fair value recognized in earnings unless specific hedge accounting criteria are met. |
(i) Hedge Accounting: At the inception of a hedge relationship, the Company formally designates and documents the hedge relationship to which the Company wishes to apply hedge accounting and the risk management objective and strategy undertaken for the hedge. The documentation includes identification of the hedging instrument, hedged item or transaction, the nature of the risk being hedged and how the entity will assess the hedging instrument’s effectiveness in offsetting exposure to changes in the hedged item’s cash flows attributable to the hedged risk. Such hedges are expected to be highly effective in achieving offsetting changes in cash flows and are assessed on an ongoing basis to determine whether they actually have been highly effective throughout the financial reporting periods for which they were designated. | |
Contracts which meet the strict criteria for hedge accounting are accounted for as cash flow hedges. A cash flow hedge is a hedge of the exposure to variability in cash flows that is attributable to a particular risk associated with a recognized asset or liability, or a highly probable forecasted transaction that could affect profit or loss. | |
The effective portion of the gain or loss on the hedging instrument is recognized directly as a component of “Accumulated other comprehensive income/loss” in equity, while any ineffective portion, if any, is recognized immediately in current period earnings. | |
The Company discontinues cash flow hedge accounting if the hedging instrument expires and it no longer meets the criteria for hedge accounting or designation is revoked by the Company. At that time, any cumulative gain or loss on the hedging instrument recognized in equity is kept in equity until the forecasted transaction occurs. When the forecasted transaction occurs, any cumulative gain or loss on the hedging instrument is recognized in the statement of income. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in equity is transferred to net profit or loss for the year as a component of “Loss on derivatives”. | |
(ii) Other Derivatives: Changes in the fair value of derivative instruments that have not been designated as hedging instruments are reported in current period earnings. | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements: In May 2014, the Financial Accounting Standards Board ("FASB"), issued Accounting Standards Update No. 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, and shall be applied either retrospectively to each period presented or as a cumulative effect adjustment as of the date of adoption. The Company is evaluating the potential impact of this adoption on its consolidated financial statements. |
In April 2015, the FASB issued ASU No 2015-03, "Simplifying the Presentation of Debt Issuance Costs", which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. This standard is effective for public entities with reporting periods beginning after December 15, 2015. The implementation of this standard will only affect the presentation of debt issuance costs which will be shown as a direct deduction of the related debt instead of under non-current assets in the accompanying consolidated balance sheets. |
Note_1_Basis_of_Presentation_a1
Note 1 - Basis of Presentation and General Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Year ended December 31, | ||||||||||||
Charterer | 2012 | 2013 | 2014 | ||||||||||
A | — | — | 13 | % | |||||||||
B | 12 | % | 11 | % | — |
Note_4_Inventories_Tables
Note 4 - Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventory, Current [Table Text Block] | December 31, | ||||||||
2013 | 2014 | ||||||||
Bunkers | 930,630 | 1,426,838 | |||||||
Lubricants | 1,530,463 | 1,531,828 | |||||||
Total | 2,461,093 | 2,958,666 |
Note_5_Advances_for_Vessels_Un1
Note 5 - Advances for Vessels Under Construction and Acquisitions (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
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 for vessels under construction and acquisitions | 50,396,200 | ||||
Capitalized interest | 819,296 | ||||
Capitalized expenses | 40,894 | ||||
Balance, December 31, 2013 | 70,577,435 | ||||
Advances for vessels under construction and acquisitions | 124,973,343 | ||||
Capitalized interest | 2,113,297 | ||||
Capitalized expenses | 2,805,342 | ||||
Vessels delivered | (101,459,533 | ) | |||
Vessels cancelled (Note 3) | (10,044,799 | ) | |||
Balance, December 31, 2014 | 88,965,085 |
Note_6_Vessels_Net_Tables
Note 6 - Vessels, Net (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||
Property, Plant and Equipment [Table Text Block] | Vessel cost | Accumulated | Net Book | ||||||||||
Depreciation | Value | ||||||||||||
Balance, December 31, 2012 | 776,302,690 | (141,668,019 | ) | 634,634,671 | |||||||||
Acquisitions | 73,149,904 | — | 73,149,904 | ||||||||||
Depreciation for the year | — | (30,761,673 | ) | (30,761,673 | ) | ||||||||
Balance, December 31, 2013 | 849,452,594 | (172,429,692 | ) | 677,022,902 | |||||||||
Acquisitions (transfer from Advances for Vessels under Construction and Acquisitions) | 101,459,533 | — | 101,459,533 | ||||||||||
Disposals | (39,075,007 | ) | 11,925,771 | (27,149,236 | ) | ||||||||
Impairment loss | (16,449,131 | ) | 10,280,384 | (6,168,747 | ) | ||||||||
Depreciation for the year | — | (33,811,607 | ) | (33,811,607 | ) | ||||||||
Balance, December 31, 2014 | 895,387,989 | (184,035,144 | ) | 711,352,845 |
Note_8_Accrued_Liabilities_Tab
Note 8 - Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Schedule of Accrued Liabilities [Table Text Block] | December 31, | ||||||||
2013 | 2014 | ||||||||
Interest on long-term debt | 1,099,771 | 1,436,466 | |||||||
Administrative expenses | 203,396 | 339,778 | |||||||
Vessel operating and voyage expenses | 1,577,210 | 2,126,783 | |||||||
Total | 2,880,377 | 3,903,027 |
Note_10_Longterm_Debt_Tables
Note 10 - Long-term Debt (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||
Schedule of Debt [Table Text Block] | Term Loans | Original | December 31, | Movement in 2014 | December 31, | |||||||||||||||||
Issue Date | Maturity Date | amount | 2013 | Additions | Repayments | 2014 | ||||||||||||||||
5-Dec-05 | 9-Sep-16 | 100,067,500 | 34,012,031 | - | (20,195,149 | ) | 13,816,882 | |||||||||||||||
17-May-06 | 30-May-16 | 79,850,000 | 18,500,000 | - | (4,000,000 | ) | 14,500,000 | |||||||||||||||
6-Jun-06 | 28-Jun-16 | 6,580,000 | 2,237,200 | - | (473,760 | ) | 1,763,440 | |||||||||||||||
