Paragon Shipping (PRGNF) 6-K 24 Sep 14 2014 Q2 Current report (foreign) Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014
Document And Entity Information	'
Document Type	'6-K
Document Period End Date	30-Jun-14
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	24,592,142
Document Fiscal Year Focus	'2014
Document Fiscal Period Focus	'Q2

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (Unaudited for June 30, 2014) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Current assets	'	'
Cash and cash equivalents	$22,202,903	$31,301,957
Restricted cash	5,574,473	325,000
Trade receivables, net	6,099,376	8,536,240
Other receivables	890,503	599,988
Prepaid expenses	671,536	549,276
Due from related parties	391,478	146,051
Inventories	2,511,896	1,145,243
Marketable securities	1,374,313	1,616,329
Total current assets	39,716,478	44,220,084
Fixed assets	'	'
Vessels, net	323,234,992	306,135,916
Advances for vessels under construction	66,243,280	45,209,166
Other fixed assets, net	511,359	595,840
Total fixed assets, net	389,989,631	351,940,922
Investment in affiliate	5,190,625	11,309,375
Interest rate swaps	52,110	87,295
Other assets	3,083,048	2,303,304
Restricted cash	6,385,000	9,685,000
Total Assets	444,416,892	419,545,980
Current liabilities	'	'
Trade accounts payable	2,678,933	2,543,468
Accrued expenses	3,250,511	2,054,903
Due to related parties	660,822	82,074
Interest rate swaps	863,451	980,465
Deferred income	428,855	737,251
Current portion of long-term debt	30,698,424	17,257,750
Total current liabilities	38,580,996	23,655,911
Long-term liabilities	'	'
Long-term debt	167,483,576	162,857,176
Interest rate swaps	164,539	382,116
Total long-term liabilities	167,648,115	163,239,292
Total Liabilities	206,229,111	186,895,203
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; 17,669,442 and 24,592,142 issued and outstanding at December 31, 2013 and June 30, 2014, respectively	24,592	17,669
Class B common shares, $0.001 par value; 5,000,000 authorized; none issued and outstanding	0	0
Additional paid-in capital	534,726,320	493,803,591
Accumulated other comprehensive loss	-115,565	-259,811
Accumulated deficit	-296,447,566	-260,910,672
Total Shareholders' Equity	238,187,781	232,650,777
Total Liabilities and Shareholders' Equity	$444,416,892	$419,545,980

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Unaudited for June 30, 2014) (Parentheticals) (USD $)	Jun. 30, 2014	Dec. 31, 2013
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 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	24,592,142	17,669,442
Common stock - shares outstanding	24,592,142	17,669,442
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

Unaudited_Interim_Condensed_Co

Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Revenue	'	'
Charter revenue	$28,903,018	$28,909,224
Commissions (including related party of $352,539 and $350,706 for the six months ended June 30, 2013 and 2014, respectively)	-1,650,020	-1,577,594
Net Revenue	27,252,998	27,331,630
Expenses / (Income)	'	'
Voyage expenses, net	7,258,954	2,652,799
Vessels operating expenses (including related party of $421,712 and $470,202 for the six months ended June 30, 2013 and 2014, respectively)	10,709,866	10,594,953
Dry-docking expenses (including related party of $109,248 and $123,840 for the six months ended June 30, 2013 and 2014, respectively)	2,193,110	1,698,217
Management fees - related party	3,553,781	2,683,090
Depreciation	8,912,078	8,385,305
General and administrative expenses (including related party of $3,770,111 and $2,031,563 for the six months ended June 30, 2013 and 2014, respectively)	3,433,751	5,222,488
Impairment loss	15,695,282	0
Bad debt provisions	14,901	0
Gain from sale of assets (net of vessel sale & purchase commissions to related party of $0 and $745,000 for the six months ended June 30, 2013 and 2014, respectively)	-402,805	0
Gain from marketable securities, net	-11,598	-3,113,306
Other income	-39,574	0
Operating Loss	-24,064,748	-791,916
Other Income / (Expenses)	'	'
Interest and finance costs	-5,022,108	-3,761,112
Gain / (loss) on derivatives, net	-335,663	20,126
Interest income (including related party of $381,326 and $0 for the six months ended June 30, 2013 and 2014, respectively)	12,199	393,543
Equity in net income / (loss) of affiliate	-258,022	978,702
Loss on investment in affiliate	-5,855,306	-390,821
Foreign currency gain / (loss)	-13,246	57,408
Total Other Expenses, net	-11,472,146	-2,702,154
Net Loss	-35,536,894	-3,494,070
Other Comprehensive Income / (Loss)	'	'
Unrealized gain on cash flow hedges	131,238	403,710
Transfer of realized loss on cash flow hedges to "Interest and finance costs"	98,656	154,637
Equity in other comprehensive income / (loss) of affiliate	-5,422	106,709
Unrealized loss on change in fair value of marketable securities	-68,628	-10,922
Transfer of gain on change in fair value of marketable securities to ''Gain from marketable securities, net''	-11,598	0
Total Other Comprehensive Income	144,246	654,134
Comprehensive Loss	($35,392,648)	($2,839,936)
Loss per Class A common share, basic and diluted	($1.56)	($0.31)
Weighted average number of Class A common shares, basic and diluted	22,414,824	11,016,733

Unaudited_Interim_Condensed_Co1

Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss (Parentheticals) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Commissions related party	$1,650,020	$1,577,594
Related Party	'	'
Commissions related party	350,706	352,539
Vessels operating expenses related party	470,202	421,712
Dry-docking expenses related party	123,840	109,248
General and administrative expenses related party	2,031,563	3,770,111
Vessel sale & purchase commissions related party	745,000	0
Interest income related party	$0	$381,326

Unaudited_Interim_Condensed_Co2

Unaudited Interim Condensed Consolidated Statements of Shareholders' Equity (USD $)	Total	Class A Shares	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) / Income	Accumulated Deficit
Balance at Dec. 31, 2012	$215,520,513	$11,001	$460,094,256	($627,104)	($243,957,640)
Shares issued, beginning balance at Dec. 31, 2012	'	11,001,403	'	'	'
Issuance of Class A common shares	-23,529	98	-23,627	'	'
Issuance of Class A common shares (number of shares)	'	98,039	'	'	'
Issuance of non-vested Class A common share awards	'	222	-222	'	'
Issuance of non-vested Class A common share awards (number of shares)	'	222,000	'	'	'
Share based compensation	671,955	'	671,955	'	'
Net Loss	-3,494,070	'	'	'	-3,494,070
Other comprehensive income	654,134	'	'	654,134	'
Balance at Jun. 30, 2013	213,329,003	11,321	460,742,362	27,030	-247,451,710
Shares issued, ending balance at Jun. 30, 2013	'	11,321,442	'	'	'
Balance at Dec. 31, 2013	232,650,777	17,669	493,803,591	-259,811	-260,910,672
Shares issued, beginning balance at Dec. 31, 2013	'	17,669,442	'	'	'
Issuance of Class A common shares	39,741,152	6,921	39,734,231	'	'
Issuance of Class A common shares (number of shares)	'	6,920,700	'	'	'
Cancellation of Class A common shares	-170,461	-30	-170,431	'	'
Cancellation of Class A common shares (number of shares)	'	-30,000	'	'	'
Issuance of non-vested Class A common share awards	'	32	-32	'	'
Issuance of non-vested Class A common share awards (number of shares)	'	32,000	'	'	'
Share based compensation	1,358,961	'	1,358,961	'	'
Net Loss	-35,536,894	'	'	'	-35,536,894
Other comprehensive income	144,246	'	'	144,246	'
Balance at Jun. 30, 2014	$238,187,781	$24,592	$534,726,320	($115,565)	($296,447,566)
Shares issued, ending balance at Jun. 30, 2014	'	24,592,142	'	'	'

Unaudited_Interim_Condensed_Co3

Unaudited Interim Condensed Consolidated Statements of Cash Flows (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities	'	'
Net Loss	($35,536,894)	($3,494,070)
Adjustments to reconcile net loss to net cash provided by operating activities	'	'
Depreciation	8,912,078	8,385,305
Impairment loss	15,695,282	0
Loss on investment in affiliate	5,855,306	390,821
Gain from sale of assets	-402,805	0
Amortization and write off of financing costs	1,752,996	227,728
Bad debt provisions	14,901	0
Share based compensation	1,358,961	671,955
Gain from marketable securities, net	-11,598	-3,113,306
Unrealized gain on interest rate swaps	-69,512	-508,816
Equity in net (income) / loss of affiliate net of dividends received	258,022	0
Changes in assets and liabilities:	'	'
Trade receivables, net	2,421,963	-960,685
Other receivables	-290,515	117,737
Prepaid expenses	-122,260	117,788
Inventories	-1,101,147	-472,062
Due from related parties	-406,602	-40,489
Trade accounts payable	168,391	309,486
Accrued expenses	892,174	391,555
Due to related parties	578,748	458,125
Deferred income	-308,396	-533,401
Net cash from / (used in) operating activities	-340,907	1,947,671
Cash flow from investing activities	'	'
Net proceeds from the sale of assets	9,995,000	0
Acquisition of vessels and capital expenditures	-72,081,276	-2,192,451
Proceeds from the sale of marketable securities	173,388	0
Repayment from affiliate	0	2,000,000
Return of investment in affiliate	0	190,048
Other fixed assets	-65,111	-38,889
Increase in restricted cash	1,949,473	0
Net cash used in investing activities	-63,927,472	-41,292
Cash flows from financing activities	'	'
Proceeds from long-term debt	107,144,427	0
Repayment of long-term debt	-89,077,353	-7,213,625
Purchase of treasury stock	-170,461	0
Payment of financing costs	-2,468,440	-631,264
Proceeds from the issuance of Class A common shares, net	39,741,152	-41,717
Net cash (used in) / from financing activities	55,169,325	-7,886,606
Net decrease in cash and cash equivalents	-9,099,054	-5,980,227
Cash and cash equivalents at the beginning of the period	31,301,957	17,676,885
Cash and cash equivalents at the end of the period	$22,202,903	$11,696,658

