Paragon Shipping (PRGNF) 20-F 27 Mar 14 2013 FY Annual report (foreign) Financial data

Document_and_Entity_Informatio

Document and Entity Information	12 Months Ended
	Dec. 31, 2013
Document And Entity Information	'
Document Type	'20-F
Document Period End Date	31-Dec-13
Amendment Flag	'false
Entity Registrant Name	'Paragon Shipping Inc.
Entity Central Index Key	'0001401112
Entity Current Reporting Status	'Yes
Entity Voluntary Filers	'No
Current Fiscal Year End Date	'--12-31
Entity Filer Category	'Non-accelerated Filer
Entity Well Known Seasoned Issuer	'No
Entity Common Stock Shares Outstanding	17,669,442
Document Fiscal Year Focus	'2013
Document Fiscal Period Focus	'FY

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Dec. 31, 2013	Dec. 31, 2012
Current assets	'	'
Cash and cash equivalents	$31,301,957	$17,676,885
Restricted cash	325,000	2,425,000
Trade receivables, net	8,536,240	2,060,453
Other receivables	599,988	729,766
Prepaid expenses	549,276	445,604
Due from related parties	146,051	2,508,195
Inventories	1,145,243	920,013
Loan to affiliate	0	4,000,000
Marketable securities	1,616,329	567,288
Total current assets	44,220,084	31,333,204
Fixed assets	'	'
Vessels, net	306,135,916	298,376,440
Advances for vessels under construction	45,209,166	49,592,684
Other fixed assets, net	595,840	497,619
Total fixed assets, net	351,940,922	348,466,743
Investment in affiliate	11,309,375	19,987,743
Loan to affiliate	0	10,000,000
Interest rate swaps	87,295	0
Other assets	2,303,304	2,602,212
Restricted cash	9,685,000	7,585,000
Total Assets	419,545,980	419,974,902
Current liabilities	'	'
Trade accounts payable	2,543,468	2,597,253
Accrued expenses	2,054,903	2,109,952
Due to related parties	82,074	84,705
Interest rate swaps	980,465	1,185,719
Deferred income	737,251	1,567,007
Current portion of long-term debt	17,257,750	14,427,250
Total current liabilities	23,655,911	21,971,886
Long-term liabilities	'	'
Long-term debt	162,857,176	181,114,926
Interest rate swaps	382,116	1,367,577
Total long-term liabilities	163,239,292	182,482,503
Total Liabilities	186,895,203	204,454,389
Commitments and Contingencies	0	0
Shareholders' Equity	'	'
Preferred shares, $0.001 par value; 25,000,000 authorized; none issued and outstanding	0	0
Class A common shares, $0.001 par value; 750,000,000 authorized; 11,001,403 and 17,669,442 issued and outstanding at December 31, 2012 and 2013, respectively	17,669	11,001
Class B common shares, $0.001 par value; 5,000,000 authorized; none issued and outstanding	0	0
Additional paid-in capital	493,803,591	460,094,256
Accumulated other comprehensive loss	-259,811	-627,104
Accumulated deficit	-260,910,672	-243,957,640
Total Shareholders' Equity	232,650,777	215,520,513
Total Liabilities and Shareholders' Equity	$419,545,980	$419,974,902

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parentheticals) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Class of Stock	'	'
Preferred stock par value	$0.00	$0.00
Preferred stock shares authorized	25,000,000	25,000,000
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0
Common stock - shares authorized	755,000,000	'
Common Shares - Class A	'	'
Class of Stock	'	'
Common stock - par value	$0.00	$0.00
Common stock - shares authorized	750,000,000	750,000,000
Common stock - shares issued	17,669,442	11,001,403
Common stock - shares outstanding	17,669,442	11,001,403
Common Shares - Class B	'	'
Class of Stock	'	'
Common stock - par value	$0.00	$0.00
Common stock - shares authorized	5,000,000	5,000,000
Common stock - shares issued	0	0
Common stock - shares outstanding	0	0

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Loss (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Revenue	'	'	'
Charter revenue	$59,530,645	$53,218,975	$92,093,426
Commissions (including related party of $1,119,611, $646,987 and $750,533 in 2011, 2012 and 2013, respectively)	-3,273,889	-2,918,296	-5,185,459
Net Revenue	56,256,756	50,300,679	86,907,967
Expenses / (Income)	'	'	'
Voyage expenses, net	6,668,998	1,855,964	979,987
Vessels operating expenses (including related party of $581,021, $660,474 and $797,143 in 2011, 2012 and 2013, respectively)	20,758,513	18,808,084	18,018,016
Dry-docking expenses (including related party of $122,481, $0 and $109,248 in 2011, 2012 and 2013, respectively)	1,698,217	0	2,924,046
Management fees - related party	5,874,416	4,094,744	4,780,500
Depreciation	16,986,584	16,386,426	32,544,199
General and administrative expenses (including related party of $5,265,799, $3,304,116 and $7,670,556 in 2011, 2012 and 2013, respectively)	10,764,001	7,901,762	12,315,054
Impairment loss	0	0	277,327,148
Bad debt provisions	0	124,717	0
Loss on sale of assets	0	0	15,192,704
Gain from vessel early redelivery	-2,267,818	0	-1,947,947
Loss from contract cancellation (including related party of $0, $0 and $444,421 in 2011, 2012 and 2013, respectively)	568,658	0	0
Gain from marketable securities, net	-1,202,094	-414,235	0
Other income	-638,374	-750,715	0
Operating (Loss) / Income	-2,954,345	2,293,932	-275,225,740
Other Income / (Expenses)	'	'	'
Interest and finance costs	-7,440,190	-6,744,917	-9,349,714
Loss on derivatives, net	-95,288	-714,074	-2,340,418
Interest income (including related party of $508,019, $675,856 and $504,326 in 2011, 2012 and 2013, respectively)	531,028	728,503	620,861
Equity in net income of affiliate	1,652,339	1,986,590	2,749,866
Gain from debt extinguishment	0	1,893,254	0
Loss on investment in affiliate	-8,620,372	-16,985,066	0
Foreign currency gain / (loss)	-26,204	-15,347	46,386
Total Other Expenses, net	-13,998,687	-19,851,057	-8,273,019
Net Loss	-16,953,032	-17,557,125	-283,498,759
Other Comprehensive Income / (Loss)	'	'	'
Unrealized (loss) / gain on cash flow hedges	131,112	-847,943	0
Transfer of realized loss on cash flow hedges to "Interest and finance costs"	312,069	174,869	0
Equity in other comprehensive (loss) / income of affiliate	77,165	-107,083	0
Unrealized loss on change in fair value of marketable securities	-2,064,265	-827,377	0
Transfer of impairment of marketable securities to "Gain from marketable securities, net"	1,911,212	980,430	0
Total Other Comprehensive (Loss) / Income	367,293	-627,104	0
Comprehensive Loss	($16,585,739)	($18,184,229)	($283,498,759)
Loss per Class A common share, basic and diluted	($1.31)	($2.84)	($47.61)
Weighted average number of Class A common shares, basic and diluted	12,639,128	6,035,910	5,793,792

Consolidated_Statements_of_Com1

Consolidated Statements of Comprehensive Loss (Parentheticals) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Commissions related party	$3,273,889	$2,918,296	$5,185,459
Related Party	'	'	'
Commissions related party	750,533	646,987	1,119,611
Vessels operating expenses related party	797,143	660,474	581,021
Dry-docking expenses related party	109,248	0	122,481
General and administrative expenses related party	7,670,556	3,304,116	5,265,799
Loss from contract cancellation related party	444,421	0	0
Interest income related party	$504,326	$675,856	$508,019

Consolidated_Statements_of_Sha

Consolidated Statements of Shareholders' Equity (USD $)	Total	Class A Shares	Additional Paid-In Capital	Accumulated Comprehensive Loss	Retained Earnings / (Accumulated Deficit)
Balance at Dec. 31, 2010	$490,471,667	$5,587	$430,389,637	$0	$60,076,443
Shares issued, beginning balance at Dec. 31, 2010	'	5,587,026	'	'	'
Issuance of Class A common shares	12,140,396	395	12,140,001	'	'
Issuance of Class A common shares (number of shares)	'	395,260	'	'	'
Issuance of non-vested Class A common share awards	'	108	-108	'	'
Issuance of non-vested Class A common share awards (number of shares)	'	108,000	'	'	'
Cancellation of non-vested Class A common share awards (number of shares)	'	-460	'	'	'
Share based compensation	5,089,042	'	5,089,042	'	'
Dividends paid ($0.50 per share in 2011)	-2,978,199	'	'	'	-2,978,199
Net Loss	-283,498,759	'	'	'	-283,498,759
Other comprehensive (loss) / income	0	'	'	'	'
Balance at Dec. 31, 2011	221,224,147	6,090	447,618,572	0	-226,400,515
Shares issued, ending balance at Dec. 31, 2011	'	6,089,826	'	'	'
Issuance of Class A common shares	9,943,893	4,902	9,938,991	'	'
Issuance of Class A common shares (number of shares)	'	4,901,961	'	'	'
Issuance of non-vested Class A common share awards	'	10	-10	'	'
Issuance of non-vested Class A common share awards (number of shares)	'	9,800	'	'	'
Cancellation of non-vested Class A common share awards	'	-1	1	'	'
Cancellation of non-vested Class A common share awards (number of shares)	'	-184	'	'	'
Share based compensation	2,536,702	'	2,536,702	'	'
Net Loss	-17,557,125	'	'	'	-17,557,125
Other comprehensive (loss) / income	-627,104	'	'	-627,104	'
Balance at Dec. 31, 2012	215,520,513	11,001	460,094,256	-627,104	-243,957,640
Shares issued, ending balance at Dec. 31, 2012	'	11,001,403	'	'	'
Issuance of Class A common shares	31,860,750	6,218	31,854,532	'	'
Issuance of Class A common shares (number of shares)	'	6,218,039	'	'	'
Issuance of non-vested Class A common share awards	'	450	-450	'	'
Issuance of non-vested Class A common share awards (number of shares)	'	450,000	'	'	'
Share based compensation	1,855,253	'	1,855,253	'	'
Net Loss	-16,953,032	'	'	'	-16,953,032
Other comprehensive (loss) / income	367,293	'	'	367,293	'
Balance at Dec. 31, 2013	$232,650,777	$17,669	$493,803,591	($259,811)	($260,910,672)
Shares issued, ending balance at Dec. 31, 2013	'	17,669,442	'	'	'

Consolidated_Statements_of_Sha1

Consolidated Statements of Shareholders' Equity (Parentheticals) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Consolidated Statements of Shareholders' Equity (Parentheticals) [Abstract]	'	'	'
Dividend per share paid	$0	$0	$0.50

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash flows from operating activities	'	'	'
Net Loss	($16,953,032)	($17,557,125)	($283,498,759)
Adjustments to reconcile net loss to net cash provided by operating activities	'	'	'
Depreciation	16,986,584	16,386,426	32,544,199
Impairment loss	0	0	277,327,148
Loss on investment in affiliate	8,620,372	16,985,066	0
Loss on sale of assets	0	0	15,192,704
Amortization and write off of financing costs	941,733	447,573	1,502,521
Bad debt provisions	0	124,717	0
Share based compensation	1,855,253	2,536,702	5,089,042
Write off of capitalized expenses from contract cancellation	232,495	0	0
Gain from marketable securities, net	-1,202,094	-414,235	0
Gain from debt extinguishment	0	-1,893,254	0
Unrealized gain on interest rate swaps	-834,829	-2,017,297	-1,517,932
Equity in net income of affiliate net of dividends received	0	1,202,991	-1,202,991
Changes in assets and liabilities:	'	'	'
Trade receivables, net	-6,475,787	-1,334,013	236,147
Other receivables	129,779	97,564	503,068
Prepaid expenses	-103,672	157,502	-74,631
Inventories	-221,313	-9,444	242,562
Due from related parties	2,336,607	-1,587,798	1,080,639
Trade accounts payable	-64,969	148,323	349,780
Accrued expenses	148,956	-467,604	-3,332
Due to related parties	-2,631	84,705	0
Deferred income	-829,756	486,010	-2,302,736
Net cash from operating activities	4,563,696	13,376,809	45,467,429
Cash flow from investing activities	'	'	'
Net proceeds from sale of assets	0	0	117,032,943
Acquisition of vessels and capital expenditures	-20,368,088	-32,042,752	-53,074,242
Payments for vessels under construction	0	0	-4,987,324
Loan to affiliate	0	0	-30,000,000
Repayment from affiliate	14,000,000	1,000,000	15,000,000
Return of investment in affiliate	135,160	522,918	0
Other fixed assets	-208,567	-172,410	-297,584
Release of restricted cash	0	14,990,000	0
Net cash from / (used in) investing activities	-6,441,495	-15,702,244	43,673,793
Cash flows from financing activities	'	'	'
Proceeds from long-term debt	0	28,908,750	26,000,000
Repayment of long-term debt	-15,427,250	-32,758,319	-142,550,000
Payment of financing costs	-912,441	-673,709	-2,111,492
Proceeds from the issuance of Class A common shares	34,500,000	10,000,000	12,555,470
Class A common shares offering costs	-2,657,438	-37,919	-281,419
Dividends paid	0	0	-2,978,199
Net cash (used in) / from financing activities	15,502,871	5,438,803	-109,365,640
Net (decrease) / increase in cash and cash equivalents	13,625,072	3,113,368	-20,224,418
Cash and cash equivalents at the beginning of the period	17,676,885	14,563,517	34,787,935
Cash and cash equivalents at the end of the period	31,301,957	17,676,885	14,563,517
Supplemental disclosure of cash flow information	'	'	'
Cash paid during the period for interest (excluding capitalized interest)	5,201,707	5,122,625	6,955,861
Non-cash investing activities - fair value consideration of shares received for vessel sales	0	0	37,602,811
Non-cash financing activities - unpaid financing costs	$0	$269,616	$0

Basis_of_Presentation_and_Gene

Basis of Presentation and General Information	12 Months Ended
	Dec. 31, 2013
Basis of Presentation and General Information [Abstract]	'
Basis of Presentation and General Information	'
	1.Basis of Presentation and General Information
	Basis of Presentation: Paragon Shipping Inc. (“Paragon”) is a public company incorporated in the Republic of the Marshall Islands on April 26, 2006 and is engaged in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carriers. In December 2006, Paragon established a branch in Greece under the provision of Law 89 of 1967, as amended.
	The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of Paragon Shipping Inc. and its wholly-owned subsidiaries (collectively the “Company”) as discussed below as of December 31, 2012 and 2013 and for the years ended December 31, 2011, 2012 and 2013.
	Drybulk Vessel Owning Subsidiaries:
	Vessel Owning Company	Date of	Country of	Vessel’s Name	Delivery Date	Built	DWT
		Incorporation	Incorporation
	Trade Force Shipping S.A.	15-Nov-06	Marshall Islands	Deep Seas	Dec-06	1999	72,891
	Frontline Marine Co.	15-Nov-06	Marshall Islands	Calm Seas	Dec-06	1999	74,047
	Fairplay Maritime Ltd.	15-Nov-06	Marshall Islands	Kind Seas	Dec-06	1999	72,493
	Donna Marine	4-Jul-07	Marshall Islands	Pearl Seas	Aug-07	2006	74,483
	Co.
	Protea International Inc.	17-Jul-07	Liberia	Sapphire Seas	Aug-07	2005	53,702
	Reading Navigation Co.	17-Jul-07	Liberia	Diamond Seas	Sep-07	2001	74,274
	Imperator I Maritime Company	27-Sep-07	Marshall Islands	Coral Seas	Nov-07	2006	74,477
	Canyon I Navigation Corp.	27-Sep-07	Marshall Islands	Golden Seas	Dec-07	2006	74,475
	Paloma Marine	19-Jun-08	Liberia	Friendly Seas	Aug-08	2008	58,779
	S.A.
	Eris Shipping	8-Apr-10	Liberia	Dream Seas	Jul-10	2009	75,151
	S.A.
	Coral Ventures	5-Aug-09	Liberia	Prosperous Seas	May-12	2012	37,293
	Inc.
	Winselet Shipping & Trading Co. Ltd.	6-Apr-10	Liberia	Precious Seas	Jun-12	2012	37,205
	Aminta International S.A.	5-May-10	Liberia	Priceless	Jan-13	2013	37,202
				Seas (1)
	(1) Refer to Notes 4, 5 and 8
	Vessel Under Construction Owning Subsidiaries:
	Vessel Owning Company	Date of	Country of	Vessel’s Name / Hull Number	Type	Expected Delivery	DWT / TEU
		Incorporation	Incorporation
	Irises Shipping	6-Oct-09	Marshall Islands	656 (1)	Containership	2014	4,800
	Ltd.						TEU
	Nereus Navigation Ltd.	4-May-10	Marshall Islands	Box King (1)	Containership	2014	4,800
							TEU
	Adonia Enterprises S.A.	5-May-10	Liberia	625 (2)	Drybulk Carrier	2014	37,200
							Dwt
	Alcyone International Marine Inc.	17-Jun-13	Liberia	DY152 (1)	Drybulk Carrier	2014	63,500
							Dwt
	Neptune International Shipping & Trading S.A.	17-Jun-13	Liberia	DY153 (1)	Drybulk Carrier	2014	63,500
							Dwt
	(1) Refer to Notes 4 and 5
	(2) Refer to Notes 4, 5 and 8
	Non-Vessel Owning Subsidiaries:
	Non-Vessel Owning Company	Date of Incorporation	Country of Incorporation
	Camelia Navigation S.A.	15-Nov-06	Marshall Islands
	Explorer Shipholding Limited	15-Nov-06	Marshall Islands
	Epic Investments Inc.	21-Dec-06	Marshall Islands
	Opera Navigation Co.	21-Dec-06	Marshall Islands
	Ovation Services Inc.	16-Sep-09	Marshall Islands
	Letitia Shipping Limited	4-May-10	Marshall Islands
	Ardelia Navigation Limited	15-Jun-10	Liberia
	Eridanus Trading Co.	1-Jul-10	Liberia
	Delphis Shipping Company S.A.	7-Feb-11	Liberia
	Effective November 5, 2012, the Company effectuated a 10-for-1 reverse stock split on its issued and outstanding common stock (refer to Note 11). All share and per share amounts disclosed in the accompanying consolidated financial statements give effect to the respective stock split retroactively, for all the periods presented.
	The Company outsources the technical and commercial management of its vessels to Allseas Marine S.A. (“Allseas”), a related party wholly owned by Mr. Michael Bodouroglou, the Company’s Chairman, President and Chief Executive Officer (refer to Note 3).
	As of December 31, 2013, Mr. Michael Bodouroglou beneficially owned 38.0% of the Company’s common stock.
	Major Charterers: The following charterers individually accounted for more than 10% of the Company’s charter revenue for the years ended December 31, 2011, 2012 and 2013:
	Charterer	Percentage of charter revenue
		2011	2012	2013
	Deiulemar Shipping S.P.A.	27.70%	-	-
	Deiulemar Compagnia Di Navigazione S.P.A.	13.00%	-	-
	Intermare Transport GmbH	19.90%	24.10%	13.40%
	Morgan Stanley Capital Group Inc.	-	15.70%	-
	Mansel Ltd.	-	16.60%	-
	Cargill International S.A.	-	19.20%	33.60%

Significant_Accounting_Policie

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2013
Significant Accounting Policies [Abstract]	'
Significant Accounting Policies	'
	2.Significant Accounting Policies
	(a) Principles of Consolidation: The consolidated financial statements incorporate the financial statements of the Company. Income and expenses of subsidiaries acquired or disposed of during the period are included in the consolidated statements of comprehensive income / (loss) from the effective date of acquisition and up to the effective date of disposal, as appropriate. All intercompany balances and transactions have been eliminated. Paragon, as the holding company, determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. Under ASC 810 “Consolidation” a voting interest entity is an entity in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make financial and operating decisions. The holding company consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than 50%) of the voting interest. Variable interest entities (“VIE”) are entities as defined under ASC 810 that in general either do not have equity investors with voting rights or that have equity investors that do not provide sufficient financial resources for the entity to support its activities. The determination of whether a reporting entity is required to consolidate another entity is based on, among other things, the other entity’s design and purpose and the reporting entity’s power, through voting or similar rights, to direct the activities of the other entity that most significantly impact the other entity’s economic performance. A controlling financial interest in a VIE is present when a company has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE, or both. Only one reporting entity, known as the primary beneficiary, is expected to be identified as having a controlling financial interest and thus is required to consolidate the VIE. The Company evaluates all arrangements that may include a variable interest in an entity to determine if it may be the primary beneficiary, and would be required to include assets, liabilities and operations of a VIE in its consolidated financial statements. As of December 31, 2012 and 2013, no such interest existed.
	(b) Use of Estimates: The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
	(c) Other Comprehensive Income / (Loss): The Company follows the accounting guidance relating to “Comprehensive Income,” which requires separate presentation of certain transactions that are recorded directly as components of stockholders’ equity. The Company has elected to present net income / (loss) and other comprehensive income / (loss) in a single continuous statement of comprehensive income / (loss) in its consolidated financial statements.
	(d) Foreign Currency Translation: The functional currency of the Company is the U.S. Dollar. For other than derivative instruments, each asset, liability, revenue, expense, gain or loss arising from a foreign currency transaction is measured and recorded in the functional currency using the exchange rate in effect at the date of the transaction. As of balance sheet date, monetary assets and liabilities that are denominated in a currency other than the functional currency are adjusted to reflect the exchange rate prevailing at the balance sheet date and any gains or losses are included in the statements of comprehensive income / (loss). As of December 31, 2012 and 2013, the Company had no foreign currency derivative instruments.
	(e) Cash and Cash Equivalents: The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents.
	(f) Restricted Cash: Restricted cash represents pledged cash deposits or minimum liquidity required to be maintained under the Company’s borrowing arrangements or in relation to bank guarantees issued on behalf of the Company. In the event that the obligation to maintain such deposits is expected to be terminated within the next twelve months, or relates to general minimum liquidity requirements with no obligation to retain such funds in retention accounts, these deposits are classified as current assets. Otherwise they are classified as non-current assets.
	(g) Trade Receivables (net): Trade receivables (net), reflect the receivables from time charters, net of an allowance for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. Provision for doubtful accounts for the years ended December 31, 2012 and 2013 was $734,983 and $265,751, respectively.
	(h) Insurance Claims: The Company records insurance claim recoveries for insured losses incurred on damages to fixed assets and for insured crew medical expenses under Other receivables. Insurance claims are recorded, net of any deductible amounts, at the time the Company’s fixed assets suffer insured damages or when crew medical expenses are incurred, recovery is probable under the related insurance policies and the Company can make an estimate of the amount to be reimbursed following submission of the insurance claim.
	(i) Inventories: Inventories consist of lubricants and stores on board the vessels. When vessels are unemployed or are operating under voyage charters, bunkers on board are recorded in inventories. Inventories are stated at the lower of cost or market. Cost is determined by the first in, first out method.
	(j) Vessel Cost: Vessels are stated at cost, which consists of the contract price, less discounts, plus any direct expenses incurred upon acquisition, including improvements, commission paid, delivery expenses and other expenditures to prepare the vessel for her initial voyage. Financing costs incurred during the construction period of the vessels are also capitalized and included in the vessels’ cost. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Repairs and maintenance are expensed as incurred.
	(k) Impairment of Long-Lived Assets: The Company reviews its long-lived assets “held and used” for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When the estimate of future undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company evaluates the asset for an impairment loss. The Company measures an impairment loss as the difference between the carrying value of the asset and its fair value. In this respect, management regularly reviews the carrying amount of the vessels in connection with the estimated recoverable amount for each of the Company’s vessels.
	The undiscounted projected net operating cash flows for each vessel are determined by considering the contracted charter revenues from existing time charters for the fixed vessel days and an estimated daily time charter equivalent for the unfixed days (based on the most recent ten year historical average of similar size vessels) over the remaining estimated life of the vessel, assumed to be 25 years for drybulk carriers and 30 years for containerships from the date of initial delivery from the shipyard, net of brokerage commissions, the salvage value of each vessel, which is estimated to be $300 per lightweight ton, expected outflows for vessels’ future dry-docking expenses and estimated vessel operating expenses, assuming an average annual inflation rate where applicable. The Company uses the historical ten-year average as it is considered a reasonable estimation of expected future time charter rates over the remaining useful life of the Company’s vessels since it represents a full shipping cycle that captures the highs and lows of the market. The Company utilizes the standard deviation in order to eliminate the outliers of the sample before computing the historic ten-year average of the one-year time charter rate.
	As of December 31, 2011, the impairment analysis had indicated an impairment loss of $271,587,148 relating to the write down to fair value of the carrying amount of six of the Company’s vessels. As of December 31, 2012 and 2013, the impairment analysis indicated no impairment on any of the Company’s vessels.
	(l) Vessels Held for Sale: The Company classifies vessels as being held for sale when the following criteria are met: (i) management is committed to sell the asset; (ii) the asset is available for immediate sale in its present condition; (iii) an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated; (iv) the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within one year; (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Vessels classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These vessels are no longer depreciated once they meet the criteria of being held for sale.
	(m) Vessel Depreciation: Depreciation is computed using the straight-line method over the estimated useful life of the vessels, after considering the estimated salvage value. Each vessel's salvage value is equal to the product of its lightweight tonnage and estimated scrap rate, which up until September 30, 2012, was estimated to be $150 per lightweight ton. In order to align the scrap rate estimates with the current historical average scrap rate, effective from October 1, 2012, the Company adjusted the estimated scrap rate used to calculate the vessels’ salvage value from $150 to $300 per lightweight ton. The impact of the increase in the estimated scrap rate is a decrease in depreciation expense going forward. The effect of this change in accounting estimate, which did not require retrospective adoption as per ASC 250 “Accounting Changes and Error Corrections,” was to decrease net loss for the year ended December 31, 2012 and 2013, by $294,414 and $1,241,503 or $0.05 and $0.10 per Class A common share, basic and diluted, respectively.
	Management estimates the useful life of the Company’s vessels to be 25 years for drybulk carriers and 30 years for containerships from the date of initial delivery from the shipyard, including secondhand vessels. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life.
	(n) Other Fixed Assets: Other fixed assets consist of computer systems installed on board the vessels to improve their efficiency, software and a vehicle. Other fixed assets are stated at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the useful life of the assets, which is estimated to be 5 years for the computer systems software, and 3 years for the Company’s car. Depreciation charged in the years ended December 31, 2011, 2012 and 2013 amounted to $83,407, $135,095 and $164,527, respectively.
	(o) Investments in Affiliate: Investments in the common stock of entities, in which the Company has significant influence over operating and financial policies, are accounted for using the equity method. Under this method, the investment in the affiliate is initially recorded at cost and is adjusted to recognize the Company’s share of the earnings or losses of the investee after the acquisition date and is adjusted for impairment whenever facts and circumstances indicate that a decline in fair value below the cost basis is other than temporary. The amount of the adjustment is included in the determination of net income / (loss). Dividends received from an affiliate reduce the carrying amount of the investment. When the Company’s share of losses in an affiliate equals or exceeds its interest in the affiliate, the Company does not recognize further losses, unless the Company has incurred obligations or made payments on behalf of the affiliate.
	(p) Dry-docking and Special Survey Costs: Dry-docking and special survey costs are expensed in the period incurred.
	(q) Above / Below Market Acquired Time Charters: When vessels are acquired with time charters attached and the charter rate on such charters is above or below the prevailing market rates at the time of acquisition, the Company allocates the purchase price of the vessel and the attached time charter on a relative fair value basis.
	The fair value of the attached time charter is computed as the present value of the difference between the contractual amount to be received over the term of the time charter and management's estimate of the then current market charter rate for an equivalent vessel at the time of acquisition. The asset or liability recorded is amortized or accreted over the remaining period of the time charter as a reduction or addition, respectively, to time charter revenue. As of December 31, 2012 and 2013 the Company had no unamortized Above / Below Market Acquired Time Charters.
	(r) Financing Costs: Financing fees incurred for obtaining new loans and credit facilities are deferred and amortized to interest expense over the respective loan or credit facility using the effective interest rate method. Any unamortized balance of costs relating to loans repaid or refinanced is expensed in the period the repayment or refinancing is made, subject to the accounting guidance regarding debt extinguishment. Any unamortized balance of costs related to credit facilities repaid is expensed in the period. Any unamortized balance of costs relating to credit facilities refinanced are deferred and amortized over the term of the respective credit facility in the period the refinancing occurs, subject to the provisions of the accounting guidance relating to Debt – Modifications and Extinguishments. The unamortized financing costs are reflected in Other assets in the accompanying balance sheets.
	(s) Debt restructurings: The Company accounts for debt modifications or restructuring as troubled debt restructuring when a lender for economic or legal reasons related to the Company’s financial situation grants a concession that it would not otherwise consider. These concessions may include a reduction in the interest rate, principal or accrued interest, extension of the maturity date or other actions intended to minimize potential losses. The Company considers a lender to have granted a concession if the Company’s effective interest rate on the restructured debt is less than the effective interest rate of the old debt immediately before the restructuring. The Company considers the total future cash flows (defined as principal plus interest) of the restructured debt in comparison with the carrying value of the original debt. If a debt modification or restructuring is determined to be a troubled debt restructuring, the Company reduces the carrying amount of the debt when the debt balance is greater than the total future cash flows under the new terms, in which case a gain is recognized. When the total future cash flows of the restructured debt are greater than the carrying value at the date of amendment, the carrying value of the original debt is not adjusted. In a troubled debt restructuring in which the Company agrees to transfer assets to fully settle the debt, the Company recognizes a gain on restructuring for the difference between the carrying amount of the debt and the more clearly evident of: (a) the fair value of the transferred assets or (b) the fair value of the settled debt.
	(t) Pension and Retirement Benefit Obligations—Crew: The vessel owning companies employ the crew on board under short-term contracts (usually up to nine months) and, accordingly, they are not liable for any pension or post-retirement benefits.
	(u) Revenue and Expenses:
	Revenue is 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 Revenue: Time charter revenues are recorded ratably over the term of the charter as service is provided, including the amortization / accretion of the above / below market acquired time charters, where applicable. When two or more time charter rates are involved during the life term of a charter agreement, the Company recognizes revenue on a straight-line basis, and income accrued or deferred as a result is included in Other receivables or Deferred income, respectively. Time charter revenues received in advance of the provision of charter service are recorded as deferred income, and recognized when the charter service is rendered.
	Revenue / Voyage charters: Voyage charter is a charter where a contract is made in the spot market for the use of a vessel for a specific voyage for a specified freight rate per ton. If a charter agreement exists and collection of the related revenue is reasonably assured, revenue is recognized as it is earned ratably during the duration of the period of each voyage. A voyage is deemed to commence upon the latest between the completion of discharge of the vessel’s previous cargo and the charter party date of the current voyage, and is deemed to end upon the completion of discharge of the current cargo. Demurrage income represents payments by a charterer to a vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized as it is earned.
	Commissions: Charter hire commissions are deferred and amortized over the related charter period and are presented separately in the accompanying consolidated statements of comprehensive loss.
	Voyage Expenses: Voyage expenses exclude commissions and consist of all costs that are unique to a particular voyage, primarily including port expenses, canal dues, war risk insurances and fuel costs. Voyage expenses also include losses from the sale of bunkers to charterers and bunkers consumed during off-hire periods and while traveling to and from dry-docking for 2012 and 2013, that in the aggregate amounted to $502,596 and $4,462,298, respectively. The sale of bunkers to charterers and bunkers consumed during off-hire periods and while traveling to and from dry-docking for 2011 resulted in gains of $472,351, which are presented under Vessel operating expenses.
	Vessel Operating Expenses: Vessel operating expenses are accounted for as incurred on the accrual basis. Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores, and other miscellaneous expenses.
	(v) Share based Compensation: Share based payments to employees and directors, including grants of employee and directors stock options, are recognized in the statements of comprehensive income / (loss) based on their grant date fair values and amortized over the required service period.
	(w) Segment Reporting: The Company reports financial information and evaluates its operations by charter revenues and not by the length of ship employment for its customers (i.e., spot vs. time charters) or by geographical region as the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographical information is impracticable. The Company does not have discrete financial information to evaluate the operating results for each type of charter. Although revenue can be identified for these types of charters, management cannot and does not identify expenses, profitability or other financial information for these charters. As a result, management, including the Chief Executive Officer being the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet, and thus the Company has determined that it operates under one reportable segment.
	(x) Derivatives: The Company enters into interest rate swap agreements to manage its exposure to fluctuations of interest rate risk associated with its borrowings. All derivatives are recognized in the consolidated financial statements at their fair value. The fair value of the interest rate derivatives is based on a discounted cash flow analysis. When such derivatives do not qualify for hedge accounting, the Company recognizes their fair value changes in current period earnings. When the derivatives qualify for hedge accounting, the Company recognizes the effective portion of the gain or loss on the hedging instrument directly in other comprehensive income / (loss), while the ineffective portion, if any, is recognized immediately in current period earnings. The Company, at the inception of the transaction, documents the relationship between the hedged item and the hedging instrument, as well as its risk management objective and the strategy of undertaking various hedging transactions. The Company also assesses at hedge inception of whether the hedging instruments are highly effective in offsetting changes in the cash flows of the hedged items.
	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 current period earnings. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in equity is transferred to current period earnings as financial income or expense.
	(y) Fair value of financial instruments: The fair value of the interest rate derivatives is based on a discounted cash flow analysis.
	In accordance with the requirements of accounting guidance relating to Fair Value Measurements, the Company classifies and discloses its assets and liabilities carried at fair value in one of the following three categories:
	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.
	(z) Earnings per Share (EPS): The computation of basic earnings per share is based on the weighted average number of common shares outstanding during the period determined using the two-class method of computing earnings per share. Non-vested share awards issued are included in the two-class method and income attributable to non-vested share awards is deducted from the net income reported for purposes of calculating net income available to common shareholders used in the computation of basic earnings per share. The computation of diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised. Such securities include non vested stock awards for which the assumed proceeds upon grant are deemed to be the amount of compensation cost attributable to future services and are not yet recognized and common shares issuable upon exercise of the Company’s outstanding warrants, to the extent that they are dilutive, using the treasury method.
	(aa) Subsequent Events: The Company evaluates subsequent events or transactions up to the date in which the financial statements are issued according to the requirements of ASC 855.
	(bb) Recent Accounting Pronouncements: There are no recent accounting pronouncements the adoption of which would have a material effect on the Company’s consolidated financial statements in the current period or expected to have an impact on future periods.