21-Jun-07 | 21-Dec-17 | 49,875,000 | 26,444,014 | - | (4,078,250 | ) | 22,365,764 | |||||||||||||||
12-Feb-08 | 19-Feb-20 | 40,250,000 | 24,375,000 | - | (2,500,000 | ) | 21,875,000 | |||||||||||||||
30-Jul-08 | 4-Nov-20 | 33,240,000 | 23,545,000 | - | (1,939,000 | ) | 21,606,000 | |||||||||||||||
Octrober 9, 2008 | Octrober 9, 2020 | 29,437,000 | 9,430,000 | - | (780,000 | ) | 8,650,000 | |||||||||||||||
30-Jan-09 | 15-Jul-16 | 45,000,000 | 33,950,000 | - | (3,400,000 | ) | 30,550,000 | |||||||||||||||
18-Feb-09 | 14-Apr-20 | 32,200,000 | 21,102,095 | 20,400,000 | (22,202,095 | ) | 19,300,000 | |||||||||||||||
19-Feb-09 | 14-Jul-19 | 29,250,000 | 20,520,000 | - | (20,520,000 | ) | - | |||||||||||||||
25-Jun-09 | 16-Apr-20 | 26,700,000 | 15,278,928 | 14,250,000 | (16,613,928 | ) | 12,915,000 | |||||||||||||||
1-Feb-11 | 1-Sep-18 | 49,400,000 | 41,150,000 | - | (3,300,000 | ) | 37,850,000 | |||||||||||||||
1-Mar-11 | 20-Jun-20 | 43,250,000 | 38,375,000 | - | (3,000,000 | ) | 35,375,000 | |||||||||||||||
23-Sep-13 | 30-Sep-20 | 45,212,500 | 43,949,354 | - | (5,052,587 | ) | 38,896,767 | |||||||||||||||
24-Mar-14 | 30-Jun-21 | 50,550,000 | - | 34,300,000 | (1,260,000 | ) | 33,040,000 | |||||||||||||||
12-Jun-14 | 2-Oct-20 | 13,000,000 | - | 13,000,000 | - | 13,000,000 | ||||||||||||||||
Total | 352,868,622 | 81,950,000 | (109,314,769 | ) | 325,503,853 | |||||||||||||||||
Current portion of long-term debt | 41,263,165 | 42,614,213 | ||||||||||||||||||||
Long term debt | 311,605,457 | 282,889,640 | ||||||||||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | December 31, | Amount | ||||||||||||||||||||
2015 | 42,614,213 | |||||||||||||||||||||
2016 | 75,650,797 | |||||||||||||||||||||
2017 | 38,855,837 | |||||||||||||||||||||
2018 | 48,066,587 | |||||||||||||||||||||
2019 | 19,491,587 | |||||||||||||||||||||
Thereafter | 100,824,832 | |||||||||||||||||||||
Total | 325,503,853 |
Note_11_Derivatives_and_Fair_V1
Note 11 - Derivatives and Fair Value Disclosures (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | December 31, | ||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||
Derivatives designated as | Balance Sheet Location | Asset | Liability | Asset | Liability | ||||||||||||||||
hedging instruments | Derivatives | Derivatives | Derivatives | Derivatives | |||||||||||||||||
Interest Rate Swap Agreements | Non current liabilities — Fair value of derivatives | — | — | — | 384,589 | ||||||||||||||||
Total derivatives designated as hedging instruments | — | — | — | 384,589 | |||||||||||||||||
December 31, | |||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||
Derivatives not designated as | Balance Sheet Location | Asset | Liability | Asset | Liability | ||||||||||||||||
hedging instruments | Derivatives | Derivatives | Derivatives | Derivatives | |||||||||||||||||
Interest Rate Swap Agreements | Current liabilities — Fair value of derivatives | — | 277,212 | — | — | ||||||||||||||||
Forward Currency Contract | Current liabilities — Fair value of derivatives | — | — | — | 583,368 | ||||||||||||||||
Interest Rate Swap Agreements | Non current liabilities — Fair value of derivatives | — | 2,955,755 | — | 1,488,706 | ||||||||||||||||
Total derivatives not designated as hedging instruments | — | 3,232,967 | — | 2,072,074 | |||||||||||||||||
Derivative Instruments, Gain (Loss) [Table Text Block] | Year Ended December 31, | ||||||||||||||||||||
Derivatives not designated as hedging instruments | Location of Gain/(Loss) Recognized | 2012 | 2013 | 2014 | |||||||||||||||||
Interest Rate Swap — Reclassification from OCI | Loss on derivatives | 54,340 | 67,849 | (49,471 | ) | ||||||||||||||||
Interest Rate Swap — Change in Fair Value | Loss on derivatives | 3,452,556 | 2,716,274 | 1,652,692 | |||||||||||||||||
Interest Rate Swap — Realized loss | Loss on derivatives | (4,593,154 | ) | (2,811,593 | ) | (1,857,362 | ) | ||||||||||||||
Foreign Currency Contract — Change in Fair Value | Loss on derivatives | — | — | (583,368 | ) | ||||||||||||||||
Foreign Currency Contract — Realized loss | Loss on derivatives | — | — | (510,875 | ) | ||||||||||||||||
Total loss on derivatives | (1,086,258 | ) | (27,470 | ) | (1,348,384 | ) | |||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Gain / (Loss) on cash flow hedges | ||||||||||||||||||||
Accumulated other comprehensive income – Balance, January 1, 2013 | 18,378 | ||||||||||||||||||||
Reclassification adjustment | (67,849 | ) | |||||||||||||||||||
Accumulated other comprehensive loss – Balance, December 31, 2013 | (49,471 | ) | |||||||||||||||||||
Effective portion of changes in fair value of interest swap contracts | (293,020 | ) | |||||||||||||||||||
Reclassification adjustment | 49,471 | ||||||||||||||||||||
Accumulated other comprehensive loss– Balance, December 31, 2014 | (293,020 | ) | |||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements Using | ||||||||||||||||||||
Description | Fair Value | Quoted Prices | Significant | Significant | |||||||||||||||||
as of | in Active | Other | Unobservable | ||||||||||||||||||
December 31, | Markets for | Observable | Inputs | ||||||||||||||||||
2013 | Identical | Inputs | (Level 3) | ||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||
Interest Rate Swap Agreements | (3,232,967 | ) | — | (3,232,967 | ) | — | |||||||||||||||
Total | (3,232,967 | ) | — | (3,232,967 | ) | — | |||||||||||||||
Fair Value Measurements Using | |||||||||||||||||||||
Description | Fair Value | Quoted Prices | Significant | Significant | |||||||||||||||||
as of | in Active | Other | Unobservable | ||||||||||||||||||
December 31, | Markets for | Observable | Inputs | ||||||||||||||||||
2014 | Identical | Inputs | (Level 3) | ||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
Liabilities: | |||||||||||||||||||||
Foreign Currency Contract | (583,368 | ) | — | (583,368 | ) | — | |||||||||||||||
Interest Rate Swap Agreements | (1,873,295 | ) | — | (1,873,295 | ) | — | |||||||||||||||
Total | (2,456,663 | ) | — | (2,456,663 | ) | — | |||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Non-recurring Basis [Table Text Block] | Fair Value Measurements Using | ||||||||||||||||||||
Description | Fair Value | Quoted Prices | Significant | Significant | Impairment loss | ||||||||||||||||
as of | in Active | Other | Unobservable | ||||||||||||||||||
December 31, | Markets for | Observable | Inputs | ||||||||||||||||||
2014 | Identical | Inputs | (Level 3) | ||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