Basis_of_Presentation_and_Gene

Basis of Presentation and General Information	6 Months Ended
	Jun. 30, 2014
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 unaudited interim condensed consolidated financial statements include the accounts of Paragon Shipping Inc. and its wholly-owned subsidiaries (collectively the “Company”) as discussed below as of December 31, 2013 and June 30, 2014 and for the six months ended June 30, 2013 and 2014.
	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 Company	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 Co.	4-Jul-07	Marshall Islands	Pearl Seas	Aug-07	2006	74,483
	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 And 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
	Adonia Enterprises S.A.	5-May-10	Liberia	Proud	Jan-14	2014	37,227
				Seas (1)
	(1) Refer to Notes 4, 5 and 7
	Vessel Under Construction Owning Subsidiaries:
	Vessel Owning Company	Date of	Country of	Hull Number	Type	Expected Delivery	DWT / TEU
		Incorporation	Incorporation
	Nereus Navigation Ltd.	4-May-10	Marshall Islands	Box King (1)	Containership	2014	4,800
							TEU
	Alcyone International Marine Inc.	17-Jun-13	Liberia	DY152	Drybulk Carrier	2014	63,500
							Dwt
	Neptune International Shipping & Trading S.A.	17-Jun-13	Liberia	DY153	Drybulk Carrier	2014	63,500
							Dwt
	Amphitrite Shipping Inc.	17-Jun-13	Liberia	DY4050 (2)	Drybulk Carrier	2015	63,500
							Dwt
	Mirabel International Maritime Co.	17-Jun-13	Liberia	DY4052 (2)	Drybulk Carrier	2015	63,500
							Dwt
	Dolphin Sunrise Limited	25-Feb-14	Marshall Islands	YZJ1144 (2)	Drybulk Carrier	2015	81,800
							Dwt
	Nautilus Investment Limited	25-Feb-14	Marshall Islands	YZJ1145 (2)	Drybulk Carrier	2015	81,800
							Dwt
	Oceanus Investments Limited	25-Feb-14	Marshall Islands	YZJ1142 (2)	Drybulk Carrier	2015	81,800
							Dwt
	(1) C/V Box King was sold and delivered to an unrelated third party on May 23, 2014 (refer to Note 4)
	(2) Refer to Note 4
	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
	Irises Shipping Ltd.	6-Oct-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
	The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of the management of the Company, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of financial position, operating results and cash flows have been included in the accompanying unaudited interim condensed consolidated financial statements. Interim results are not necessarily indicative of results that may be expected for the year ending December 31, 2014. These financial statements should be read in conjunction with the consolidated financial statements and footnotes for the year ended December 31, 2013 included in the Company’s Annual Report.
	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 June 30, 2014, Mr. Michael Bodouroglou beneficially owned 27.9% of the Company’s common stock.

Significant_Accounting_Policie

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2014
Significant Accounting Policies [Abstract]	'
Significant Accounting Policies	'
	2. Significant Accounting Policies
	The same accounting policies have been followed in these unaudited interim condensed consolidated financial statements as were applied in the preparation of the Company’s financial statements for the year ended December 31, 2013. See Note 2 of the Company’s consolidated financial statements for the year ended December 31, 2013 included in the Company’s Annual Report.
	Recent Accounting Pronouncements:
	a)The Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board (“IASB”) jointly issued a standard that will supersede virtually all of the existing revenue recognition guidance in U.S. GAAP and is effective for annual periods beginning on or after December 15, 2016. The standard establishes a five-step model that will apply to revenue earned from a contract with a customer (with limited exceptions), regardless of the type of revenue transaction or the industry. The standard’s requirements will also apply to the recognition and measurement of gains and losses on the sale of some non-financial assets that are not an output of the entity’s ordinary activities (e.g., sales of property, plant and equipment or intangibles). Extensive disclosures will be required, including disaggregation of total revenue; information about performance obligations; changes in contract asset and liability account balances between periods and key judgments and estimates. Management is in the process of accessing the impact of the new standard on Company’s financial position and performance.
	b)In August 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-15 – Presentation of Financial Statements - Going Concern. ASU 2014-15 provides guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 requires an entity’s management to evaluate at each reporting period based on the relevant conditions and events that are known at the date of financial statements are issued, whether there are conditions or events, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued and to disclose the necessary information. ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted.

Transactions_with_Related_Part

Transactions with Related Parties	6 Months Ended
	Jun. 30, 2014
Transactions with Related Parties [Abstract]	'
Transactions with Related Parties	'
	3. Transactions with Related Parties
	The following transactions with related parties occurred during the six months ended June 30, 2013 and 2014.
	(a)Granitis Glyfada Real Estate Ltd. ("Granitis") - Leasing: Rent expense under this lease amounted to $24,398 and $25,078 for the six months ended June 30, 2013 and 2014, respectively, and is included in General and administrative expenses in the accompanying unaudited interim condensed consolidated statements of comprehensive loss.
	(b)Allseas: The following amounts charged by Allseas are included in the accompanying unaudited interim condensed consolidated statements of comprehensive loss:
		Six Months Ended June 30,
		2013	2014
	Included in Commissions
	Charter hire commissions	$352,539	$350,706
	Netted against Gain from sale of assets
	Vessel sale & purchase commissions	-	745,000
	Included in Vessel operating expenses
	Superintendent fees	$231,520	$193,351
	Included in Dry-docking expenses
	Superintendent fees	$109,248	$123,840
	Management fees - related party
	Management fees (1)	$1,994,204	$2,294,542
	Financial accounting and reporting services	353,102	379,224
	Loretto agreement	335,784	880,015
	Total Management fees – related party	$2,683,090	$3,553,781
	Included in General and administrative expenses
	Administrative fees	$18,866	$19,695
	Executive services agreement (2)	$3,726,847	$1,986,790
	(1) The daily management fee per vessel is subject to adjustment on June 1 of each year based on the official Eurozone inflation rate. Effective June 1, 2014, Allseas management fee was adjusted from €661.15 to €664.46 per vessel per day.
	(2) Includes incentive compensation of $1,960,500 and $0 for the six months ended June 30, 2013 and 2014 (refer to Note 3 of the Company’s consolidated financial statements for the year ended December 31, 2013 included in the Company’s Annual Report.)
	The following amounts charged by Allseas are capitalized and are included in vessels cost and advances for vessels under construction in the accompanying condensed consolidated balance sheets: Technical management and superintendent fees relating to newbuilding vessels, pre-delivery services and vessel purchase commissions, which in the aggregate amounted to $404,820 and $2,524,559 for the six months ended June 30, 2013 and 2014, respectively.
	Each month, the Company funds a payment to Allseas to cover working capital needs equal to one month 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. As of December 31, 2013 and June 30, 2014, the amount due from Allseas was $146,051 and $391,478, respectively.
	In connection with the public offering that was completed in February 2014 (refer to Note 10), 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 was recorded as share based compensation and is included in Management fees - related party in the accompanying unaudited interim condensed consolidated statements of comprehensive loss for the six months ended June 30, 2014.
	(c)Crewcare Inc. (“Crewcare”)
	Manning Agency Agreements: The expenses incurred amounted to $190,192 and $201,851 for the six months ended June 30, 2013 and 2014, respectively, and are included in Vessel operating expenses.
	Cadetship Program Agreement: The expenses incurred amounted to $0 and $75,000 for the six months ended June 30, 2013 and 2014, respectively, and are included in Vessel operating expenses.
	The balances due to Crewcare Inc. amounted to $82,074 and $660,822 as of December 31, 2013 and June 30, 2014, respectively.
	(d)Box Ships Inc. (NYSE: TEU) (“Box Ships”): As of December 31, 2013 and June 30, 2014, the Company held 3,437,500 shares or 13.6% and 11.2% of Box Ships’ common stock, respectively (refer to Note 6).
	On March 11, 2013, the Company agreed to amend certain terms of the loan agreement that was granted to Box Ships. 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 unaudited interim condensed consolidated statements of comprehensive loss for the six months ended June 30, 2013. The respective loan was fully repaid on October 18, 2013. For the six months ended June 30, 2013 and 2014, interest charged on the respective loan amounted to $316,326 and $0, respectively, and is also included in Interest income.

Advances_for_Vessels_Under_Con

Advances for Vessels Under Construction	6 Months Ended
	Jun. 30, 2014
Advances for Vessels Under Construction [Abstract]	'
Advances for Vessels Under Construction	'
	4. Advances for 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, 2013, the Company’s newbuilding program consisted of one Handysize drybulk carrier (Hull no. 625 or M/V Proud Seas), two Ultramax drybulk carriers (Hull numbers DY152 and DY153) and one 4,800 TEU containership (C/V Box King) with expected deliveries in 2014, as well as two Ultramax drybulk carriers (Hull numbers DY4050 and 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 (“Nordea”) dated May 5, 2011 (refer to Note 7).
	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 third 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. In addition, in March 2014, an amount of $305,500 per vessel was paid to Allseas, representing vessel purchase commission 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 $21,385,000 per vessel, will be payable upon the delivery of each vessel.
	As of March 31, 2014, the Company assessed as probable the potential sale of the containership under construction. As a result of the Company’s intention to sell such vessel, an impairment loss of $15,695,282 was recorded in the first quarter of 2014 and is included in the accompanying unaudited interim condensed consolidated statements of comprehensive loss. The impairment loss is based on the Company’s best estimate of the fair value of the vessel on a time charter free basis, and is in line with the sale price of the memorandum of agreement that the Company entered into on April 25, 2014, for the sale of the C/V Box King to an unrelated third party, as discussed below.
	On April 25, 2014, the Company entered into a memorandum of agreement for the sale of its 4,800 TEU containership newbuilding to an unrelated third party for $42,500,000, less 3% commission. In May 2014, the Company also agreed with the shipyard to reduce the contract price of the respective vessel by $770,000. In addition, the Company mutually agreed with China Development Bank to cancel the corresponding credit facility for the vessel, as discussed in Note 7.
	The sale of the C/V Box King and its transfer to the new owners was concluded on May 23, 2014, and a gain of $402,805 was incurred. The net proceeds from the sale of the vessel amounted to $9,995,000 and represent the difference between the net sale price of the vessel and the outstanding contractual obligation due to the shipyard upon delivery that was resumed by the vessel’s new owners.
	As of June 30, 2014, the Company’s newbuilding program consisted of two Ultramax drybulk carriers with scheduled delivery in 2014, as well as two Ultramax drybulk carriers and three Kamsarmax drybulk carriers with scheduled delivery in 2015.