Transactions_with_Related_Part

Transactions with Related Parties	12 Months Ended
	Dec. 31, 2013
Transactions with Related Parties [Abstract]	'
Transactions with Related Parties	'
	3.Transactions with Related Parties
	(a)  Granitis Glyfada Real Estate Ltd. ("Granitis") - Leasing: On September 13, 2007 and effective as of October 1, 2007, the Company entered into a rental agreement to lease office space in Athens, Greece, with Granitis, a company beneficially owned by the Company’s Chairman, President and Chief Executive Officer. The term of the lease was for 5 years beginning October 1, 2007 and expired on September 30, 2012. The monthly rental for the first year was €2,000, plus 3.6% tax, and thereafter would be adjusted annually for inflation increases in accordance with the official Greek inflation rate. On October 1, 2012, the rental agreement was renewed for an additional term of 5 years, beginning October 1, 2012 and expiring September 30, 2017, pursuant to which the monthly rental for the first year is €3,000, plus 3.6% tax, and thereafter will be adjusted annually for inflation increases in accordance with the official Greek inflation rate. Rent expense under this lease amounted to $38,947, $39,593 and $49,324 for the years ended December 31, 2011, 2012 and 2013, respectively, and is included in General and administrative expenses in the accompanying consolidated statements of comprehensive loss.
	(b) Allseas: The following amounts charged by Allseas are included in the accompanying consolidated statements of comprehensive loss:
		2011	2012	2013
	(1(i)) Charter hire commissions	$1,119,611	$646,987	$750,533
	(1(ii)) Vessel sale & purchase commissions	2,091,028	-	-
	Total Allseas commissions	$3,210,639	$646,987	$750,533
	Included in Vessel operating expenses
	(1(v)) Superintendent fees	$259,054	$338,826	$399,626
	Included in Dry-docking expenses
	(1(v)) Superintendent fees	$122,481	$-	$109,248
	Management fees - related party
	(1(iii)) Management fees	$4,022,215	$3,428,548	$4,104,271
	(2) Financial accounting and reporting services	509,869	666,196	720,361
	(3) Loretto agreement	248,416	-	1,049,784
	Total Management fees	$4,780,500	$4,094,744	$5,874,416
	Included in General and administrative expenses
	(4) Administrative fees	$33,207	$36,085	$38,598
	(7) Executive services agreement	$5,193,645	$3,228,438	$7,582,634
	The following amounts charged by Allseas are capitalized and are included in vessels cost and advances for vessels under construction in the accompanying consolidated balance sheets: technical management and superintendent fees (refer to 1(iv)) relating to newbuilding vessels, and vessel purchase commissions (refer to 1(ii)), which in the aggregate amounted to $1,479,827 and $1,588,512 for the years ended December 31, 2012 and 2013, respectively.
	Following the cancellation of one of the two 4,800 TEU containership newbuilding contracts as discussed in Note 4, the Company recorded a loss from contract cancellation of $568,658 relating to capitalized expenses for Hull no. 656, which includes technical management and superintendent fees (refer to 1(iv)) charged by Allseas that in the aggregate amounted to $444,421.
	(1) Ship-Owning Company Management Agreements
	(i) Charter Hire Commissions - The Company pays Allseas 1.25% of the gross freight, demurrage and charter hire collected from the employment of the vessels (“charter hire commission”), which are presented separately in the accompanying consolidated statements of comprehensive loss.
	(ii) Vessel Commissions - The Company also pays Allseas a fee equal to 1% of the purchase price of any vessel bought, constructed or sold on behalf of the Company, calculated in accordance with the relevant memorandum of agreement, (“vessel commission”). Vessel commissions relating to vessel sale is included in the determination of the gain / loss on sale of assets presented in the accompanying consolidated statements of comprehensive loss. Vessel commissions relating to vessels bought or constructed are capitalized and included in vessels cost and advances for vessels under construction in the accompanying consolidated balance sheets.
	(iii) Management Services - Each of the ship-owning companies has a management agreement with Allseas, under which management services are provided in exchange for a fixed daily fee per vessel. This fee is subject to adjustment on June 1 of each year based on the official Eurozone inflation rate. For the period from January 1, 2011 to May 31, 2011, the Company paid Allseas a management fee of €620.00 per vessel per day, while effective June 1, 2011, Allseas management fee was adjusted to €636.74 per vessel per day. Effective June 1, 2012, Allseas management fee was adjusted to €652.02 per vessel per day, while effective June 1, 2013, Allseas management fee was adjusted to €661.15 per vessel per day.
	(iv) Pre-Delivery Services – A lump sum fee of $15,000 is payable to Allseas for pre-delivery services provided during the period from the date of the Memorandum of Agreement for the purchase of the vessel, until the date of delivery.
	(v) Superintendent Services – Allseas is entitled to a superintendent fee of €500 per day for each day in excess of 5 days per calendar year for which a Superintendent performed on site inspection.
	(2) Accounting Agreement – For the year ended December 31, 2011, Allseas was entitled to a fee of €250,000 per year, payable quarterly, for the provision of financial accounting services and a fee of €120,000 per year, payable quarterly, for the provision of financial reporting services. Effective January 1, 2012, the agreement was renewed, pursuant to which the fee for the provision of financial reporting services was amended to $30,000 per vessel per annum, payable quarterly. These fees are included in Management fees - related party in the accompanying consolidated statements of comprehensive loss. For the years ended December 31, 2011, 2012 and 2013, an amount of $509,869, $666,196 and $720,361 respectively, was paid to Allseas for financial accounting and reporting services. In February 2014, the Company agreed to renew the term of the agreement for one additional year, effective January 1, 2014.
	(3) Tripartite Agreement between the Company, Allseas and Loretto Finance Inc. - On November 10, 2009, the Company, Allseas, and Loretto Finance Inc. (“Loretto”), a wholly owned subsidiary of Allseas, signed a tripartite agreement, as clarified and amended by a supplemental agreement, effective from December 1, 2012, whereby in the event of a capital increase, an equity offering or the issuance of common shares to a third party or third parties in the future, other than common shares issued pursuant to the Company’s equity incentive plan as discussed in Note 12 (as the same may be further amended, amended and restated, supplemented or otherwise modified) or any future equity incentive plans may be adopted, the Company will issue, at no cost to Loretto, additional common shares in an amount equal to 2% of the total number of common shares issued pursuant to such capital increase, equity offering or third party issuance, as applicable. In accordance with the terms of the agreement, any common shares to be issued to Loretto under the agreement may only be issued once the capital increase, equity offering or third party issuance giving rise to the obligation to issue shares to Loretto under the agreement has closed and any applicable contingencies, forfeiture rights or conditions precedent relating to such capital increase, equity offering or third party issuance have lapsed or expired or have been cancelled or terminated, unless otherwise agreed by the mutual agreement of the parties. The fair value of the shares issued for no consideration are accounted as share based payment and presented as Management fees - related party in the year granted in the statement of comprehensive income / (loss). Accordingly, as of December 31, 2013, the Company has granted and issued to Loretto a total of 334,258 Class A common shares, of which 116,219 were issued prior to 2013.
	In connection with the private placement to Innovation Holdings that closed in December 2012 and upon the finalization of the Company’s debt restructuring as discussed in Note 8, effective February 15, 2013, an additional 98,039 Class A common shares, representing 2% of the 4,901,961 newly-issued Class A common shares sold to Innovation Holdings in the private placement, were granted to Loretto (refer to Note 11). The fair value of such shares based on the average of the high-low trading price of the shares on February 15, 2013, was $335,784, which was recorded as share based compensation and is included in Management fees – related party in the accompanying consolidated statements of comprehensive loss for the year ended December 31, 2013. Furthermore, in connection with the public offering that was completed in September 2013 (refer to Note 11), effective September 27, 2013, 120,000 Class A common shares, representing the 2% of the 6,000,000 Class A common shares sold in the public offering, were granted to Loretto. The fair value of such shares based on the average of the high-low trading price of the shares on September 27, 2013, was $714,000, which was also recorded as share based compensation and is included in Management fees – related party in the accompanying consolidated statements of comprehensive loss for the year ended December 31, 2013.
	In connection with the public offering that was completed in February 2014 (refer to Note 11), effective February 18, 2014, 135,700 Class A common shares, representing the 2% of the 6,785,000 Class A common shares sold in the public offering, were granted to Loretto. The fair value of such shares based on the average of the high-low trading price of the shares on February 18, 2014, was $880,015, which will be recorded as share based compensation in the first quarter of 2014.
	(4) Administrative Service Agreement - The Company entered into an administrative service agreement with Allseas on November 12, 2008. Under the agreement, Allseas provides telecommunication services, secretarial and reception personnel and equipment, security facilities, office cleaning services and information technology services. The agreement provides that all costs and expenses incurred in connection with the provision of the above services by Allseas to be reimbursed on a quarterly basis.
	(5) Newbuildings Supervision Agreement - The Company has entered into management agreements with Allseas relating to the supervision of each of the contracted newbuilding vessels, pursuant to which Allseas is entitled to: (1) a flat fee of $375,000 (“flat fee”) per vessel for the first 12 month period commencing from the respective steel cutting date of each vessel and thereafter the flat fee will be paid on a pro rata basis until the vessel’s delivery to the Company, (2) a daily fee of €115 per vessel commencing from the date of the vessel's shipbuilding contract until the Company accepts delivery of the respective vessel and (3) €500 per day for each day in excess of 5 days per calendar year for which a superintendent performed on site inspection.
	(6) Compensation Agreement – The Company has entered into a compensation agreement with Allseas whereby in the event that Allseas is involuntarily terminated as the manager of its fleet, it shall compensate Allseas with an amount equal to the sum of (i) three years of the most recent management fees and commissions, based on the fleet at the time of termination, and (ii) €3,000,000 (or $4,122,900 based on the Euro/U.S. dollar exchange rate of €1.0000:$1.3743 as of December 31, 2013).
	(7) Executive Services Agreement – Effective January 1, 2011, the Company entered into an executive services agreement with Allseas, pursuant to which Allseas provides the services of the executive officers, which include strategy, business development, marketing, finance and other services, who report directly to the Company’s Board of Directors. Under the agreement, prior to January 1, 2013, Allseas was entitled to an executive services fee of €2,500,000 per annum, payable in equal monthly installments, plus incentive compensation. Effective January 1, 2013, the executive services fee was adjusted to €2,700,000 per annum, while effective January 1, 2014, the executive services fee was adjusted to €2,900,000 per annum. The agreement has an initial term of five years and automatically renews for a successive five-year term unless sooner terminated. On March 6, 2013, the Company amended the terms of the termination clause of the executive services agreement, whereby, if the respective agreement is terminated by Allseas either for “good reason” or as a result of “change of control”, as such terms are defined in the agreement, or terminated by the Company without “cause”, as defined in the agreement, Allseas will be entitled to receive (i) the amount of the executive services fee payable through the “termination date,” as defined in the agreement; (ii) compensation equal to three years’ annual executive services fee then applicable; and (iii) an amount of the Company’s common shares equal to 5% of the then issued and outstanding shares of the Company. For the year ended December 31, 2011, an amount of $5,193,645 was paid to Allseas for the services of the executive officers, which includes incentive compensation of $1,695,590. For the year ended December 31, 2012, an amount of $3,228,438 was paid to Allseas for the services of the executive officers, while no incentive compensation was remitted. For the year ended December 31, 2013, an amount of $7,582,634 was paid to Allseas for the services of the executive officers, which includes incentive compensation of $3,993,000.
	Each month, the Company funds a payment to Allseas to cover working capital equal to one month’s worth of estimated operating expenses. At each balance sheet date, the excess of the amount funded to Allseas over payments made by Allseas for operating expenses is reflected as Due from related parties. In addition, in 2012, an amount of $1,280,000 was remitted to Allseas for the issuance of a letter of guarantee relating to a dispute regarding one of the Company’s vessels, and is reflected as Due from related parties as of December 31, 2012. In November 2013, the dispute was resolved and in December 2013, the amount of $1,280,000 was refunded to the Company. As of December 31, 2012 and 2013, the amount due from Allseas was $2,508,195 and $146,051, respectively.
	(c) Manning Agency Agreements: Each of the Company’s ship-owning subsidiaries has a manning agency agreement with Crewcare Inc. (“Crewcare”), a company beneficially owned by the Company’s Chief Executive Officer, based in Manila, Philippines. For the period from January 1, 2011 to April 30, 2011, manning services were provided under the agreements in exchange for a fixed monthly fee of $85 per seaman for all officers and crew who serve on board each vessel, plus a recruitment fee of $110 per seaman, payable on a one-off basis. Effective May 1, 2011, the monthly manning service fee increased to $95 per seaman and the one-off recruitment fee increased to $120 per seaman. In addition, the agreements also provide for a fee of $30 per seaman for in-house training, and a fee of $50 per seaman for extra in-house training. The expenses incurred amounted to $321,967, $321,648, and $382,517 for the years ended December 31, 2011, 2012 and 2013, respectively, and are included in Vessels operating expenses. Administrative services are also being provided which represent payment of crew wages and related costs on behalf of the Company. The balances due to Crewcare amounted to $84,705 and $82,074 as of December 31, 2012 and 2013, respectively.
	(d) Cadetship Program Agreement: On October 5, 2013, each of the Company’s ship-owning subsidiaries entered into a cadetship program agreement with Crewcare, pursuant to which Crewcare, at its own cost, is responsible for recruiting and training cadets to be assigned to the vessels. These services are being provided in exchange for a lump sum fee of $5,000 per cadet employed on board the vessel for one-year on board training. The agreement has an initial term of one year with the option to renew for one more year by mutual agreement. The expenses incurred for the year ended December 31, 2013, amounted to $15,000, and are included in Vessels operating expenses.
	(e) Box Ships Inc.: As of December 31, 2012 and 2013, the Company held 16.4% and 13.6% of Box Ships’ common stock, respectively. The decrease in the percentage of Box Ships’ common stock held by the Company is mainly due to the Company’s non-participation in the public offering of 4,000,000 common shares of Box Ships, which was completed on March 18, 2013 (refer to Note 7).
	On May 27, 2011, the Company granted Box Ships an unsecured loan of $30,000,000. The loan was initially payable in one installment on the second anniversary of the Box Ships IPO on April 19, 2013. The loan bears interest at LIBOR plus a margin of 4.00%. In August 2011 and November 2012, Box Ships prepaid an amount of $15,000,000 and $1,000,000, respectively. As of December 31, 2012, the outstanding loan balance due from Box Ships was $14,000,000. On February 28, 2013, Box Ships prepaid an amount of $1,000,000 and reduced the outstanding balance of the respective loan to $13,000,000. In addition, on March 11, 2013, the Company agreed to amend certain terms of the loan agreement. Pursuant to the amended agreement, the Company agreed to extend the maturity of the loan for one year, from April 19, 2013 to April 19, 2014. During the remaining term of the loan, Box Ships was required to make quarterly principal installments in the amount of $1,000,000 each, with a final balloon payment of $9,000,000 due on the maturity date. In consideration for the amendment of the loan agreement, Box Ships agreed to pay an amendment fee of $65,000, which is included in Interest income in the accompanying consolidated statements of comprehensive loss for the year ended December 31, 2013, and to increase the margin from 4.00% to 5.00%. In April 2013, Box Ships paid the amendment fee of $65,000. Pursuant to the amended loan agreement, on April 19, 2013 and on July 19, 2013, Box Ships proceeded with the first two quarterly principal installment payments of $1,000,000 each. In addition, on August 5, 2013, Box Ships prepaid an amount of $5,000,000 and reduced the outstanding balance of the respective loan to $6,000,000, which was fully repaid on October 18, 2013. For the years ended December 31, 2011, 2012 and 2013, interest charged on the respective loan amounted to $508,019, $675,856 and $439,326, respectively.
	The Company has entered into an agreement with Box Ships and Mr. Michael Bodouroglou, the Company’s Chairman, President and Chief Executive Officer, reflecting, among others, for so long as (i) Mr. Bodouroglou is a director or executive officer of both the Company and Box Ships and (ii) the Company owns at least 5% of the total issued and outstanding common shares of Box Ships, the provisions described below:
	Box Ships will not, directly or indirectly, acquire or charter any drybulk carrier without the Company’s prior written consent, and the Company will not, directly or indirectly, acquire or charter any containership without the prior written consent of Box Ships. In addition, under the terms of the agreement, Box Ships is granted a right of first offer on any proposed sale, transfer or other disposition of any containership owned by the Company. Furthermore, the Company will also grant Box Ships a right of first refusal over any employment opportunity for a containership presented or available to the Company with respect to any vessel owned by the Company, other than the 4,800 TEU containership newbuilding subject to the option agreement with Box Ships described below.
	If the Company ceases to beneficially own at least 5% of the total issued and outstanding common shares of Box Ships or Mr. Michael Bodouroglou is no longer a director or executive officer of both the Company and Box Ships, the obligations under this agreement will terminate.
	The Company has entered into an agreement with Box Ships, pursuant to which Box Ships was granted the option to acquire the 4,800 TEU containerships under construction, which is scheduled to be delivered to the Company during the second quarter of 2014, by way of a novation of the relevant construction contract from the Company at any time prior to the vessel’s delivery to the Company, or purchase of such vessel at any time after its delivery to the Company, so long as the vessel is owned by the Company at such time. Under the terms of the agreement, the purchase price payable by Box Ships for the vessel shall be the greater of (i) the actual carrying cost of the vessel at the date the option is exercised, together with any actual expenses incurred by the Company in connection with the construction contract or the vessel; and (ii) the fair market value of the construction contract or the vessel at the date the option is exercised, as determined by the average of two independent ship broker’s valuations, one selected by the Company and one selected by Box Ships. To the extent Box Ships does not exercise its option to acquire this vessel, the Company will be permitted to operate, or sell the vessel pursuant to a waiver that Box Ships will grant to the Company under the non-competition agreement described above, provided that Box Ships will be granted a right of first offer on any proposed sale, transfer or other disposition of the vessel. The Company will also be entitled to charter the vessel on a period charter commencing not more than 45 days after the vessel’s delivery.
	(f) Right of First Refusal: Mr. Michael Bodouroglou, the Company’s Chairman, President and Chief Executive Officer, has entered into a letter agreement with the Company which includes a provision requiring Mr. Bodouroglou to use commercially reasonable efforts to cause each company controlled by Mr. Bodouroglou to allow the Company to exercise a right of first refusal to acquire any drybulk carrier, after Mr. Bodouroglou or an affiliated entity of his enters into an agreement that sets forth terms upon which he or it would acquire a drybulk carrier. Pursuant to this letter agreement, Mr. Bodouroglou will notify a committee of the Company’s independent directors of any agreement that he or an affiliated entity has entered into to purchase a drybulk carrier and will provide the committee of the Company’s independent directors a 7 calendar day period in respect of a single vessel transaction, or a 14 calendar day period in respect of a multi-vessel transaction, from the date that he delivers such notice to the Company’s audit committee, within which to decide whether or not to accept the opportunity and nominate a Company’s subsidiary to purchase the vessel or vessels, before Mr. Bodouroglou will accept the opportunity or offer it to any of his other affiliates. The opportunity offered to the Company will be on no less favorable terms than those offered to Mr. Bodouroglou and his affiliates. A committee of the Company’s independent directors will require a simple majority vote to accept or reject this offer.

Advances_for_Vessel_Acquisitio

Advances for Vessel Acquisitions and Vessels Under Construction	12 Months Ended
	Dec. 31, 2013
Advances for Vessel Acquisitions and Vessels Under Construction [Abstract]	'
Advances for Vessel Acquisitions and Vessels Under Construction	'
	4.Advances for Vessel Acquisitions and Vessels Under Construction
	Advances for vessels under construction relate to the installments paid that were due to the respective shipyard including capitalized expenses.
	As of December 31, 2011, the Company’s newbuilding program consisted of four Handysize drybulk carriers and two 4,800 TEU containerships.
	On May 4 and on June 18, 2012, the Company took delivery of its first two Handysize drybulk carriers; the M/V Prosperous Seas and the M/V Precious Seas, respectively. An amount of $29,328,882 was paid to the shipyard in 2012, representing the final installment of the respective vessels, which was financed from the syndicated secured loan facility led by Nordea Bank Finland Plc and the Company’s own funds (refer to Notes 5 and 8).
	On January 29, 2013, the Company took delivery of its third Handysize drybulk carrier; the M/V Priceless Seas. In January 2013, an amount of $1,419,475 was paid to the shipyard representing the final installment of the respective vessel, which was financed from the Company’s own funds (refer to Notes 5 and 8).
	Following the completion of the public offering of 6,000,000 common shares (refer to Note 11), in October 2013, the Company completed the acquisition of shipbuilding contracts for two Ultramax newbuilding drybulk carriers from Allseas (Hull no. DY152 and Hull no. DY153). The Ultramax newbuildings have a carrying capacity of 63,500 dwt each and are currently under construction at Yangzhou Dayang Shipbuilding Co. Ltd., member of Sinopacific Shipbuilding Group, with scheduled deliveries on May 31, 2014 and July 31, 2014, respectively. The acquisition cost of these two newbuildings is $26,500,000 per vessel, or $53,000,000 in the aggregate. In October 2013, the Company paid a first installment of $8,058,495 per vessel. The balance of the contract price, or $18,441,505 per vessel, will be payable upon the delivery of each vessel. In addition, in October 2013, an amount of $265,000 per vessel was paid to Allseas, representing vessel purchase commissions equal to 1% of the acquisition cost, pursuant to the newbuilding supervision agreements between the respective ship-owning companies and Allseas.
	In December 2013, the Company agreed to acquire, subject to certain closing conditions that were lifted in the first quarter of 2014, shipbuilding contracts for two additional Ultramax newbuilding drybulk carriers from Allseas (Hull no. DY4050 and Hull no. DY4052). The Ultramax newbuildings are sister ships to the two Ultramax newbuildings discussed above, have a carrying capacity of 63,500 dwt each and are currently under construction at Yangzhou Dayang Shipbuilding Co. Ltd., with scheduled deliveries on April 30, 2015 and June 30, 2015, respectively. The acquisition cost of these two newbuildings is $28,250,000 per vessel, or $56,500,000 in the aggregate. In February 2014, the Company paid a first installment of $5,592,661 per vessel. In addition, in February 2014, an amount of $282,500 per vessel was paid to Allseas, representing vessel purchase commissions equal to 1% of the acquisition cost, pursuant to the newbuilding supervision agreements between the respective ship-owning companies and Allseas. The balance of the contract price, or $22,657,339 per vessel, will be payable $3,884,530 upon the commencement of the steel cutting of each vessel and $18,772,809 upon the delivery of each vessel.
	In December 2013, the Company also entered into an agreement with Zhejiang Ouhua Shipbuilding, to cancel one of its two 4,800 TEU containership newbuilding contracts at no cost to the Company, to transfer the deposit to the remaining vessel and to reduce its contract price from the original $57,500,000 to $55,000,000. The balance of the contract price is due upon the delivery of the vessel in the second quarter of 2014 and is expected to be financed through the loan facility with China Development Bank, subject to certain closing conditions (refer to Note 8).
	As of December 31, 2013, the Company’s newbuilding program consisted of one Handysize drybulk carrier (Hull no. 625), two Ultramax drybulk carriers (Hull no. DY152 and Hull no. DY153) and one 4,800 TEU containership (C/V Box King) with expected deliveries in 2014, as well as two Ultramax drybulk carriers (Hull no. DY4050 and Hull no. DY4052) with expected deliveries in 2015.
	On January 7, 2014, the Company took delivery of its fourth Handysize drybulk carrier; the M/V Proud Seas. In January 2014, an amount of $21,637,078 was paid to the shipyard representing the final installment of the respective vessel, which was financed from the syndicated secured loan facility led by Nordea Bank Finland Plc (refer to Note 8).
	In March 2014, the Company entered into contracts with Jiangsu Yangzijiang Shipbuilding Co. for the construction of three Kamsarmax newbuilding drybulk carriers. The Kamsarmax newbuildings have a carrying capacity of 81,800 dwt each, with scheduled delivery between the second and fourth quarter of 2015. The acquisition cost of these three newbuildings is $30,550,000 per vessel, or $91,650,000 in the aggregate. In March 2014, the Company paid a first installment of $9,165,000 per vessel. The balance of the contract price, or $21,385,000 per vessel, will be payable upon the delivery of each vessel.