Long-lived assets held and used | 1,977,051 | — | 1,977,051 | — | (6,168,747 | ) | |||||||||||||||
Total | 1,977,051 | — | 1,977,051 | — | (6,168,747 | ) |
Note_13_Equity_Compensation_Pl1
Note 13 - Equity Compensation Plan (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Number of | Weighted average grant | |||||||
restricted shares | date fair value per | ||||||||
non-vested share | |||||||||
Non-vested, January 1, 2014 | 74,761 | 7.26 | |||||||
Granted | 230,713 | 7.58 | |||||||
Vested | 74,761 | 7.26 | |||||||
Forfeited | — | — | |||||||
Non-vested, December 31, 2014 | 230,713 | 7.58 |
Note_14_Earnings_Per_Share_Tab
Note 14 - Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, | ||||||||||||
2012 | 2013 | 2014 | |||||||||||
Numerator | |||||||||||||
Net income | 28,958,487 | 21,217,193 | 12,685,826 | ||||||||||
Less: Undistributed earnings allocated to non-vested shares | (11,220 | ) | (55,958 | ) | (26,357 | ) | |||||||
Net income attributable to common shareholders, basic | 28,947,267 | 21,161,235 | 12,659,469 | ||||||||||
Denominator | |||||||||||||
Weighted average number of shares outstanding, basic and diluted | 20,552,568 | 28,271,746 | 39,305,644 | ||||||||||
Earnings per share, basic and diluted | 1.41 | 0.75 | 0.32 |
Note_15_Voyage_Expenses_and_Ve1
Note 15 - Voyage Expenses and Vessel Operating Expenses (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Voyage Expenses And Vessel Operating Expenses [Abstract] | |||||||||||||
Voyage Expenses [Table Text Block] | Year ended December 31, | ||||||||||||
Voyage Expenses | 2012 | 2013 | 2014 | ||||||||||
Port expenses | 1,749,565 | 2,067,494 | 2,278,961 | ||||||||||
Bunkers | 7,253,583 | 8,347,130 | 7,553,318 | ||||||||||
Commissions | 3,304,220 | 3,244,939 | 3,725,645 | ||||||||||
Other voyage expenses | 396,382 | 643,067 | 529,587 | ||||||||||
Total | 12,703,750 | 14,302,630 | 14,087,511 | ||||||||||
Vessels' Operating Expenses [Table Text Block] | Year ended December 31, | ||||||||||||
Vessels’ Operating Expenses | 2012 | 2013 | 2014 | ||||||||||
Crew wages and related costs | 19,304,929 | 22,138,595 | 26,378,730 | ||||||||||
Insurance | 1,260,289 | 1,667,915 | 2,028,142 | ||||||||||
Repairs and maintenance | 3,026,513 | 4,243,133 | 5,194,476 | ||||||||||
Spares and consumable stores | 5,313,053 | 5,757,455 | 7,120,974 | ||||||||||
Miscellaneous expenses | 1,687,193 | 2,716,455 | 4,713,014 | ||||||||||
Total | 30,591,977 | 36,523,553 | 45,435,336 |
Note_17_Commitments_and_Contin1
Note 17 - Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Long-term Purchase Commitment [Table Text Block] | 31-Dec | Amount | |||
2015 | 145,534,934 | ||||
2016 | 75,717,889 | ||||
2017 | 135,408,000 | ||||
356,660,823 |
Note_1_Basis_of_Presentation_a2
Note 1 - Basis of Presentation and General Information (Details) - Charterers Percentage of Revenue | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Charterer A [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 13.00% | ||
Charterer B [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk, percentage | 11.00% | 12.00% |
Note_2_Significant_Accounting_1
Note 2 - Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 2 - Significant Accounting Policies (Details) [Line Items] | |||
Impairment of Assets, Annual Increase in Undiscounted Cash Flows to Determine Fair Value | 2.00% | ||
Impairment of Assets, Inflation Rate for Operating Expenses Used to Determine Fair Value | 3.00% | ||
Impairment of Long-Lived Assets Held-for-use | $6,168,747 | $0 | $0 |
Disposal Group, Including Discontinued Operation, Assets, Current | $0 | $0 | |
Number of Reportable Segments | 1 | ||
LPG [Member] | |||
Note 2 - Significant Accounting Policies (Details) [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | 30 years | ||
Product Carriers [Member] | |||
Note 2 - Significant Accounting Policies (Details) [Line Items] | |||
Property, Plant and Equipment, Estimated Useful Lives | 25 years |
Note_3_Transactions_with_Relat1
Note 3 - Transactions with Related Parties (Details) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 28, 2012 | Aug. 22, 2012 | 26-May-14 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | Collection of Advance Payments [Member] | Capitalized Construction Supervision Fees [Member] | Reimbursed Compensation Manager [Member] | Reimbursed Compensation Manager [Member] | Reimbursed Compensation Manager [Member] | Office Space Rent [Member] | Office Space Rent [Member] | Office Space Rent [Member] | Emihar Petroleum Inc [Member] | Emihar Petroleum Inc [Member] | Emihar Petroleum Inc [Member] | Affiliated Company [Member] | Affiliated Company [Member] | Brave [Member] | Additional Charge Per Day For Superintendent Engineers Onboard The Vessel [Member] | Superintendent Fees [Member] | Superintendent Fees [Member] | Superintendent Fees [Member] | Commission Expenses [Member] | Commission Expenses [Member] | Vessels' Operating Expenses [Member] | Vessels' Operating Expenses [Member] | |
Affiliated Company [Member] | Brave [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||
USD ($) | USD ($) | ||||||||||||||||||||||||
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% | 1.25% | 1.25% | ||||||||||||||||||||||
Vessel Brokerage Commission | 1,613,421 | 1,482,764 | 1,472,410 | ||||||||||||||||||||||
Professional and Contract Services Expense | 5,501,675 | 4,807,010 | 4,315,720 | ||||||||||||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 500 | 167,000 | 151,000 | 175,500 | |||||||||||||||||||||
Sales and Purchase Broker Commission Fee Percentage | 1.00% | ||||||||||||||||||||||||
Salesand Purchase Broker Commission Fee | 984,355 | 723,500 | 634,479 | ||||||||||||||||||||||
Net (Gain) Loss on Sale of Vessels | 285,000 | 192,000 | |||||||||||||||||||||||
General and Administrative Expense | 3,150,929 | 2,816,397 | 2,838,759 | 1,317,237 | 1,245,766 | 1,552,541 | |||||||||||||||||||
Due to Related Parties, Current | 4,941,896 | 5,941,043 | |||||||||||||||||||||||
Related Party Transaction, Amounts of Transaction | 3,932,352 | 3,933,149 | 1,741,802 | 984,204 | 76,788 | 78,070 | 76,420 | 104,476 | 104,476 | ||||||||||||||||
Revenue from Related Parties | 9,814,000 | 9,814,000 | 4,364,992 | 9,814,000 | 9,814,000 | 4,364,992 | |||||||||||||||||||
Vessel Purchase Price | 96,000,000 | ||||||||||||||||||||||||
Advances Percentage For Vessels Under Construction Acquisitions | 20.00% | ||||||||||||||||||||||||
Proceeds from Collection of Long-term Loans to Related Parties | 10,044,799 | ||||||||||||||||||||||||
