Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2019shares | |
Cover [Abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Trading Symbol | GASS |
Entity Registrant Name | STEALTHGAS INC. |
Entity Central Index Key | 0001328919 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 40,125,184 |
Entity Voluntary Filers | No |
Entity Interactive Data Current | Yes |
Document Accounting Standard | U.S. GAAP |
Entity Address, Address Line One | 331 Kifissias Avenue |
Entity Address, Address Line Two | Erithrea 14561 |
Entity Address, City or Town | Athens |
Entity Address, Country | GR |
Document Annual Report | true |
Document Transition Report | false |
Entity File Number | 001-36797 |
Document Shell Company Report | false |
Document Registration Statement | false |
Title of 12(b) Security | Common Stock |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 68,465,342 | $ 64,498,442 |
Trade and other receivables | 4,217,101 | 2,888,496 |
Other current assets | 118,246 | 134,301 |
Claims receivable | 314,217 | |
Inventories | 2,447,703 | 2,346,723 |
Advances and prepayments | 749,681 | 1,089,539 |
Restricted cash | 1,589,768 | 3,002,490 |
Assets held for sale | 64,906,448 | |
Fair value of derivatives | 30,381 | |
Total current assets | 77,932,439 | 138,866,439 |
Non current assets | ||
Advances for vessels under construction | 2,988,903 | |
Operating lease right-of-use assets | 473,132 | |
Vessels, net | 835,152,403 | 884,748,691 |
Other receivables | 286,915 | 108,930 |
Restricted cash | 12,065,222 | 11,930,059 |
Investments in joint ventures | 25,250,173 | |
Fair value of derivatives | 39,744 | 1,068,369 |
Total non current assets | 876,256,492 | 897,856,049 |
Total assets | 954,188,931 | 1,036,722,488 |
Current liabilities | ||
Payable to related parties | 7,043,121 | 7,930,642 |
Trade accounts payable | 9,032,690 | 10,349,358 |
Accrued liabilities | 6,002,079 | 6,879,488 |
Operating lease liabilities | 473,132 | |
Customer deposits | 968,000 | 1,336,000 |
Deferred income | 2,843,994 | 5,191,654 |
Fair value of derivatives | 37,567 | |
Current portion of long-term debt | 40,735,556 | 41,726,837 |
Current portion of long-term debt associated with vessels held for sale | 30,076,356 | |
Total current liabilities | 67,136,139 | 103,490,335 |
Non current liabilities | ||
Fair value of derivatives | 2,618,250 | 465,389 |
Long-term debt | 325,247,902 | 371,514,253 |
Total non current liabilities | 327,866,152 | 371,979,642 |
Total liabilities | 395,002,291 | 475,469,977 |
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 44,549,729 shares issued and 40,125,184 shares outstanding at December 31, 2018 and 44,549,729 shares issued and 39,584,274 shares outstanding at December 31, 2019 with a par value of $0.01 per share | 445,496 | 445,496 |
Treasury stock, 4,424,545 shares at December 31, 2018 and 4,965,455 at December 31, 2019 with a par value of $0.01 per share | (24,361,145) | (22,523,528) |
Additional paid-in capital | 502,419,122 | 501,807,478 |
Retained earnings | 82,942,210 | 80,849,086 |
Accumulated other comprehensive income/(loss) | (2,259,043) | 673,979 |
Total stockholders' equity | 559,186,640 | 561,252,511 |
Total liabilities and stockholders' equity | $ 954,188,931 | $ 1,036,722,488 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 44,549,729 | 44,549,729 |
Common stock, shares outstanding | 39,584,274 | 40,125,184 |
Common stock,par value | $ 0.01 | $ 0.01 |
Treasury stock, shares | 4,965,455 | 4,424,545 |
Treasury stock, par value | $ 0.01 | $ 0.01 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | |||
Revenues | $ 144,259,312 | $ 164,330,202 | $ 152,338,278 |
Revenues – related party | 1,973,643 | ||
Total revenues | 144,259,312 | 164,330,202 | 154,311,921 |
Expenses | |||
Voyage expenses | 15,201,978 | 18,649,258 | 13,804,032 |
Voyage expenses – related party | 1,788,543 | 2,037,917 | 1,912,505 |
Charter hire expenses | 6,268,988 | 6,150,780 | 3,524,770 |
Vessels' operating expenses | 48,619,594 | 59,920,278 | 58,618,526 |
Vessels' operating expenses – related party | 966,500 | 514,500 | 800,908 |
Dry-docking costs | 1,094,306 | 3,617,577 | 3,529,047 |
Management fees – related party | 5,730,910 | 7,027,195 | 7,205,490 |
General and administrative expenses (including $1,209,499, $1,294,722, and $1,205,683 to related party) | 3,706,320 | 3,046,962 | 2,898,958 |
Depreciation | 37,693,733 | 41,258,142 | 38,921,672 |
Impairment loss | 993,916 | 11,351,821 | 6,461,273 |
Net loss on sale of vessels | 485,516 | 763,925 | 77,314 |
Other operating costs/(income) | (549,804) | 1,058,863 | |
Total expenses | 122,550,304 | 153,788,551 | 138,813,358 |
Income from operations | 21,709,008 | 10,541,651 | 15,498,563 |
Other (expenses)/income | |||
Interest and finance costs | (20,978,065) | (23,286,547) | (16,661,464) |
Gain on deconsolidation of subsidiaries | 145,000 | ||
Loss on derivatives | (107,550) | (11,982) | (403,943) |
Interest income and other income | 846,271 | 587,477 | 322,868 |
Foreign exchange gain/(loss) | (8,235) | (107,119) | 25,739 |
Other expenses, net | (20,102,579) | (22,818,171) | (16,716,800) |
(Loss)/Income before equity in income of investees | 1,606,429 | (12,276,520) | (1,218,237) |
Equity gain in joint ventures | 486,695 | ||
Net (Loss)/Income | $ 2,093,124 | $ (12,276,520) | $ (1,218,237) |
(Loss)/earnings per share | |||
– Basic and diluted | $ 0.05 | $ (0.31) | $ (0.03) |
Weighted average number of shares | |||
– Basic and diluted | 39,800,434 | 39,860,563 | 39,809,364 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
General and administrative expenses, related party | $ 1,205,683 | $ 1,294,722 | $ 1,209,499 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net (loss)/income | $ 2,093,124 | $ (12,276,520) | $ (1,218,237) |
Other comprehensive income | |||
Effective portion of changes in fair value of interest swap contracts | (2,848,056) | 56,084 | 592,460 |
Reclassification adjustment | (84,966) | ||
Total other comprehensive income/(loss) | (2,933,022) | 56,084 | 592,460 |
Total comprehensive loss | $ (839,898) | $ (12,220,436) | $ (625,777) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Total | Restatement Adjustment [Member] | Capital Stock [Member] | Capital Stock [Member]Restatement Adjustment [Member] | Treasury Stock [Member] | Treasury Stock [Member]Restatement Adjustment [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Restatement Adjustment [Member] | Retained Earnings [Member] | Retained Earnings [Member]Restatement Adjustment [Member] | Accumulated Other Comprehensive (Loss)/Income [Member] | Accumulated Other Comprehensive (Loss)/Income [Member]Restatement Adjustment [Member] |
Beginning balance at Dec. 31, 2016 | $ 573,975,304 | $ 442,850 | $ (22,523,528) | $ 501,342,523 | $ 94,688,024 | $ 25,435 | ||||||
Balance (in shares) at Dec. 31, 2016 | 44,285,108 | (4,424,545) | ||||||||||
Stock based compensation | 129,245 | 129,245 | ||||||||||
Comprehensive income/(loss) for the year | (625,777) | (1,218,237) | 592,460 | |||||||||
Ending balance at Dec. 31, 2017 | 573,478,772 | $ 573,134,591 | $ 442,850 | $ 442,850 | $ (22,523,528) | $ (22,523,528) | 501,471,768 | $ 501,471,768 | 93,469,787 | $ 93,125,606 | 617,895 | $ 617,895 |
Ending Balance, (in shares) at Dec. 31, 2017 | 44,285,108 | 44,285,108 | (4,424,545) | (4,424,545) | ||||||||
Issuance of restricted shares and stock based compensation | 338,356 | $ 2,646 | 335,710 | |||||||||
Issuance of restricted shares and stock based compensation (in shares) | 264,621 | |||||||||||
Cumulative effect of accounting change | (344,181) | (344,181) | ||||||||||
Comprehensive income/(loss) for the year | (12,220,436) | (12,276,520) | 56,084 | |||||||||
Ending balance at Dec. 31, 2018 | 561,252,511 | $ 445,496 | $ (22,523,528) | 501,807,478 | 80,849,086 | 673,979 | ||||||
Ending Balance, (in shares) at Dec. 31, 2018 | 44,549,729 | (4,424,545) | ||||||||||
Stock based compensation | 611,644 | 611,644 | ||||||||||
Stock repurchase | (1,837,617) | $ (1,837,617) | ||||||||||
Stock repurchase (in shares) | (540,910) | |||||||||||
Comprehensive income/(loss) for the year | (839,898) | 2,093,124 | (2,933,022) | |||||||||
Ending balance at Dec. 31, 2019 | $ 559,186,640 | $ 445,496 | $ (24,361,145) | $ 502,419,122 | $ 82,942,210 | $ (2,259,043) | ||||||
Ending Balance, (in shares) at Dec. 31, 2019 | 44,549,729 | (4,965,455) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | |||
Net (loss)/income for the year | $ 2,093,124 | $ (12,276,520) | $ (1,218,237) |
Adjustments to reconcile net (loss)/income to net cash provided by operating activities: | |||
Depreciation | 37,693,733 | 41,258,142 | 38,921,672 |
Amortization of deferred finance charges | 885,191 | 858,582 | 690,842 |
Amortization of deferred gain on sale and leaseback of vessels | (190,087) | (195,040) | |
Amortization of operating lease right-of-use assets | 1,572,943 | ||
Share based compensation | 611,644 | 338,356 | 129,245 |
Change in fair value of derivatives | 255,650 | (28,252) | (27,372) |
Equity gain in joint ventures | (486,695) | ||
Impairment loss | 993,916 | 11,351,821 | 6,461,273 |
Net loss on sale of vessels | 485,516 | 763,925 | 77,314 |
Gain on deconsolidation of subsidiaries | (145,000) | ||
(Increase)/decrease in | |||
Trade and other receivables | (1,506,590) | 531,796 | (179,036) |
Other current assets | 16,055 | 159,363 | |
Claims receivable | (1,307,763) | 15,951 | (235,705) |
Inventories | 617,468 | (302,873) | 46,824 |
Changes in operating lease liabilities | (1,572,943) | ||
Advances and prepayments | 339,858 | 131,490 | 57,328 |
Increase/(decrease) in | |||
Balances with related parties | (5,845,771) | (6,278,982) | 6,434,290 |
Trade accounts payable | (1,316,668) | 381,941 | 1,299,686 |
Accrued liabilities | (217,409) | 339,009 | 581,000 |
Deferred income | (2,347,660) | 755,563 | (490,031) |
Net cash provided by operating activities | 30,818,599 | 37,809,225 | 52,354,053 |
Cash flows from investing activities | |||
Insurance proceeds | 993,546 | 219,754 | |
Proceeds from sale of interests in subsidiaries | 20,720,975 | ||
Vessels' acquisitions and advances for vessels under construction | (2,988,903) | (108,295,690) | (60,612,867) |
Proceeds from sale of vessels, net | 18,721,123 | 29,742,788 | 11,479,936 |
Investment in joint ventures | (11,322,600) | ||
Return of investments by joint ventures | 7,363,147 | ||
Advances to joint ventures | (5,083,919) | ||
Advances from joint ventures | 5,083,919 | ||
Net cash (used in)/provided by investing activities | 33,487,288 | (78,552,902) | (48,913,177) |
Cash flows from financing activities | |||
Stock repurchase | (1,837,617) | ||
Deferred finance charges paid | (477,201) | (503,265) | (815,256) |
Advances from joint ventures | 4,958,250 | ||
Customer deposits paid | (368,000) | (1,220,700) | |
Loan repayments | (97,371,978) | (56,717,059) | (56,254,073) |
Proceeds from long-term debt | 33,480,000 | 115,712,500 | 43,000,000 |
Net cash (used in)/provided by financing activities | (61,616,546) | 57,271,476 | (14,069,329) |
Net (decrease)/increase in cash and cash equivalents | 2,689,341 | 16,527,799 | (10,628,453) |
Cash and cash equivalents and restricted cash at beginning of year | 79,430,991 | 62,903,192 | 73,531,645 |
Cash and cash equivalents and restricted cash at end of year | 82,120,332 | 79,430,991 | 62,903,192 |
Cash breakdown | |||
Total cash, cash equivalents and restricted cash shown in the statements of cash flows | 79,430,991 | 79,430,991 | 62,903,192 |
Supplemental Cash Flow Information: | |||
Cash paid during the year for interest, net of amounts capitalized | 20,768,672 | 21,087,903 | 14,643,885 |
Non cash investing activity – Vessels under construction | $ 63,752 | $ 63,752 | $ 605,800 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and General Information | 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, 2019 owned a fleet of thirty seven 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 During 2017 and s Year ended December 31, Charterer 2017 2018 2019 A — — 12 % B — — 10 % C — — 10 % |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies Principles of Consolidation: Use of 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: Cash and Cash Equivalents: Restricted Cash: non-current Trade Receivables: un-collectible Claims Receivable: Inventories: first-in, first-out Advances for vessels under construction: on-site Vessels Acquisitions: Impairment or Disposal of Long-lived Assets: Subtopic 360-10, (“ASC 360-10”), If indicators of impairment are present, the dry-docking Vessels’ Depreciation: Assets Held for Sale: ASC 360-10, Segment Reporting: Accounting for Special Survey and Dry-docking dry-docking Deferred Finance Charges: non-current Accounting for Revenue and Related Expenses: A time charter is a contract for the use of a vessel for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. Operating costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubricants are paid for by the Company under time charter agreements. A time charter generally provides typical warranties and owner protective restrictions. The performance obligations in a time charter are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to the owner of the vessel. Some of the Company’s time charters may also contain profit sharing provisions, under which the Company can realize additional revenues in the event that spot rates are higher than the base rates in these time charters. A bareboat charter is a contract in which the vessel owner provides the vessel to the charterer for a fixed period of time at a specified daily rate, which is generally payable in advance, and the charterer generally assumes all risk and costs of operation during the bareboat charter period. The Company’s time charter and bareboat contracts are classified as operating leases pursuant to Accounting Standards Codification (“ASC”) 842 - Leases, and therefore do not fall under the scope of Accounting Standards Codification (“ASC”) 606 because (i) the vessel is an identifiable asset (ii) the owner of the vessel does not have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Time charter and bareboat revenues are recognized when a charter agreement exists, the vessel is made available to the charterer and collection of the related revenue is reasonably assured. Time charter and bareboat charter revenues are recognized as earned on a straight-line basis over the term of the charter as service is provided. Revenues from profit sharing arrangements in time charters are recognized in the period earned. Under time and bareboat charter agreements, all voyages expenses, except commissions are assumed by the charterer. On implementation of ASC 842 ,the Company, elected to make use of a practical expedient for lessors, not to separate the lease and non-lease components included in the time charter revenue but rather to recognize operating lease revenue as a combined single lease component for all time charter contracts as the related lease component, the hire of a vessel, and non-lease component, the fees for operating and maintaining the vessel, have the same timing and pattern of transfer (both the lease and non-lease components are earned by passage of time) and the predominant component is the lease. A voyage charter is a contract, in which the vessel owner undertakes to transport a specific amount and type of cargo on a load port-to-discharge lay-time The Company adopted Accounting Standards Update 2014-09, Deferred revenue represents cash received for undelivered performance obligations and deferred revenue resulting from straight-line revenue recognition in respect of charter agreements that provide for varying charter rates. The portion of the deferred revenue that will be earned within the next twelve months is classified as current liability and the remaining as long-term liability. Vessel voyage expenses are direct expenses to voyage revenues and primarily consist of brokerage commissions, port expenses, canal dues and bunkers. Brokerage commissions are paid to shipbrokers for their time and efforts for negotiating and arranging charter party agreements on behalf of the Company and expensed over the related charter period and all the other voyage expenses are expensed as incurred except for expenses during the ballast portion of the voyage. Any expenses incurred during the ballast portion of the voyage (period between the contract date and the date of the vessel’s arrival to the load port) such as bunker expenses, canal tolls and port expenses are deferred and are recognized on a straight-line basis, in voyage expenses, over the voyage duration as the Company satisfies the performance obligations under the contract provided these costs are (1) incurred to fulfill a contract that the Company can specifically identify, (2) able to generate or enhance resources of the company that will be used to satisfy performance of the terms of the contract, and (3) expected to be recovered from the charterer. These costs are considered ‘contract fulfillment costs’ and are included in ‘other current assets’ in the accompanying consolidated balance sheets. Vessel operating expenses comprise all expenses relating to the operation of the vessel, including crewing, repairs and maintenance, insurance, stores, lubricants and other operating expenses. Vessel operating expenses are expensed as incurred. Under a bareboat charter, the charterer assumes responsibility for all voyage and vessel operating expenses, dry-docking Equity Compensation Plan: non-vested non-employee non-vested Earnings/(Loss) per Share: two-class Derivatives (i) Hedge Accounting 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” in equity, while the 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 Investments in joint ventures: Impact of Recently Adopted Accounting Standards Leases : 2016-2 non-lease right-of-use balance sheet on January 1, 2019. The Company used the modified retrospective transition method and elected to apply the additional and optional transition method to existing leases at the beginning of the period