Paragon Shipping (PRGNF) 20-F 17 Apr 15 2014 FY Annual report (foreign) Financial data

Document_and_Entity_Informatio

Document and Entity Information	12 Months Ended
	Dec. 31, 2014
Document And Entity Information
Document Type	20-F
Document Period End Date	31-Dec-14
Amendment Flag	FALSE
Entity Registrant Name	Paragon Shipping Inc.
Entity Central Index Key	1401112
Trading Symbol	PRGN
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	-19
Entity Filer Category	Accelerated Filer
Entity Well Known Seasoned Issuer	No
Entity Common Stock Shares Outstanding	24,809,142
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Dec. 31, 2014	Dec. 31, 2013
Current assets
Cash and cash equivalents	$7,030,507	$31,301,957
Restricted cash	6,929,172	325,000
Trade receivables, net	7,021,588	8,536,240
Other receivables	1,273,132	599,988
Prepaid expenses	503,109	549,276
Due from related parties	843,510	146,051
Inventories	2,131,464	1,145,243
Marketable securities	955,535	1,616,329
Total current assets	26,688,017	44,220,084
Fixed assets
Vessels, net	369,032,973	306,135,916
Advances for vessels under construction	49,971,703	45,209,166
Other fixed assets, net	922,565	595,840
Total fixed assets, net	419,927,241	351,940,922
Investment in affiliate	2,956,250	11,309,375
Interest rate swaps	66,475	87,295
Other assets	4,367,134	2,303,304
Restricted cash	6,960,000	9,685,000
Total Assets	460,965,117	419,545,980
Current liabilities
Trade accounts payable	2,766,734	2,543,468
Accrued expenses	4,012,238	2,054,903
Due to related parties	166,354	82,074
Interest rate swaps	589,896	980,465
Deferred income	233,245	737,251
Current portion of long-term debt	20,714,324	17,257,750
Total current liabilities	28,482,791	23,655,911
Long-term liabilities
Long-term debt	210,064,414	162,857,176
Interest rate swaps	17,369	382,116
Total long-term liabilities	210,081,783	163,239,292
Total Liabilities	238,564,574	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 24,809,142 issued and outstanding at December 31, 2013 and 2014, respectively	24,809	17,669
Class B common shares, $0.001 par value; 5,000,000 authorized; none issued and outstanding	0	0
Additional paid-in capital	535,233,573	493,803,591
Accumulated other comprehensive loss	-150,986	-259,811
Accumulated deficit	-312,706,853	-260,910,672
Total Shareholders' Equity	222,400,543	232,650,777
Total Liabilities and Shareholders' Equity	$460,965,117	$419,545,980

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parentheticals) (USD $)	Dec. 31, 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 stock - shares authorized	755,000,000
Common Shares - Class A
Class of Stock
Common stock - par value	$0.00	$0.00
Common stock - shares authorized	750,000,000	750,000,000
Common stock - shares issued	24,809,142	17,669,442
Common stock - shares outstanding	24,809,142	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

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Loss (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenue
Charter revenue	$58,138,104	$59,530,645	$53,218,975
Commissions (including related party of $646,987, $750,533 and $708,153 in 2012, 2013 and 2014, respectively)	-3,374,426	-3,273,889	-2,918,296
Net Revenue	54,763,678	56,256,756	50,300,679
Expenses / (Income)
Voyage expenses, net	14,744,648	6,668,998	1,855,964
Vessels operating expenses (including related party of $660,474, $797,143 and $1,282,699 in 2012, 2013 and 2014, respectively)	22,666,036	20,758,513	18,808,084
Dry-docking expenses (including related party of $0, $109,248 and $123,840 in 2012, 2013 and 2014, respectively)	2,193,110	1,698,217	0
Management fees - related party	6,266,270	5,874,416	4,094,744
Depreciation	18,357,377	16,986,584	16,386,426
General and administrative expenses (including related party of $3,304,116, $7,670,556 and $5,775,899 in 2012, 2013 and 2014, respectively)	8,707,819	10,764,001	7,901,762
Impairment loss	15,695,282	0	0
Bad debt provisions	130,720	0	124,717
Gain from sale of assets (net of vessel sale & purchase commissions to related party of $0, $0, and $745,000 in 2012, 2013 and 2014, respectively)	-402,805	0	0
Gain from vessel early redelivery	0	-2,267,818	0
Loss from contract cancellation (including related party of $0, $444,421 and $0 in 2012, 2013 and 2014, respectively)	0	568,658	0
(Gain) / loss from marketable securities, net	25,529	-1,202,094	-414,235
Other (income) / loss	210,709	-638,374	-750,715
Operating Income / (Loss)	-33,831,017	-2,954,345	2,293,932
Other Income / (Expenses)
Interest and finance costs	-9,324,395	-7,440,190	-6,744,917
Loss on derivatives, net	-387,740	-95,288	-714,074
Interest income (including related party of $675,856, $504,326 and $0 in 2012, 2013 and 2014, respectively)	20,940	531,028	728,503
Equity in net income of affiliate	471,079	1,652,339	1,986,590
Gain from debt extinguishment	0	0	1,893,254
Loss on investment in affiliate	-8,840,343	-8,620,372	-16,985,066
Foreign currency (loss) / gain	95,295	-26,204	-15,347
Total Other Expenses, net	-17,965,164	-13,998,687	-19,851,057
Net Loss	-51,796,181	-16,953,032	-17,557,125
Other Comprehensive Income / (Loss)
Unrealized (loss) / gain on cash flow hedges	131,238	131,112	-847,943
Transfer of realized loss on cash flow hedges to "Interest and finance costs"	98,656	312,069	174,869
Equity in other comprehensive (loss) / income of affiliate	16,139	77,165	-107,083
Unrealized loss on change in fair value of marketable securities	-162,737	-2,064,265	-827,377
Transfer of loss on change in fair value of marketable securities to "(Gain) / loss from marketable securities, net"	25,529	1,911,212	980,430
Total Other Comprehensive (Loss) / Income	108,825	367,293	-627,104
Comprehensive Loss	($51,687,356)	($16,585,739)	($18,184,229)
Loss per Class A common share, basic and diluted	($2.18)	($1.31)	($2.84)
Weighted average number of Class A common shares, basic and diluted	23,326,062	12,639,128	6,035,910

Consolidated_Statements_of_Com1

Consolidated Statements of Comprehensive Loss (Parentheticals) (Related Party, USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Related Party
Commissions related party	$708,153	$750,533	$646,987
Vessels operating expenses related party	1,282,699	797,143	660,474
Dry-docking expenses related party	123,840	109,248	0
General and administrative expenses related party	5,775,899	7,670,556	3,304,116
Vessel sale & purchase commissions related party	745,000	0	0
Loss from contract cancellation related party	0	444,421	0
Interest income related party	$0	$504,326	$675,856

Consolidated_Statements_of_Sha

Consolidated Statements of Shareholders' Equity (USD $)	Total	Class A Shares	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Balance at Dec. 31, 2011	$221,224,147	$6,090	$447,618,572	$0	($226,400,515)
Shares issued, beginning balance at Dec. 31, 2011		6,089,826
Issuance of Class A common shares	9,943,893	4,902	9,938,991
Issuance of Class A common shares (number of shares)		4,901,961
Issuance of non-vested Class A common share awards		10	-10
Issuance of non-vested Class A common share awards (number of shares)		9,800
Cancellation of non-vested Class A common share awards		-1	1
Cancellation of non-vested Class A common share awards (number of shares)		-184
Share based compensation	2,536,702		2,536,702
Net Loss	-17,557,125				-17,557,125
Other comprehensive (loss) / income	-627,104			-627,104
Balance at Dec. 31, 2012	215,520,513	11,001	460,094,256	-627,104	-243,957,640
Shares issued, ending balance at Dec. 31, 2012		11,001,403
Issuance of Class A common shares	31,860,750	6,218	31,854,532
Issuance of Class A common shares (number of shares)		6,218,039
Issuance of non-vested Class A common share awards		450	-450
Issuance of non-vested Class A common share awards (number of shares)		450,000
Share based compensation	1,855,253		1,855,253
Net Loss	-16,953,032				-16,953,032
Other comprehensive (loss) / income	367,293			367,293
Balance at Dec. 31, 2013	232,650,777	17,669	493,803,591	-259,811	-260,910,672
Shares issued, ending balance at Dec. 31, 2013		17,669,442
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		252	-252
Issuance of non-vested Class A common share awards (number of shares)		252,000
Cancellation of non-vested Class A common share awards		-3	3
Cancellation of non-vested Class A common share awards (number of shares)		-3,000
Share based compensation	1,866,431		1,866,431
Net Loss	-51,796,181				-51,796,181
Other comprehensive (loss) / income	108,825			108,825
Balance at Dec. 31, 2014	$222,400,543	$24,809	$535,233,573	($150,986)	($312,706,853)
Shares issued, ending balance at Dec. 31, 2014		24,809,142

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities
Net Loss	($51,796,181)	($16,953,032)	($17,557,125)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation	18,357,377	16,986,584	16,386,426
Impairment loss	15,695,282	0	0
Loss on investment in affiliate	8,840,343	8,620,372	16,985,066
Gain from sale of assets	-402,805	0	0
Amortization and write off of financing costs	2,108,716	941,733	447,573
Bad debt provisions	130,720	0	124,717
Share based compensation	1,866,431	1,855,253	2,536,702
Write off of capitalized expenses from contract cancellation	0	232,495	0
(Gain) / loss from marketable securities, net	25,529	-1,202,094	-414,235
Gain from debt extinguishment	0	0	-1,893,254
Unrealized gain on interest rate swaps	-504,602	-834,829	-2,017,297
Equity in net income of affiliate, net of dividends received	-471,079	0	1,202,991
Changes in assets and liabilities:
Trade receivables, net	1,383,932	-6,475,787	-1,334,013
Other receivables	-673,144	129,779	97,564
Prepaid expenses	46,167	-103,672	157,502
Inventories	-868,623	-221,313	-9,444
Due from related parties	-861,314	2,336,607	-1,587,798
Trade accounts payable	75,994	-64,969	148,323
Accrued expenses	1,285,140	148,956	-467,604
Due to related parties	84,280	-2,631	84,705
Deferred income	-504,006	-829,756	486,010
Net cash from / (used in) operating activities	-6,181,843	4,563,696	13,376,809
Cash flow from investing activities
Net proceeds from sale of assets	9,995,000	0	0
Acquisition of vessels and capital expenditures	-110,664,356	-20,368,088	-32,042,752
Proceeds from the sale of marketable securities	498,056	0	0
Repayment from affiliate	0	14,000,000	1,000,000
Return of investment in affiliate	0	135,160	522,918
Other fixed assets	-496,093	-208,567	-172,410
Release of / (increase in) restricted cash	-3,879,172	0	14,990,000
Net cash used in investing activities	-104,546,565	-6,441,495	-15,702,244
Cash flows from financing activities
Proceeds from long-term debt	179,144,427	0	28,908,750
Repayment of long-term debt	-128,480,615	-15,427,250	-32,758,319
Purchase of treasury stock	-170,460	0	0
Payment of financing costs	-3,777,546	-912,441	-673,709
Proceeds from the issuance of Class A common shares	42,235,790	34,500,000	10,000,000
Class A common shares offering costs	-2,494,638	-2,657,438	-37,919
Net cash from financing activities	86,456,958	15,502,871	5,438,803
Net increase / (decrease) in cash and cash equivalents	-24,271,450	13,625,072	3,113,368
Cash and cash equivalents at the beginning of the period	31,301,957	17,676,885	14,563,517
Cash and cash equivalents at the end of the period	7,030,507	31,301,957	17,676,885
Supplemental disclosure of cash flow information
Cash paid during the period for interest (excluding capitalized interest)	5,000,188	5,201,707	5,122,625
Non-cash investing activities - unpaid capital expenditures for acquisition of vessels	572,561	0	0
Non-cash financing activities - unpaid financing costs	$395,000	$0	$269,616

Basis_of_Presentation_and_Gene

Basis of Presentation and General Information	12 Months Ended
	Dec. 31, 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 consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of Paragon Shipping Inc. and its wholly-owned subsidiaries (collectively the “Company”) as discussed below, as of December 31, 2013 and 2014 and for the years ended December 31, 2012, 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	4-Jul-07	Marshall Islands	Pearl Seas	Aug-07	2006	74,483
	Co.
	Protea International Inc.	17-Jul-07	Liberia	Sapphire Seas	Aug-07	2005	53,702
	Reading Navigation Co.	17-Jul-07	Liberia	Diamond Seas	Sep-07	2001	74,274
	Imperator I Maritime Company	27-Sep-07	Marshall Islands	Coral Seas	Nov-07	2006	74,477
	Canyon I Navigation Corp.	27-Sep-07	Marshall Islands	Golden Seas	Dec-07	2006	74,475
	Paloma Marine	19-Jun-08	Liberia	Friendly Seas	Aug-08	2008	58,779
	S.A.
	Eris Shipping	8-Apr-10	Liberia	Dream Seas	Jul-10	2009	75,151
	S.A.
	Coral Ventures	5-Aug-09	Liberia	Prosperous Seas	May-12	2012	37,293
	Inc.
	Winselet Shipping 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)
	Alcyone International Marine Inc.	17-Jun-13	Liberia	Gentle Seas (1)	Oct-14	2014	63,350
	Neptune International Shipping & Trading S.A.	17-Jun-13	Liberia	Peaceful	Oct-14	2014	63,331
				Seas (1)
	(1) Refer to Notes 5 and 9
	Vessel Under Construction Owning Subsidiaries:
	Vessel Owning Company	Date of	Country of	Hull Number	Type	Expected Delivery	DWT
		Incorporation	Incorporation
	Amphitrite Shipping Inc.	17-Jun-13	Liberia	DY4050 (1)	Drybulk Carrier	2015	63,500
	Mirabel International Maritime Co.	17-Jun-13	Liberia	DY4052 (1)	Drybulk Carrier	2015	63,500
	Dolphin Sunrise Limited	25-Feb-14	Marshall Islands	YZJ1144 (1)	Drybulk Carrier	2015	81,800
	Nautilus Investment Limited	25-Feb-14	Marshall Islands	YZJ1145 (1)	Drybulk Carrier	2015	81,800
	Oceanus Investments Limited	25-Feb-14	Marshall Islands	YZJ1142 (1)	Drybulk Carrier	2015	81,800
	(1) Refer to Note 5
	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. (1)	21-Dec-06	Marshall Islands
	Ovation Services Inc. (1)	16-Sep-09	Marshall Islands
	Irises Shipping Ltd. (1)	6-Oct-09	Marshall Islands
	Letitia Shipping Limited (1)	4-May-10	Marshall Islands
	Nereus Navigation Ltd. (1)	4-May-10	Marshall Islands
	Ardelia Navigation Limited (1)	15-Jun-10	Liberia
	Eridanus Trading Co. (1)	1-Jul-10	Liberia
	Delfis Shipping Company S.A. (1)	7-Feb-11	Liberia
	(1) In March and April 2015, the Company proceeded with the dissolution of the respective subsidiaries since they were no longer active
	The Company outsources the technical and commercial management of its vessels to Allseas Marine S.A. (“Allseas”) and Seacommercial Shipping Services S.A. (“Seacommercial”), both related parties wholly owned by Mr. Michael Bodouroglou, the Company’s Chairman, President,  Chief Executive Officer and Interim Chief Financial Officer (refer to Note 4).
	As of December 31, 2014, Mr. Michael Bodouroglou beneficially owned 28.4% of the Company’s common stock.
	Major Charterers: The following charterers individually accounted for more than 10% of the Company’s charter revenue for the years ended December 31, 2012, 2013 and 2014:
	Charterer	Percentage of charter revenue
		2012	2013	2014
	Intermare Transport GmbH	24.10%	13.40%	-
	Morgan Stanley Capital Group Inc.	15.70%	-	-
	Mansel Ltd.	16.60%	-	-
	Cargill International S.A.	19.20%	33.60%	11.60%
	Total	75.60%	47.00%	11.60%