Vessels_Net

Vessels, Net	6 Months Ended
	Jun. 30, 2014
Vessels Net [Abstract]	'
Vessels, Net	'
	5. Vessels, Net
		Vessel	Accumulated	Net Book
		Cost	Depreciation	Value
	Balance December 31, 2013	$376,193,456	($70,057,540)	$306,135,916
	Newbuilding deliveries	25,914,598	-	25,914,598
	Depreciation for the period	-	-8,815,522	-8,815,522
	Balance June 30, 2014	$402,108,054	($78,873,062)	$323,234,992
	All Company’s vessels were first-priority mortgaged as collateral to the loans and credit facilities and related interest rate swaps outstanding as of June 30, 2014.
	On January 7, 2014, the Company took delivery of its fourth Handysize drybulk carrier; the M/V Proud Seas (refer to Notes 4 and 7).

Investment_in_Affiliate

Investment in Affiliate	6 Months Ended
	Jun. 30, 2014
Investment in Affiliate [Abstract]	'
Investment in Affiliate	'
	6. Investment in Affiliate
	The following table is a reconciliation of the Company’s investment in affiliate as presented on the accompanying condensed consolidated balance sheet:
	Balance, December 31, 2013	$11,309,375
	Equity in net loss of affiliate	-258,022
	Equity in other comprehensive loss of affiliate	-5,422
	Dilution effect	-221,679
	Impairment in investment in affiliate	-5,633,627
	Balance, June 30, 2014	$5,190,625
	As of December 31, 2013 and June 30, 2014, the Company held 3,437,500 shares or 13.6% and 11.2% 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 5,500,000 common shares of Box Ships, which was completed on April 15, 2014. Following such dilution, the Company reassessed the accounting for the investment in Box Ships and concluded that the application of the equity method is still appropriate.
	The loss on investment in affiliate of $5,855,306 for the six months ended June 30, 2014, consists of $221,679, relating to the dilution effect from the Company’s non-participation in the public offering of 5,500,000 common shares of Box Ships, which was completed on April 15, 2014, as well as the aggregate impairment in investment in affiliate of $5,633,627, relating to the difference between the fair value and the book value of the Company’s investment in Box Ships as of March 31, 2014 and June 30, 2014, which the Company considered as other than temporary (refer to Note 9).

LongTerm_Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2014
Long-Term Debt [Abstract]	'
Long-Term Debt	'
	7. Long-Term Debt
	Debt	31-Dec-13	30-Jun-14
	Current portion of long-term debt	$17,257,750	$30,698,424
	Long-term debt	162,857,176	167,483,576
	Total long-term debt	$180,114,926	$198,182,000
	The loan and credit facilities are secured by first-priority mortgages on all the vessels described in Note 1.
	Details of the loan and credit facilities as of December 31, 2013 are discussed in Note 8 of the Company’s consolidated financial statements for the year ended December 31, 2013 included in the Company’s Annual Report.
	On January 7, 2014, the Company took delivery of its fourth Handysize drybulk vessel; the M/V Proud Seas (refer to Notes 4 and 5). Upon the delivery of the vessel, the Company drew the total amount of the then undrawn portion of the syndicated secured loan facility led by Nordea (dated May 5, 2011) of $25,394,427, by mortgaging both the M/V Priceless Seas and the M/V Proud Seas.
	In addition, in line with the Company’s intention to sell its 4,800 TEU containership newbuilding as discussed in Note 4, in the first quarter of 2014 the Company mutually agreed with China Development Bank to cancel the corresponding credit facility for the vessel. Such cancelation resulted in the write off of the unamortized financing costs of the respective facility of $483,054, which is included in Interest and finance costs in the accompanying unaudited interim condensed consolidated statements of comprehensive loss for the six months ended June 30, 2014.
	On April 4, 2014, the Company completed the documentation for a new loan agreement with HSH Nordbank AG (“HSH”) for a $47,000,000 secured 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 numbers DY152 and DY153. For M/V Friendly Seas, HSH 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 agreed to finance the lower of $17,200,000 or 65% of the vessels’ market value upon their delivery. On July 7, 2014, the Company completed the refinancing of the M/V Friendly Seas. The Company drew a total amount of $12,600,000 and repaid in full the then outstanding indebtedness under its existing loan agreement with HSH (dated July 31, 2008).
	On April 8, 2014, the Company signed a supplemental agreement with HSBC Bank Plc (“HSBC”) and agreed to amend the definitions of certain financial covenants, to prepay an amount of $800,000 that was prepaid on April 10, 2014, and to reduce the outstanding scheduled quarterly installments from $400,000 to $380,000, commencing from the second quarter of 2014. In addition, on August 1, 2014, the Company agreed with HSBC to extend the existing waivers for the financial covenants relating to the minimum interest and debt service coverage ratios, from June 30, 2014 to December 31, 2015.
	On May 6, 2014, the Company completed the documentation for a senior secured loan facility with a syndicate of major European banks led by Nordea in an amount of $160,000,000. This facility will be used for the refinancing of six vessels of its operating fleet (the four Handysize vessels M/V Prosperous Seas, M/V Precious Seas, M/V Priceless Seas and the M/V Proud Seas, and the Panamax vessels M/V Coral Seas and M/V Golden Seas), along with the financing of up to 60% of the market value of the remaining two Ultramax newbuilding drybulk carriers, the Hull numbers DY4050 and DY4052, and two of its Kamsarmax newbuilding drybulk carriers, the Hull numbers YZJ1144 and YZJ1145, that are expected to be delivered in the second quarter of 2015. On June 10, 2014, the Company completed the refinancing of the six vessels of its operating fleet discussed above. The Company drew a total amount of $81,750,000 and repaid in full the then outstanding indebtedness under its existing loan agreements with Bank of Scotland (dated December 4, 2007) and Nordea (dated May 5, 2011). Such refinancing resulted in the write off of the unamortized financing costs of the respective facilities of $1,027,694, which is included in Interest and finance costs in the accompanying unaudited interim condensed consolidated statements of comprehensive loss for the six months ended June 30, 2014.
	On July 25, 2014, the Company agreed with Bank of Ireland to eliminate the financial covenant relating to the minimum debt service coverage ratio until the maturity of the loan.
	On July 30, 2014, the Company agreed with Unicredit Bank AG (“Unicredit”), subject to certain closing conditions including a $7,000,000 prepayment, to eliminate the financial covenants relating to the minimum debt service coverage ratio, the minimum market value adjusted net worth and the maximum leverage ratio until the maturity of the loan. In addition, the Company also agreed to increase the required ratio of the fair market value of mortgaged vessels to outstanding loan from 110% to 130% at all times.
	On August 8, 2014, the Company completed the offering of 1,000,000 senior unsecured notes due 2021 (“Notes”), pursuant to its effective shelf registration statement. The Notes were issued in minimum denominations of $25.00 and integral multiples of $25.00 in excess thereof, and bear interest at a rate of 8.375% per year, payable quarterly on each February 15, May 15, August 15 and November 15, commencing on November 15, 2014. The Notes will mature on August 15, 2021, and may be redeemed in whole or in part at any time or from time to time after August 15, 2017. The Company intends to use substantially all of the net proceeds from the offering, which are expected to amount to approximately $23,912,500, net of underwriting discounts and commissions of $812,500 and estimated offering expenses payable by the Company of $275,000, for the repayment of existing indebtedness, including the $7,000,000 prepayment to Unicredit discussed above.
	As of June 30, 2014, the Company had an aggregate available borrowing capacity of up to $125,000,000 with respect to the HSH loan facility (dated April 4, 2014) for an amount of up to $47,000,000, and the undrawn portion of the syndicated loan facility led by Nordea (dated May 6, 2014) in the amount of up to $78,000,000, as discussed above.
	As of June 30, 2014, the Company was in compliance with all of its debt covenants with respect to its loan and credit facilities.

Interest_Rate_Swaps

Interest Rate Swaps	6 Months Ended
	Jun. 30, 2014
Interest Rate Swaps [Abstract]	'
Interest Rate Swaps	'
	8. 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 loan and credit facilities. These interest rate swap transactions fix the interest rates as described below.
	As of December 31, 2013 and June 30, 2014, the Company’s outstanding interest rate swaps had a combined notional amount of $68,976,781 and $62,592,469, respectively. Details of the interest rate swap agreements, as of June 30, 2014, are outlined below:
	Interest rate swaps that did not qualify for hedge accounting:
	Counterparty	Effective	Termination	Notional	Notional	Fixed rate	Floating
		date	date	amount	amount		rate
				As of December 31, 2013	As of June 30, 2014
	Unicredit Bank AG (1)	27-Aug-10	27-Aug-15	$35,700,000	$30,600,000	2.47%	3-month LIBOR
	HSBC Bank Plc (2)	10-Apr-12	10-Apr-17	-	$4,800,000	1.49%	3-month LIBOR
	HSH Nordbank AG (3)	8-May-12	5-May-17	-	$9,937,500	1.22%	3-month LIBOR
	Nordea Bank Finland Plc (4)	4-May-12	31-Mar-17	-	$6,160,375	1.14%	3-month LIBOR
	Nordea Bank Finland Plc (5)	18-Jun-12	4-May-17	-	$6,125,844	1.01%	3-month LIBOR
	HSH Nordbank AG (6)	6-Aug-12	5-May-17	-	$4,968,750	0.98%	3-month LIBOR
	TOTAL			$35,700,000	$62,592,469
	Interest rate swaps that qualified for hedge accounting:
	Counterparty	Effective	Termination	Notional	Notional	Fixed rate	Floating
		date	date	amount	amount		rate
				As of December 31, 2013	As of June 30, 2014
	HSBC Bank Plc (2)	10-Apr-12	10-Apr-17	$5,040,000	-	1.49%	3-month LIBOR
	HSH Nordbank AG (3)	8-May-12	5-May-17	$10,312,500	-	1.22%	3-month LIBOR
	Nordea Bank Finland Plc (4)	4-May-12	31-Mar-17	$6,401,958	-	1.14%	3-month LIBOR
	Nordea Bank Finland Plc (5)	18-Jun-12	4-May-17	$6,366,073	-	1.01%	3-month LIBOR
	HSH Nordbank AG (6)	6-Aug-12	5-May-17	$5,156,250	-	0.98%	3-month LIBOR
	TOTAL			$33,276,781	-
	(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.
	Following the $800,000 prepayment to HSBC and the refinancing of the loan agreements with HSH dated July 31, 2008 and Nordea dated May 5, 2011 as discussed in Note 7, the Company reassessed the criteria for hedge accounting with respect to the corresponding interest rate swaps and concluded that same were no longer met. Accordingly, all the above interest rate swaps did not qualify for hedge accounting as of June 30, 2014.