of adoption through a cumulative effect adjustment to the opening retained earnings as of January 1, 2019. Also, the Company elected to apply a package of practical expedients under ASC 842, which allowed the Company, not to reassess (i) whether any existing contracts, on the date of adoption, contained a lease, (ii) lease classification of existing leases classified as operating leases in accordance with ASC 840 and (iii) initial direct costs for any existing leases. ASC 842 also provides a practical expedient to lessors by class of underlying asset, to not separate non lease components from the associated lease component when the following criteria are met (i) the timing and pattern of transfer for the lease component is the same as those for the non-lease component associated with that lease component and (ii) the lease component, if accounted for separately, would be classified as an operating lease. The Company, making use of this practical expedient for lessors, has elected not to separate the lease and non-lease components included in the time charter revenue but rather to recognize operating lease revenue as a combined single lease component for all time charter contracts as the related lease component, the hire of a vessel, and non-lease component, the fees for operating and maintaining the vessel, have the same timing and pattern of transfer (both the lease and non-lease components are earned by passage of time) and the predominant component is the lease. Upon adoption of ASC 842, the timing and recognition of earnings from time charter contracts to which the Company acts as lessor did not change from previous practice and thus the adoption of this standard did not have an effect on the Company’s consolidated opening retained earnings, balance sheets and consolidated statements of operations. The new lease standard will continue to classify leases as either financing or operating, with classification affecting the pattern of expense recognition. The accounting applied by a lessor under the new guidance will be substantially equivalent to current lease accounting guidance and has been discussed above under “ Accounting for Revenue and Related Expenses” |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | 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”). This company provides 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, 2017, 2018 and 2019, total brokerage commissions of 1.25% amounted to $1,912,505, $2,037,917 and $1,788,543, respectively, and are included in “Voyage expenses – related party” in the consolidated statements of operations. For the years ended December 31, 2017, 2018 and 2019, the management fees were $7,205,490, $7,027,195 and $5,730,910, respectively and are included in “Management fees – related party” in the consolidated statements of operations. 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, 2017, 2018 and 2019, the superintendent fees amounted to $125,500, $137,000 and $104,000, respectively, and are included in “Vessels’ operating expenses – related party” in the consolidated statements of operations. Effective from 2018, the Manager provides crew management services to some of the Company’s vessels. These services have been subcontracted by the Manager to an affiliated ship-management company, H ellenic M anning O verseas I nc. ( ex. ). 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, 2017, 2018 and 2019 commission fees relating to vessels purchased of $525,978, $1,598,858 and nil, respectively, were incurred and capitalized to the cost of the vessels. For the years ended December 31, 2017, 2018 and 2019 the amounts of $119,900, $184,000 and $109,000 were recognized as commission expenses relating to the sale of vessels and are included in the consolidated statements of operations under the caption “Net loss on sale of vessels”. For the year ended December 31, 2018, commission expenses relating to the sale of vessels of $212,650 are included in the consolidated statements of operations under the caption “Impairment loss”. 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 $1,127,307, $1,210,036 and $1,118,491, for the years ended December 31, 2017, 2018 and 2019, respectively, and are included in the consolidated statements of operations under the caption “General and administrative expenses”. The current account balance with the Manager at December 31, 2018 and at December 31, 2019 was a liability of $7,930,642 and $2,084,871, respectively. The liability represents payments made by the Manager on behalf of the ship-owning companies. Furthermore, the current account balance with entities that the Company owns 50.1% equity interests (Note 7) amounted to $4,958,250 as of December 31, 2019. The liability represents revenues collected by the Company on behalf of these entities. The Company rents office space that is owned by an affiliated company of the Manager. Rental expense for the years ended December 31, 2017, 2018 and 2019 amounted to $82,192, $84,686 and $87,192, respectively, and is included in the consolidated statements of operations 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., a company affiliated with members of the Vafias family incorporated in the Marshall Islands. The above time charter agreements expired in August 2016 and June 2017. The time charter agreement that expired in June 2017 had a 5-year term at a monthly rate of $337,250 . Revenue from the related party amounted to $1,973,643 for the year ended December 31, 2017 and nil for each of the years ended December 31, 2018, and 2019, respectively, and are included in the consolidated statements of operations under the caption “Revenues – related party”. In accordance with the time charter agreements for these vessels’ operating expenses, the Company paid to the Manager amounts of $675,408 for the year ended December 31, 2017, and nil for the years ended December 31, 2018 and 2019, respectively, which are included in the consolidated statements of operations under the caption “Vessels’ operating expenses – related party”. 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. On January 25, 2016, the Company entered into a new supervision agreement with Brave for the supervision of the construction of four of its newbuilding vessels for a fixed fee of Euro 490,000 per vessel. For the years ended December 31, 2017, 2018 and 2019, the supervision fees amounted to $535,864, $1,790,789, and nil, respectively, and were capitalized to the cost of the respective vessels. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories The amounts shown in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2018 2019 Bunkers 1,082,384 1,112,667 Lubricants 1,264,339 1,335,036 Total 2,346,723 2,447,703 |
Advances for Vessels Under Cons
Advances for Vessels Under Construction and Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Advances for Vessels Under Construction and Acquisitions | 5. Advances for Vessels Under Construction and Acquisitions The amount shown in the accompanying consolidated balance sheet as of December 31, 2019 of $2,988,903 mainly represents an advance payment to a shipbuilder for one LPG carrier under construction that the Company agreed to acquire in 2019 with expected delivery date in 2021. On November 17, 2016 and on July 18, 2017, the Company agreed with the shipbuilder to postpone the delivery of four newbuildings for an additional charge. For the years ended December 31, 2017 and December 31, 2018, these charges of $863,333 and $146,667, respectively, were included in the accompanying consolidated statement of operations under the caption “Other operating costs/(income)”. For the years ended December 31, 2018 and 2019, the movement of the account, advances for vessels under construction and acquisitions was as follows: Balance, December 31, 2017 61,577,818 Advances for vessels under construction and acquisitions 102,597,821 Capitalized expenses 5,155,821 Vessels delivered (169,331,460 ) Balance, December 31, 2018 — Advance for vessel under construction 2,891,283 Capitalized interest 97,620 Balance, December 31, 2019 2,988,903 |
Vessels, net
Vessels, net | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Vessels, net | 6. Vessels, net The amounts shown in the accompanying consolidated balance sheets are analyzed as follows: Vessel cost Accumulated Net Book Balance, December 31, 2017 1,090,135,869 (228,073,963 ) 862,061,906 Acquisitions (transfer from Advances for Vessels under Construction and Acquisitions) 169,331,460 — 169,331,460 Vessels held for sale (64,188,000 ) — (64,188,000 ) Impairment loss (60,018,802 ) 48,666,981 (11,351,821 ) Disposals (29,846,712 ) — (29,846,712 ) Depreciation for the year — (41,258,142 ) (41,258,142 ) Balance, December 31, 2018 1,105,413,815 (220,665,124 ) 884,748,691 Impairment loss (3,250,000 ) 2,256,084 (993,916 ) Disposal (14,561,832 ) 3,653,193 (10,908,639 ) Depreciation for the year — (37,693,733 ) (37,693,733 ) Balance, December 31, 2019 1,087,601,983 (252,449,580 ) 835,152,403 The additions in 2018 relate to the acquisition of vessels “Eco Arctic”, “Eco Ice” and “Eco Freeze”. In March 2018, the Company entered into a memorandum of agreement for the disposal of the vessel “Gas Legacy”, to an unaffiliated third party for $4,990,000. The vessel, including her inventories on board, was classified as assets held for sale in the first quarter of 2018. As a result, the Company measured the vessel at the lower of its carrying amount and fair value less the cost associated with the sale and recognized an impairment charge of $1,418,672 in its consolidated statement of operations for the year ended December 31, 2018. The vessel was delivered to her new owners on August 31, 2018. At March 31, 2018, the Company decided to seek to dispose of the vessel “Gas Enchanted”. As a result of this decision, the undiscounted net operating cash flows of this vessel did not exceed its carrying value and the Company identified and recognized an impairment charge of $1,937,822 in its consolidated statement of operations for the year ended December 31, 2018. In April 2018, the Company concluded a memorandum of agreement for the disposal of this vessel, to an unaffiliated third party for $8,950,000. The vessel was delivered to her new owners on May 7, 2018. I On In July 2018, the Company entered into three separate memoranda of agreement for the disposal of the vessels “Gas Marathon”, “Gas Sincerity and “Gas Texiana” to unaffiliated third parties for a total of $12,700,000. The vessels, including their inventories on board, were classified as vessels held for sale in the third quarter of 2018. The total impairment charge recognized in the Company’s consolidated statements of operations for the year ended December 31, 2018 amounted to $3,358,363. The vessels were delivered to their new owners on October 13, 2018, January 28, 2019 and February 13, 2019, respectively. The Company dispose d During the first quarter of 2019, the Company entered into four joint venture agreements with a third party investor based on which the third party investor acquired a 49.9% equity interest in four vessel owning companies of the Company and gained co-ownership are As of December 31, 2018, six vessels, together with their inventories on board amounting to $718,448, were classified as assets held for sale in the accompanying consolidated balance sheet. In September 2019, the Company entered into a memorandum of agreement for the disposal of the vessel “Gas Ethereal”, to an unaffiliated third party for $10,900,000. The vessel was delivered to her new owners on September 27, 2019. The Company decided to dispose the above mentioned vessel s At December 31, 2019, the Company performed an impairment review of its vessels, due to the prevailing conditions in the shipping industry. As a result of the impairment review, undiscounted net operating cash flows exceeded each vessel’s carrying value with the exception of two vessels and therefore the Company identified and recorded an impairment loss of $993,916 which is presented under the caption “Impairment loss” in the consolidated statements of operations. As of December 31, 201 9 8 34 vessels with a carrying value of $787,185,762 (2018: 4 0 ) |
Investments in Joint Ventures
Investments in Joint Ventures | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Joint Ventures | 7. Investments in joint ventures During the first quarter of 2019, the Company entered into four joint venture agreements with a third party investor based on which the third party investor acquired for $20,720,975 a 49.9% equity interest in Space Gas Inc., Financial Power Inc., Cannes View Inc. and Colorado Oil and Gas Inc., four vessel owning companies of the Company, which own the vessels “Gas Defiance”, “Gas Shuriken”, “Gas Haralambos” and “Eco Lucidity”. The remaining 50.1% equity interest was valued at $20,804,025. The Company contributed funds for working capital purposes amounting to $751,500. During the third quarter of 2019, Cannes View Inc. and Colorado Oil and Gas Inc., using the proceeds of a loan agreement that was entered into on July 9, 2019, returned an amount of $14,696,900 to the Company and the third party investor based on their equity interests. Amount returned to the Company amounted to $7,363,147. On May 22 The Company contributed funds for the acquisition of vessel Eco Nebula and for working capital purposes amounting to $10,571,100, as needed and proportionate to its 50.1% equity interests. The Company’s exposure is limited to its share of the net assets of Space Gas Inc., Financial Power Inc., Cannes View Inc., Colorado Oil and Gas Inc. and Frost Investments Corp Inc. (collectively “the joint venture entities”) proportionate to its 50.1% equity interest in these companies. The Company shares the profits and losses, cash flows and other matters relating to its investments in the joint venture entities in accordance with its ownership percentage. The vessels are managed by the Manager, pursuant to management agreements. The Company accounts for investments in joint ventures using the equity method since it has joint control over the joint venture entities. The Company does not consolidate the joint venture entities because it does not have a controlling financial interest. The significant factors considered and judgments made in determining that the power to direct the activities of the joint venture entities that most significantly impact their economic performance are shared, are that all significant business decisions over operating and financial policies of the joint venture entities, require unanimous consent from each joint venture investor. A condensed summary of the financial information for equity accounted investments 50.1% owned by the Company shown on a 100% basis are as follows: December 31, 2019 Space Gas Inc. Financial Power Inc. Cannes View Colorado Oil Gas Inc Frost Investments Corp Inc. Current assets 2,237,644 1,745,681 2,560,065 2,265,263 13,693,747 Non-current 13,221,364 13,229,810 14,532,274 12,801,053 20,396,424 Current liabilities 1,426,128 1,583,998 1,702,293 2,488,495 2,653,152 Long-term liabilities 5,530,995 5,530,995 7,792,274 6,818,237 10,757,210 Revenues 3,362,478 3,281,896 2,707,338 2,032,648 2,047,026 Operating income/(loss) 1,122,467 477,559 872,331 (85,071 ) (370,748 ) Net income/(loss) 854,885 212,498 627,671 (303,415 ) (420,191 ) |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | 8. Accrued Liabilities The amounts shown in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2018 2019 Interest on long-term debt 3,656,811 2,790,621 Administrative expenses 251,257 205,184 Other operating costs 660,000 — Vessel operating and voyage expenses 2,311,420 3,006,274 Total 6,879,488 6,002,079 |
Deferred Income
Deferred Income | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Deferred Income | 9. Deferred Income The amounts shown in the accompanying consolidated balance sheets amounting to $5,191,654 and $2,843,994 represent cash related to time and bareboat charter revenues received in advance as of December 31, 2018 and as of December 31, 2019, respectively. |
Customer Deposits