Related Party Transaction, Vessel Construction Fee, Per Vessel (in Euro) | € 390,000 |
Note_4_Inventories_Details_Inv
Note 4 - Inventories (Details) - Inventory (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Inventory [Abstract] | ||
Bunkers | $1,426,838 | $930,630 |
Lubricants | 1,531,828 | 1,530,463 |
Total | $2,958,666 | $2,461,093 |
Note_5_Advances_for_Vessels_Un2
Note 5 - Advances for Vessels Under Construction and Acquisitions (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 5 - Advances for Vessels Under Construction and Acquisitions (Details) [Line Items] | |||
(in Dollars) | $88,965,085 | $70,577,435 | $19,321,045 |
Number of Vessels Under Construction | 16 | ||
LPG Carriers Contracted in 2012 from Seller [Member] | |||
Note 5 - Advances for Vessels Under Construction and Acquisitions (Details) [Line Items] | |||
Number of Vessels Under Construction | 2 | 4 | |
LPG Carriers Contracted in 2013 from Seller [Member] | |||
Note 5 - Advances for Vessels Under Construction and Acquisitions (Details) [Line Items] | |||
Number of Vessels Under Construction | 3 | 5 | |
LPG Carriers Contracted in 2013 from Ship-Builder [Member] | |||
Note 5 - Advances for Vessels Under Construction and Acquisitions (Details) [Line Items] | |||
Number of Vessels Under Construction | 4 | 6 | |
LPG Carriers Contracted in 2014 from Ship-builders [Member] | |||
Note 5 - Advances for Vessels Under Construction and Acquisitions (Details) [Line Items] | |||
Number of Vessels Under Construction | 6 | ||
LPG Carriers Contracted in 2014 from Sellers [Member] | |||
Note 5 - Advances for Vessels Under Construction and Acquisitions (Details) [Line Items] | |||
Number of Vessels Under Construction | 1 |
Note_5_Advances_for_Vessels_Un3
Note 5 - Advances for Vessels Under Construction and Acquisitions (Details) - Advances for Vessels Under Construction and Acquisitions (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Advances For Vessels Under Construction And Acquisitions [Abstract] | |||
Balance, December 31 | $88,965,085 | $70,577,435 | $19,321,045 |
Advances for vessels under construction | 124,973,343 | 50,396,200 | |
Capitalized interest | 2,113,297 | 819,296 | 281,484 |
Capitalized expenses | 2,805,342 | 40,894 | |
Vessels delivered | -101,459,533 | ||
Vessels cancelled (Note 3) | ($10,044,799) |
Note_6_Vessels_Net_Details
Note 6 - Vessels, Net (Details) (USD $) | 12 Months Ended | 2 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Nov. 14, 2014 | Dec. 15, 2014 | |
Note 6 - Vessels, Net (Details) [Line Items] | ||||||
Impairment of Long-Lived Assets Held-for-use | $6,168,747 | $0 | $0 | |||
Disposal Group, Including Discontinued Operation, Assets, Current | 0 | 0 | 0 | |||
Gas Premiership [Member] | ||||||
Note 6 - Vessels, Net (Details) [Line Items] | ||||||
Disposal Group, Including Discontinued Operation, Consideration | -28,500,000 | |||||
Gas Cathar [Member] | ||||||
Note 6 - Vessels, Net (Details) [Line Items] | ||||||
Disposal Group, Including Discontinued Operation, Consideration | ($28,500,000) | |||||
Gas Premiership and Gas Cathar [Member] | ||||||
Note 6 - Vessels, Net (Details) [Line Items] | ||||||
Sale Leaseback Transaction, Term of Lease | 4 years |
Note_6_Vessels_Net_Details_Sum
Note 6 - Vessels, Net (Details) - Summary of Vessels, Net (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Summary of Vessels, Net [Abstract] | |||
Balance, December 31 | $895,387,989 | $849,452,594 | $776,302,690 |
Balance, December 31 | -184,035,144 | -172,429,692 | -141,668,019 |
Balance, December 31 | 711,352,845 | 677,022,902 | 634,634,671 |
Acquisitions (transfer from Advances for Vessels under Construction) | 101,459,533 | 73,149,904 | |
Disposals | -39,075,007 | ||
Disposals | 11,925,771 | ||
Disposals | -27,149,236 | ||
Impairment loss | -16,449,131 | ||
Impairment loss | 10,280,384 | ||
Impairment loss | -6,168,747 | 0 | 0 |
Depreciation for the year | ($33,811,607) | ($30,761,673) |
Note_7_Deferred_Finance_Charge1
Note 7 - Deferred Finance Charges (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Deferred Finance Charges [Abstract] | |||
Deferred Finance Costs, Gross | $5,959,350 | $4,828,675 | |
Amortization of Financing Costs | $656,340 | $425,933 | $412,138 |
Note_8_Accrued_Liabilities_Det
Note 8 - Accrued Liabilities (Details) - Accrued Liabilities (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Accrued Liabilities [Abstract] | ||
Interest on long-term debt | $1,436,466 | $1,099,771 |
Administrative expenses | 339,778 | 203,396 |
Vessel operating and voyage expenses | 2,126,783 | 1,577,210 |
Total | $3,903,027 | $2,880,377 |
Note_9_Deferred_Income_Details
Note 9 - Deferred Income (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred Revenue Disclosure [Abstract] | ||
Deferred Revenue, Current | $6,892,328 | $5,487,585 |
Note_10_Longterm_Debt_Details
Note 10 - Long-term Debt (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | ||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 08, 2015 | Apr. 25, 2014 | Dec. 23, 2013 | Dec. 31, 2014 | Dec. 20, 2013 | Mar. 31, 2014 | Jun. 30, 2014 | Sep. 30, 2013 | Oct. 25, 2013 | Oct. 01, 2014 | Jul. 04, 2014 | Dec. 31, 2014 | Jul. 05, 2014 | Dec. 19, 2014 | Nov. 19, 2014 | Apr. 16, 2014 | Apr. 14, 2014 | |
Note 10 - Long-term Debt (Details) [Line Items] | ||||||||||||||||||||
Proceeds from Issuance of Debt | $81,950,000 | |||||||||||||||||||
Repayments of Debt | 109,314,769 | |||||||||||||||||||
Term Loan Financial Covenants, Cash Requirement | 2,500,000 | 2,500,000 | 2,500,000 | |||||||||||||||||
Debt, Weighted Average Interest Rate | 2.28% | 2.23% | 2.39% | 2.28% | 2.28% | |||||||||||||||
Interest Expense, Debt | 8,746,786 | 7,997,247 | 9,035,248 | |||||||||||||||||
Interest Costs Capitalized | 2,113,297 | 819,296 | 281,484 | |||||||||||||||||
Long-term Line of Credit | 168,225,000 | 168,225,000 | 168,225,000 | |||||||||||||||||
Subsequent Event [Member] | Eco Corsair and Eco Elysium Term Loan [Member] | ||||||||||||||||||||
Note 10 - Long-term Debt (Details) [Line Items] | ||||||||||||||||||||
Proceeds from Issuance of Debt | 20,925,000 | |||||||||||||||||||
LPG Vessels [Member] | Maximum [Member] | First Facility Agreement with a Bank [Member] | ||||||||||||||||||||
Note 10 - Long-term Debt (Details) [Line Items] | ||||||||||||||||||||
Aggregate Indebtedness | 30,000,000 | |||||||||||||||||||
LPG Vessels [Member] | Maximum [Member] | ||||||||||||||||||||
Note 10 - Long-term Debt (Details) [Line Items] | ||||||||||||||||||||
Aggregate Indebtedness | 22,400,000 | |||||||||||||||||||