Vessels_Net

Vessels, Net	12 Months Ended
	Dec. 31, 2013
Vessels Net [Abstract]	'
Vessels, Net	'
	5.Vessels, Net
		Vessel	Accumulated	Net Book
		Cost	Depreciation	Value
	Balance January 1, 2012	$305,592,515	($36,984,152)	$268,608,363
	Newbuilding deliveries	46,019,408	-	46,019,408
	Depreciation for the period	-	-16,251,331	-16,251,331
	Balance December 31, 2012	$351,611,923	($53,235,483)	$298,376,440
	Newbuilding deliveries	24,581,533	-	24,581,533
	Depreciation for the period	-	-16,822,057	-16,822,057
	Balance December 31, 2013	$376,193,456	($70,057,540)	$306,135,916
	All Company’s vessels were first-priority mortgaged as collateral to the loans and credit facilities and related interest rate swaps outstanding as of December 31, 2013, except for the M/V Priceless Seas (refer to Note 8).
	On May 4 and on June 18, 2012, the Company took delivery of its first two Handysize drybulk carriers; the M/V Prosperous Seas and the M/V Precious Seas, respectively, while on January 29, 2013, the Company took delivery of its third Handysize drybulk carrier; the M/V Priceless Seas. In addition, on January 7, 2014, the Company took delivery of its fourth Handysize drybulk carrier; the M/V Proud Seas (refer to Notes 4 and 8).

Other_Assets

Other Assets	12 Months Ended
	Dec. 31, 2013
Other Assets [Abstract]	'
Other Assets	'
	6. Other Assets
	Other assets of $2,602,212 and $2,303,304 as of December 31, 2012 and 2013, respectively, include deferred financing costs of $2,596,029 and $2,297,121, respectively, and utility deposits related to the leased office space of $6,183 at December 31, 2012 and 2013.
	The deferred financing costs comprise:
	1-Jan-12	$2,100,277
	Additions	943,325
	Amortization	-447,573
	31-Dec-12	$2,596,029
	Additions	642,825
	Amortization	-941,733
	31-Dec-13	$2,297,121

Investment_in_Affiliate

Investment in Affiliate	12 Months Ended
	Dec. 31, 2013
Investment in Affiliate [Abstract]	'
Investment in Affiliate	'
	7.Investment in Affiliate
	The following table is a reconciliation of the Company’s investment in affiliate as presented on the accompanying consolidated balance sheets:
	Balance, January 1, 2012	$38,805,802
	Equity in net income of affiliate	1,986,590
	Equity in other comprehensive loss of affiliate	-107,083
	Dividends received	-3,712,500
	Dilution effect	-2,943,720
	Impairment in investment in affiliate	(14,041,346)
	Balance, December 31, 2012	$19,987,743
	Equity in net income of affiliate	1,652,339
	Equity in other comprehensive income of affiliate	77,165
	Dividends received	-1,787,500
	Dilution effect	-390,821
	Impairment in investment in affiliate	-8,229,551
	Balance, December 31, 2013	$11,309,375
	As of December 31, 2012 and 2013, the Company held 3,437,500 shares or 16.4% and 13.6% of Box Ships’ common stock, respectively. The decrease in the percentage of Box Ships’ common stock held by the Company is mainly due to the Company’s non-participation in the public offering of 4,000,000 common shares of Box Ships, which was completed on March 18, 2013. The Company, on the basis of significant influence exercised over Box Ships through its shareholdings and shared executive management, accounted for its investment in Box Ships under the equity method and is separately reflected on Company’s consolidated balance sheets.
	The loss on investment in affiliate of $16,985,066 for the year ended December 31, 2012, consists of $2,943,720 relating to the dilution effect from the Company’s non-participation in the public offering of 4,285,715 common shares of Box Ships, which was completed on July 18, 2012, as well as $14,041,346 relating to the difference between the fair value and the book value of the Company’s investment in Box Ships as of September 30, 2012, which the Company considered as other than temporary.
	The loss on investment in affiliate of $8,620,372 for the year ended December 31, 2013, consists of $390,821, relating to the dilution effect from the Company’s non-participation in the public offering of 4,000,000 common shares of Box Ships, which was completed on March 18, 2013, as well as $8,229,551, relating to the difference between the fair value and the book value of the Company’s investment in Box Ships, which the Company considered as other than temporary (refer to Note 10).
	Summarized financial information in respect of Box Ships Inc. is set out below:
		Year ended December 31,
	INCOME STATEMENT DATA	2012	2013
	Net revenue	65,888,142	69,836,201
	Operating income	21,697,724	23,631,192
	Net income	13,176,164	15,307,658
		As of December 31,
	BALANCE SHEET DATA	2012	2013
	Total current assets	19,578,166	31,691,262
	Total non-current assets	425,485,703	397,915,376
	Total assets	445,063,869	429,606,638
	Total current liabilities	42,659,883	184,434,021
	Total long-term liabilities	181,624,703	453,248

Secured_Loans_and_Credit_Facil

Secured Loans and Credit Facilities	12 Months Ended
	Dec. 31, 2013
Long-Term Debt [Abstract]	'
Long-Term Debt	'
	8.Secured Loans and Credit Facilities
	The table below presents the loans and credit facilities and the amounts outstanding as of December 31, 2012 and 2013:
		2012	2013
	(a)Commerzbank AG	$50,550,000	$47,550,000
	(b)Unicredit Bank AG	25,587,000	22,587,000
	(c)Bank of Scotland Plc	36,616,864	33,616,864
	(d)Bank of Ireland	14,800,000	13,400,000
	(e)HSH Nordbank AG	22,125,000	20,625,000
	(f)HSBC Bank Plc	18,400,000	16,800,000
	(g)Nordea Bank Finland Plc	27,463,312	25,536,062
	Total	$195,542,176	$180,114,926
	Disclosed as follows in the Consolidated Balance Sheets
	Current portion of long-term debt	$14,427,250	$17,257,750
	Long-term debt	181,114,926	162,857,176
	Total	$195,542,176	$180,114,926
	The minimum annual principal payments, in accordance with the loans and credit facilities agreements, as amended, required to be made after December 31, 2013 are as follows:
	To December 31,
	2014	$17,257,750
	2015	50,266,114
	2016	30,036,750
	2017	57,529,312
	2018	16,225,000
	Thereafter	8,800,000
	Total	$180,114,926
	In 2012, the Company entered into supplemental agreements and, subject to certain conditions, agreed to amended terms with several of its lenders as discussed below. The respective amendments are collectively referred as the Company’s debt restructuring program. Several of the agreements in the Company’s debt restructuring program were subject to a number of conditions, including (i) the entry into definitive documentation, (ii) an equity increase of $10,000,000 within 90 days after the signing of such definitive documentation and (iii) all lenders agreeing to similar restructuring terms and granting similar waivers of covenant breaches and terms. In the first quarter of 2013, all conditions required to complete the Company’s debt restructuring program were satisfied with retroactive effect as of December 31, 2012, and thus, the debt restructuring program was finalized and effective from December 31, 2012.
	(a) Commerzbank AG (August 12, 2011): On February 8, 2013, the Company entered into an amending and restating agreement and agreed to amended terms with Commerzbank AG, including the deferral of a portion of seven of its scheduled quarterly installments.
	The main terms and conditions of the loan agreement dated August 12, 2011, as subsequently amended, are as follows:
	The loan agreement is secured by a first priority mortgage on the vessels: M/V Sapphire Seas, M/V Pearl Seas and M/V Diamond Seas.
	The loan bears interest at LIBOR, plus any mandatory costs, plus a margin of (i) 3.00% at any time during the total deferred amount of the loan remains outstanding and (ii) at all other times 2.35%.
	After exercising the deferral option, the outstanding loan amount as of December 31, 2013 of $47,550,000 is required to be repaid in 2 consecutive quarterly installments of $750,000, followed by 1 quarterly installment of $1,250,000, followed by 12 consecutive quarterly installments of $1,425,000, plus a balloon repayment of $27,700,000 payable simultaneously with the final installment in the third quarter of 2017.
	Covenants (as defined in the respective loan agreement):
	The ratio of EBITDA to net interest expenses shall be applicable and not be less than 2.50:1.00 from January 1, 2015 until December 31, 2015 and 3.00:1.00 thereafter.
	The market value adjusted net worth of the Company shall not be less than $75,000,000 until June 30, 2014 and $100,000,000 thereafter.
	Maintain liquid assets in an amount of no less than $650,000 per vessel at all times.
	The ratio of maximum net debt to total assets expressed as a percentage shall not exceed 80%.
	The aggregate fair market value of the mortgaged vessels to outstanding loan ratio shall exceed 65% until March 31, 2014, 85% until June 30, 2014, 110% until March 31, 2015, 118% until December 31, 2015 and 120% thereafter.
	(b)   Unicredit Bank AG (November 19, 2007): On November 30, 2012, the Company entered into a loan supplemental agreement and agreed to amended terms with Unicredit Bank AG, including the deferral of a portion of eight of its scheduled quarterly installments. On September 13, 2013, the Company agreed with Unicredit Bank AG to extend the expiration date of the existing waiver relating to the financial covenant of total liabilities to EBITDA ratio for two quarters, from January 1, 2014 to July 1, 2014, for a nominal fee and an advance payment of $1,500,000 to partially prepay the upcoming three quarterly loan installments, starting with the installment due in the fourth quarter of 2013. The advance payment of $1,500,000 was paid on September 13, 2013. On January 20, 2014, the Company agreed with Unicredit Bank AG to extend the existing waiver relating to the financial covenant of total liabilities to EBITDA ratio until January 1, 2015.
	The main terms and conditions of the loan agreement dated November 19, 2007, as subsequently amended, are as follows:
	The loan agreement is secured by a first priority mortgage on the vessels: M/V Calm Seas and M/V Deep Seas.
	The loan bears interest at LIBOR, plus a margin of (i) 2.75% on the outstanding amount of the loan, less any amounts that are deferred, and (ii) 5.00% on the amounts of the loan that have been deferred.
	After exercising the deferral option, the outstanding loan amount as of December 31, 2013 of $22,587,000 is required to be repaid in 1 quarterly installment of $500,000 in the third quarter of 2014, followed by 8 consecutive quarterly installments of $1,355,500, plus a balloon repayment of $11,243,000 payable simultaneously with the final installment in the third quarter of 2016.
	Covenants (as defined in the respective loan agreement):
	The ratio of total liabilities to EBITDA is waived until December 31, 2014 and thereafter, shall not be greater than 6.00:1.00.
	The minimum requirement of market value adjusted net worth of the Company is waived until December 31, 2013 and thereafter, shall not be less than $100,000,000.
	Maintain liquid assets in an amount of no less than $750,000 per vessel at all times.
	The leverage ratio is waived until December 31, 2013 and thereafter, shall not be greater than 0.75:1.00.
	The aggregate fair market value of the mortgaged vessels to outstanding loan ratio is waived until December 31, 2013 and thereafter, shall exceed 110%, subject to further conditions in the event of dividend payment.
	(c) Bank of Scotland Plc (December 4, 2007): On April 26, 2012, the Company entered into a supplemental agreement and agreed to amended terms with Bank of Scotland Plc. Under the terms of the supplemental agreement, the bank agreed to extend the respective loan agreement from December 9, 2012 to July 9, 2013 and to defer payment of $40,100,000 of the lump sum payment due in December 2012 to 2013 and to waive and amend certain covenants. The Company also prepaid an amount of $9,900,000 on May 9, 2012. On November 30, 2012, the Company entered into a second amending and restating agreement and agreed to amended terms with Bank of Scotland Plc, including the extension of the facility to the third quarter of 2015. The Company also agreed to a payment of $2,839,882 in order to facilitate the full and final settlement of the portion of the loan of one of the syndicate members equal to $4,733,136. The advance payment of $2,839,882 was executed on December 10, 2012, resulting in a gain from debt extinguishment of $1,893,254, or $0.31 per basic and diluted common share, that was recorded in the fourth quarter of 2012.
	The main terms and conditions of the loan agreement dated December 4, 2007, as subsequently amended, are as follows:
	The loan agreement is secured by a first priority mortgage on the vessels: M/V Coral Seas and M/V Golden Seas.
	The loan bears interest at LIBOR, plus a margin of 2.75%.
	The outstanding loan amount as of December 31, 2013 of $33,616,864 is required to be repaid in 2 consecutive quarterly installments of $750,000, followed by 4 consecutive quarterly installments of $1,000,000, plus a balloon repayment of $28,116,864 payable in the third quarter of 2015.
	Covenants (as defined in the respective loan agreement):
	The market value adjusted net worth of the Company shall not be less than $75,000,000.
	The leverage ratio shall not exceed 0.80:1.00 until December 31, 2014 and 0.75:1.00 thereafter.
	Maintain liquid assets in an amount of no less than $500,000 per vessel at all times.
	The aggregate fair market value of the mortgaged vessels to outstanding loan ratio shall be applicable and exceed 65% from March 31, 2013 until September 30, 2013, then 70% until December 31, 2013, 85% until June 30, 2014, 95% until December 31, 2014 and 100% thereafter.
	(d) Bank of Ireland (March 30, 2009): On November 28, 2012, the Company entered into a loan supplemental agreement and agreed to amended terms with Bank of Ireland, including the extension of the facility to the second quarter of 2017.
	The main terms and conditions of the loan agreement dated March 30, 2009, as subsequently amended, are as follows:
	The loan agreement is secured by a first priority mortgage on the vessel M/V Kind Seas.
	The loan bears interest at LIBOR, plus a margin of 2.50%.
	The outstanding loan amount as of December 31, 2013, of $13,400,000 is required to be repaid in 2 consecutive quarterly installments of $350,000, followed by 12 consecutive quarterly installments of $1,000,000, plus a balloon repayment of $700,000 payable in the second quarter of 2017.
	Covenants (as defined in the respective loan agreement):
The ratio of the aggregate financial indebtedness to EBITDA is waived until December 31, 2014 and thereafter, shall not exceed 5.00:1.00.
The minimum requirement of market value adjusted net worth of the Company is waived until December 31, 2014 and thereafter, shall not be less than $50,000,000.
The leverage ratio is waived until December 31, 2014 and thereafter, shall not be greater than 0.80:1.00.
Minimum liquid assets requirement is waived until December 31, 2014 and thereafter, the Company shall maintain liquid assets in an amount of no less than $500,000 per vessel at all times.
The fair market value of the mortgaged vessel to outstanding loan ratio is waived until December 31, 2014 and thereafter, shall exceed 110%.
(e) HSH Nordbank AG (July 31, 2008): On January 22, 2013, the Company entered into a loan supplemental agreement and agreed to amended terms with HSH Nordbank.
The main terms and conditions of the loan agreement dated July 31, 2008, as subsequently amended, are as follows:
The loan is secured by a first priority mortgage on the vessel M/V Friendly Seas.
The loan bears interest at LIBOR, plus a margin of 3.00%.
The outstanding loan amount as of December 31, 2013, of $20,625,000 is required to be repaid in 19 consecutive quarterly installments of $375,000, plus a balloon repayment of $13,500,000 payable simultaneously with the final installment in the third quarter of 2018.
Covenants (as defined in the respective loan agreement):
The market value adjusted net worth of the Company shall not be less than $75,000,000 until December 31, 2014 and $100,000,000 thereafter.
The leverage ratio shall not exceed 0.80:1.00 until December 31, 2014 and 0.70:1.00 thereafter.
Maintain liquid assets of an amount equal to at least $500,000 per vessel at all times.
The fair market value of the mortgaged vessel to outstanding loan ratio shall be applicable and exceed 100% from January 1, 2014 until December 31, 2014 and 125% thereafter.
(f) HSBC Bank Plc (July 2, 2010): On November 30, 2012, the Company entered into a loan supplemental agreement and agreed to amended terms with HSBC Bank Plc. On August 21, 2013, the Company agreed with HSBC Bank Plc to extend the existing waivers relating to the financial covenants of total liabilities to EBITDA ratio and EBITDA to interest expense ratio for two quarters, from January 1, 2014 to July 1, 2014. On March 14, 2014, the Company agreed with HSBC Bank Plc, subject to the execution of definitive documentation, to amend the definitions of certain financial covenants.
The main terms and conditions of the loan agreement dated July 2, 2010, as subsequently amended, are as follows:
The loan is secured by a first priority mortgage on the vessel M/V Dream Seas.
The loan bears interest at LIBOR, plus a margin of 3.00% until December 31, 2013 and 2.60% thereafter.
The outstanding loan amount as of December 31, 2013, of $16,800,000 is required to be repaid in 27 consecutive quarterly installments of $400,000, plus a balloon repayment of $6,000,000 payable simultaneously with the final installment in the third quarter of 2020.
Covenants (as defined in the respective loan agreement):
The ratio of total net debt to EBITDA is waived until June 30, 2014 and thereafter, shall not exceed 11.00:1.00 from July 1, 2014 until December 31, 2014, 9.00:1.00 until December 31, 2016 and 8.00:1.00 until the final maturity of the loan.
The ratio of EBITDA to interest expense is waived until June 30, 2014 and thereafter, shall not be less than 2.50:1.00.
The market value adjusted net worth of the Company shall be at least $50,000,000 until December 31, 2013 and $100,000,000 thereafter.
The ratio of total net debt to value adjusted total assets shall be applicable and not greater than 0.80:1.00 from January 1, 2014 until the final maturity of the facility.
The fair market value of the mortgaged vessel to outstanding loan ratio shall exceed 105% until December 31, 2013, 110% until December 31, 2014 and 120% thereafter.
(g) Nordea Bank Finland Plc (May 5, 2011): On May 5, 2011, the Company entered into a secured loan facility with a syndicate of major European banks led by Nordea Bank Finland Plc to finance 65% of the purchase price of the Company’s Handysize drybulk newbuilding vessels. On May 4 and on June 18, 2012, the Company took delivery of its first two Handysize drybulk vessels; the M/V Prosperous Seas and the M/V Precious Seas, respectively (refer to Notes 4 and 5). Upon the delivery of each of the respective vessels, the Company proceeded with the drawdown of the available loan amount that in the aggregate amounted to $28,908,750. On January 29, 2013, the Company took delivery of its third Handysize drybulk vessel; the M/V Priceless Seas (refer to Notes 4 and 5). Upon the delivery of the M/V Priceless Seas, no additional loan amount was drawn.
On January 30, 2013, the Company entered into a loan supplemental agreement and agreed to amended terms with Nordea Bank Finland Plc. In addition, the undrawn portion of the secured loan facility relating to the M/V Priceless Seas and the M/V Proud Seas (Hull no. 625), was amended to be the lower of $33,802,880 and an amount equal to (i) 65% of the aggregate fair market value of the respective vessels and the already mortgaged vessels, less the outstanding loan amount prior to the proposed drawdown date. Under the facility, the Company was only permitted to drawdown the undrawn portion of the facility if no event of default had occurred or would result from the borrowing of the loan, and as long as the outstanding loan due from Box Ships was repaid in full before the drawdown.
On June 18, 2013, the Company signed an amending agreement with the syndicate led by Nordea Bank Finland Plc. The amending agreement removed the condition precedent relating to the full repayment of the outstanding loan due from Box Ships before the drawdown of the undrawn portion of the facility. In addition, the undrawn portion of the facility relating to the M/V Priceless Seas and M/V Proud Seas (Hull no. 625) was amended to be the lower of $25,394,427 (decreased from $33,802,880) and an amount equal to 65% of the aggregate fair value of the respective vessels and the already mortgaged vessels, the M/V Prosperous Seas and the M/V Precious Seas, less the outstanding loan amount prior to the proposed drawdown date.
On January 7, 2014, we took delivery of our fourth Handysize drybulk vessel; the M/V Proud Seas (refer to Notes 4 and 5). Upon the delivery of the vessel, we drew the total amount of the then undrawn portion of the facility of $25,394,427, by mortgaging both the M/V Priceless Seas and the M/V Proud Seas.
The main terms and conditions of the loan agreement dated May 5, 2011, as subsequently amended, are as follows:
The loan is secured by a first priority mortgage on the vessels: M/V Prosperous Seas and M/V Precious Seas. Upon the delivery of the M/V Proud Seas in January 2014, the M/V Priceless Seas and the M/V Proud Seas were also mortgaged as discussed above.
The loan bears interest at LIBOR, plus any mandatory costs, plus a margin of 3.50% until December 31, 2014 and 2.75% thereafter.
The outstanding loan amount as of December 31, 2013, of $25,536,062 is required to be repaid in 14 consecutive quarterly installments of $481,813, plus a balloon repayment of $18,790,680 payable simultaneously with the final installment in the second quarter of 2017. Following the delivery of the M/V Proud Seas and the drawdown of the undrawn portion of the facility of $25,394,427, the outstanding loan amount increased to $50,930,489, which is required to be repaid in 14 consecutive quarterly installments of $923,224, plus a balloon repayment of $38,005,353 payable simultaneously with the final installment in the second quarter of 2017.
Covenants (as defined in the respective loan agreement):
The Company shall maintain a positive working capital at all times, excluding any balloon repayments of long-term loan facilities.
There is available to the Company cash and cash equivalents (including restricted but unpledged cash representing minimum liquidity required to be maintained under any financial indebtedness) which are not subject to any security interest, in an amount of not less than the greater of (i) $10,000,000 or (ii) $750,000 per vessel owned on the last day of the relevant test period.
The ratio of EBITDA to interest expense is waived until December 31, 2014 and thereafter, shall not be less than 2.50:1.00.
The ratio of the aggregate financial indebtedness net of cash and cash equivalents (including restricted but unpledged cash representing minimum liquidity required to be maintained under any financial indebtedness) to EBITDA is waived until December 31, 2014 and thereafter, shall not be greater than 5.00:1.00.
The ratio of the aggregate financial indebtedness net of cash and cash equivalents (including restricted but unpledged cash representing minimum liquidity required to be maintained under any financial indebtedness) to the market value adjusted total assets shall not exceed 0.80:1.00 until December 31, 2014 and 0.70:1.00 thereafter.
The fair market value of the mortgaged vessels to outstanding loan ratio shall exceed 120% until December 31, 2014 and 130% thereafter.
China Development Bank (May 17, 2013): On May 17, 2013, the Company signed an agreement with China Development Bank (“CDB”) for a $69,000,000 credit facility to partially finance the two 4,800 TEU containerships under contraction, that were expected to be delivered in the second quarter of 2014. The CDB credit facility is available for drawdown upon the delivery of the vessels subject to certain contingencies and conditions. Box Ships will act jointly and severally as guarantor of the CDB credit facility, along with the Company, as approved by the shareholders of Box Ships on November 12, 2013, at Box Ships’ 2013 Annual General Meeting of Shareholders. The CDB credit facility will be used to finance the lower of 60% of the construction cost of the vessels, or 80% of the vessels’ market value at delivery. The facility matures ten years after the drawdown date. Under the terms of the credit facility, amounts borrowed will bear interest at LIBOR, plus a margin of 4.00%. Following the cancellation of one of the two 4,800 TEU containership newbuilding contracts as discussed in Note 4, the Company is currently in discussions with CDB to amend the terms of the credit facility accordingly.
HSH Nordbank AG (Commitment dated December 13, 2013): On December 13, 2013, the Company entered into a commitment with HSH Nordbank AG, subject to the execution of definitive documentation, for a $47,000,000 secured post-delivery term loan facility, for the refinancing of the M/V Friendly Seas and the partial financing of the first two Ultramax newbuilding drybulk carriers, the Hull no. DY152 and the Hull no. DY153 (refer to Note 4). For M/V Friendly Seas, HSH Nordbank AG agreed to finance the lower of $12,600,000 or 60% of the vessel’s market value upon the respective drawdown date. For each of the two Ultramax vessels, HSH Nordbank AG agreed to finance the lower of $17,200,000 or 65% of the vessels’ market value upon their delivery.
Additional Covenants: Each of the above loan and credit facilities are secured by first priority mortgages on all vessels described in Note 1, first assignments of all freights, earnings and insurances. They also contain covenants that require the Company to maintain adequate insurance coverage and to obtain the lender’s consent before it changes the flag, class or management of the vessels, or enter into a new line of business. The facility includes customary events of default, including those relating to a failure to pay principal or interest, a breach of covenant, representation and warranty, a cross – default to other indebtedness and non – compliance with security documents, and prohibits the Company from paying dividends if the Company is in default on its facilities and if, after giving effect to the payment of the dividend, the Company is in breach of a covenant.
In addition, each of the above loan and credit facilities require a minimum balance of cash and cash equivalents to be maintained at all times with the respective lender, ranging from $375,000 to $750,000 per mortgaged vessel, in excess of any additional cash collateral to be maintained, as defined by the respective loan agreements.
Certain of the above loan and credit facilities restrict the amount of dividends the Company may pay to $0.50 per share per annum and limit the amount of quarterly dividends the Company may pay to 100% of its net income for the immediately preceding financial quarter. In addition, under the existing loan and credit facilities, the Company is required to maintain minimum liquidity after payment of dividends equal to the greater of the next six months’ debt service, $25,000,000 or $1,250,000 per vessel. In addition, according to the supplemental agreement the Company entered into with Bank of Scotland Plc on November 30, 2012 as discussed above, the Company is not permitted to declare or pay any dividends until the maturity of the respective loan agreement.
Covenants Compliance: As of December 31, 2013, the Company was in compliance with all debt covenants with respect to its loan and credit facilities.
Other Information: As of December 31, 2013, the Company had no unused facility in respect of the above mentioned secured loans and credit facilities other than the undrawn portion of the syndicated secured loan facility led by Nordea Bank Finland Plc of $25,394,427, which was drawn upon the delivery of the M/V Proud Seas in January 2014 as discussed above, and the $69,000,000 CDB credit facility. Following the cancellation of one of the two 4,800 TEU containership newbuilding contracts as discussed in Note 4, the Company is currently in discussions with CDB to amend the terms of the credit facility accordingly. In addition, the Company has entered into a commitment with HSH Nordbank AG, subject to the execution of definitive documentation, for a $47,000,000 secured post-delivery term loan facility, for the refinancing of the M/V Friendly Seas and the partial financing of the first two Ultramax newbuilding drybulk carriers, the Hull no. DY152 and the Hull no. DY153, as discussed above.
The interest cost charged for the years ended December 31, 2011, 2012 and 2013 amounted to $7,105,730, $5,673,906 and $6,129,911, respectively.
The capitalized interest for the years ended December 31, 2011, 2012 and 2013 amounted to $260,118, $611,655 and $786,263, respectively.
The weighted average interest rate for the years ended December 31, 2011, 2012 and 2013 was 2.64%, 2.76% and 3.21%, respectively.