Customer Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Customer Deposits | 10. Customer Deposits These amounts represent deposits received from charterers as guarantees and are comprised as follows: (a) On October 12, 2015 an amount of $736,000 was received from the bareboat charterer of Product carrier “Stealth Falcon” (ex. “Navig8 Faith”) which is equal to three-months hire. On May 30, 2019 the amount of $368,000 was paid to the bareboat charterers. The remaining amount of $368,000 was kept as guarantee for a second vessel chartered to the same charterer. (b) On February 21, 2015 an amount of $1,820,700 was received from the bareboat charterer of Aframax tanker “Stealth Berana” (ex. “Spike”) which is equal to five-months hire. An amount of $1,220,700 was returned to the charterer at the end of the bareboat charter on March 7, 2018. The remaining amount of $600,000 was kept as guarantee for the new bareboat charter commenced on March 7, 2018. |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-term Debt | 11. Long-term Debt Term Loans Drawn Amount December 31, 2018 Movement in 2019 Deconsolidated (Note 7) December 31, 2019 Issue Date/ Refinancing Date Maturity Date Additions Repayments February 12, 2008 February 19, 2020 40,250,000 11,875,000 — (11,875,000 ) — — July 30, 2008 November 4, 2020 33,240,000 13,850,000 — — (13,850,000 ) — December 14, 2018 December 18, 2023 14,094,184 14,094,184 — (2,200,000 ) — 11,894,184 May 28, 2019 April 16, 2024 11,000,000 11,700,000 — (1,340,000 ) — 10,360,000 August 6, 2019 March 1, 2024 27,675,000 25,200,000 — (3,300,000 ) — 21,900,000 March 1, 2011 June 20, 2020 43,250,000 23,375,000 — (23,375,000 ) — — July 5, 2019 July 11, 2026 22,230,000 — 22,230,000 (793,929 ) — 21,436,071 March 29, 2019 December 29, 2022 25,458,432 15,244,697 11,250,000 (8,257,649 ) — 18,237,048 August 7, 2019 July 31, 2022 50,225,000 35,630,000 — (6,605,000 ) — 29,025,000 April 16, 2014 April 16, 2020 30,000,000 16,300,000 — (16,300,000 ) — — December 14, 2018 December 18, 2023 9,480,000 9,480,000 — (800,000 ) — 8,680,000 June 20, 2014 January 8, 2023 20,925,000 15,600,000 — (1,420,000 ) — 14,180,000 August 6, 2019 June 30, 2023 67,200,000 51,555,000 — (3,960,000 ) — 47,595,000 December 24, 2015 December 14, 2022 22,400,000 17,920,016 — (1,493,328 ) — 16,426,688 July 4, 2014 September 3, 2021 22,750,000 17,468,750 — (1,625,000 ) — 15,843,750 July 29, 2014 July 7, 2023 25,350,000 18,484,375 — (2,112,500 ) — 16,371,875 December 7, 2017 December 11, 2022 22,275,000 19,520,000 — (2,755,000 ) — 16,765,000 May 18, 2016 December 31, 2025 65,650,000 61,049,260 — (4,103,320 ) — 56,945,940 March 1, 2017 April 17, 2026 70,787,500 67,624,999 — (5,056,252 ) — 62,568,747 Total 445,971,281 33,480,000 (97,371,978 ) (13,850,000 ) 368,229,303 Current portion of long-term debt 42,433,562 41,421,346 Current portion of long-term debt associated 30,150,000 — Long term debt 373,387,719 326,807,957 Total debt 445,971,281 368,229,303 Current portion of deferred finance charges 706,725 685,790 Current portion of deferred finance charges associated with vessels held for sale 73,644 — Deferred finance charges non-current 1,873,466 1,560,055 Total deferred finance charges 2,653,835 2,245,845 Total debt 445,971,281 368,229,303 Less: Total deferred finance charges 2,653,835 2,245,845 Total debt, net of deferred finance charges 443,317,446 365,983,458 Less: Current portion of long-term debt, net of current portion of deferred finance charges 41,726,837 40,735,556 Less: Current portion of long-term debt associated with vessels held for sale, net of current portion of deferred finance charges 30,076,356 — 371,514,253 325,247,902 The below are changes in term loans during the years ended December 31, 2018 and 2019. On May 18, 2016 the Company entered into a term loan with a bank to partially finance the acquisition of two LPG carriers under construction, by two of the Company’s wholly owned subsidiaries. The term loan is up to $74,480,000 and was drawn down in two tranches upon the delivery of each vessel. The first tranche amounting to $32,500,000 was drawn down on May 16, 2017 and the second tranche amounting to $33,150,000 was drawn down on January 10, 2018. On March 1, 2017 the Company, entered into a term loan with the bank to partially finance the acquisition of two LPG carriers on their delivery. The aggregate term loan is up to $76,020,000 and was drawn down in two tranches upon the delivery of each vessel. The first tranche amounting to $35,525,000 was drawn down on January 4, 2018 and on January 10, 2018 and the second tranche amounting to $35,262,500 was drawn down on April 13, 2018 and on April 17, 2018. On December 7, 2017, the Company entered into a term loan with a bank to repay amounts outstanding under existing loan and to refinance the cost of acquisition of one product carrier. The term loan is up to $22,500,000 and was drawn down in two tranches. The first tranche amounting to $10,500,000 was drawn down on December 11, 2017 and the second tranche amounting to $11,775,000 was drawn down on February 8, 2018. On March 27, 2018, the Company entered into a term loan amounting to $27,675,000 with the same bank to refinance the existing term loan dated February 1, 2011. An installment amounting to $275,000 was paid on January 22, 2018 relating to the existing term loan dated February 1, 2011. On August 6, 2019, the Company entered into a supplemental agreement with the bank based on which the margin of the existing loan changed from 2.7% to 2.5%. On April 27, 2018, the Company voluntary repaid $4,122,370 being part of the outstanding balance of the term loan dated September 23, 2013. On August 17, 2018, the Company voluntary repaid the outstanding balance of the term loan dated October 9, 2008, amounting to $5,920,000. On December 14, 2018, the Company entered into a term loan with the same bank to refinance the existing term loans dated June 12, 2014 and September 15, 2016. The aggregate committed term loan is up to $23,574,184 and was drawn down in two tranches at the signing date of the term loan. On January 30, 2019, the Company signed a side letter with the bank to reduce the margin of an existing loan dated July 4, 2014 from 3% to 2.5%. On February 1, 2019, the Company sold 49.9% of the equity interests of two subsidiaries which had borrowed a loan dated July 30, 2008. Since the retained investments in these companies are accounted for under the equity method (Note 7), the loan is no longer included in the consolidated balance sheets of the Company. On March 27, 2019, the Company voluntary repaid the outstanding balance of the term loan dated April 16, 2014, amounting to $15,780,000. On March 29, 2019, the Company entered into a term loan with a bank to refinance the existing term loans dated February 12, 2008 and September 23, 2013. Two installments amounting to $625,000 and $1,036,265 were paid on February 19, 2019 and on March 29, 2019, respectively, relating to the existing term loans. The new term loan is $25,458,432 and will be repayable, with the first installment commencing three months after the drawdown, in fifteen consecutive quarterly installments. On September 30, 2019, the Company voluntary repaid $3,419,645 being part of the outstanding balance of the term loan. On May 28 On July 5 eight On August 6, 2019, the Company entered into a supplemental agreement with the bank to reduce the margin of an existing loan dated December 20, 2013 from 2.9% to 2.5%. On August 7, 2019, the Company entered into a supplemental agreement with the bank to amend the repayment schedule of the existing loan dated March 24, 2014 and reduce the margin from 2.8% to 2.3%. The Company p repaid $3,000,000 being part of the outstanding balance of the term loan . 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 135%, • 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 which is EBITDA (as defined in the loan agreements) to interest expense to be at all times greater than 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 amounting to $1,589,768 representing a proportionate amount of the next installment and relevant interest plus a minimum aggregate cash balance amounting to $12,065,222 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. Gross deferred finance charges amounting to $8,374,435 and $8,851,636 as of December 31, 2018 and December 31, 2019, respectively, represent fees paid to the lenders for obtaining the related loans, and are presented on the balance sheet as a direct deduction from the carrying amount of the related loan and credit facility net of accumulated amortization. For the years ended December 31, 2017, 2018 and 2019, the amortization of deferred financing charges amounted to $690,841, $858,582 and $885,191, respectively, and is included in interest and finance costs in the consolidated statements of operations. The interest rates on the outstanding loans as of December 31, 2019 are based on L IBOR Year ended December 31, 2017: 3.97% Year ended December 31, 2018: 5.34% Year ended December 31, 2019: 4.91% Bank loan interest expense for the above loans for the years ended December 31, 2017, 2018 and 2019 amounted to $15,640,377, $22,150,386 and $19,999,902, respectively. Of these amounts, for the years ended December 31, 2017, 2018 and 2019, the amounts of $813,423, nil and $97,620, 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 operations. At December 31, 2019, the Company was in compliance with all of its debt financial covenants. The annual principal payments to be made, for the abovementioned loans, after December 31, 2019 are as follows: December 31, Amount 2020 41,421,346 2021 67,415,096 2022 87,184,402 2023 66,658,845 2024 26,275,286 Thereafter 79,274,328 Total 368,229,303 |
Derivatives and Fair Value Disc
Derivatives and Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Derivatives and Fair Value Disclosures | 12. 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 nine floating-to-fixed 9 s of D ix (2018: nine contracts) qualify The following table presents information of the Company’s interest rate swap arrangements as of December 31, 2019. Effective Date Termination Date Fixed Rate Floating Rate Fair Value Asset/(Liability) Notional Swap 1 September 30, 2015 September 30, 2020 2.60 % 3 month U.S. dollar LIBOR $ (37,567 ) $ 6,816,917 Swap 2 September 30, 2015 September 30, 2020 1.69 % 3 month U.S. dollar LIBOR $ 4,938 $ 6,816,917 Swap 3 October 2, 2015 October 2, 2020 1.54 % 3 month U.S. dollar LIBOR $ 25,443 $ 8,600,000 Swap 4 November 4, 2015 August 4, 2021 1.52 % 3 month U.S. dollar LIBOR $ 22,838 $ 7,921,875 Swap 5 December 3, 2015 September 3, 2021 1.55 % 3 month U.S. dollar LIBOR $ 16,906 $ 7,921,875 Swap 6 August 16, 2017 May 16, 2025 2.12 % 3 month U.S. dollar LIBOR $ (249,020 ) $ 13,711,250 Swap 7 March 12, 2018 December 11, 2022 2.74 % 3 month U.S. dollar LIBOR $ (419,160 ) $ 16,765,000 Swap 8 April 10, 2018 December 11, 2025 2.74 % 3 month U.S. dollar LIBOR $ (1,369,934 ) $ 29,524,000 Swap 9 February 16, 2019 February 16, 2024 2.89 % 3 month U.S. dollar LIBOR $ (580,136 ) $ 13,711,250 Total $ (2,585,692 ) $ 111,789,084 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 o income/(loss) . Tabular disclosure of financial instruments is as follows: Derivatives designated as hedging instruments Balance Sheet Location December 31, 201 8 201 9 Asset Liability Asset Liability Interest Rate Swap Agreements Non current assets — Fair value of derivatives 1,068,369 — 39,744 — Interest Rate Swap Agreements Non current liabilities — Fair value of derivatives — 465,389 — 2,618,250 Total derivatives designated as hedging instruments 1,068,369 465,389 39,744 2,618,250 Derivatives not designated as hedging instruments Balance Sheet Location December 31, 2018 2019 Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives Interest Rate Swap Agreements Current assets — Fair value of derivatives — — 30,381 — Interest Rate Swap Agreements Current liabilities — Fair value of derivatives — — — 37,567 Total derivatives not designated as hedging instruments — — 30,381 37,567 The effect of derivative instruments on the consolidated statements of operations for the years ended December 31, 2017, 2018 and 2019 is as follows: Derivatives not designated as hedging instruments Location of Gain/(Loss) Recognized Year Ended December 31, 201 7 201 8 201 9 Interest Rate Swap — Reclassification from OCI Loss on derivatives — — 84,966 Interest Rate Swap — Change in Fair Value Loss on derivatives — — (327,147 ) Interest Rate Swap — Realized income Loss on derivatives — — 134,631 Total loss on derivatives — — (107,550 ) Derivatives designated as hedging i n ruments Location of (Loss)/Gain Recognized Year Ended December 31, 201 7 201 8 201 9 Interest Rate Swap — (Loss) reclassified from OCI (Effective portion) Loss on derivatives (403,943 ) (11,982 ) — Interest Rate Swap — Income reclassified from OCI (Effective portion) Inter est and finance costs — — 67,424 Total loss on derivatives (403,943 ) (11,982 ) 67,424 The components of accumulated other comprehensive income 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 Balance, January 1, 2017 25,435 Effective portion of changes in fair value of interest swap contracts 592,460 Balance, December 31, 2017 617,895 Effective portion of changes in fair value of interest swap contracts 56,084 Balance, December 31, 2018 673,979 Effective portion of changes in fair value of interest swap contracts (2,848,056 ) Reclassification adjustment (84,966 ) Balance, December 31, 2019 (2,259,043 ) The estimated net amount of existing gains at December 31, 2019, that will be reclassified into earnings within the next twelve months relating to previously designated cash flow hedges is $60,954. Fair Value of Financial Instruments and Concentration of Credit Risk ies non-performance ies Fair Value Disclosures: 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, 2018: Fair Value Measurements Using Description Fair Value 8 Quoted Prices Significant Significant Assets/(Liabilities): Interest Rate Swap Agreements 1,068,369 — 1,068,369 — Interest Rate Swap Agreements (465,389 ) — (465,389 ) — Total 602,980 — 602,980 — 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, 2019: Fair Value Measurements Using Description Fair Value as of December 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets/(Liabilities): Interest Rate Swap Agreements 70,125 — 70,125 — Interest Rate Swap Agreements (2,655,817 ) — (2,655,817 ) — Total (2,585,692 ) — (2,585,692 ) — The following tables present the fair values for assets measured on a non-recurring Fair Value Measurements Using Description Fair Value 8 Quoted Prices Significant Significant Impairment Long-lived assets held and used 9,400,000 — 9,400,000 — (1,531,130 ) Total 9,400,000 — 9,400,000 — (1,531,130 ) The vessels Gas Sincerity and Gas Texiana were recorded at their fair value of $9,400,000 as of June 30, 2018. Following the memorandum of agreement for the disposal of these vessels in July 2018, Gas Sincerity and Gas Texiana were classified as held for sale as of September 30, 2018 and were recognized at their fair value less costs to sell. Fair value amounted to $9,400,000 and costs to sell amounted to $442,000. The vessels are classified as held for sale as of December 31, 2018 at fair value less costs to sell of $8,958,000 in the accompanying consolidated balance sheet as of December 31, 2018. Fair Value Measurements Using Description Fair Value as of December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impairment Loss Long-lived assets held for sale 55,230,000 — 55,230,000 — (3,189,858 ) Total 55,230,000 — 55,230,000 — (3,189,858 ) The vessels Gas Defiance, Gas Shuriken, Gas Haralambos and Eco Lucidity were classified as held for sale as of December 31, 2018 and were recognized at their fair value of $55,230,000 less costs to sell. Costs to sell amounted to nil. During 2018, the Company recognized for eleven of its vessels an aggregate impairment charge of $11,351,821. Seven of the Company’s vessels were written down to their fair value as determined by the Company based on their transaction price, as the sale price was agreed with unaffiliated third parties. Remaining four vessels were written down to their estimated fair value as their carrying amount exceeded their fair value which was determined based on vessel valuations, obtained from independent third party shipbrokers, which are mainly based on recent sales and purchase transactions of similar vessels. Fair Value as of December 31, 2019 Fair Value Measurements Using Description Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impairment Loss Long-lived assets held and used 6,000,000 — 6,000,000 — (993,916 ) Total 6,000,000 — 6,000,000 — (993,916 ) As a result of the impairment analyses performed for the year ended December 31, 2019, two of the Company’s vessels (held and used) were written down to their estimated fair value as determined by the Company based on vessel valuations, obtained from independent third party shipbrokers, which are mainly based on recent sales and purchase transactions of similar vessels, resulting in an impairment charge of $993,916. |
Capital Stock, Treasury Stock a
Capital Stock, Treasury Stock and Additional Paid-in Capital | 12 Months Ended |
Dec. 31, 2019 | |
Federal Home Loan Banks [Abstract] | |
Capital Stock, Treasury Stock and Additional Paid-in Capital | 13. Capital Stock, Treasury Stock and Additional Paid-in The amounts shown in the accompanying consolidated balance sheets as additional paid-in On May 23 9 For the year ended December 31, 2019, the Company completed the repurchase of 540,910 shares paying an average price per share of $3.40. These shares are held as treasury stock by the Company. For the years ended December 31, 2017 and 2018, the Company did not make any repurchase of its common shares. |
Equity Compensation Plan
Equity Compensation Plan | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Equity Compensation Plan | 14. Equity Compensation Plan In 2015 the Company’s shareholders and board of directors adopted an Equity Compensation Plan (“the Plan”), which replaced the Company’s previous equity compensation plan which was adopted in 2007 and expired in 2015 (the “2007 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, 2019, a total of 555,479 restricted shares had been granted under the 2007 Plan since the first grant in the third quarter of 2007 and 264,621 awards have been granted under the Plan. On November 22, 2012, the Company granted 74,761 non-vested non-executive On November 20, 2014, the Company granted 230,713 of non-vested non-executive On August 23, 2018, the Company granted 264,621 of non-vested non-executive ed on August 23, 2019 i.e. after 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, 2017, 2018 and 2019. The Company accounts for forfeitures as they occur. 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. The stock based compensation expense for the vested and non-vested A summary of the status of the Company’s non-vested Number of Weighted average grant non-vested Non-vested, 264,621 3.59 Vested (264,621 ) 3.59 Non-vested, — — The total fair value of shares vested during the years ended December 31, 2017, 2018 and 2019 was $220,907, nil and $844,141, respectively, based on the closing share price at each vesting date. |
Earnings_(loss) per share