Financial_Instruments_and_Fair

Financial Instruments and Fair Value Disclosures	6 Months Ended
	Jun. 30, 2014
Financial Instruments and Fair Value Disclosures [Abstract]	'
Financial Instruments and Fair Value Disclosures	'
	9. Financial Instruments and Fair Value Disclosures
	The carrying values of cash and cash equivalents, restricted cash, trade receivables and accounts payable are reasonable estimates of their fair value due to the short-term nature of these financial instruments. The fair values of the credit and loan facilities approximate their carrying value, predominantly due to the variable interest rate nature thereof. Derivative financial instruments are stated at fair values.
	When the interest rate swap contracts (refer to Note 8) 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 the 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 accompanying condensed consolidated balance sheets and derivative gains / (losses) in the accompanying unaudited interim condensed consolidated statements of comprehensive loss and shareholders’ equity are shown below:
	Derivative Instruments – Balance Sheet Location
			31-Dec-13	30-Jun-14
		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	294,505	-
	Interest rate swaps	Long-Term Liabilities – Interest rate swaps	22,683	-
		Subtotal	$229,893	$-
	Derivatives not designated as hedging instruments
	Interest rate swaps	Non-Current Assets – Interest rate swaps	$-	($52,110)
	Interest rate swaps	Current liabilities – Interest rate swaps	685,960	863,451
	Interest rate swaps	Long-Term Liabilities – Interest rate swaps	359,433	164,539
		Subtotal	$1,045,393	$975,880
	Total derivatives		$1,275,286	$975,880
	Effect of Derivative Instruments designated as hedging instruments
	Gain / (Loss) Recognized in Accumulated Other Comprehensive Income / (Loss) – Effective Portion
			Six Months Ended June 30,
			2013	2014
	Interest rate swaps		$403,710	$131,238
	Total		$403,710	$131,238
	Location of Gain / (Loss) Transferred from Accumulated Other Comprehensive Income / (Loss) in Statement of Comprehensive Income / (Loss) – Effective Portion
			Six Months Ended June 30,
		Location	2013	2014
	Interest rate swaps – Realized Loss	Interest and finance costs	($154,637)	($98,656)
	Total		($154,637)	($98,656)
	There was no ineffective portion of the gain / (loss) on the hedging instruments for the six months ended June 30, 2013 and 2014.
	Effect of Derivative Instruments not designated as hedging instruments
			Six Months Ended June 30,
		Location of Gain / (Loss) Recognized	2013	2014
	Interest rate swaps – Fair value	Gain / (Loss) on derivatives, net	$508,816	$69,512
	Interest rate swaps – Realized Loss	Gain / (Loss) on derivatives, net	-488,690	-405,175
	Net gain / (loss) on derivatives		$20,126	($335,663)
	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 8) 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, 2013 and June 30, 2014.
	Financial Instruments	Significant Other Observable Inputs (Level 2)
		31-Dec-13	30-Jun-14
	Interest rate swaps – asset	($87,295)	($52,110)
	Interest rate swaps – liability	1,362,581	1,027,990
	Total	$1,275,286	$975,880
	Marketable securities – shares of Korea Line Corporation (“KLC”):
	In April 2014, the Company sold a total of 6,596 KLC shares at an average sale price of $26.50 per share. The total cash received from the sale of these shares amounted to $173,388, net of commissions. A gain from marketable securities, net, of $11,598 was recorded in the second quarter of 2014.
	Following the sale of the 6,596 KLC shares, the fair value of the remaining 59,300 KLC shares as of June 30, 2014, based on the respective latest publicly available information, was $1,374,313. The corresponding loss on change in the fair value of $80,226 was recognized in other comprehensive income / (loss).
			Six Months Ended June 30,
		Location of Gain / (Loss) Recognized	2013	2014
	Marketable securities – Initial measurement	Gain from marketable securities, net	$3,113,306	$-
	Marketable securities – Realized Gain	Gain from marketable securities, net	-	11,598
	Net gain on marketable securities		$3,113,306	$11,598
	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 June 30, 2014.
	Financial Assets	Quoted Prices in Active Markets (Level 1)
		31-Dec-13	30-Jun-14
	KLC Shares – Marketable Securities	$1,616,329	$1,374,313
	Financial Assets that are measured at fair value on a non-recurring basis
	Investment in Box Ships Inc.:
	During the six months ended June 30, 2014, 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 March 31, 2014 and June 30, 2014, was considered as other than temporary and therefore an aggregate loss of $5,633,627 was recognized. The respective loss is included in Loss on investment in affiliate in the accompanying unaudited interim condensed consolidated statements of comprehensive loss for the six months ended June 30, 2014.
	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 June 30, 2014.
Financial Assets	Quoted Prices in Active Markets (Level 1)	Loss
Investment in equity affiliate – Box Ships Inc.	$5,190,625	$5,633,627
As of December 31, 2013 and June 30, 2014, the Company did not have any assets or liabilities measured at fair value on a recurring or non-recurring basis, other than the ones discussed above.

Capital_Structure

Capital Structure	6 Months Ended
	Jun. 30, 2014
Capital Structure [Abstract]	'
Capital Structure	'
	10. Capital Structure
	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. The net proceeds from the offering, which amounted to $39,741,152, net of underwriting discounts and commissions and other offering expenses payable by the Company, 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 was recorded as share based compensation and is included in Management fees – related party in the accompanying unaudited interim condensed consolidated statements of comprehensive loss for the six months ended June 30, 2014.
	Share buyback program
	On May 12, 2014, the Company’s Board of Directors authorized a share buyback program of up to $10,000,000 for a period of twelve months. The Company expects to repurchase these shares in the open market, at times and prices that are considered to be appropriate by the Company, but is not obligated under the terms of the program to repurchase any shares.
	Pursuant to the share buyback program, as of June 30, 2014, the Company had purchased and cancelled 30,000 of its common shares at an average price of $5.6820 per share.
	As of December 31, 2013 and June 30, 2014, the Company had a total of 17,669,442 and 24,592,142 Class A common shares outstanding, respectively, and no other class of shares outstanding.

Share_Based_Payments_Equity_In

Share Based Payments - Equity Incentive Plan - Non-vested Share Awards	6 Months Ended
	Jun. 30, 2014
Share Based Payments - Equity Incentive Plan - Non-vested Share Awards [Abstract]	'
Share Based Payments - Equity Incentive Plan - Non-vested Share Awards	'
	11. Share Based Payments - Equity incentive plan - Non-vested share awards
	A summary of the activity for non-vested share awards for the six months ended June 30, 2014, is as follows:
		Number	Weighted
		of Shares	Average
			Fair Value
	Non vested, December 31, 2013	339,000	$4.75
	Granted	32,000	6.67
	Non vested, June 30, 2014	371,000	$4.99
	The remaining unrecognized compensation cost amounting to $1,180,616 as of June 30, 2014, is expected to be recognized over the remaining weighted average period of 0.9 years, according to the contractual terms of those non-vested share awards.

Earnings_per_Share_EPS

Earnings per Share ("EPS")	6 Months Ended
	Jun. 30, 2014
Earnings per Share ("EPS") [Abstract]	'
Earnings per Share ("EPS")	'
	12. Earnings per Share (“EPS”)
	The following table sets forth the computation of basic and diluted net loss per share for the six months ended June 30, 2013 and 2014:
	Basic and diluted EPS – Class A common shares – The two class method EPS is calculated as follows:
		Six Months Ended June 30,
	Numerators	2013	2014
	Net loss	($3,494,070)	($35,536,894)
	Less: Net loss attributable to non-vested share awards	66,236	570,474
	Net loss attributable to common shareholders	($3,427,834)	($34,966,420)
	Denominators
	Weighted average common shares outstanding, basic and diluted	11,016,733	22,414,824
	Net loss per common share, basic and diluted	($0.31)	($1.56)
	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 (June 30, 2013: 2,800) stock option awards and 371,000 non-vested share awards (June 30, 2013: 280,335) in calculating dilutive EPS for its Class A common shares as they were anti-dilutive.

Commitments_and_Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2014
Commitments and Contingencies [Abstract]	'
Commitments and Contingencies	'
	13. Commitments and Contingencies
	From time to time the Company is 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. As of June 30, 2014, the Company is not aware of any claim or contingent liability, which should be disclosed, or for which a provision should be established in the accompanying financial statements.
	Newbuilding Commitments:
	Future newbuilding installments based on the non-cancelable newbuilding contracts as of June 30, 2014 are as follows:
	To June 30,
	2015	$117,198,627
	2016	21,385,000
	Total	$138,583,627

Subsequent_Events

Subsequent Events	6 Months Ended
	Jun. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	14. Subsequent Events
	Senior Unsecured Notes Due 2021
	On August 8, 2014, the Company completed the offering of 1,000,000 senior unsecured notes due 2021 pursuant to its effective shelf registration statement, as discussed in Note 7.
	Credit Facilities
	Pursuant to the $47,000,000 secured loan facility with HSH, on July 7, 2014, the Company completed the refinancing of the M/V Friendly Seas. The Company drew a total amount of $12,600,000 and repaid in full the then outstanding indebtedness under its existing loan agreement with HSH (dated July 31, 2008), as discussed in Note 7.
	On July 25, 2014, the Company agreed with Bank of Ireland to eliminate the financial covenant relating to the minimum debt service coverage ratio until the maturity of the loan.
	On July 30, 2014, the Company agreed with Unicredit, subject to certain closing conditions including a $7,000,000 prepayment, to eliminate the financial covenants relating to the minimum debt service coverage ratio, the minimum market value adjusted net worth and the maximum leverage ratio until the maturity of the loan. In addition, the Company also agreed to increase the required ratio of the fair market value of mortgaged vessels to outstanding loan from 110% to 130% at all times.
	On August 1, 2014, the Company agreed with HSBC to extend the existing waivers for the financial covenants relating to the minimum interest and debt service coverage ratios, from June 30, 2014 to December 31, 2015.

Significant_Accounting_Policie1

Significant Accounting Policies (Policy)	6 Months Ended
	Jun. 30, 2014
Significant Accounting Policies [Abstract]	'
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements:
	a)The Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board (“IASB”) jointly issued a standard that will supersede virtually all of the existing revenue recognition guidance in U.S. GAAP and is effective for annual periods beginning on or after December 15, 2016. The standard establishes a five-step model that will apply to revenue earned from a contract with a customer (with limited exceptions), regardless of the type of revenue transaction or the industry. The standard’s requirements will also apply to the recognition and measurement of gains and losses on the sale of some non-financial assets that are not an output of the entity’s ordinary activities (e.g., sales of property, plant and equipment or intangibles). Extensive disclosures will be required, including disaggregation of total revenue; information about performance obligations; changes in contract asset and liability account balances between periods and key judgments and estimates. Management is in the process of accessing the impact of the new standard on Company’s financial position and performance.
	b)In August 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-15 – Presentation of Financial Statements - Going Concern. ASU 2014-15 provides guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. ASU 2014-15 requires an entity’s management to evaluate at each reporting period based on the relevant conditions and events that are known at the date of financial statements are issued, whether there are conditions or events, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued and to disclose the necessary information. ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted.