LPG Vessels [Member] | Third of Three Tranches [Member] | First Facility Agreement with a Bank [Member] | ||||||||||||||||||||
Note 10 - Long-term Debt (Details) [Line Items] | ||||||||||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 15,750,000 | |||||||||||||||||||
LPG Vessels [Member] | Two of Three Tranches [Member] | First Facility Agreement with a Bank [Member] | ||||||||||||||||||||
Note 10 - Long-term Debt (Details) [Line Items] | ||||||||||||||||||||
Proceeds from Issuance of Debt | 14,250,000 | |||||||||||||||||||
LPG Vessels [Member] | Second Facility Agreeement with Bank [Member] | ||||||||||||||||||||
Note 10 - Long-term Debt (Details) [Line Items] | ||||||||||||||||||||
Aggregate Indebtedness | 20,400,000 | |||||||||||||||||||
LPG Vessels [Member] | ||||||||||||||||||||
Note 10 - Long-term Debt (Details) [Line Items] | ||||||||||||||||||||
Debt Instrument, Number of Quarterly Installments | 28 | |||||||||||||||||||
Proceeds from Bank Debt | 0 | |||||||||||||||||||
Lesser of [Member] | Condition Met At Delivery [Member] | ||||||||||||||||||||
Note 10 - Long-term Debt (Details) [Line Items] | ||||||||||||||||||||
Proceeds from Issuance of Debt | 67,200,000 | |||||||||||||||||||
Percentage of Fair Market Value of Vessel Subject to the Minimum Employment Condition | 70.00% | |||||||||||||||||||
Lesser of [Member] | Condition Not Being Met [Member] | ||||||||||||||||||||
Note 10 - Long-term Debt (Details) [Line Items] | ||||||||||||||||||||
Proceeds from Issuance of Debt | 62,400,000 | |||||||||||||||||||
Percentage of Fair Market Value of Vessel Subject to the Minimum Employment Condition | 65.00% | |||||||||||||||||||
Maximum [Member] | Term Loan [Member] | ||||||||||||||||||||
Note 10 - Long-term Debt (Details) [Line Items] | ||||||||||||||||||||
Value to Loan Ratio | 130.00% | |||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||
Note 10 - Long-term Debt (Details) [Line Items] | ||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||||||||||||||||||
Quarterly Commitment Fee Percentage | 1.10% | |||||||||||||||||||
Minimum [Member] | Term Loan [Member] | ||||||||||||||||||||
Note 10 - Long-term Debt (Details) [Line Items] | ||||||||||||||||||||
Value to Loan Ratio | 125.00% | |||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||
Note 10 - Long-term Debt (Details) [Line Items] | ||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.70% | |||||||||||||||||||
Quarterly Commitment Fee Percentage | 0.73% | |||||||||||||||||||
Not To Exceed [Member] | ||||||||||||||||||||
Note 10 - Long-term Debt (Details) [Line Items] | ||||||||||||||||||||
Percentage of Total Debt To Total Maket Value Adjusted Assets | 80.00% | |||||||||||||||||||
Percentage of Dividends Paid To Free Cash Flow | 50.00% | |||||||||||||||||||
Numerator [Member] | ||||||||||||||||||||
Note 10 - Long-term Debt (Details) [Line Items] | ||||||||||||||||||||
EBITDA to Interest Expense | 2.5 | |||||||||||||||||||
Term Loan with Bank, March 24, 2014 [Member] | First Tranche [Member] | ||||||||||||||||||||
Note 10 - Long-term Debt (Details) [Line Items] | ||||||||||||||||||||
Proceeds from Issuance of Debt | 17,150,000 | |||||||||||||||||||
Term Loan with Bank, March 24, 2014 [Member] | Second Tranche [Member] | ||||||||||||||||||||
Note 10 - Long-term Debt (Details) [Line Items] | ||||||||||||||||||||
Proceeds from Issuance of Debt | 17,150,000 | |||||||||||||||||||
Term Loan with Bank, March 24, 2014 [Member] | Third of Three Tranches [Member] | ||||||||||||||||||||
Note 10 - Long-term Debt (Details) [Line Items] | ||||||||||||||||||||
Term Loan, Amount Not Yet Drawn | 16,250,000 | 16,250,000 | 16,250,000 | |||||||||||||||||
First Tranche [Member] | ||||||||||||||||||||
Note 10 - Long-term Debt (Details) [Line Items] | ||||||||||||||||||||
Proceeds from Issuance of Debt | 36,762,500 | |||||||||||||||||||
Second Tranche [Member] | ||||||||||||||||||||
Note 10 - Long-term Debt (Details) [Line Items] | ||||||||||||||||||||
Proceeds from Issuance of Debt | 8,450,000 | |||||||||||||||||||
Term Loan Entered Into on December 20, 2013 [Member] | ||||||||||||||||||||
Note 10 - Long-term Debt (Details) [Line Items] | ||||||||||||||||||||
Loans Payable to Bank | 0 | 0 | 0 | |||||||||||||||||
Eco Invictus Term Loan [Member] | ||||||||||||||||||||
Note 10 - Long-term Debt (Details) [Line Items] | ||||||||||||||||||||
Proceeds from Issuance of Debt | 13,000,000 | |||||||||||||||||||
July 4, 2014 Term Loan [Member] | ||||||||||||||||||||
Note 10 - Long-term Debt (Details) [Line Items] | ||||||||||||||||||||
Loans Payable to Bank | 22,750,000 | |||||||||||||||||||
Debt Instrument, Number of Quarterly Installments | 24 | |||||||||||||||||||
Proceeds from Bank Debt | 0 | |||||||||||||||||||
July 5, 2014 Term Loan [Member] | ||||||||||||||||||||
Note 10 - Long-term Debt (Details) [Line Items] | ||||||||||||||||||||
Loans Payable to Bank | 25,350,000 | |||||||||||||||||||
Debt Instrument, Number of Quarterly Installments | 32 | |||||||||||||||||||
Proceeds from Bank Debt | 0 | |||||||||||||||||||
Term Loan Dated December 5, 2005 [Member] | ||||||||||||||||||||
Note 10 - Long-term Debt (Details) [Line Items] | ||||||||||||||||||||
Repayments of Debt | 7,005,297 | 6,780,000 | ||||||||||||||||||
Term Loan Dated February 19, 2009 [Member] | ||||||||||||||||||||
Note 10 - Long-term Debt (Details) [Line Items] | ||||||||||||||||||||
Repayments of Debt | $18,960,000 |
Note_10_Longterm_Debt_Details_
Note 10 - Long-term Debt (Details) - Summary of Long-term Debt (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 10 - Long-term Debt (Details) - Summary of Long-term Debt [Line Items] | ||
Balance | $325,503,853 | $352,868,622 |
Additions | 81,950,000 | |
Repayments | -109,314,769 | |
Current portion of long-term debt | 42,614,213 | 41,263,165 |
Long term debt | 282,889,640 | 311,605,457 |
Term Loan 1 [Member] | ||
Note 10 - Long-term Debt (Details) - Summary of Long-term Debt [Line Items] | ||
Original Amount | 100,067,500 | |
Balance | 13,816,882 | 34,012,031 |
Repayments | -20,195,149 | |
Maturity Date | 9-Sep-16 | |
Term Loan 2 [Member] | ||
Note 10 - Long-term Debt (Details) - Summary of Long-term Debt [Line Items] | ||
Original Amount | 79,850,000 | |
Balance | 14,500,000 | 18,500,000 |
Repayments | -4,000,000 | |
Maturity Date | 30-May-16 | |
Term Loan 3 [Member] | ||
Note 10 - Long-term Debt (Details) - Summary of Long-term Debt [Line Items] | ||
Original Amount | 6,580,000 | |
Balance | 1,763,440 | 2,237,200 |