Earnings/(loss) per share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings/(loss) per share | 15. Earnings/(loss) 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 The Company applies the two-class non-vested non-vested two-class non-vested For purposes of calculating diluted earnings per share, dividends declared during the period for non-vested non-vested non-vested The Company calculates basic and diluted earnings per share as follows: Year Ended December 31, 2017 2018 2019 Numerator Net (loss)/income (1,218,237 ) (12,276,520 ) 2,093,124 Less: Undistributed earnings allocated to non-vested shares — — (8,922 ) Net (loss)/income attributable to common shareholders, basic (1,218,237 ) (12,276,520 ) 2,084,202 Denominator Weighted average number of shares outstanding, basic and diluted 39,809,364 39,860,563 39,800,434 (Loss)/earnings per share, basic and diluted (0.03 ) (0.31 ) 0.05 Non-vested, The Company excluded the dilutive effect of 264,621 non-vested 8 |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | 16. Revenues The amounts in the accompanying consolidated statements of operations are analyzed as follows: Year ended December 31, 2017 2018 2019 Time charter revenues 96,339,915 104,099,818 97,249,537 Time charter revenues – related party 1,973,643 — — Bareboat revenues 27,647,268 24,646,311 21,764,102 Voyage charter revenues 26,924,708 34,266,082 24,018,198 Other income 1,426,387 1,317,991 1,227,475 Total 154,311,921 164,330,202 144,259,312 The amount of revenue earned as demurrage relating to the Company’s voyage charters for the years ended December 31, 2017, 2018 and 2019 was $4.3, $4.7 and $2.0 million, respectively and is included within “ Voyage charter r above table As of December 31, 2018 and 2019, the Company recognized $134,301 and $118,246, respectively, of contract fulfillment costs which mainly represent bunker expenses incurred prior to commencement of loading relating to the Company’s voyage charters. These costs are recorded in “Other current assets” on the consolidated balance sheets. As of December 31, 2018 and 2019, revenues relating to undelivered performance obligations of the Company’s voyage charters amounted to $821,577 and $439,135, respectively. The Company recognized these amounts as revenues in the first quarter of 2019 and in the first quarter of 2020, respectively. |
Voyage Expenses and Vessel Oper
Voyage Expenses and Vessel Operating Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Voyage Expenses and Vessel Operating Expenses | 17. Voyage Expenses and Vessel Operating Expenses The amounts in the accompanying consolidated statements of operations are analyzed as follows: Year ended December 31, Voyage Expenses 2017 2018 2019 Port expenses 2,546,926 2,841,661 3,170,781 Bunkers 6,668,126 11,641,615 8,153,437 Commissions 4,584,612 4,796,483 4,443,642 Other voyage expenses 1,916,873 1,407,416 1,222,661 Total 15,716,537 20,687,175 16,990,521 Year ended December 31, Vessels’ Operating Expenses 2017 2018 2019 Crew wages and related costs 37,345,800 36,628,082 30,874,618 Insurance 2,016,647 2,068,485 2,162,523 Repairs and maintenance 6,424,557 7,359,816 5,677,033 Spares and consumable stores 8,508,276 8,907,211 7,783,902 Miscellaneous expenses 5,124,154 5,471,184 3,088,018 Total 59,419,434 60,434,778 49,586,094 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 18. 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 operations. 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. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 19. 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. • Future minimum contractual charter revenues, gross of commissions, based on vessels committed to non-cancellable, 2023, $1,500,000 during 2024 and $7,436,644 from 2025 up to 2029 • During 2019, the Company agreed to acquire an LPG carrier which is currently under construction, as described in Note 5. The Company has future outstanding commitments for installment payments for this agreement as follows: December 31 Amount 2020 2,891,283 2021 23,130,260 Total 26,021,543 |
Leases - The Company as Lessee
Leases - The Company as Lessee | 12 Months Ended |
Dec. 31, 2019 | |
Time charterin contracts [Abstract] | |
Leases - The Company as Lessee | 20. Leases — The Company as Lessee 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, 2017 , 2018 , and nil, Lease payments relating to the bareboat charters of the vessels amounted to $3,719,810, $3,434,250 and $1,560,000 for the years ended December 31, 2017, 2018 and 2019 and are included in Charter hire expenses in the consolidated statements of operations. The Company charters in vessels to supplement its own fleet and employs them both on time charters and voyage charters. The time charter-in contracts range in lease terms from 1 year to 5 years. The Company elected the practical expedient of ASC 842 that allows for time charter-in contracts with an initial lease term of one year or less to be excluded from the operating lease right-of-use assets and lease liabilities recognized on our consolidated balance sheet. The Company recognized the operating lease right-of-use assets and the corresponding lease liabilities on the consolidated balance sheet for time charter-in contracts with a lease term of more than one year at the commencement of the lease. The Company will continue to recognize the lease payments for all vessel operating leases as charter hire expenses on the consolidated statements of operations on a straight-line basis over the lease term. Under ASC 842, leases are classified as either finance or operating arrangements, with such classification affecting the pattern and classification of expense recognition in an entity’s income statement. For operating leases, ASC 842 requires recognition in an entity’s income statement of a single lease expense, calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. Right-of-use assets represent a right to use an underlying asset for the lease term and the related lease liability represents an obligation to make lease payments pursuant to the contractual terms of the lease agreement. The Company used the incremental borrowing rate which amounted to 5.6% at January 1, 2019 for the lease contract for which the Company recorded operating lease right-of-use assets and corresponding lease liabilities. The Company had one time charter-in contract for one vessel which was greater than 12 months at lease commencement date as of the date of adoption of ASC 842. A brief description of this contract is below: (i) On December 16, 2016, the Company amended the existing bareboat charter agreement for Gas Cathar resulting in the extension of the charter period to five years and three months from the delivery date i.e. until March 2020 at a monthly charter hire of $130,000. The Company had entered into two time charter-in contracts in 2018 for the vessels Astrid and Kazak which were for a period of twelve months. Lease payments relating to the time charters of these vessels, amounted to $4,708,988 for the year ended December 31, 2019 and are included in Charter hire expenses in the consolidated statements of operations (2018: $2,906,617). Office lease In January 2019, the Company renewed its contract to lease office space from a related party (Note 3) for a period until December 2020 at an amount of EUR 6,500 ($7,345) per month. The Company determined the office lease to be an operating lease and recorded the lease expense within General and administrative expenses in the consolidated statement of operations for the years ended December 31, 2017, 2018 and 2019. Adoption of ASC 842 Prior to January 1, 2019, the Company recognized lease expense in accordance with then-existing U.S. GAAP (“prior GAAP”). Because both ASC 842 and prior GAAP generally recognize operating lease expenses on a straight-line basis over the term of the lease arrangement and the Company only has operating lease arrangements, there were no differences between the timing and amount of lease expenses recognized under the two accounting methodologies for the years ended December 31, 2019, 2018 and 2017. Lease Disclosures Under ASC 842 The objective of the disclosure requirements under ASC 842 is to enable users of an entity’s financial statements to assess the amount, timing and uncertainty of cash flows arising from lease arrangements. In addition to the qualitative leasing disclosures included above, below are quantitative disclosures that are intended to meet the stated objective of ASC 842. Operating lease right-of-use assets and lease liabilities as of December 31, 2019 and January 1, 2019 are as follows: Description Location in balance sheet December 31, 2019 January 1, 2019 (a) Non current assets: Chartered-in contract greater than 12 months Operating lease right-of-use assets $ 386,388 $ 1,879,085 Office leases Operating lease right-of-use assets 86,744 — $ 473,132 $ 1,879,085 Liabilities: Chartered-in contract greater than 12 months Current portion of operating lease liabilities $ 386,388 $ 1,492,697 Office leases Current portion of operating lease liabilities 86,744 — Lease liabilities - current portion $ 473,132 $ 1,492,697 Chartered-in contract greater than 12 months Operating lease liabilities $ — $ 386,388 Lease liabilities - non current portion $ — $ 386,388 (1) The Operating lease right-of-use asset and Operating lease liabilities represent the present value of lease payments for the remaining term of the lease. The table below presents the components of the Company’s lease expenses and sub-lease income on a gross basis earned from chartered-in contracts greater than 12 months for the year ended December 31, 2019: Description Location in statement of operations 2019 Lease expense for chartered-in contracts 12 months or less Charter hire expenses $ 4,708,988 Lease expense for chartered-in contracts greater than 12 months Charter hire expenses 1,560,000 Total charter hire expenses 6,268,988 Lease expense for office leases General and administrative expenses 87,192 Sub lease income from chartered-in contracts greater than 12 months * Revenues 3,091,390 * The sub-lease income represents only time charter revenue earned on the chartered-in contracts greater than 12 months. There is additional revenue of $482,879 earned from voyage charters on the same chartered-in contract which is recorded in Revenues in our consolidated statement of operations for the year ended December 31, 2019. Additionally, there is revenue earned from time charters from chartered-in contracts 12 months or less which is included in Revenues in our consolidated statements of operations for the year ended December 31, 2019. The cash paid for operating leases with terms greater than 12 months is $1,647,192 for the year ended December 31, 2019. The Company did not enter into any operating leases greater than 12 months for the year ended December 31, 2019 as a lessee. The weighted average remaining lease term on our operating leases greater than 12 months is 7.5 months. The weighted average discount rate is 5.6% as of December 31, 2019. The table below provides the total amount of lease payments on an undiscounted basis on our time chartered-in contracts and office leases greater than 12 months as of December 31, 2019: Year Chartered-in Office leases Total Operating Discount rate upon adoption 5.6 % 5.6 % 5.6 % 2020 (undiscounted lease payments) $ 390,000 $ 88,140 $ 478,140 390,000 88,140 478,140 Present value of lease liability 386,388 86,744 473,132 Lease liabilities - short term 386,388 86,744 473,132 Total lease liabilities 386,388 86,744 473,132 Discount based on incremental borrowing rate (Difference between undiscounted lease payments and present value of lease liability) $ 3,612 $ 1,396 $ 5,008 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 21. Subsequent Events (a) On March 11, 2020, the World Health Organization declared the 2019 Novel Coronavirus (the “Covid-19”) Covid-19 (b) On April 1, 2020, the Company entered into an agreement with Brave for the supervision of the construction of the vessel discussed in note 5 for a fixed fee of Euro 390,000. (c) On February 13, 2020, the Company entered into a joint venture agreement with an unaffiliated third party, for purpose ring 51% equity interest. Pursuant to this joint venture arrangement, on February 28, 2020, two medium gas carriers, the Gaschem Hamburg and the Gaschem Stade, were acquired and on March 11, 2020, one medium gas carrier, the Gaschem Bremen, was acquired at an aggregate price of $80,550,000. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation: |
Use of Estimates | Use of Estimates: |
Other Comprehensive Income | 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 | Foreign Currency Translation: |
Cash and Cash Equivalents | Cash and Cash Equivalents: |
Restricted Cash | Restricted Cash: non-current |
Trade Receivables | Trade Receivables: un-collectible |
Claims Receivable | Claims Receivable: |
Inventories | Inventories: first-in, first-out |
Advances for vessels under construction | Advances for vessels under construction: on-site |
Vessels Acquisitions | Vessels Acquisitions: |
Impairment or Disposal of Long-lived Assets | Impairment or Disposal of Long-lived Assets: Subtopic 360-10, (“ASC 360-10”), If indicators of impairment are present, the dry-docking |
Vessels' Depreciation | Vessels’ Depreciation: |
Assets Held for Sale | Assets Held for Sale: ASC 360-10, |
Segment Reporting | Segment Reporting: |
Accounting for Special Survey and Dry-docking Costs | Accounting for Special Survey and Dry-docking dry-docking |
Deferred Finance Charges | Deferred Finance Charges: non-current |
Accounting for Revenue and Related Expenses | Accounting for Revenue and Related Expenses: A time charter is a contract for the use of a vessel for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. Operating costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubricants are paid for by the Company under time charter agreements. A time charter generally provides typical warranties and owner protective restrictions. The performance obligations in a time charter are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to the owner of the vessel. Some of the Company’s time charters may also contain profit sharing provisions, under which the Company can realize additional revenues in the event that spot rates are higher than the base rates in these time charters. A bareboat charter is a contract in which the vessel owner provides the vessel to the charterer for a fixed period of time at a specified daily rate, which is generally payable in advance, and the charterer generally assumes all risk and costs of operation during the bareboat charter period. The Company’s time charter and bareboat contracts are classified as operating leases pursuant to Accounting Standards Codification (“ASC”) 842 - Leases, and therefore do not fall under the scope of Accounting Standards Codification (“ASC”) 606 because (i) the vessel is an identifiable asset (ii) the owner of the vessel does not have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Time charter and bareboat revenues are recognized when a charter agreement exists, the vessel is made available to the charterer and collection of the related revenue is reasonably assured. Time charter and bareboat charter revenues are recognized as earned on a straight-line basis over the term of the charter as service is provided. Revenues from profit sharing arrangements in time charters are recognized in the period earned. Under time and bareboat charter agreements, all voyages expenses, except commissions are assumed by the charterer. On implementation of ASC 842 ,the Company, elected to make use of a practical expedient for lessors, not to separate the lease and non-lease components included in the time charter revenue but rather to recognize operating lease revenue as a combined single lease component for all time charter contracts as the related lease component, the hire of a vessel, and non-lease component, the fees for operating and maintaining the vessel, have the same timing and pattern of transfer (both the lease and non-lease components are earned by passage of time) and the predominant component is the lease. A voyage charter is a contract, in which the vessel owner undertakes to transport a specific amount and type of cargo on a load port-to-discharge lay-time The Company adopted Accounting Standards Update 2014-09, Deferred revenue represents cash received for undelivered performance obligations and deferred revenue resulting from straight-line revenue recognition in respect of charter agreements that provide for varying charter rates. The portion of the deferred revenue that will be earned within the next twelve months is classified as current liability and the remaining as long-term liability. Vessel voyage expenses are direct expenses to voyage revenues and primarily consist of brokerage commissions, port expenses, canal dues and bunkers. Brokerage commissions are paid to shipbrokers for their time and efforts for negotiating and arranging charter party agreements on behalf of the Company and expensed over the related charter period and all the other voyage expenses are expensed as incurred except for expenses during the ballast portion of the voyage. Any expenses incurred during the ballast portion of the voyage (period between the contract date and the date of the vessel’s arrival to the load port) such as bunker expenses, canal tolls and port expenses are deferred and are recognized on a straight-line basis, in voyage expenses, over the voyage duration as the Company satisfies the performance obligations under the contract provided these costs are (1) incurred to fulfill a contract that the Company can specifically identify, (2) able to generate or enhance resources of the company that will be used to satisfy performance of the terms of the contract, and (3) expected to be recovered from the charterer. These costs are considered ‘contract fulfillment costs’ and are included in ‘other current assets’ in the accompanying consolidated balance sheets. Vessel operating expenses comprise all expenses relating to the operation of the vessel, including crewing, repairs and maintenance, insurance, stores, lubricants and other operating expenses. Vessel operating expenses are expensed as incurred. Under a bareboat charter, the charterer assumes responsibility for all voyage and vessel operating expenses, dry-docking |
Equity Compensation Plan | Equity Compensation Plan: non-vested non-employee non-vested |
Earnings/(Loss) per Share | Earnings/(Loss) per Share: two-class |