Significant_Accounting_Policie

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2014
Significant Accounting Policies [Abstract]
Significant Accounting Policies	2.Significant Accounting Policies
	(a) Principles of Consolidation: The consolidated financial statements incorporate the financial statements of the Company. Income and expenses of subsidiaries acquired or disposed of during the period are included in the consolidated statements of comprehensive income / (loss) from the effective date of acquisition and up to the effective date of disposal, as appropriate. All intercompany balances and transactions have been eliminated. Paragon, as the holding company, determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. Under ASC 810 “Consolidation” a voting interest entity is an entity in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make financial and operating decisions. The holding company consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than 50%) of the voting interest. Variable interest entities (“VIE”) are entities as defined under ASC 810 that in general either do not have equity investors with voting rights or that have equity investors that do not provide sufficient financial resources for the entity to support its activities. The determination of whether a reporting entity is required to consolidate another entity is based on, among other things, the other entity’s design and purpose and the reporting entity’s power, through voting or similar rights, to direct the activities of the other entity that most significantly impact the other entity’s economic performance. A controlling financial interest in a VIE is present when a company has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE, or both. Only one reporting entity, known as the primary beneficiary, is expected to be identified as having a controlling financial interest and thus is required to consolidate the VIE. The Company evaluates all arrangements that may include a variable interest in an entity to determine if it may be the primary beneficiary, and would be required to include assets, liabilities and operations of a VIE in its consolidated financial statements. As of December 31, 2013 and 2014, no such interest existed.
	(b) Use of Estimates: The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
	(c) Other Comprehensive Income / (Loss): The Company follows the accounting guidance relating to “Comprehensive Income,” which requires separate presentation of certain transactions that are recorded directly as components of stockholders’ equity. The Company has elected to present net income / (loss) and other comprehensive income / (loss) in a single continuous statement of comprehensive income / (loss) in its consolidated financial statements.
	(d) Foreign Currency Translation: The functional currency of the Company is the U.S. Dollar. For other than derivative instruments, each asset, liability, revenue, expense, gain or loss arising from a foreign currency transaction is measured and recorded in the functional currency using the exchange rate in effect at the date of the transaction. As of balance sheet date, monetary assets and liabilities that are denominated in a currency other than the functional currency are adjusted to reflect the exchange rate prevailing at the balance sheet date and any gains or losses are included in the statements of comprehensive income / (loss). As of December 31, 2013 and 2014, the Company had no foreign currency derivative instruments.
	(e) Cash and Cash Equivalents: The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents.
	(f) Restricted Cash: Restricted cash represents pledged cash deposits or minimum liquidity required to be maintained under the Company’s borrowing arrangements or in relation to bank guarantees issued on behalf of the Company. In the event that the obligation to maintain such deposits is expected to be terminated within the next twelve months, or relates to general minimum liquidity requirements with no obligation to retain such funds in retention accounts, these deposits are classified as current assets. Otherwise they are classified as non-current assets.
	(g) Trade Receivables (net): Trade receivables (net), reflect the receivables from charters, net of an allowance for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. Allowance for doubtful accounts as of December 31, 2013 and 2014 was $265,751 and $409,226, respectively.
	(h) Insurance Claims: The Company records insurance claim recoveries for insured losses incurred on damages to fixed assets and for insured crew medical expenses under Other receivables. Insurance claims are recorded, net of any deductible amounts, at the time the Company’s fixed assets suffer insured damages or when crew medical expenses are incurred, recovery is probable under the related insurance policies and the Company can make an estimate of the amount to be reimbursed following submission of the insurance claim.
	(i) Inventories: Inventories consist of lubricants and stores on board the vessels. When vessels are unemployed or are operating under voyage charters, bunkers on board are also recorded in inventories. Inventories are stated at the lower of cost or market. Cost is determined by the first in, first out method.
	(j) Vessel Cost: Vessels are stated at cost, which consists of the contract price, less discounts, plus any direct expenses incurred upon acquisition, including improvements, commission paid, delivery expenses and other expenditures to prepare the vessel for her initial voyage. Financing costs incurred during the construction period of the vessels are also capitalized and included in the vessels’ cost. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Repairs and maintenance are expensed as incurred.
	(k) Impairment of Long-Lived Assets: The Company reviews its long-lived assets “held and used” for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When the estimate of future undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company evaluates the asset for an impairment loss. The Company measures an impairment loss as the difference between the carrying value of the asset and its fair value. In this respect, management regularly reviews the carrying amount of the vessels in connection with the estimated recoverable amount for each of the Company’s vessels.
	The undiscounted projected net operating cash flows for each vessel are determined by considering the contracted charter revenues from existing charters for the fixed vessel days and an estimated daily time charter equivalent for the unfixed days (based on the most recent ten year historical average of similar size vessels) over the remaining estimated life of the vessel, assumed to be 25 years from the date of initial delivery from the shipyard, net of brokerage commissions, the salvage value of each vessel, which is estimated to be $300 per lightweight ton, expected outflows for vessels’ future dry-docking expenses and estimated vessel operating expenses, assuming an average annual inflation rate where applicable. The Company uses the historical ten-year average as it is considered a reasonable estimation of expected future charter rates over the remaining useful life of the Company’s vessels since it represents a full shipping cycle that captures the highs and lows of the market. The Company utilizes the standard deviation in order to eliminate the outliers of the sample before computing the historic ten-year average of the one-year time charter rate.
	(l) Vessel Depreciation: Depreciation is computed using the straight-line method over the estimated useful life of the vessels, after considering the estimated salvage value. Each vessel's salvage value is equal to the product of its lightweight tonnage and estimated scrap rate, which up until September 30, 2012, was estimated to be $150 per lightweight ton. In order to align the scrap rate estimates with the historical average scrap rate, effective from October 1, 2012, the Company adjusted the estimated scrap rate used to calculate the vessels’ salvage value from $150 to $300 per lightweight ton. The impact of the increase in the estimated scrap rate is a decrease in depreciation expense going forward.
	Management estimates the useful life of the Company’s vessels to be 25 years from the date of initial delivery from the shipyard, including secondhand vessels. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life.
	(m) Other Fixed Assets: Other fixed assets consist of computer systems installed on board the vessels to improve their efficiency, software and a vehicle. Other fixed assets are stated at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the useful life of the assets, which is estimated to be 5 years for the computer systems software, and 6 years for the Company’s vehicle. Depreciation charged in the years ended December 31, 2012, 2013 and 2014 amounted to $135,095, $164,527 and $203,357, respectively.
	(n) Investments in Affiliate: Investments in the common stock of entities, in which the Company has significant influence over operating and financial policies, are accounted for using the equity method. Under this method, the investment in the affiliate is initially recorded at cost and is adjusted to recognize the Company’s share of the earnings or losses of the investee after the acquisition date and is adjusted for impairment whenever facts and circumstances indicate that a decline in fair value below the cost basis is other than temporary. The amount of the adjustment is included in the determination of net income / (loss). Differences between the carrying amount of the investment in affiliate and the amount of the Company’s underlying equity in the net assets of the affiliate is amortized over the remaining life of the affiliate’s tangible and intangible assets, and is included in Equity in net income / (loss) of affiliate in the consolidated statements of comprehensive income / (loss). Dividends received from an affiliate reduce the carrying amount of the investment. When the Company’s share of losses in an affiliate equals or exceeds its interest in the affiliate, the Company does not recognize further losses, unless the Company has incurred obligations or made payments on behalf of the affiliate.
	(o) Dry-docking and Special Survey Costs: Dry-docking and special survey costs are expensed in the period incurred.
	(p) Financing Costs: Financing fees incurred for obtaining new loans and credit facilities are deferred and amortized to interest expense over the respective loan or credit facility using the effective interest rate method. Any unamortized balance of costs relating to loans repaid or refinanced is expensed in the period the repayment or refinancing is made, subject to the accounting guidance regarding debt extinguishment. Any unamortized balance of costs related to credit facilities repaid is expensed in the period. Any unamortized balance of costs relating to credit facilities refinanced are deferred and amortized over the term of the respective credit facility in the period the refinancing occurs, subject to the provisions of the accounting guidance relating to Debt – Modifications and Extinguishments. The unamortized financing costs are reflected in Other assets in the accompanying balance sheets.
	(q) Debt restructurings: The Company accounts for debt modifications or restructuring as troubled debt restructuring when a lender for economic or legal reasons related to the Company’s financial situation grants a concession that it would not otherwise consider. These concessions may include a reduction in the interest rate, principal or accrued interest, extension of the maturity date or other actions intended to minimize potential losses. The Company considers a lender to have granted a concession if the Company’s effective interest rate on the restructured debt is less than the effective interest rate of the old debt immediately before the restructuring. The Company considers the total future cash flows (defined as principal plus interest) of the restructured debt in comparison with the carrying value of the original debt. If a debt modification or restructuring is determined to be a troubled debt restructuring, the Company reduces the carrying amount of the debt when the debt balance is greater than the total future cash flows under the new terms, in which case a gain is recognized. When the total future cash flows of the restructured debt are greater than the carrying value at the date of amendment, the carrying value of the original debt is not adjusted. In a troubled debt restructuring in which the Company agrees to transfer assets to fully settle the debt, the Company recognizes a gain on restructuring for the difference between the carrying amount of the debt and the more clearly evident of: (a) the fair value of the transferred assets or (b) the fair value of the settled debt.
	(r) Pension and Retirement Benefit Obligations—Crew: The vessel owning companies employ the crew on board under short-term contracts (usually up to nine months) and, accordingly, they are not liable for any pension or post-retirement benefits.
	(s) Revenue and Expenses:
	Revenue is recognized when a charter agreement exists, the vessel is made available to the charterer and collection of the related revenue is reasonably assured.
	Time Charter Revenue: Time charter revenues are recorded ratably over the term of the charter as service is provided, including the amortization / accretion of the above / below market acquired time charters, where applicable. When two or more time charter rates are involved during the life term of a charter agreement, the Company recognizes revenue on a straight-line basis, and income accrued or deferred as a result is included in Other receivables or Deferred income, respectively. Time charter revenues received in advance of the provision of charter service are recorded as deferred income, and recognized when the charter service is rendered.
	Revenue / Voyage charters: Voyage charter is a charter where a contract is made in the spot market for the use of a vessel for a specific voyage for a specified freight rate per ton. If a charter agreement exists and collection of the related revenue is reasonably assured, revenue is recognized as it is earned ratably during the duration of the period of each voyage. A voyage is deemed to commence upon the latest between the completion of discharge of the vessel’s previous cargo and the charter party date of the current voyage, and is deemed to end upon the completion of discharge of the current cargo. Demurrage income represents payments by a charterer to a vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized as it is earned.
	Commissions: Charter hire commissions are deferred and amortized over the related charter period and are presented separately in the accompanying consolidated statements of comprehensive loss.
	Voyage Expenses: Voyage expenses exclude commissions and consist of all costs that are unique to a particular voyage, primarily including port expenses, canal dues, war risk insurances and fuel costs. Voyage expenses also include losses from the sale of bunkers to charterers and bunkers consumed during off-hire periods and while traveling to and from dry-docking.
	Vessel Operating Expenses: Vessel operating expenses are accounted for as incurred on the accrual basis. Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores, and other miscellaneous expenses.
	(t) Share based Compensation: Share based payments to employees and directors, including grants of employee and directors stock options, are recognized in the statements of comprehensive income / (loss) based on their grant date fair values and amortized over the required service period.
	(u) Segment Reporting: The Company reports financial information and evaluates its operations by charter revenues and not by the length of ship employment for its customers (i.e., spot vs. time charters) or by geographical region as the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographical information is impracticable. The Company does not have discrete financial information to evaluate the operating results for each type of charter. Although revenue can be identified for these types of charters, management cannot and does not identify expenses, profitability or other financial information for these charters. As a result, management, including the Chief Executive Officer being the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet, and thus the Company has determined that it operates under one reportable segment.
	(v) Derivatives: The Company enters into interest rate swap agreements to manage its exposure to fluctuations of interest rate risk associated with its borrowings. All derivatives are recognized in the consolidated financial statements at their fair value. The fair value of the interest rate derivatives is based on a discounted cash flow analysis. When such derivatives do not qualify for hedge accounting, the Company recognizes their fair value changes in current period earnings. When the derivatives qualify for hedge accounting, the Company recognizes the effective portion of the gain or loss on the hedging instrument directly in other comprehensive income / (loss), while the ineffective portion, if any, is recognized immediately in current period earnings. The Company, at the inception of the transaction, documents the relationship between the hedged item and the hedging instrument, as well as its risk management objective and the strategy of undertaking various hedging transactions. The Company also assesses at hedge inception of whether the hedging instruments are highly effective in offsetting changes in the cash flows of the hedged items.
	The Company discontinues cash flow hedge accounting if the hedging instrument expires and it no longer meets the criteria for hedge accounting or designation is revoked by the Company. At that time, any cumulative gain or loss on the hedging instrument recognized in equity is kept in equity until the forecasted transaction occurs. When the forecasted transaction occurs, any cumulative gain or loss on the hedging instrument is recognized in current period earnings. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in equity is transferred to current period earnings as financial income or expense.
	(w) Fair value of financial instruments: The fair value of the interest rate derivatives is based on a discounted cash flow analysis.
	In accordance with the requirements of accounting guidance relating to Fair Value Measurements, the Company classifies and discloses its assets and liabilities carried at fair value in one of the following three categories:
	Level 1:Quoted market prices in active markets for identical assets or liabilities
	Level 2:Observable market based inputs or unobservable inputs that are corroborated by market data
	Level 3:Unobservable inputs that are not corroborated by market data.
	(x) Earnings per Share (EPS): The computation of basic earnings per share is based on the weighted average number of common shares outstanding during the period determined using the two-class method of computing earnings per share. Non-vested share awards issued are included in the two-class method and income attributable to non-vested share awards is deducted from the net income reported for purposes of calculating net income available to common shareholders used in the computation of basic earnings per share. The computation of diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised. Such securities include non-vested share awards for which the assumed proceeds upon grant are deemed to be the amount of compensation cost attributable to future services and are not yet recognized and common shares issuable upon exercise of the Company’s outstanding warrants, to the extent that they are dilutive, using the treasury method.
	(y) Subsequent Events: The Company evaluates subsequent events or transactions up to the date in which the financial statements are issued according to the requirements of ASC 855.
	(z) Recent Accounting Pronouncements:
	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.
	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.

Going_Concern

Going Concern	12 Months Ended
	Dec. 31, 2014
Going Concern [Abstract]
Going Concern	3. Going Concern
	As of December 31, 2014, the Company was in compliance with the financial and security ratio covenants contained in its debt agreements, with the exception of the security cover ratio covenant contained in the facility with Commerzbank AG. The respective breach was subsequently cured as in April 2015, the Company agreed with Commerzbank AG to waive the application of the security cover ratio covenant contained in the facility effective from December 31, 2014 until December 31, 2015 as discussed in Note 9.
	Given the current drybulk charter rates, it is probable that the Company will not be in compliance with the minimum working capital requirement and the minimum liquidity requirement contained in certain of its loan and credit facilities on the applicable measurement dates in 2015. Furthermore, based on the Company’s cash flow projections for 2015, cash on hand and cash provided by operating activities will not be sufficient to cover scheduled debt repayments due in 2015.
	The Company is currently in negotiations with such lenders to obtain waivers for the affected covenants. The Company is also exploring several alternatives aiming to manage its working capital requirements and other commitments if current drybulk charter rates remain at today’s low levels including negotiations for the restructuring of its loans. As management believes that the negotiations will be successful, the accompanying consolidated financial statements were prepared assuming that the Company will continue as a going concern. Therefore, the accompanying consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets and liabilities, or any other adjustments that might result in the event the Company is unable to continue as a going concern.

Transactions_with_Related_Part

Transactions with Related Parties	12 Months Ended
	Dec. 31, 2014
Transactions with Related Parties [Abstract]
Transactions with Related Parties	4.Transactions with Related Parties
	(a)Allseas: The following amounts charged by Allseas are included in the accompanying consolidated statements of comprehensive loss:
		2012	2013	2014
	Included in Commissions
	(1(i)) Charter hire commissions	$646,987	$750,533	$708,153
	Netted against Gain from sale of assets
	(1(ii)) Vessel sale & purchase commissions	$-	$-	$745,000
	Included in Vessel operating expenses
	(1(v)) Superintendent fees	$338,826	$399,626	$481,200
	Included in Dry-docking expenses
	(1(v)) Superintendent fees	$-	$109,248	$123,840
	Management fees - related party
	(1(iii)) Management fees	$3,428,548	$4,104,271	$4,628,813
	(2) Financial accounting and reporting services	666,196	720,361	$757,442
	(3) Loretto agreement	-	1,049,784	$880,015
	Total Management fees	$4,094,744	$5,874,416	$6,266,270
	Included in General and administrative expenses
	(4) Administrative fees	$36,085	$38,598	$37,746
	(7) Executive services agreement	$3,228,438	$7,582,634	$5,689,152
	The following amounts charged by Allseas are capitalized and are included in vessels cost and advances for vessels under construction in the accompanying consolidated balance sheets: technical management and superintendent fees relating to newbuilding vessels (refer to 5–Newbuilding Supervision Agreement), and vessel purchase commissions (refer to 1(ii)–Vessel Commissions), which in the aggregate amounted to $1,588,512 and $3,804,918 for the years ended December 31, 2013 and 2014, respectively.
	Following the cancellation of the newbuilding contract relating to Hull no. 656 as discussed in Note 5, for the year ended December 31, 2013, the Company recorded a loss from contract cancellation of $568,658 relating to capitalized expenses for Hull no. 656, which includes technical management and superintendent fees (refer to 5–Newbuilding Supervision Agreement) charged by Allseas that in the aggregate amounted to $444,421.
	(1) Ship-Owning Company Management Agreements
	(i) Charter Hire Commissions - The Company paid Allseas 1.25% of the gross freight, demurrage and charter hire collected from the employment of the vessels (“Charter Hire Commission”), which are presented separately in the accompanying consolidated statements of comprehensive loss.
	(ii) Vessel Commissions - The Company also paid Allseas a fee equal to 1.00% of the purchase price of any vessel bought, constructed or sold on behalf of the Company, calculated in accordance with the relevant memorandum of agreement, (“Vessel Commission”). Vessel commissions relating to vessel sale is included in the determination of the gain / loss on sale of assets presented in the accompanying consolidated statements of comprehensive loss. Vessel commissions relating to vessels bought or constructed are capitalized and included in vessels cost and advances for vessels under construction in the accompanying consolidated balance sheets.
	(iii) Management Services - Each of the ship-owning companies has a management agreement with Allseas, under which management services are provided in exchange for a fixed daily fee per vessel. This fee is subject to adjustment on June 1 of each year based on the official Eurozone inflation rate. For the period from January 1, 2012 to May 31, 2012, the Company paid Allseas a management fee of €636.74 per vessel per day, while effective June 1, 2012, Allseas management fee was adjusted to €652.02 per vessel per day. Effective June 1, 2013, Allseas management fee was adjusted to €661.15 per vessel per day, while effective June 1, 2014, Allseas management fee was adjusted to €664.46 per vessel per day.
	(iv) Pre-Delivery Services – A lump sum fee of $15,000 is payable to Allseas for pre-delivery services provided during the period from the date of the Memorandum of Agreement for the purchase of the vessel, until the date of delivery.
	(v) Superintendent Services – Allseas is entitled to a superintendent fee of €500 per day for each day in excess of 5 days per calendar year for which a Superintendent performed on site inspection.
	In January 2015, the Company’s vessel owning subsidiaries signed amended and restated management agreements with Allseas, according to which a portion of the services that were previously provided by Allseas have been ceased. Pursuant to the terms of the amended and restated management agreements, effective January 2, 2015, Allseas is no longer providing chartering and sale and purchase services, and as such the fees related to these services have been terminated.
	(2) Accounting Agreement – Allseas is entitled to a fee of €250,000 per annum, payable quarterly, for the provision of financial accounting services, and a fee of $30,000 per vessel per annum, payable quarterly, for the provision of financial reporting services. These fees are included in Management fees - related party in the accompanying consolidated statements of comprehensive loss. For the years ended December 31, 2012, 2013 and 2014, an amount of $666,196, $720,361 and $757,442 respectively, was paid to Allseas for financial accounting and reporting services. In February 2015, the Company agreed to renew the term of the agreement for one additional year, effective January 1, 2015.
	(3) Tripartite Agreement between the Company, Allseas and Loretto Finance Inc. - On November 10, 2009, the Company, Allseas, and Loretto Finance Inc. (“Loretto”), a wholly owned subsidiary of Allseas, signed a tripartite agreement, as clarified and amended by a supplemental agreement, effective from December 1, 2012, whereby in the event of a capital increase, an equity offering or the issuance of common shares to a third party or third parties in the future, other than common shares issued pursuant to the Company’s equity incentive plan as discussed in Note 13 (as the same may be further amended, amended and restated, supplemented or otherwise modified) or any future equity incentive plans may be adopted, the Company will issue, at no cost to Loretto, additional common shares in an amount equal to 2% of the total number of common shares issued pursuant to such capital increase, equity offering or third party issuance, as applicable. In accordance with the terms of the agreement, any common shares to be issued to Loretto under the agreement may only be issued once the capital increase, equity offering or third party issuance giving rise to the obligation to issue shares to Loretto under the agreement has closed and any applicable contingencies, forfeiture rights or conditions precedent relating to such capital increase, equity offering or third party issuance have lapsed or expired or have been cancelled or terminated, unless otherwise agreed by the mutual agreement of the parties. The fair value of the shares issued for no consideration are accounted as share based payment and presented as Management fees - related party in the year granted in the statement of comprehensive income / (loss). Accordingly, as of December 31, 2014, the Company has granted and issued to Loretto a total of 469,958 Class A common shares, of which 135,700 were issued in 2014.
	In connection with the public offering that was completed in February 2014 (refer to Note 12), 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 consolidated statement of comprehensive loss for the year ended December 31, 2014.
	(4) Administrative Service Agreement - The Company entered into an administrative service agreement with Allseas on November 12, 2008. Under the agreement, Allseas provides telecommunication services, secretarial and reception personnel and equipment, security facilities, office cleaning services and information technology services. The agreement provides that all costs and expenses incurred in connection with the provision of the above services by Allseas to be reimbursed on a quarterly basis.
	(5) Newbuildings Supervision Agreement - The Company has entered into management agreements with Allseas relating to the supervision of each of the contracted newbuilding vessels, pursuant to which Allseas is entitled to: (1) a flat fee of $375,000 per vessel for the first 12 month period commencing from the respective steel cutting date of each vessel, and thereafter the flat fee will be paid on a pro rata basis until the vessel’s delivery to the Company, (2) a daily fee of €115 per vessel commencing from the date of the vessel's shipbuilding contract until the Company accepts delivery of the respective vessel, and (3) €500 per day for each day in excess of 5 days per calendar year for which a superintendent performed on site inspection.
	(6) Compensation Agreement – The Company has entered into a compensation agreement with Allseas whereby in the event that Allseas is involuntarily terminated as the manager of its fleet, it shall compensate Allseas with an amount equal to the sum of (i) three years of the most recent management fees and commissions, based on the fleet at the time of termination, and (ii) €3,000,000 (or $3,642,000 based on the Euro/U.S. dollar exchange rate of €1.0000:$1.2140 as of December 31, 2014).
	(7) Executive Services Agreement – Effective January 1, 2011, the Company entered into an executive services agreement with Allseas, pursuant to which Allseas provides the services of the executive officers, which include strategy, business development, marketing, finance and other services, who report directly to the Company’s Board of Directors. Under the agreement, prior to January 1, 2013, Allseas was entitled to an executive services fee of €2,500,000 per annum, payable in equal monthly installments, plus incentive compensation. Effective January 1, 2013, the executive services fee was adjusted to €2,700,000 per annum, while effective January 1, 2014, the executive services fee was adjusted to €2,900,000 per annum. The agreement has an initial term of five years and automatically renews for a successive five-year term unless sooner terminated. On March 6, 2013, the Company amended the terms of the termination clause of the executive services agreement, whereby, if the respective agreement is terminated by Allseas either for “good reason” or as a result of “change of control”, as such terms are defined in the agreement, or terminated by the Company without “cause”, as defined in the agreement, Allseas will be entitled to receive (i) the amount of the executive services fee payable through the “termination date,” as defined in the agreement; (ii) compensation equal to three years’ annual executive services fee then applicable; and (iii) an amount of the Company’s common shares equal to 5% of the then issued and outstanding shares of the Company. For the year ended December 31, 2012, an amount of $3,228,438 was paid to Allseas for the services of the executive officers, while no incentive compensation was remitted. For the year ended December 31, 2013, an amount of $7,582,634 was paid to Allseas for the services of the executive officers, which includes incentive compensation of $3,993,000. For the year ended December 31, 2014, an amount of $5,689,152 was paid to Allseas for the services of the executive officers, which includes incentive compensation of $1,848,900.
	Each month, the Company funds a payment to Allseas to cover working capital equal to one month’s worth of estimated operating expenses. At each balance sheet date, the excess of the amount funded to Allseas over payments made by Allseas for operating expenses is reflected as Due from related parties. As of December 31, 2013 and 2014, the amount due from Allseas was $146,051 and $843,510, respectively.
	(b)Seacommercial: In January 2015, the Company’s vessel owning subsidiaries signed brokerage services agreements with Seacommercial. Pursuant to the agreements, effective January 2, 2015, Seacommercial provides full brokerage services in exchange for fees representing the 1.25% Charter Hire Commission and the 1.00% Vessel Commission.
	(c)Granitis Glyfada Real Estate Ltd. ("Granitis") - Leasing: On September 13, 2007 and effective as of October 1, 2007, the Company entered into a rental agreement to lease office space in Athens, Greece, with Granitis, a company beneficially owned by the Company’s Chairman, President, Chief Executive Officer and Interim Chief Financial Officer. The term of the lease was for 5 years beginning October 1, 2007 and expired on September 30, 2012. The monthly rental for the first year was €2,000, plus 3.6% tax, and thereafter would be adjusted annually for inflation increases in accordance with the official Greek inflation rate. On October 1, 2012, the rental agreement was renewed for an additional term of 5 years, beginning October 1, 2012 and expiring September 30, 2017, pursuant to which the monthly rental for the first year is €3,000, plus 3.6% tax, and thereafter will be adjusted annually for inflation increases in accordance with the official Greek inflation rate. Rent expense under this lease amounted to $39,593, $49,324 and $49,001 for the years ended December 31, 2012, 2013 and 2014, respectively, and is included in General and administrative expenses in the accompanying consolidated statements of comprehensive loss.
	(d)Crewcare Inc. (“Crewcare”):
	(1) Manning Agency Agreements – Each of the Company’s ship-owning subsidiaries has a manning agency agreement with Crewcare, a company beneficially owned by the Company’s Chief Executive Officer, based in Manila, Philippines. Under the agreements, manning services are provided in exchange for a fixed monthly fee of $95 per seaman for all officers and crew who serve on board each vessel, plus a recruitment fee of $120 per seaman, payable on a one-off basis. In addition, the agreements also provide for a fee of $30 per seaman for in-house training, and a fee of $50 per seaman for extra in-house training. The expenses incurred amounted to $321,648, $382,517 and $441,499 for the years ended December 31, 2012, 2013 and 2014, respectively, and are included in Vessels operating expenses. Administrative services are also being provided which represent payment of crew wages and related costs on behalf of the Company.
	(2) Cadetship Program Agreements – On October 5, 2013, each of the Company’s ship-owning subsidiaries entered into a cadetship program agreement with Crewcare, pursuant to which Crewcare, at its own cost, is responsible for recruiting and training cadets to be assigned to the vessels. These services are being provided in exchange for a lump sum fee of $5,000 per cadet employed on board the vessel for one-year on board training. The agreement has an initial term of one year with the option to renew for one more year by mutual agreement. The agreement was renewed for one additional year, effective October 5, 2014. The expenses incurred for the years ended December 31, 2013 and 2014, amounted to $15,000 and $360,000, respectively, and are included in Vessels operating expenses.
	The balances due to Crewcare amounted to $82,074 and $166,354 as of December 31, 2013 and 2014, respectively.
	(e)Box Ships Inc.: As of December 31, 2013 and 2014, the Company held 13.6% and 11.0% 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 (refer to Note 8).
	On May 27, 2011, the Company granted Box Ships an unsecured loan of $30,000,000. The loan was initially payable in one installment on the second anniversary of the Box Ships IPO on April 19, 2013. The loan bore interest at LIBOR plus a margin of 4.00%. As of December 31, 2012, the outstanding loan balance due from Box Ships was $14,000,000. On February 28, 2013, Box Ships prepaid an amount of $1,000,000 and reduced the outstanding balance of the respective loan to $13,000,000. In addition, on March 11, 2013, the Company agreed to amend certain terms of the loan agreement. Pursuant to the amended agreement, the Company agreed to extend the maturity of the loan for one year, from April 19, 2013 to April 19, 2014. During the remaining term of the loan, Box Ships was required to make quarterly principal installments in the amount of $1,000,000 each, with a final balloon payment of $9,000,000 due on the maturity date. In consideration for the amendment of the loan agreement, Box Ships agreed to pay an amendment fee of $65,000, which is included in Interest income in the accompanying consolidated statement of comprehensive loss for the year ended December 31, 2013, and to increase the margin from 4.00% to 5.00%. In April 2013, Box Ships paid the amendment fee of $65,000. Pursuant to the amended loan agreement, on April 19, 2013 and on July 19, 2013, Box Ships proceeded with the first two quarterly principal installment payments of $1,000,000 each. In addition, on August 5, 2013, Box Ships prepaid an amount of $5,000,000 and reduced the outstanding balance of the respective loan to $6,000,000, which was fully repaid on October 18, 2013. For the years ended December 31, 2012, 2013 and 2014, interest charged on the respective loan amounted to $675,856, $439,326 and $0, respectively.