Interest_Rate_Swaps

Interest Rate Swaps	12 Months Ended
	Dec. 31, 2013
Interest Rate Swaps [Abstract]	'
Interest Rate Swaps	'
	9.Interest Rate Swaps
	The Company enters into interest rate swap transactions to manage interest costs and the risk associated with changing interest rates with respect to its variable interest rate loans and credit facilities. These interest rate swap transactions fix the interest rates as described below.
	As of December 31, 2012 and 2013, the Company's outstanding interest rate swaps had a combined notional amount of $81,745,406 and $68,976,781, respectively. Details of the interest rate swap agreements which were effective during 2013 are outlined below:
	Interest rate swaps that did not qualify for hedge accounting:
		Counterparty	Effective	Termination	Notional	Notional	Fixed rate	Floating rate
			date	date	amount	amount
					As of December 31, 2012	As of December 31, 2013
	A	Unicredit Bank AG (1)	27-Aug-10	27-Aug-15	$45,900,000	$35,700,000	2.47%	3-month LIBOR
	TOTAL				$45,900,000	$35,700,000
	(1) The notional amount reduces by $2,550,000 on a quarterly basis up until the expiration of the interest rate swap.
	Interest rate swaps that qualified for hedge accounting:
		Counterparty	Effective	Termination	Notional	Notional	Fixed rate	Floating rate
			date	date	amount	amount
					As of December 31, 2012	As of December 31, 2013
	A	HSBC Bank Plc (1)	10-Apr-12	10-Apr-17	$5,520,000	$5,040,000	1.49%	3-month LIBOR
	B	HSH Nordbank AG (2)	8-May-12	5-May-17	$11,062,500	$10,312,500	1.22%	3-month LIBOR
	C	Nordea Bank Finland Plc (3)	4-May-12	31-Mar-17	$6,885,125	$6,401,958	1.14%	3-month LIBOR
	D	Nordea Bank Finland Plc (4)	18-Jun-12	4-May-17	$6,846,531	$6,366,073	1.01%	3-month LIBOR
	E	HSH Nordbank AG (5)	6-Aug-12	5-May-17	$5,531,250	$5,156,250	0.98%	3-month LIBOR
	TOTAL				$35,845,406	$33,276,781
	(1) The notional amount reduces by $120,000 on a quarterly basis up until the expiration of the interest rate swap.
	(2) The notional amount reduces by $187,500 on a quarterly basis up until the expiration of the interest rate swap.
	(3) The notional amount reduces by $120,792 on a quarterly basis up until the expiration of the interest rate swap.
	(4) The notional amount reduces by $120,115 on a quarterly basis up until the expiration of the interest rate swap.
	(5) The notional amount reduces by $93,750 on a quarterly basis up until the expiration of the interest rate swap.
	The estimated net amount of cash flow hedge losses at December 31, 2013 that is expected to be reclassified into statement of comprehensive income / (loss) within the next twelve months is $294,505.

Financial_Instruments_and_Fair

Financial Instruments and Fair Value Disclosures	12 Months Ended
	Dec. 31, 2013
Financial Instruments and Fair Value Disclosures [Abstract]	'
Financial Instruments and Fair Value Disclosures	'
	10.Financial Instruments and Fair Value Disclosures
	The principal financial assets of the Company consist of cash and cash equivalents, restricted cash, amounts due from related parties, a loan due from a related party, an investment in affiliate, marketable securities available for sale and trade accounts receivable. The principal financial liabilities of the Company consist of long-term bank loans, interest rate swaps, accounts payable, amounts due to related parties and accrued liabilities.
	(a) Interest rate risk: The Company’s long-term bank loans and loan due from a related party are based on LIBOR and hence the Company is exposed to movements in LIBOR. The Company entered into interest rate swap agreements, discussed in Note 9, in order to hedge its variable interest rate exposure.
	(b) Concentration of credit risk: Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of trade accounts receivable, amounts due from related parties and cash and cash equivalents. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its trade accounts receivable. In addition, the Company also limits its exposure by diversifying among customers. The amounts due from related parties mainly relate to advance payments to Allseas to cover working capital equal to one month’s worth of estimated operating expenses. The Company places its cash and cash equivalents with high credit quality financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions. The Company is exposed to credit risk in the event of non-performance by counterparties to derivative instruments. However, the Company limits its exposure by diversifying among counterparties considering their credit ratings.
	(c) Fair value: The carrying values of trade accounts receivable, due from related parties, cash and cash equivalents, restricted cash, accounts payable, amounts due to related parties and accrued liabilities are reasonable estimates of their fair value due to the short-term nature of these financial instruments. The fair value of long-term bank loan and loan due from a related party approximate the recorded value, due to their variable interest rate.
	When the interest rate swap contracts qualify for hedge accounting, the Company recognizes the effective portion of the gain / (loss) on the hedging instruments directly in other comprehensive income / (loss) in the statement of shareholders’ equity, while any ineffective portion, if any, is recognized immediately in current period statement of comprehensive income / (loss). When the interest rate swap contracts do not qualify for hedge accounting, the Company recognizes their fair value changes in current period statement of comprehensive income / (loss).
	Information on the location and amounts of derivative fair values in the consolidated balance sheets and derivative gains / (losses) in the consolidated statements of comprehensive income / (loss) and shareholders’ equity are shown below:
	Derivative Instruments – Balance Sheet Location
			31-Dec-12	31-Dec-13
		Balance Sheet Location	Fair Value	Fair Value
	Derivatives designated as hedging instruments
	Interest rate swaps	Non-Current Assets – Interest rate swaps	$-	($87,295)
	Interest rate swaps	Current liabilities – Interest rate swaps	297,908	294,505
	Interest rate swaps	Long-Term Liabilities – Interest rate swaps	375,166	22,683
		Subtotal	$673,074	$229,893
	Derivatives not designated as hedging instruments
	Interest rate swaps	Current liabilities – Interest rate swaps	$887,811	$685,960
	Interest rate swaps	Long-Term Liabilities – Interest rate swaps	992,411	359,433
		Subtotal	$1,880,222	$1,045,393
	Total derivatives		$2,553,296	$1,275,286
	Effect of Derivative Instruments designated as hedging instruments
	Gain / (Loss) Recognized in Accumulated Other Comprehensive Income / (Loss) – Effective Portion
			Year Ended December 31,
			2012	2013
	Interest rate swaps		($847,943)	$131,112
	Total		($847,943)	$131,112
	Location of Gain / (Loss) Transferred from Accumulated Other Comprehensive Income / (Loss) in Statement of Comprehensive Income / (Loss) – Effective Portion
			Year Ended December 31,
			2012	2013
	Interest rate swaps – Realized Loss	Interest and finance costs	($174,869)	($312,069)
	Total		($174,869)	($312,069)
	There was no ineffective portion of the gain / (loss) on the hedging instruments for the years ended December 31, 2012 and 2013.
	Effect of Derivative Instruments not designated as hedging instruments
			Year Ended December 31,
		Location of Gain / (Loss) Recognized	2012	2013
	Interest rate swaps – Fair value	Loss on derivatives, net	$2,017,297	$834,829
	Interest rate swaps – Realized Loss	Loss on derivatives, net	-2,731,371	-930,117
	Net loss on derivatives		($714,074)	($95,288)
	Financial Instruments and Assets that are measured at fair value on a recurring basis
	Interest rate swaps
	The fair value of the Company’s interest rate swap agreements (refer to Note 9) is determined using a discounted cash flow approach based on market-based LIBOR swap yield rates. LIBOR swap rates are observable at commonly quoted intervals for the full terms of the swaps and therefore are considered Level 2 items in accordance with the fair value hierarchy.
	The following table summarizes the valuation of the Company’s interest rate swaps as of December 31, 2012 and 2013.
	Financial Instruments	Significant Other Observable Inputs (Level 2)
		31-Dec-12	31-Dec-13
	Interest rate swaps – asset	$-	($87,295)
	Interest rate swaps – liability	2,553,296	1,362,581
	Total	$2,553,296	$1,275,286
	Financial Instruments and Assets that are measured at fair value on a recurring basis - Continued
	Marketable securities – shares of Korea Line Corporation (“KLC”):
	On September 15, 2011, the Company entered into an agreement (“Settlement Agreement”) with KLC in relation to the early termination of the time charter dated March 17, 2008, as amended, in respect of the M/V Pearl Seas. The parties reached an agreement, where KLC admitted a liability, which would be settled in cash and in shares of KLC. In March 2013, the Seoul Central District Court approved an amended KLC rehabilitation plan. In addition, a 15-for-1 reverse stock split over the outstanding shares of KLC was approved (refer to Note 16).
	On a reverse stock split adjusted basis, the number of KLC shares held by the Company was 7,413 and 65,896 as of December 31, 2012 and 2013, respectively. These marketable securities have readily determinable fair values and are classified as available for sale. Such marketable securities are measured subsequently at fair value in the accompanying consolidated balance sheets. Unrealized gains / (losses) from available for sale securities are excluded from the statement of comprehensive income / (loss) and are recognized in accumulated other comprehensive income / (loss) until realized.
	From the initial measurement of the valuation of the 7,413 shares of KLC that the Company received on May 24, 2012, as part of the Settlement Agreement, a gain from marketable securities of $1,394,665 was recognized in the accompanying consolidated statements of comprehensive loss for the year ended December 31, 2012, with changes in the fair value of $980,430 recognized in accumulated other comprehensive income / (loss). The fair value of the KLC shares based on the respective closing price as of September 30, 2012, was $414,235. As of September 30, 2012, the Company recognized the change in the fair value of the KLC shares as other than temporary and therefore, a loss of $980,430 was recognized. The respective loss is included in gain from marketable securities, net in the accompanying consolidated statements of comprehensive loss for the year ended December 31, 2012, after reclassifying same from the Company’s other comprehensive income / (loss). The fair value of the KLC shares based on the respective closing price as of December 31, 2012, was $567,288. The change in the fair value of $153,053 was recognized in accumulated other comprehensive income / (loss).
	Pursuant to the amended KLC rehabilitation plan, on May 9, 2013, 58,483 additional shares of KLC were issued to the Company, which would be secured at the Korean Securities Depository until November 10, 2013, increasing the total number of KLC shares held by the Company to 65,896 on a reverse stock split adjusted basis. Based on the closing price of KLC shares as of May 9, 2013, the fair value of the 58,483 additional KLC shares was $3,113,306, which was recognized as gain from marketable securities, net and is included in the accompanying consolidated statements of comprehensive loss for the year ended December 31, 2013.
	The decline of the fair value of the total 65,896 KLC shares as of September 30, 2013 and December 31, 2013, based on the respective latest publicly available information, was considered as other than temporary and therefore an aggregate loss of $1,911,212 was recognized. The respective loss is included in gain from marketable securities, net in the accompanying consolidated statements of comprehensive loss for the year ended December 31, 2013, after reclassifying this amount from the Company’s other comprehensive income / (loss).
	Financial Instruments and Assets that are measured at fair value on a recurring basis - Continued
	Marketable securities – shares of Korea Line Corporation (“KLC”) - Continued
			Year Ended December 31,
		Location of Gain / (Loss) Recognized	2012	2013
			Gain / (Loss)	Gain / (Loss)
	Marketable securities – Initial measurement	Gain on marketable securities, net	$1,394,665	$3,113,306
	Marketable securities – Realized Loss	Gain on marketable securities, net	-980,430	-1,911,212
	Net gain on marketable securities		$414,235	$1,202,094
	The fair value of the KLC shares is based on quoted prices of KLC share of stock (Korea SE: KS) and is considered to be determined through Level 1 inputs of the fair value hierarchy.
The following table summarizes the valuation of the KLC shares as of December 31, 2012 and 2013.
Financial Assets	Quoted Prices in Active Markets (Level 1)
	31-Dec-12	31-Dec-13
KLC Shares – Marketable Securities	$567,288	$1,616,329
Total	$567,288	$1,616,329
Financial Assets that are measured at fair value on a non-recurring basis
Investment in Box Ships Inc.:
For the year ended December 31, 2013, in accordance with the accounting guidance relating to loss in value of an investment that is other than a temporary decline, the Company recognized an impairment loss on its investment in Box Ships’ common shares.
The decline in the fair value of the investment in Box Ships based on the closing price of Box Ships’ common share as of September 30, 2013 and December 31, 2013, was considered as other than temporary and therefore an aggregate loss of $8,229,551 was recognized. The respective loss is included in loss on investment in affiliate in the accompanying consolidated statements of comprehensive loss for the year ended December 31, 2013.
The fair value of the investment in Box Ships is based on quoted prices of Box Ships share of stock (NYSE: TEU) and is considered to be determined through Level 1 inputs of the fair value hierarchy.
The following table summarizes the valuation of the Company’s investment in Box Ships as of December 31, 2013.
Financial Assets	Quoted Prices in Active Markets (Level 1)	Loss
Investment in equity affiliate – Box Ships Inc.	$11,309,375	$8,229,551
The fair value of the investment in Box Ships, based on the closing price of Box Ships’ common share on the NYSE on March 26, 2014, of $2.40, was $8,250,000.
As of December 31, 2012 and 2013, the Company did not have any other assets or liabilities measured at fair value on a non-recurring basis.

Capital_Structure

Capital Structure	12 Months Ended
	Dec. 31, 2013
Capital Structure [Abstract]	'
Capital Structure	'
	11.Capital Structure
	(a) Common Stock:
	Under the amended and restated articles of incorporation, the Company's authorized common stock consists of 755,000,000 shares of common stock, par value $0.001 per share, divided into 750,000,000 Class A common shares and 5,000,000 Class B common shares.
	Each holder of Class A common shares is entitled to one vote on all matters submitted to a vote of shareholders. Subject to preferences that may be applicable to any outstanding shares of preferred stock, holders of Class A common shares are entitled to receive ratably all dividends, if any, declared by the Company's Board of Directors out of funds legally available for dividends. Upon dissolution, liquidation or sale of all or substantially all of the Company's assets, after payment in full of all amounts required to be paid to creditors and to the holders of preferred stock having liquidation preferences, if any, Class A common share holders are entitled to receive pro rata the Company's remaining assets available for distribution. Holders of Class A common shares do not have conversion, redemption or pre-emptive rights.
	Effective as of the close of trading on November 5, 2012, the Company effectuated a 10-for-1 reverse stock split of its issued and outstanding common shares. The common shares commenced trading on the New York Stock Exchange on a split-adjusted basis upon the open of trading on November 6, 2012. The reverse stock split was approved by shareholders at the Company’s 2012 Annual General Meeting of Shareholders held on October 24, 2012 and by the Company’s Board of Directors on October 24, 2012. The reverse stock split reduced the number of the Company’s issued and outstanding common shares and affected all issued and outstanding common shares, as well as common shares underlying stock options outstanding immediately prior to the effectiveness of the reverse stock split. The number of the Company’s authorized common shares was not affected by the reverse split. No fractional shares were issued in connection with the reverse stock split. Shareholders who would have otherwise held a fractional share of the Company’s Common Stock as a result of the reverse stock split received a cash payment in lieu of such fractional share.
	On December 24, 2012, the Company entered into an agreement to sell 4,901,961 newly-issued Class A common shares to Innovation Holdings, an entity beneficially owned by Mr. Michael Bodouroglou, the Company’s Chairman, President and Chief Executive Officer, for a total consideration of $10,000,000. The transaction closed on December 24, 2012. In connection with the transaction, the Company was granted the right to repurchase the common shares issued to Innovation Holdings in the private placement, for the same price per share at which the shares were sold, which expired without being exercised upon the Company’s execution of definitive documentation relating to the restructuring of the Company’s debt, as discussed in Note 8. In addition, Innovation Holding also received customary registration rights in respect of the common shares it received in the private placement. The documentation entered into in connection with the private placement was approved by the independent member of the Company’s Board of Directors.
	Furthermore, in relation to the finalization of the Company’s debt restructuring as discussed in Note 8, effective February 15, 2013, 98,039 Class A common shares, representing the 2.0% of the 4,901,961 newly-issued Class A common shares sold to Innovation Holdings discussed above, were granted to Loretto. The fair value of such shares based on the average of the high-low trading price of the shares on February 15, 2013, was $335,784, which was recorded as share based compensation and is included in Management fees – related party in the accompanying consolidated statements of comprehensive loss for the year ended December 31, 2013.
	On September 27, 2013, the Company completed a public offering of 6,000,000 of its Class A common shares at $5.75 per share, including the full exercise of the over-allotment option granted to the underwriters to purchase up to 782,609 additional common shares. The net proceeds from the offering, which amounted to $31,881,984, net of underwriting discounts and commissions of $2,070,000 and other offering expenses of $548,016, would be used to fund the initial deposits and other costs associated with the purchase of two Ultramax newbuilding drybulk carriers, the Hull no. DY152 and the Hull no. DY153, as discussed in Note 4, and general corporate purposes. In connection with the offering, effective September 27, 2013, 120,000 Class A common shares, representing the 2.0% of the 6,000,000 Class A common shares sold in the public offering, were granted to Loretto. The fair value of such shares based on the average of the high-low trading price of the shares on September 27, 2013, was $714,000, which was recorded as share based compensation and is included in Management fees – related party in the accompanying consolidated statements of comprehensive loss for the year ended December 31, 2013.
	On February 18, 2014, the Company completed a public offering of 6,785,000 of its Class A common shares at $6.25 per share, including the full exercise of the over-allotment option granted to the underwriters to purchase up to 885,000 additional common shares. The net proceeds from the offering, which amounted to $39,748,906, net of underwriting discounts and commissions of $2,332,344 and estimated offering expenses payable by the Company of $325,000, will be used for vessel acquisitions and general corporate purposes. In connection with the offering, effective February 18, 2014, 135,700 Class A common shares, representing the 2.0% of the 6,785,000 Class A common shares sold in the public offering, were granted to Loretto. The fair value of such shares based on the average of the high-low trading price of the shares on February 18, 2014, was $880,015, which will be recorded as share based compensation in the first quarter of 2014.
	As of December 31, 2012 and 2013, the Company had a total of 11,001,403 and 17,669,442 Class A common shares outstanding, respectively, and no other class of shares outstanding.
	(b) Preferred Stock:
	Under the amended and restated articles of incorporation, the Company's authorized preferred stock consists of 25,000,000 shares of preferred stock, par value $0.001 per share, and there was none issued and outstanding at December 31, 2012 and 2013.

Share_Based_Payments

Share Based Payments	12 Months Ended
	Dec. 31, 2013
Share Based Payments [Abstract]	'
Share Based Payments	'
	12.Share Based Payments
	Equity incentive plan – October 11, 2006
	On October 11, 2006, the Company adopted an equity incentive plan, under which the officers, key employees and directors of the Company will be eligible to receive options to acquire shares of Class A common shares. The Board of Directors administers the plan. Under the terms of the plan, the Board of Directors are able to grant new options exercisable at a price per Class A common share to be determined by the Board of Directors but in no event less than fair market value as of the date of grant. The plan also permits the Board of Directors to award non-vested share units, non-qualified options, stock appreciation rights and non-vested shares.
	On October 15, 2012, the Company increased the number of shares to be reserved for issuance under the plan from 5,500,000 to 9,966,733 Class A common shares, which, after the 10-for-1 reverse stock split discussed in Note 11, was adjusted to 996,673 Class A common shares.
	On March 26, 2014, the Company’s Board of Directors approved to cancel the remaining 68,401 Class A common shares reserved for issuance under the equity incentive plan.
	Equity incentive plan – March 26, 2014
	On March 26, 2014, the Company adopted an equity incentive plan, under which the officers, key employees and directors of the Company will be eligible to receive options to acquire shares of Class A common shares. A total of 2,000,000 Class A common shares were reserved for issuance under the plan. The Board of Directors administers the plan. Under the terms of the plan, the Board of Directors are able to grant new options exercisable at a price per Class A common share to be determined by the Board of Directors but in no event less than fair market value as of the date of grant. The plan also permits the Board of Directors to award non-vested share units, non-qualified options, stock appreciation rights and non-vested shares.
	(a) Options
	As of December 31, 2012 and 2013, there were 2,800 options with an exercise price of $120.00 outstanding and exercisable, which vested in 2010. Their weighted average remaining contractual life was 2.89 years as of December 31, 2013.
	There were no unvested share options as of December 31, 2012 and 2013.
	(b) Non-vested share awards
	Until the forfeiture of any non-vested share award, all non-vested share awards regardless of whether vested, the grantee has the right to vote such non-vested share awards, to receive and retain all regular cash dividends paid on such non-vested share awards with no obligation to return the dividend if employment ceases 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 non-vested share awards. All share awards are conditioned upon the option holder's continued service as an employee of the Company, or a director through the applicable vesting date. The Company estimates the forfeitures of non-vested share awards to be immaterial. The Company will, however, re-evaluate the reasonableness of its assumption at each reporting period.
	The accounting guidance relating to the Share based payments describes two generally accepted methods of accounting for non-vested share awards with a graded vesting schedule for financial reporting purposes: 1) the "accelerated method", which treats an award with multiple vesting dates as multiple awards and results in a front – loading of the costs of the award and 2) the "straight-line method" which treats such awards as a single award. Management has selected the straight-line method with respect to the non-vested share awards because it considers each non-vested share award to be a single award and not multiple awards, regardless of the vesting schedule. Additionally, the "front – loaded" recognition of compensation cost that results from the accelerated method implies that the related employee services become less valuable as time passes, which management does not believe to be the case. The grant date fair value is considered to be the average between the relevant highest and lowest price recorded on the grant date.
	After giving effect to the 10-for-1 reverse stock split that became effective on November 5, 2012 as discussed in Note 11, the details of the share awards are outlined as follows:
		Grant date	Final Vesting date	Total shares granted	Grant date fair value	Shares cancelled	Shares vested	Non-vested share awards
	A	21-Nov-06	31-Dec-10	4,000	$91.10	112	3,888	-
	B	27-Aug-07	31-Dec-09	4,650	$158.05	100	4,550	-
	C	28-Dec-07	31-Dec-10	2,000	$189.70	467	1,533	-
	D	5-Feb-08	31-Dec-11	600	$173.70	125	475	-
	E	13-May-08	30-Jun-11	400	$199.00	-	400	-
	F	19-Dec-08	31-Dec-10	2,000	$48.15	-	2,000	-
	G	19-Dec-08	31-Dec-11	1,200	$48.15	267	933	-
	H	23-Jan-09	31-Dec-12	860	$52.50	188	672	-
	I	18-Aug-09	31-Dec-11	100,000	$40.25	-	100,000	-
	J	10-Nov-09	31-Dec-10	198,711 (1)	$44.25	-	198,711	-
	K	10-Nov-09	31-Dec-11	2,000	$44.25	-	2,000	-
	L	10-Nov-09	31-Dec-12	1,200	$44.25	400	800	-
	M	1-Feb-10	31-Dec-13	1,200	$44.45	215	985	-
	N	19-Nov-10	30-Sep-12	150,000	$37.10	-	150,000	-
	O	19-Nov-10	31-Dec-12	4,000	$37.10	-	4,000	-
	P	31-Jan-11	31-Dec-13	4,000	$30.90	314	3,686	-
	Q	1-Dec-11	31-Dec-13	100,000	$7.50	-	100,000	-
	R	1-Dec-11	31-Dec-13	4,000	$7.50	-	4,000	-
	S	3-Jan-12	31-Dec-13	3,500	$6.65	-	3,500	-
	T	3-Feb-12	31-Dec-13	6,300	$6.10	-	6,300	-
	U	25-Feb-13	31-Dec-14	200,000	$2.71	-	100,000	100,000
	V	25-Feb-13	31-Dec-14	22,000	$2.71	-	11,000	11,000
	W	26-Nov-13	31-Dec-15	200,000	$5.17	-	-	200,000
	X	26-Nov-13	31-Dec-15	12,000	$5.17	-	-	12,000
	Y	19-Dec-13	31-Dec-15	16,000	$6.38	-	-	16,000
	TOTAL			1,040,621		2,188	699,433	339,000
	(1) Not included under Company’s equity incentive plan.
	A summary of the activity for non-vested share awards for the year ended December 31, 2013 is as follows:
		Number	Weighted
		of Shares	Average
			Fair Value
	Non-vested, December 31, 2012	58,335	$10.08
	Granted	450,000	4.41
	Vested	-169,335	7.19
	Non-vested, December 31, 2013	339,000	$4.75
	The remaining unrecognized compensation cost amounting to $1,446,122 as of December 31, 2013, is expected to be recognized over the remaining weighted average period of 1.3 year, according to the contractual terms of those non-vested share awards.
	On January 31, 2014, 32,000 non-vested Class A common shares were granted to employees of Allseas, with a grant date fair value of $6.67 per share, which will vest ratably over a two-year period commencing on December 31, 2014.
	Share based compensation amounted to $4,840,626, $2,536,702 and $805,469 for the years ended December 31, 2011, 2012 and 2013, respectively and is included in general and administrative expenses.

Gain_from_Vessel_Early_Redeliv

Gain from Vessel Early Redelivery and Other Income	12 Months Ended
	Dec. 31, 2013
Gain from Vessel Early Redelivery and Other Income [Abstract]	'
Gain from Vessel Early Redelivery and Other Income	'
	13.Gain from Vessel Early Redelivery and Other Income
	Gain from vessel early redelivery represents income recognized in connection with the early termination of period time charters resulting from a request of the respective vessel charterers for which the Company received cash compensation of $1,947,947, $0 and $2,267,818 in 2011, 2012 and 2013, respectively.
	Other income for the year ended December 31, 2013, relates mainly to a cash compensation of $402,596 received from KLC representing the present value of the total outstanding cash payments the Company was entitled to receive in connection with the Settlement Agreement and pursuant to the amended KLC rehabilitation plan that was approved by the Seoul Central District Court in March 2013, as discussed in Note 16, and to claim recoveries of $218,634 relating to a dispute regarding one of the Company’s vessels.
	Other income for the year ended December 31, 2012, relates mainly to claim recoveries for damages that had been incurred in one of the Company’s vessels of $703,422, and to a cash compensation of $29,137 received from KLC as the first annual installment in connection with the Settlement Agreement as discussed in Note 16.
	There was no such income recognized for the year ended December 31, 2011.

Income_Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2013
Income Taxes [Abstract]	'
Income Taxes	'
	14.Income Taxes
	The Company and its subsidiaries are incorporated either in the Marshall Islands or Liberia and under the laws of the Marshall Islands and Liberia, are not subject to income taxes.
	The Company is also subject to United States federal income taxation in respect of income that is derived from the international operation of ships and the performance of services directly related thereto ("Shipping Income"), unless exempt from United States federal income taxation.
	If the Company does not qualify for the exemption from tax under Section 883, it will be subject to a 4% tax on its “U.S. source shipping income,” imposed without the allowance for any deductions. For these purposes, "U.S. source shipping income" means 50% of the shipping income that will be derived by the Company that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States. For 2011, 2012 and 2013, the Company qualified for the benefits of Section 883.