Derivatives | Derivatives (i) Hedge Accounting 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” in equity, while the 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 |
Investments in joint ventures | Investments in joint ventures: |
Impact of Recently Adopted Accounting Standards | Impact of Recently Adopted Accounting Standards Leases : 2016-2 non-lease right-of-use balance sheet on January 1, 2019. The Company used the modified retrospective transition method and elected to apply the additional and optional transition method to existing leases at the beginning of the period of adoption through a cumulative effect adjustment to the opening retained earnings as of January 1, 2019. Also, the Company elected to apply a package of practical expedients under ASC 842, which allowed the Company, not to reassess (i) whether any existing contracts, on the date of adoption, contained a lease, (ii) lease classification of existing leases classified as operating leases in accordance with ASC 840 and (iii) initial direct costs for any existing leases. ASC 842 also provides a practical expedient to lessors by class of underlying asset, to not separate non lease components from the associated lease component when the following criteria are met (i) the timing and pattern of transfer for the lease component is the same as those for the non-lease component associated with that lease component and (ii) the lease component, if accounted for separately, would be classified as an operating lease. The Company, making use of this practical expedient for lessors, has elected not to separate the lease and non-lease components included in the time charter revenue but rather to recognize operating lease revenue as a combined single lease component for all time charter contracts as the related lease component, the hire of a vessel, and non-lease component, the fees for operating and maintaining the vessel, have the same timing and pattern of transfer (both the lease and non-lease components are earned by passage of time) and the predominant component is the lease. Upon adoption of ASC 842, the timing and recognition of earnings from time charter contracts to which the Company acts as lessor did not change from previous practice and thus the adoption of this standard did not have an effect on the Company’s consolidated opening retained earnings, balance sheets and consolidated statements of operations. The new lease standard will continue to classify leases as either financing or operating, with classification affecting the pattern of expense recognition. The accounting applied by a lessor under the new guidance will be substantially equivalent to current lease accounting guidance and has been discussed above under “ Accounting for Revenue and Related Expenses” |
Basis of Presentation and Gen_2
Basis of Presentation and General Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | During 2017 and s Year ended December 31, Charterer 2017 2018 2019 A — — 12 % B — — 10 % C — — 10 % |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | The amounts shown in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2018 2019 Bunkers 1,082,384 1,112,667 Lubricants 1,264,339 1,335,036 Total 2,346,723 2,447,703 |
Advances for Vessels Under Co_2
Advances for Vessels Under Construction and Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Summary of Advances for vessels under construction and acquisitions | For the years ended December 31, 2018 and 2019, the movement of the account, advances for vessels under construction and acquisitions was as follows: Balance, December 31, 2017 61,577,818 Advances for vessels under construction and acquisitions 102,597,821 Capitalized expenses 5,155,821 Vessels delivered (169,331,460 ) Balance, December 31, 2018 — Advance for vessel under construction 2,891,283 Capitalized interest 97,620 Balance, December 31, 2019 2,988,903 |
Vessels, net (Tables)
Vessels, net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Summary of Vessels, Net | The amounts shown in the accompanying consolidated balance sheets are analyzed as follows: Vessel cost Accumulated Net Book Balance, December 31, 2017 1,090,135,869 (228,073,963 ) 862,061,906 Acquisitions (transfer from Advances for Vessels under Construction and Acquisitions) 169,331,460 — 169,331,460 Vessels held for sale (64,188,000 ) — (64,188,000 ) Impairment loss (60,018,802 ) 48,666,981 (11,351,821 ) Disposals (29,846,712 ) — (29,846,712 ) Depreciation for the year — (41,258,142 ) (41,258,142 ) Balance, December 31, 2018 1,105,413,815 (220,665,124 ) 884,748,691 Impairment loss (3,250,000 ) 2,256,084 (993,916 ) Disposal (14,561,832 ) 3,653,193 (10,908,639 ) Depreciation for the year — (37,693,733 ) (37,693,733 ) Balance, December 31, 2019 1,087,601,983 (252,449,580 ) 835,152,403 |
Investments in Joint Ventures (
Investments in Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | A condensed summary of the financial information for equity accounted investments 50.1% owned by the Company shown on a 100% basis are as follows: December 31, 2019 Space Gas Inc. Financial Power Inc. Cannes View Colorado Oil Gas Inc Frost Investments Corp Inc. Current assets 2,237,644 1,745,681 2,560,065 2,265,263 13,693,747 Non-current 13,221,364 13,229,810 14,532,274 12,801,053 20,396,424 Current liabilities 1,426,128 1,583,998 1,702,293 2,488,495 2,653,152 Long-term liabilities 5,530,995 5,530,995 7,792,274 6,818,237 10,757,210 Revenues 3,362,478 3,281,896 2,707,338 2,032,648 2,047,026 Operating income/(loss) 1,122,467 477,559 872,331 (85,071 ) (370,748 ) Net income/(loss) 854,885 212,498 627,671 (303,415 ) (420,191 ) |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | The amounts shown in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2018 2019 Interest on long-term debt 3,656,811 2,790,621 Administrative expenses 251,257 205,184 Other operating costs 660,000 — Vessel operating and voyage expenses 2,311,420 3,006,274 Total 6,879,488 6,002,079 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Term Loans Drawn Amount December 31, 2018 Movement in 2019 Deconsolidated (Note 7) December 31, 2019 Issue Date/ Refinancing Date Maturity Date Additions Repayments February 12, 2008 February 19, 2020 40,250,000 11,875,000 — (11,875,000 ) — — July 30, 2008 November 4, 2020 33,240,000 13,850,000 — — (13,850,000 ) — December 14, 2018 December 18, 2023 14,094,184 14,094,184 — (2,200,000 ) — 11,894,184 May 28, 2019 April 16, 2024 11,000,000 11,700,000 — (1,340,000 ) — 10,360,000 August 6, 2019 March 1, 2024 27,675,000 25,200,000 — (3,300,000 ) — 21,900,000 March 1, 2011 June 20, 2020 43,250,000 23,375,000 — (23,375,000 ) — — July 5, 2019 July 11, 2026 22,230,000 — 22,230,000 (793,929 ) — 21,436,071 March 29, 2019 December 29, 2022 25,458,432 15,244,697 11,250,000 (8,257,649 ) — 18,237,048 August 7, 2019 July 31, 2022 50,225,000 35,630,000 — (6,605,000 ) — 29,025,000 April 16, 2014 April 16, 2020 30,000,000 16,300,000 — (16,300,000 ) — — December 14, 2018 December 18, 2023 9,480,000 9,480,000 — (800,000 ) — 8,680,000 June 20, 2014 January 8, 2023 20,925,000 15,600,000 — (1,420,000 ) — 14,180,000 August 6, 2019 June 30, 2023 67,200,000 51,555,000 — (3,960,000 ) — 47,595,000 December 24, 2015 December 14, 2022 22,400,000 17,920,016 — (1,493,328 ) — 16,426,688 July 4, 2014 September 3, 2021 22,750,000 17,468,750 — (1,625,000 ) — 15,843,750 July 29, 2014 July 7, 2023 25,350,000 18,484,375 — (2,112,500 ) — 16,371,875 December 7, 2017 December 11, 2022 22,275,000 19,520,000 — (2,755,000 ) — 16,765,000 May 18, 2016 December 31, 2025 65,650,000 61,049,260 — (4,103,320 ) — 56,945,940 March 1, 2017 April 17, 2026 70,787,500 67,624,999 — (5,056,252 ) — 62,568,747 Total 445,971,281 33,480,000 (97,371,978 ) (13,850,000 ) 368,229,303 Current portion of long-term debt 42,433,562 41,421,346 Current portion of long-term debt associated 30,150,000 — Long term debt 373,387,719 326,807,957 Total debt 445,971,281 368,229,303 Current portion of deferred finance charges 706,725 685,790 Current portion of deferred finance charges associated with vessels held for sale 73,644 — Deferred finance charges non-current 1,873,466 1,560,055 Total deferred finance charges 2,653,835 2,245,845 Total debt 445,971,281 368,229,303 Less: Total deferred finance charges 2,653,835 2,245,845 Total debt, net of deferred finance charges 443,317,446 365,983,458 Less: Current portion of long-term debt, net of current portion of deferred finance charges 41,726,837 40,735,556 Less: Current portion of long-term debt associated with vessels held for sale, net of current portion of deferred finance charges 30,076,356 — 371,514,253 325,247,902 |
Schedule of Maturities of Long-term Debt | The annual principal payments to be made, for the abovementioned loans, after December 31, 2019 are as follows: December 31, Amount 2020 41,421,346 2021 67,415,096 2022 87,184,402 2023 66,658,845 2024 26,275,286 Thereafter 79,274,328 Total 368,229,303 |
Derivatives and Fair Value Di_2
Derivatives and Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Derivative Instruments | The following table presents information of the Company’s interest rate swap arrangements as of December 31, 2019. Effective Date Termination Date Fixed Rate Floating Rate Fair Value Asset/(Liability) Notional Swap 1 September 30, 2015 September 30, 2020 2.60 % 3 month U.S. dollar LIBOR $ (37,567 ) $ 6,816,917 Swap 2 September 30, 2015 September 30, 2020 1.69 % 3 month U.S. dollar LIBOR $ 4,938 $ 6,816,917 Swap 3 October 2, 2015 October 2, 2020 1.54 % 3 month U.S. dollar LIBOR $ 25,443 $ 8,600,000 Swap 4 November 4, 2015 August 4, 2021 1.52 % 3 month U.S. dollar LIBOR $ 22,838 $ 7,921,875 Swap 5 December 3, 2015 September 3, 2021 1.55 % 3 month U.S. dollar LIBOR $ 16,906 $ 7,921,875 Swap 6 August 16, 2017 May 16, 2025 2.12 % 3 month U.S. dollar LIBOR $ (249,020 ) $ 13,711,250 Swap 7 March 12, 2018 December 11, 2022 2.74 % 3 month U.S. dollar LIBOR $ (419,160 ) $ 16,765,000 Swap 8 April 10, 2018 December 11, 2025 2.74 % 3 month U.S. dollar LIBOR $ (1,369,934 ) $ 29,524,000 Swap 9 February 16, 2019 February 16, 2024 2.89 % 3 month U.S. dollar LIBOR $ (580,136 ) $ 13,711,250 Total $ (2,585,692 ) $ 111,789,084 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | Tabular disclosure of financial instruments is as follows: Derivatives designated as hedging instruments Balance Sheet Location December 31, 201 8 201 9 Asset Liability Asset Liability Interest Rate Swap Agreements Non current assets — Fair value of derivatives 1,068,369 — 39,744 — Interest Rate Swap Agreements Non current liabilities — Fair value of derivatives — 465,389 — 2,618,250 Total derivatives designated as hedging instruments 1,068,369 465,389 39,744 2,618,250 Derivatives not designated as hedging instruments Balance Sheet Location December 31, 2018 2019 Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives Interest Rate Swap Agreements Current assets — Fair value of derivatives — — 30,381 — Interest Rate Swap Agreements Current liabilities — Fair value of derivatives — — — 37,567 Total derivatives not designated as hedging instruments — — 30,381 37,567 |
Schedule of Derivative Instruments, Gain (Loss) | The effect of derivative instruments on the consolidated statements of operations for the years ended December 31, 2017, 2018 and 2019 is as follows: Derivatives not designated as hedging instruments Location of Gain/(Loss) Recognized Year Ended December 31, 201 7 201 8 201 9 Interest Rate Swap — Reclassification from OCI Loss on derivatives — — 84,966 Interest Rate Swap — Change in Fair Value Loss on derivatives — — (327,147 ) Interest Rate Swap — Realized income Loss on derivatives — — 134,631 Total loss on derivatives — — (107,550 ) Derivatives designated as hedging i n ruments Location of (Loss)/Gain Recognized Year Ended December 31, 201 7 201 8 201 9 Interest Rate Swap — (Loss) reclassified from OCI (Effective portion) Loss on derivatives (403,943 ) (11,982 ) — Interest Rate Swap — Income reclassified from OCI (Effective portion) Inter est and finance costs — — 67,424 Total loss on derivatives (403,943 ) (11,982 ) 67,424 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income 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 Balance, January 1, 2017 25,435 Effective portion of changes in fair value of interest swap contracts 592,460 Balance, December 31, 2017 617,895 Effective portion of changes in fair value of interest swap contracts 56,084 Balance, December 31, 2018 673,979 Effective portion of changes in fair value of interest swap contracts (2,848,056 ) Reclassification adjustment (84,966 ) Balance, December 31, 2019 (2,259,043 ) |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | 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, 2018: Fair Value Measurements Using Description Fair Value 8 Quoted Prices Significant Significant Assets/(Liabilities): Interest Rate Swap Agreements 1,068,369 — 1,068,369 — Interest Rate Swap Agreements (465,389 ) — (465,389 ) — Total 602,980 — 602,980 — 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, 2019: Fair Value Measurements Using Description Fair Value as of December 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets/(Liabilities): Interest Rate Swap Agreements 70,125 — 70,125 — Interest Rate Swap Agreements (2,655,817 ) — (2,655,817 ) — Total (2,585,692 ) — (2,585,692 ) — |
Schedule of Fair Value, Assets and Liabilities Measured on Non-Recurring Basis | The following tables present the fair values for assets measured on a non-recurring Fair Value Measurements Using Description Fair Value 8 Quoted Prices Significant Significant Impairment Long-lived assets held and used 9,400,000 — 9,400,000 — (1,531,130 ) Total 9,400,000 — 9,400,000 — (1,531,130 ) Fair Value Measurements Using Description Fair Value as of December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impairment Loss Long-lived assets held for sale 55,230,000 — 55,230,000 — (3,189,858 ) Total 55,230,000 — 55,230,000 — (3,189,858 ) Fair Value as of December 31, 2019 Fair Value Measurements Using Description Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impairment Loss Long-lived assets held and used 6,000,000 — 6,000,000 — (993,916 ) Total 6,000,000 — 6,000,000 — (993,916 ) |
Equity Compensation Plan (Table
Equity Compensation Plan (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Nonvested Restricted Shares | A summary of the status of the Company’s non-vested Number of Weighted average grant non-vested Non-vested, 264,621 3.59 Vested (264,621 ) 3.59 Non-vested, — — |
Earnings_(loss) per share (Tabl
Earnings/(loss) per share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings Per Share Calculation | The Company calculates basic and diluted earnings per share as follows: Year Ended December 31, 2017 2018 2019 Numerator Net (loss)/income (1,218,237 ) (12,276,520 ) 2,093,124 Less: Undistributed earnings allocated to non-vested shares — — (8,922 ) Net (loss)/income attributable to common shareholders, basic (1,218,237 ) (12,276,520 ) 2,084,202 Denominator Weighted average number of shares outstanding, basic and diluted 39,809,364 39,860,563 39,800,434 (Loss)/earnings per share, basic and diluted (0.03 ) (0.31 ) 0.05 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Analysis of Consolidated Statements of Operations | The amounts in the accompanying consolidated statements of operations are analyzed as follows: Year ended December 31, 2017 2018 2019 Time charter revenues 96,339,915 104,099,818 97,249,537 Time charter revenues – related party 1,973,643 — — Bareboat revenues 27,647,268 24,646,311 21,764,102 Voyage charter revenues 26,924,708 34,266,082 24,018,198 Other income 1,426,387 1,317,991 1,227,475 Total 154,311,921 164,330,202 144,259,312 |
Voyage Expenses and Vessel Op_2
Voyage Expenses and Vessel Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Voyage Expenses | The amounts in the accompanying consolidated statements of operations are analyzed as follows: Year ended December 31, Voyage Expenses 2017 2018 2019 Port expenses 2,546,926 2,841,661 3,170,781 Bunkers 6,668,126 11,641,615 8,153,437 Commissions 4,584,612 4,796,483 4,443,642 Other voyage expenses 1,916,873 1,407,416 1,222,661 Total 15,716,537 20,687,175 16,990,521 |
Vessel Operating Expenses | Year ended December 31, Vessels’ Operating Expenses 2017 2018 2019 Crew wages and related costs 37,345,800 36,628,082 30,874,618 Insurance 2,016,647 2,068,485 2,162,523 Repairs and maintenance 6,424,557 7,359,816 5,677,033 Spares and consumable stores 8,508,276 8,907,211 7,783,902 Miscellaneous expenses 5,124,154 5,471,184 3,088,018 Total 59,419,434 60,434,778 49,586,094 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosures [Abstract] | |
Summary of future outstanding commitments | The Company has future outstanding commitments for installment payments for this agreement as follows: December 31 Amount 2020 2,891,283 2021 23,130,260 Total 26,021,543 |
Leases - The Company as Lessee
Leases - The Company as Lessee (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Time charterin contracts [Abstract] | |
Schedule of operating leases | Operating lease right-of-use assets and lease liabilities as of December 31, 2019 and January 1, 2019 are as follows: Description Location in balance sheet December 31, 2019 January 1, 2019 (a) Non current assets: Chartered-in contract greater than 12 months Operating lease right-of-use assets $ 386,388 $ 1,879,085 Office leases Operating lease right-of-use assets 86,744 — $ 473,132 $ 1,879,085 Liabilities: Chartered-in contract greater than 12 months Current portion of operating lease liabilities $ 386,388 $ 1,492,697 Office leases Current portion of operating lease liabilities 86,744 — Lease liabilities - current portion $ 473,132 $ 1,492,697 Chartered-in contract greater than 12 months Operating lease liabilities $ — $ 386,388 Lease liabilities - non current portion $ — $ 386,388 (1) The Operating lease right-of-use asset and Operating lease liabilities represent the present value of lease payments for the remaining term of the lease. |