Advances_for_Vessels_Under_Con

Advances for Vessels Under Construction	12 Months Ended
	Dec. 31, 2014
Advances for Vessels Under Construction [Abstract]
Advances for Vessels Under Construction	5.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.
	In December 2013, the Company agreed to acquire, subject to certain closing conditions that were lifted in the first quarter of 2014, shipbuilding contracts for two additional Ultramax newbuilding drybulk carriers from Allseas (Hull numbers DY4050 and DY4052). The Ultramax newbuildings have a carrying capacity of 63,500 dwt each and are currently under construction at Yangzhou Dayang Shipbuilding Co. Ltd., with scheduled delivery in the third quarter of 2015. The acquisition cost of these two newbuildings is $28,250,000 per vessel, or $56,500,000 in the aggregate. In February 2014, the Company paid a first installment of $5,592,661 per vessel. In addition, in February 2014, an amount of $282,500 per vessel was paid to Allseas, representing vessel purchase commissions equal to 1% of the acquisition cost, pursuant to the newbuilding supervision agreements between the respective ship-owning companies and Allseas. Upon commencement of the steel cutting of each vessel in the second quarter of 2014, the Company paid a second installment of $3,884,530 per vessel. The balance of the contract price, or $18,772,809 per vessel, will be payable upon the delivery of each vessel.
	In December 2013, the Company also entered into an agreement with Zhejiang Ouhua Shipbuilding, to cancel one of its two 4,800 TEU containership newbuilding contracts (Hull no. 656) at no cost to the Company, to transfer the deposit to the remaining containership (C/V Box King) and to reduce its contract price from the original $57,500,000 to $55,000,000.
	As of December 31, 2013, the Company’s newbuilding program consisted of one Handysize drybulk carrier (Hull no. 625), 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 (Hull no. 625). 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 dated May 5, 2011 (refer to Note 9).
	In March 2014, the Company entered into contracts with Jiangsu Yangzijiang Shipbuilding Co. for the construction of three Kamsarmax newbuilding drybulk carriers (Hull numbers YZJ1144, YZJ1145 and YZJ1142). The Kamsarmax newbuildings have a carrying capacity of 81,800 dwt each, with scheduled delivery between the second and fourth quarter of 2015. The acquisition cost of these three newbuildings is $30,550,000 per vessel, or $91,650,000 in the aggregate. In March 2014, the Company paid a first installment of $9,165,000 per vessel. 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 remaining containership under construction, the C/V Box King. 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 consolidated statement of comprehensive loss for the year ended December 31, 2014. The impairment loss was 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 vessel 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 9.
	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.
	In October 2014, the Company took delivery of the two Ultramax drybulk carriers; the M/V Gentle Seas and the M/V Peaceful Seas (Hull numbers DY152 and DY153). In October 2014, an aggregate amount of $35,672,940 was paid to the shipyard representing the final installment of the two vessels, which was mainly financed from the loan facility with HSH Nordbank AG dated April 4, 2014, following a total drawdown of $34,400,000 (refer to Note 9).
	As of December 31, 2014, the Company’s newbuilding program consisted of two Ultramax drybulk carriers (Hull numbers DY4050 and DY4052) and three Kamsarmax drybulk carriers (Hull numbers YZJ1144, YZJ1145 and YZJ1142) with scheduled delivery between the second and fourth quarter of 2015.

Vessels_Net

Vessels, Net	12 Months Ended
	Dec. 31, 2014
Vessels Net [Abstract]
Vessels, Net	6.Vessels, Net
		Vessel	Accumulated	Net Book
		Cost	Depreciation	Value
	Balance January 1, 2013	$351,611,923	($53,235,483)	$298,376,440
	Newbuilding deliveries	24,581,533	-	24,581,533
	Depreciation for the period	-	-16,822,057	-16,822,057
	Balance December 31, 2013	$376,193,456	($70,057,540)	$306,135,916
	Newbuilding deliveries	81,051,077	-	81,051,077
	Depreciation for the period	-	-18,154,020	-18,154,020
	Balance December 31, 2014	$457,244,533	($88,211,560)	$369,032,973
	All Company’s vessels were first-priority mortgaged as collateral to the loans and credit facilities and related interest rate swaps outstanding as of December 31, 2014.
	On January 29, 2013, the Company took delivery of the Handysize drybulk carrier; the M/V Priceless Seas.
	During 2014, the Company took delivery of the Handysize drybulk carrier; the M/V Proud Seas, and the two Ultramax drybulk carriers; the M/V Gentle Seas and the M/V Peaceful Seas (refer to Notes 5 and 9).

Other_Assets

Other Assets	12 Months Ended
	Dec. 31, 2014
Other Assets [Abstract]
Other Assets	7. Other Assets
	Other assets of $2,303,304 and $4,367,134 as of December 31, 2013 and 2014, respectively, include deferred financing costs of $2,297,121 and $4,360,951, respectively, and utility deposits related to the leased office space of $6,183 at December 31, 2013 and 2014.
	The deferred financing costs comprise:
	Balance January 1, 2013	$2,596,029
	Additions	642,825
	Amortization	-941,733
	Balance December 31, 2013	$2,297,121
	Additions	4,172,546
	Amortization	-2,108,716
	Balance December 31, 2014	$4,360,951

Investment_in_Affiliate

Investment in Affiliate	12 Months Ended
	Dec. 31, 2014
Investment in Affiliate [Abstract]
Investment in Affiliate	8.Investment in Affiliate
	The following table is a reconciliation of the Company’s investment in affiliate as presented on the accompanying consolidated balance sheets:
	Balance January 1, 2013	$19,987,743
	Equity in net income of affiliate	1,652,339
	Equity in other comprehensive income of affiliate	77,165
	Dividends received	-1,787,500
	Dilution effect	-390,821
	Impairment in investment in affiliate	-8,229,551
	Balance December 31, 2013	$11,309,375
	Equity in net income of affiliate	471,079
	Equity in other comprehensive income of affiliate	16,139
	Dilution effect	-221,679
	Impairment in investment in affiliate	-8,618,664
	Balance December 31, 2014	$2,956,250
	As of December 31, 2013 and 2014, the Company held 3,437,500 shares or 13.6% and 11.0% 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. The Company, on the basis of significant influence exercised over Box Ships through its shareholdings and shared executive management, accounted for its investment in Box Ships under the equity method and is separately reflected on Company’s consolidated balance sheets.
	The loss on investment in affiliate of $8,620,372 for the year ended December 31, 2013, consists of $390,821, relating to the dilution effect from the Company’s non-participation in the public offering of 4,000,000 common shares of Box Ships, which was completed on March 18, 2013, as well as the aggregate impairment in investment in affiliate of $8,229,551, relating to the difference between the fair value and the book value of the Company’s investment in Box Ships, which the Company considered as other than temporary (refer to Note 11).
	The loss on investment in affiliate of $8,840,343, for the year ended December 31, 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 $8,618,664, relating to the difference between the fair value and the book value of the Company’s investment in Box Ships, which the Company considered as other than temporary (refer to Note 11).
	Summarized financial information in respect of Box Ships Inc. is set out below:
		Year ended December 31,
	INCOME STATEMENT DATA	2013	2014
	Net revenue	$69,836,201	$49,864,674
	Operating income	23,631,192	1,966,947
	Net income	$15,307,658	$2,623,515
		As of December 31,
	BALANCE SHEET DATA	2013	2014
	Total current assets	$31,691,262	$22,011,255
	Total non-current assets	397,915,376	375,837,950
	Total assets	429,606,638	397,849,205
	Total current liabilities	184,434,021	140,886,944
	Total long-term liabilities	$453,248	$282,375

LongTerm_Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2014
Long-Term Debt [Abstract]
Long-Term Debt	9.Long-Term Debt
	The table below presents a breakdown of the Company’s long-term debt as of December 31, 2013 and 2014:
		2013	2014
	(a)Commerzbank AG (August 12, 2011)	$47,550,000	$43,375,000
	(b)Unicredit Bank AG (November 19, 2007)	22,587,000	14,606,500
	(c)Bank of Scotland Plc (December 4, 2007)	33,616,864	-
	(d)Bank of Ireland (March 30, 2009)	13,400,000	8,350,000
	(e-1)HSH Nordbank AG (July 31, 2008)	20,625,000	-
	(e-2)HSH Nordbank AG (April 4, 2014)	-	46,713,600
	(f)HSBC Bank Plc (July 2, 2010)	16,800,000	14,460,000
	(g-1)Nordea Bank Finland Plc (May 5, 2011)	25,536,062	-
	(g-2)Nordea Bank Finland Plc (May 6, 2014)	-	78,273,638
	(h)Senior unsecured notes due 2021	-	25,000,000
	Total	$180,114,926	$230,778,738
	Disclosed as follows in the Consolidated Balance Sheets
	Current portion of long-term debt	$17,257,750	$20,714,324
	Long-term debt	162,857,176	210,064,414
	Total	$180,114,926	$230,778,738
	As of December 31, 2014, the minimum annual principal payments for the outstanding debt required to be made after the balance sheet date, excluding the subsequent agreements with Commerzbank AG, Unicredit Bank AG and Bank of Ireland discussed below, are as follows:
	To December 31,
	2015	$20,714,324
	2016	32,226,824
	2017	48,317,324
	2018	11,642,324
	2019	11,642,324
	Thereafter	106,235,618
	Total	$230,778,738
	(a)Commerzbank AG (August 12, 2011): On April 1, 2015, the Company agreed with Commerzbank AG (“Commerzbank”) to amend certain terms of the facility, including the deferral of a portion of its four scheduled quarterly installments due in 2015, and the waiver of the application of the financial and security cover ratio covenants contained in the facility, effective from December 31, 2014 until December 31, 2015. The Company also agreed to a $3,000,000 partial prepayment, a portion of which was prepaid in the first quarter of 2015, while the balance is payable upon signing the final documentation.
	The main terms and conditions of the loan agreement dated August 12, 2011, as subsequently amended, are as follows:
	The loan agreement is secured by a first priority mortgage on the vessels: M/V Sapphire Seas, M/V Pearl Seas and M/V Diamond Seas.
	The loan bears interest at LIBOR, plus any mandatory costs, plus a margin of (i) 3.00% on the outstanding amount of the loan, less any amounts that are deferred, and (ii) 4.50% on the amounts of the loan that have been deferred.
	Excluding the agreement dated April 1, 2015 discussed above, the outstanding loan amount as of December 31, 2014 of $43,375,000 was required to be repaid in 11 consecutive quarterly installments of $1,425,000, plus a balloon repayment of $27,700,000 payable simultaneously with the final installment in the third quarter of 2017.
	Following the agreement dated April 1, 2015, and after giving effect to the $3,000,000 partial prepayment discussed above, the outstanding loan amount of $40,375,000 is required to be repaid in 4 consecutive quarterly installments of $712,500, followed by 7 consecutive quarterly installments of $1,425,000, plus a balloon repayment of $27,550,000 payable simultaneously with the final installment in the third quarter of 2017.
	Covenants (as defined in the respective loan agreement):
	The ratio of EBITDA to net interest expenses is waived until December 31, 2015, and thereafter shall not be less than 3.00:1.00.
	The market value adjusted net worth of the Company is waived until December 31, 2015, and thereafter shall not be less than $100,000,000.
	Maintain liquid assets requirement is waived until December 31, 2015, and thereafter shall equal an amount of no less than $650,000 per vessel at all times.
	The ratio of maximum net debt to total assets expressed as a percentage is waived until December 31, 2015, and thereafter shall not exceed 80%.
	The aggregate fair market value of the mortgaged vessels to outstanding loan ratio is waived until December 31, 2015, and thereafter shall exceed 120%.
	(b) Unicredit Bank AG (November 19, 2007): On September 13, 2013, the Company agreed with Unicredit Bank AG (“Unicredit”) to extend the expiration date of the existing waiver relating to the financial covenant of total liabilities to EBITDA ratio for two quarters, from January 1, 2014 to July 1, 2014, for a nominal fee and an advance payment of $1,500,000 to partially prepay the upcoming three quarterly loan installments, starting with the installment due in the fourth quarter of 2013. The advance payment of $1,500,000 was paid on September 13, 2013. On January 20, 2014, the Company agreed with Unicredit to extend the existing waiver relating to the financial covenant of total liabilities to EBITDA ratio until January 1, 2015. 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. The Company prepaid the amount of $7,000,000 on September 30, 2014, which was applied against a pro-rate reduction of the remaining installments, excluding the balloon repayment. Furthermore, on March 27, 2015, the Company entered into a loan supplemental agreement and agreed to amended terms with Unicredit, including the deferral of one and a portion of five of its scheduled quarterly installments due in the second quarter of 2015 through the third quarter of 2016, and the waiver of the minimum liquid assets requirement and the security ratio covenant until the maturity of the loan.
	The main terms and conditions of the loan agreement dated November 19, 2007, as subsequently amended, are as follows:
	The loan agreement is secured by a first priority mortgage on the vessels: M/V Calm Seas and M/V Deep Seas.
	The loan bears interest at LIBOR, plus a margin of (i) 2.75% on the outstanding amount of the loan, less any amounts that are deferred, and (ii) 5.00% on the amounts of the loan that have been deferred, excluding any amounts deferred pursuant to the supplemental agreement dated March 27, 2015.
	Excluding the supplemental agreement dated March 27, 2015 discussed above, the outstanding loan amount as of December 31, 2014 of $14,606,500 is required to be repaid in 7 consecutive quarterly installments of $480,500, plus a balloon repayment of $11,243,000 payable simultaneously with the final installment in the third quarter of 2016.
	Following the supplemental agreement dated March 27, 2015 discussed above, the outstanding loan amount as of December 31, 2014 of $14,606,500 is required to be repaid in 1 quarterly installment of $480,500 in the first quarter of 2015, while no installment is due in the second quarter of 2015, followed by 5 consecutive quarterly installments of $240,250, plus a balloon repayment of $12,924,750 payable simultaneously with the final installment in the third quarter of 2016.
	Covenants: The financial and security cover ratio covenants contained in the facility have been permanently waived until the maturity of the loan, pursuant to the supplemental agreement dated March 27, 2015.
	(c)Bank of Scotland Plc (December 4, 2007): On June 10, 2014, the Company completed the refinancing of the M/V Coral Seas and the M/V Golden Seas as discussed below, and repaid in full the then outstanding indebtedness under its existing loan agreement with Bank of Scotland Plc dated December 4, 2007.
	(d)Bank of Ireland (March 30, 2009): 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. In addition, on September 30, 2014, the Company proceeded with a prepayment of $4,000,000 with respect to its loan agreement with Bank of Ireland in return for a reduction in the next eight quarterly installments and an increase in the balloon at maturity. In addition, on March 27, 2015, the Company agreed with Bank of Ireland to waive 50% of the installment due in the first quarter of 2015, until April 30, 2015.
	The main terms and conditions of the loan agreement dated March 30, 2009, as subsequently amended, are as follows:
	The loan agreement is secured by a first priority mortgage on the vessel M/V Kind Seas.
	The loan bears interest at LIBOR, plus a margin of 2.50%.
	The outstanding loan amount as of December 31, 2014, of $8,350,000 is required to be repaid in 3 consecutive quarterly installments of $350,000, followed by 4 consecutive quarterly installments of $400,000, followed by 3 consecutive quarterly installments of $1,000,000, plus a balloon repayment of $2,700,000 payable simultaneously with the final installment in the second quarter of 2017.
	Covenants (as defined in the respective loan agreement):
	The minimum requirement of market value adjusted net worth of the Company is waived until December 31, 2014 and thereafter, shall not be less than $50,000,000.
	The leverage ratio is waived until December 31, 2014 and thereafter, shall not be greater than 0.80:1.00.
	Minimum liquid assets requirement is waived until December 31, 2014 and thereafter, the Company shall maintain liquid assets in an amount of no less than $500,000 per vessel at all times.
	The fair market value of the mortgaged vessel to outstanding loan ratio is waived until December 31, 2014 and thereafter, shall exceed 110%.
	(e-1)HSH Nordbank AG (July 31, 2008): On July 7, 2014, the Company completed the refinancing of the M/V Friendly Seas as discussed below, and repaid in full the then outstanding indebtedness under its existing loan agreement with HSH Nordbank AG (“HSH”) dated July 31, 2008.
	(e-2)HSH Nordbank AG (April 4, 2014): On April 4, 2014, the Company completed the documentation for a new loan agreement with 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). In addition, in October 2014, the Company took delivery of its first two Ultramax drybulk carriers; the M/V Gentle Seas and the M/V Peaceful Seas (Hull numbers DY152 and DY153). The Company drew a total amount of $34,400,000, which was used for the payment of the final installment of the two vessels to the shipyard (refer to Note 5).
	The main terms and conditions of the loan agreement dated April 4, 2014 are as follows:
	The loan agreement is secured by a first priority mortgage on the vessels: M/V Friendly Seas, M/V Gentle Seas and M/V Peaceful Seas.
	The loan bears interest at LIBOR, plus a margin of 3.25%.
	The outstanding loan amount as of December 31, 2014, of $46,713,600 consists of the following: (i) $12,313,600 relating to the M/V Friendly Seas, which is required to be repaid in 26 consecutive quarterly installments of $286,400, plus a balloon repayment of $4,867,200 payable simultaneously with the final installment in the second quarter of 2021, and (ii) $34,400,000 relating to the M/V Gentle Seas and the M/V Peaceful Seas, which is required to be repaid in 28 consecutive quarterly installments of $506,000, plus a balloon repayment of $20,232,000 payable simultaneously with the final installment in the fourth quarter of 2021.
	Covenants (as defined in the respective loan agreement):
The aggregate fair market value of the mortgaged vessels to outstanding loan ratio shall exceed 125%.
(f)HSBC Bank Plc (July 2, 2010): 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.
The main terms and conditions of the loan agreement dated July 2, 2010, as subsequently amended, are as follows:
The loan is secured by a first priority mortgage on the vessel M/V Dream Seas.
The loan bears interest at LIBOR, plus a margin of 3.00%.
The outstanding loan amount as of December 31, 2014, of $14,460,000 is required to be repaid in 23 consecutive quarterly installments of $380,000, plus a balloon repayment of $5,720,000 payable simultaneously with the final installment in the third quarter of 2020.
Covenants (as defined in the respective loan agreement):
The ratio of total net debt to EBITDA shall be applicable and not exceed 9.00:1.00 from January 1, 2016 until December 31, 2016 and 8.00:1.00 thereafter.
The ratio of EBITDA to interest expense shall be applicable and not be less than 2.50:1.00 from January 1, 2016 until the final maturity of the facility.
The market value adjusted net worth of the Company shall be at least $50,000,000 until December 31, 2013 and $100,000,000 thereafter.
The ratio of total net debt to value adjusted total assets shall be applicable and not greater than 0.80:1.00 from January 1, 2014 until the final maturity of the facility.
The fair market value of the mortgaged vessel to outstanding loan ratio shall exceed 105% until December 31, 2013, 110% until December 31, 2014 and 120% thereafter.
(g-1)Nordea Bank Finland Plc (May 5, 2011): On January 7, 2014, we took delivery of our fourth Handysize drybulk vessel; the M/V Proud Seas (refer to Notes 5 and 6). Upon the delivery of the vessel, we drew the total amount of the then undrawn portion of the facility of $25,394,427, by mortgaging both the M/V Priceless Seas and the M/V Proud Seas. On June 10, 2014, the Company completed the refinancing of the M/V Prosperous Seas, the M/V Precious Seas, the M/V Priceless Seas and the M/V Proud Seas as discussed below, and repaid in full the then outstanding indebtedness under its existing syndicated loan facility led by Nordea Bank Finland Plc (“Nordea”) dated May 5, 2011.
(g-2)Nordea Bank Finland Plc (May 6, 2014): 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 between the second and fourth 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 Plc (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 consolidated statement of comprehensive loss for the year ended December 31, 2014.
The main terms and conditions of the loan agreement dated May 6, 2014 are as follows:
The loan is secured by a first priority mortgage on the vessels: M/V Coral Seas, M/V Golden Seas, M/V Prosperous Seas, M/V Precious Seas, M/V Priceless Seas and M/V Proud Seas.
The loan bears interest at LIBOR, plus any mandatory costs, plus a margin of 3.20%.
The outstanding loan amount as of December 31, 2014, of $78,273,638 is required to be repaid in 22 consecutive quarterly installments of $1,738,181, plus a balloon repayment of $40,033,656 payable simultaneously with the final installment in the second quarter of 2020.
Covenants (as defined in the respective loan agreement):
The Company shall maintain a positive working capital at all times, excluding any balloon repayments of long-term loan facilities.
There is available to the Company cash and cash equivalents (including restricted but unpledged cash representing minimum liquidity required to be maintained under any financial indebtedness) which are not subject to any security interest, in an amount of not less than the greater of (i) 6% of total financial indebtedness and (ii) $750,000 per vessel owned on the last day of the relevant test period. In the event that the Company pays any dividend or makes any other form of distribution, after the payment of such dividend or the making of such distribution there is available to the Company cash and cash equivalents in an amount of not less than the greater of (i) 8% of total financial indebtedness and (ii) $1,000,000 per vessel owned on the last day of the relevant test period.
The ratio of market value adjusted shareholders’ equity to the market value adjusted total assets shall be equal to or greater than 30%.
The aggregate fair market value of the mortgaged vessels to outstanding loan ratio shall exceed 135%.
(h)Senior unsecured notes due 2021: 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 net proceeds from the offering amounted to $23,856,583, net of underwriting discounts and commissions of $812,500, and offering expenses payable by the Company of $330,917. The Notes trade on NASDAQ under the symbol “PRGNL”.
The indenture governing the Notes contains certain restrictive covenants, including limitations on asset sales and:
Limitation on Borrowings: Net borrowings not to exceed 70% of total assets.
Limitation on Minimum Net Worth: Net worth to always exceed $100,000,000.
China Development Bank (May 17, 2013): Following the sale of the 4,800 TEU containership newbuilding as discussed in Note 5, 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 consolidated statement of comprehensive loss for the year ended December 31, 2014.
Additional Covenants: Each of the above loan and credit facilities are secured by first priority mortgages on all vessels described in Note 1, first assignments of all freights, earnings and insurances. They also contain covenants that require the Company to maintain adequate insurance coverage and to obtain the lender’s consent before it changes the flag, class or management of the vessels, or enter into a new line of business. The facilities include customary events of default, including those relating to a failure to pay principal or interest, a breach of covenant, representation and warranty, a cross-default to other indebtedness and non-compliance with security documents, and prohibits the Company from paying dividends if the Company is in default on its facilities and if, after giving effect to the payment of the dividend, the Company is in breach of a covenant.
In addition, each of the above loan and credit facilities require a minimum balance of cash and cash equivalents to be maintained at all times with the respective lender, ranging from $400,000 to $750,000 per mortgaged vessel, in excess of any additional cash collateral to be maintained, as defined by the respective loan agreements.
Certain of the above loan and credit facilities restrict the amount of dividends the Company may pay to $0.50 per share per annum and limit the amount of quarterly dividends the Company may pay to 100% of its net income for the immediately preceding financial quarter. In addition, under the existing loan and credit facilities, the Company is required to maintain minimum liquidity after payment of dividends equal to the greater of the next six months’ debt service, 8% of total financial indebtedness or $1,000,000 per vessel. Furthermore, according to the supplemental agreement the Company entered into with Unicredit on March 27, 2015 as discussed above, the Company is not permitted to declare or pay any dividends until all the deferred amounts of the facility’s repayment installments have been repaid in full.
Covenants Compliance: As of December 31, 2014, the Company was in compliance with all debt covenants with respect to its debt agreements, with the exception of the security cover ratio covenant contained in the facility with Commerzbank. The respective breach was subsequently cured as in April 2015, the Company agreed with Commerzbank to waive the application of the security cover ratio covenant contained in the facility effective from December 31, 2014 until December 31, 2015 as discussed above.
Given the current drybulk charter rates, it is probable that the Company will not be in compliance with the minimum working capital requirement and the minimum liquidity requirement contained in certain of its loan and credit facilities on the applicable measurement dates in 2015. Furthermore, based on the Company’s cash flow projections for 2015, cash on hand and cash provided by operating activities will not be sufficient to cover scheduled debt repayments due in 2015. The Company is currently in negotiations with such lenders to obtain waivers for the affected covenants. The Company is also exploring several alternatives aiming to manage its working capital requirements and other commitments if current drybulk charter rates remain at today’s low levels including negotiations for the restructuring of its loans.
Other Information: As of December 31, 2014, the Company had an aggregate borrowing capacity of up to $78,000,000 with respect to the undrawn portion of the syndicated loan facility led by Nordea (dated May 6, 2014), for the partial financing of the outstanding newbuilding program as discussed above.
The interest cost charged for the years ended December 31, 2012, 2013 and 2014 amounted to $5,673,906, $6,129,911 and $7,451,854, respectively.
The capitalized interest for the years ended December 31, 2012, 2013 and 2014 amounted to $611,655, $786,263 and $1,618,836, respectively.
The weighted average interest rate for the years ended December 31, 2012, 2013 and 2014 was 2.76%, 3.21% and 3.53%, respectively.