Repayments | -473,760 | |
Maturity Date | 28-Jun-16 | |
Term Loan 4 [Member] | ||
Note 10 - Long-term Debt (Details) - Summary of Long-term Debt [Line Items] | ||
Original Amount | 49,875,000 | |
Balance | 22,365,764 | 26,444,014 |
Repayments | -4,078,250 | |
Maturity Date | 21-Dec-17 | |
Term Loan 5 [Member] | ||
Note 10 - Long-term Debt (Details) - Summary of Long-term Debt [Line Items] | ||
Original Amount | 40,250,000 | |
Balance | 21,875,000 | 24,375,000 |
Repayments | -2,500,000 | |
Maturity Date | 19-Feb-20 | |
Term Loan 6 [Member] | ||
Note 10 - Long-term Debt (Details) - Summary of Long-term Debt [Line Items] | ||
Original Amount | 33,240,000 | |
Balance | 21,606,000 | 23,545,000 |
Repayments | -1,939,000 | |
Maturity Date | 4-Nov-20 | |
Term Loan 7 [Member] | ||
Note 10 - Long-term Debt (Details) - Summary of Long-term Debt [Line Items] | ||
Original Amount | 29,437,000 | |
Balance | 8,650,000 | 9,430,000 |
Repayments | -780,000 | |
Maturity Date | 9-Oct-20 | |
Term Loan 8 [Member] | ||
Note 10 - Long-term Debt (Details) - Summary of Long-term Debt [Line Items] | ||
Original Amount | 45,000,000 | |
Balance | 30,550,000 | 33,950,000 |
Repayments | -3,400,000 | |
Maturity Date | 15-Jul-16 | |
Term Loan 9 [Member] | ||
Note 10 - Long-term Debt (Details) - Summary of Long-term Debt [Line Items] | ||
Original Amount | 32,200,000 | |
Balance | 19,300,000 | 21,102,095 |
Additions | 20,400,000 | |
Repayments | -22,202,095 | |
Maturity Date | 14-Apr-20 | |
Term Loan 10 [Member] | ||
Note 10 - Long-term Debt (Details) - Summary of Long-term Debt [Line Items] | ||
Original Amount | 29,250,000 | |
Balance | 20,520,000 | |
Repayments | -20,520,000 | |
Maturity Date | 14-Jul-19 | |
Term Loan 11 [Member] | ||
Note 10 - Long-term Debt (Details) - Summary of Long-term Debt [Line Items] | ||
Original Amount | 26,700,000 | |
Balance | 12,915,000 | 15,278,928 |
Additions | 14,250,000 | |
Repayments | -16,613,928 | |
Maturity Date | 16-Apr-20 | |
Term Loan 12 [Member] | ||
Note 10 - Long-term Debt (Details) - Summary of Long-term Debt [Line Items] | ||
Original Amount | 49,400,000 | |
Balance | 37,850,000 | 41,150,000 |
Repayments | -3,300,000 | |
Maturity Date | 1-Sep-18 | |
Term Loan 13 [Member] | ||
Note 10 - Long-term Debt (Details) - Summary of Long-term Debt [Line Items] | ||
Original Amount | 43,250,000 | |
Balance | 35,375,000 | 38,375,000 |
Repayments | -3,000,000 | |
Maturity Date | 20-Jun-20 | |
Term Loan 14 [Member] | ||
Note 10 - Long-term Debt (Details) - Summary of Long-term Debt [Line Items] | ||
Original Amount | 45,212,500 | |
Balance | 38,896,767 | 43,949,354 |
Repayments | -5,052,587 | |
Maturity Date | 30-Sep-20 | |
Term Loan 15 [Member] | ||
Note 10 - Long-term Debt (Details) - Summary of Long-term Debt [Line Items] | ||
Original Amount | 50,550,000 | |
Balance | 33,040,000 | |
Additions | 34,300,000 | |
Repayments | -1,260,000 | |
Maturity Date | 30-Jun-21 | |
Term Loan 16 [Member] | ||
Note 10 - Long-term Debt (Details) - Summary of Long-term Debt [Line Items] | ||
Original Amount | 13,000,000 | |
Balance | 13,000,000 | |
Additions | $13,000,000 | |
Maturity Date | 2-Oct-20 |
Note_10_Longterm_Debt_Details_1
Note 10 - Long-term Debt (Details) - Principal Payments (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Principal Payments [Abstract] | ||
2015 | $42,614,213 | |
2016 | 75,650,797 | |
2017 | 38,855,837 | |
2018 | 48,066,587 | |
2019 | 19,491,587 | |
Thereafter | 100,824,832 | |
Total | $325,503,853 | $352,868,622 |
Note_11_Derivatives_and_Fair_V2
Note 11 - Derivatives and Fair Value Disclosures (Details) | 12 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Oct. 01, 2009 | Dec. 31, 2014 | Dec. 31, 2014 | Apr. 10, 2014 | |
USD ($) | JPY (¥) | USD ($) | USD ($) | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Minimum [Member] | Maximum [Member] | Interest Rate Swap [Member] | |
USD ($) | |||||||||
Note 11 - Derivatives and Fair Value Disclosures (Details) [Line Items] | |||||||||
Derivative, Notional Amount | $48,692,694 | $53,682,179 | $17,553,663 | ||||||
Interest Rate Swap, Fixed Rate | 2.60% | 4.73% | |||||||
Derivative, Reference Rate LIBOR | 0.33% | 0.33% | |||||||
Derivative, Number of Instruments Held | 1 | 5 | |||||||
Derivative, Fixed Interest Rate | 2.60% | ||||||||
Foreign Currency Forward Contracts Converted, Amount | 900,000,000 | 0 | 0 | ||||||
Derivative Instruments Not Designated as Hedging Instruments, Reclassification from OCI | -49,471 | 67,849 | 54,340 | ||||||
Impaired Long-lived Assets, Pre-impairment Carrying Value | 8,145,798 | ||||||||
Impairment of Long-Lived Assets Held-for-use | 6,168,747 | 0 | 0 | ||||||
Assets, Fair Value Disclosure, Nonrecurring | 1,977,051 | 0 | |||||||
Liabilities, Fair Value Disclosure, Nonrecurring | $0 |
Note_11_Derivatives_and_Fair_V3
Note 11 - Derivatives and Fair Value Disclosures (Details) - Financial Instruments (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Derivatives, Fair Value [Line Items] | ||
Non-current derivatives | $1,873,295 | $2,955,755 |
Current derivatives | 583,368 | 277,212 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Non-current derivatives | 384,589 | |
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivatives | 384,589 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Non-current derivatives | 1,488,706 | 2,955,755 |
Current derivatives | 277,212 | |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Current derivatives | 583,368 | |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivatives | $2,072,074 | $3,232,967 |
Note_11_Derivatives_and_Fair_V4
Note 11 - Derivatives and Fair Value Disclosures (Details) - Effect of Derivative Instruments on the Statements of Income (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest Rate Swap b Reclassification from OCI | ($49,471) | $67,849 | $54,340 |
Total loss on derivatives | -1,348,384 | -27,470 | -1,086,258 |
Other Comprehensive Income (Loss) [Member] | Interest Rate Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest Rate Swap b Reclassification from OCI | -49,471 | 67,849 | 54,340 |
Interest Rate Swap b Change in Fair Value | 1,652,692 | 2,716,274 | 3,452,556 |
Interest Rate Swap b Realized loss | -1,857,362 | -2,811,593 | -4,593,154 |
Other Comprehensive Income (Loss) [Member] | Foreign Exchange Future [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Foreign Currency Contract b Change in Fair Value | -583,368 | ||
Foreign Currency Contract b Realized loss | ($510,875) |
Note_11_Derivatives_and_Fair_V5