Schedule of company's lease expenses and sub-lease income | The table below presents the components of the Company’s lease expenses and sub-lease income on a gross basis earned from chartered-in contracts greater than 12 months for the year ended December 31, 2019: Description Location in statement of operations 2019 Lease expense for chartered-in contracts 12 months or less Charter hire expenses $ 4,708,988 Lease expense for chartered-in contracts greater than 12 months Charter hire expenses 1,560,000 Total charter hire expenses 6,268,988 Lease expense for office leases General and administrative expenses 87,192 Sub lease income from chartered-in contracts greater than 12 months * Revenues 3,091,390 |
Schedule of total amount of lease payments on an undiscounted basis | The table below provides the total amount of lease payments on an undiscounted basis on our time chartered-in contracts and office leases greater than 12 months as of December 31, 2019: Year Chartered-in Office leases Total Operating Discount rate upon adoption 5.6 % 5.6 % 5.6 % 2020 (undiscounted lease payments) $ 390,000 $ 88,140 $ 478,140 390,000 88,140 478,140 Present value of lease liability 386,388 86,744 473,132 Lease liabilities - short term 386,388 86,744 473,132 Total lease liabilities 386,388 86,744 473,132 Discount based on incremental borrowing rate (Difference between undiscounted lease payments and present value of lease liability) $ 3,612 $ 1,396 $ 5,008 |
Basis of Presentation and Gen_3
Basis of Presentation and General Information - Additional Information (Detail) - Charterer Three [Member] - Revenue Benchmark [Member] | 12 Months Ended |
Dec. 31, 2019 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |
Concentration risk, percentage | 32.00% |
Number Of Charterer | 3 |
Basis of Presentation and Gen_4
Basis of Presentation and General Information - Concentration Risk by Charterer (Details) - Sales Revenue, Net [Member] | 12 Months Ended |
Dec. 31, 2019 | |
Charterer A [Member] | |
Concentration risk, percentage | 12.00% |
Charterer B [Member] | |
Concentration risk, percentage | 10.00% |
Charterer C [Member] | |
Concentration risk, percentage | 10.00% |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Detail) | Jan. 01, 2018USD ($) | Dec. 31, 2019USD ($)Segment | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Significant Accounting Policies [Line Items] | ||||||
Allowance for doubtful accounts receivable | $ 0 | $ 0 | ||||
Impairment of assets, annual increase in undiscounted cash flows to determine fair value | 1.00% | |||||
Impairment of assets, inflation rate for operating expenses used to determine fair value | 1.50% | |||||
Disposal group, including discontinued operation | $ 0 | $ 0 | ||||
Number of reportable segments | Segment | 1 | |||||
Number of operating segments | Segment | 1 | |||||
Company's opening retained earnings | $ 82,942,210 | 80,849,086 | ||||
Unearned revenue | 439,135 | $ 821,577 | $ 70,000 | $ 70,000 | ||
Operating lease right-of-use assets | 473,132 | $ 1,879,085 | ||||
operating lease liabilities | 473,132 | 1,492,697 | ||||
Other Current Assets [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Other current assets | $ 100,000 | |||||
Accounting Standards Update 2014-09 [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Contract fulfilment cost | $ 300,000 | |||||
Accounting Standards Update 2016-02 [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Operating lease right-of-use assets | 1,900,000 | |||||
operating lease liabilities | $ 1,900,000 | |||||
Effect of change [Member] | Accounting Standards Update 2014-09 [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Company's opening retained earnings | $ 300,000 | |||||
LPG [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Property, plant and equipment, useful life | 30 years | |||||
Product carriers [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Property, plant and equipment, useful life | 25 years |
Transactions With Related Par_2
Transactions With Related Parties - Additional Information (Detail) | Jan. 25, 2016EUR (€) | May 26, 2014EUR (€) | Jun. 30, 2017USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Related Party Transaction [Line Items] | ||||||
Due to related parties, current, total | $ 7,043,121 | $ 7,930,642 | ||||
Revenue from related parties | $ 1,973,643 | |||||
Equity Method Investment Ownership Percentage | 50.10% | |||||
Proceeds From Unconsolidated Joint Ventures And Subsidiaries Classified As Financing Activities | $ 4,958,250 | |||||
Term Of Contract | 5 years | |||||
Monthly Rate Of Lease Rentals | $ 337,250 | |||||
The Manager [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Management fee, per day, per vessel | 440 | |||||
Management fee, per day, per vessel, under bareboat charter | $ 125 | |||||
Vessel brokerage commission percentage | 1.25% | 1.25% | 1.25% | |||
Crew management fee, per month, per vessel | $ 2,500 | |||||
Sales and purchase broker commission fee, percentage | 1.00% | |||||
Due to related parties, current, total | $ 2,084,871 | 7,930,642 | ||||
The Manager [Member] | Additional Charge Per Day When Visits Exceed Five Days In Twelve Month Period [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, expenses from transactions with related party | 500 | |||||
The Manager [Member] | Commission Fees Incurred And Capitalized To The Cost Of Vessels [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, expenses from transactions with related party | 0 | 1,598,858 | $ 525,978 | |||
The Manager [Member] | Voyage Expenses Related Party [Member] | Brokerage Commission Fees [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, expenses from transactions with related party | 1,788,543 | 2,037,917 | 1,912,505 | |||
The Manager [Member] | Management Fees Related Party [Member] | Management Fees [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, expenses from transactions with related party | 5,730,910 | 7,027,195 | 7,205,490 | |||
The Manager [Member] | Vessels Operating Expenses Related Party [Member] | Superintendent Fees [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, expenses from transactions with related party | 104,000 | 137,000 | 125,500 | |||
The Manager [Member] | Vessels Operating Expenses Related Party [Member] | Amounts Paid in Connection to Charter Agreements for the Vessels Operating Expense [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, expenses from transactions with related party | 0 | 0 | 675,408 | |||
The Manager [Member] | Vessels Operating Expenses Related Party [Member] | Crew Management Fees [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, expenses from transactions with related party | 862,500 | 377,500 | ||||
The Manager [Member] | Net Gain on Sale of Vessels [Member] | Commission Expense Related to the Sale and Leaseback of Vessels [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, expenses from transactions with related party | 109,000 | 184,000 | 119,900 | |||
The Manager [Member] | General and Administrative Expense [Member] | Reimbursed Compensation [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, expenses from transactions with related party | 1,118,491 | 1,210,036 | 1,127,307 | |||
The Manager [Member] | General and Administrative Expense [Member] | Office Space Rent [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, expenses from transactions with related party | 87,192 | 84,686 | 82,192 | |||
The Manager [Member] | Impairment Loss [Member] | Commission Expense Related to the Sale and Leaseback of Vessels [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, expenses from transactions with related party | 212,650 | |||||
Emihar Petroleum Inc [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Revenue from related parties | 0 | 0 | 1,973,643 | |||
Brave [Member] | Vessel Construction Fee Per Vessel [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, expenses from transactions with related party | € | € 490,000 | € 390,000 | ||||
Brave [Member] | Capitalized Construction Supervision Fees [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, expenses from transactions with related party | $ 0 | $ 1,790,789 | $ 535,864 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventory, Current (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Bunkers | $ 1,112,667 | $ 1,082,384 |
Lubricants | 1,335,036 | 1,264,339 |
Total | $ 2,447,703 | $ 2,346,723 |
Advances for Vessels Under Co_3
Advances for Vessels Under Construction and Acquisitions - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
Investments in and Advances to Affiliates [Line Items] | |||
Advances for vessels under construction and acquisitions | $ 61,577,818 | $ 2,988,903 | |
Other Operating Income (Expense) [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Charges for postponement of vessel delivery | $ 146,667 | $ 863,333 |
Advances for Vessels Under Co_4
Advances for Vessels Under Construction and Acquisitions - Summary of Advances for Vessels Under Construction and Acquisitions (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ||
Beginning balance | $ 61,577,818 | |
Advances for vessels under construction and acquisitions | 2,891,283 | 102,597,821 |
Capitalized interest | 97,620 | 5,155,821 |
Vessels delivered | (169,331,460) | |
Ending balance | $ 2,988,903 |
Vessels, Net - Summary of Vesse
Vessels, Net - Summary of Vessels, Net (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |||
Vessel cost, Balance | $ 1,105,413,815 | $ 1,090,135,869 | |
Vessel cost, Acquisitions (transfer from Advances for Vessels under Construction and Acquisitions) | 169,331,460 | ||
Vessel cost, Vessels held for sale | (64,188,000) | ||
Vessel cost, Impairment loss | (3,250,000) | (60,018,802) | |
Vessel cost, Disposals | (14,561,832) | (29,846,712) | |
Vessel cost, Balance | 1,087,601,983 | 1,105,413,815 | $ 1,090,135,869 |
Accumulated Depreciation, Balance | (220,665,124) | (228,073,963) | |
Accumulated Depreciation, Impairment loss | 2,256,084 | 48,666,981 | |
Accumulated Depreciation, Disposals | (3,653,193) | ||
Accumulated Depreciation, Depreciation for the year | (37,693,733) | (41,258,142) | |
Accumulated Depreciation, Balance | (252,449,580) | (220,665,124) | (228,073,963) |
Net Book Value, Balance | 884,748,691 | 862,061,906 | |
Net Book Value, Acquisitions (transfer from Advances for Vessels under Construction and Acquisitions) | 169,331,460 | ||
Net Book Value, Vessels held for sale | (64,188,000) | ||
Net Book Value, Impairment loss | (993,916) | (11,351,821) | (6,461,273) |
Net Book Value, Disposals | (10,908,639) | (29,846,712) | |
Net Book Value, Depreciation for the year | (37,693,733) | (41,258,142) | (38,921,672) |
Net Book Value, Balance | $ 835,152,403 | $ 884,748,691 | $ 862,061,906 |
Vessels, Net - Additional Infor
Vessels, Net - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2019AgreementVessel | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2019USD ($) | Jul. 31, 2018USD ($) | Apr. 30, 2018USD ($) | Mar. 31, 2018USD ($) | |
Property, Plant and Equipment [Line Items] | ||||||||
Net (gain)/loss on sale of vessels | $ 485,516 | $ 763,925 | $ 77,314 | |||||
Disposal group, including discontinued operation | 0 | $ 0 | ||||||
34 Vessels [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Debt instrument, collateral amount | 787,185,762 | |||||||
40 Vessels [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Debt instrument, collateral amount | 891,758,621 | |||||||
Six Vessels [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Disposal group, including discontinued operation | 718,448 | |||||||
Impairment Loss [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Impairment of long-lived assets held-for-use | 993,916 | |||||||
Gas Enchanted [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Disposal group, including discontinued operation, consideration | $ 8,950,000 | |||||||
Impairment of long-lived assets held-for-use | 1,937,822 | |||||||
Gas Legacy [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Disposal group, including discontinued operation, consideration | $ 4,990,000 | |||||||
Impairment of long-lived assets held-for-use | 1,418,672 | |||||||
Gas Evoluzione [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Disposal group, including discontinued operation, consideration | $ 3,575,000 | |||||||
Impairment of long-lived assets held-for-use | 604,774 | |||||||
Gas Sikousis [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Disposal group, including discontinued operation, consideration | $ 9,450,000 | |||||||
Impairment of long-lived assets held-for-use | 842,332 | |||||||
Gas Marathon, Gas Sincerity and Gas Texiana [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Disposal group, including discontinued operation, consideration | $ 12,700,000 | |||||||
Impairment of long-lived assets held-for-use | 3,358,363 | |||||||
Gas Defiance, Gas Shuriken, Gas Haralambos and Eco Lucidity [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Impairment of long-lived assets held-for-use | $ 3,189,858 | |||||||
Number of joint venture agreements | Agreement | 4 | |||||||
Interest acquired on joint venture agreements | 49.90% | |||||||
Number of vessel owning companies | Vessel | 4 | |||||||
Gas Ethereal [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Disposal group, including discontinued operation, consideration | $ 10,900,000 | |||||||
Gas Sincerity Gas Texiana [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Net (gain)/loss on sale of vessels | $ 485,516 |
Investments in Joint Ventures -
Investments in Joint Ventures - Additional Information (Detail) | Jul. 09, 2019USD ($) | Dec. 31, 2019USD ($)Vessel | May 22, 2019USD ($) |
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment Ownership Percentage | 50.10% | ||
Equity Method Investments | $ 25,250,173 | ||
Funds contributed for working capital purposes | $ 10,571,100 | ||
Proceeds From Equity Method Investee | $ 7,363,147 | ||
Frost Investments Corp Inc [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment Ownership Percentage | 50.10% | 49.90% | |
Equity Method Investments | $ 20,400,000 | ||
Corporate Joint Venture [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Proceeds From Equity Method Investee | $ 14,696,900 | ||
Co-venturer [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment Ownership Percentage | 49.90% | ||
Equity Method Investment minority interest | $ 20,720,975 | ||
Number of joint ventures | Vessel | 4 | ||
Equity Method Investments | $ 20,804,025 | ||
Co-venturer [Member] | Frost Investments Corp Inc [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment Ownership Percentage | 50.10% | ||
Equity Method Investee [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Funds contributed for working capital purposes | $ 751,500 |
Investments in Joint Ventures_2
Investments in Joint Ventures - Summary of the Financial Information for Equity Accounted Investments (Detail) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Space Gas Inc [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Current assets | $ 2,237,644 |
Non-current assets | 13,221,364 |
Current liabilities | 1,426,128 |
Long-term liabilities | 5,530,995 |
Revenues | 3,362,478 |
Operating income/(loss) | 1,122,467 |
Net income/(loss) | 854,885 |
Financial Power Inc [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Current assets | 1,745,681 |
Non-current assets | 13,229,810 |
Current liabilities | 1,583,998 |
Long-term liabilities | 5,530,995 |
Revenues | 3,281,896 |
Operating income/(loss) | 477,559 |
Net income/(loss) | 212,498 |
Cannes View Inc [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Current assets | 2,560,065 |
Non-current assets | 14,532,274 |
Current liabilities | 1,702,293 |
Long-term liabilities | 7,792,274 |
Revenues | 2,707,338 |
Operating income/(loss) | 872,331 |
Net income/(loss) | 627,671 |
ColoradoOiland Gas Inc [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Current assets | 2,265,263 |
Non-current assets | 12,801,053 |
Current liabilities | 2,488,495 |
Long-term liabilities | 6,818,237 |
Revenues | 2,032,648 |
Operating income/(loss) | (85,071) |
Net income/(loss) | (303,415) |
Frost Investments Corp Inc [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Current assets | 13,693,747 |
Non-current assets | 20,396,424 |
Current liabilities | 2,653,152 |
Long-term liabilities | 10,757,210 |
Revenues | 2,047,026 |
Operating income/(loss) | (370,748) |
Net income/(loss) | $ (420,191) |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of Accrued Liabilities (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule Of Accrued Liabilities [Abstract] | ||
Interest on long-term debt | $ 2,790,621 | $ 3,656,811 |
Administrative expenses | 205,184 | 251,257 |
Other operating costs | 660,000 | |
Vessel operating and voyage expenses | 3,006,274 | 2,311,420 |
Total | $ 6,002,079 | $ 6,879,488 |
Deferred Income - Additional In
Deferred Income - Additional Information (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue, current | $ 2,843,994 | $ 5,191,654 |
Time and Bareboat Deferred Revenue [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue, current | $ 2,843,994 | $ 5,191,654 |
Customer Deposits - Additional
Customer Deposits - Additional Information (Detail) - USD ($) | May 30, 2019 | Mar. 07, 2018 | Oct. 12, 2015 | Feb. 21, 2015 | Dec. 31, 2019 |
Spike [Member] | |||||
Deposits [Line Items] | |||||
Proceeds from deposits from customers | $ 1,820,700 | ||||
Repayment of deposits from customers | $ 1,220,700 | ||||
Deposits from customers kept as guarantee | $ 600,000 | ||||
Navig8 Faith [Member] | |||||
Deposits [Line Items] | |||||
Proceeds from deposits from customers | $ 736,000 | ||||
Repayment of deposits from customers | $ 368,000 | ||||
Deposits from customers kept as guarantee | $ 368,000 |
Long-term Debt - Schedule of De
Long-term Debt - Schedule of Debt (Detail) - USD ($) | Sep. 30, 2019 | Mar. 29, 2019 | Feb. 19, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||||||
Movement Additions | $ 33,480,000 | |||||
Repayments | $ (3,419,645) | $ (1,036,265) | $ (625,000) | (97,371,978) | $ (56,717,059) | $ (56,254,073) |