Interest_Rate_Swaps

Interest Rate Swaps	12 Months Ended
	Dec. 31, 2014
Interest Rate Swaps [Abstract]
Interest Rate Swaps	10.Interest Rate Swaps
	The Company enters into interest rate swap transactions to manage interest costs and the risk associated with changing interest rates with respect to its variable interest rate loans and credit facilities. These interest rate swap transactions fix the interest rates as described below.
	As of December 31, 2013 and 2014, the Company's outstanding interest rate swaps had a combined notional amount of $68,976,781 and $56,208,156, respectively. Details of the interest rate swap agreements which were effective during 2013 and 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 December 31, 2014
	Unicredit Bank AG (1)	27-Aug-10	27-Aug-15	$35,700,000	$25,500,000	2.47%	3-month LIBOR
	HSBC Bank Plc (2)	10-Apr-12	10-Apr-17	-	$4,560,000	1.49%	3-month LIBOR
	HSH Nordbank AG (3)	8-May-12	5-May-17	-	$9,562,500	1.22%	3-month LIBOR
	Nordea Bank Finland Plc (4)	4-May-12	31-Mar-17	-	$5,918,792	1.14%	3-month LIBOR
	Nordea Bank Finland Plc (5)	18-Jun-12	4-May-17	-	$5,885,615	1.01%	3-month LIBOR
	HSH Nordbank AG (6)	6-Aug-12	5-May-17	-	$4,781,250	0.98%	3-month LIBOR
	TOTAL			$35,700,000	$56,208,157
	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 December 31, 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 9, 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 December 31, 2014.

Financial_Instruments_and_Fair

Financial Instruments and Fair Value Disclosures	12 Months Ended
	Dec. 31, 2014
Financial Instruments and Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Disclosures	11.Financial Instruments and Fair Value Disclosures
	The principal financial assets of the Company consist of cash and cash equivalents, restricted cash, trade receivables, amounts due from related parties, an investment in affiliate and marketable securities available for sale. The principal financial liabilities of the Company consist of long-term bank loans, senior unsecured notes due 2021, interest rate swaps, trade accounts payable, amounts due to related parties and accrued liabilities.
	(a) Interest rate risk: The Company’s long-term bank loans are based on LIBOR and hence the Company is exposed to movements in LIBOR. The Company entered into interest rate swap agreements, discussed in Note 10, in order to hedge its variable interest rate exposure.
	(b) Concentration of credit risk: Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of trade receivables, amounts due from related parties and cash and cash equivalents. The Company limits its credit risk with trade receivables by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its trade receivables. In addition, the Company also limits its exposure by diversifying among customers. The amounts due from related parties mainly relate to advance payments to Allseas to cover working capital equal to one month’s worth of estimated operating expenses. The Company places its cash and cash equivalents with high credit quality financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions. The Company is exposed to credit risk in the event of non-performance by counterparties to derivative instruments. However, the Company limits its exposure by diversifying among counterparties considering their credit ratings.
	(c) Fair value: The carrying values of cash and cash equivalents, restricted cash, trade receivables, amounts due from related parties, trade accounts payable, amounts due to related parties and accrued liabilities are reasonable estimates of their fair value due to the short-term nature of these financial instruments. The fair value of long-term bank loans approximate their carrying value, predominantly due to the variable interest rate nature thereof. Derivative financial instruments are stated at fair values.
	The Company’s Notes trade on NASDAQ under the symbol “PRGNL” and therefore are considered Level 1 items in accordance with the fair value hierarchy. As of December 31, 2014, the fair value of the Company’s Notes based on their quoted close price of $17.00 per Note was $17,000,000 in the aggregate.
	When the interest rate swap contracts qualify for hedge accounting, the Company recognizes the effective portion of the gain / (loss) on the hedging instruments directly in other comprehensive income / (loss) in the statement of shareholders’ equity, while any ineffective portion, if any, is recognized immediately in current period statement of comprehensive income / (loss). When the interest rate swap contracts do not qualify for hedge accounting, the Company recognizes their fair value changes in current period statement of comprehensive income / (loss).
	Information on the location and amounts of derivative fair values in the consolidated balance sheets and derivative gains / (losses) in the consolidated statements of comprehensive income / (loss) and shareholders’ equity are shown below:
	Derivative Instruments – Balance Sheet Location
			31-Dec-13	31-Dec-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	$-	($66,475)
	Interest rate swaps	Current liabilities – Interest rate swaps	685,960	589,896
	Interest rate swaps	Long-Term Liabilities – Interest rate swaps	359,433	17,369
		Subtotal	$1,045,393	$540,790
	Total derivatives		$1,275,286	$540,790
	Effect of Derivative Instruments designated as hedging instruments
	Gain Recognized in Accumulated Other Comprehensive Loss – Effective Portion
			Year Ended December 31,
			2013	2014
	Interest rate swaps		$131,112	$131,238
	Total		$131,112	$131,238
	Location of Loss Transferred from Accumulated Other Comprehensive Loss in Statements of Comprehensive Loss – Effective Portion
			Year Ended December 31,
			2013	2014
	Interest rate swaps – Realized Loss	Interest and finance costs	($312,069)	($98,656)
	Total		($312,069)	($98,656)
	There was no ineffective portion of the gain / (loss) on the hedging instruments for the years ended December 31, 2013 and 2014.
	Effect of Derivative Instruments not designated as hedging instruments
			Year Ended December 31,
		Location of Gain / (Loss) Recognized	2013	2014
	Interest rate swaps – Fair value	Loss on derivatives, net	$834,829	$504,602
	Interest rate swaps – Realized Loss	Loss on derivatives, net	-930,117	-892,342
	Net loss on derivatives		($95,288)	($387,740)
	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 10) 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 2014.
	Financial Instruments	Significant Other Observable Inputs (Level 2)
		31-Dec-13	31-Dec-14
	Interest rate swaps – asset	($87,295)	($66,475)
	Interest rate swaps – liability	1,362,581	607,265
	Total	$1,275,286	$540,790
	Marketable securities – shares of Korea Line Corporation (“KLC”):
	The number of KLC shares held by the Company was 65,896 and 44,550 as of December 31, 2013 and 2014, respectively. These marketable securities have readily determinable fair values and are classified as available for sale. Such marketable securities are measured subsequently at fair value in the accompanying consolidated balance sheets. Unrealized gains / (losses) from available for sale securities are excluded from the statement of comprehensive income / (loss) and are recognized in accumulated other comprehensive income / (loss) until realized.
	Pursuant to the amended KLC rehabilitation plan, on May 9, 2013, 58,483 additional shares of KLC were issued to the Company, increasing the total number of KLC shares held by the Company to 65,896. Based on the closing price of KLC shares as of May 9, 2013, the fair value of the 58,483 additional KLC shares was $3,113,306, which was recognized as gain from marketable securities, net and is included in the accompanying consolidated statement of comprehensive loss for the year ended December 31, 2013. The decline of the fair value of the total 65,896 KLC shares as of September 30, 2013 and December 31, 2013, based on the respective latest publicly available information, was considered as other than temporary and therefore an aggregate loss of $1,911,212 was recognized. The respective loss is included in gain from marketable securities, net in the accompanying consolidated statement of comprehensive loss for the year ended December 31, 2013, after reclassifying this amount from the Company’s other comprehensive income / (loss).
	In 2014, the Company sold a total of 21,346 KLC shares at an average sale price of $23.52 per share. Following the sale of such shares, the number of KLC shares held by the Company was 44,550. The total cash received from the sale of these shares amounted to $498,056, net of commissions. A loss from marketable securities, net, of $25,529 was recorded for the year ended December 31, 2014, after reclassifying same from the Company’s other comprehensive income / (loss).
	The fair value of the 44,550 KLC shares as of December 31, 2014, based on the respective latest publicly available information, was $955,535. The corresponding loss on change in the fair value of $137,208 was recognized in other comprehensive income / (loss).
	Furthermore, in April 2015, the Company sold an additional 18,133 KLC shares at an average sale price of $22.62 per share. Following the sale of such shares, the number of KLC shares held by the Company was 26,417. The total cash expected to be received from the sale of these shares amounts to $406,808, net of commissions (based on U.S. dollar/KRW exchange rate of $1.000:KRW1,096.92 as of April 15, 2015).
	Location of Recognized Gain / (Loss) from Marketable Securities
			Year Ended December 31,
		Location of Gain / (Loss) Recognized	2013	2014
			Gain / (Loss)	Gain / (Loss)
	Marketable securities – Initial measurement	(Gain) / loss from marketable securities, net	$3,113,306	$-
	Marketable securities – Realized Loss	(Gain) / loss from marketable securities, net	-1,911,212	-25,529
	Net gain / (loss) from marketable securities		$1,202,094	($25,529)
	The fair value of the KLC shares is based on quoted prices of KLC share of stock (Korea SE: KS) and is considered to be determined through Level 1 inputs of the fair value hierarchy.
	The following table summarizes the valuation of the KLC shares as of December 31, 2013 and 2014.
Financial Assets	Quoted Prices in Active Markets (Level 1)
	31-Dec-13	31-Dec-14
KLC Shares – Marketable Securities	$1,616,329	$955,535
Financial Assets that are measured at fair value on a non-recurring basis
Investment in Box Ships Inc.:
For the years ended December 31, 2013 and 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 September 30, 2013 and December 31, 2013, was considered as other than temporary and therefore an aggregate loss of $8,229,551 was recognized. The respective loss is included in loss on investment in affiliate in the accompanying consolidated statement of comprehensive loss for the year ended December 31, 2013.
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, June 30, 2014 and December 31, 2014, was considered as other than temporary and therefore an aggregate loss of $8,618,664 was recognized. The respective loss is included in loss on investment in affiliate in the accompanying consolidated statement of comprehensive loss for the year ended December 31, 2014.
Location of Impairment Loss on Investment in Affiliate
		Year Ended December 31,
	Location of Loss Recognized	2013	2014
Dilution effect	Loss on investment in affiliate	($390,821)	($221,679)
Impairment loss	Loss on investment in affiliate	-8,229,551	-8,618,664
Loss on investment in affiliate		($8,620,372)	($8,840,343)
The fair value of the investment in Box Ships is based on quoted prices of Box Ships share of stock (NYSE: TEU) and is considered to be determined through Level 1 inputs of the fair value hierarchy.
The following table summarizes the valuation of the Company’s investment in Box Ships as of December 31, 2013 and 2014.
Financial Assets	Quoted Prices in Active Markets (Level 1)
	31-Dec-13	31-Dec-14
Investment in equity affiliate – Box Ships Inc.	$11,309,375	$2,956,250
The fair value of the investment in Box Ships, based on the closing price of Box Ships’ common share on the NYSE on April 15, 2015, of $1.06, was $3,643,750.
As of December 31, 2013 and 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	12 Months Ended
	Dec. 31, 2014
Capital Structure [Abstract]
Capital Structure	12.Capital Structure
	(a)Common Stock:
	Under the amended and restated articles of incorporation, the Company's authorized common stock consists of 755,000,000 shares of common stock, par value $0.001 per share, divided into 750,000,000 Class A common shares and 5,000,000 Class B common shares.
	Each holder of Class A common shares is entitled to one vote on all matters submitted to a vote of shareholders. Subject to preferences that may be applicable to any outstanding shares of preferred stock, holders of Class A common shares are entitled to receive ratably all dividends, if any, declared by the Company's Board of Directors out of funds legally available for dividends. Upon dissolution, liquidation or sale of all or substantially all of the Company's assets, after payment in full of all amounts required to be paid to creditors and to the holders of preferred stock having liquidation preferences, if any, Class A common shareholders are entitled to receive pro rata the Company's remaining assets available for distribution. Holders of Class A common shares do not have conversion, redemption or pre-emptive rights.
	On December 24, 2012, the Company entered into an agreement to sell 4,901,961 newly-issued Class A common shares to Innovation Holdings, an entity beneficially owned by Mr. Michael Bodouroglou, the Company’s Chairman, President, Chief Executive Officer and Interim Chief Financial Officer, for a total consideration of $10,000,000. The transaction closed on December 24, 2012. In addition, Innovation Holding also received customary registration rights in respect of the common shares it received in the private placement. The documentation entered into in connection with the private placement was approved by the independent member of the Company’s Board of Directors.
	Effective February 15, 2013, 98,039 Class A common shares, representing the 2.0% of the 4,901,961 newly-issued Class A common shares sold to Innovation Holdings discussed above, were granted to Loretto. The fair value of such shares based on the average of the high-low trading price of the shares on February 15, 2013, was $335,784, which was recorded as share based compensation and is included in Management fees – related party in the accompanying consolidated statement of comprehensive loss for the year ended December 31, 2013.
	On September 27, 2013, the Company completed a public offering of 6,000,000 of its Class A common shares at $5.75 per share, including the full exercise of the over-allotment option granted to the underwriters to purchase up to 782,609 additional common shares. The net proceeds from the offering, which amounted to $31,881,984, net of underwriting discounts and commissions of $2,070,000 and other offering expenses of $548,016, would be used to fund the initial deposits and other costs associated with the purchase of two Ultramax newbuilding drybulk carriers, the Hull numbers DY152 and DY153, as discussed in Note 5, and general corporate purposes. In connection with the offering, effective September 27, 2013, 120,000 Class A common shares, representing the 2.0% of the 6,000,000 Class A common shares sold in the public offering, were granted to Loretto. The fair value of such shares based on the average of the high-low trading price of the shares on September 27, 2013, was $714,000, which was recorded as share based compensation and is included in Management fees – related party in the accompanying consolidated statement of comprehensive loss for the year ended December 31, 2013.
	On February 18, 2014, the Company completed a public offering of 6,785,000 of its Class A common shares at $6.25 per share, including the full exercise of the over-allotment option granted to the underwriters to purchase up to 885,000 additional common shares. The net proceeds from the offering amounted to $39,741,152, net of underwriting discounts and commissions and other offering expenses payable by the Company. 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 consolidated statement of comprehensive loss for the year ended December 31, 2014.
	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 December 31, 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 2014, the Company had a total of 17,669,442 and 24,809,142 Class A common shares outstanding, respectively, and no other class of shares outstanding.
	(b)Preferred Stock:
	Under the amended and restated articles of incorporation, the Company's authorized preferred stock consists of 25,000,000 shares of preferred stock, par value $0.001 per share, and there was none issued and outstanding at December 31, 2013 and 2014.

Share_Based_Payments_Equity_In

Share Based Payments - Equity Incentive Plan - Non-vested Share Awards	12 Months Ended
	Dec. 31, 2014
Share Based Payments - Equity Incentive Plan - Non-vested Share Awards [Abstract]
Share Based Payments - Equity Incentive Plan - Non-vested Share Awards	13.Share Based Payments
	Equity incentive plan – October 11, 2006
	On October 11, 2006, the Company adopted an equity incentive plan, under which the officers, key employees and directors of the Company will be eligible to receive options to acquire shares of Class A common shares. The Board of Directors administers the plan. Under the terms of the plan, the Board of Directors are able to grant new options exercisable at a price per Class A common share to be determined by the Board of Directors but in no event less than fair market value as of the date of grant. The plan also permits the Board of Directors to award non-vested share units, non-qualified options, stock appreciation rights and non-vested shares.
	On March 26, 2014, the Company’s Board of Directors approved to cancel the remaining Class A common shares reserved for issuance under the equity incentive plan.
	Equity incentive plan – March 26, 2014
	On March 26, 2014, the Company adopted an equity incentive plan, under which the officers, key employees and directors of the Company will be eligible to receive options to acquire shares of Class A common shares. A total of 2,000,000 Class A common shares were reserved for issuance under the plan. The Board of Directors administers the plan. Under the terms of the plan, the Board of Directors are able to grant new options exercisable at a price per Class A common share to be determined by the Board of Directors but in no event less than fair market value as of the date of grant. The plan also permits the Board of Directors to award non-vested share units, non-qualified options, stock appreciation rights and non-vested shares.
	(a)Options
	As of December 31, 2013 and 2014, there were 2,800 options with an exercise price of $120.00 outstanding and exercisable, which vested in 2010. Their weighted average remaining contractual life was 1.89 years as of December 31, 2014.
	There were no unvested share options as of December 31, 2013 and 2014.
	(b)Non-vested share awards
	Until the forfeiture of any non-vested share award, all non-vested share awards regardless of whether vested, the grantee has the right to vote such non-vested share awards, to receive and retain all regular cash dividends paid on such non-vested share awards with no obligation to return the dividend if employment ceases and to exercise all other rights provided that the Company will retain custody of all distributions other than regular cash dividends made or declared with respect to the non-vested share awards. All share awards are conditioned upon the option holder's continued service as an employee of the Company, or a director through the applicable vesting date. The Company estimates the forfeitures of non-vested share awards to be immaterial. The Company will, however, re-evaluate the reasonableness of its assumption at each reporting period.
	The accounting guidance relating to the Share based payments describes two generally accepted methods of accounting for non-vested share awards with a graded vesting schedule for financial reporting purposes: 1) the "accelerated method", which treats an award with multiple vesting dates as multiple awards and results in a front-loading of the costs of the award and 2) the "straight-line method" which treats such awards as a single award. Management has selected the straight-line method with respect to the non-vested share awards because it considers each non-vested share award to be a single award and not multiple awards, regardless of the vesting schedule. Additionally, the "front-loaded" recognition of compensation cost that results from the accelerated method implies that the related employee services become less valuable as time passes, which management does not believe to be the case. The grant date fair value is considered to be the average between the relevant highest and lowest price recorded on the grant date.
	The details of the non-vested share awards as of December 31, 2014, are outlined as follows:
	Equity incentive plan – October 11, 2006
	Grant date	Final Vesting date	Total shares granted	Grant date fair value	Shares cancelled	Shares vested	Non-vested share awards
	26-Nov-13	31-Dec-15	200,000	$5.17	-	100,000	100,000
	26-Nov-13	31-Dec-15	12,000	$5.17	-	6,000	6,000
	19-Dec-13	31-Dec-15	16,000	$6.38	-	8,000	8,000
	31-Jan-14	31-Dec-15	32,000	$6.67	3,000	14,500	14,500
	TOTAL		260,000		3,000	128,500	128,500
	Equity incentive plan – March 26, 2014
	Grant date	Final Vesting date	Total shares granted	Grant date fair value	Shares cancelled	Shares vested	Non-vested share awards
	10-Dec-14	31-Dec-16	200,000	$2.44	-	-	200,000
	10-Dec-14	31-Dec-16	20,000	$2.44	-	-	20,000
	TOTAL		220,000		-	-	220,000
	A summary of the activity for non-vested share awards for the year ended December 31, 2014 is as follows:
		Number	Weighted
		of Shares	Average
			Fair Value
	Non-vested, December 31, 2013	339,000	$4.75
	Granted	252,000	3.64
	Cancelled	-3,000	6.67
	Vested	-239,500	4.63
	Non-vested, December 31, 2014	348,500	$4.15
	The remaining unrecognized compensation cost amounting to $1,189,936 as of December 31, 2014, is expected to be recognized over the remaining weighted average period of 1.3 year, according to the contractual terms of those non-vested share awards.
	On February 26, 2015, 70,000 non-vested Class A common shares were granted to employees of Allseas, with a grant date fair value of $1.865 per share, which will vest ratably over a two-year period commencing on December 31, 2015.
	On March 17, 2015, 30,000 non-vested Class A common shares were granted to executive officers of Allseas, with a grant date fair value of $1.310 per share, which will vest ratably over a two-year period commencing on December 31, 2015.
	Share based compensation amounted to $2,536,702, $805,469 and $986,416 for the years ended December 31, 2012, 2013 and 2014, respectively and is included in general and administrative expenses.