Basis_of_Presentation_and_Gene1

Basis of Presentation and General Information (Tables)	6 Months Ended
	Jun. 30, 2014
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 Company	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 Co.	4-Jul-07	Marshall Islands	Pearl Seas	Aug-07	2006	74,483
	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 And 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
	Adonia Enterprises S.A.	5-May-10	Liberia	Proud	Jan-14	2014	37,227
				Seas (1)
	(1) Refer to Notes 4, 5 and 7
Vessel Under Construction Owning Subsidiaries	'
	Vessel Owning Company	Date of	Country of	Hull Number	Type	Expected Delivery	DWT / TEU
		Incorporation	Incorporation
	Nereus Navigation Ltd.	4-May-10	Marshall Islands	Box King (1)	Containership	2014	4,800
							TEU
	Alcyone International Marine Inc.	17-Jun-13	Liberia	DY152	Drybulk Carrier	2014	63,500
							Dwt
	Neptune International Shipping & Trading S.A.	17-Jun-13	Liberia	DY153	Drybulk Carrier	2014	63,500
							Dwt
	Amphitrite Shipping Inc.	17-Jun-13	Liberia	DY4050 (2)	Drybulk Carrier	2015	63,500
							Dwt
	Mirabel International Maritime Co.	17-Jun-13	Liberia	DY4052 (2)	Drybulk Carrier	2015	63,500
							Dwt
	Dolphin Sunrise Limited	25-Feb-14	Marshall Islands	YZJ1144 (2)	Drybulk Carrier	2015	81,800
							Dwt
	Nautilus Investment Limited	25-Feb-14	Marshall Islands	YZJ1145 (2)	Drybulk Carrier	2015	81,800
							Dwt
	Oceanus Investments Limited	25-Feb-14	Marshall Islands	YZJ1142 (2)	Drybulk Carrier	2015	81,800
							Dwt
	(1) C/V Box King was sold and delivered to an unrelated third party on May 23, 2014 (refer to Note 4)
	(2) Refer to Note 4
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
	Irises Shipping Ltd.	6-Oct-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

Transactions_with_Related_Part1

Transactions with Related Parties (Tables)	6 Months Ended
	Jun. 30, 2014
Transactions with Related Parties [Abstract]	'
Related Party Transactions	'
		Six Months Ended June 30,
		2013	2014
	Included in Commissions
	Charter hire commissions	$352,539	$350,706
	Netted against Gain from sale of assets
	Vessel sale & purchase commissions	-	745,000
	Included in Vessel operating expenses
	Superintendent fees	$231,520	$193,351
	Included in Dry-docking expenses
	Superintendent fees	$109,248	$123,840
	Management fees - related party
	Management fees (1)	$1,994,204	$2,294,542
	Financial accounting and reporting services	353,102	379,224
	Loretto agreement	335,784	880,015
	Total Management fees – related party	$2,683,090	$3,553,781
	Included in General and administrative expenses
	Administrative fees	$18,866	$19,695
	Executive services agreement (2)	$3,726,847	$1,986,790
	(1) The daily management fee per vessel is subject to adjustment on June 1 of each year based on the official Eurozone inflation rate. Effective June 1, 2014, Allseas management fee was adjusted from €661.15 to €664.46 per vessel per day.
	(2) Includes incentive compensation of $1,960,500 and $0 for the six months ended June 30, 2013 and 2014 (refer to Note 3 of the Company’s consolidated financial statements for the year ended December 31, 2013 included in the Company’s Annual Report.)

Vessels_Net_Tables

Vessels, Net (Tables)	6 Months Ended
	Jun. 30, 2014
Vessels Net [Abstract]	'
Vessels, Net	'
		Vessel	Accumulated	Net Book
		Cost	Depreciation	Value
	Balance December 31, 2013	$376,193,456	($70,057,540)	$306,135,916
	Newbuilding deliveries	25,914,598	-	25,914,598
	Depreciation for the period	-	-8,815,522	-8,815,522
	Balance June 30, 2014	$402,108,054	($78,873,062)	$323,234,992

Investment_In_Affiliate_Tables

Investment In Affiliate (Tables)	6 Months Ended
	Jun. 30, 2014
Investment in Affiliate [Abstract]	'
Investment In Affiliate	'
	Balance, December 31, 2013	$11,309,375
	Equity in net loss of affiliate	-258,022
	Equity in other comprehensive loss of affiliate	-5,422
	Dilution effect	-221,679
	Impairment in investment in affiliate	-5,633,627
	Balance, June 30, 2014	$5,190,625

LongTerm_Debt_Tables

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2014
Long-Term Debt [Abstract]	'
Schedule of Debt	'
	Debt	31-Dec-13	30-Jun-14
	Current portion of long-term debt	$17,257,750	$30,698,424
	Long-term debt	162,857,176	167,483,576
	Total long-term debt	$180,114,926	$198,182,000

Interest_Rate_Swaps_Tables

Interest Rate Swaps (Tables)	6 Months Ended
	Jun. 30, 2014
Interest Rate Swaps [Abstract]	'
Interest rate swaps that did not qualify for hedge accounting	'
	Counterparty	Effective	Termination	Notional	Notional	Fixed rate	Floating
		date	date	amount	amount		rate
				As of December 31, 2013	As of June 30, 2014
	Unicredit Bank AG (1)	27-Aug-10	27-Aug-15	$35,700,000	$30,600,000	2.47%	3-month LIBOR
	HSBC Bank Plc (2)	10-Apr-12	10-Apr-17	-	$4,800,000	1.49%	3-month LIBOR
	HSH Nordbank AG (3)	8-May-12	5-May-17	-	$9,937,500	1.22%	3-month LIBOR
	Nordea Bank Finland Plc (4)	4-May-12	31-Mar-17	-	$6,160,375	1.14%	3-month LIBOR
	Nordea Bank Finland Plc (5)	18-Jun-12	4-May-17	-	$6,125,844	1.01%	3-month LIBOR
	HSH Nordbank AG (6)	6-Aug-12	5-May-17	-	$4,968,750	0.98%	3-month LIBOR
	TOTAL			$35,700,000	$62,592,469
	(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.
Interest rate swaps that qualified for hedge accounting	'
	Counterparty	Effective	Termination	Notional	Notional	Fixed rate	Floating
		date	date	amount	amount		rate
				As of December 31, 2013	As of June 30, 2014
	HSBC Bank Plc (2)	10-Apr-12	10-Apr-17	$5,040,000	-	1.49%	3-month LIBOR
	HSH Nordbank AG (3)	8-May-12	5-May-17	$10,312,500	-	1.22%	3-month LIBOR
	Nordea Bank Finland Plc (4)	4-May-12	31-Mar-17	$6,401,958	-	1.14%	3-month LIBOR
	Nordea Bank Finland Plc (5)	18-Jun-12	4-May-17	$6,366,073	-	1.01%	3-month LIBOR
	HSH Nordbank AG (6)	6-Aug-12	5-May-17	$5,156,250	-	0.98%	3-month LIBOR
	TOTAL			$33,276,781	-
	(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_Fair1

Financial Instruments and Fair Value Disclosures (Tables)	6 Months Ended
	Jun. 30, 2014
Financial Instruments and Fair Value Disclosures [Abstract]	'
Derivative Instruments - Balance Sheet Location	'
			31-Dec-13	30-Jun-14
		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	294,505	-
	Interest rate swaps	Long-Term Liabilities – Interest rate swaps	22,683	-
		Subtotal	$229,893	$-
	Derivatives not designated as hedging instruments
	Interest rate swaps	Non-Current Assets – Interest rate swaps	$-	($52,110)
	Interest rate swaps	Current liabilities – Interest rate swaps	685,960	863,451
	Interest rate swaps	Long-Term Liabilities – Interest rate swaps	359,433	164,539
		Subtotal	$1,045,393	$975,880
	Total derivatives		$1,275,286	$975,880
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
			Six Months Ended June 30,
			2013	2014
	Interest rate swaps		$403,710	$131,238
	Total		$403,710	$131,238
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
			Six Months Ended June 30,
		Location	2013	2014
	Interest rate swaps – Realized Loss	Interest and finance costs	($154,637)	($98,656)
	Total		($154,637)	($98,656)
Effect of Derivative Instruments not designated as hedging instruments	'
			Six Months Ended June 30,
		Location of Gain / (Loss) Recognized	2013	2014
	Interest rate swaps – Fair value	Gain / (Loss) on derivatives, net	$508,816	$69,512
	Interest rate swaps – Realized Loss	Gain / (Loss) on derivatives, net	-488,690	-405,175
	Net gain / (loss) on derivatives		$20,126	($335,663)
Summary of Valuation of Interest Rate Swaps	'
	Financial Instruments	Significant Other Observable Inputs (Level 2)
		31-Dec-13	30-Jun-14
	Interest rate swaps – asset	($87,295)	($52,110)
	Interest rate swaps – liability	1,362,581	1,027,990
	Total	$1,275,286	$975,880
Marketable Securities Location of Gain / (Loss) Recognized	'
			Six Months Ended June 30,
		Location of Gain / (Loss) Recognized	2013	2014
	Marketable securities – Initial measurement	Gain from marketable securities, net	$3,113,306	$-
	Marketable securities – Realized Gain	Gain from marketable securities, net	-	11,598
	Net gain on marketable securities		$3,113,306	$11,598
Available For Sale Securites Summary Of Valuation	'
	Financial Assets	Quoted Prices in Active Markets (Level 1)
		31-Dec-13	30-Jun-14
	KLC Shares – Marketable Securities	$1,616,329	$1,374,313
Investment In Affiliate Summary Of Valuation	'
	Financial Assets	Quoted Prices in Active Markets (Level 1)	Loss
	Investment in equity affiliate – Box Ships Inc.	$5,190,625	$5,633,627