Earnings_per_Share_EPS

Earnings per Share ("EPS")	12 Months Ended
	Dec. 31, 2013
Earnings per Share (EPS) [Abstract]	'
Earnings per Share (EPS)	'
	15.Earnings per Share (“EPS”)
	The following table sets forth the computation of basic and diluted net loss per share for the years ended December 31, 2011, 2012 and 2013, adjusted to give effect to the 10-for-1 reverse stock split that became effective on November 5, 2012, as discussed in Note 11:
	Basic EPS – Class A Common Shares
	The two class method EPS is calculated as follows:
		Years Ended December 31,
	Numerators	2011	2012	2013
	Net loss	($283,498,759)	($17,557,125)	($16,953,032)
	Less: Net loss attributable to non-vested share awards	7,644,949	444,326	351,877
	Net loss attributable to common shareholders	($275,853,810)	($17,112,799)	($16,601,155)
	Denominators
	Weighted average common shares outstanding, basic and diluted	5,793,792	6,035,910	12,639,128
	Net loss per common share, basic and diluted:	($47.61)	($2.84)	($1.31)
	Weighted Average Shares – Basic - In calculating basic EPS, the Company includes the effect of vested share awards and Class A common shares issued for exercised stock option awards from the date they are issued or vested.
	Weighted Average Shares – Diluted - In calculating diluted EPS, the Company includes the potential dilution that could occur if securities or other contracts to issue common stock were exercised. In calculating diluted EPS, the following dilutive securities are included in the shares outstanding unless their effect is anti-dilutive:
	Unvested share awards outstanding under the Company’s Stock Incentive Plan
	Class A common shares issuable upon exercise of the Company’s outstanding options
	The Company excluded the dilutive effect of 2,800 (2011 and 2012: 2,800) stock option awards, and 339,000 (2011: 184,447 and 2012: 58,335) non-vested share awards in calculating dilutive EPS for its Class A common shares as their effect was anti-dilutive.

Commitments_and_Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2013
Commitments and Contingencies [Abstract]	'
Commitments and Contingencies	'
	16.Commitments and Contingencies
	From time to time the Company expects to be subject to legal proceedings and claims in the ordinary course of business, principally personal injury and property casualty claims. Such claims, even if lacking in merit, could result in the expenditure of significant financial and managerial resources. The Company is not aware of any claim or contingent liability, which is reasonably possible and should be disclosed, or probable and for which a provision should be established in the accompanying financial statements.
	On September 15, 2011, the Company entered into a Settlement Agreement with KLC in relation to the early termination of the charterparty dated March 17, 2008, as amended, in respect of the M/V Pearl Seas. The parties reached into an agreement, where KLC admitted a liability of $15,750,000, of which 37% would be settled in cash, amounting to $5,827,500, payable in ten annual installments of varying amounts, commencing in December 2012, and the remainder of the liability would be payable in shares of KLC. On May 24, 2012, the Company received 111,201 shares of KLC and on December 31, 2012, the Company received the first cash installment payment of $29,137 due to the Company under the Settlement Agreement. In March 2013, the Seoul Central District Court approved an amended KLC rehabilitation plan, under which nine-tenths of the remaining cash payments due to the Company under the agreement would be paid in shares of KLC rather than in cash, reducing the outstanding amount of cash the Company was entitled to receive from KLC from $5,798,363 to $579,836, which would be payable to the Company in nine annual installments of varying amounts. In addition, a 15-for-1 reverse stock split over the outstanding shares of KLC was approved.
	On May 9, 2013, the 15-for-1 reverse stock split was effectuated. Accordingly, the reverse stock split adjusted the number of KLC shares held by the Company from 111,201 to 7,413. In addition, pursuant to the amended KLC rehabilitation plan, on May 9, 2013, 58,483 additional shares of KLC were issued to the Company, which would be secured at the Korean Securities Depository until November 10, 2013, increasing the total number of KLC shares held by the Company to 65,896 on a reverse stock split adjusted basis.
	On October 29, 2013, KLC paid $402,596 representing the present value of the total outstanding cash payments the Company was entitled to receive as part of the Settlement Agreement and pursuant to the amended KLC rehabilitation plan that was approved by the Seoul Central District Court, as discussed above.
	Rental Expense
	In relation to the rental agreement with Granitis as discussed in Note 3, fixed future minimum non cancellable rent commitments as of December 31, 2013, based on the Euro/U.S. dollar exchange rate of €1.0000:$1.3743 as of December 31, 2013, amount to:
	For the year ending	Amount
	31-Dec-14	$51,256
	31-Dec-15	$51,256
	31-Dec-16	$51,256
	31-Dec-17	$38,442
	Total	$192,210
	Charter Hire
	Future minimum charter hire receipts, based on vessels committed to non-cancelable time charter contracts (including fixture recaps) as of December 31, 2013, net of commissions are:
	For the year ending	Amount
	31-Dec-14	$6,516,098
	Total	$6,516,098
	Charter hires are not generally received when a vessel is off-hire, including time required for normal periodic maintenance of the vessel. In arriving at the minimum future charter revenues, an estimated off-hire time of 18 days to perform any scheduled dry-docking on each vessel has been deducted, and it has been assumed that no additional off-hire time is incurred, although there is no assurance that such estimate will be reflective of the actual off-hire in the future.
	Newbuildings
	Future newbuilding installments based on the non-cancelable newbuilding contracts as of December 31, 2013, including the Hull no. DY4050 and the Hull no. DY4052, are:
	For the year ending	Amount
	31-Dec-14	$109,499,594
	31-Dec-15	37,545,616
	Total	$147,045,210

Subsequent_Events

Subsequent Events	12 Months Ended
	Dec. 31, 2013
Subsequent Events [Abstract]	'
Subsequent Events	'
	17.Subsequent Events
	Newbuildings
	On January 7, 2014, the Company took delivery of its fourth Handysize drybulk vessel; the M/V Proud Seas as discussed in Notes 4, 5 and 8.
	In March 2014, the Company entered into contracts with Jiangsu Yangzijiang Shipbuilding Co. for the construction of three Kamsarmax newbuilding drybulk carriers, as discussed in Note 4.
	Public offering completed on February 18, 2014
	On February 18, 2014, the Company completed a public offering of 6,785,000 of its Class A common shares at $6.25 per share, including the full exercise of the over-allotment option granted to the underwriters to purchase up to 885,000 additional common shares, as discussed in Note 11.
	Equity incentive plan – March 26, 2014
	On March 26, 2014, the Company’s Board of Directors approved to cancel the remaining 68,401 shares reserved for issuance under the equity incentive plan dated October 11, 2006, as amended. In addition, the Company adopted a new equity incentive plan, under which the officers, key employees and directors of the Company will be eligible to receive options to acquire shares of Class A common shares. A total of 2,000,000 Class A common shares were reserved for issuance under the plan (refer to Note 12).
	Credit facilities
	On March 14, 2014, the Company agreed with HSBC Bank Plc, subject to the execution of definitive documentation, to amend certain covenants, as discussed in Note 8.

Significant_Accounting_Policie1

Significant Accounting Policies (Policy)	12 Months Ended
	Dec. 31, 2013
Significant Accounting Policies [Abstract]	'
Principles of Consolidation	'
	(a) Principles of Consolidation: The consolidated financial statements incorporate the financial statements of the Company. Income and expenses of subsidiaries acquired or disposed of during the period are included in the consolidated statements of comprehensive income / (loss) from the effective date of acquisition and up to the effective date of disposal, as appropriate. All intercompany balances and transactions have been eliminated. Paragon, as the holding company, determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. Under ASC 810 “Consolidation” a voting interest entity is an entity in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make financial and operating decisions. The holding company consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than 50%) of the voting interest. Variable interest entities (“VIE”) are entities as defined under ASC 810 that in general either do not have equity investors with voting rights or that have equity investors that do not provide sufficient financial resources for the entity to support its activities. The determination of whether a reporting entity is required to consolidate another entity is based on, among other things, the other entity’s design and purpose and the reporting entity’s power, through voting or similar rights, to direct the activities of the other entity that most significantly impact the other entity’s economic performance. A controlling financial interest in a VIE is present when a company has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE, or both. Only one reporting entity, known as the primary beneficiary, is expected to be identified as having a controlling financial interest and thus is required to consolidate the VIE. The Company evaluates all arrangements that may include a variable interest in an entity to determine if it may be the primary beneficiary, and would be required to include assets, liabilities and operations of a VIE in its consolidated financial statements. As of December 31, 2012 and 2013, no such interest existed.
Use Of Estimates	'
	(b) Use of Estimates: The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Other Comprehensive Income / (Loss)	'
	(c) Other Comprehensive Income / (Loss): The Company follows the accounting guidance relating to “Comprehensive Income,” which requires separate presentation of certain transactions that are recorded directly as components of stockholders’ equity. The Company has elected to present net income / (loss) and other comprehensive income / (loss) in a single continuous statement of comprehensive income / (loss) in its consolidated financial statements.
Foreign Currency Translation	'
	(d) Foreign Currency Translation: The functional currency of the Company is the U.S. Dollar. For other than derivative instruments, each asset, liability, revenue, expense, gain or loss arising from a foreign currency transaction is measured and recorded in the functional currency using the exchange rate in effect at the date of the transaction. As of balance sheet date, monetary assets and liabilities that are denominated in a currency other than the functional currency are adjusted to reflect the exchange rate prevailing at the balance sheet date and any gains or losses are included in the statements of comprehensive income / (loss). As of December 31, 2012 and 2013, the Company had no foreign currency derivative instruments.
Cash and Cash Equivalents	'
	(e) Cash and Cash Equivalents: The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents.
Restricted Cash	'
	(f) Restricted Cash: Restricted cash represents pledged cash deposits or minimum liquidity required to be maintained under the Company’s borrowing arrangements or in relation to bank guarantees issued on behalf of the Company. In the event that the obligation to maintain such deposits is expected to be terminated within the next twelve months, or relates to general minimum liquidity requirements with no obligation to retain such funds in retention accounts, these deposits are classified as current assets. Otherwise they are classified as non-current assets.
Trade Receivables (net)	'
	(g) Trade Receivables (net): Trade receivables (net), reflect the receivables from time charters, net of an allowance for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. Provision for doubtful accounts for the years ended December 31, 2012 and 2013 was $734,983 and $265,751, respectively.
Insurance Claims	'
	(h) Insurance Claims: The Company records insurance claim recoveries for insured losses incurred on damages to fixed assets and for insured crew medical expenses under Other receivables. Insurance claims are recorded, net of any deductible amounts, at the time the Company’s fixed assets suffer insured damages or when crew medical expenses are incurred, recovery is probable under the related insurance policies and the Company can make an estimate of the amount to be reimbursed following submission of the insurance claim.
Inventories	'
	(i) Inventories: Inventories consist of lubricants and stores on board the vessels. When vessels are unemployed or are operating under voyage charters, bunkers on board are recorded in inventories. Inventories are stated at the lower of cost or market. Cost is determined by the first in, first out method.
Vessel Cost	'
	(j) Vessel Cost: Vessels are stated at cost, which consists of the contract price, less discounts, plus any direct expenses incurred upon acquisition, including improvements, commission paid, delivery expenses and other expenditures to prepare the vessel for her initial voyage. Financing costs incurred during the construction period of the vessels are also capitalized and included in the vessels’ cost. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Repairs and maintenance are expensed as incurred.
Impairment of Long-Lived Assets	'
	(k) Impairment of Long-Lived Assets: The Company reviews its long-lived assets “held and used” for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When the estimate of future undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company evaluates the asset for an impairment loss. The Company measures an impairment loss as the difference between the carrying value of the asset and its fair value. In this respect, management regularly reviews the carrying amount of the vessels in connection with the estimated recoverable amount for each of the Company’s vessels.
	The undiscounted projected net operating cash flows for each vessel are determined by considering the contracted charter revenues from existing time charters for the fixed vessel days and an estimated daily time charter equivalent for the unfixed days (based on the most recent ten year historical average of similar size vessels) over the remaining estimated life of the vessel, assumed to be 25 years for drybulk carriers and 30 years for containerships from the date of initial delivery from the shipyard, net of brokerage commissions, the salvage value of each vessel, which is estimated to be $300 per lightweight ton, expected outflows for vessels’ future dry-docking expenses and estimated vessel operating expenses, assuming an average annual inflation rate where applicable. The Company uses the historical ten-year average as it is considered a reasonable estimation of expected future time charter rates over the remaining useful life of the Company’s vessels since it represents a full shipping cycle that captures the highs and lows of the market. The Company utilizes the standard deviation in order to eliminate the outliers of the sample before computing the historic ten-year average of the one-year time charter rate.
	As of December 31, 2011, the impairment analysis had indicated an impairment loss of $271,587,148 relating to the write down to fair value of the carrying amount of six of the Company’s vessels. As of December 31, 2012 and 2013, the impairment analysis indicated no impairment on any of the Company’s vessels.
Vessels Held for Sale	'
	(l) Vessels Held for Sale: The Company classifies vessels as being held for sale when the following criteria are met: (i) management is committed to sell the asset; (ii) the asset is available for immediate sale in its present condition; (iii) an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated; (iv) the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within one year; (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Vessels classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These vessels are no longer depreciated once they meet the criteria of being held for sale.
Vessel Depreciation	'
	(m) Vessel Depreciation: Depreciation is computed using the straight-line method over the estimated useful life of the vessels, after considering the estimated salvage value. Each vessel's salvage value is equal to the product of its lightweight tonnage and estimated scrap rate, which up until September 30, 2012, was estimated to be $150 per lightweight ton. In order to align the scrap rate estimates with the current historical average scrap rate, effective from October 1, 2012, the Company adjusted the estimated scrap rate used to calculate the vessels’ salvage value from $150 to $300 per lightweight ton. The impact of the increase in the estimated scrap rate is a decrease in depreciation expense going forward. The effect of this change in accounting estimate, which did not require retrospective adoption as per ASC 250 “Accounting Changes and Error Corrections,” was to decrease net loss for the year ended December 31, 2012 and 2013, by $294,414 and $1,241,503 or $0.05 and $0.10 per Class A common share, basic and diluted, respectively.
	Management estimates the useful life of the Company’s vessels to be 25 years for drybulk carriers and 30 years for containerships from the date of initial delivery from the shipyard, including secondhand vessels. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life.
Other Fixed Assets	'
	(n) Other Fixed Assets: Other fixed assets consist of computer systems installed on board the vessels to improve their efficiency, software and a vehicle. Other fixed assets are stated at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the useful life of the assets, which is estimated to be 5 years for the computer systems software, and 3 years for the Company’s car. Depreciation charged in the years ended December 31, 2011, 2012 and 2013 amounted to $83,407, $135,095 and $164,527, respectively.
Investments in Affiliate	'
	(o) Investments in Affiliate: Investments in the common stock of entities, in which the Company has significant influence over operating and financial policies, are accounted for using the equity method. Under this method, the investment in the affiliate is initially recorded at cost and is adjusted to recognize the Company’s share of the earnings or losses of the investee after the acquisition date and is adjusted for impairment whenever facts and circumstances indicate that a decline in fair value below the cost basis is other than temporary. The amount of the adjustment is included in the determination of net income / (loss). Dividends received from an affiliate reduce the carrying amount of the investment. When the Company’s share of losses in an affiliate equals or exceeds its interest in the affiliate, the Company does not recognize further losses, unless the Company has incurred obligations or made payments on behalf of the affiliate.
Dry-docking and Special Survey Costs	'
	(p) Dry-docking and Special Survey Costs: Dry-docking and special survey costs are expensed in the period incurred.
Above / Below Market Acquired Time Charters	'
	(q) Above / Below Market Acquired Time Charters: When vessels are acquired with time charters attached and the charter rate on such charters is above or below the prevailing market rates at the time of acquisition, the Company allocates the purchase price of the vessel and the attached time charter on a relative fair value basis.
	The fair value of the attached time charter is computed as the present value of the difference between the contractual amount to be received over the term of the time charter and management's estimate of the then current market charter rate for an equivalent vessel at the time of acquisition. The asset or liability recorded is amortized or accreted over the remaining period of the time charter as a reduction or addition, respectively, to time charter revenue. As of December 31, 2012 and 2013 the Company had no unamortized Above / Below Market Acquired Time Charters.
Financing Costs	'
	(r) Financing Costs: Financing fees incurred for obtaining new loans and credit facilities are deferred and amortized to interest expense over the respective loan or credit facility using the effective interest rate method. Any unamortized balance of costs relating to loans repaid or refinanced is expensed in the period the repayment or refinancing is made, subject to the accounting guidance regarding debt extinguishment. Any unamortized balance of costs related to credit facilities repaid is expensed in the period. Any unamortized balance of costs relating to credit facilities refinanced are deferred and amortized over the term of the respective credit facility in the period the refinancing occurs, subject to the provisions of the accounting guidance relating to Debt – Modifications and Extinguishments. The unamortized financing costs are reflected in Other assets in the accompanying balance sheets.
Debt restructurings	'
	(s) Debt restructurings: The Company accounts for debt modifications or restructuring as troubled debt restructuring when a lender for economic or legal reasons related to the Company’s financial situation grants a concession that it would not otherwise consider. These concessions may include a reduction in the interest rate, principal or accrued interest, extension of the maturity date or other actions intended to minimize potential losses. The Company considers a lender to have granted a concession if the Company’s effective interest rate on the restructured debt is less than the effective interest rate of the old debt immediately before the restructuring. The Company considers the total future cash flows (defined as principal plus interest) of the restructured debt in comparison with the carrying value of the original debt. If a debt modification or restructuring is determined to be a troubled debt restructuring, the Company reduces the carrying amount of the debt when the debt balance is greater than the total future cash flows under the new terms, in which case a gain is recognized. When the total future cash flows of the restructured debt are greater than the carrying value at the date of amendment, the carrying value of the original debt is not adjusted. In a troubled debt restructuring in which the Company agrees to transfer assets to fully settle the debt, the Company recognizes a gain on restructuring for the difference between the carrying amount of the debt and the more clearly evident of: (a) the fair value of the transferred assets or (b) the fair value of the settled debt.
Pension and Retirement Benefit Obligations - Crew	'
	(t) Pension and Retirement Benefit Obligations—Crew: The vessel owning companies employ the crew on board under short-term contracts (usually up to nine months) and, accordingly, they are not liable for any pension or post-retirement benefits.
Revenue and Expenses	'
	(u) Revenue and Expenses:
	Revenue is 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 Revenue: Time charter revenues are recorded ratably over the term of the charter as service is provided, including the amortization / accretion of the above / below market acquired time charters, where applicable. When two or more time charter rates are involved during the life term of a charter agreement, the Company recognizes revenue on a straight-line basis, and income accrued or deferred as a result is included in Other receivables or Deferred income, respectively. Time charter revenues received in advance of the provision of charter service are recorded as deferred income, and recognized when the charter service is rendered.
	Revenue / Voyage charters: Voyage charter is a charter where a contract is made in the spot market for the use of a vessel for a specific voyage for a specified freight rate per ton. If a charter agreement exists and collection of the related revenue is reasonably assured, revenue is recognized as it is earned ratably during the duration of the period of each voyage. A voyage is deemed to commence upon the latest between the completion of discharge of the vessel’s previous cargo and the charter party date of the current voyage, and is deemed to end upon the completion of discharge of the current cargo. Demurrage income represents payments by a charterer to a vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized as it is earned.
	Commissions: Charter hire commissions are deferred and amortized over the related charter period and are presented separately in the accompanying consolidated statements of comprehensive loss.
	Voyage Expenses: Voyage expenses exclude commissions and consist of all costs that are unique to a particular voyage, primarily including port expenses, canal dues, war risk insurances and fuel costs. Voyage expenses also include losses from the sale of bunkers to charterers and bunkers consumed during off-hire periods and while traveling to and from dry-docking for 2012 and 2013, that in the aggregate amounted to $502,596 and $4,462,298, respectively. The sale of bunkers to charterers and bunkers consumed during off-hire periods and while traveling to and from dry-docking for 2011 resulted in gains of $472,351, which are presented under Vessel operating expenses.
	Vessel Operating Expenses: Vessel operating expenses are accounted for as incurred on the accrual basis. Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores, and other miscellaneous expenses.
Share based Compensation	'
	(v) Share based Compensation: Share based payments to employees and directors, including grants of employee and directors stock options, are recognized in the statements of comprehensive income / (loss) based on their grant date fair values and amortized over the required service period.
Segment Reporting	'
	(w) Segment Reporting: The Company reports financial information and evaluates its operations by charter revenues and not by the length of ship employment for its customers (i.e., spot vs. time charters) or by geographical region as the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographical information is impracticable. The Company does not have discrete financial information to evaluate the operating results for each type of charter. Although revenue can be identified for these types of charters, management cannot and does not identify expenses, profitability or other financial information for these charters. As a result, management, including the Chief Executive Officer being the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet, and thus the Company has determined that it operates under one reportable segment.
Derivatives	'
	(x) Derivatives: The Company enters into interest rate swap agreements to manage its exposure to fluctuations of interest rate risk associated with its borrowings. All derivatives are recognized in the consolidated financial statements at their fair value. The fair value of the interest rate derivatives is based on a discounted cash flow analysis. When such derivatives do not qualify for hedge accounting, the Company recognizes their fair value changes in current period earnings. When the derivatives qualify for hedge accounting, the Company recognizes the effective portion of the gain or loss on the hedging instrument directly in other comprehensive income / (loss), while the ineffective portion, if any, is recognized immediately in current period earnings. The Company, at the inception of the transaction, documents the relationship between the hedged item and the hedging instrument, as well as its risk management objective and the strategy of undertaking various hedging transactions. The Company also assesses at hedge inception of whether the hedging instruments are highly effective in offsetting changes in the cash flows of the hedged items.
	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 current period earnings. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in equity is transferred to current period earnings as financial income or expense.
Fair value of financial instruments	'
	(y) Fair value of financial instruments: The fair value of the interest rate derivatives is based on a discounted cash flow analysis.
	In accordance with the requirements of accounting guidance relating to Fair Value Measurements, the Company classifies and discloses its assets and liabilities carried at fair value in one of the following three categories:
	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.
Earnings per Share (EPS)	'
	(z) Earnings per Share (EPS): The computation of basic earnings per share is based on the weighted average number of common shares outstanding during the period determined using the two-class method of computing earnings per share. Non-vested share awards issued are included in the two-class method and income attributable to non-vested share awards is deducted from the net income reported for purposes of calculating net income available to common shareholders used in the computation of basic earnings per share. The computation of diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised. Such securities include non vested stock awards for which the assumed proceeds upon grant are deemed to be the amount of compensation cost attributable to future services and are not yet recognized and common shares issuable upon exercise of the Company’s outstanding warrants, to the extent that they are dilutive, using the treasury method.
Subsequent Events	'
	(aa) Subsequent Events: The Company evaluates subsequent events or transactions up to the date in which the financial statements are issued according to the requirements of ASC 855.
Recent Accounting Pronouncements	'
	(bb) Recent Accounting Pronouncements: There are no recent accounting pronouncements the adoption of which would have a material effect on the Company’s consolidated financial statements in the current period or expected to have an impact on future periods.

Basis_of_Presentation_and_Gene1

Basis of Presentation and General Information (Tables)	12 Months Ended
	Dec. 31, 2013
Basis of Presentation and General Information [Abstract]	'
Drybulk Vessel Owning Subsidiaries	'
	Vessel Owning Company	Date of	Country of	Vessel’s Name	Delivery Date	Built	DWT
		Incorporation	Incorporation
	Trade Force Shipping S.A.	15-Nov-06	Marshall Islands	Deep Seas	Dec-06	1999	72,891
	Frontline Marine Co.	15-Nov-06	Marshall Islands	Calm Seas	Dec-06	1999	74,047
	Fairplay Maritime Ltd.	15-Nov-06	Marshall Islands	Kind Seas	Dec-06	1999	72,493
	Donna Marine	4-Jul-07	Marshall Islands	Pearl Seas	Aug-07	2006	74,483
	Co.
	Protea International Inc.	17-Jul-07	Liberia	Sapphire Seas	Aug-07	2005	53,702
	Reading Navigation Co.	17-Jul-07	Liberia	Diamond Seas	Sep-07	2001	74,274
	Imperator I Maritime Company	27-Sep-07	Marshall Islands	Coral Seas	Nov-07	2006	74,477
	Canyon I Navigation Corp.	27-Sep-07	Marshall Islands	Golden Seas	Dec-07	2006	74,475
	Paloma Marine	19-Jun-08	Liberia	Friendly Seas	Aug-08	2008	58,779
	S.A.
	Eris Shipping	8-Apr-10	Liberia	Dream Seas	Jul-10	2009	75,151
	S.A.
	Coral Ventures	5-Aug-09	Liberia	Prosperous Seas	May-12	2012	37,293
	Inc.
	Winselet Shipping & Trading Co. Ltd.	6-Apr-10	Liberia	Precious Seas	Jun-12	2012	37,205
	Aminta International S.A.	5-May-10	Liberia	Priceless	Jan-13	2013	37,202
				Seas (1)
	(1) Refer to Notes 4, 5 and 8
Vessel Under Construction Owning Subsidiaries	'
	Vessel Owning Company	Date of	Country of	Vessel’s Name / Hull Number	Type	Expected Delivery	DWT / TEU
		Incorporation	Incorporation
	Irises Shipping	6-Oct-09	Marshall Islands	656 (1)	Containership	2014	4,800
	Ltd.						TEU
	Nereus Navigation Ltd.	4-May-10	Marshall Islands	Box King (1)	Containership	2014	4,800
							TEU
	Adonia Enterprises S.A.	5-May-10	Liberia	625 (2)	Drybulk Carrier	2014	37,200
							Dwt
	Alcyone International Marine Inc.	17-Jun-13	Liberia	DY152 (1)	Drybulk Carrier	2014	63,500
							Dwt
	Neptune International Shipping & Trading S.A.	17-Jun-13	Liberia	DY153 (1)	Drybulk Carrier	2014	63,500
							Dwt
	(1) Refer to Notes 4 and 5
	(2) Refer to Notes 4, 5 and 8
Non-Vessel Owning Subsidiaries	'
	Non-Vessel Owning Company	Date of Incorporation	Country of Incorporation
	Camelia Navigation S.A.	15-Nov-06	Marshall Islands
	Explorer Shipholding Limited	15-Nov-06	Marshall Islands
	Epic Investments Inc.	21-Dec-06	Marshall Islands
	Opera Navigation Co.	21-Dec-06	Marshall Islands
	Ovation Services Inc.	16-Sep-09	Marshall Islands
	Letitia Shipping Limited	4-May-10	Marshall Islands
	Ardelia Navigation Limited	15-Jun-10	Liberia
	Eridanus Trading Co.	1-Jul-10	Liberia
	Delphis Shipping Company S.A.	7-Feb-11	Liberia
Major Charterers	'
	Charterer	Percentage of charter revenue
		2011	2012	2013
	Deiulemar Shipping S.P.A.	27.70%	-	-
	Deiulemar Compagnia Di Navigazione S.P.A.	13.00%	-	-
	Intermare Transport GmbH	19.90%	24.10%	13.40%
	Morgan Stanley Capital Group Inc.	-	15.70%	-
	Mansel Ltd.	-	16.60%	-
	Cargill International S.A.	-	19.20%	33.60%

Transactions_with_Related_Part1

Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2013
Transactions with Related Parties [Abstract]	'
Related Party Transactions	'
		2011	2012	2013
	(1(i)) Charter hire commissions	$1,119,611	$646,987	$750,533
	(1(ii)) Vessel sale & purchase commissions	2,091,028	-	-
	Total Allseas commissions	$3,210,639	$646,987	$750,533
	Included in Vessel operating expenses
	(1(v)) Superintendent fees	$259,054	$338,826	$399,626
	Included in Dry-docking expenses
	(1(v)) Superintendent fees	$122,481	$-	$109,248
	Management fees - related party
	(1(iii)) Management fees	$4,022,215	$3,428,548	$4,104,271
	(2) Financial accounting and reporting services	509,869	666,196	720,361
	(3) Loretto agreement	248,416	-	1,049,784
	Total Management fees	$4,780,500	$4,094,744	$5,874,416
	Included in General and administrative expenses
	(4) Administrative fees	$33,207	$36,085	$38,598
	(7) Executive services agreement	$5,193,645	$3,228,438	$7,582,634