Debt Deconsolidation Amount | (13,850,000) | |||||
Term Loans | 368,229,303 | 445,971,281 | ||||
Current portion of long-term debt | 41,421,346 | 42,433,562 | ||||
Current portion of long-term debt associated with vessels held for sale | 0 | 30,150,000 | ||||
Long term debt | 326,807,957 | 373,387,719 | ||||
Total debt | 368,229,303 | 445,971,281 | ||||
Current portion of deferred finance charges | 685,790 | 706,725 | ||||
Current portion of deferred finance charges associated with vessels held for sale | 0 | 73,644 | ||||
Deferred finance charges non-current | 1,560,055 | 1,873,466 | ||||
Total deferred finance charges | 2,245,845 | 2,653,835 | ||||
Total debt | 368,229,303 | 445,971,281 | ||||
Less: Total deferred finance charges | 2,245,845 | 2,653,835 | ||||
Total debt, net of deferred finance charges | 365,983,458 | 443,317,446 | ||||
Less: Current portion of long-term debt, net of current portion of deferred finance charges | 40,735,556 | 41,726,837 | ||||
Less: Current portion of long-term debt associated with vessels held for sale, net of current portion of deferred finance charges | 0 | 30,076,356 | ||||
Long term debt, net of deferred finance charges | $ 325,247,902 | 371,514,253 | ||||
Term Loan 1 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity Date | Feb. 19, 2020 | |||||
Drawn Amount | $ 40,250,000 | |||||
Movement Additions | 0 | |||||
Repayments | (11,875,000) | |||||
Debt Deconsolidation Amount | 0 | |||||
Term Loans | $ 0 | 11,875,000 | ||||
Term Loan 4 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity Date | Nov. 4, 2020 | |||||
Drawn Amount | $ 33,240,000 | |||||
Movement Additions | 0 | |||||
Repayments | 0 | |||||
Debt Deconsolidation Amount | (13,850,000) | |||||
Term Loans | $ 0 | 13,850,000 | ||||
Term Loan 2 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity Date | Dec. 18, 2023 | |||||
Drawn Amount | $ 14,094,184 | |||||
Movement Additions | 0 | |||||
Repayments | (2,200,000) | |||||
Debt Deconsolidation Amount | 0 | |||||
Term Loans | $ 11,894,184 | 14,094,184 | ||||
Term Loan 20 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity Date | Apr. 16, 2024 | |||||
Drawn Amount | $ 11,000,000 | |||||
Movement Additions | 0 | |||||
Repayments | (1,340,000) | |||||
Debt Deconsolidation Amount | 0 | |||||
Term Loans | $ 10,360,000 | 11,700,000 | ||||
Term Loan 21 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity Date | Mar. 1, 2024 | |||||
Drawn Amount | $ 27,675,000 | |||||
Movement Additions | 0 | |||||
Repayments | (3,300,000) | |||||
Debt Deconsolidation Amount | 0 | |||||
Term Loans | $ 21,900,000 | 25,200,000 | ||||
Term Loan 6 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity Date | Jun. 20, 2020 | |||||
Drawn Amount | $ 43,250,000 | |||||
Movement Additions | 0 | |||||
Repayments | (23,375,000) | |||||
Debt Deconsolidation Amount | 0 | |||||
Term Loans | $ 0 | 23,375,000 | ||||
Term Loan 22 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity Date | Jul. 11, 2026 | |||||
Drawn Amount | $ 22,230,000 | |||||
Movement Additions | 22,230,000 | |||||
Repayments | (793,929) | |||||
Debt Deconsolidation Amount | 0 | |||||
Term Loans | $ 21,436,071 | 0 | ||||
Term Loan 23 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity Date | Dec. 29, 2022 | |||||
Drawn Amount | $ 25,458,432 | |||||
Movement Additions | 11,250,000 | |||||
Repayments | (8,257,649) | |||||
Debt Deconsolidation Amount | 0 | |||||
Term Loans | $ 18,237,048 | 15,244,697 | ||||
Term Loan 24 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity Date | Jul. 31, 2022 | |||||
Drawn Amount | $ 50,225,000 | |||||
Movement Additions | 0 | |||||
Repayments | (6,605,000) | |||||
Debt Deconsolidation Amount | 0 | |||||
Term Loans | $ 29,025,000 | 35,630,000 | ||||
Term Loan 9 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity Date | Apr. 16, 2020 | |||||
Drawn Amount | $ 30,000,000 | |||||
Movement Additions | 0 | |||||
Repayments | (16,300,000) | |||||
Debt Deconsolidation Amount | 0 | |||||
Term Loans | $ 0 | 16,300,000 | ||||
Term Loan 11 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity Date | Dec. 18, 2023 | |||||
Drawn Amount | $ 9,480,000 | |||||
Movement Additions | 0 | |||||
Repayments | (800,000) | |||||
Debt Deconsolidation Amount | 0 | |||||
Term Loans | $ 8,680,000 | 9,480,000 | ||||
Term Loan 12 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity Date | Jan. 8, 2023 | |||||
Drawn Amount | $ 20,925,000 | |||||
Movement Additions | 0 | |||||
Repayments | (1,420,000) | |||||
Debt Deconsolidation Amount | 0 | |||||
Term Loans | $ 14,180,000 | 15,600,000 | ||||
Term Loan 25 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity Date | Jun. 30, 2023 | |||||
Drawn Amount | $ 67,200,000 | |||||
Movement Additions | 0 | |||||
Repayments | (3,960,000) | |||||
Debt Deconsolidation Amount | 0 | |||||
Term Loans | $ 47,595,000 | 51,555,000 | ||||
Term Loan 14 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity Date | Dec. 14, 2022 | |||||
Drawn Amount | $ 22,400,000 | |||||
Movement Additions | 0 | |||||
Repayments | (1,493,328) | |||||
Debt Deconsolidation Amount | 0 | |||||
Term Loans | $ 16,426,688 | 17,920,016 | ||||
Term Loan 15 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity Date | Sep. 3, 2021 | |||||
Drawn Amount | $ 22,750,000 | |||||
Movement Additions | 0 | |||||
Repayments | (1,625,000) | |||||
Debt Deconsolidation Amount | 0 | |||||
Term Loans | $ 15,843,750 | 17,468,750 | ||||
Term Loan 16 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity Date | Jul. 7, 2023 | |||||
Drawn Amount | $ 25,350,000 | |||||
Movement Additions | 0 | |||||
Repayments | (2,112,500) | |||||
Debt Deconsolidation Amount | 0 | |||||
Term Loans | $ 16,371,875 | 18,484,375 | ||||
Term Loan 17 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity Date | Dec. 11, 2022 | |||||
Drawn Amount | $ 22,275,000 | |||||
Movement Additions | 0 | |||||
Repayments | (2,755,000) | |||||
Debt Deconsolidation Amount | 0 | |||||
Term Loans | $ 16,765,000 | 19,520,000 | ||||
Term Loan 18 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity Date | Dec. 31, 2025 | |||||
Drawn Amount | $ 65,650,000 | |||||
Movement Additions | 0 | |||||
Repayments | (4,103,320) | |||||
Debt Deconsolidation Amount | 0 | |||||
Term Loans | $ 56,945,940 | 61,049,260 | ||||
Term Loan 19 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity Date | Apr. 17, 2026 | |||||
Drawn Amount | $ 70,787,500 | |||||
Movement Additions | 0 | |||||
Repayments | (5,056,252) | |||||
Debt Deconsolidation Amount | 0 | |||||
Term Loans | $ 62,568,747 | $ 67,624,999 |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Detail) | Sep. 30, 2019USD ($) | Aug. 08, 2019USD ($) | Aug. 07, 2019 | Aug. 06, 2019 | Jun. 20, 2019USD ($) | Apr. 16, 2019USD ($) | Apr. 12, 2019USD ($) | Mar. 29, 2019USD ($) | Mar. 27, 2019USD ($) | Mar. 20, 2019USD ($) | Feb. 19, 2019USD ($) | Jan. 30, 2019 | Jan. 16, 2019USD ($) | Jan. 12, 2019USD ($) | Aug. 17, 2018USD ($) | Apr. 27, 2018USD ($) | Apr. 17, 2018USD ($) | Mar. 27, 2018USD ($) | Feb. 08, 2018USD ($) | Jan. 10, 2018USD ($) | Dec. 11, 2017USD ($) | May 16, 2017USD ($) | Dec. 31, 2019USD ($)DerivativeInstrument | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jul. 05, 2019USD ($) | Feb. 01, 2019 | Dec. 14, 2018USD ($) | Dec. 07, 2017USD ($) | Mar. 01, 2017USD ($) | May 18, 2016USD ($) |
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Restricted cash | $ 1,589,768 | $ 3,002,490 | $ 3,231,323 | ||||||||||||||||||||||||||||
Debt Instrument, maximum borrowing capacity | 25,458,432 | ||||||||||||||||||||||||||||||
Proceeds from issuance of debt | 33,480,000 | ||||||||||||||||||||||||||||||
Long-term debt, total | 368,229,303 | 445,971,281 | |||||||||||||||||||||||||||||
Repayments of debt | $ 3,419,645 | $ 1,036,265 | $ 625,000 | 97,371,978 | 56,717,059 | 56,254,073 | |||||||||||||||||||||||||
Term loan financial covenants, cash requirement | 12,065,222 | ||||||||||||||||||||||||||||||
Debt issuance costs, gross | 8,851,636 | 8,374,435 | |||||||||||||||||||||||||||||
Amortization of debt issuance costs | $ 885,191 | $ 858,582 | $ 690,842 | ||||||||||||||||||||||||||||
Debt,weighted average interest rate | 4.91% | 5.34% | 3.97% | ||||||||||||||||||||||||||||
Interest expense, debt, total | $ 19,999,902 | $ 22,150,386 | $ 15,640,377 | ||||||||||||||||||||||||||||
Interest costs capitalized | $ 97,620 | 0 | $ 813,423 | ||||||||||||||||||||||||||||
Equity Method Investment Ownership Percentage | 50.10% | ||||||||||||||||||||||||||||||
Term Loan Entered into on October 9, 2008 [Member] | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Repayments of debt | $ 5,920,000 | ||||||||||||||||||||||||||||||
Term Loan Entered into on September 23, 2013 [Member] | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Repayments of debt | $ 4,122,370 | ||||||||||||||||||||||||||||||
Maximum [Member] | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Value to term loan ratio | 135.00% | ||||||||||||||||||||||||||||||
Percentage of total debt to total market value adjusted assets | 80.00% | ||||||||||||||||||||||||||||||
Percentage of dividends paid to free cash flow | 50.00% | ||||||||||||||||||||||||||||||
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Debt instrument, basis spread on variable rate | 3.00% | ||||||||||||||||||||||||||||||
Minimum [Member] | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Value to term loan ratio | 125.00% | ||||||||||||||||||||||||||||||
EBITDA to interest expense ratio | DerivativeInstrument | 2.5 | ||||||||||||||||||||||||||||||
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Debt instrument, basis spread on variable rate | 2.15% | ||||||||||||||||||||||||||||||
Term Loan Entered Into On May 18, 2016 [Member] | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Debt Instrument, maximum borrowing capacity | $ 74,480,000 | ||||||||||||||||||||||||||||||
Proceeds from issuance of debt | $ 33,150,000 | $ 32,500,000 | |||||||||||||||||||||||||||||
Term Loan Refinanced On A Long Term Basis [Member] | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Long-term debt, total | $ 27,675,000 | ||||||||||||||||||||||||||||||
Repayments of debt | $ 275,000 | ||||||||||||||||||||||||||||||
Term Loan Entered into on June 12, 2014 and September 15, 2016 [Member] | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Debt Instrument, maximum borrowing capacity | $ 23,574,184 | ||||||||||||||||||||||||||||||
Term Loan Entered Into March 1, 2017 [Member] | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Debt Instrument, maximum borrowing capacity | $ 76,020,000 | ||||||||||||||||||||||||||||||
Proceeds from issuance of debt | $ 35,262,500 | $ 35,525,000 | |||||||||||||||||||||||||||||
Term Loan Entered December 7, 2017 [Member] | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Debt Instrument, maximum borrowing capacity | $ 22,500,000 | ||||||||||||||||||||||||||||||
Proceeds from issuance of debt | $ 11,775,000 | $ 10,500,000 | |||||||||||||||||||||||||||||
Term Loan Entered into on April 14, 2014 [Member] | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Debt Instrument, maximum borrowing capacity | $ 11,000,000 | ||||||||||||||||||||||||||||||
Repayments of debt | $ 700,000 | $ 15,780,000 | $ 700,000 | ||||||||||||||||||||||||||||
Term Loan Entered into on July 5, 2019 [Member] | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Restricted cash | $ 22,230,000 | ||||||||||||||||||||||||||||||
Repayments of debt | $ 1,500,000 | $ 1,500,000 | $ 1,500,000 | $ 1,500,000 | |||||||||||||||||||||||||||
Term Loan Entered into on March 24, 2014 [Member] | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Repayments of debt | $ 3,000,000 | ||||||||||||||||||||||||||||||
Term Loan Entered Into On April 16, 2014 [Member] | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Repayments of debt | $ 15,780,000 | ||||||||||||||||||||||||||||||
Term Loan 25 [Member] | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Proceeds from issuance of debt | 0 | ||||||||||||||||||||||||||||||
Long-term debt, total | 47,595,000 | 51,555,000 | |||||||||||||||||||||||||||||
Repayments of debt | 3,960,000 | ||||||||||||||||||||||||||||||
Term Loan 25 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Debt instrument, basis spread on variable rate | 2.50% | 2.50% | |||||||||||||||||||||||||||||
Term Loan 6 [Member] | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Proceeds from issuance of debt | 0 | ||||||||||||||||||||||||||||||
Long-term debt, total | 0 | 23,375,000 | |||||||||||||||||||||||||||||
Repayments of debt | 23,375,000 | ||||||||||||||||||||||||||||||
Term Loan 6 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Debt instrument, basis spread on variable rate | 2.70% | ||||||||||||||||||||||||||||||
Term Loan 15 [Member] | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Proceeds from issuance of debt | 0 | ||||||||||||||||||||||||||||||
Long-term debt, total | 15,843,750 | 17,468,750 | |||||||||||||||||||||||||||||
Repayments of debt | 1,625,000 | ||||||||||||||||||||||||||||||
Term Loan 15 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Debt instrument, basis spread on variable rate | 3.00% | ||||||||||||||||||||||||||||||
Term Loan 4 [Member] | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Proceeds from issuance of debt | 0 | ||||||||||||||||||||||||||||||
Long-term debt, total | 0 | 13,850,000 | |||||||||||||||||||||||||||||
Repayments of debt | 0 | ||||||||||||||||||||||||||||||
Equity Method Investment Ownership Percentage | 49.90% | ||||||||||||||||||||||||||||||
Term Loan 13 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Debt instrument, basis spread on variable rate | 2.90% | ||||||||||||||||||||||||||||||
Term Loan 21 [Member] | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Proceeds from issuance of debt | 0 | ||||||||||||||||||||||||||||||
Long-term debt, total | 21,900,000 | 25,200,000 | |||||||||||||||||||||||||||||
Repayments of debt | 3,300,000 | ||||||||||||||||||||||||||||||
Term Loan 21 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Debt instrument, basis spread on variable rate | 2.50% | ||||||||||||||||||||||||||||||
Term Loan 24 [Member] | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Proceeds from issuance of debt | 0 | ||||||||||||||||||||||||||||||
Long-term debt, total | 29,025,000 | $ 35,630,000 | |||||||||||||||||||||||||||||
Repayments of debt | $ 6,605,000 | ||||||||||||||||||||||||||||||
Term Loan 24 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Debt instrument, basis spread on variable rate | 2.30% | ||||||||||||||||||||||||||||||
Term Loan 8 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||
Debt instrument, basis spread on variable rate | 2.80% |
Long-term Debt - Schedule of Ma
Long-term Debt - Schedule of Maturities of Long-term Debt (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Maturities of Long-term Debt [Abstract] | ||
2020 | $ 41,421,346 | |
2021 | 67,415,096 | |
2022 | 87,184,402 | |
2023 | 66,658,845 | |
2024 | 26,275,286 | |
Thereafter | 79,274,328 | |
Total | $ 368,229,303 | $ 445,971,281 |
Derivatives and Fair Value Di_3
Derivatives and Fair Value Disclosures - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2019USD ($)DerivativeInstrument | Dec. 31, 2018USD ($)DerivativeInstrument | |
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | $ 111,789,084 | |
Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, notional amount | $ 111,789,084 | $ 111,477,920 |
Number of instruments | DerivativeInstrument | 9 | 9 |
Interest rate swap, floating rate, based on libor | 2.50% |
Derivatives and Fair Value Di_4
Derivatives and Fair Value Disclosures - Schedule of the Company's interest rate swap arrangements (Detail) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Derivatives, Fair Value [Line Items] | |
Fair Value Asset/(Liability) | $ (2,585,692) |
Derivative, notional amount | $ 111,789,084 |
Swap 1 | |
Derivatives, Fair Value [Line Items] | |
Effective Date | Sep. 30, 2015 |
Termination Date | Sep. 30, 2020 |
Fixed Rate (Company Pays) | 2.60% |
Floating Rate(Company Receives) | 3 month U.S. dollar LIBOR |
Fair Value Asset/(Liability) | $ (37,567) |
Derivative, notional amount | $ 6,816,917 |
Swap 2 | |
Derivatives, Fair Value [Line Items] | |
Effective Date | Sep. 30, 2015 |
Termination Date | Sep. 30, 2020 |
Fixed Rate (Company Pays) | 1.69% |
Floating Rate(Company Receives) | 3 month U.S. dollar LIBOR |
Fair Value Asset/(Liability) | $ 4,938 |
Derivative, notional amount | $ 6,816,917 |
Swap 3 | |
Derivatives, Fair Value [Line Items] | |
Effective Date | Oct. 2, 2015 |
Termination Date | Oct. 2, 2020 |
Fixed Rate (Company Pays) | 1.54% |
Floating Rate(Company Receives) | 3 month U.S. dollar LIBOR |
Fair Value Asset/(Liability) | $ 25,443 |
Derivative, notional amount | $ 8,600,000 |
Swap 4 | |
Derivatives, Fair Value [Line Items] | |
Effective Date | Nov. 4, 2015 |
Termination Date | Aug. 4, 2021 |
Fixed Rate (Company Pays) | 1.52% |
Floating Rate(Company Receives) | 3 month U.S. dollar LIBOR |
Fair Value Asset/(Liability) | $ 22,838 |
Derivative, notional amount | $ 7,921,875 |
Swap 5 | |
Derivatives, Fair Value [Line Items] | |
Effective Date | Dec. 3, 2015 |
Termination Date | Sep. 3, 2021 |
Fixed Rate (Company Pays) | 1.55% |
Floating Rate(Company Receives) | 3 month U.S. dollar LIBOR |
Fair Value Asset/(Liability) | $ 16,906 |
Derivative, notional amount | $ 7,921,875 |
Swap 6 | |
Derivatives, Fair Value [Line Items] | |
Effective Date | Aug. 16, 2017 |
Termination Date | May 16, 2025 |
Fixed Rate (Company Pays) | 2.12% |
Floating Rate(Company Receives) | 3 month U.S. dollar LIBOR |
Fair Value Asset/(Liability) | $ (249,020) |
Derivative, notional amount | $ 13,711.250 |
Swap 7 | |
Derivatives, Fair Value [Line Items] | |
Effective Date | Mar. 12, 2018 |
Termination Date | Dec. 11, 2022 |
Fixed Rate (Company Pays) | 2.74% |
Floating Rate(Company Receives) | 3 month U.S. dollar LIBOR |
Fair Value Asset/(Liability) | $ (419,160) |
Derivative, notional amount | $ 16,765,000 |
Swap 8 | |
Derivatives, Fair Value [Line Items] | |
Effective Date | Apr. 10, 2018 |