Share_Based_Payments_Equity_In1

Share Based Payments - Equity Incentive Plan - Non-vested Share Awards (Tables)	6 Months Ended
	Jun. 30, 2014
Share Based Payments - Equity Incentive Plan - Non-vested Share Awards [Abstract]	'
Non-vested Share Awards Activity	'
		Number	Weighted
		of Shares	Average
			Fair Value
	Non vested, December 31, 2013	339,000	$4.75
	Granted	32,000	6.67
	Non vested, June 30, 2014	371,000	$4.99

Earnings_per_Share_EPS_Tables

Earnings per Share ("EPS") (Tables)	6 Months Ended
	Jun. 30, 2014
Earnings per Share ("EPS") [Abstract]	'
Basic and diluted EPS Class A Common Shares	'
		Six Months Ended June 30,
	Numerators	2013	2014
	Net loss	($3,494,070)	($35,536,894)
	Less: Net loss attributable to non-vested share awards	66,236	570,474
	Net loss attributable to common shareholders	($3,427,834)	($34,966,420)
	Denominators
	Weighted average common shares outstanding, basic and diluted	11,016,733	22,414,824
	Net loss per common share, basic and diluted	($0.31)	($1.56)

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2014
Commitments and Contingencies [Abstract]	'
Newbuilding Commitments	'
	To June 30,
	2015	$117,198,627
	2016	21,385,000
	Total	$138,583,627

Basis_of_Presentation_and_Gene2

Basis of Presentation and General Information (Table) (Details)	6 Months Ended
	Jun. 30, 2014
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-Jul-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
Proud Seas	'
Property Plant And Equipment [Line Items]	'
DWT	37,227
Vessel Year Built	'2014
Delivery Date	'January 2014
Date of Incorporation	5-May-10
Box King	'
Property Plant And Equipment [Line Items]	'
TEU	4,800
Expected Delivery	'2014
Date of Incorporation	4-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
Hull DY4050	'
Property Plant And Equipment [Line Items]	'
DWT	63,500
Expected Delivery	'2015
Date of Incorporation	17-Jun-13
Hull DY4052	'
Property Plant And Equipment [Line Items]	'
DWT	63,500
Expected Delivery	'2015
Date of Incorporation	17-Jun-13
Hull YZJ1144	'
Property Plant And Equipment [Line Items]	'
DWT	81,800
Expected Delivery	'2015
Date of Incorporation	25-Feb-14
Hull YZJ1145	'
Property Plant And Equipment [Line Items]	'
DWT	81,800
Expected Delivery	'2015
Date of Incorporation	25-Feb-14
Hull YZJ1142	'
Property Plant And Equipment [Line Items]	'
DWT	81,800
Expected Delivery	'2015
Date of Incorporation	25-Feb-14

Basis_of_Presentation_and_Gene3

Basis of Presentation and General Information - Non Vessel Owning Subsidiaries (Table) (Details)	6 Months Ended
	Jun. 30, 2014
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
Irises Shipping Ltd.	'
Non-Vessel Owning Subsidiaries [Line Items]	'
Date of Incorporation	6-Oct-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 (Details)	Jun. 30, 2014
Basis of Presentation and General Information [Abstract]	'
Ownership percentage by CEO	27.90%

Transactions_with_Related_Part2

Transactions with Related Parties (Table) (Details) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Included in Commissions	'	'
Charter hire commissions	$1,650,020	$1,577,594
Management fees - related party	'	'
Total Management fees - related party	3,553,781	2,683,090
Allseas Marine SA	'	'
Included in Commissions	'	'
Charter hire commissions	350,706	352,539
Netted against Gain from sale of assets	'	'
Vessel sale & purchase commissions	745,000	0
Included in Vessel operating expenses	'	'
Superintendent fees	193,351	231,520
Included in Dry-docking expenses	'	'
Superintendent fees	123,840	109,248
Management fees - related party	'	'
Management fees	2,294,542	1,994,204
Financial accounting and reporting services	379,224	353,102
Loretto agreement	880,015	335,784
Total Management fees - related party	3,553,781	2,683,090
Included in General and administrative expenses	'	'
Administrative fees	19,695	18,866
Executive services agreement	$1,986,790	$3,726,847

Transactions_with_Related_Part3

Transactions with Related Parties - Granitis (Details) (Granitis Glyfada Real Estate Ltd., USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Granitis Glyfada Real Estate Ltd.	'	'
Related Party Transaction [Line Items]	'	'
Rent expense	$25,078	$24,398

Transactions_with_Related_Part4

Transactions with Related Parties - Allseas (Details)	Jun. 30, 2014	Dec. 31, 2013	Feb. 18, 2014	Jun. 30, 2014	31-May-14	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Feb. 18, 2014
	USD ($)	USD ($)	Public offerings	Allseas Marine SA	Allseas Marine SA	Allseas Marine SA	Allseas Marine SA	Allseas Marine SA	Executive Services	Executive Services	Loretto Finance Inc.
				EUR (€)	EUR (€)	USD ($)	USD ($)	USD ($)	USD ($)	USD ($)	USD ($)
Related Party Transaction [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Daily management fee	'	'	'	€ 664.46	€ 661.15	'	'	'	'	'	'
Incentive compensation paid to executives	'	'	'	'	'	'	'	'	0	1,960,500	'
Capitalized expenses	'	'	'	'	'	2,524,559	'	404,820	'	'	'
Due from related parties	391,478	146,051	'	'	'	391,478	146,051	'	'	'	'
Common stock - shares issued	'	'	6,785,000	'	'	'	'	'	'	'	135,700
Share based compensation	'	'	'	'	'	'	'	'	'	'	$880,015

Transactions_with_Related_Part5

Transactions with Related Parties - Crewcare Inc. (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Dec. 31, 2013
			Crewcare Inc. Manning Agency Agreements	Crewcare Inc. Manning Agency Agreements	Crewcare Inc. Cadetship Program Agreement	Crewcare Inc. Cadetship Program Agreement	Crewcare Inc.	Crewcare Inc.
Related Party Transaction [Line Items]	'	'	'	'	'	'	'	'
Manning expenses	'	'	$201,851	$190,192	'	'	'	'
Cadetship program expenses	'	'	'	'	75,000	0	'	'
Due to related parties	$660,822	$82,074	'	'	'	'	$660,822	$82,074

Transactions_with_Related_Part6

Transactions with Related Parties - Box Ships Inc. (Details) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Related Party Transaction [Line Items]	'	'	'
Number of shares in affiliate held by the Company	3,437,500	'	3,437,500
Box Ships Inc.	'	'	'
Related Party Transaction [Line Items]	'	'	'
Percentage of ownership in Box Ships	11.20%	'	13.60%
Number of shares in affiliate held by the Company	3,437,500	'	3,437,500
Amendment fee	'	$65,000	'
Interest income related party	$0	$316,326	'

Advances_for_Vessels_Under_Con1

Advances for Vessels Under Construction (Details) (USD $)

6 Months Ended

12 Months Ended

4 Months Ended

5 Months Ended

6 Months Ended

1 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Apr. 25, 2014

23-May-14

Jun. 30, 2014

Jan. 29, 2014

Jun. 30, 2014

Mar. 28, 2014

Mar. 25, 2014

Jun. 30, 2014

Mar. 05, 2014

Mar. 25, 2014

Jun. 30, 2014

Mar. 05, 2014

Mar. 25, 2014

Jun. 30, 2014

Mar. 05, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Jun. 30, 2014

Mar. 05, 2014

C/V Box King

C/V Box King

C/V Box King

M/V Proud Seas

M/V Proud Seas

Allseas Marine S.A.

Hull no. YZJ1144

Hull no. YZJ1144

Hull no. YZJ1144

Hull no. YZJ1145

Hull no. YZJ1145

Hull no. YZJ1145

Hull no. YZJ1142

Hull no. YZJ1142

Hull no. YZJ1142

Handysize Vessels

Ultramax Vessels

Ultramax Vessels

Ultramax Vessels

Ultramax Vessels

Containerships

Kamsarmax Vessels

Kamsarmax Vessels

Hull no. 625

Hull no. DY152 and Hull no. DY153

Hull no. DY152 and Hull no. DY153

Hull no. DY4050 and Hull no. DY4052

Hull no. DY4050 and Hull no. DY4052

C/V Box King

Property Plant And Equipment [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of newbuildings

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1

2

2

2

2

1

3

3

Containership capacity

'

'

'

'

'

4,800

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Drybulk carrier capacity

'

'

'

'

'

'

'

37,227

'

'

81,800

'

'

81,800

'

'

81,800

'

'

'

'

'

'

'

'

'

Newbuilding contract price installment

'

'

'

'

'

'

$21,637,078

'

'

$9,165,000

'

'

$9,165,000

'

'

$9,165,000

'

'

'

'

'

'

'

'

'

'

Acquisition cost of vessels

'

'

'

'

'

'

'

'

'

'

'

30,550,000

'

'

30,550,000

'

'

30,550,000

'

'

'

'

'

'

'

91,650,000

Vessel purchase commission amount

'

'

'

'

'

'

'

'

305,500

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Vessel purchase commission rate

'

'

'

3.00%

'

'

'

'

1.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Aggregate newbuilidng contract installments remaining

'

'

'

'

'

'

'

'

'

21,385,000

'

'

21,385,000

'

'

21,385,000

'

'

'

'

'

'

'

'

'

'

Impairment loss

15,695,282

0

'

'

'

15,695,282

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Sale price of vessel

'

'

'

42,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Reduction in contract price of vessel

'

'

'

'

770,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Gain from sale of assets

402,805

0

'

'

402,805

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net proceeds from the sale of assets

$9,995,000

$0

'

'

$9,995,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Newbuilding program

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

As of June 30, 2014, the Company’s newbuilding program consisted of two Ultramax drybulk carriers with scheduled delivery in 2014, as well as two Ultramax drybulk carriers and three Kamsarmax drybulk carriers with scheduled delivery in 2015.

As of December 31, 2013, the Company’s newbuilding program consisted of one Handysize drybulk carrier (Hull no. 625 or M/V Proud Seas), two Ultramax drybulk carriers (Hull numbers DY152 and DY153) and one 4,800 TEU containership (C/V Box King) with expected deliveries in 2014, as well as two Ultramax drybulk carriers (Hull numbers DY4050 and DY4052) with expected deliveries in 2015.