Vessels_Net_Tables

Vessels, Net (Tables)	12 Months Ended
	Dec. 31, 2013
Vessels Net [Abstract]	'
Vessels, Net	'
		Vessel	Accumulated	Net Book
		Cost	Depreciation	Value
	Balance January 1, 2012	$305,592,515	($36,984,152)	$268,608,363
	Newbuilding deliveries	46,019,408	-	46,019,408
	Depreciation for the period	-	-16,251,331	-16,251,331
	Balance December 31, 2012	$351,611,923	($53,235,483)	$298,376,440
	Newbuilding deliveries	24,581,533	-	24,581,533
	Depreciation for the period	-	-16,822,057	-16,822,057
	Balance December 31, 2013	$376,193,456	($70,057,540)	$306,135,916

Other_Assets_Tables

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2013
Other Assets [Abstract]	'
Deferred Financing Costs	'
	1-Jan-12	$2,100,277
	Additions	943,325
	Amortization	-447,573
	31-Dec-12	$2,596,029
	Additions	642,825
	Amortization	-941,733
	31-Dec-13	$2,297,121

Investment_In_Affiliate_Tables

Investment In Affiliate (Tables)	12 Months Ended
	Dec. 31, 2013
Investment in Affiliate [Abstract]	'
Investment In Affiliate	'
	Balance, January 1, 2012	$38,805,802
	Equity in net income of affiliate	1,986,590
	Equity in other comprehensive loss of affiliate	-107,083
	Dividends received	-3,712,500
	Dilution effect	-2,943,720
	Impairment in investment in affiliate	(14,041,346)
	Balance, December 31, 2012	$19,987,743
	Equity in net income of affiliate	1,652,339
	Equity in other comprehensive income of affiliate	77,165
	Dividends received	-1,787,500
	Dilution effect	-390,821
	Impairment in investment in affiliate	-8,229,551
	Balance, December 31, 2013	$11,309,375
Summarized Income Statement Data in respect of Box Ships	'
		Year ended December 31,
	INCOME STATEMENT DATA	2012	2013
	Net revenue	65,888,142	69,836,201
	Operating income	21,697,724	23,631,192
	Net income	13,176,164	15,307,658
Summarized Balance Sheet Data in respect of Box Ships	'
		As of December 31,
	BALANCE SHEET DATA	2012	2013
	Total current assets	19,578,166	31,691,262
	Total non-current assets	425,485,703	397,915,376
	Total assets	445,063,869	429,606,638
	Total current liabilities	42,659,883	184,434,021
	Total long-term liabilities	181,624,703	453,248

Secured_Loans_and_Credit_Facil1

Secured Loans and Credit Facilities (Tables)	12 Months Ended
	Dec. 31, 2013
Long-Term Debt [Abstract]	'
Loans And Credit Facilities Amounts Outstanding	'
		2012	2013
	(a)Commerzbank AG	$50,550,000	$47,550,000
	(b)Unicredit Bank AG	25,587,000	22,587,000
	(c)Bank of Scotland Plc	36,616,864	33,616,864
	(d)Bank of Ireland	14,800,000	13,400,000
	(e)HSH Nordbank AG	22,125,000	20,625,000
	(f)HSBC Bank Plc	18,400,000	16,800,000
	(g)Nordea Bank Finland Plc	27,463,312	25,536,062
	Total	$195,542,176	$180,114,926
Schedule of Debt	'
	Disclosed as follows in the Consolidated Balance Sheets
	Current portion of long-term debt	$14,427,250	$17,257,750
	Long-term debt	181,114,926	162,857,176
	Total	$195,542,176	$180,114,926
Minimum Annual Principal Payments	'
	To December 31,
	2014	$17,257,750
	2015	50,266,114
	2016	30,036,750
	2017	57,529,312
	2018	16,225,000
	Thereafter	8,800,000
	Total	$180,114,926

Interest_Rate_Swaps_Tables

Interest Rate Swaps (Tables)	12 Months Ended
	Dec. 31, 2013
Interest Rate Swaps [Abstract]	'
Interest rate swaps that did not qualify for hedge accounting	'
		Counterparty	Effective	Termination	Notional	Notional	Fixed rate	Floating rate
			date	date	amount	amount
					As of December 31, 2012	As of December 31, 2013
	A	Unicredit Bank AG (1)	27-Aug-10	27-Aug-15	$45,900,000	$35,700,000	2.47%	3-month LIBOR
	TOTAL				$45,900,000	$35,700,000
	(1) The notional amount reduces by $2,550,000 on a quarterly basis up until the expiration of the interest rate swap.
Interest rate swaps that qualified for hedge accounting	'
		Counterparty	Effective	Termination	Notional	Notional	Fixed rate	Floating rate
			date	date	amount	amount
					As of December 31, 2012	As of December 31, 2013
	A	HSBC Bank Plc (1)	10-Apr-12	10-Apr-17	$5,520,000	$5,040,000	1.49%	3-month LIBOR
	B	HSH Nordbank AG (2)	8-May-12	5-May-17	$11,062,500	$10,312,500	1.22%	3-month LIBOR
	C	Nordea Bank Finland Plc (3)	4-May-12	31-Mar-17	$6,885,125	$6,401,958	1.14%	3-month LIBOR
	D	Nordea Bank Finland Plc (4)	18-Jun-12	4-May-17	$6,846,531	$6,366,073	1.01%	3-month LIBOR
	E	HSH Nordbank AG (5)	6-Aug-12	5-May-17	$5,531,250	$5,156,250	0.98%	3-month LIBOR
	TOTAL				$35,845,406	$33,276,781
	(1) The notional amount reduces by $120,000 on a quarterly basis up until the expiration of the interest rate swap.
	(2) The notional amount reduces by $187,500 on a quarterly basis up until the expiration of the interest rate swap.
	(3) The notional amount reduces by $120,792 on a quarterly basis up until the expiration of the interest rate swap.
	(4) The notional amount reduces by $120,115 on a quarterly basis up until the expiration of the interest rate swap.
	(5) The notional amount reduces by $93,750 on a quarterly basis up until the expiration of the interest rate swap.

Financial_Instruments_and_Fair1

Financial Instruments and Fair Value Disclosures (Tables)	12 Months Ended
	Dec. 31, 2013
Financial Instruments and Fair Value Disclosures [Abstract]	'
Derivative Instruments - Balance Sheet Location	'
			31-Dec-12	31-Dec-13
		Balance Sheet Location	Fair Value	Fair Value
	Derivatives designated as hedging instruments
	Interest rate swaps	Non-Current Assets – Interest rate swaps	$-	($87,295)
	Interest rate swaps	Current liabilities – Interest rate swaps	297,908	294,505
	Interest rate swaps	Long-Term Liabilities – Interest rate swaps	375,166	22,683
		Subtotal	$673,074	$229,893
	Derivatives not designated as hedging instruments
	Interest rate swaps	Current liabilities – Interest rate swaps	$887,811	$685,960
	Interest rate swaps	Long-Term Liabilities – Interest rate swaps	992,411	359,433
		Subtotal	$1,880,222	$1,045,393
	Total derivatives		$2,553,296	$1,275,286
Effect of Derivative Instruments designated as hedging instruments (Recognized in Accumulated Other Comprehensive Income / (Loss) - Effective Portion)	'
	Gain / (Loss) Recognized in Accumulated Other Comprehensive Income / (Loss) – Effective Portion
			Year Ended December 31,
			2012	2013
	Interest rate swaps		($847,943)	$131,112
	Total		($847,943)	$131,112
Effect of Derivative Instruments designated as hedging instruments (Transferred from Accumulated Other Comprehensive Income / (Loss) in Statement of Comprehensive Income / (Loss) - Effective Portion)	'
	Location of Gain / (Loss) Transferred from Accumulated Other Comprehensive Income / (Loss) in Statement of Comprehensive Income / (Loss) – Effective Portion
			Year Ended December 31,
			2012	2013
	Interest rate swaps – Realized Loss	Interest and finance costs	($174,869)	($312,069)
	Total		($174,869)	($312,069)
Effect of Derivative Instruments not designated as hedging instruments	'
			Year Ended December 31,
		Location of Gain / (Loss) Recognized	2012	2013
	Interest rate swaps – Fair value	Loss on derivatives, net	$2,017,297	$834,829
	Interest rate swaps – Realized Loss	Loss on derivatives, net	-2,731,371	-930,117
	Net loss on derivatives		($714,074)	($95,288)
Summary of Valuation of Interest Rate Swaps	'
	Financial Instruments	Significant Other Observable Inputs (Level 2)
		31-Dec-12	31-Dec-13
	Interest rate swaps – asset	$-	($87,295)
	Interest rate swaps – liability	2,553,296	1,362,581
	Total	$2,553,296	$1,275,286
Marketable Securities Location of Gain / (Loss) Recognized	'
			Year Ended December 31,
		Location of Gain / (Loss) Recognized	2012	2013
			Gain / (Loss)	Gain / (Loss)
	Marketable securities – Initial measurement	Gain on marketable securities, net	$1,394,665	$3,113,306
	Marketable securities – Realized Loss	Gain on marketable securities, net	-980,430	-1,911,212
	Net gain on marketable securities		$414,235	$1,202,094
Available For Sale Securites Summary Of Valuation	'
	Financial Assets	Quoted Prices in Active Markets (Level 1)
		31-Dec-12	31-Dec-13
	KLC Shares – Marketable Securities	$567,288	$1,616,329
	Total	$567,288	$1,616,329
Investment In Affiliate Summary Of Valuation	'
	Financial Assets	Quoted Prices in Active Markets (Level 1)	Loss
	Investment in equity affiliate – Box Ships Inc.	$11,309,375	$8,229,551

Share_Based_Payments_Equity_in

Share Based Payments - Equity incentive plan - Non-vested share awards (Tables)	12 Months Ended
	Dec. 31, 2013
Share Based Payments [Abstract]	'
Share Awards Details	'
		Grant date	Final Vesting date	Total shares granted	Grant date fair value	Shares cancelled	Shares vested	Non-vested share awards
	A	21-Nov-06	31-Dec-10	4,000	$91.10	112	3,888	-
	B	27-Aug-07	31-Dec-09	4,650	$158.05	100	4,550	-
	C	28-Dec-07	31-Dec-10	2,000	$189.70	467	1,533	-
	D	5-Feb-08	31-Dec-11	600	$173.70	125	475	-
	E	13-May-08	30-Jun-11	400	$199.00	-	400	-
	F	19-Dec-08	31-Dec-10	2,000	$48.15	-	2,000	-
	G	19-Dec-08	31-Dec-11	1,200	$48.15	267	933	-
	H	23-Jan-09	31-Dec-12	860	$52.50	188	672	-
	I	18-Aug-09	31-Dec-11	100,000	$40.25	-	100,000	-
	J	10-Nov-09	31-Dec-10	198,711 (1)	$44.25	-	198,711	-
	K	10-Nov-09	31-Dec-11	2,000	$44.25	-	2,000	-
	L	10-Nov-09	31-Dec-12	1,200	$44.25	400	800	-
	M	1-Feb-10	31-Dec-13	1,200	$44.45	215	985	-
	N	19-Nov-10	30-Sep-12	150,000	$37.10	-	150,000	-
	O	19-Nov-10	31-Dec-12	4,000	$37.10	-	4,000	-
	P	31-Jan-11	31-Dec-13	4,000	$30.90	314	3,686	-
	Q	1-Dec-11	31-Dec-13	100,000	$7.50	-	100,000	-
	R	1-Dec-11	31-Dec-13	4,000	$7.50	-	4,000	-
	S	3-Jan-12	31-Dec-13	3,500	$6.65	-	3,500	-
	T	3-Feb-12	31-Dec-13	6,300	$6.10	-	6,300	-
	U	25-Feb-13	31-Dec-14	200,000	$2.71	-	100,000	100,000
	V	25-Feb-13	31-Dec-14	22,000	$2.71	-	11,000	11,000
	W	26-Nov-13	31-Dec-15	200,000	$5.17	-	-	200,000
	X	26-Nov-13	31-Dec-15	12,000	$5.17	-	-	12,000
	Y	19-Dec-13	31-Dec-15	16,000	$6.38	-	-	16,000
	TOTAL			1,040,621		2,188	699,433	339,000
	(1) Not included under Company’s equity incentive plan.
Shares Awards Activity	'
		Number	Weighted
		of Shares	Average
			Fair Value
	Non-vested, December 31, 2012	58,335	$10.08
	Granted	450,000	4.41
	Vested	-169,335	7.19
	Non-vested, December 31, 2013	339,000	$4.75

Earnings_per_Share_EPS_Tables

Earnings per Share ("EPS") (Tables)	12 Months Ended
	Dec. 31, 2013
Earnings per Share (EPS) [Abstract]	'
Basic and diluted EPS Class A Common Shares	'
		Years Ended December 31,
	Numerators	2011	2012	2013
	Net loss	($283,498,759)	($17,557,125)	($16,953,032)
	Less: Net loss attributable to non-vested share awards	7,644,949	444,326	351,877
	Net loss attributable to common shareholders	($275,853,810)	($17,112,799)	($16,601,155)
	Denominators
	Weighted average common shares outstanding, basic and diluted	5,793,792	6,035,910	12,639,128
	Net loss per common share, basic and diluted:	($47.61)	($2.84)	($1.31)

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2013
Commitments and Contingencies [Abstract]	'
Rental Expense	'
	For the year ending	Amount
	31-Dec-14	$51,256
	31-Dec-15	$51,256
	31-Dec-16	$51,256
	31-Dec-17	$38,442
	Total	$192,210
Charter Hire	'
	For the year ending	Amount
	31-Dec-14	$6,516,098
	Total	$6,516,098
Newbuilding Commitments	'
	For the year ending	Amount
	31-Dec-14	$109,499,594
	31-Dec-15	37,545,616
	Total	$147,045,210

Basis_of_Presentation_and_Gene2

Basis of Presentation and General Information (Table) (Details)	12 Months Ended
	Dec. 31, 2013
Deep Seas	'
Property Plant And Equipment [Line Items]	'
DWT	72,891
Vessel Year Built	'1999
Delivery Date	'December 2006
Date of Incorporation	15-Nov-06
Calm Seas	'
Property Plant And Equipment [Line Items]	'
DWT	74,047
Vessel Year Built	'1999
Delivery Date	'December 2006
Date of Incorporation	15-Nov-06
Kind Seas	'
Property Plant And Equipment [Line Items]	'
DWT	72,493
Vessel Year Built	'1999
Delivery Date	'December 2006
Date of Incorporation	15-Nov-06
Pearl Seas	'
Property Plant And Equipment [Line Items]	'
DWT	74,483
Vessel Year Built	'2006
Delivery Date	'August 2007
Date of Incorporation	4-Jul-07
Sapphire Seas	'
Property Plant And Equipment [Line Items]	'
DWT	53,702
Vessel Year Built	'2005
Delivery Date	'August 2007
Date of Incorporation	17-Jul-07
Diamond Seas	'
Property Plant And Equipment [Line Items]	'
DWT	74,274
Vessel Year Built	'2001
Delivery Date	'September 2007
Date of Incorporation	17-Jul-07
Coral Seas	'
Property Plant And Equipment [Line Items]	'
DWT	74,477
Vessel Year Built	'2006
Delivery Date	'November 2007
Date of Incorporation	27-Sep-07
Golden Seas	'
Property Plant And Equipment [Line Items]	'
DWT	74,475
Vessel Year Built	'2006
Delivery Date	'December 2007
Date of Incorporation	27-Sep-07
Friendly Seas	'
Property Plant And Equipment [Line Items]	'
DWT	58,779
Vessel Year Built	'2008
Delivery Date	'August 2008
Date of Incorporation	19-Jun-08
Dream Seas	'
Property Plant And Equipment [Line Items]	'
DWT	75,151
Vessel Year Built	'2009
Delivery Date	'July 2010
Date of Incorporation	8-Apr-10
Prosperous Seas	'
Property Plant And Equipment [Line Items]	'
DWT	37,293
Vessel Year Built	'2012
Delivery Date	'May 2012
Date of Incorporation	5-Aug-09
Precious Seas	'
Property Plant And Equipment [Line Items]	'
DWT	37,205
Vessel Year Built	'2012
Delivery Date	'June 2012
Date of Incorporation	6-Apr-10
Priceless Seas	'
Property Plant And Equipment [Line Items]	'
DWT	37,202
Vessel Year Built	'2013
Delivery Date	'January 2013
Date of Incorporation	5-May-10
Hull 656	'
Property Plant And Equipment [Line Items]	'
TEU	4,800
Expected Delivery	'2014
Date of Incorporation	6-Oct-09
Box King	'
Property Plant And Equipment [Line Items]	'
TEU	4,800
Expected Delivery	'2014
Date of Incorporation	4-May-10
Hull 625	'
Property Plant And Equipment [Line Items]	'
DWT	37,200
Expected Delivery	'2014
Date of Incorporation	5-May-10
Hull DY152	'
Property Plant And Equipment [Line Items]	'
DWT	63,500
Expected Delivery	'2014
Date of Incorporation	17-Jun-13
Hull DY153	'
Property Plant And Equipment [Line Items]	'
DWT	63,500
Expected Delivery	'2014
Date of Incorporation	17-Jun-13

Basis_of_Presentation_and_Gene3

Basis of Presentation and General Information - Non Vessel Owning Subsidiaries (Table) (Details)	12 Months Ended
	Dec. 31, 2013
Camelia Navigation S.A.	'
Non-Vessel Owning Subsidiaries [Line Items]	'
Date of Incorporation	15-Nov-06
Explorer Shipholding Limited	'
Non-Vessel Owning Subsidiaries [Line Items]	'
Date of Incorporation	15-Nov-06
Epic Investments Inc.	'
Non-Vessel Owning Subsidiaries [Line Items]	'
Date of Incorporation	21-Dec-06
Opera Navigation Co.	'
Non-Vessel Owning Subsidiaries [Line Items]	'
Date of Incorporation	21-Dec-06
Ovation Services Inc.	'
Non-Vessel Owning Subsidiaries [Line Items]	'
Date of Incorporation	16-Sep-09
Letitia Shipping Limited	'
Non-Vessel Owning Subsidiaries [Line Items]	'
Date of Incorporation	4-May-10
Ardelia Navigation Limited	'
Non-Vessel Owning Subsidiaries [Line Items]	'
Date of Incorporation	15-Jun-10
Eridanus Trading Co.	'
Non-Vessel Owning Subsidiaries [Line Items]	'
Date of Incorporation	1-Jul-10
Delphis Shipping Company S.A.	'
Non-Vessel Owning Subsidiaries [Line Items]	'
Date of Incorporation	7-Feb-11

Basis_of_Presentation_and_Gene4

Basis of Presentation and General Information - Major Charters (Table) (Details)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Deiulemar Shipping S.P.A.	'	'	'
Entity Wide Revenue Major Customer [Line Items]	'	'	'
Percentage of charter revenue	0.00%	0.00%	27.70%
Deiulemar Compagnia Di Navigazione S.P.A.	'	'	'
Entity Wide Revenue Major Customer [Line Items]	'	'	'
Percentage of charter revenue	0.00%	0.00%	13.00%
Intermare Transport GmbH	'	'	'
Entity Wide Revenue Major Customer [Line Items]	'	'	'
Percentage of charter revenue	13.40%	24.10%	19.90%
Morgan Stanley Capital Group Inc.	'	'	'
Entity Wide Revenue Major Customer [Line Items]	'	'	'
Percentage of charter revenue	0.00%	15.70%	0.00%
Mansel Ltd.	'	'	'
Entity Wide Revenue Major Customer [Line Items]	'	'	'
Percentage of charter revenue	0.00%	16.60%	0.00%
Cargill International S.A.	'	'	'
Entity Wide Revenue Major Customer [Line Items]	'	'	'
Percentage of charter revenue	33.60%	19.20%	0.00%

Basis_of_Presentation_and_Gene5

Basis of Presentation and General Information (Details)	9 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Basis of Presentation and General Information [Abstract]	'	'
Ten for one reverse stock split	'15-for-1	'10-for-1
Ownership percentage by CEO	38.00%	'

Significant_Accounting_Policie2

Significant Accounting Policies (Details) (USD $)	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2012	Sep. 30, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Property Plant And Equipment [Line Items]	'	'	'	'	'
Provision for Doubtful Accounts	$734,983	'	$265,751	$734,983	'
Gain loss from sale of bunkers to charterers	'	'	4,462,298	502,596	472,351
Vessels Salvage Value Per Lightweight Ton	'$300	'$150	'	'	'
Impairment loss	'	'	0	0	277,327,148
Effect of change in accounting estimate	'	'	1,241,503	294,414	'
Per share effect of change in accounting estimate	'	'	$0.10	$0.05	'
Depreciation	'	'	16,986,584	16,386,426	32,544,199
Drybulk Carriers	'	'	'	'	'
Property Plant And Equipment [Line Items]	'	'	'	'	'
Useful life	'	'	'25 years	'	'
Containerships	'	'	'	'	'
Property Plant And Equipment [Line Items]	'	'	'	'	'
Useful life	'	'	'30 years	'	'
Write Down Of Six Vessels	'	'	'	'	'
Property Plant And Equipment [Line Items]	'	'	'	'	'
Impairment loss	'	'	'	'	271,587,148
Computer Systems Software	'	'	'	'	'
Property Plant And Equipment [Line Items]	'	'	'	'	'
Useful life	'	'	'5 years	'	'
Company Cars	'	'	'	'	'
Property Plant And Equipment [Line Items]	'	'	'	'	'
Useful life	'	'	'3 years	'	'
Other Fixed Assets	'	'	'	'	'
Property Plant And Equipment [Line Items]	'	'	'	'	'
Depreciation	'	'	$164,527	$135,095	$83,407

Transactions_with_Related_Part2

Transactions with Related Parties (Table) (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Related Party Transaction [Line Items]	'	'	'
(1(i)) Charter hire commissions	$3,273,889	$2,918,296	$5,185,459
Management fees - related party	'	'	'
Total Management fees	5,874,416	4,094,744	4,780,500
Allseas Marine SA	'	'	'
Related Party Transaction [Line Items]	'	'	'
(1(i)) Charter hire commissions	750,533	646,987	1,119,611
(1(ii)) Vessel sale & purchase commissions	0	0	2,091,028
Total Allseas commissions	750,533	646,987	3,210,639
Included in Vessel operating expenses	'	'	'
(1(v)) Superintendent fees	399,626	338,826	259,054
Included in Dry-docking expenses	'	'	'
(1(v)) Superintendent fees	109,248	0	122,481
Management fees - related party	'	'	'
(1(iii)) Management fees	4,104,271	3,428,548	4,022,215
(2) Financial accounting and reporting services	720,361	666,196	509,869
(3) Loretto agreement	1,049,784	0	248,416
Total Management fees	5,874,416	4,094,744	4,780,500
Included in General and administrative expenses	'	'	'
(4) Administrative fees	38,598	36,085	33,207
(7) Executive services agreement	$7,582,634	$3,228,438	$5,193,645

Transactions_with_Related_Part3

Transactions with Related Parties - Granitis (Details) (Granitis Glyfada Real Estate Ltd.)	3 Months Ended		12 Months Ended
	Dec. 31, 2012	Dec. 31, 2007	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
	EUR (€)	EUR (€)	USD ($)	USD ($)	USD ($)
Related Party Transaction [Line Items]	'	'	'	'	'
Initial rental agreement duration	'5yrs	'5yrs	'	'	'
Initial monthly rental fee	€ 3,000	€ 2,000	'	'	'
Rental fee additional tax	3.60%	3.60%	'	'	'
Rent expense	'	'	$49,324	$39,593	$38,947

Transactions_with_Related_Part4

Transactions with Related Parties - Allseas (Details)

12 Months Ended

12 Months Ended

5 Months Ended

7 Months Ended

12 Months Ended

12 Months Ended

10 Months Ended

12 Months Ended

2 Months Ended

9 Months Ended

10 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Feb. 18, 2014

Sep. 27, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

31-May-11

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2011

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2012

Dec. 24, 2012

Feb. 18, 2014

Sep. 27, 2013

Dec. 31, 2013

Feb. 15, 2013

Dec. 31, 2012

Sep. 27, 2013

USD ($)

USD ($)

USD ($)

Public offering

Public offerings

Related Party

Related Party

Related Party

Allseas Marine SA

Allseas Marine SA

Allseas Marine SA

Allseas Marine SA

Allseas Marine SA

Allseas Marine SA

Allseas Marine SA

Superintedent services

Financial Accounting Services

Financial Reporting Services

Financial Reporting Services

Newbuildings Supervision

Executive Services

Executive Services

Executive Services

Executive Services

Executive Services

Executive Services

Executive Services

Letter of Guarantee

Innovation Holdings S.A.

Loretto Finance Inc.

Loretto Finance Inc.

Loretto Finance Inc.

Loretto Finance Inc.

Loretto Finance Inc.

Additional Shares Issued to Loretto

USD ($)

USD ($)

USD ($)

EUR (€)

EUR (€)

EUR (€)

EUR (€)

USD ($)

EUR (€)

USD ($)

EUR (€)

EUR (€)

USD ($)

EUR (€)

EUR (€)

EUR (€)

USD ($)

EUR (€)

USD ($)

EUR (€)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

Related Party Transaction [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Capitalized expenses

'

'

'

'

'

'

'

'

'

'

'

'

$1,588,512

'

$1,479,827

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loss from contract cancellation

568,658

0

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loss from contract cancellation related party

'

'

'

'

'

444,421

0

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Charter Hire Commission payable to the Management company

'

'

'

'

'

'

'

'

'

'

'

'

1.25%

1.25%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Commission rate payable to the management company for the purchase, sale and construction of vessels

'

'

'

'

'

'

'

'

'

'

'

'

1.00%

1.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Daily management fee

'

'

'

'

'

'

'

'

620

661.15

652.02

636.74

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Pre-delivery services amount payable

'

'

'

'

'

'

'

'

'

'

'

'

15,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Superintendents Management fee payable

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

500

'

'

'

500

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Annual fee payable for financial accounting services

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

250,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Annual fee payable financial reporting services cost

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

120,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Annual fee per vessel payable financial reporting services cost

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

30,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common stock - shares issued

'

'

'

6,785,000

6,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4,901,961

135,700

120,000

334,258

98,039

116,219

120,000

Share based compensation

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

880,015

714,000

335,784

'

'

'

Flat fee for newbuilding supervision services

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

375,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Daily fee for newbuilding vessels' supervision

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

115

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Compensation for involuntary termination of contract

'

'

'

'

'

'

'

'

'

'

'

'

4,122,900

3,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Euro / U.S. dollar exchange rate

1.3743

'

'

'

'

'

'

'

'

'

'

'

1.3743

1.3743

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Annual executive services fee payable

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,900,000

'

2,700,000

'

2,500,000

'

'

'

'

'

'

'

'

'

Executive services agreement duration

'

'

'

'

'

'

'

'

'

'

'

'

'5yrs

'5yrs

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Annual executive services fee

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7,582,634

'

3,228,438

'

5,193,645

'

'

'

'

'

'

'

'

Incentive compensation paid to executives

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,993,000

'

0

'

1,695,590

'

'

'

'

'

'

'

'

Percentage of the issued and oustanding shares of the company, issuable to the management company

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Due from related parties

$146,051

$2,508,195

'

'

'

'

'

'

'

'

'

'

$146,051

'

$2,508,195

'

'

'

'

'

'

'

'

'

'

'

'

$1,280,000

'

'

'

'

'

'

'

Transactions_with_Related_Part5

Transactions with Related Parties - Manning Agency Agreements & Cadetship Program Agreement (Details) (USD $)	4 Months Ended	12 Months Ended			32 Months Ended
	Apr. 30, 2011	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013
Related Party Transaction [Line Items]	'	'	'	'	'
Due to related parties	'	$82,074	$84,705	'	$82,074
Crewcare Inc. Manning Agency Agreements	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'
One-off recruitment fees per seaman	110	'	'	'	120
Monthly manning service fee per seaman	85	'	'	'	95
In-house training fee per seaman	'	30	'	'	'
Extra in-house training fee per seaman	'	50	'	'	'
Manning expenses	'	382,517	321,648	321,967	'
Due to related parties	'	82,074	84,705	'	82,074
Crewcare Inc. Cadetship Program Agreement	'	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'	'
Lump sum fee per cadet employed	'	5,000	'	'	'
Cadetship program expenses	'	$15,000	'	'	'

Transactions_with_Related_Part6

Transactions with Related Parties - Box Ships Inc. (Details) (USD $)

Dec. 31, 2013

Dec. 31, 2012

Oct. 18, 2013

Aug. 05, 2013

Jul. 19, 2013

Apr. 19, 2013

Feb. 28, 2013

Nov. 30, 2012

Aug. 31, 2011

Apr. 19, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Apr. 19, 2014

27-May-11

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2011

Box Ships Inc.