Gain_from_Vessel_Early_Redeliv

Gain from Vessel Early Redelivery and Other (Income) / Expenses	12 Months Ended
	Dec. 31, 2014
Gain from Vessel Early Redelivery and Other (Income) / Expenses [Abstract]
Gain from Vessel Early Redelivery and Other (Income) / Expenses	14.Gain from Vessel Early Redelivery and Other (Income) / Expenses
	Gain from vessel early redelivery represents income recognized in connection with the early termination of period time charters resulting from a request of the respective vessel charterers for which the Company received cash compensation of $0, $2,267,818 and $0 in 2012, 2013 and 2014, respectively.
	Other income for the year ended December 31, 2012, relates mainly to claim recoveries for damages that had been incurred in one of the Company’s vessels of $703,422, and to a cash compensation of $29,137 received from KLC as the first annual installment in connection with the settlement agreement dated September 15, 2011.
	Other income for the year ended December 31, 2013, relates mainly to a cash compensation of $402,596 received from KLC representing the present value of the total outstanding cash payments the Company was entitled to receive in connection with the settlement agreement dated September 15, 2011 and pursuant to the amended KLC rehabilitation plan that was approved by the Seoul Central District Court in March 2013, and to claim recoveries of $218,634 relating to a dispute regarding one of the Company’s vessels.
	During the third quarter of 2014, the Company recognized a charge of $250,283, in relation to a special contribution, which was paid in October 2014. According to the Greek Law 4301/2014, the charge is a voluntary contribution calculated based on the carrying capacity of the Company’s fleet, and is payable annually for four fiscal years, until 2017. The special contribution is included in Other expenses in the accompanying consolidated statement of comprehensive loss for the year ended December 31, 2014.

Income_Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2014
Income Taxes [Abstract]
Income Taxes	15.Income Taxes
	The Company and its subsidiaries are incorporated either in the Marshall Islands or Liberia and under the laws of the Marshall Islands and Liberia, are not subject to income taxes.
	The Company is also subject to United States federal income taxation in respect of income that is derived from the international operation of ships and the performance of services directly related thereto ("Shipping Income"), unless exempt from United States federal income taxation.
	If the Company does not qualify for the exemption from tax under Section 883, it will be subject to a 4% tax on its “U.S. source shipping income,” imposed without the allowance for any deductions. For these purposes, "U.S. source shipping income" means 50% of the shipping income that will be derived by the Company that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States. For 2012, 2013 and 2014, the Company qualified for the benefits of Section 883.

Earnings_per_Share_EPS

Earnings per Share ("EPS")	12 Months Ended
	Dec. 31, 2014
Earnings per Share ("EPS") [Abstract]
Earnings per Share ("EPS")	16.Earnings per Share (“EPS”)
	The following table sets forth the computation of basic and diluted net loss per share for the years ended December 31, 2012, 2013 and 2014:
	Basic EPS – Class A Common Shares
	The two class method EPS is calculated as follows:
		Years Ended December 31,
	Numerators	2012	2013	2014
	Net loss	($17,557,125)	($16,953,032)	($51,796,181)
	Less: Net loss attributable to non-vested share awards	444,326	351,877	832,333
	Net loss attributable to common shareholders	($17,112,799)	($16,601,155)	($50,963,848)
	Denominators
	Weighted average common shares outstanding, basic and diluted	6,035,910	12,639,128	23,326,062
	Net loss per common share, basic and diluted:	($2.84)	($1.31)	($2.18)
	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 (2012 and 2013: 2,800) stock option awards, and 348,500 (2012: 58,335 and 2013: 339,000) non-vested share awards in calculating dilutive EPS for its Class A common shares as their effect was anti-dilutive.

Commitments_and_Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2014
Commitments and Contingencies [Abstract]
Commitments and Contingencies	17.Commitments and Contingencies
	From time to time the Company expects to be subject to legal proceedings and claims in the ordinary course of business, principally personal injury and property casualty claims. Such claims, even if lacking in merit, could result in the expenditure of significant financial and managerial resources. The Company is not aware of any claim or contingent liability, which is reasonably possible and should be disclosed, or probable and for which a provision should be established in the accompanying financial statements.
	Rental Expense
	In relation to the rental agreement with Granitis as discussed in Note 4, fixed future minimum non-cancelable rent commitments as of December 31, 2014, based on the Euro/U.S. dollar exchange rate of €1.0000:$1.2140 as of December 31, 2014, amount to:
	For the year ending	Amount
	31-Dec-15	$44,508
	31-Dec-16	44,508
	31-Dec-17	33,381
	Total	$122,397
	Charter Hire
	Future minimum charter hire receipts, based on vessels committed to non-cancelable time charter contracts (including fixture recaps) as of December 31, 2014, net of commissions are:
	For the year ending	Amount
	31-Dec-15	$4,308,843
	Total	$4,308,843
	Charter hires are not generally received when a vessel is off-hire, including time required for normal periodic maintenance of the vessel. In arriving at the minimum future charter revenues, an estimated off-hire time of 18 days to perform any scheduled dry-docking on each vessel has been deducted, and it has been assumed that no additional off-hire time is incurred, although there is no assurance that such estimate will be reflective of the actual off-hire in the future.
	Newbuildings
	Future newbuilding installments based on the non-cancelable newbuilding contracts as of December 31, 2014 are:
	For the year ending	Amount
	31-Dec-15	$101,700,617
	Total	$101,700,617

Subsequent_Events

Subsequent Events	12 Months Ended
	Dec. 31, 2014
Subsequent Events [Abstract]
Subsequent Events	18.Subsequent Events
	Related Party Agreements
	In January 2015, the Company’s vessel owning subsidiaries signed amended and restated management agreements with Allseas, and brokerage services agreements with Seacommercial, as discussed in Note 4.
	Inactive Non-Vessel Owning Subsidiaries
	In March and April 2015, the Company proceeded with the dissolution of certain inactive non-vessel owning subsidiaries, as discussed in Note 1.
	Loan and Credit Facilities
	In March and April 2015, the Company agreed with Unicredit and Commerzbank to amend certain terms of the facilities, including the deferral or the partial deferral of certain scheduled quarterly installments, and the waiver of certain financial and security cover ratio covenants, as discussed in Note 9.
	In addition, on March 27, 2015, the Company agreed with Bank of Ireland to waive 50% of the installment due in the first quarter of 2015, until April 30, 2015, as discussed in Note 9.
	Sale of KLC Shares
	In April 2015, the Company sold a total of 18,133 KLC shares at an average sale price of $22.62 per share, as discussed in Note 11 .

Significant_Accounting_Policie1

Significant Accounting Policies (Policy)	12 Months Ended
	Dec. 31, 2014
Significant Accounting Policies [Abstract]
Principles of Consolidation	(a) Principles of Consolidation: The consolidated financial statements incorporate the financial statements of the Company. Income and expenses of subsidiaries acquired or disposed of during the period are included in the consolidated statements of comprehensive income / (loss) from the effective date of acquisition and up to the effective date of disposal, as appropriate. All intercompany balances and transactions have been eliminated. Paragon, as the holding company, determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity. Under ASC 810 “Consolidation” a voting interest entity is an entity in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make financial and operating decisions. The holding company consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than 50%) of the voting interest. Variable interest entities (“VIE”) are entities as defined under ASC 810 that in general either do not have equity investors with voting rights or that have equity investors that do not provide sufficient financial resources for the entity to support its activities. The determination of whether a reporting entity is required to consolidate another entity is based on, among other things, the other entity’s design and purpose and the reporting entity’s power, through voting or similar rights, to direct the activities of the other entity that most significantly impact the other entity’s economic performance. A controlling financial interest in a VIE is present when a company has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE, or both. Only one reporting entity, known as the primary beneficiary, is expected to be identified as having a controlling financial interest and thus is required to consolidate the VIE. The Company evaluates all arrangements that may include a variable interest in an entity to determine if it may be the primary beneficiary, and would be required to include assets, liabilities and operations of a VIE in its consolidated financial statements. As of December 31, 2013 and 2014, no such interest existed.
Use of Estimates	(b) Use of Estimates: The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Other Comprehensive Income / (Loss)	(c) Other Comprehensive Income / (Loss): The Company follows the accounting guidance relating to “Comprehensive Income,” which requires separate presentation of certain transactions that are recorded directly as components of stockholders’ equity. The Company has elected to present net income / (loss) and other comprehensive income / (loss) in a single continuous statement of comprehensive income / (loss) in its consolidated financial statements.
Foreign Currency Translation	(d) Foreign Currency Translation: The functional currency of the Company is the U.S. Dollar. For other than derivative instruments, each asset, liability, revenue, expense, gain or loss arising from a foreign currency transaction is measured and recorded in the functional currency using the exchange rate in effect at the date of the transaction. As of balance sheet date, monetary assets and liabilities that are denominated in a currency other than the functional currency are adjusted to reflect the exchange rate prevailing at the balance sheet date and any gains or losses are included in the statements of comprehensive income / (loss). As of December 31, 2013 and 2014, the Company had no foreign currency derivative instruments.
Cash and Cash Equivalents	(e) Cash and Cash Equivalents: The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents.
Restricted Cash	(f) Restricted Cash: Restricted cash represents pledged cash deposits or minimum liquidity required to be maintained under the Company’s borrowing arrangements or in relation to bank guarantees issued on behalf of the Company. In the event that the obligation to maintain such deposits is expected to be terminated within the next twelve months, or relates to general minimum liquidity requirements with no obligation to retain such funds in retention accounts, these deposits are classified as current assets. Otherwise they are classified as non-current assets.
Trade Receivables (net)	(g) Trade Receivables (net): Trade receivables (net), reflect the receivables from charters, net of an allowance for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. Allowance for doubtful accounts as of December 31, 2013 and 2014 was $265,751 and $409,226, respectively.
Insurance Claims	(h) Insurance Claims: The Company records insurance claim recoveries for insured losses incurred on damages to fixed assets and for insured crew medical expenses under Other receivables. Insurance claims are recorded, net of any deductible amounts, at the time the Company’s fixed assets suffer insured damages or when crew medical expenses are incurred, recovery is probable under the related insurance policies and the Company can make an estimate of the amount to be reimbursed following submission of the insurance claim.
Inventories	(i) Inventories: Inventories consist of lubricants and stores on board the vessels. When vessels are unemployed or are operating under voyage charters, bunkers on board are also recorded in inventories. Inventories are stated at the lower of cost or market. Cost is determined by the first in, first out method.
Vessel Cost	(j) Vessel Cost: Vessels are stated at cost, which consists of the contract price, less discounts, plus any direct expenses incurred upon acquisition, including improvements, commission paid, delivery expenses and other expenditures to prepare the vessel for her initial voyage. Financing costs incurred during the construction period of the vessels are also capitalized and included in the vessels’ cost. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Repairs and maintenance are expensed as incurred.
Impairment of Long-Lived Assets	(k) Impairment of Long-Lived Assets: The Company reviews its long-lived assets “held and used” for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When the estimate of future undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company evaluates the asset for an impairment loss. The Company measures an impairment loss as the difference between the carrying value of the asset and its fair value. In this respect, management regularly reviews the carrying amount of the vessels in connection with the estimated recoverable amount for each of the Company’s vessels.
	The undiscounted projected net operating cash flows for each vessel are determined by considering the contracted charter revenues from existing charters for the fixed vessel days and an estimated daily time charter equivalent for the unfixed days (based on the most recent ten year historical average of similar size vessels) over the remaining estimated life of the vessel, assumed to be 25 years from the date of initial delivery from the shipyard, net of brokerage commissions, the salvage value of each vessel, which is estimated to be $300 per lightweight ton, expected outflows for vessels’ future dry-docking expenses and estimated vessel operating expenses, assuming an average annual inflation rate where applicable. The Company uses the historical ten-year average as it is considered a reasonable estimation of expected future charter rates over the remaining useful life of the Company’s vessels since it represents a full shipping cycle that captures the highs and lows of the market. The Company utilizes the standard deviation in order to eliminate the outliers of the sample before computing the historic ten-year average of the one-year time charter rate.
Vessel Depreciation	(l) Vessel Depreciation: Depreciation is computed using the straight-line method over the estimated useful life of the vessels, after considering the estimated salvage value. Each vessel's salvage value is equal to the product of its lightweight tonnage and estimated scrap rate, which up until September 30, 2012, was estimated to be $150 per lightweight ton. In order to align the scrap rate estimates with the historical average scrap rate, effective from October 1, 2012, the Company adjusted the estimated scrap rate used to calculate the vessels’ salvage value from $150 to $300 per lightweight ton. The impact of the increase in the estimated scrap rate is a decrease in depreciation expense going forward.
	Management estimates the useful life of the Company’s vessels to be 25 years from the date of initial delivery from the shipyard, including secondhand vessels. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life.
Other Fixed Assets	(m) Other Fixed Assets: Other fixed assets consist of computer systems installed on board the vessels to improve their efficiency, software and a vehicle. Other fixed assets are stated at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the useful life of the assets, which is estimated to be 5 years for the computer systems software, and 6 years for the Company’s vehicle. Depreciation charged in the years ended December 31, 2012, 2013 and 2014 amounted to $135,095, $164,527 and $203,357, respectively.
Investments in Affiliate	(n) Investments in Affiliate: Investments in the common stock of entities, in which the Company has significant influence over operating and financial policies, are accounted for using the equity method. Under this method, the investment in the affiliate is initially recorded at cost and is adjusted to recognize the Company’s share of the earnings or losses of the investee after the acquisition date and is adjusted for impairment whenever facts and circumstances indicate that a decline in fair value below the cost basis is other than temporary. The amount of the adjustment is included in the determination of net income / (loss). Differences between the carrying amount of the investment in affiliate and the amount of the Company’s underlying equity in the net assets of the affiliate is amortized over the remaining life of the affiliate’s tangible and intangible assets, and is included in Equity in net income / (loss) of affiliate in the consolidated statements of comprehensive income / (loss). Dividends received from an affiliate reduce the carrying amount of the investment. When the Company’s share of losses in an affiliate equals or exceeds its interest in the affiliate, the Company does not recognize further losses, unless the Company has incurred obligations or made payments on behalf of the affiliate.
Dry-docking and Special Survey Costs	(o) Dry-docking and Special Survey Costs: Dry-docking and special survey costs are expensed in the period incurred.
Financing Costs	(p) Financing Costs: Financing fees incurred for obtaining new loans and credit facilities are deferred and amortized to interest expense over the respective loan or credit facility using the effective interest rate method. Any unamortized balance of costs relating to loans repaid or refinanced is expensed in the period the repayment or refinancing is made, subject to the accounting guidance regarding debt extinguishment. Any unamortized balance of costs related to credit facilities repaid is expensed in the period. Any unamortized balance of costs relating to credit facilities refinanced are deferred and amortized over the term of the respective credit facility in the period the refinancing occurs, subject to the provisions of the accounting guidance relating to Debt – Modifications and Extinguishments. The unamortized financing costs are reflected in Other assets in the accompanying balance sheets.
Debt restructurings	(q) Debt restructurings: The Company accounts for debt modifications or restructuring as troubled debt restructuring when a lender for economic or legal reasons related to the Company’s financial situation grants a concession that it would not otherwise consider. These concessions may include a reduction in the interest rate, principal or accrued interest, extension of the maturity date or other actions intended to minimize potential losses. The Company considers a lender to have granted a concession if the Company’s effective interest rate on the restructured debt is less than the effective interest rate of the old debt immediately before the restructuring. The Company considers the total future cash flows (defined as principal plus interest) of the restructured debt in comparison with the carrying value of the original debt. If a debt modification or restructuring is determined to be a troubled debt restructuring, the Company reduces the carrying amount of the debt when the debt balance is greater than the total future cash flows under the new terms, in which case a gain is recognized. When the total future cash flows of the restructured debt are greater than the carrying value at the date of amendment, the carrying value of the original debt is not adjusted. In a troubled debt restructuring in which the Company agrees to transfer assets to fully settle the debt, the Company recognizes a gain on restructuring for the difference between the carrying amount of the debt and the more clearly evident of: (a) the fair value of the transferred assets or (b) the fair value of the settled debt.
Pension and Retirement Benefit Obligations - Crew	(r) Pension and Retirement Benefit Obligations—Crew: The vessel owning companies employ the crew on board under short-term contracts (usually up to nine months) and, accordingly, they are not liable for any pension or post-retirement benefits.
Revenue and Expenses	(s) Revenue and Expenses:
	Revenue is recognized when a charter agreement exists, the vessel is made available to the charterer and collection of the related revenue is reasonably assured.
	Time Charter Revenue: Time charter revenues are recorded ratably over the term of the charter as service is provided, including the amortization / accretion of the above / below market acquired time charters, where applicable. When two or more time charter rates are involved during the life term of a charter agreement, the Company recognizes revenue on a straight-line basis, and income accrued or deferred as a result is included in Other receivables or Deferred income, respectively. Time charter revenues received in advance of the provision of charter service are recorded as deferred income, and recognized when the charter service is rendered.
	Revenue / Voyage charters: Voyage charter is a charter where a contract is made in the spot market for the use of a vessel for a specific voyage for a specified freight rate per ton. If a charter agreement exists and collection of the related revenue is reasonably assured, revenue is recognized as it is earned ratably during the duration of the period of each voyage. A voyage is deemed to commence upon the latest between the completion of discharge of the vessel’s previous cargo and the charter party date of the current voyage, and is deemed to end upon the completion of discharge of the current cargo. Demurrage income represents payments by a charterer to a vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized as it is earned.
	Commissions: Charter hire commissions are deferred and amortized over the related charter period and are presented separately in the accompanying consolidated statements of comprehensive loss.
	Voyage Expenses: Voyage expenses exclude commissions and consist of all costs that are unique to a particular voyage, primarily including port expenses, canal dues, war risk insurances and fuel costs. Voyage expenses also include losses from the sale of bunkers to charterers and bunkers consumed during off-hire periods and while traveling to and from dry-docking.
	Vessel Operating Expenses: Vessel operating expenses are accounted for as incurred on the accrual basis. Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores, and other miscellaneous expenses.
Share based Compensation	(t) Share based Compensation: Share based payments to employees and directors, including grants of employee and directors stock options, are recognized in the statements of comprehensive income / (loss) based on their grant date fair values and amortized over the required service period.
Segment Reporting	(u) Segment Reporting: The Company reports financial information and evaluates its operations by charter revenues and not by the length of ship employment for its customers (i.e., spot vs. time charters) or by geographical region as the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographical information is impracticable. The Company does not have discrete financial information to evaluate the operating results for each type of charter. Although revenue can be identified for these types of charters, management cannot and does not identify expenses, profitability or other financial information for these charters. As a result, management, including the Chief Executive Officer being the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet, and thus the Company has determined that it operates under one reportable segment.
Derivatives	(v) Derivatives: The Company enters into interest rate swap agreements to manage its exposure to fluctuations of interest rate risk associated with its borrowings. All derivatives are recognized in the consolidated financial statements at their fair value. The fair value of the interest rate derivatives is based on a discounted cash flow analysis. When such derivatives do not qualify for hedge accounting, the Company recognizes their fair value changes in current period earnings. When the derivatives qualify for hedge accounting, the Company recognizes the effective portion of the gain or loss on the hedging instrument directly in other comprehensive income / (loss), while the ineffective portion, if any, is recognized immediately in current period earnings. The Company, at the inception of the transaction, documents the relationship between the hedged item and the hedging instrument, as well as its risk management objective and the strategy of undertaking various hedging transactions. The Company also assesses at hedge inception of whether the hedging instruments are highly effective in offsetting changes in the cash flows of the hedged items.
	The Company discontinues cash flow hedge accounting if the hedging instrument expires and it no longer meets the criteria for hedge accounting or designation is revoked by the Company. At that time, any cumulative gain or loss on the hedging instrument recognized in equity is kept in equity until the forecasted transaction occurs. When the forecasted transaction occurs, any cumulative gain or loss on the hedging instrument is recognized in current period earnings. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in equity is transferred to current period earnings as financial income or expense.
Fair value of financial instruments	(w) Fair value of financial instruments: The fair value of the interest rate derivatives is based on a discounted cash flow analysis.
	In accordance with the requirements of accounting guidance relating to Fair Value Measurements, the Company classifies and discloses its assets and liabilities carried at fair value in one of the following three categories:
	Level 1:Quoted market prices in active markets for identical assets or liabilities
	Level 2:Observable market based inputs or unobservable inputs that are corroborated by market data
	Level 3:Unobservable inputs that are not corroborated by market data.
Earnings per Share (EPS)	(x) Earnings per Share (EPS): The computation of basic earnings per share is based on the weighted average number of common shares outstanding during the period determined using the two-class method of computing earnings per share. Non-vested share awards issued are included in the two-class method and income attributable to non-vested share awards is deducted from the net income reported for purposes of calculating net income available to common shareholders used in the computation of basic earnings per share. The computation of diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised. Such securities include non-vested share awards for which the assumed proceeds upon grant are deemed to be the amount of compensation cost attributable to future services and are not yet recognized and common shares issuable upon exercise of the Company’s outstanding warrants, to the extent that they are dilutive, using the treasury method.
Subsequent Events	(y) Subsequent Events: The Company evaluates subsequent events or transactions up to the date in which the financial statements are issued according to the requirements of ASC 855.
Recent Accounting Pronouncements	(z) Recent Accounting Pronouncements:
	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.
	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)	12 Months Ended
	Dec. 31, 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	4-Jul-07	Marshall Islands	Pearl Seas	Aug-07	2006	74,483
	Co.
	Protea International Inc.	17-Jul-07	Liberia	Sapphire Seas	Aug-07	2005	53,702
	Reading Navigation Co.	17-Jul-07	Liberia	Diamond Seas	Sep-07	2001	74,274
	Imperator I Maritime Company	27-Sep-07	Marshall Islands	Coral Seas	Nov-07	2006	74,477
	Canyon I Navigation Corp.	27-Sep-07	Marshall Islands	Golden Seas	Dec-07	2006	74,475
	Paloma Marine	19-Jun-08	Liberia	Friendly Seas	Aug-08	2008	58,779
	S.A.
	Eris Shipping	8-Apr-10	Liberia	Dream Seas	Jul-10	2009	75,151
	S.A.
	Coral Ventures	5-Aug-09	Liberia	Prosperous Seas	May-12	2012	37,293
	Inc.
	Winselet Shipping 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)
	Alcyone International Marine Inc.	17-Jun-13	Liberia	Gentle Seas (1)	Oct-14	2014	63,350
	Neptune International Shipping & Trading S.A.	17-Jun-13	Liberia	Peaceful	Oct-14	2014	63,331
				Seas (1)
	(1) Refer to Notes 5 and 9
Vessel Under Construction Owning Subsidiaries	Vessel Owning Company	Date of	Country of	Hull Number	Type	Expected Delivery	DWT
		Incorporation	Incorporation
	Amphitrite Shipping Inc.	17-Jun-13	Liberia	DY4050 (1)	Drybulk Carrier	2015	63,500
	Mirabel International Maritime Co.	17-Jun-13	Liberia	DY4052 (1)	Drybulk Carrier	2015	63,500
	Dolphin Sunrise Limited	25-Feb-14	Marshall Islands	YZJ1144 (1)	Drybulk Carrier	2015	81,800
	Nautilus Investment Limited	25-Feb-14	Marshall Islands	YZJ1145 (1)	Drybulk Carrier	2015	81,800
	Oceanus Investments Limited	25-Feb-14	Marshall Islands	YZJ1142 (1)	Drybulk Carrier	2015	81,800
	(1) Refer to Note 5
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. (1)	21-Dec-06	Marshall Islands
	Ovation Services Inc. (1)	16-Sep-09	Marshall Islands
	Irises Shipping Ltd. (1)	6-Oct-09	Marshall Islands
	Letitia Shipping Limited (1)	4-May-10	Marshall Islands
	Nereus Navigation Ltd. (1)	4-May-10	Marshall Islands
	Ardelia Navigation Limited (1)	15-Jun-10	Liberia
	Eridanus Trading Co. (1)	1-Jul-10	Liberia
	Delfis Shipping Company S.A. (1)	7-Feb-11	Liberia
	(1) In March and April 2015, the Company proceeded with the dissolution of the respective subsidiaries since they were no longer active
Major Charterers	Charterer	Percentage of charter revenue
		2012	2013	2014
	Intermare Transport GmbH	24.10%	13.40%	-
	Morgan Stanley Capital Group Inc.	15.70%	-	-
	Mansel Ltd.	16.60%	-	-
	Cargill International S.A.	19.20%	33.60%	11.60%
	Total	75.60%	47.00%	11.60%