Vessels_Net_Table_Details

Vessels, Net (Table) (Details) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Property Plant And Equipment [Line Items]	'	'
Balance December 31, 2013	$306,135,916	'
Depreciation for the period	-8,912,078	-8,385,305
Balance June 30, 2014	323,234,992	'
Vessel Cost	'	'
Property Plant And Equipment [Line Items]	'	'
Balance December 31, 2013	376,193,456	'
Newbuilding deliveries	25,914,598	'
Balance June 30, 2014	402,108,054	'
Accumulated Depreciation	'	'
Property Plant And Equipment [Line Items]	'	'
Balance December 31, 2013	-70,057,540	'
Depreciation for the period	-8,815,522	'
Balance June 30, 2014	-78,873,062	'
Net Book Value	'	'
Property Plant And Equipment [Line Items]	'	'
Balance December 31, 2013	306,135,916	'
Newbuilding deliveries	25,914,598	'
Depreciation for the period	-8,815,522	'
Balance June 30, 2014	$323,234,992	'

Investment_in_Affiliate_Table_

Investment in Affiliate (Table) (Details) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Investment in Affiliate [Abstract]	'	'
Balance, December 31, 2013	$11,309,375	'
Equity in net loss of affiliate	-258,022	978,702
Equity in other comprehensive loss of affiliate	-5,422	106,709
Dilution effect	-221,679	'
Impairment in investment in affiliate	-5,633,627	'
Balance, June 30, 2014	$5,190,625	'

Investment_in_Affiliate_Detail

Investment in Affiliate (Details) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Investments In And Advances To Affiliates [Line Items]	'	'	'
Number of shares in affiliate held by the Company	3,437,500	'	3,437,500
Investment in affiliate	$5,190,625	'	$11,309,375
Loss on investment in affiliate	5,855,306	390,821	'
Box Ships Inc.	'	'	'
Investments In And Advances To Affiliates [Line Items]	'	'	'
Percentage of ownership in Box Ships	11.20%	'	13.60%
Loss on investment in affiliate	$5,855,306	'	'

LongTerm_Debt_Disclosed_in_the

Long-Term Debt - Disclosed in the Condensed Consolidated Balance Sheets (Unaudited for June 30, 2014) (Table) (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Long-Term Debt [Abstract]	'	'
Current portion of long-term debt	$30,698,424	$17,257,750
Long-term debt	167,483,576	162,857,176
Total	$198,182,000	$180,114,926

LongTerm_Debt_Description_Deta

Long-Term Debt - Description (Details) (USD $)

6 Months Ended

0 Months Ended

6 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

4 Months Ended

6 Months Ended

7 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jan. 07, 2014

Jun. 30, 2014

Jul. 07, 2014

Apr. 04, 2014

Jun. 30, 2014

Jun. 10, 2014

6-May-14

Jun. 30, 2014

Jun. 30, 2014

Aug. 08, 2014

Jun. 30, 2014

Nordea Bank Finland Plc (dated May 5, 2011)

China Development Bank (dated May 17, 2013)

HSH Nordbank AG (dated April 4, 2014)

HSH Nordbank AG (dated April 4, 2014)

HSH Nordbank AG (dated April 4, 2014)

Nordea Bank Finland Plc (dated May 6, 2014)

Nordea Bank Finland Plc (dated May 6, 2014)

Nordea Bank Finland Plc (dated May 6, 2014)

Bank of Scotland (dated December 4, 2007) and Nordea (dated May 5, 2011)

Senior Unsecured Notes Due 2021

HSH Nordbank AG (dated April 4, 2014) and Nordea Bank Finland Plc (dated May 6, 2014)

Debt Instrument [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from long-term debt

$107,144,427

$0

$25,394,427

'

$12,600,000

'

'

$81,750,000

'

'

'

'

'

Write off of unamortized financing costs

'

'

'

483,054

'

'

'

'

'

'

1,027,694

'

'

Loan / credit facility details

'

'

'

'

'

'

'

'

'

'

'

'

'

On April 4, 2014, the Company completed the documentation for a new loan agreement with HSH Nordbank AG (“HSH”) for a $47,000,000 secured 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 numbers DY152 and DY153. For M/V Friendly Seas, HSH 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 agreed to finance the lower of $17,200,000 or 65% of the vessels’ market value upon their delivery.

On May 6, 2014, the Company completed the documentation for a senior secured loan facility with a syndicate of major European banks led by Nordea in an amount of $160,000,000. This facility will be used for the refinancing of six vessels of its operating fleet (the four Handysize vessels M/V Prosperous Seas, M/V Precious Seas, M/V Priceless Seas and the M/V Proud Seas, and the Panamax vessels M/V Coral Seas and M/V Golden Seas), along with the financing of up to 60% of the market value of the remaining two Ultramax newbuilding drybulk carriers, the Hull numbers DY4050 and DY4052, and two of its Kamsarmax newbuilding drybulk carriers, the Hull numbers YZJ1144 and YZJ1145, that are expected to be delivered in the second quarter of 2015.

Credit facility undrawn portion

'

'

'

'

'

'

47,000,000

'

'

78,000,000

'

'

125,000,000

Amount available for drawdown

'

'

'

'

'

47,000,000

'

'

160,000,000

'

'

'

'

Terms and conditions of debt

'

'

'

'

'

'

'

'

'

'

'

'

'

On August 8, 2014, the Company completed the offering of 1,000,000 senior unsecured notes due 2021 (“Notes”), pursuant to its effective shelf registration statement. The Notes were issued in minimum denominations of $25.00 and integral multiples of $25.00 in excess thereof, and bear interest at a rate of 8.375% per year, payable quarterly on each February 15, May 15, August 15 and November 15, commencing on November 15, 2014. The Notes will mature on August 15, 2021, and may be redeemed in whole or in part at any time or from time to time after August 15, 2017.

Interest rate per year

'

'

'

'

'

'

'

'

'

'

'

8.38%

'

Debt maturity date

'

'

'

'

'

'

'

'

'

'

'

15-Aug-21

'

Net proceeds from issuance of debt

'

'

'

'

'

'

'

'

'

'

'

23,912,500

'

Debt underwriting discounts and commissions

'

'

'

'

'

'

'

'

'

'

'

812,500

'

Other offering costs

'

'

'

'

'

'

'

'

'

'

'

$275,000

'

LongTerm_Debt_Terms_and_Covena

Long-Term Debt - Terms and Covenants (Details) (USD $)	6 Months Ended	3 Months Ended				7 Months Ended
	Jun. 30, 2014	Jun. 30, 2014	Apr. 08, 2014	Apr. 09, 2014	Apr. 10, 2014	Jul. 25, 2014	Jul. 30, 2014
		HSBC Bank Plc	HSBC Bank Plc	HSBC Bank Plc	HSBC Bank Plc	Bank of Ireland	Unicredit Bank AG
Debt Instrument [Line Items]	'	'	'	'	'	'	'
Covenants	'	'	'	'	'	'	'
			On April 8, 2014, the Company signed a supplemental agreement with HSBC Bank Plc (“HSBC”) and agreed to amend the definitions of certain financial covenants, to prepay an amount of $800,000 that was prepaid on April 10, 2014, and to reduce the outstanding scheduled quarterly installments from $400,000 to $380,000, commencing from the second quarter of 2014. In addition, on August 1, 2014, the Company agreed with HSBC to extend the existing waivers for the financial covenants relating to the minimum interest and debt service coverage ratios, from June 30, 2014 to December 31, 2015.			On July 25, 2014, the Company agreed with Bank of Ireland to eliminate the financial covenant relating to the minimum debt service coverage ratio until the maturity of the loan.	On July 30, 2014, the Company agreed with Unicredit Bank AG (“Unicredit”), subject to certain closing conditions including a $7,000,000 prepayment, to eliminate the financial covenants relating to the minimum debt service coverage ratio, the minimum market value adjusted net worth and the maximum leverage ratio until the maturity of the loan. In addition, the Company also agreed to increase the required ratio of the fair market value of mortgaged vessels to outstanding loan from 110% to 130% at all times.
Prepayment amount	'	'	'	'	$800,000	'	$7,000,000
Quarterly periodic payments	'	$380,000	'	$400,000	'	'	'
Covenant Compliance	'	'	'	'	'	'	'
	As of June 30, 2014, the Company was in compliance with all of its debt covenants with respect to its loan and credit facilities.

Interest_Rate_Swaps_Table_Deta

Interest Rate Swaps (Table) (Details) (USD $)	6 Months Ended
	Jun. 30, 2014		Dec. 31, 2013
Derivative [Line Items]	'		'
Notional amount	$62,592,469		$68,976,781
Unicredit Bank AG - Not Qualifying For Hedge Accounting	'		'
Derivative [Line Items]	'		'
Effective date	27-Aug-10		'
Termination Date	27-Aug-15		'
Notional amount	30,600,000	[1]	35,700,000	[1]
Fixed rate	2.47%		'
Floating rate	'3-month LIBOR		'
HSBC Bank Plc - Not Qualifying For Hedge Accounting	'		'
Derivative [Line Items]	'		'
Effective date	10-Apr-12		'
Termination Date	10-Apr-17		'
Notional amount	4,800,000	[2]	'
Fixed rate	1.49%		'
Floating rate	'3-month LIBOR		'
HSH Nordbank AG - Not Qualifying For Hedge Accounting	'		'
Derivative [Line Items]	'		'
Effective date	8-May-12		'
Termination Date	5-May-17		'
Notional amount	9,937,500	[3]	'
Fixed rate	1.22%		'
Floating rate	'3-month LIBOR		'
Nordea Bank Finland Plc - Not Qualifying For Hedge Accounting	'		'
Derivative [Line Items]	'		'
Effective date	4-May-12		'
Termination Date	31-Mar-17		'
Notional amount	6,160,375	[4]	'
Fixed rate	1.14%		'
Floating rate	'3-month LIBOR		'
Nordea Bank Finland Plc - Not Qualifying For Hedge Accounting	'		'
Derivative [Line Items]	'		'
Effective date	18-Jun-12		'
Termination Date	4-May-17		'
Notional amount	6,125,844	[5]	'
Fixed rate	1.01%		'
Floating rate	'3-month LIBOR		'
HSH Nordbank AG - Not Qualifying For Hedge Accounting	'		'
Derivative [Line Items]	'		'
Effective date	6-Aug-12		'
Termination Date	5-May-17		'
Notional amount	4,968,750	[6]	'
Fixed rate	0.98%		'
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]
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]
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]
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]
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]
Fixed rate	0.98%		'
Floating rate	'3-month LIBOR		'
Total Not Qualifying For Hedge Accounting	'		'
Derivative [Line Items]	'		'
Notional amount	62,592,469		35,700,000
Total Qualifying For Hedge Accounting	'		'
Derivative [Line Items]	'		'
Notional amount	'		$33,276,781
[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.