Box Ships Inc.

Box Ships Inc.

Box Ships Inc.

Box Ships Inc.

Box Ships Inc.

Box Ships Inc.

Box Ships Inc.

Box Ships Inc.

Box Ships Inc.

Box Ships Inc.

Box Ships Inc.

Box Ships Inc.

Margin Before Amendment

Margin After Amendment

Box Ships Management Agreement

Related Party Transaction [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of ownership in Box Ships

13.60%

16.40%

'

'

'

'

'

'

'

'

13.60%

16.40%

'

'

'

'

'

'

Loan to affiliate interest rate basis

'

'

'

'

'

'

'

'

'

'

'LIBOR

'

'

'

'

'

'

'

Margin

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.00%

5.00%

'

Loan pre-payment from affiliate

'

'

$6,000,000

$5,000,000

$1,000,000

$1,000,000

$1,000,000

$1,000,000

$15,000,000

'

'

'

'

'

'

'

'

'

Loan to affiliate - balance

'

'

'

6,000,000

'

'

13,000,000

'

'

'

'

14,000,000

'

'

30,000,000

'

'

'

Balloon payment - loan to affiliate

'

'

'

'

'

'

'

'

'

'

'

'

'

9,000,000

'

'

'

'

Quarterly loan repayment from affiliate

'

'

'

'

'

'

'

'

'

1,000,000

'

'

'

'

'

'

'

'

Amendment fee

'

'

'

'

'

'

'

'

'

'

65,000

'

'

'

'

'

'

'

Interest income related party

'

'

'

'

'

'

'

'

'

'

$439,326

$675,856

$508,019

'

'

'

'

'

Capacity of Containerships under construction (TEU)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4,800

Advances_for_Vessel_Acquisitio1

Advances for Vessel Acquisitions and Vessels under Construction (Details) (USD $)

Dec. 31, 2013

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2014

Mar. 05, 2014

Dec. 31, 2013

Dec. 09, 2013

Dec. 08, 2013

Dec. 31, 2011

Dec. 31, 2012

Jan. 29, 2014

Dec. 31, 2013

Oct. 07, 2013

Dec. 31, 2013

Oct. 03, 2013

Oct. 07, 2013

Dec. 31, 2013

Oct. 03, 2013

Feb. 11, 2014

Oct. 07, 2013

Dec. 31, 2013

Feb. 11, 2014

Dec. 09, 2013

Dec. 31, 2013

Feb. 11, 2014

Dec. 09, 2013

Oct. 03, 2013

Dec. 09, 2013

Jan. 29, 2014

Sep. 27, 2013

Mar. 25, 2014

Mar. 05, 2014

Mar. 25, 2014

Mar. 05, 2014

Mar. 25, 2014

Mar. 05, 2014

Feb. 11, 2014

Feb. 11, 2014

Handysize Vessels

Handysize Vessels

Ultramax Vessels

Kamsarmax Vessels

Kamsarmax Vessels

Containerships

Containerships

Containerships

Containerships

M/V Prosperous Seas & M/V Precious Seas

M/V Priceless Seas

M/V Priceless Seas

Hull no. DY152

Hull no. DY152

Hull no. DY152

Hull no. DY153

Hull no. DY153

Hull no. DY153

Allseas Marine S.A.

Allseas Marine S.A.

Hull no. DY4050

Hull no. DY4050

Hull no. DY4050

Hull no. DY4052

Hull no. DY4052

Hull no. DY4052

Hull no. DY152 and Hull no. DY153

Hull no. DY4050 and Hull no. DY4052

M/V Proud Seas

Public offerings

Hull no. YZJ1144

Hull no. YZJ1144

Hull no. YZJ1145

Hull no. YZJ1145

Hull no. YZJ1142

Hull no. YZJ1142

Commencement of steel cutting

Vessel delivery

Property Plant And Equipment [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of newbuildings

1

4

4

'

3

1

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Vessel capacity

'

'

'

81,800

'

'

'

'

'

'

'

37,202

'

63,500

'

'

63,500

'

'

'

63,500

'

'

63,500

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Newbuilding contract price installment

'

'

'

'

'

'

'

'

'

$29,328,882

$1,419,475

'

$8,058,495

'

'

$8,058,495

'

'

'

'

'

$5,592,661

'

'

$5,592,661

'

'

'

$21,637,078

'

$9,165,000

'

$9,165,000

'

$9,165,000

'

'

'

Common stock - shares issued

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6,000,000

'

'

'

'

'

'

'

'

Acquisition cost of vessels

'

'

'

'

91,650,000

'

55,000,000

57,500,000

'

'

'

'

'

'

26,500,000

'

'

26,500,000

'

'

'

'

28,250,000

'

'

28,250,000

53,000,000

56,500,000

'

'

'

30,550,000

'

30,550,000

'

30,550,000

'

'

Vessel purchase commision amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

282,500

265,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Vessel purchase commission

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.00%

1.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of newbuildings cancelled

'

'

'

'

'

'

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Aggregate newbuilidng contract installments remaining

'

'

'

'

'

'

'

'

'

'

'

'

$18,441,505

'

'

$18,441,505

'

'

'

'

'

$22,657,339

'

'

$22,657,339

'

'

'

'

'

$21,385,000

'

$21,385,000

'

$21,385,000

'

$3,884,530

$18,772,809

Vessels_Net_Table_Details

Vessels, Net (Table) (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Property Plant And Equipment [Line Items]	'	'	'
Balance beginning of period	$298,376,440	'	'
Depreciation for the period	-16,986,584	-16,386,426	-32,544,199
Balance end of period	306,135,916	298,376,440	'
Vessel Cost	'	'	'
Property Plant And Equipment [Line Items]	'	'	'
Balance beginning of period	351,611,923	305,592,515	'
Newbuilding deliveries	24,581,533	46,019,408	'
Balance end of period	376,193,456	351,611,923	'
Accumulated Depreciation	'	'	'
Property Plant And Equipment [Line Items]	'	'	'
Balance beginning of period	-53,235,483	-36,984,152	'
Depreciation for the period	-16,822,057	-16,251,331	'
Balance end of period	-70,057,540	-53,235,483	'
Net Book Value	'	'	'
Property Plant And Equipment [Line Items]	'	'	'
Balance beginning of period	298,376,440	268,608,363	'
Newbuilding deliveries	24,581,533	46,019,408	'
Depreciation for the period	-16,822,057	-16,251,331	'
Balance end of period	$306,135,916	$298,376,440	'

Other_Assets_Table_Details

Other Assets (Table) (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Other Assets (Abstract)	'	'	'
Balance at beginning of period	$2,596,029	$2,100,277	'
Additions	642,825	943,325	'
Amortization	-941,733	-447,573	-1,502,521
Balance at end of period	$2,297,121	$2,596,029	$2,100,277

Other_Assets_Details

Other Assets (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Other Assets (Abstract)	'	'
Other assets	$2,303,304	$2,602,212
Utility deposits	$6,183	$6,183

Investment_in_Affiliate_Table_

Investment in Affiliate (Table) (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Investment in Affiliate [Abstract]	'	'	'
Balance beginning of period	$19,987,743	$38,805,802	'
Equity in net income of affiliate	1,652,339	1,986,590	2,749,866
Equity in other comprehensive income / (loss) of affiliate	77,165	-107,083	0
Dividends received	-1,787,500	-3,712,500	'
Dilution effect	-390,821	-2,943,720	'
Impairment in investment in affiliate	-8,229,551	-14,041,346	'
Balance end of period	$11,309,375	$19,987,743	$38,805,802

Investment_In_Affiliate_Income

Investment In Affiliate - Income Statement Data (Table) (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Statement Data [Line Items]	'	'	'
Net revenue	$56,256,756	$50,300,679	$86,907,967
Operating income	-2,954,345	2,293,932	-275,225,740
Net income	-16,953,032	-17,557,125	-283,498,759
Box Ships Inc.	'	'	'
Income Statement Data [Line Items]	'	'	'
Net revenue	69,836,201	65,888,142	'
Operating income	23,631,192	21,697,724	'
Net income	$15,307,658	$13,176,164	'

Investment_In_Affiliate_Balanc

Investment In Affiliate - Balance Sheet Data (Table) (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Balance Sheet Data [Line Items]	'	'
Total current assets	$44,220,084	$31,333,204
Total assets	419,545,980	419,974,902
Total current liabilities	23,655,911	21,971,886
Total long-term liabilities	163,239,292	182,482,503
Box Ships Inc.	'	'
Balance Sheet Data [Line Items]	'	'
Total current assets	31,691,262	19,578,166
Total non-current assets	397,915,376	425,485,703
Total assets	429,606,638	445,063,869
Total current liabilities	184,434,021	42,659,883
Total long-term liabilities	$453,248	$181,624,703

Investment_in_Affiliate_Detail

Investment in Affiliate (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Investments In And Advances To Affiliates [Line Items]	'	'	'
Number of shares in affiliate held by the Company	3,437,500	3,437,500	'
Percentage of ownership in Box Ships	13.60%	16.40%	'
Loss on investment in affiliate	$8,620,372	$16,985,066	$0
Box Ships Inc.	'	'	'
Investments In And Advances To Affiliates [Line Items]	'	'	'
Loss on investment in affiliate	$8,620,372	$16,895,066	'

Secured_Loans_and_Credit_Facil2

Secured Loans and Credit Facilities - Loans And Credit Facilities (Table) (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Debt Instrument [Line Items]	'	'
Total long-term debt	$180,114,926	$195,542,176
(a) Commerzbank AG	'	'
Debt Instrument [Line Items]	'	'
Total long-term debt	47,550,000	50,550,000
(b) Unicredit Bank AG	'	'
Debt Instrument [Line Items]	'	'
Total long-term debt	22,587,000	25,587,000
(c) Bank of Scotland Plc	'	'
Debt Instrument [Line Items]	'	'
Total long-term debt	33,616,864	36,616,864
(d) Bank of Ireland	'	'
Debt Instrument [Line Items]	'	'
Total long-term debt	13,400,000	14,800,000
(e) HSH Nordbank AG	'	'
Debt Instrument [Line Items]	'	'
Total long-term debt	20,625,000	22,125,000
(f) HSBC Bank Plc	'	'
Debt Instrument [Line Items]	'	'
Total long-term debt	16,800,000	18,400,000
(g) Nordea Bank Finland Plc	'	'
Debt Instrument [Line Items]	'	'
Total long-term debt	$25,536,062	$27,463,312

Secured_Loans_and_Credit_Facil3

Secured Loans and Credit Facilities - Disclosed in the Consolidated Balance Sheets (Table) (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Long-Term Debt [Abstract]	'	'
Current portion of long-term debt	$17,257,750	$14,427,250
Long-term debt	162,857,176	181,114,926
Total	$180,114,926	$195,542,176

Secured_Loans_and_Credit_Facil4

Secured Loans and Credit Facilities - Principal Payments (Table) (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Long-Term Debt [Abstract]	'	'
2014	$17,257,750	'
2015	50,266,114	'
2016	30,036,750	'
2017	57,529,312	'
2018	16,225,000	'
Thereafter	8,800,000	'
Total	$180,114,926	$195,542,176

Secured_Loans_and_Credit_Facil5

Secured Loans and Credit Facilities - Description (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Debt Instrument [Line Items]	'	'
Debt variable rate basis	'LIBOR	'
Oustanding balance	$180,114,926	$195,542,176
(a) Commerzbank AG (August 12, 2011)	'	'
Debt Instrument [Line Items]	'	'
Introductory loan and credit facility information	'	'
	On February 8, 2013, the Company entered into an amending and restating agreement and agreed to amended terms with Commerzbank AG, including the deferral of a portion of seven of its scheduled quarterly installments.
Debt variable rate basis	'LIBOR	'
Margin	3.00%	'
Oustanding balance	47,550,000	50,550,000
Debt instrument payment terms	'	'
	After exercising the deferral option, the outstanding loan amount as of December 31, 2013 of $47,550,000 is required to be repaid in 2 consecutive quarterly installments of $750,000, followed by 1 quarterly installment of $1,250,000, followed by 12 consecutive quarterly installments of $1,425,000, plus a balloon repayment of $27,700,000 payable simultaneously with the final installment in the third quarter of 2017.
(a) Commerzbank AG (August 12, 2011) | Spread 2	'	'
Debt Instrument [Line Items]	'	'
Margin	2.35%	'
(b) Unicredit Bank AG (November 19, 2007)	'	'
Debt Instrument [Line Items]	'	'
Introductory loan and credit facility information	'	'
	On November 30, 2012, the Company entered into a loan supplemental agreement and agreed to amended terms with Unicredit Bank AG, including the deferral of a portion of eight of its scheduled quarterly installments. On September 13, 2013, the Company agreed with Unicredit Bank AG to extend the expiration date of the existing waiver relating to the financial covenant of total liabilities to EBITDA ratio for two quarters, from January 1, 2014 to July 1, 2014, for a nominal fee and an advance payment of $1,500,000 to partially prepay the upcoming three quarterly loan installments, starting with the installment due in the fourth quarter of 2013. The advance payment of $1,500,000 was paid on September 13, 2013. On January 20, 2014, the Company agreed with Unicredit Bank AG to extend the existing waiver relating to the financial covenant of total liabilities to EBITDA ratio until January 1, 2015.
Debt variable rate basis	'LIBOR	'
Margin	2.75%	'
Oustanding balance	22,587,000	25,587,000
Debt instrument payment terms	'	'
	After exercising the deferral option, the outstanding loan amount as of December 31, 2013 of $22,587,000 is required to be repaid in 1 quarterly installment of $500,000 in the third quarter of 2014, followed by 8 consecutive quarterly installments of $1,355,500, plus a balloon repayment of $11,243,000 payable simultaneously with the final installment in the third quarter of 2016.
(b) Unicredit Bank AG (November 19, 2007) | Spread 2	'	'
Debt Instrument [Line Items]	'	'
Margin	5.00%	'
(c) Bank of Scotland Plc (December 4, 2007)	'	'
Debt Instrument [Line Items]	'	'
Introductory loan and credit facility information	'	'
	On April 26, 2012, the Company entered into a supplemental agreement and agreed to amended terms with Bank of Scotland Plc. Under the terms of the supplemental agreement, the bank agreed to extend the respective loan agreement from December 9, 2012 to July 9, 2013 and to defer payment of $40,100,000 of the lump sum payment due in December 2012 to 2013 and to waive and amend certain covenants. The Company also prepaid an amount of $9,900,000 on May 9, 2012. On November 30, 2012, the Company entered into a second amending and restating agreement and agreed to amended terms with Bank of Scotland Plc, including the extension of the facility to the third quarter of 2015. The Company also agreed to a payment of $2,839,882 in order to facilitate the full and final settlement of the portion of the loan of one of the syndicate members equal to $4,733,136. The advance payment of $2,839,882 was executed on December 10, 2012, resulting in a gain from debt extinguishment of $1,893,254, or $0.31 per basic and diluted common share, that was recorded in the fourth quarter of 2012.
Debt variable rate basis	'LIBOR	'
Margin	2.75%	'
Oustanding balance	33,616,864	36,616,864
Debt instrument payment terms	'	'
	The outstanding loan amount as of December 31, 2013 of $33,616,864 is required to be repaid in 2 consecutive quarterly installments of $750,000, followed by 4 consecutive quarterly installments of $1,000,000, plus a balloon repayment of $28,116,864 payable in the third quarter of 2015.
(d) Bank of Ireland (March 30, 2009)	'	'
Debt Instrument [Line Items]	'	'
Introductory loan and credit facility information	'	'
	On November 28, 2012, the Company entered into a loan supplemental agreement and agreed to amended terms with Bank of Ireland, including the extension of the facility to the second quarter of 2017.
Debt variable rate basis	'LIBOR	'
Margin	2.50%	'
Oustanding balance	13,400,000	14,800,000
Debt instrument payment terms	'	'
	The outstanding loan amount as of December 31, 2013, of $13,400,000 is required to be repaid in 2 consecutive quarterly installments of $350,000, followed by 12 consecutive quarterly installments of $1,000,000, plus a balloon repayment of $700,000 payable in the second quarter of 2017.
(e) HSH Nordbank AG (July 31, 2008)	'	'
Debt Instrument [Line Items]	'	'
Introductory loan and credit facility information	'	'
	On January 22, 2013, the Company entered into a loan supplemental agreement and agreed to amended terms with HSH Nordbank.
Debt variable rate basis	'LIBOR	'
Margin	3.00%	'
Oustanding balance	20,625,000	22,125,000
Debt instrument payment terms	'	'
	The outstanding loan amount as of December 31, 2013, of $20,625,000 is required to be repaid in 19 consecutive quarterly installments of $375,000, plus a balloon repayment of $13,500,000 payable simultaneously with the final installment in the third quarter of 2018.
(f) HSBC Bank Plc (July 2, 2010)	'	'
Debt Instrument [Line Items]	'	'
Introductory loan and credit facility information	'	'
	On November 30, 2012, the Company entered into a loan supplemental agreement and agreed to amended terms with HSBC Bank Plc. On August 21, 2013, the Company agreed with HSBC Bank Plc to extend the existing waivers relating to the financial covenants of total liabilities to EBITDA ratio and EBITDA to interest expense ratio for two quarters, from January 1, 2014 to July 1, 2014. On March 14, 2014, the Company agreed with HSBC Bank Plc, subject to the execution of definitive documentation, to amend the definitions of certain financial covenants.
Debt variable rate basis	'LIBOR	'
Margin	3.00%	'
Oustanding balance	16,800,000	18,400,000
Debt instrument payment terms	'	'
	The outstanding loan amount as of December 31, 2013, of $16,800,000 is required to be repaid in 27 consecutive quarterly installments of $400,000, plus a balloon repayment of $6,000,000 payable simultaneously with the final installment in the third quarter of 2020.
(f) HSBC Bank Plc (July 2, 2010) | Spread 2	'	'
Debt Instrument [Line Items]	'	'
Margin	2.60%	'
(g) Nordea Bank Finland Plc (May 5, 2011)	'	'
Debt Instrument [Line Items]	'	'
Introductory loan and credit facility information	'	'
	On May 5, 2011, the Company entered into a secured loan facility with a syndicate of major European banks led by Nordea Bank Finland Plc to finance 65% of the purchase price of the Company’s Handysize drybulk newbuilding vessels. On May 4 and on June 18, 2012, the Company took delivery of its first two Handysize drybulk vessels; the M/V Prosperous Seas and the M/V Precious Seas, respectively (refer to Notes 4 and 5). Upon the delivery of each of the respective vessels, the Company proceeded with the drawdown of the available loan amount that in the aggregate amounted to $28,908,750. On January 29, 2013, the Company took delivery of its third Handysize drybulk vessel; the M/V Priceless Seas (refer to Notes 4 and 5). Upon the delivery of the M/V Priceless Seas, no additional loan amount was drawn.
	On January 30, 2013, the Company entered into a loan supplemental agreement and agreed to amended terms with Nordea Bank Finland Plc. In addition, the undrawn portion of the secured loan facility relating to the M/V Priceless Seas and the M/V Proud Seas (Hull no. 625), was amended to be the lower of $33,802,880 and an amount equal to (i) 65% of the aggregate fair market value of the respective vessels and the already mortgaged vessels, less the outstanding loan amount prior to the proposed drawdown date. Under the facility, the Company was only permitted to drawdown the undrawn portion of the facility if no event of default had occurred or would result from the borrowing of the loan, and as long as the outstanding loan due from Box Ships was repaid in full before the drawdown.
	On June 18, 2013, the Company signed an amending agreement with the syndicate led by Nordea Bank Finland Plc. The amending agreement removed the condition precedent relating to the full repayment of the outstanding loan due from Box Ships before the drawdown of the undrawn portion of the facility. In addition, the undrawn portion of the facility relating to the M/V Priceless Seas and M/V Proud Seas (Hull no. 625) was amended to be the lower of $25,394,427 (decreased from $33,802,880) and an amount equal to 65% of the aggregate fair value of the respective vessels and the already mortgaged vessels, the M/V Prosperous Seas and the M/V Precious Seas, less the outstanding loan amount prior to the proposed drawdown date.
	On January 7, 2014, we took delivery of our fourth Handysize drybulk vessel; the M/V Proud Seas (refer to Notes 4 and 5). Upon the delivery of the vessel, we drew the total amount of the then undrawn portion of the facility of $25,394,427, by mortgaging both the M/V Priceless Seas and the M/V Proud Seas.
Debt variable rate basis	'LIBOR	'
Margin	3.50%	'
Oustanding balance	25,536,062	27,463,312
Debt instrument payment terms	'	'
	The outstanding loan amount as of December 31, 2013, of $25,536,062 is required to be repaid in 14 consecutive quarterly installments of $481,813, plus a balloon repayment of $18,790,680 payable simultaneously with the final installment in the second quarter of 2017. Following the delivery of the M/V Proud Seas and the drawdown of the undrawn portion of the facility of $25,394,427, the outstanding loan amount increased to $50,930,489, which is required to be repaid in 14 consecutive quarterly installments of $923,224, plus a balloon repayment of $38,005,353 payable simultaneously with the final installment in the second quarter of 2017.
(g) Nordea Bank Finland Plc (May 5, 2011) | Spread 2	'	'
Debt Instrument [Line Items]	'	'
Margin	2.75%	'
China Development Bank (May 17, 2013)	'	'
Debt Instrument [Line Items]	'	'
Introductory loan and credit facility information	'	'
	On May 17, 2013, the Company signed an agreement with China Development Bank (“CDB”) for a $69,000,000 credit facility to partially finance the two 4,800 TEU containerships under contraction, that were expected to be delivered in the second quarter of 2014. The CDB credit facility is available for drawdown upon the delivery of the vessels subject to certain contingencies and conditions. Box Ships will act jointly and severally as guarantor of the CDB credit facility, along with the Company, as approved by the shareholders of Box Ships on November 12, 2013, at Box Ships’ 2013 Annual General Meeting of Shareholders. The CDB credit facility will be used to finance the lower of 60% of the construction cost of the vessels, or 80% of the vessels’ market value at delivery. The facility matures ten years after the drawdown date. Under the terms of the credit facility, amounts borrowed will bear interest at LIBOR, plus a margin of 4.00%. Following the cancellation of one of the two 4,800 TEU containership newbuilding contracts as discussed in Note 4, the Company is currently in discussions with CDB to amend the terms of the credit facility accordingly.
Debt variable rate basis	'	'
	LIBOR
Amount available for drawdown	69,000,000	'
Margin	4.00%	'
HSH Nordbank AG (Commitment dated December 13, 2013)	'	'
Debt Instrument [Line Items]	'	'
Introductory loan and credit facility information	'	'
	On December 13, 2013, the Company entered into a commitment with HSH Nordbank AG, subject to the execution of definitive documentation, for a $47,000,000 secured post-delivery term loan facility, for the refinancing of the M/V Friendly Seas and the partial financing of the first two Ultramax newbuilding drybulk carriers, the Hull no. DY152 and the Hull no. DY153 (refer to Note 4). For M/V Friendly Seas, HSH Nordbank AG agreed to finance the lower of $12,600,000 or 60% of the vessel’s market value upon the respective drawdown date. For each of the two Ultramax vessels, HSH Nordbank AG agreed to finance the lower of $17,200,000 or 65% of the vessels’ market value upon their delivery.
Amount available for drawdown	$47,000,000	'

Secured_Loans_and_Credit_Facil6

Secured Loans and Credit Facilities - Terms and Covenants (Details)	12 Months Ended
	Dec. 31, 2013
Debt Instrument [Line Items]	'
Covenant Compliance	'
	As of December 31, 2013, the Company was in compliance with all debt covenants with respect to its loan and credit facilities.
(a) Commerzbank AG (August 12, 2011)	'
Debt Instrument [Line Items]	'
Covenants (as defined in the respective loan agreement)	'
	Covenants (as defined in the respective loan agreement):
	• The ratio of EBITDA to net interest expenses shall be applicable and not be less than 2.50:1.00 from January 1, 2015 until December 31, 2015 and 3.00:1.00 thereafter.
	• The market value adjusted net worth of the Company shall not be less than $75,000,000 until June 30, 2014 and $100,000,000 thereafter.
	• Maintain liquid assets in an amount of no less than $650,000 per vessel at all times.
	• The ratio of maximum net debt to total assets expressed as a percentage shall not exceed 80%.
	• The aggregate fair market value of the mortgaged vessels to outstanding loan ratio shall exceed 65% until March 31, 2014, 85% until June 30, 2014, 110% until March 31, 2015, 118% until December 31, 2015 and 120% thereafter.
(b) Unicredit Bank AG (November 19, 2007)	'
Debt Instrument [Line Items]	'
Covenants (as defined in the respective loan agreement)	'
	Covenants (as defined in the respective loan agreement):
	• The ratio of total liabilities to EBITDA is waived until December 31, 2014 and thereafter, shall not be greater than 6.00:1.00.
	• The minimum requirement of market value adjusted net worth of the Company is waived until December 31, 2013 and thereafter, shall not be less than $100,000,000.
	• Maintain liquid assets in an amount of no less than $750,000 per vessel at all times.
	• The leverage ratio is waived until December 31, 2013 and thereafter, shall not be greater than 0.75:1.00.
	• The aggregate fair market value of the mortgaged vessels to outstanding loan ratio is waived until December 31, 2013 and thereafter, shall exceed 110%, subject to further conditions in the event of dividend payment.
(c) Bank of Scotland Plc (December 4, 2007)	'
Debt Instrument [Line Items]	'
Covenants (as defined in the respective loan agreement)	'
	Covenants (as defined in the respective loan agreement):
	• The market value adjusted net worth of the Company shall not be less than $75,000,000.
	• The leverage ratio shall not exceed 0.80:1.00 until December 31, 2014 and 0.75:1.00 thereafter.
	• Maintain liquid assets in an amount of no less than $500,000 per vessel at all times.
	• The aggregate fair market value of the mortgaged vessels to outstanding loan ratio shall be applicable and exceed 65% from March 31, 2013 until September 30, 2013, then 70% until December 31, 2013, 85% until June 30, 2014, 95% until December 31, 2014 and 100% thereafter.
(d) Bank of Ireland (March 30, 2009)	'
Debt Instrument [Line Items]	'
Covenants (as defined in the respective loan agreement)	'
	Covenants (as defined in the respective loan agreement):
	• The ratio of the aggregate financial indebtedness to EBITDA is waived until December 31, 2014 and thereafter, shall not exceed 5.00:1.00.
	• The minimum requirement of market value adjusted net worth of the Company is waived until December 31, 2014 and thereafter, shall not be less than $50,000,000.
	• The leverage ratio is waived until December 31, 2014 and thereafter, shall not be greater than 0.80:1.00.
	• Minimum liquid assets requirement is waived until December 31, 2014 and thereafter, the Company shall maintain liquid assets in an amount of no less than $500,000 per vessel at all times.
	• The fair market value of the mortgaged vessel to outstanding loan ratio is waived until December 31, 2014 and thereafter, shall exceed 110%.
(e) HSH Nordbank AG (July 31, 2008)	'
Debt Instrument [Line Items]	'
Covenants (as defined in the respective loan agreement)	'
	Covenants (as defined in the respective loan agreement):
	• The market value adjusted net worth of the Company shall not be less than $75,000,000 until December 31, 2014 and $100,000,000 thereafter.
	• The leverage ratio shall not exceed 0.80:1.00 until December 31, 2014 and 0.70:1.00 thereafter.
	• Maintain liquid assets of an amount equal to at least $500,000 per vessel at all times.
	• The fair market value of the mortgaged vessel to outstanding loan ratio shall be applicable and exceed 100% from January 1, 2014 until December 31, 2014 and 125% thereafter.
(f) HSBC Bank Plc (July 2, 2010)	'
Debt Instrument [Line Items]	'
Covenants (as defined in the respective loan agreement)	'
	Covenants (as defined in the respective loan agreement):
	• The ratio of total net debt to EBITDA is waived until June 30, 2014 and thereafter, shall not exceed 11.00:1.00 from July 1, 2014 until December 31, 2014, 9.00:1.00 until December 31, 2016 and 8.00:1.00 until the final maturity of the loan.
	• The ratio of EBITDA to interest expense is waived until June 30, 2014 and thereafter, shall not be less than 2.50:1.00.
	• The market value adjusted net worth of the Company shall be at least $50,000,000 until December 31, 2013 and $100,000,000 thereafter.
	• The ratio of total net debt to value adjusted total assets shall be applicable and not greater than 0.80:1.00 from January 1, 2014 until the final maturity of the facility.
	• The fair market value of the mortgaged vessel to outstanding loan ratio shall exceed 105% until December 31, 2013, 110% until December 31, 2014 and 120% thereafter.
(g) Nordea Bank Finland Plc (May 5, 2011)	'
Debt Instrument [Line Items]	'
Covenants (as defined in the respective loan agreement)	'
	Covenants (as defined in the respective loan agreement):
	• The Company shall maintain a positive working capital at all times, excluding any balloon repayments of long-term loan facilities.
	• There is available to the Company cash and cash equivalents (including restricted but unpledged cash representing minimum liquidity required to be maintained under any financial indebtedness) which are not subject to any security interest, in an amount of not less than the greater of (i) $10,000,000 or (ii) $750,000 per vessel owned on the last day of the relevant test period.
	• The ratio of EBITDA to interest expense is waived until December 31, 2014 and thereafter, shall not be less than 2.50:1.00.
	• The ratio of the aggregate financial indebtedness net of cash and cash equivalents (including restricted but unpledged cash representing minimum liquidity required to be maintained under any financial indebtedness) to EBITDA is waived until December 31, 2014 and thereafter, shall not be greater than 5.00:1.00.
	• The ratio of the aggregate financial indebtedness net of cash and cash equivalents (including restricted but unpledged cash representing minimum liquidity required to be maintained under any financial indebtedness) to the market value adjusted total assets shall not exceed 0.80:1.00 until December 31, 2014 and 0.70:1.00 thereafter.
	• The fair market value of the mortgaged vessels to outstanding loan ratio shall exceed 120% until December 31, 2014 and 130% thereafter.
Additional Covenants	'
Debt Instrument [Line Items]	'
Covenants (as defined in the respective loan agreement)	'
	Additional Covenants: Each of the above loan and credit facilities are secured by first priority mortgages on all vessels described in Note 1, first assignments of all freights, earnings and insurances. They also contain covenants that require the Company to maintain adequate insurance coverage and to obtain the lender’s consent before it changes the flag, class or management of the vessels, or enter into a new line of business. The facility includes customary events of default, including those relating to a failure to pay principal or interest, a breach of covenant, representation and warranty, a cross default to other indebtedness and non-compliance with security documents, and prohibits the Company from paying dividends if the Company is in default on its facilities and if, after giving effect to the payment of the dividend, the Company is in breach of a covenant.
	In addition, each of the above loan and credit facilities require a minimum balance of cash and cash equivalents to be maintained at all times with the respective lender, ranging from $375,000 to $750,000 per mortgaged vessel, in excess of any additional cash collateral to be maintained, as defined by the respective loan agreements.
	Certain of the above loan and credit facilities restrict the amount of dividends the Company may pay to $0.50 per share per annum and limit the amount of quarterly dividends the Company may pay to 100% of its net income for the immediately preceding financial quarter. In addition, under the existing loan and credit facilities, the Company is required to maintain minimum liquidity after payment of dividends equal to the greater of the next six months’ debt service, $25,000,000 or $1,250,000 per vessel. In addition, according to the supplemental agreement the Company entered into with Bank of Scotland Plc on November 30, 2012 as discussed above, the Company is not permitted to declare or pay any dividends until the maturity of the respective loan agreement.