Transactions_with_Related_Part1

Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2014
Transactions with Related Parties [Abstract]
Related Party Transactions		2012	2013	2014
	Included in Commissions
	(1(i)) Charter hire commissions	$646,987	$750,533	$708,153
	Netted against Gain from sale of assets
	(1(ii)) Vessel sale & purchase commissions	$-	$-	$745,000
	Included in Vessel operating expenses
	(1(v)) Superintendent fees	$338,826	$399,626	$481,200
	Included in Dry-docking expenses
	(1(v)) Superintendent fees	$-	$109,248	$123,840
	Management fees - related party
	(1(iii)) Management fees	$3,428,548	$4,104,271	$4,628,813
	(2) Financial accounting and reporting services	666,196	720,361	$757,442
	(3) Loretto agreement	-	1,049,784	$880,015
	Total Management fees	$4,094,744	$5,874,416	$6,266,270
	Included in General and administrative expenses
	(4) Administrative fees	$36,085	$38,598	$37,746
	(7) Executive services agreement	$3,228,438	$7,582,634	$5,689,152

Vessels_Net_Tables

Vessels, Net (Tables)	12 Months Ended
	Dec. 31, 2014
Vessels Net [Abstract]
Vessels, Net		Vessel	Accumulated	Net Book
		Cost	Depreciation	Value
	Balance January 1, 2013	$351,611,923	($53,235,483)	$298,376,440
	Newbuilding deliveries	24,581,533	-	24,581,533
	Depreciation for the period	-	-16,822,057	-16,822,057
	Balance December 31, 2013	$376,193,456	($70,057,540)	$306,135,916
	Newbuilding deliveries	81,051,077	-	81,051,077
	Depreciation for the period	-	-18,154,020	-18,154,020
	Balance December 31, 2014	$457,244,533	($88,211,560)	$369,032,973

Other_Assets_Tables

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2014
Other Assets [Abstract]
Deferred Financing Costs
	Balance January 1, 2013	$2,596,029
	Additions	642,825
	Amortization	-941,733
	Balance December 31, 2013	$2,297,121
	Additions	4,172,546
	Amortization	-2,108,716
	Balance December 31, 2014	$4,360,951

Investment_in_Affiliate_Tables

Investment in Affiliate (Tables)	12 Months Ended
	Dec. 31, 2014
Investment in Affiliate [Abstract]
Investment in Affiliate	Balance January 1, 2013	$19,987,743
	Equity in net income of affiliate	1,652,339
	Equity in other comprehensive income of affiliate	77,165
	Dividends received	-1,787,500
	Dilution effect	-390,821
	Impairment in investment in affiliate	-8,229,551
	Balance December 31, 2013	$11,309,375
	Equity in net income of affiliate	471,079
	Equity in other comprehensive income of affiliate	16,139
	Dilution effect	-221,679
	Impairment in investment in affiliate	-8,618,664
	Balance December 31, 2014	$2,956,250
Summarized Income Statement Data in respect of Box Ships		Year ended December 31,
	INCOME STATEMENT DATA	2013	2014
	Net revenue	$69,836,201	$49,864,674
	Operating income	23,631,192	1,966,947
	Net income	$15,307,658	$2,623,515
Summarized Balance Sheet Data in respect of Box Ships		As of December 31,
	BALANCE SHEET DATA	2013	2014
	Total current assets	$31,691,262	$22,011,255
	Total non-current assets	397,915,376	375,837,950
	Total assets	429,606,638	397,849,205
	Total current liabilities	184,434,021	140,886,944
	Total long-term liabilities	$453,248	$282,375

LongTerm_Debt_Tables

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2014
Long-Term Debt [Abstract]
Debt Agreements Amounts Outstanding		2013	2014
	(a)Commerzbank AG (August 12, 2011)	$47,550,000	$43,375,000
	(b)Unicredit Bank AG (November 19, 2007)	22,587,000	14,606,500
	(c)Bank of Scotland Plc (December 4, 2007)	33,616,864	-
	(d)Bank of Ireland (March 30, 2009)	13,400,000	8,350,000
	(e-1)HSH Nordbank AG (July 31, 2008)	20,625,000	-
	(e-2)HSH Nordbank AG (April 4, 2014)	-	46,713,600
	(f)HSBC Bank Plc (July 2, 2010)	16,800,000	14,460,000
	(g-1)Nordea Bank Finland Plc (May 5, 2011)	25,536,062	-
	(g-2)Nordea Bank Finland Plc (May 6, 2014)	-	78,273,638
	(h)Senior unsecured notes due 2021	-	25,000,000
	Total	$180,114,926	$230,778,738
Schedule of Debt	Disclosed as follows in the Consolidated Balance Sheets
	Current portion of long-term debt	$17,257,750	$20,714,324
	Long-term debt	162,857,176	210,064,414
	Total	$180,114,926	$230,778,738
Minimum Annual Principal Payments	To December 31,
	2015	$20,714,324
	2016	32,226,824
	2017	48,317,324
	2018	11,642,324
	2019	11,642,324
	Thereafter	106,235,618
	Total	$230,778,738

Interest_Rate_Swaps_Tables

Interest Rate Swaps (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2014
	Unicredit Bank AG (1)	27-Aug-10	27-Aug-15	$35,700,000	$25,500,000	2.47%	3-month LIBOR
	HSBC Bank Plc (2)	10-Apr-12	10-Apr-17	-	$4,560,000	1.49%	3-month LIBOR
	HSH Nordbank AG (3)	8-May-12	5-May-17	-	$9,562,500	1.22%	3-month LIBOR
	Nordea Bank Finland Plc (4)	4-May-12	31-Mar-17	-	$5,918,792	1.14%	3-month LIBOR
	Nordea Bank Finland Plc (5)	18-Jun-12	4-May-17	-	$5,885,615	1.01%	3-month LIBOR
	HSH Nordbank AG (6)	6-Aug-12	5-May-17	-	$4,781,250	0.98%	3-month LIBOR
	TOTAL			$35,700,000	$56,208,157
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 December 31, 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.

Financial_Instruments_and_Fair1

Financial Instruments and Fair Value Disclosures (Tables)	12 Months Ended
	Dec. 31, 2014
Financial Instruments and Fair Value Disclosures [Abstract]
Derivative Instruments - Balance Sheet Location			31-Dec-13	31-Dec-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	$-	($66,475)
	Interest rate swaps	Current liabilities – Interest rate swaps	685,960	589,896
	Interest rate swaps	Long-Term Liabilities – Interest rate swaps	359,433	17,369
		Subtotal	$1,045,393	$540,790
	Total derivatives		$1,275,286	$540,790
Effect of Derivative Instruments designated as hedging instruments (Gain Recognized in Accumulated Other Comprehensive Loss - Effective Portion)			Year Ended December 31,
			2013	2014
	Interest rate swaps		$131,112	$131,238
	Total		$131,112	$131,238
Effect of Derivative Instruments designated as hedging instruments (Location of Loss Transferred from Accumulated Other Comprehensive Loss in Statements of Comprehensive Loss - Effective Portion)			Year Ended December 31,
			2013	2014
	Interest rate swaps – Realized Loss	Interest and finance costs	($312,069)	($98,656)
	Total		($312,069)	($98,656)
Effect of Derivative Instruments not designated as hedging instruments			Year Ended December 31,
		Location of Gain / (Loss) Recognized	2013	2014
	Interest rate swaps – Fair value	Loss on derivatives, net	$834,829	$504,602
	Interest rate swaps – Realized Loss	Loss on derivatives, net	-930,117	-892,342
	Net loss on derivatives		($95,288)	($387,740)
Summary of Valuation of Interest Rate Swaps	Financial Instruments	Significant Other Observable Inputs (Level 2)
		31-Dec-13	31-Dec-14
	Interest rate swaps – asset	($87,295)	($66,475)
	Interest rate swaps – liability	1,362,581	607,265
	Total	$1,275,286	$540,790
Location of Recognized Gain / (Loss) from Marketable Securities			Year Ended December 31,
		Location of Gain / (Loss) Recognized	2013	2014
			Gain / (Loss)	Gain / (Loss)
	Marketable securities – Initial measurement	(Gain) / loss from marketable securities, net	$3,113,306	$-
	Marketable securities – Realized Loss	(Gain) / loss from marketable securities, net	-1,911,212	-25,529
	Net gain / (loss) from marketable securities		$1,202,094	($25,529)
Summary of Valuation of Available For Sale Securites	Financial Assets	Quoted Prices in Active Markets (Level 1)
		31-Dec-13	31-Dec-14
	KLC Shares – Marketable Securities	$1,616,329	$955,535
Location of Impairment Loss on Investment in Affiliate			Year Ended December 31,
		Location of Loss Recognized	2013	2014
	Dilution effect	Loss on investment in affiliate	($390,821)	($221,679)
	Impairment loss	Loss on investment in affiliate	-8,229,551	-8,618,664
	Loss on investment in affiliate		($8,620,372)	($8,840,343)
Summary of Valuation of Investment In Affiliate	Financial Assets	Quoted Prices in Active Markets (Level 1)
		31-Dec-13	31-Dec-14
	Investment in equity affiliate – Box Ships Inc.	$11,309,375	$2,956,250

Share_Based_Payments_Equity_In1

Share Based Payments - Equity Incentive Plan - Non-vested Share Awards (Tables)	12 Months Ended
	Dec. 31, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested Share Awards Activity		Number	Weighted
		of Shares	Average
			Fair Value
	Non-vested, December 31, 2013	339,000	$4.75
	Granted	252,000	3.64
	Cancelled	-3,000	6.67
	Vested	-239,500	4.63
	Non-vested, December 31, 2014	348,500	$4.15
Equity incentive plan - October 11, 2006
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested Share Awards Details	Grant date	Final Vesting date	Total shares granted	Grant date fair value	Shares cancelled	Shares vested	Non-vested share awards
	26-Nov-13	31-Dec-15	200,000	$5.17	-	100,000	100,000
	26-Nov-13	31-Dec-15	12,000	$5.17	-	6,000	6,000
	19-Dec-13	31-Dec-15	16,000	$6.38	-	8,000	8,000
	31-Jan-14	31-Dec-15	32,000	$6.67	3,000	14,500	14,500
	TOTAL		260,000		3,000	128,500	128,500
Equity incentive plan - March 26, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested Share Awards Details	Grant date	Final Vesting date	Total shares granted	Grant date fair value	Shares cancelled	Shares vested	Non-vested share awards
	10-Dec-14	31-Dec-16	200,000	$2.44	-	-	200,000
	10-Dec-14	31-Dec-16	20,000	$2.44	-	-	20,000
	TOTAL		220,000		-	-	220,000

Earnings_per_Share_EPS_Tables

Earnings per Share ("EPS") (Tables)	12 Months Ended
	Dec. 31, 2014
Earnings per Share ("EPS") [Abstract]
Basic and diluted EPS Class A Common Shares
		Years Ended December 31,
	Numerators	2012	2013	2014
	Net loss	($17,557,125)	($16,953,032)	($51,796,181)
	Less: Net loss attributable to non-vested share awards	444,326	351,877	832,333
	Net loss attributable to common shareholders	($17,112,799)	($16,601,155)	($50,963,848)
	Denominators
	Weighted average common shares outstanding, basic and diluted	6,035,910	12,639,128	23,326,062
	Net loss per common share, basic and diluted:	($2.84)	($1.31)	($2.18)

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2014
Commitments and Contingencies [Abstract]
Rental Expense	For the year ending	Amount
	31-Dec-15	$44,508
	31-Dec-16	44,508
	31-Dec-17	33,381
	Total	$122,397
Charter Hire	For the year ending	Amount
	31-Dec-15	$4,308,843
	Total	$4,308,843
Newbuilding Commitments	For the year ending	Amount
	31-Dec-15	$101,700,617
	Total	$101,700,617

Basis_of_Presentation_and_Gene2

Basis of Presentation and General Information (Table) (Details)	12 Months Ended
	Dec. 31, 2014
Deep Seas
Property Plant And Equipment [Line Items]
DWT	72,891
Vessel Year Built	1999
Delivery Date	Dec-06
Date of Incorporation	15-Nov-06
Calm Seas
Property Plant And Equipment [Line Items]
DWT	74,047
Vessel Year Built	1999
Delivery Date	Dec-06
Date of Incorporation	15-Nov-06
Kind Seas
Property Plant And Equipment [Line Items]
DWT	72,493
Vessel Year Built	1999
Delivery Date	Dec-06
Date of Incorporation	15-Nov-06
Pearl Seas
Property Plant And Equipment [Line Items]
DWT	74,483
Vessel Year Built	2006
Delivery Date	Aug-07
Date of Incorporation	4-Jul-07
Sapphire Seas
Property Plant And Equipment [Line Items]
DWT	53,702
Vessel Year Built	2005
Delivery Date	Aug-07
Date of Incorporation	17-Jul-07
Diamond Seas
Property Plant And Equipment [Line Items]
DWT	74,274
Vessel Year Built	2001
Delivery Date	Sep-07
Date of Incorporation	17-Jul-07
Coral Seas
Property Plant And Equipment [Line Items]
DWT	74,477
Vessel Year Built	2006
Delivery Date	Nov-07
Date of Incorporation	27-Sep-07
Golden Seas
Property Plant And Equipment [Line Items]
DWT	74,475
Vessel Year Built	2006
Delivery Date	Dec-07
Date of Incorporation	27-Sep-07
Friendly Seas
Property Plant And Equipment [Line Items]
DWT	58,779
Vessel Year Built	2008
Delivery Date	Aug-08
Date of Incorporation	19-Jun-08
Dream Seas
Property Plant And Equipment [Line Items]
DWT	75,151
Vessel Year Built	2009
Delivery Date	Jul-10
Date of Incorporation	8-Apr-10
Prosperous Seas
Property Plant And Equipment [Line Items]
DWT	37,293
Vessel Year Built	2012
Delivery Date	May-12
Date of Incorporation	5-Aug-09
Precious Seas
Property Plant And Equipment [Line Items]
DWT	37,205
Vessel Year Built	2012
Delivery Date	Jun-12
Date of Incorporation	6-Apr-10
Priceless Seas
Property Plant And Equipment [Line Items]
DWT	37,202
Vessel Year Built	2013
Delivery Date	Jan-13
Date of Incorporation	5-May-10
Proud Seas
Property Plant And Equipment [Line Items]
DWT	37,227
Vessel Year Built	2014
Delivery Date	Jan-14
Date of Incorporation	5-May-10
Gentle Seas
Property Plant And Equipment [Line Items]
DWT	63,350
Vessel Year Built	2014
Delivery Date	Oct-14
Date of Incorporation	17-Jun-13
Peaceful Seas
Property Plant And Equipment [Line Items]
DWT	63,331
Vessel Year Built	2014
Delivery Date	Oct-14
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)	12 Months Ended
	Dec. 31, 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
Nereus Navigation Ltd.
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
Delfis Shipping Company S.A.
Non-Vessel Owning Subsidiaries [Line Items]
Date of Incorporation	7-Feb-11

Basis_of_Presentation_and_Gene4

Basis of Presentation and General Information - Major Charterers (Table) (Details)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Entity Wide Revenue Major Customer [Line Items]
Percentage of charter revenue	11.60%	47.00%	75.60%
Intermare Transport GmbH
Entity Wide Revenue Major Customer [Line Items]
Percentage of charter revenue	0.00%	13.40%	24.10%
Morgan Stanley Capital Group Inc.
Entity Wide Revenue Major Customer [Line Items]
Percentage of charter revenue	0.00%	0.00%	15.70%
Mansel Ltd.
Entity Wide Revenue Major Customer [Line Items]
Percentage of charter revenue	0.00%	0.00%	16.60%
Cargill International S.A.
Entity Wide Revenue Major Customer [Line Items]
Percentage of charter revenue	11.60%	33.60%	19.20%

Basis_of_Presentation_and_Gene5

Basis of Presentation and General Information (Details)	Dec. 31, 2014
Basis of Presentation and General Information [Abstract]
Ownership percentage by CEO	28.40%

Significant_Accounting_Policie2

Significant Accounting Policies (Details) (USD $)	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2012	Sep. 30, 2012	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Property Plant And Equipment [Line Items]
Provision for Doubtful Accounts			$409,226	$265,751
Vessels Salvage Value Per Lightweight Ton	$300	$150
Depreciation			18,357,377	16,986,584	16,386,426
Computer Systems Software
Property Plant And Equipment [Line Items]
Useful life			5 years
Company Cars
Property Plant And Equipment [Line Items]
Useful life			6 years
Other Fixed Assets
Property Plant And Equipment [Line Items]
Depreciation			$203,357	$164,527	$135,095
Vessels
Property Plant And Equipment [Line Items]
Useful life			25 years

Transactions_with_Related_Part2

Transactions with Related Parties (Table) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Management fees - related party
Total Management fees	$6,266,270	$5,874,416	$4,094,744
Allseas Marine SA
Included in Commissions
(1(i)) Charter hire commissions	708,153	750,533	646,987
Netted against Gain from sale of assets
(1(ii)) Vessel sale & purchase commissions	745,000	0	0
Included in Vessel operating expenses
(1(v)) Superintendent fees	481,200	399,626	338,826
Included in Dry-docking expenses
(1(v)) Superintendent fees	123,840	109,248	0
Management fees - related party
(1(iii)) Management fees	4,628,813	4,104,271	3,428,548
(2) Financial accounting and reporting services	757,442	720,361	666,196
(3) Loretto agreement	880,015	1,049,784	0
Total Management fees	6,266,270	5,874,416	4,094,744
Included in General and administrative expenses
(4) Administrative fees	37,746	38,598	36,085
(7) Executive services agreement	$5,689,152	$7,582,634	$3,228,438

Transactions_with_Related_Part3

Transactions with Related Parties - Allseas (Details)

12 Months Ended

5 Months Ended

7 Months Ended

12 Months Ended

12 Months Ended

22 Months Ended

12 Months Ended

2 Months Ended

9 Months Ended

10 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

31-May-12

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

31-May-14

31-May-13

Dec. 31, 2013

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2014

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Feb. 18, 2014

Sep. 27, 2013

Dec. 31, 2013

Dec. 31, 2014

Feb. 15, 2013

Feb. 18, 2014

Sep. 27, 2013

USD ($)

USD ($)

USD ($)

Allseas Marine SA

Allseas Marine SA

Allseas Marine SA

Allseas Marine SA

Allseas Marine SA

Allseas Marine SA

Allseas Marine SA

Superintedent services

Financial Accounting Services

Financial Reporting Services

Newbuildings Supervision

Newbuildings Supervision

Executive Services

Executive Services

Executive Services

Executive Services

Executive Services

Executive Services

Executive Services

Related Party

Related Party

Related Party

Loretto Finance Inc.

Loretto Finance Inc.

Loretto Finance Inc.

Loretto Finance Inc.

Loretto Finance Inc.