Interest_Rate_Swaps_Details

Interest Rate Swaps (Details)	6 Months Ended
	Jun. 30, 2014
Interest Rate Swaps [Abstract]	'
Assessment of criteria for hedge accounting	'
	Following the $800,000 prepayment to HSBC and the refinancing of the loan agreements with HSH dated July 31, 2008 and Nordea dated May 5, 2011 as discussed in Note 7, the Company reassessed the criteria for hedge accounting with respect to the corresponding interest rate swaps and concluded that same were no longer met. Accordingly, all the above interest rate swaps did not qualify for hedge accounting as of June 30, 2014.

Financial_Instruments_and_Fair2

Financial Instruments and Fair Value Disclosures - Balance Sheet Location (Table) (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Derivatives designated as hedging instruments	'	'
Subtotal	$0	$229,893
Derivatives not designated as hedging instruments	'	'
Subtotal	975,880	1,045,393
Total derivatives	975,880	1,275,286
Non-Current Assets - Interest rate swaps	'	'
Derivatives designated as hedging instruments	'	'
Interest rate swaps	0	-87,295
Derivatives not designated as hedging instruments	'	'
Interest rate swaps	-52,110	0
Current liabilities - Interest rate swaps	'	'
Derivatives designated as hedging instruments	'	'
Interest rate swaps	0	294,505
Derivatives not designated as hedging instruments	'	'
Interest rate swaps	863,451	685,960
Long-Term Liabilities - Interest rate swaps	'	'
Derivatives designated as hedging instruments	'	'
Interest rate swaps	0	22,683
Derivatives not designated as hedging instruments	'	'
Interest rate swaps	$164,539	$359,433

Financial_Instruments_and_Fair3

Financial Instruments and Fair Value Disclosures - Effect of Derivative Instruments designated as hedging instruments (Table) (Details) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Interest rate swaps	$131,238	$403,710
Gain / (Loss) Recognized in Accumulated Other Comprehensive Income / (Loss) - Effective Portion	'	'
Interest rate swaps	$131,238	$403,710

Financial_Instruments_and_Fair4

Financial Instruments and Fair Value Disclosures - Derivatives designated as hedging instruments (Table 2) (Details) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Interest rate swaps - Realized Loss	($98,656)	($154,637)
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	($98,656)	($154,637)

Financial_Instruments_and_Fair5

Financial Instruments and Fair Value Disclosures - Effect of Derivative Instruments not designated as hedging instruments (Table) (Details) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Net gain/ (loss) on derivatives	($335,663)	$20,126
Gain / (Loss) on derivatives, net	'	'
Interest rate swaps - Fair value	69,512	508,816
Interest rate swaps - Realized Loss	($405,175)	($488,690)

Financial_Instruments_and_Fair6

Financial Instruments and Fair Value Disclosures - Measured on a Recurring Basis (Table) (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Derivatives Fair Value [Line Items]	'	'
Total	$975,880	$1,275,286
Significant Other Observable Inputs (Level 2)	'	'
Derivatives Fair Value [Line Items]	'	'
Interest rate swaps - asset	-52,110	-87,295
Interest rate swaps - liability	$1,027,990	$1,362,581

Financial_Istruments_and_Fair_

Financial Istruments and Fair Value Disclosures - Marketable Securities Location of Gain / (Loss) Recognized (Details) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Marketable securities - Realized Gain	($11,598)	$0
Net gain on marketable securities	11,598	3,113,306
Gain from marketable securities, net	'	'
Marketable securities - Initial measurement	0	3,113,306
Marketable securities - Realized Gain	$11,598	$0

Financial_Instruments_and_Fair7

Financial Instruments and Fair Value Disclosures - Summary of Valuation of KLC Shares (Table) (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Derivatives Fair Value [Line Items]	'	'
KLC Shares - Marketable Securities	$1,374,313	$1,616,329
Quoted Prices in Active Markets (Level 1)	'	'
Derivatives Fair Value [Line Items]	'	'
KLC Shares - Marketable Securities	$1,374,313	$1,616,329

Financial_Instruments_and_Fair8

Financial Instruments and Fair Value Disclosures - Summary of Valuation in Box Ships (Table) (Details) (USD $)	6 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Derivatives Fair Value [Line Items]	'	'
Investment in equity affiliate - Box Ships Inc.	$5,190,625	$11,309,375
Investment in equity affiliate - Box Ships Inc. (Loss)	5,633,627	'
Quoted Prices in Active Markets (Level 1)	'	'
Derivatives Fair Value [Line Items]	'	'
Investment in equity affiliate - Box Ships Inc.	5,190,625	'
Investment in equity affiliate - Box Ships Inc. (Loss)	$5,633,627	'

Financial_Instruments_and_Fair9

Financial Instruments and Fair Value Disclosures (Details) (USD $)	6 Months Ended			4 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013	Apr. 30, 2014	Jun. 30, 2014
				KLC Shares	KLC Shares
Derivative [Line Items]	'	'	'	'	'
Number of KLC shares sold	'	'	'	6,596	'
Average price per share (KLC shares sold)	'	'	'	$26.50	'
Cash received from the sale of KLC shares, net of commissions	$173,388	$0	'	$173,388	'
Total number of KLC shares held by the Company	'	'	'	'	59,300
Fair value of KLC shares	1,374,313	'	1,616,329	'	1,374,313
Unrealized loss on change in fair value of marketable securities	($68,628)	($10,922)	'	'	($80,226)

Capital_Structure_Details

Capital Structure (Details) (USD $)	2 Months Ended	6 Months Ended				2 Months Ended	0 Months Ended	2 Months Ended
	Feb. 18, 2014	Jun. 30, 2014	Dec. 31, 2013	Feb. 18, 2014	Feb. 18, 2014	Feb. 18, 2014	12-May-14	Jun. 30, 2014
		Common Shares - Class A	Common Shares - Class A	Public offering	Over-Allotment Option	Loretto Finance Inc.	Share Buyback Program	Share Buyback Program
Class of Stock	'	'	'	'	'	'	'	'
Common stock - shares issued	'	24,592,142	17,669,442	6,785,000	885,000	135,700	'	'
Issue price per share	'	'	'	$6.25	'	'	'	'
Proceeds from issuance of common stock, net of commissions	$39,741,152	'	'	'	'	'	'	'
Share based compensation	'	'	'	'	'	880,015	'	'
Share buyback program - authorized amount	'	'	'	'	'	'	$10,000,000	'
Share buyback program - shares repurchased and retired	'	30,000	'	'	'	'	'	30,000
Average price per share (common shares purchased and cancelled)	'	'	'	'	'	'	'	$5.68
Common stock - shares outstanding	'	24,592,142	17,669,442	'	'	'	'	'

Share_Based_Payments_Equity_In2

Share Based Payments - Equity Incentive Plan - Non-vested Share Awards (Table) (Details) (USD $)	6 Months Ended
	Jun. 30, 2014
Number of Shares	'
Non vested, December 31, 2013	339,000
Granted	32,000
Non vested, June 30, 2014	371,000
Weighted Average Fair Value	'
Non vested, December 31, 2013	$4.75
Granted	$6.67
Non vested, June 30, 2014	$4.99

Share_Based_Payments_Equity_In3

Share Based Payments - Equity Incentive Plan - Non-vested Share Awards (Details) (USD $)	6 Months Ended
	Jun. 30, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'
Unrecognized cost of unvested share-based compensation awards	$1,180,616
Remaining weighted average period of recognition for unrecognized cost of share-based compensation awards	'10 months 8 days

Earnings_per_Share_EPS_Table_D

Earnings per Share ("EPS") (Table) (Details) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Earnings per Share ("EPS") [Abstract]	'	'
Net loss	($35,536,894)	($3,494,070)
Less: Net loss attributable to non-vested share awards	570,474	66,236
Net loss attributable to common shareholders	($34,966,420)	($3,427,834)
Denominators	'	'
Weighted average common shares outstanding, basic and diluted	22,414,824	11,016,733
Net loss per common share:	'	'
Net loss per common share, basic and diluted	($1.56)	($0.31)

Earnings_per_Share_EPS_Details

Earnings per Share ("EPS") (Details)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Stock Option	'	'
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]	'	'
Anti-dilutive securities	2,800	2,800
Non Vested Share Awards	'	'
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]	'	'
Anti-dilutive securities	371,000	280,335

Commitments_and_Contingencies_1

Commitments and Contingencies - Newbuildings (Table) (Details) (USD $)	Jun. 30, 2014
To June 30,	'
2015	$117,198,627
2016	21,385,000
Total	$138,583,627

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	6 Months Ended		7 Months Ended			0 Months Ended		7 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jul. 25, 2014	Jul. 30, 2014	Aug. 08, 2014	Jul. 07, 2014	Apr. 04, 2014	Aug. 01, 2014
			Bank of Ireland	Unicredit Bank AG	Senior Unsecured Notes Due 2021	HSH Nordbank AG (dated April 4, 2014)	HSH Nordbank AG (dated April 4, 2014)	HSBC Bank Plc
Subsequent Event [Line Items]	'	'	'	'	'	'	'	'
Terms and conditions of debt	'	'	'	'	'	'	'	'
					On August 8, 2014, the Company completed the offering of 1,000,000 senior unsecured notes due 2021 pursuant to its effective shelf registration statement, as discussed in Note 7.
Amount available for drawdown	'	'	'	'	'	'	$47,000,000	'
Proceeds from long-term debt	107,144,427	0	'	'	'	12,600,000	'	'
Covenants	'	'	'	'	'	'	'	'
			On July 25, 2014, the Company agreed with Bank of Ireland to eliminate the financial covenant relating to the minimum debt service coverage ratio until the maturity of the loan.	On July 30, 2014, the Company agreed with Unicredit Bank AG (“Unicredit”), subject to certain closing conditions including a $7,000,000 prepayment, to eliminate the financial covenants relating to the minimum debt service coverage ratio, the minimum market value adjusted net worth and the maximum leverage ratio until the maturity of the loan. In addition, the Company also agreed to increase the required ratio of the fair market value of mortgaged vessels to outstanding loan from 110% to 130% at all times.				On August 1, 2014, the Company agreed with HSBC to extend the existing waivers for the financial covenants relating to the minimum interest and debt service coverage ratios, from June 30, 2014 to December 31, 2015.
Prepayment amount	'	'	'	$7,000,000	'	'	'	'