Note 11 - Derivatives and Fair Value Disclosures (Details) - Components of Accumulated Other Comprehensive Income /(Loss) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive | ($293,020) | ($49,471) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive | -49,471 | 18,378 |
Effective portion of changes in fair value of interest swap contracts | -293,020 | |
Reclassification adjustment | 49,471 | -67,849 |
Accumulated other comprehensive | ($293,020) | ($49,471) |
Note_11_Derivatives_and_Fair_V6
Note 11 - Derivatives and Fair Value Disclosures (Details) - Fair Value of Assets and Liabilities Measured on a Recurring Basis (Fair Value, Measurements, Recurring [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Liabilities: | ||
Total | ($2,456,663) | ($3,232,967) |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Liabilities: | ||
Interest Rate Swap Agreements | -1,873,295 | -3,232,967 |
Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Forward [Member] | ||
Liabilities: | ||
Interest Rate Swap Agreements | -583,368 | |
Fair Value, Inputs, Level 2 [Member] | ||
Liabilities: | ||
Total | -2,456,663 | -3,232,967 |
Interest Rate Swap [Member] | ||
Liabilities: | ||
Interest Rate Swap Agreements | -1,873,295 | -3,232,967 |
Foreign Exchange Forward [Member] | ||
Liabilities: | ||
Interest Rate Swap Agreements | ($583,368) |
Note_11_Derivatives_and_Fair_V7
Note 11 - Derivatives and Fair Value Disclosures (Details) - Valuation of Assets Measured at Fair Value On a Non-recurring Basis (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 11 - Derivatives and Fair Value Disclosures (Details) - Valuation of Assets Measured at Fair Value On a Non-recurring Basis [Line Items] | ||
Fair value of assets measured on a non-recurring basis | $1,977,051 | $0 |
Impairment loss on assets measured at fair value on a non-recurring basis | -6,168,747 | |
Long-lived Assets Held and Used [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Note 11 - Derivatives and Fair Value Disclosures (Details) - Valuation of Assets Measured at Fair Value On a Non-recurring Basis [Line Items] | ||
Fair value of assets measured on a non-recurring basis | 1,977,051 | |
Long-lived Assets Held and Used [Member] | ||
Note 11 - Derivatives and Fair Value Disclosures (Details) - Valuation of Assets Measured at Fair Value On a Non-recurring Basis [Line Items] | ||
Fair value of assets measured on a non-recurring basis | 1,977,051 | |
Impairment loss on assets measured at fair value on a non-recurring basis | -6,168,747 | |
Fair Value, Inputs, Level 2 [Member] | ||
Note 11 - Derivatives and Fair Value Disclosures (Details) - Valuation of Assets Measured at Fair Value On a Non-recurring Basis [Line Items] | ||
Fair value of assets measured on a non-recurring basis | $1,977,051 |
Note_12_Common_Stock_and_Addit1
Note 12 - Common Stock and Additional Paid-in Capital (Details) (USD $) | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||
Nov. 26, 2014 | Aug. 12, 2014 | 7-May-14 | Feb. 14, 2014 | Aug. 02, 2007 | Apr. 30, 2013 | Jul. 18, 2007 | Aug. 07, 2006 | Oct. 05, 2005 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Mar. 22, 2010 | |
Stockholders' Equity Note [Abstract] | |||||||||||||||
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | |||||||||||||
Stock Issued During Period, Shares, New Issues | 3,500,000 | 4,476,195 | 3,398,558 | 460,105 | 400,000 | 8,000,000 | |||||||||
Common Stock, Shares, Outstanding | 14,000,000 | 42,889,773 | 32,127,329 | ||||||||||||
Sale of Stock, Price Per Share (in Dollars per share) | $10 | $10.50 | $9.71 | $10 | $18 | $12.54 | |||||||||
Shares Public Offering | 11,500,000 | 7,200,000 | |||||||||||||
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | |||||||
Proceeds from Issuance of Common Stock (in Dollars) | $8,281,890 | $129,600,000 | $112,302,678 | $109,119,029 | |||||||||||
Proceeds From Issuance of Equity, Net of Issuance Costs (in Dollars) | 34,071,501 | 46,294,133 | 31,937,044 | 7,826,386 | 109,119,029 | 121,932,958 | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,080,000 | ||||||||||||||
Stock Repurchase Program, Authorized Amount (in Dollars) | 10,000,000 | 15,000,000 | |||||||||||||
Stock Repurchased During Period, Shares | 843,022 | 0 | 0 | 551,646 | 1,205,229 | ||||||||||
Treasury Stock Acquired, Average Cost Per Share (in Dollars per share) | $6.29 | $4.05 | $5.21 | ||||||||||||
Proceeds from Issuance or Sale of Equity (in Dollars) | $35,000,000 | $47,000,047 | $32,999,998 | $115,000,000 |
Note_13_Equity_Compensation_Pl2
Note 13 - Equity Compensation Plan (Details) (USD $) | 12 Months Ended | 90 Months Ended | 1 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 20, 2017 | Nov. 20, 2016 | Nov. 20, 2015 | Dec. 31, 2007 | Dec. 31, 2014 | Nov. 20, 2014 | Nov. 22, 2012 | |
Note 13 - Equity Compensation Plan (Details) [Line Items] | ||||||||||
Dividends | $0 | $0 | $0 | |||||||
Share-based Compensation | 357,967 | 292,628 | 31,268 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 0 | 0 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 1,609,707 | 1,609,707 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 324 days | |||||||||
Scenario, Forecast [Member] | Non-Vested Restricted Shares [Member] | ||||||||||
Note 13 - Equity Compensation Plan (Details) [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in Shares) | 57,678 | 57,678 | 115,357 | |||||||
The Plan [Member] | ||||||||||
Note 13 - Equity Compensation Plan (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) | 555,479 | |||||||||
Non-Vested Restricted Shares [Member] | ||||||||||
Note 13 - Equity Compensation Plan (Details) [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 230,713 | 74,761 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $7.58 | $7.26 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||
Share-based Compensation | 357,967 | 292,628 | 31,268 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $681,073 |
Note_13_Equity_Compensation_Pl3
Note 13 - Equity Compensation Plan (Details) - Nonvested Restricted Shares (Restricted Stock [Member], USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Restricted Stock [Member] | |
Note 13 - Equity Compensation Plan (Details) - Nonvested Restricted Shares [Line Items] | |
Number of restricted shares | 74,761 |
Weighted average grant date fair value per non-vested share | $7.26 |
Granted | 230,713 |
Granted | $7.58 |
Vested | 74,761 |
Vested | $7.26 |
Number of restricted shares | 230,713 |
Weighted average grant date fair value per non-vested share | $7.58 |