Termination Date | Dec. 11, 2025 |
Fixed Rate (Company Pays) | 2.74% |
Floating Rate(Company Receives) | 3 month U.S. dollar LIBOR |
Fair Value Asset/(Liability) | $ (1,369,934) |
Derivative, notional amount | $ 29,524,000 |
Swap 9 | |
Derivatives, Fair Value [Line Items] | |
Effective Date | Feb. 16, 2019 |
Termination Date | Feb. 16, 2024 |
Fixed Rate (Company Pays) | 2.89% |
Floating Rate(Company Receives) | 3 month U.S. dollar LIBOR |
Fair Value Asset/(Liability) | $ (580,136) |
Derivative, notional amount | $ 13,711.250 |
Derivatives and Fair Value Di_5
Derivatives and Fair Value Disclosures - Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets non-current | $ 39,744 | $ 1,068,369 |
Derivative liabilities non-current | 2,618,250 | 465,389 |
Derivative assets current | 30,381 | |
Derivative liabilities current | 37,567 | |
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 39,744 | 1,068,369 |
Derivative liabilities | 2,618,250 | 465,389 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets non-current | 39,744 | 1,068,369 |
Derivative liabilities non-current | 2,618,250 | $ 465,389 |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 30,381 | |
Derivative liabilities | 37,567 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets current | 30,381 | |
Derivative liabilities current | $ 37,567 |
Derivatives and Fair Value Di_6
Derivatives and Fair Value Disclosures - Schedule of Derivative Instruments, Gain (Loss) (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total loss on derivatives | $ (107,550) | ||
Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total loss on derivatives | 67,424 | $ (11,982) | $ (403,943) |
Interest Rate Swap [Member] | Loss On Derivatives [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest Rate Swap — Income (loss) Reclassification from OCI | 84,966 | ||
Interest Rate Swap — Change in Fair Value | (327,147) | ||
Interest Rate Swap — Realized income | 134,631 | ||
Interest Rate Swap [Member] | Loss On Derivatives [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest Rate Swap — Income (loss) Reclassification from OCI | $ (11,982) | $ (403,943) | |
Interest Rate Swap [Member] | Interest And Finance Costs [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest Rate Swap — Income (loss) Reclassification from OCI | $ 67,424 |
Derivatives and Fair Value Di_7
Derivatives and Fair Value Disclosures - Schedule of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | $ 673,979 | ||
Reclassification adjustment | (84,966) | ||
Ending balance | (2,259,043) | $ 673,979 | |
Cash Flow Hedge Gain Loss To Be Reclassified During Next Twelve Months | 60,954 | ||
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 673,979 | 617,895 | $ 25,435 |
Effective portion of changes in fair value of interest swap contracts | (2,848,056) | 56,084 | 592,460 |
Reclassification adjustment | (84,966) | ||
Ending balance | $ (2,259,043) | $ 673,979 | $ 617,895 |
Derivatives and Fair Value Di_8
Derivatives and Fair Value Disclosures - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fail value measurement | $ (2,585,692) | $ 602,980 |
Interest Rate Swap 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fail value measurement | 70,125 | 1,068,369 |
Interest Rate Swap 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fail value measurement | (2,655,817) | (465,389) |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fail value measurement | (2,585,692) | 602,980 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fail value measurement | 70,125 | 1,068,369 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fail value measurement | $ (2,655,817) | $ (465,389) |
Derivatives and Fair Value Di_9
Derivatives and Fair Value Disclosures - Schedule of Fair Value, Assets and Liabilities Measured on Non-Recurring Basis (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total | $ (993,916) | $ (11,351,821) | $ (6,461,273) | |
Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-lived assets held and used | $ 9,400,000 | |||
Long-lived assets held for sale | 6,000,000 | 55,230,000 | ||
Total | 9,400,000 | 6,000,000 | 55,230,000 | |
Long-lived assets held and used | (1,531,130) | (993,916) | (3,189,858) | |
Total | (1,531,130) | (993,916) | (3,189,858) | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-lived assets held and used | 9,400,000 | |||
Long-lived assets held for sale | 6,000,000 | 55,230,000 | ||
Total | $ 9,400,000 | $ 6,000,000 | $ 55,230,000 |
Derivatives and Fair Value D_10
Derivatives and Fair Value Disclosures - Additional Information - 2 (Detail) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | |
Derivatives, Fair Value [Line Items] | ||||
Impairment of long-lived assets to be disposed of | $ 11,351,821 | |||
Tangible Asset Impairment Charges | $ 993,916 | |||
Gas Sincerity and Gas Texiana [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Long-lived assets held-for-use, fair value disclosure, net | 8,958,000 | |||
Assets held-for-sale, long lived, fair value disclosure | $ 9,400,000 | $ 9,400,000 | ||
Assets held for sale, costs to sell | $ 442,000 | |||
Gas Defiance, Gas Shuriken, Gas Haralambos and Eco Lucidity [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Assets held-for-sale, long lived, fair value disclosure | 55,230,000 | |||
Assets held for sale, costs to sell | $ 0 |
Capital Stock, Treasury Stock_2
Capital Stock, Treasury Stock and Additional Paid-in Capital - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | May 23, 2019 | |
Stockholders' Equity Note [Abstract] | ||
Treasury stock acquired, average cost per share | $ 3.40 | |
Treasury stock, shares, acquired | 540,910 | |
Stock repurchase program, authorized amount, additional | $ 10,000,000 |
Equity Compensation Plan - Addi
Equity Compensation Plan - Additional Information (Detail) - USD ($) | Aug. 23, 2018 | Nov. 20, 2017 | Nov. 20, 2016 | Nov. 20, 2015 | Nov. 20, 2014 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Share Based Compensation Arrangement By Share Based Payment Award Options [Line Items] | ||||||||
Dividends, total | $ 0 | $ 0 | $ 0 | |||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested in period, fair value | $ 844,141 | 0 | 220,907 | |||||
Non Vested Restricted Stock [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award Options [Line Items] | ||||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 264,621 | 230,713 | ||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value | $ 3.59 | $ 7.58 | ||||||
Share-based compensation arrangement by share-based payment award, award vesting period | 1 year | 3 years | ||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested in period | 57,678 | 57,678 | 115,357 | 264,621 | ||||
Restricted Stock [Member] | General and Administrative Expense [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award Options [Line Items] | ||||||||
Allocated share-based compensation expense, total | $ 611,644 | $ 338,356 | $ 129,245 | |||||
The Plan Member | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award Options [Line Items] | ||||||||
Common stock, reserved percentage | 10.00% | |||||||
The Plan Member | Restricted Stock [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award Options [Line Items] | ||||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 264,621 | |||||||
2007 Plan [Member] | Restricted Stock [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award Options [Line Items] | ||||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 555,479 |
Equity Compensation Plan - Summ
Equity Compensation Plan - Summary of Nonvested Restricted Shares (Detail) - Non Vested Restricted Stock [Member] - $ / shares | Nov. 20, 2017 | Nov. 20, 2016 | Nov. 20, 2015 | Dec. 31, 2019 |
Share Based Compensation Arrangement By Share Based Payment Award Options [Line Items] | ||||
Non-vested, January 1, 2019, Number of restricted shares | 264,621 | |||
Vested, Number of restricted shares | (57,678) | (57,678) | (115,357) | (264,621) |
Non-vested, December 31, 2019, Number of restricted shares | 0 | |||
Non-vested, January 1, 2019, Weighted average grant date fair value per non-vested share | $ 3.59 | |||
Vested, Weighted average grant date fair value per non-vested share | 3.59 | |||
Non-vested, December 31, 2019, Weighted average grant date fair value per non-vested share | $ 0 |
Earnings_(loss) per share - Bas
Earnings/(loss) per share - Basic and Diluted Earnings Per Share Calculation (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||
Net (loss)/income | $ 2,093,124 | $ (12,276,520) | $ (1,218,237) |
Less: Undistributed earnings allocated to non-vested shares | (8,922) | 0 | 0 |
Net (loss)/income attributable to common shareholders, basic | $ 2,084,202 | $ (12,276,520) | $ (1,218,237) |
Weighted average number of shares outstanding, basic and diluted | 39,800,434 | 39,860,563 | 39,809,364 |
(Loss)/earnings per share, basic and diluted | $ 0.05 | $ (0.31) | $ (0.03) |
Earnings_(loss) per share - Add
Earnings/(loss) per share - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018shares | |
Earnings Per Share [Abstract] | |
Dilutive effect excluded from computation of earnings per share | 264,621 |
Revenues - Summary of Analysis
Revenues - Summary of Analysis of Consolidated Statements of Operations (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 144,259,312 | $ 164,330,202 | $ 152,338,278 |
Time charter revenues - related party | 1,973,643 | ||
Total revenues | 144,259,312 | 164,330,202 | 154,311,921 |
Time Charter [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 97,249,537 | 104,099,818 | 96,339,915 |
Bareboat [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 21,764,102 | 24,646,311 | 27,647,268 |
Voyage Charter [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 24,018,198 | 34,266,082 | 26,924,708 |
Other Income Revenues [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 1,227,475 | $ 1,317,991 | $ 1,426,387 |
Revenues - Additional Informati
Revenues - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 144,259,312 | $ 164,330,202 | $ 154,311,921 | |
Unearned revenue | 439,135 | 821,577 | 70,000 | $ 70,000 |
Revenue Recognized | 439,135 | 821,577 | ||
Voyage Charters [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Contract fulfilment cost | 118,246 | 134,301 | ||
Voyage Charters [Member] | Demurrage [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 2,000,000 | $ 4,700,000 | $ 4,300,000 |
Voyage Expenses and Vessel Op_3
Voyage Expenses and Vessel Operating Expenses - Voyage Expenses (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Voyage Expenses And Vessel Operating Expenses [Abstract] | |||
Port expenses | $ 3,170,781 | $ 2,841,661 | $ 2,546,926 |
Bunkers | 8,153,437 | 11,641,615 | 6,668,126 |
Commissions | 4,443,642 | 4,796,483 | 4,584,612 |
Other voyage expenses | 1,222,661 | 1,407,416 | 1,916,873 |
Total | $ 16,990,521 | $ 20,687,175 | $ 15,716,537 |
Voyage Expenses and Vessel Op_4
Voyage Expenses and Vessel Operating Expenses - Vessel Operating Expenses (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Voyage Expenses And Vessel Operating Expenses [Abstract] | |||
Crew wages and related costs | $ 30,874,618 | $ 36,628,082 | $ 37,345,800 |
Insurance | 2,162,523 | 2,068,485 | 2,016,647 |
Repairs and maintenance | 5,677,033 | 7,359,816 | 6,424,557 |
Spares and consumable stores | 7,783,902 | 8,907,211 | 8,508,276 |
Miscellaneous expenses | 3,088,018 | 5,471,184 | 5,124,154 |
Total | $ 49,586,094 | $ 60,434,778 | $ 59,419,434 |
Commitments and Contingencies -
Commitments and Contingencies - Summary Of Future Outstanding Commitments (Detail) | Dec. 31, 2019USD ($) |
Commitments And Contingencies Disclosure [Line Items] | |
2020 | $ 2,891,283 |
2021 | 23,130,260 |
Total | $ 26,021,543 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Line Items] | |||
Contract receivable, due in next twelve months | $ 70,739,504 | ||
Contract receivable, due in year two | 21,901,012 | ||
Contract receivable, due in year three | 5,596,044 | ||
Contract receivable, due in year four | 1,500,000 | ||
Contract receivable, due in year five | 1,500,000 | ||
Contract receivable, due in after five year | $ 7,436,644 | ||
Astrid and Kazak [Member] | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Sale leaseback transaction, rent expense | 12 months | 12 months |
Leases - The Company as Lesse_2
Leases - The Company as Lessee - Schedule of operating leases (Detail) - USD ($) | Dec. 31, 2019 | Jan. 01, 2019 |
Lessee, Lease, Description [Line Items] | ||
Non current assets | $ 473,132 | $ 1,879,085 |
Liabilities | 473,132 | 1,492,697 |
Operating lease liabilities | 386,388 | |
Chartered-in contract greater than 12 months [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Non current assets | 386,388 | 1,879,085 |
Liabilities | 386,388 | 1,492,697 |
Operating lease liabilities | $ 386,388 | |
Office leases [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Non current assets | 86,744 | |
Liabilities | $ 86,744 |
Leases - The Company as Lesse_3
Leases - The Company as Lessee - Schedule of company's lease expenses and sub-lease income (Detail) | 12 Months Ended | |
Dec. 31, 2019USD ($) | ||
Time Charter In Contracts [Member] | ||
Sub lease income from chartered-in contracts greater than 12 months | $ 482,879 | |
Charter Hire Expenses [Member] | ||
Lease expense for chartered-in contracts 12 months or less | 4,708,988 | |
Lease expense for chartered-in contracts greater than 12 months | 1,560,000 | |
Total charter hire expenses | 6,268,988 | |
General and Administrative Expense [Member] | ||
Lease expense for office leases | 87,192 | |
Revenue [member] | ||
Sub lease income from chartered-in contracts greater than 12 months | $ 3,091,390 | [1] |
[1] | The sub-lease income represents only time charter revenue earned on the chartered-in contracts greater than 12 months. There is additional revenue of $482,879 earned from voyage charters on the same chartered-in contract which is recorded in Revenues in our consolidated statement of operations for the year ended December 31, 2019. Additionally, there is revenue earned from time charters from chartered-in contracts 12 months or less which is included in Revenues in our consolidated statements of operations for the year ended December 31, 2019. |
Leases - The Company as Lesse_4
Leases - The Company as Lessee - Schedule of total amount of lease payments on an undiscounted basis (Detail) - USD ($) | Dec. 31, 2019 | Jan. 01, 2019 |
Discount rate upon adoption | 5.60% | |
2020 | $ 478,140 | |
Lessee, Operating Lease, Liability, Payments, Due | 478,140 | |
Operating Lease, Liability | 473,132 | $ 1,492,697 |
Lease liabilities - short term | 473,132 | |
Total lease liabilities | 473,132 | $ 1,492,697 |
Discount based on incremental borrowing rate | $ 5,008 | |
Chartered-in contract greater than 12 months [Member] | ||
Discount rate upon adoption | 5.60% | 5.60% |
2020 | $ 390,000 | |
Lessee, Operating Lease, Liability, Payments, Due | 390,000 | |
Operating Lease, Liability | 386,388 | $ 1,492,697 |
Lease liabilities - short term | 386,388 | |
Total lease liabilities | 386,388 | $ 1,492,697 |
Discount based on incremental borrowing rate | $ 3,612 | |
Office leases [Member] | ||
Discount rate upon adoption | 5.60% | |
2020 | $ 88,140 | |
Lessee, Operating Lease, Liability, Payments, Due | 88,140 | |
Operating Lease, Liability | 86,744 | |
Lease liabilities - short term | 86,744 | |
Total lease liabilities | 86,744 | |
Discount based on incremental borrowing rate | $ 1,396 |
Leases — The Company as L
Leases — The Company as Lessee - Additional Information (Detail) - USD ($) | Dec. 16, 2016 | Dec. 31, 2014 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | Jun. 30, 2017 |
Incremental borrowing rate | 5.60% | |||||||
Operating Lease, Weighted Average Remaining Lease Term | 7 years 6 months | |||||||
Operating Lease, Payments | $ 1,647,192 | |||||||
Operating Lease Term Of Contract | 5 years | |||||||
Office Space [Member] | ||||||||
Incremental borrowing rate | 5.60% | |||||||
Operating lease monthly rent expense | $ 6,500 | $ 7,345 | ||||||
Time Charter In Contracts [Member] | ||||||||
Incremental borrowing rate | 5.60% | 5.60% | ||||||
Time Charter In Contracts [Member] | Maximum [Member] | ||||||||
Operating Lease Term Of Contract | 5 years | |||||||
Time Charter In Contracts [Member] | Minimum [Member] | ||||||||
Operating Lease Term Of Contract | 1 year | |||||||
Charter Hire Expenses [Member] | Bareboat Charters [Member] | ||||||||
Current Period Gain Recognized | $ 130,000 | |||||||
Gas Premiership And Gas Cathar [Member] | ||||||||
Sale leaseback transaction, term of lease | 5 years 3 months 18 days | 4 years | ||||||
Deferred gain gross | $ 780,695 | |||||||
Gas Premiership And Gas Cathar [Member] | Charter Hire Expenses [Member] | ||||||||
Current Period Gain Recognized | 0 | 190,087 | $ 195,040 | |||||
Gas Premiership And Gas Cathar [Member] | Charter Hire Expenses [Member] | Bareboat Charters [Member] | ||||||||
Operating Lease Rent Expense | $ 1,560,000 | $ 3,434,250 | $ 3,719,810 | |||||
Astrid and Kazak [Member] | ||||||||
Sale leaseback transaction, term of lease | 12 months | 12 months |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | Apr. 01, 2020EUR (€) | Jan. 25, 2016EUR (€) | May 26, 2014EUR (€) | Feb. 13, 2020USD ($) | Dec. 31, 2019USD ($) |
Subsequent Event [Line Items] | |||||
Contractual obligation | $ | $ 26,021,543 | ||||
Equity Method Investment Ownership Percentage | 50.10% | ||||
Vessel Construction Fee Per Vessel [Member] | Brave [Member] | |||||
Subsequent Event [Line Items] | |||||
Related party transaction, expenses from transactions with related party | € | € 490,000 | € 390,000 | |||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Contractual obligation | $ | $ 80,550,000 | ||||
Equity Method Investment Ownership Percentage | 51.00% | ||||
Subsequent Event [Member] | Vessel Construction Fee Per Vessel [Member] | Brave [Member] | |||||
Subsequent Event [Line Items] | |||||
Related party transaction, expenses from transactions with related party | € | € 390,000 |