Secured_Loans_and_Credit_Facil7

Secured Loans and Credit Facilities (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Jun. 18, 2013	Dec. 31, 2013
		Long-term Debt - Additional Information	Long-term Debt - Additional Information	Long-term Debt - Additional Information	Nordea Bank Finland Plc	HSH Nordbank AG (Commitment dated December 13, 2013)
Debt Instrument [Line Items]	'	'	'	'	'	'
Information Regarding Companys Debt Restructuring Program	'	'	'	'	'	'
	In 2012, the Company entered into supplemental agreements and, subject to certain conditions, agreed to amended terms with several of its lenders as discussed below. The respective amendments are collectively referred as the Company’s debt restructuring program. Several of the agreements in the Company’s debt restructuring program were subject to a number of conditions, including (i) the entry into definitive documentation, (ii) an equity increase of $10,000,000 within 90 days after the signing of such definitive documentation and (iii) all lenders agreeing to similar restructuring terms and granting similar waivers of covenant breaches and terms. In the first quarter of 2013, all conditions required to complete the Company’s debt restructuring program were satisfied with retroactive effect as of December 31, 2012, and thus, the debt restructuring program was finalized and effective from December 31, 2012.
Credit facility undrawn portion	'	'	'	'	$25,394,427	'
Amount available for drawdown	'	'	'	'	'	47,000,000
Interest and finance costs	'	6,129,911	5,673,906	7,105,730	'	'
Capitalized interest	'	$786,263	$611,655	$260,118	'	'
Weighted average interest rate	'	3.21%	2.76%	2.64%	'	'

Interest_Rate_Swaps_Table_Deta

Interest Rate Swaps (Table) (Details) (USD $)	12 Months Ended
	Dec. 31, 2013		Dec. 31, 2012
Derivative [Line Items]	'		'
Notional amount	$81,745,406		$68,976,781
Cash flow hedge losses to be reclassified into statement of operations within the next 12 months	294,505		'
Unicredit Bank AG - Not Qualifying For Hedge Accounting	'		'
Derivative [Line Items]	'		'
Effective date	27-Aug-10		'
Termination Date	27-Aug-15		'
Notional amount	35,700,000	[1]	45,900,000	[1]
Fixed rate	2.47%		'
Floating rate	'3-month LIBOR		'
HSBC Bank Plc - Qualifying For Hedge Accounting	'		'
Derivative [Line Items]	'		'
Effective date	10-Apr-12		'
Termination Date	10-Apr-17		'
Notional amount	5,040,000	[2]	5,520,000	[2]
Fixed rate	1.49%		'
Floating rate	'3-month LIBOR		'
HSH Nordbank AG - Qualifying For Hedge Accounting	'		'
Derivative [Line Items]	'		'
Effective date	8-May-12		'
Termination Date	5-May-17		'
Notional amount	10,312,500	[3]	11,062,500	[3]
Fixed rate	1.22%		'
Floating rate	'3-month LIBOR		'
Nordea Bank Finland Plc - Qualifying For Hedge Accounting	'		'
Derivative [Line Items]	'		'
Effective date	4-May-12		'
Termination Date	31-Mar-17		'
Notional amount	6,401,958	[4]	6,885,125	[4]
Fixed rate	1.14%		'
Floating rate	'3-month LIBOR		'
Nordea Bank Finland Plc - Qualifying For Hedge Accounting	'		'
Derivative [Line Items]	'		'
Effective date	18-Jun-12		'
Termination Date	4-May-17		'
Notional amount	6,366,073	[5]	6,846,531	[5]
Fixed rate	1.01%		'
Floating rate	'3-month LIBOR		'
HSH Nordbank AG - Qualifying For Hedge Accounting	'		'
Derivative [Line Items]	'		'
Effective date	6-Aug-12		'
Termination Date	5-May-17		'
Notional amount	5,156,250	[6]	5,531,250	[6]
Fixed rate	0.98%		'
Floating rate	'3-month LIBOR		'
Total Not Qualifying For Hedge Accounting	'		'
Derivative [Line Items]	'		'
Notional amount	35,700,000		45,900,000
Total Qualifying For Hedge Accounting	'		'
Derivative [Line Items]	'		'
Notional amount	$33,276,781		$35,845,406
[1]	The notional amount reduces by $2,550,000 on a quarterly basis up until the expiration of the interest rate swap.
[2]	The notional amount reduces by $120,000 on a quarterly basis up until the expiration of the interest rate swap.
[3]	The notional amount reduces by $187,500 on a quarterly basis up until the expiration of the interest rate swap.
[4]	The notional amount reduces by $120,792 on a quarterly basis up until the expiration of the interest rate swap.
[5]	The notional amount reduces by $120,115 on a quarterly basis up until the expiration of the interest rate swap.
[6]	The notional amount reduces by $93,750 on a quarterly basis up until the expiration of the interest rate swap.

Financial_Instruments_and_Fair2

Financial Instruments and Fair Value Disclosures - Balance Sheet Location (Table) (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Derivatives designated as hedging instruments	'	'
Subtotal	$229,893	$673,074
Derivatives not designated as hedging instruments	'	'
Subtotal	1,045,393	1,880,222
Total derivatives	1,275,286	2,553,296
Non-Current Assets - Interest rate swaps	'	'
Derivatives designated as hedging instruments	'	'
Interest rate swaps	-87,295	0
Current liabilities - Interest rate swaps	'	'
Derivatives designated as hedging instruments	'	'
Interest rate swaps	294,505	297,908
Derivatives not designated as hedging instruments	'	'
Interest rate swaps	685,960	887,811
Long-Term Liabilities - Interest rate swaps	'	'
Derivatives designated as hedging instruments	'	'
Interest rate swaps	22,683	375,166
Derivatives not designated as hedging instruments	'	'
Interest rate swaps	$359,433	$992,411

Financial_Instruments_and_Fair3

Financial Instruments and Fair Value Disclosures - Effect of Derivative Instruments designated as hedging instruments (Table) (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Interest rate swaps	$131,112	($847,943)	$0
Gain / (Loss) Recognized in Accumulated Other Comprehensive Income / (Loss) - Effective Portion	'	'	'
Interest rate swaps	$131,112	($847,943)	'

Financial_Instruments_and_Fair4

Financial Instruments and Fair Value Disclosures - Derivatives designated as hedging instruments (Table 2) (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Interest rate swaps - Realized Loss	($312,069)	($174,869)	$0
Interest and finance costs (Location of Gain / (Loss) Transferred from Accumulated Other Comprehensive Income / (Loss) in Statement of Comprehensive Income / (Loss) - Effective Portion)	'	'	'
Interest rate swaps - Realized Loss	($312,069)	($174,869)	'

Financial_Instruments_and_Fair5

Financial Instruments and Fair Value Disclosures - Effect of Derivative Instruments not designated as hedging instruments (Table) (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Net loss on derivatives	($95,288)	($714,074)	($2,340,418)
Loss on derivatives, net	'	'	'
Interest rate swaps - Fair value	834,829	2,017,297	'
Interest rate swaps - Realized Loss	($930,117)	($2,731,371)	'

Financial_Instruments_and_Fair6

Financial Instruments and Fair Value Disclosures - Measured on a Recurring Basis (Table) (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Derivatives Fair Value [Line Items]	'	'
Total	$1,275,286	$2,553,296
Significant Other Observable Inputs (Level 2)	'	'
Derivatives Fair Value [Line Items]	'	'
Interest rate swaps - asset	-87,295	0
Interest rate swaps - liability	$1,362,581	$2,553,296

Financial_Instruments_and_Fair7

Financial Instruments and Fair Value Disclosures - Marketable Securities Location of Gain / (Loss) Recognized (Table) (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Marketable securities - Realized Loss	$1,911,212	$980,430	$0
Net gain on marketable securities	1,202,094	414,235	0
Gain on marketable securities, net	'	'	'
Marketable securities - Initial measurement	3,113,306	1,394,665	'
Marketable securities - Realized Loss	($1,911,212)	($980,430)	'

Financial_Instruments_and_Fair8

Financial Instruments and Fair Value Disclosures - Summary of Valuation of KLC Shares (Table) (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Derivatives Fair Value [Line Items]	'	'
KLC Shares - Marketable Securities	$1,616,329	$567,288
Quoted Prices in Active Markets (Level 1)	'	'
Derivatives Fair Value [Line Items]	'	'
KLC Shares - Marketable Securities	$1,616,329	$567,288

Financial_Instruments_and_Fair9

Financial Instruments and Fair Value Disclosures - Summary of Valuation in Box Ships (Tables) (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Derivatives Fair Value [Line Items]	'	'	'
Investment in equity affiliate - Box Ships Inc.	$11,309,375	$19,987,743	$38,805,802
Investment in equity affiliate - Box Ships Inc. (Loss)	8,229,551	14,041,346	'
Quoted Prices in Active Markets (Level 1)	'	'	'
Derivatives Fair Value [Line Items]	'	'	'
Investment in equity affiliate - Box Ships Inc.	11,309,375	'	'
Investment in equity affiliate - Box Ships Inc. (Loss)	$8,229,551	'	'

Recovered_Sheet1

Financial Instruments and Fair Value Disclosures (Details) (USD $)	9 Months Ended	12 Months Ended					3 Months Ended	12 Months Ended		9 Months Ended
	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Mar. 26, 2014	9-May-13	Dec. 31, 2013	Dec. 31, 2013	Sep. 30, 2012	Sep. 30, 2013
							KLC Shares	KLC Shares	KLC Shares	Box Ships Inc.
Derivative [Line Items]	'	'	'	'	'	'	'	'	'	'
Long term bank loans and loan due from related party interest rate basis	'	'LIBOR	'	'	'	'	'	'	'	'
KLC fifteen for one reverse stock split	'15-for-1	'	'10-for-1	'	'	'	'	'15-for-1	'	'
Total number of KLC shares held by the Company on a reverse stock split adjusted basis	65,896	65,896	7,413	'	'	'	'	'	'	'
Unrealized loss on change in fair value of marketable securities	'	($2,064,265)	($827,377)	$0	'	'	$153,053	'	'	'
Fair value of KLC shares	1,616,329	1,616,329	567,288	'	'	'	'	'	414,235	'
Number of additional KLC shares received from amended Settlement Agreement with KLC	'	'	'	'	'	58,483	'	'	'	'
Investment in equity affiliate - Box Ships Inc. (Loss)	'	8,229,551	14,041,346	'	'	'	'	'	'	8,229,551
Price of Box Ships common share	'	'	'	'	$2.40	'	'	'	'	'
Fair value of the investment in Box Ships	'	'	'	'	$8,250,000	'	'	'	'	'

Capital_Structure_Details

Capital Structure (Details) (USD $)

2 Months Ended

9 Months Ended

12 Months Ended

2 Months Ended

9 Months Ended

10 Months Ended

Feb. 18, 2014

Dec. 31, 2013

Sep. 27, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Feb. 18, 2014

Sep. 27, 2013

Dec. 24, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Feb. 18, 2014

Sep. 27, 2013

Feb. 18, 2014

Sep. 27, 2013

Dec. 31, 2013

Feb. 15, 2013

Dec. 31, 2012

Public offering

Public offerings

Innovation Holdings S.A.

Common Shares - Class A

Common Shares - Class A

Common Shares - Class B

Common Shares - Class B

Over-Allotment Option

Over-Allotment Option

Loretto Finance Inc.

Loretto Finance Inc.

Loretto Finance Inc.

Loretto Finance Inc.

Loretto Finance Inc.

Class of Stock

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common stock - shares authorized

'

755,000,000

'

755,000,000

'

'

'

'

'

750,000,000

750,000,000

5,000,000

5,000,000

'

'

'

'

'

'

'

Common stock - par value

'

'

'

'

'

'

'

'

'

$0.00

$0.00

$0.00

$0.00

'

'

'

'

'

'

'

Ten for one reverse stock split

'

'15-for-1

'

'

'10-for-1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common stock - shares issued

'

'

'

'

'

'

6,785,000

6,000,000

4,901,961

17,669,442

11,001,403

0

0

885,000

782,609

135,700

120,000

334,258

98,039

116,219

Proceeds from issuance of common stock, net of commissions

$39,748,906

'

$31,881,984

$34,500,000

$10,000,000

$12,555,470

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share based compensation

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

880,015

714,000

335,784

'

'

Shares issued price per share

'

'

'

'

'

'

$6.25

$5.75

'

'

'

'

'

'

'

'

'

'

'

'

Underwriting discounts and commissions

2,332,344

'

2,070,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Other offering costs

$325,000

'

$548,016

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common stock - shares outstanding

'

'

'

'

'

'

'

'

'

17,669,442

11,001,403

0

0

'

'

'

'

'

'

'

Preferred stock shares authorized

'

25,000,000

'

25,000,000

25,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Preferred stock par value

'

$0.00

'

$0.00

$0.00

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Preferred stock shares issued

'

0

'

0

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Preferred stock shares outstanding

'

0

'

0

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share_Based_Payments_Equity_in1

Share Based Payments - Equity incentive plan - Details Of Non Vested Share Awards (Table) (Details) (USD $)	12 Months Ended
	Dec. 31, 2013		Dec. 31, 2012
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'		'
Total shares granted	450,000		'
Grant date fair value	$4.41		'
Non-vested share awards	339,000		58,335
21-Nov-06	'		'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'		'
Final Vesting date	31-Dec-10		'
Total shares granted	4,000		'
Grant date fair value	$91.10		'
Shares cancelled	112		'
Shares vested	3,888		'
27-Aug-07	'		'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'		'
Final Vesting date	31-Dec-09		'
Total shares granted	4,650		'
Grant date fair value	$158.05		'
Shares cancelled	100		'
Shares vested	4,550		'
28-Dec-07	'		'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'		'
Final Vesting date	31-Dec-10		'
Total shares granted	2,000		'
Grant date fair value	$189.70		'
Shares cancelled	467		'
Shares vested	1,533		'
5-Feb-08	'		'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'		'
Final Vesting date	31-Dec-11		'
Total shares granted	600		'
Grant date fair value	$173.70		'
Shares cancelled	125		'
Shares vested	475		'
13-May-08	'		'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'		'
Final Vesting date	30-Jun-11		'
Total shares granted	400		'
Grant date fair value	$199		'
Shares vested	400		'
19-Dec-08	'		'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'		'
Final Vesting date	31-Dec-10		'
Total shares granted	2,000		'
Grant date fair value	$48.15		'
Shares vested	2,000		'
19-Dec-08	'		'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'		'
Final Vesting date	31-Dec-11		'
Total shares granted	1,200		'
Grant date fair value	$48.15		'
Shares cancelled	267		'
Shares vested	933		'
23-Jan-09	'		'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'		'
Final Vesting date	31-Dec-12		'
Total shares granted	860		'
Grant date fair value	$52.50		'
Shares cancelled	188		'
Shares vested	672		'
18-Aug-09	'		'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'		'
Final Vesting date	31-Dec-11		'
Total shares granted	100,000		'
Grant date fair value	$40.25		'
Shares vested	100,000		'
10-Nov-09	'		'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'		'
Final Vesting date	31-Dec-10		'
Total shares granted	198,711	[1]	'
Grant date fair value	$44.25		'
Shares vested	198,711		'
10-Nov-09	'		'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'		'
Final Vesting date	31-Dec-11		'
Total shares granted	2,000		'
Grant date fair value	$44.25		'
Shares vested	2,000		'
10-Nov-09	'		'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'		'
Final Vesting date	31-Dec-12		'
Total shares granted	1,200		'
Grant date fair value	$44.25		'
Shares cancelled	400		'
Shares vested	800		'
1-Feb-10	'		'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'		'
Final Vesting date	31-Dec-13		'
Total shares granted	1,200		'
Grant date fair value	$44.45		'
Shares cancelled	215		'
Shares vested	985		'
19-Nov-10	'		'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'		'
Final Vesting date	30-Sep-12		'
Total shares granted	150,000		'
Grant date fair value	$37.10		'
Shares vested	150,000		'
19-Nov-10	'		'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'		'
Final Vesting date	31-Dec-12		'
Total shares granted	4,000		'
Grant date fair value	$37.10		'
Shares vested	4,000		'
31-Jan-11	'		'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'		'
Final Vesting date	31-Dec-13		'
Total shares granted	4,000		'
Grant date fair value	$30.90		'
Shares cancelled	314		'
Shares vested	3,686		'
1-Dec-11	'		'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'		'
Final Vesting date	31-Dec-13		'
Total shares granted	100,000		'
Grant date fair value	$7.50		'
Shares vested	100,000		'
1-Dec-11	'		'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'		'
Final Vesting date	31-Dec-13		'
Total shares granted	4,000		'
Grant date fair value	$7.50		'
Shares vested	4,000		'
3-Jan-12	'		'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'		'
Final Vesting date	31-Dec-13		'
Total shares granted	3,500		'
Grant date fair value	$6.65		'
Shares vested	3,500		'
3-Feb-12	'		'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'		'
Final Vesting date	31-Dec-13		'
Total shares granted	6,300		'
Grant date fair value	$6.10		'
Shares vested	6,300		'
25-Feb-13	'		'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'		'
Final Vesting date	31-Dec-14		'
Total shares granted	200,000		'
Grant date fair value	$2.71		'
Shares vested	100,000		'
Non-vested share awards	100,000		'
25-Feb-13	'		'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'		'
Final Vesting date	31-Dec-14		'
Total shares granted	22,000		'
Grant date fair value	$2.71		'
Shares vested	11,000		'
Non-vested share awards	11,000		'
26-Nov-13	'		'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'		'
Final Vesting date	31-Dec-15		'
Total shares granted	200,000		'
Grant date fair value	$5.17		'
Non-vested share awards	200,000		'
26-Nov-13	'		'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'		'
Final Vesting date	31-Dec-15		'
Total shares granted	12,000		'
Grant date fair value	$5.17		'
Non-vested share awards	12,000		'
19-Dec-13	'		'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'		'
Final Vesting date	31-Dec-15		'
Total shares granted	16,000		'
Grant date fair value	$6.38		'
Non-vested share awards	16,000		'
Total	'		'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'		'
Total shares granted	1,040,621		'
Shares cancelled	2,188		'
Shares vested	699,433		'
Non-vested share awards	339,000		'
[1]	Not included under the Company's equity incentive plan.

Share_Based_Payments_Equity_in2

Share Based Payments - Equity incentive plan - Non-vested share awards (Table) (Details) (USD $)	12 Months Ended
	Dec. 31, 2013
Number of Shares	'
Non-vested, December 31, 2012	58,335
Granted	450,000
Vested	-169,335
Non-vested, December 31, 2013	339,000
Weighted Average Fair Value	'
Non-vested, December 31, 2012	$10.08
Granted	$4.41
Vested	$7.19
Non-vested, December 31, 2013	$4.75

Share_Based_Payments_Equity_in3

Share Based Payments - Equity incentive plan (Details) (USD $)

3 Months Ended

9 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

Mar. 25, 2014

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Mar. 26, 2014

Mar. 25, 2014

Oct. 15, 2012

Mar. 26, 2014

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2014

Initial Equity Incentive Plan

Initial Equity Incentive Plan

New Equity Incentive Plan

New Equity Incentive Plan

Reverse Stock Split Adjustment

Employees

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

Ten for one reverse stock split

'

'15-for-1

'

'10-for-1

'

'

'

'

'

'

'

'

Number of shares reserved for issuance under the plan

'

'

'

'

'

2,000,000

'

5,500,000

2,000,000

9,966,733

996,673

'

Number of shares cancelled under equity incentive plan

68,401

'

'

'

'

'

68,401

'

'

'

'

'

Number of outstanding and exercisable options

'

2,800

2,800

2,800

'

'

'

'

'

'

'

'

Options exercise price

'

$120

$120

$120

'

'

'

'

'

'

'

'

Weighted average remaining contractual life of the options

'

'

'2 years 10 months 21 days

'

'

'

'

'

'

'

'

'

Unrecognized compensation cost

'

$1,446,122

$1,446,122

'

'

'

'

'

'

'

'

'

Expected period of recognition for unrecognized compensation cost

'

'

'1 year 4 months 3 days

'

'

'

'

'

'

'

'

'

Share based compensation

'

'

$805,469

$2,536,702

$4,840,626

'

'

'

'

'

'

'

Shares granted

'

'

450,000

'

'

'

'

'

'

'

'

32,000

Grant date fair value

'

'

$4.41

'

'

'

'

'

'

'

'

$6.67

Vesting period

'

'

'

'

'

'

'

'

'

'

'

'2 years

Gain_from_Vessel_Early_Redeliv1

Gain from Vessel Early Redelivery and Other Income (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Gain from Vessel Early Redelivery and Other Income [Abstract]	'	'	'
Gain from vessel early redelivery	$2,267,818	$0	$1,947,947
Cash compensation received by KLC	402,596	29,137	'
Insurance claim recoveries	$218,634	$703,422	'

Earnings_per_Share_EPS_Table_D

Earnings per Share ("EPS") (Table) (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Earnings per Share (EPS) [Abstract]	'	'	'
Net loss	($16,953,032)	($17,557,125)	($283,498,759)
Less: Net loss attributable to non-vested share awards	351,877	444,326	7,644,949
Net loss attributable to common shareholders	($16,601,155)	($17,112,799)	($275,853,810)
Denominators	'	'	'
Weighted average common shares outstanding, basic and diluted	12,639,128	6,035,910	5,793,792
Net loss per common share:	'	'	'
Net loss per common share, basic and diluted:	($1.31)	($2.84)	($47.61)

Earnings_per_Share_EPS_Details

Earnings per Share ("EPS") (Details)	9 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
			Stock Option	Stock Option	Stock Option	Non Vested Share Awards	Non Vested Share Awards	Non Vested Share Awards
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]	'	'	'	'	'	'	'	'
Ten for one reverse stock split	'15-for-1	'10-for-1	'	'	'	'	'	'
Anti-dilutive securities	'	'	2,800	2,800	2,800	339,000	58,335	184,447

Commitments_and_Contingencies_1

Commitments and Contingencies - Rental Expense (Table) (Details) (USD $)	Dec. 31, 2013
Rental Expense for the year ending	'
31-Dec-14	$51,256
31-Dec-15	51,256
31-Dec-16	51,256
31-Dec-17	38,442
Total	$192,210

Commitments_and_Contingencies_2

Commitments and Contingencies - Charter Hire (Table) (Details) (USD $)	Dec. 31, 2013
Charter Hire for the year ending	'
31-Dec-14	$6,516,098
Total	$6,516,098

Commitments_and_Contingencies_3

Commitments and Contingencies - Newbuildings (Table) (Details) (USD $)	Dec. 31, 2013
Newbuildings for the year ending	'
31-Dec-14	$109,499,594
31-Dec-15	37,545,616
Total	$147,045,210

Commitments_and_Contingencies_4

Commitments and Contingencies (Details) (USD $)	5 Months Ended	9 Months Ended	12 Months Ended
	24-May-12	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2012	9-May-13
Settlement Agreement Cash Compensation	'	'	'	'	'
Liability amount recognized by KLC	'	'	'	$15,750,000	'
Cash proceeds from Settlement Agreement	'	'	5,798,363	5,827,500	'
Number of installments according to the Settlement Agreement	'	'	'	10	'
Number of shares received from KLC	111,201	'	'	'	'
KLC fifteen for one reverse stock split	'	'15-for-1	'	'10-for-1	'
Total number of KLC shares held by the Company on a reverse stock split adjusted basis	'	65,896	65,896	7,413	'
Number Of Additional Shares Received Settlement Agreement	'	'	'	'	58,483
Cash compensation received by KLC	'	'	402,596	29,137	'
Euro / U.S. dollar exchange rate	'	1.3743	1.3743	'	'
Estimated off-hire time	'	'	'18	'	'
Remaining Cash Payment As a Result Of a Court Decision	'	'	'	'	'
Settlement Agreement Cash Compensation	'	'	'	'	'
Cash proceeds from Settlement Agreement	'	579,836	'	'	'

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	3 Months Ended
	Mar. 25, 2014	Mar. 26, 2014	Feb. 18, 2014	Mar. 05, 2014	Feb. 18, 2014
			Over-Allotment Option	Kamsarmax Vessels	Public offering
Subsequent Event [Line Items]	'	'	'	'	'
Newbuildings Program Number Of Vessels	'	'	'	3	'
Common stock - shares issued	'	'	885,000	'	6,785,000
Shares issued price per share	'	'	'	'	$6.25
Number of shares cancelled under equity incentive plan	68,401	'	'	'	'
Number of shares reserved for issuance under the plan	'	2,000,000	'	'	'