Note_14_Earnings_Per_Share_Det
Note 14 - Earnings Per Share (Details) (Non-Vested Restricted Shares [Member]) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Non-Vested Restricted Shares [Member] | |||
Note 14 - Earnings Per Share (Details) [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 230,713 | 74,761 | 74,761 |
Note_14_Earnings_Per_Share_Det1
Note 14 - Earnings Per Share (Details) - Basic and Diluted Earnings Per Share Calculation (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Basic and Diluted Earnings Per Share Calculation [Abstract] | |||
Net income | $12,685,826 | $21,217,193 | $28,958,487 |
Less: Undistributed earnings allocated to non-vested shares | -26,357 | -55,958 | -11,220 |
Net income attributable to common shareholders, basic | $12,659,469 | $21,161,235 | $28,947,267 |
Weighted average number of shares outstanding, basic and diluted (in Shares) | 39,305,644 | 28,271,746 | 20,552,568 |
Earnings per share, basic and diluted (in Dollars per share) | $0.32 | $0.75 | $1.41 |
Note_15_Voyage_Expenses_and_Ve2
Note 15 - Voyage Expenses and Vessel Operating Expenses (Details) - Voyage Expenses (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 15 - Voyage Expenses and Vessel Operating Expenses (Details) - Voyage Expenses [Line Items] | |||
Voyage expenses | $14,087,511 | $14,302,630 | $12,703,750 |
Port Expenses [Member] | |||
Note 15 - Voyage Expenses and Vessel Operating Expenses (Details) - Voyage Expenses [Line Items] | |||
Voyage expenses | 2,278,961 | 2,067,494 | 1,749,565 |
Bunkers [Member] | |||
Note 15 - Voyage Expenses and Vessel Operating Expenses (Details) - Voyage Expenses [Line Items] | |||
Voyage expenses | 7,553,318 | 8,347,130 | 7,253,583 |
Commissions [Member] | |||
Note 15 - Voyage Expenses and Vessel Operating Expenses (Details) - Voyage Expenses [Line Items] | |||
Voyage expenses | 3,725,645 | 3,244,939 | 3,304,220 |
Other Voyage Expenses [Member] | |||
Note 15 - Voyage Expenses and Vessel Operating Expenses (Details) - Voyage Expenses [Line Items] | |||
Voyage expenses | $529,587 | $643,067 | $396,382 |
Note_15_Voyage_Expenses_and_Ve3
Note 15 - Voyage Expenses and Vessel Operating Expenses (Details) - Vessels' Operating Expenses (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Vessels' Operating Expenses [Abstract] | |||
Crew wages and related costs | $26,378,730 | $22,138,595 | $19,304,929 |
Insurance | 2,028,142 | 1,667,915 | 1,260,289 |
Repairs and maintenance | 5,194,476 | 4,243,133 | 3,026,513 |
Spares and consumable stores | 7,120,974 | 5,757,455 | 5,313,053 |
Miscellaneous expenses | 4,713,014 | 2,716,455 | 1,687,193 |
Total | $45,435,336 | $36,523,553 | $30,591,977 |
Note_17_Commitments_and_Contin2
Note 17 - Commitments and Contingencies (Details) (USD $) | Dec. 31, 2014 |
Note 17 - Commitments and Contingencies (Details) [Line Items] | |
Number of Vessels Under Construction | 16 |
Contract Receivable, Due in Next Twelve Months | $90,126,629 |
Contract Receivable, Due in Year Two | 47,939,159 |
Contract Receivable, Due in Year Three | 29,208,000 |
Contract Receivable, Due in Year Four | 20,137,573 |
Contract Receivable, Due in Year Five | 18,960,000 |
Emihar Petroleum Inc [Member] | |
Note 17 - Commitments and Contingencies (Details) [Line Items] | |
Contract Receivable, Due in Next Twelve Months | 9,814,000 |
Contract Receivable, Due in Year Two | 7,412,400 |
Contract Receivable, Due in Year Three | $2,023,500 |
Note_17_Commitments_and_Contin3
Note 17 - Commitments and Contingencies (Details) - Future Outstanding Commitments for Installment Payments (USD $) | Dec. 31, 2014 |
Future Outstanding Commitments for Installment Payments [Abstract] | |
2015 | $145,534,934 |
2016 | 75,717,889 |
2017 | 135,408,000 |
$356,660,823 |
Note_18_Sale_and_Leaseback_of_1
Note 18 - Sale and Leaseback of Vessels (Details) (Gas Premiership and Gas Cathar [Member], USD $) | 2 Months Ended | 12 Months Ended |
Dec. 31, 2014 | Dec. 31, 2014 | |
Gas Premiership and Gas Cathar [Member] | ||
Note 18 - Sale and Leaseback of Vessels (Details) [Line Items] | ||
Sale Leaseback Transaction, Deferred Gain, Gross | $780,695 | $780,695 |
Sale Leaseback Transaction, Term of Lease | 4 years | |
Sale Leaseback Transaction, Current Period Gain Recognized | 4,954 | |
Sale Leaseback Transaction, Rent Expense | $325,758 |
Note_19_Subsequent_Events_Deta
Note 19 - Subsequent Events (Details) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | |||||||||
Nov. 26, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Apr. 22, 2015 | Jan. 09, 2015 | Mar. 12, 2015 | Apr. 14, 2015 | Mar. 27, 2015 | Apr. 15, 2015 | Feb. 26, 2015 | |
Note 19 - Subsequent Events (Details) [Line Items] | |||||||||||||
Treasury Stock Acquired, Average Cost Per Share (in Dollars per share) | $6.29 | $4.05 | $5.21 | ||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | $1,372,409 | ||||||||||||
Repayments of Long-term Debt | 75,268,462 | 37,696,190 | 48,965,869 | ||||||||||
Proceeds from Issuance of Debt | 81,950,000 | ||||||||||||
Subsequent Event [Member] | LPG Vessels [Member] | Three of Three Tranches [Member] | First Facility Agreement with a Bank [Member] | |||||||||||||
Note 19 - Subsequent Events (Details) [Line Items] | |||||||||||||
Proceeds from Issuance of Debt | 15,750,000 | ||||||||||||
Subsequent Event [Member] | Eco Lucidity Vessel [Member] | |||||||||||||
Note 19 - Subsequent Events (Details) [Line Items] | |||||||||||||
Payment Installment for Vessel Delivery | 6,732,334 | ||||||||||||
Subsequent Event [Member] | The Gas Kaizen and the Gas Crystal Vessels [Member] | |||||||||||||
Note 19 - Subsequent Events (Details) [Line Items] | |||||||||||||
Property, Plant, and Equipment, Salvage Value | 2,117,684 | ||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 34,751 | ||||||||||||
Subsequent Event [Member] | Eco Enigma Vessel [Member] | |||||||||||||
Note 19 - Subsequent Events (Details) [Line Items] | |||||||||||||
Payment Installment for Vessel Delivery | 14,625,000 | ||||||||||||
Subsequent Event [Member] | Term Loan 2 [Member] | |||||||||||||
Note 19 - Subsequent Events (Details) [Line Items] | |||||||||||||
Repayments of Long-term Debt | 13,500,000 | ||||||||||||
Subsequent Event [Member] | |||||||||||||
Note 19 - Subsequent Events (Details) [Line Items] | |||||||||||||
Additional Amount of Stock Repurchase Program Authorized Amount | $20,000,000 | ||||||||||||
Treasury Stock, Shares, Acquired (in Shares) | 926,074 | ||||||||||||
Treasury Stock Acquired, Average Cost Per Share (in Dollars per share) | $6.08 |