Public offerings

Public offerings

EUR (€)

EUR (€)

USD ($)

EUR (€)

EUR (€)

EUR (€)

USD ($)

EUR (€)

EUR (€)

USD ($)

USD ($)

EUR (€)

USD ($)

EUR (€)

USD ($)

EUR (€)

USD ($)

EUR (€)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

Related Party Transaction [Line Items]

Capitalized expenses

$3,804,918

$1,588,512

Loss from contract cancellation

0

568,658

0

Loss from contract cancellation related party

0

444,421

0

Charter hire commission payable to the management company

1.25%

1.25%

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

1.00%

1.00%

Daily management fee

636.74

664.46

661.15

652.02

Pre-delivery services amount payable

15,000

Superintendents management fee payable

500

500

Annual fee payable for financial accounting services

250,000

Annual fee per vessel payable financial reporting services cost

30,000

Common stock - shares issued

135,700

120,000

469,958

98,039

6,785,000

6,000,000

Share based compensation

880,015

714,000

335,784

Flat fee for newbuilding supervision services

375,000

Daily fee for newbuilding vessels' supervision

115

Compensation for involuntary termination of contract

3,642,000

3,000,000

Euro / U.S. dollar exchange rate

1.214

1.214

1.214

Annual executive services fee payable

2,900,000

2,700,000

2,500,000

Executive services agreement duration

5yrs

5yrs

Annual executive services fee paid

5,689,152

7,582,634

3,228,438

Incentive compensation paid to executives

1,848,900

3,993,000

0

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

5.00%

Due from related parties

$843,510

$146,051

$843,510

$146,051

Transactions_with_Related_Part4

Transactions with Related Parties - Seacommercial (Details) (Seacommercial Shipping Services S.A.)	0 Months Ended
	Jan. 02, 2015
Seacommercial Shipping Services S.A.
Related Party Transaction [Line Items]
Charter hire commission payable to the management company	1.25%
Commission rate payable to the management company for the purchase, sale and construction of vessels	1.00%

Transactions_with_Related_Part5

Transactions with Related Parties - Granitis (Details) (Granitis Glyfada Real Estate Ltd.)	3 Months Ended		12 Months Ended
	Dec. 31, 2012	Dec. 31, 2007	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
	EUR (€)	EUR (€)	USD ($)	USD ($)	USD ($)
Related Party Transaction [Line Items]
Initial rental agreement duration	5yrs	5yrs
Initial monthly rental fee	€ 3,000	€ 2,000
Rental fee additional tax	3.60%	3.60%
Rent expense			$49,001	$49,324	$39,593

Transactions_with_Related_Part6

Transactions with Related Parties - Crewcare Inc. (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Related Party Transaction [Line Items]
Due to related parties	$166,354	$82,074
Crewcare Inc. Manning Agency Agreements
Related Party Transaction [Line Items]
Monthly manning service fee per seaman	95
One-off recruitment fees per seaman	120
In-house training fee per seaman	30
Extra in-house training fee per seaman	50
Manning expenses	441,499	382,517	321,648
Crewcare Inc. Cadetship Program Agreement
Related Party Transaction [Line Items]
Lump sum fee per cadet employed	5,000
Cadetship program expenses	360,000	15,000
Crewcare Inc.
Related Party Transaction [Line Items]
Due to related parties	$166,354	$82,074

Transactions_with_Related_Part7

Transactions with Related Parties - Box Ships Inc. (Details) (USD $)	1 Months Ended					3 Months Ended	12 Months Ended			16 Months Ended
	Oct. 18, 2013	Aug. 05, 2013	Jul. 19, 2013	Apr. 19, 2013	Feb. 28, 2013	Apr. 19, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Apr. 19, 2014	27-May-11
Box Ships Inc.
Related Party Transaction [Line Items]
Percentage of ownership in Box Ships							11.00%	13.60%
Loan to affiliate - balance		$6,000,000			$13,000,000				$14,000,000		$30,000,000
Loan to affiliate interest rate basis								LIBOR
Loan pre-payment from affiliate	6,000,000	5,000,000	1,000,000	1,000,000	1,000,000
Quarterly loan repayment from affiliate						1,000,000
Balloon payment - loan to affiliate										9,000,000
Amendment fee								65,000
Interest income related party							$0	$439,326	$675,856
Margin Before Amendment
Related Party Transaction [Line Items]
Margin								4.00%
Margin After Amendment
Related Party Transaction [Line Items]
Margin								5.00%

Advances_for_Vessels_Under_Con1

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

12 Months Ended

0 Months Ended

9 Months Ended

1 Months Ended

6 Months Ended

4 Months Ended

5 Months Ended

1 Months Ended

3 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Jul. 07, 2014

Oct. 15, 2014

Feb. 11, 2014

Jun. 30, 2014

Apr. 25, 2014

23-May-12

Jan. 29, 2014

Mar. 25, 2014

Mar. 28, 2014

Dec. 09, 2013

Dec. 08, 2013

Mar. 05, 2014

Property Plant And Equipment [Line Items]

Impairment loss

$15,695,282

$0

$0

Gain from sale of assets

402,805

0

0

Net proceeds from sale of assets

9,995,000

0

0

Proceeds from long-term debt

179,144,427

0

28,908,750

Newbuilding program

As of December 31, 2014, the Company’s newbuilding program consisted of two Ultramax drybulk carriers (Hull numbers DY4050 and DY4052) and three Kamsarmax drybulk carriers (Hull numbers YZJ1144, YZJ1145 and YZJ1142) with scheduled delivery between the second and fourth quarter of 2015.

As of December 31, 2013, the Company’s newbuilding program consisted of one Handysize drybulk carrier (Hull no. 625), 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.

HSH Nordbank AG (April 4, 2014)

Property Plant And Equipment [Line Items]

Proceeds from long-term debt

12,600,000

34,400,000

Hull no. DY4050

Property Plant And Equipment [Line Items]

Drybulk carrier capacity

63,500

Acquisition cost of vessels

28,250,000

Newbuilding contract price installment

5,592,661

3,884,530

Remaining contracted newbuilding installments

18,772,809

Vessel purchase commission amount paid to the management company

282,500

Hull no. DY4052

Property Plant And Equipment [Line Items]

Drybulk carrier capacity

63,500

Acquisition cost of vessels

28,250,000

Newbuilding contract price installment

5,592,661

3,884,530

Remaining contracted newbuilding installments

18,772,809

Vessel purchase commission amount paid to the management company

282,500

Hull no. DY4050 and Hull no. DY4052

Property Plant And Equipment [Line Items]

Acquisition cost of vessels

56,500,000

C/V Box King

Property Plant And Equipment [Line Items]

Acquisition cost of vessels

55,000,000

57,500,000

Vessel purchase commission rate

3.00%

Impairment loss

15,695,282

Containership capacity

4,800

Sale price of vessel

42,500,000

Reduction in contract price of vessel

770,000

Gain from sale of assets

402,805

Net proceeds from sale of assets

9,995,000

M/V Gentle Seas (Hull no. DY152) and M/V Peaceful Seas (Hull no. DY153)

Property Plant And Equipment [Line Items]

Newbuilding contract price installment

35,672,940

M/V Gentle Seas (Hull no. DY152) and M/V Peaceful Seas (Hull no. DY153) | HSH Nordbank AG (April 4, 2014)

Property Plant And Equipment [Line Items]

Proceeds from long-term debt

34,400,000

M/V Proud Seas (Hull no. 625)

Property Plant And Equipment [Line Items]

Drybulk carrier capacity

37,227

Newbuilding contract price installment

21,637,078

Hull no. YZJ1144

Property Plant And Equipment [Line Items]

Drybulk carrier capacity

81,800

Acquisition cost of vessels

30,550,000

Newbuilding contract price installment

9,165,000

Remaining contracted newbuilding installments

21,385,000

Vessel purchase commission amount paid to the management company

305,500

Hull no. YZJ1145

Property Plant And Equipment [Line Items]

Drybulk carrier capacity

81,800

Acquisition cost of vessels

30,550,000

Newbuilding contract price installment

9,165,000

Remaining contracted newbuilding installments

21,385,000

Vessel purchase commission amount paid to the management company

305,500

Hull no. YZJ1142

Property Plant And Equipment [Line Items]

Drybulk carrier capacity

81,800

Acquisition cost of vessels

30,550,000

Newbuilding contract price installment

9,165,000

Remaining contracted newbuilding installments

21,385,000

Vessel purchase commission amount paid to the management company

305,500

Allseas Marine SA

Property Plant And Equipment [Line Items]

Vessel purchase commission rate

1.00%

1.00%

Containerships | Hull no. 656

Property Plant And Equipment [Line Items]

Number of newbuildings cancelled

1

Containerships | C/V Box King

Property Plant And Equipment [Line Items]

Number of newbuildings

1

Handysize Vessels | M/V Proud Seas (Hull no. 625)

Property Plant And Equipment [Line Items]

Number of newbuildings

1

Ultramax Vessels | Hull no. DY4050 and Hull no. DY4052

Property Plant And Equipment [Line Items]

Number of newbuildings

2

2

Ultramax Vessels | M/V Gentle Seas (Hull no. DY152) and M/V Peaceful Seas (Hull no. DY153)

Property Plant And Equipment [Line Items]

Number of newbuildings

2

Kamsarmax Vessels | Hull no. YZJ1144, Hull no. YZJ1145 and Hull no. YZJ1142

Property Plant And Equipment [Line Items]

Acquisition cost of vessels

$91,650,000

Number of newbuildings

3

Vessels_Net_Table_Details

Vessels, Net (Table) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Property Plant And Equipment [Line Items]
Balance beginning of period	$306,135,916
Depreciation for the period	-18,357,377	-16,986,584	-16,386,426
Balance end of period	369,032,973	306,135,916
Vessel Cost
Property Plant And Equipment [Line Items]
Balance beginning of period	376,193,456	351,611,923
Newbuilding deliveries	81,051,077	24,581,533
Balance end of period	457,244,533	376,193,456
Accumulated Depreciation
Property Plant And Equipment [Line Items]
Balance beginning of period	-70,057,540	-53,235,483
Depreciation for the period	-18,154,020	-16,822,057
Balance end of period	-88,211,560	-70,057,540
Net Book Value
Property Plant And Equipment [Line Items]
Balance beginning of period	306,135,916	298,376,440
Newbuilding deliveries	81,051,077	24,581,533
Depreciation for the period	-18,154,020	-16,822,057
Balance end of period	$369,032,973	$306,135,916

Other_Assets_Table_Details

Other Assets (Table) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Other Assets [Abstract]
Balance at beginning of period	$2,297,121	$2,596,029
Additions	4,172,546	642,825
Amortization	-2,108,716	-941,733	-447,573
Balance at end of period	$4,360,951	$2,297,121	$2,596,029

Other_Assets_Details

Other Assets (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Other Assets [Abstract]
Other assets (non current)	$4,367,134	$2,303,304
Utility deposits	$6,183	$6,183

Investment_in_Affiliate_Table_

Investment in Affiliate (Table) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Investment in Affiliate [Abstract]
Balance beginning of period	$11,309,375	$19,987,743
Equity in net income of affiliate	471,079	1,652,339	1,986,590
Equity in other comprehensive income of affiliate	16,139	77,165	-107,083
Dividends received		-1,787,500
Dilution effect	-221,679	-390,821
Impairment in investment in affiliate	-8,618,664	-8,229,551
Balance end of period	$2,956,250	$11,309,375	$19,987,743

Investment_in_Affiliate_Income

Investment in Affiliate - Income Statement Data (Table) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Statement Data [Line Items]
Net revenue	$54,763,678	$56,256,756	$50,300,679
Operating income	-33,831,017	-2,954,345	2,293,932
Net income	-51,796,181	-16,953,032	-17,557,125
Box Ships Inc.
Income Statement Data [Line Items]
Net revenue	49,864,674	69,836,201
Operating income	1,966,947	23,631,192
Net income	$2,623,515	$15,307,658

Investment_in_Affiliate_Balanc

Investment in Affiliate - Balance Sheet Data (Table) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Balance Sheet Data [Line Items]
Total current assets	$26,688,017	$44,220,084
Total assets	460,965,117	419,545,980
Total current liabilities	28,482,791	23,655,911
Total long-term liabilities	210,081,783	163,239,292
Box Ships Inc.
Balance Sheet Data [Line Items]
Total current assets	22,011,255	31,691,262
Total non-current assets	375,837,950	397,915,376
Total assets	397,849,205	429,606,638
Total current liabilities	140,886,944	184,434,021
Total long-term liabilities	$282,375	$453,248

Investment_in_Affiliate_Detail

Investment in Affiliate (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Investments In And Advances To Affiliates [Line Items]
Number of shares in affiliate held by the Company	3,437,500	3,437,500
Loss on investment in affiliate	$8,840,343	$8,620,372	$16,985,066
Box Ships Inc.
Investments In And Advances To Affiliates [Line Items]
Percentage of ownership in Box Ships	11.00%	13.60%
Loss on investment in affiliate	$8,840,343	$8,620,372

LongTerm_Debt_Debt_Agreements_

Long-Term Debt - Debt Agreements (Table) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Total long-term debt	$230,778,738	$180,114,926
(a) Commerzbank AG (August 12, 2011)
Debt Instrument [Line Items]
Total long-term debt	43,375,000	47,550,000
(b) Unicredit Bank AG (November 19, 2007)
Debt Instrument [Line Items]
Total long-term debt	14,606,500	22,587,000
(c) Bank of Scotland Plc (December 4, 2007)
Debt Instrument [Line Items]
Total long-term debt	0	33,616,864
(d) Bank of Ireland (March 30, 2009)
Debt Instrument [Line Items]
Total long-term debt	8,350,000	13,400,000
(e-1) HSH Nordbank AG (July 31, 2008)
Debt Instrument [Line Items]
Total long-term debt	0	20,625,000
(e-2) HSH Nordbank AG (April 4, 2014)
Debt Instrument [Line Items]
Total long-term debt	46,713,600	0
(f) HSBC Bank Plc (July 2, 2010)
Debt Instrument [Line Items]
Total long-term debt	14,460,000	16,800,000
(g-1) Nordea Bank Finland Plc (May 5, 2011)
Debt Instrument [Line Items]
Total long-term debt	0	25,536,062
(g-2) Nordea Bank Finland Plc (May 6, 2014)
Debt Instrument [Line Items]
Total long-term debt	78,273,638	0
(h) Senior unsecured notes due 2021
Debt Instrument [Line Items]
Total long-term debt	$25,000,000	$0

LongTerm_Debt_Disclosed_in_the

Long-Term Debt - Disclosed in the Consolidated Balance Sheets (Table) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Long-Term Debt [Abstract]
Current portion of long-term debt	$20,714,324	$17,257,750
Long-term debt	210,064,414	162,857,176
Total	$230,778,738	$180,114,926

LongTerm_Debt_Principal_Paymen

Long-Term Debt - Principal Payments (Table) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Long-Term Debt [Abstract]
2015	$20,714,324
2016	32,226,824
2017	48,317,324
2018	11,642,324
2019	11,642,324
Thereafter	106,235,618
Total	$230,778,738	$180,114,926

LongTerm_Debt_Description_Deta

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

9 Months Ended

12 Months Ended

0 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

7 Months Ended

Sep. 27, 2013

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Jul. 07, 2014

Oct. 15, 2014

Apr. 09, 2014

Dec. 31, 2014

Jan. 07, 2014

Jun. 10, 2014

Aug. 08, 2014

Sep. 30, 2014

Apr. 04, 2014

Apr. 10, 2014

6-May-14

Debt Instrument [Line Items]

Debt variable rate basis

LIBOR

Outstanding balance

$230,778,738

$180,114,926

$230,778,738

Proceeds from long-term debt

179,144,427

0

28,908,750

Debt underwriting discounts and commissions

2,070,000

Trading symbol

PRGN

(a) Commerzbank AG (August 12, 2011)

Debt Instrument [Line Items]

Introductory loan and credit facility information

On April 1, 2015, the Company agreed with Commerzbank AG (“Commerzbank”) to amend certain terms of the facility, including the deferral of a portion of its four scheduled quarterly installments due in 2015, and the waiver of the application of the financial and security cover ratio covenants contained in the facility, effective from December 31, 2014 until December 31, 2015. The Company also agreed to a $3,000,000 partial prepayment, a portion of which was prepaid in the first quarter of 2015, while the balance is payable upon signing the final documentation.

Debt variable rate basis

LIBOR

Margin

3.00%

Outstanding balance

43,375,000

47,550,000

43,375,000

Debt instrument payment terms

Excluding the agreement dated April 1, 2015 discussed above, the outstanding loan amount as of December 31, 2014 of $43,375,000 was required to be repaid in 11 consecutive quarterly installments of $1,425,000, plus a balloon repayment of $27,700,000 payable simultaneously with the final installment in the third quarter of 2017.

Following the agreement dated April 1, 2015, and after giving effect to the $3,000,000 partial prepayment discussed above, the outstanding loan amount of $40,375,000 is required to be repaid in 4 consecutive quarterly installments of $712,500, followed by 7 consecutive quarterly installments of $1,425,000, plus a balloon repayment of $27,550,000 payable simultaneously with the final installment in the third quarter of 2017.

(b) Unicredit Bank AG (November 19, 2007)

Debt Instrument [Line Items]

Introductory loan and credit facility information

On September 13, 2013, the Company agreed with Unicredit Bank AG (“Unicredit”) to extend the expiration date of the existing waiver relating to the financial covenant of total liabilities to EBITDA ratio for two quarters, from January 1, 2014 to July 1, 2014, for a nominal fee and an advance payment of $1,500,000 to partially prepay the upcoming three quarterly loan installments, starting with the installment due in the fourth quarter of 2013. The advance payment of $1,500,000 was paid on September 13, 2013. On January 20, 2014, the Company agreed with Unicredit to extend the existing waiver relating to the financial covenant of total liabilities to EBITDA ratio until January 1, 2015. 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. The Company prepaid the amount of $7,000,000 on September 30, 2014, which was applied against a pro-rate reduction of the remaining installments, excluding the balloon repayment. Furthermore, on March 27, 2015, the Company entered into a loan supplemental agreement and agreed to amended terms with Unicredit, including the deferral of one and a portion of five of its scheduled quarterly installments due in the second quarter of 2015 through the third quarter of 2016, and the waiver of the minimum liquid assets requirement and the security ratio covenant until the maturity of the loan.

Debt variable rate basis

LIBOR

Margin

2.75%

Outstanding balance

14,606,500

22,587,000

14,606,500

Debt instrument payment terms

Excluding the supplemental agreement dated March 27, 2015 discussed above, the outstanding loan amount as of December 31, 2014 of $14,606,500 is required to be repaid in 7 consecutive quarterly installments of $480,500, plus a balloon repayment of $11,243,000 payable simultaneously with the final installment in the third quarter of 2016.

Following the supplemental agreement dated March 27, 2015 discussed above, the outstanding loan amount as of December 31, 2014 of $14,606,500 is required to be repaid in 1 quarterly installment of $480,500 in the first quarter of 2015, while no installment is due in the second quarter of 2015, followed by 5 consecutive quarterly installments of $240,250, plus a balloon repayment of $12,924,750 payable simultaneously with the final installment in the third quarter of 2016.

Prepayment amount

7,000,000

(c) Bank of Scotland Plc (December 4, 2007)

Debt Instrument [Line Items]

Introductory loan and credit facility information

On June 10, 2014, the Company completed the refinancing of the M/V Coral Seas and the M/V Golden Seas as discussed below, and repaid in full the then outstanding indebtedness under its existing loan agreement with Bank of Scotland Plc dated December 4, 2007.

Outstanding balance

0

33,616,864

0

(d) Bank of Ireland (March 30, 2009)

Debt Instrument [Line Items]

Introductory loan and credit facility information

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. In addition, on September 30, 2014, the Company proceeded with a prepayment of $4,000,000 with respect to its loan agreement with Bank of Ireland in return for a reduction in the next eight quarterly installments and an increase in the balloon at maturity. In addition, on March 27, 2015, the Company agreed with Bank of Ireland to waive 50% of the installment due in the first quarter of 2015, until April 30, 2015.

Debt variable rate basis

LIBOR

Margin

2.50%

Outstanding balance

8,350,000

13,400,000

8,350,000

Debt instrument payment terms

The outstanding loan amount as of December 31, 2014, of $8,350,000 is required to be repaid in 3 consecutive quarterly installments of $350,000, followed by 4 consecutive quarterly installments of $400,000, followed by 3 consecutive quarterly installments of $1,000,000, plus a balloon repayment of $2,700,000 payable simultaneously with the final installment in the second quarter of 2017.

Prepayment amount

4,000,000

(e-1) HSH Nordbank AG (July 31, 2008)

Debt Instrument [Line Items]

Introductory loan and credit facility information

On July 7, 2014, the Company completed the refinancing of the M/V Friendly Seas as discussed below, and repaid in full the then outstanding indebtedness under its existing loan agreement with HSH Nordbank AG (“HSH”) dated July 31, 2008.

Outstanding balance

0

20,625,000

0

(e-2) HSH Nordbank AG (April 4, 2014)

Debt Instrument [Line Items]

Introductory loan and credit facility information

On April 4, 2014, the Company completed the documentation for a new loan agreement with 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). In addition, in October 2014, the Company took delivery of its first two Ultramax drybulk carriers; the M/V Gentle Seas and the M/V Peaceful Seas (Hull numbers DY152 and DY153). The Company drew a total amount of $34,400,000, which was used for the payment of the final installment of the two vessels to the shipyard (refer to Note 5).

Debt variable rate basis

LIBOR

Margin

3.25%

Outstanding balance

46,713,600

0

46,713,600

Debt instrument payment terms

The outstanding loan amount as of December 31, 2014, of $46,713,600 consists of the following: (i) $12,313,600 relating to the M/V Friendly Seas, which is required to be repaid in 26 consecutive quarterly installments of $286,400, plus a balloon repayment of $4,867,200 payable simultaneously with the final installment in the second quarter of 2021, and (ii) $34,400,000 relating to the M/V Gentle Seas and the M/V Peaceful Seas, which is required to be repaid in 28 consecutive quarterly installments of $506,000, plus a balloon repayment of $20,232,000 payable simultaneously with the final installment in the fourth quarter of 2021.

Amount available for drawdown

47,000,000

Proceeds from long-term debt

12,600,000

34,400,000

(f) HSBC Bank Plc (July 2, 2010)

Debt Instrument [Line Items]

Introductory loan and credit facility information

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.

Debt variable rate basis

LIBOR

Margin

3.00%

Outstanding balance

14,460,000

16,800,000

14,460,000

Debt instrument payment terms

The outstanding loan amount as of December 31, 2014, of $14,460,000 is required to be repaid in 23 consecutive quarterly installments of $380,000, plus a balloon repayment of $5,720,000 payable simultaneously with the final installment in the third quarter of 2020.

Prepayment amount

800,000

Quarterly periodic payments

400,000

380,000

(g-1) Nordea Bank Finland Plc (May 5, 2011)

Debt Instrument [Line Items]

Introductory loan and credit facility information

On January 7, 2014, we took delivery of our fourth Handysize drybulk vessel; the M/V Proud Seas (refer to Notes 5 and 6). Upon the delivery of the vessel, we drew the total amount of the then undrawn portion of the facility of $25,394,427, by mortgaging both the M/V Priceless Seas and the M/V Proud Seas. On June 10, 2014, the Company completed the refinancing of the M/V Prosperous Seas, the M/V Precious Seas, the M/V Priceless Seas and the M/V Proud Seas as discussed below, and repaid in full the then outstanding indebtedness under its existing syndicated loan facility led by Nordea Bank Finland Plc ("Nordea") dated May 5, 2011.

Outstanding balance

0

25,536,062

0

Proceeds from long-term debt

25,394,427

(g-2) Nordea Bank Finland Plc (May 6, 2014)

Debt Instrument [Line Items]

Introductory loan and credit facility information

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 between the second and fourth 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 Plc (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 consolidated statement of comprehensive loss for the year ended December 31, 2014.

Debt variable rate basis

LIBOR

Margin

3.20%

Outstanding balance

78,273,638

0

78,273,638

Debt instrument payment terms

The outstanding loan amount as of December 31, 2014, of $78,273,638 is required to be repaid in 22 consecutive quarterly installments of $1,738,181, plus a balloon repayment of $40,033,656 payable simultaneously with the final installment in the second quarter of 2020.

Amount available for drawdown

160,000,000

Proceeds from long-term debt

81,750,000

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

Debt Instrument [Line Items]

Write off of unamortized financing costs

1,027,694

(h) Senior unsecured notes due 2021

Debt Instrument [Line Items]

Outstanding balance

25,000,000

0

25,000,000

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. The net proceeds from the offering amounted to $23,856,583, net of underwriting discounts and commissions of $812,500, and offering expenses payable by the Company of $330,917. The Notes trade on NASDAQ under the symbol “PRGNL”.

Interest rate per year

8.38%

8.38%

Debt maturity date

15-Aug-21

Net proceeds from issuance of debt

23,856,583

Debt underwriting discounts and commissions

812,500

Other offering costs

330,917

Trading symbol

PRGNL

China Development Bank (May 17, 2013)

Debt Instrument [Line Items]

Write off of unamortized financing costs

$483,054

Spread 2 | (a) Commerzbank AG (August 12, 2011)

Debt Instrument [Line Items]

Margin

4.50%

Spread 2 | (b) Unicredit Bank AG (November 19, 2007)

Debt Instrument [Line Items]

Margin

5.00%

LongTerm_Debt_Terms_and_Covena

Long-Term Debt - Terms and Covenants (Details)	12 Months Ended
	Dec. 31, 2014
Debt Instrument [Line Items]
Covenant Compliance	As of December 31, 2014, the Company was in compliance with all debt covenants with respect to its debt agreements, with the exception of the security cover ratio covenant contained in the facility with Commerzbank. The respective breach was subsequently cured as in April 2015, the Company agreed with Commerzbank to waive the application of the security cover ratio covenant contained in the facility effective from December 31, 2014 until December 31, 2015 as discussed above.
	Given the current drybulk charter rates, it is probable that the Company will not be in compliance with the minimum working capital requirement and the minimum liquidity requirement contained in certain of its loan and credit facilities on the applicable measurement dates in 2015. Furthermore, based on the Company’s cash flow projections for 2015, cash on hand and cash provided by operating activities will not be sufficient to cover scheduled debt repayments due in 2015. The Company is currently in negotiations with such lenders to obtain waivers for the affected covenants. The Company is also exploring several alternatives aiming to manage its working capital requirements and other commitments if current drybulk charter rates remain at today’s low levels including negotiations for the restructuring of its loans.
(a) Commerzbank AG (August 12, 2011)
Debt Instrument [Line Items]
Covenants (as defined in the respective debt agreement)	• The ratio of EBITDA to net interest expenses is waived until December 31, 2015, and thereafter shall not be less than 3.00:1.00.
	• The market value adjusted net worth of the Company is waived until December 31, 2015, and thereafter shall not be less than $100,000,000.
	• Maintain liquid assets requirement is waived until December 31, 2015, and thereafter shall equal an amount of no less than $650,000 per vessel at all times.
	• The ratio of maximum net debt to total assets expressed as a percentage is waived until December 31, 2015, and thereafter shall not exceed 80%.
	• The aggregate fair market value of the mortgaged vessels to outstanding loan ratio is waived until December 31, 2015, and thereafter shall exceed 120%.
(b) Unicredit Bank AG (November 19, 2007)
Debt Instrument [Line Items]
Covenants (as defined in the respective debt agreement)	The financial and security cover ratio covenants contained in the facility have been permanently waived until the maturity of the loan, pursuant to the supplemental agreement dated March 27, 2015.
(d) Bank of Ireland (March 30, 2009)
Debt Instrument [Line Items]
Covenants (as defined in the respective debt agreement)	• The minimum requirement of market value adjusted net worth of the Company is waived until December 31, 2014 and thereafter, shall not be less than $50,000,000.
	• The leverage ratio is waived until December 31, 2014 and thereafter, shall not be greater than 0.80:1.00.
	• Minimum liquid assets requirement is waived until December 31, 2014 and thereafter, the Company shall maintain liquid assets in an amount of no less than $500,000 per vessel at all times.
	• The fair market value of the mortgaged vessel to outstanding loan ratio is waived until December 31, 2014 and thereafter, shall exceed 110%.
(e-2) HSH Nordbank AG (April 4, 2014)
Debt Instrument [Line Items]
Covenants (as defined in the respective debt agreement)	• The aggregate fair market value of the mortgaged vessels to outstanding loan ratio shall exceed 125%.
(f) HSBC Bank Plc (July 2, 2010)
Debt Instrument [Line Items]
Covenants (as defined in the respective debt agreement)	• The ratio of total net debt to EBITDA shall be applicable and not exceed 9.00:1.00 from January 1, 2016 until December 31, 2016 and 8.00:1.00 thereafter.
	• The ratio of EBITDA to interest expense shall be applicable and not be less than 2.50:1.00 from January 1, 2016 until the final maturity of the facility.
	• The market value adjusted net worth of the Company shall be at least $50,000,000 until December 31, 2013 and $100,000,000 thereafter.
	• The ratio of total net debt to value adjusted total assets shall be applicable and not greater than 0.80:1.00 from January 1, 2014 until the final maturity of the facility.
	• The fair market value of the mortgaged vessel to outstanding loan ratio shall exceed 105% until December 31, 2013, 110% until December 31, 2014 and 120% thereafter.
(g-2) Nordea Bank Finland Plc (May 6, 2014)
Debt Instrument [Line Items]
Covenants (as defined in the respective debt agreement)	• The Company shall maintain a positive working capital at all times, excluding any balloon repayments of long-term loan facilities.
	• There is available to the Company cash and cash equivalents (including restricted but unpledged cash representing minimum liquidity required to be maintained under any financial indebtedness) which are not subject to any security interest, in an amount of not less than the greater of (i) 6% of total financial indebtedness and (ii) $750,000 per vessel owned on the last day of the relevant test period. In the event that the Company pays any dividend or makes any other form of distribution, after the payment of such dividend or the making of such distribution there is available to the Company cash and cash equivalents in an amount of not less than the greater of (i) 8% of total financial indebtedness and (ii) $1,000,000 per vessel owned on the last day of the relevant test period.
	• The ratio of market value adjusted shareholders’ equity to the market value adjusted total assets shall be equal to or greater than 30%.
	• The aggregate fair market value of the mortgaged vessels to outstanding loan ratio shall exceed 135%.
(h) Senior unsecured notes due 2021
Debt Instrument [Line Items]
Covenants (as defined in the respective debt agreement)	The indenture governing the Notes contains certain restrictive covenants, including limitations on asset sales and:
	• Limitation on Borrowings: Net borrowings not to exceed 70% of total assets.
	• Limitation on Minimum Net Worth: Net worth to always exceed $100,000,000.
Additional Covenants
Debt Instrument [Line Items]
Covenants (as defined in the respective debt agreement)	Additional Covenants: Each of the above loan and credit facilities are secured by first priority mortgages on all vessels described in Note 1, first assignments of all freights, earnings and insurances. They also contain covenants that require the Company to maintain adequate insurance coverage and to obtain the lender’s consent before it changes the flag, class or management of the vessels, or enter into a new line of business. The facilities include customary events of default, including those relating to a failure to pay principal or interest, a breach of covenant, representation and warranty, a cross-default to other indebtedness and non-compliance with security documents, and prohibits the Company from paying dividends if the Company is in default on its facilities and if, after giving effect to the payment of the dividend, the Company is in breach of a covenant.
	In addition, each of the above loan and credit facilities require a minimum balance of cash and cash equivalents to be maintained at all times with the respective lender, ranging from $400,000 to $750,000 per mortgaged vessel, in excess of any additional cash collateral to be maintained, as defined by the respective loan agreements.
	Certain of the above loan and credit facilities restrict the amount of dividends the Company may pay to $0.50 per share per annum and limit the amount of quarterly dividends the Company may pay to 100% of its net income for the immediately preceding financial quarter. In addition, under the existing loan and credit facilities, the Company is required to maintain minimum liquidity after payment of dividends equal to the greater of the next six months’ debt service, 8% of total financial indebtedness or $1,000,000 per vessel. Furthermore, according to the supplemental agreement the Company entered into with Unicredit on March 27, 2015 as discussed above, the Company is not permitted to declare or pay any dividends until all the deferred amounts of the facility’s repayment installments have been repaid in full.

LongTerm_Debt_Details

Long-Term Debt (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
(g-2) Nordea Bank Finland Plc (May 6, 2014)
Debt Instrument [Line Items]
Credit facility undrawn portion	$78,000,000
Long-Term Debt - Additional Information
Debt Instrument [Line Items]
Interest and finance costs	7,451,854	6,129,911	5,673,906
Capitalized interest	$1,618,836	$786,263	$611,655
Weighted average interest rate	3.53%	3.21%	2.76%

Interest_Rate_Swaps_Table_Deta

Interest Rate Swaps (Table) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013
Derivative [Line Items]
Notional amount	$56,208,156		$68,976,781
Floating rate	LIBOR
Not Qualifying for Hedge Accounting | Unicredit Bank AG
Derivative [Line Items]
Effective date	27-Aug-10
Termination Date	27-Aug-15
Notional amount	25,500,000	[1]	35,700,000	[1]
Fixed rate	2.47%
Floating rate	3-month LIBOR
Not Qualifying for Hedge Accounting | HSBC Bank Plc
Derivative [Line Items]
Effective date	10-Apr-12
Termination Date	10-Apr-17
Notional amount	4,560,000	[2]	0	[2]
Fixed rate	1.49%
Floating rate	3-month LIBOR
Not Qualifying for Hedge Accounting | HSH Nordbank AG
Derivative [Line Items]
Effective date	8-May-12
Termination Date	5-May-17
Notional amount	9,562,500	[3]	0	[3]
Fixed rate	1.22%
Floating rate	3-month LIBOR
Not Qualifying for Hedge Accounting | Nordea Bank Finland Plc
Derivative [Line Items]
Effective date	4-May-12
Termination Date	31-Mar-17
Notional amount	5,918,792	[4]	0	[4]
Fixed rate	1.14%
Floating rate	3-month LIBOR
Not Qualifying for Hedge Accounting | Nordea Bank Finland Plc
Derivative [Line Items]
Effective date	18-Jun-12
Termination Date	4-May-17
Notional amount	5,885,615	[5]	0	[5]
Fixed rate	1.01%
Floating rate	3-month LIBOR
Not Qualifying for Hedge Accounting | HSH Nordbank AG
Derivative [Line Items]
Effective date	6-Aug-12
Termination Date	5-May-17
Notional amount	4,781,250	[6]	0	[6]
Fixed rate	0.98%
Floating rate	3-month LIBOR
Not Qualifying for Hedge Accounting | Total
Derivative [Line Items]
Notional amount	56,208,157		35,700,000
Qualifiying for Hedge Accounting | HSBC Bank Plc
Derivative [Line Items]
Effective date	10-Apr-12
Termination Date	10-Apr-17
Notional amount	0	[2]	5,040,000	[2]
Fixed rate	1.49%
Floating rate	3-month LIBOR
Qualifiying for Hedge Accounting | HSH Nordbank AG
Derivative [Line Items]
Effective date	8-May-12
Termination Date	5-May-17
Notional amount	0	[3]	10,312,500	[3]
Fixed rate	1.22%
Floating rate	3-month LIBOR
Qualifiying for Hedge Accounting | Nordea Bank Finland Plc
Derivative [Line Items]
Effective date	4-May-12
Termination Date	31-Mar-17
Notional amount	0	[4]	6,401,958	[4]
Fixed rate	1.14%
Floating rate	3-month LIBOR
Qualifiying for Hedge Accounting | Nordea Bank Finland Plc
Derivative [Line Items]
Effective date	18-Jun-12
Termination Date	4-May-17
Notional amount	0	[5]	6,366,073	[5]
Fixed rate	1.01%
Floating rate	3-month LIBOR
Qualifiying for Hedge Accounting | HSH Nordbank AG
Derivative [Line Items]
Effective date	6-Aug-12
Termination Date	5-May-17
Notional amount	0	[6]	5,156,250	[6]
Fixed rate	0.98%
Floating rate	3-month LIBOR
Qualifiying for Hedge Accounting | Total
Derivative [Line Items]
Notional amount	$0		$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)	12 Months Ended
	Dec. 31, 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 9, 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 December 31, 2014.

Financial_Instruments_and_Fair2

Financial Instruments and Fair Value Disclosures - Balance Sheet Location (Table) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Derivatives designated as hedging instruments
Subtotal	$0	$229,893
Derivatives not designated as hedging instruments
Subtotal	540,790	1,045,393
Total derivatives	540,790	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	-66,475	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	589,896	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	$17,369	$359,433

Financial_Instruments_and_Fair3

Financial Instruments and Fair Value Disclosures - Effect of Derivative Instruments designated as hedging instruments (Table) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Interest rate swaps	$131,238	$131,112	($847,943)
Gain Recognized in Accumulated Other Comprehensive Loss - Effective Portion
Interest rate swaps	$131,238	$131,112

Financial_Instruments_and_Fair4

Financial Instruments and Fair Value Disclosures - Derivatives designated as hedging instruments (Table 2) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Interest rate swaps - Realized Loss	($98,656)	($312,069)	($174,869)
Interest and finance costs (Location of Loss Transferred from Accumulated Other Comprehensive Loss in Statements of Comprehensive Loss - Effective Portion)
Interest rate swaps - Realized Loss	($98,656)	($312,069)

Financial_Instruments_and_Fair5

Financial Instruments and Fair Value Disclosures - Effect of Derivative Instruments not designated as hedging instruments (Table) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Net loss on derivatives	($387,740)	($95,288)	($714,074)
Loss on derivatives, net
Interest rate swaps - Fair value	504,602	834,829
Interest rate swaps - Realized Loss	($892,342)	($930,117)

Financial_Instruments_and_Fair6

Financial Instruments and Fair Value Disclosures - Measured on a Recurring Basis (Table) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Derivatives Fair Value [Line Items]
Total	$540,790	$1,275,286
Significant Other Observable Inputs (Level 2)
Derivatives Fair Value [Line Items]
Interest rate swaps - asset	-66,475	-87,295
Interest rate swaps - liability	$607,265	$1,362,581

Financial_Instruments_and_Fair7

Financial Instruments and Fair Value Disclosures - Location of Recognized Gain / (Loss) from Marketable Securities (Table) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Marketable securities - Realized Loss	$25,529	$1,911,212	$980,430
Net gain / (loss) from marketable securities	-25,529	1,202,094	414,235
Gain / (loss) from marketable securities, net
Marketable securities - Initial measurement	0	3,113,306
Marketable securities - Realized Loss	($25,529)	($1,911,212)

Financial_Instruments_and_Fair8

Financial Instruments and Fair Value Disclosures - Summary of Valuation of KLC Shares (Table) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Derivatives Fair Value [Line Items]
KLC Shares - Marketable Securities	$955,535	$1,616,329
Quoted Prices in Active Markets (Level 1)
Derivatives Fair Value [Line Items]
KLC Shares - Marketable Securities	$955,535	$1,616,329

Financial_Instruments_and_Fair9

Financial Instruments and Fair Value Disclosures - Location of Impairment Loss on Investment in Affiliate (Table) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Dilution effect	($221,679)	($390,821)
Impairment loss	-8,618,664	-8,229,551
Loss on investment in affiliate	-8,840,343	-8,620,372	-16,985,066
Loss on investment in affiliate
Dilution effect	-221,679	-390,821
Impairment loss	($8,618,664)	($8,229,551)

Recovered_Sheet1

Financial Instruments and Fair Value Disclosures - Summary of Valuation in Box Ships (Table) (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Derivatives Fair Value [Line Items]
Investment in equity affiliate - Box Ships Inc.	$2,956,250	$11,309,375	$19,987,743
Quoted Prices in Active Markets (Level 1)
Derivatives Fair Value [Line Items]
Investment in equity affiliate - Box Ships Inc.	$2,956,250	$11,309,375

Recovered_Sheet2

Financial Instruments and Fair Value Disclosures (Details) (USD $)	12 Months Ended			0 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Apr. 15, 2015	9-May-13
Derivative [Line Items]
Long term bank loans and loan due from related party interest rate basis	LIBOR
Trading symbol	PRGN
Fair value of KLC shares	$955,535	$1,616,329
Cash received from the sale of KLC shares, net of commissions	498,056	0	0
Unrealized loss on change in fair value of marketable securities	-162,737	-2,064,265	-827,377
Price of Box Ships common share				$1.06
Fair value of the investment in Box Ships				3,643,750
Senior unsecured notes due 2021
Derivative [Line Items]
Trading symbol	PRGNL
Quoted close price of the Company's Notes	$17
Debt instrument fair value	17,000,000
KLC Shares
Derivative [Line Items]
Total number of KLC shares held by the Company	44,550	65,896		26,417
Number of additional KLC shares received from amended Settlement Agreement with KLC					58,483
Fair value of KLC shares	955,535
Number of KLC shares sold	21,346			18,133
Average price per share (KLC shares sold)	$23.52			$22.62
Cash received from the sale of KLC shares, net of commissions	498,056			406,808
U.S. dollar / KRW exchange rate				1,096.92
Unrealized loss on change in fair value of marketable securities	$137,208

Capital_Structure_Details

Capital Structure (Details) (USD $)	2 Months Ended	9 Months Ended	12 Months Ended			10 Months Ended	8 Months Ended
	Feb. 18, 2014	Sep. 27, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2014	Dec. 24, 2012	Feb. 15, 2013	12-May-14
Class of Stock
Common stock - shares authorized			755,000,000				755,000,000
Proceeds from issuance of common stock, net of commissions	$39,741,152	$31,881,984	$42,235,790	$34,500,000	$10,000,000
Underwriting discounts and commissions		2,070,000
Other offering costs		548,016
Preferred stock shares authorized			25,000,000	25,000,000		25,000,000	25,000,000
Preferred stock par value			$0.00	$0.00		$0.00	$0.00
Preferred stock shares issued			0	0		0	0
Preferred stock shares outstanding			0	0		0	0
Common Shares - Class A
Class of Stock
Common stock - shares authorized			750,000,000	750,000,000		750,000,000	750,000,000
Common stock - par value			$0.00	$0.00		$0.00	$0.00
Common stock - shares issued			24,809,142	17,669,442		17,669,442	24,809,142
Share buyback program - shares repurchased and retired			30,000
Common stock - shares outstanding			24,809,142	17,669,442		17,669,442	24,809,142
Common Shares - Class B
Class of Stock
Common stock - shares authorized			5,000,000	5,000,000		5,000,000	5,000,000
Common stock - par value			$0.00	$0.00		$0.00	$0.00
Common stock - shares issued			0	0		0	0
Common stock - shares outstanding			0	0		0	0
Innovation Holdings S.A.
Class of Stock
Common stock - shares issued								4,901,961
Loretto Finance Inc.
Class of Stock
Common stock - shares issued	135,700	120,000	469,958				469,958		98,039
Share based compensation	880,015	714,000				335,784
Over-Allotment Option
Class of Stock
Common stock - shares issued	885,000	782,609
Share Buyback Program
Class of Stock
Share buyback program - authorized amount										$10,000,000
Share buyback program - shares repurchased and retired							30,000
Average price per share (common shares purchased and cancelled)							$5.68
Public offerings
Class of Stock
Common stock - shares issued	6,785,000	6,000,000
Issue price per share	$6.25	$5.75

Share_Based_Payments_Equity_In2

Share Based Payments - Equity Incentive Plan - October 11, 2006 - Details of Non-vested Share Awards (Table) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total shares granted	252,000
Grant date fair value	$3.64
Shares cancelled	-3,000
Non-vested share awards	348,500	339,000
26-Nov-13
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Final vesting date	31-Dec-15
Total shares granted	200,000
Grant date fair value	$5.17
Shares vested	100,000
Non-vested share awards	100,000
26-Nov-13
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Final vesting date	31-Dec-15
Total shares granted	12,000
Grant date fair value	$5.17
Shares vested	6,000
Non-vested share awards	6,000
19-Dec-13
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Final vesting date	31-Dec-15
Total shares granted	16,000
Grant date fair value	$6.38
Shares vested	8,000
Non-vested share awards	8,000
31-Jan-14
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Final vesting date	31-Dec-15
Total shares granted	32,000
Grant date fair value	$6.67
Shares cancelled	3,000
Shares vested	14,500
Non-vested share awards	14,500
Total
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total shares granted	260,000
Shares cancelled	3,000
Shares vested	128,500
Non-vested share awards	128,500

Share_Based_Payments_Equity_In3

Share Based Payments - Equity Incentive Plan - March 26, 2014 - Details of Non-vested Share Awards (Table) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total shares granted	252,000
Grant date fair value	$3.64
Shares cancelled	-3,000
Non-vested share awards	348,500	339,000
10-Dec-14
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Final vesting date	31-Dec-16
Total shares granted	200,000
Grant date fair value	$2.44
Non-vested share awards	200,000
10-Dec-14
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Final vesting date	31-Dec-16
Total shares granted	20,000
Grant date fair value	$2.44
Non-vested share awards	20,000
Total
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total shares granted	220,000
Non-vested share awards	220,000

Share_Based_Payments_Equity_In4

Share Based Payments - Equity Incentive Plan - Non-vested Share Awards (Table) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014
Number of Shares
Non-vested, December 31, 2013	339,000
Granted	252,000
Cancelled	-3,000
Vested	-239,500
Non-vested, December 31, 2014	348,500
Weighted Average Fair Value
Non-vested, December 31, 2013	$4.75
Granted	$3.64
Cancelled	$6.67
Vested	$4.63
Non-vested, December 31, 2014	$4.15

Share_Based_Payments_Equity_In5

Share Based Payments - Equity Incentive Plan - Non-vested Share Awards (Details) (USD $)	12 Months Ended			0 Months Ended	12 Months Ended	0 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Feb. 26, 2015	Dec. 31, 2015	Mar. 17, 2015	Mar. 26, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for issuance under the plan							2,000,000
Number of outstanding and exercisable options	2,800	2,800
Options exercise price	$120	$120
Weighted average remaining contractual life of the options	1 year 10 months 21 days
Unrecognized cost of unvested share-based compensation awards	$1,189,936
Remaining weighted average period of recognition for unrecognized cost of share-based compensation awards	1 year 3 months 26 days
Shares granted	252,000
Grant date fair value	$3.64
Share based compensation	$986,416	$805,469	$2,536,702
Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted				70,000
Grant date fair value				$1.87
Vesting period					2 years
Executive officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted						30,000
Grant date fair value						$1.31
Vesting period					2 years

Gain_from_Vessel_Early_Redeliv1

Gain from Vessel Early Redelivery and Other (Income) / Expenses (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Gain from Vessel Early Redelivery and Other (Income) / Expenses [Abstract]
Gain from vessel early redelivery	$0	$2,267,818	$0
Insurance claim recoveries		218,634	703,422
Cash compensation received by KLC		402,596	29,137
Voluntary special contribution	$250,283

Earnings_per_Share_EPS_Table_D

Earnings per Share ("EPS") (Table) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Earnings per Share ("EPS") [Abstract]
Net loss	($51,796,181)	($16,953,032)	($17,557,125)
Less: Net loss attributable to non-vested share awards	832,333	351,877	444,326
Net loss attributable to common shareholders	($50,963,848)	($16,601,155)	($17,112,799)
Denominators
Weighted average common shares outstanding, basic and diluted	23,326,062	12,639,128	6,035,910
Net loss per common share:
Net loss per common share, basic and diluted	($2.18)	($1.31)	($2.84)

Earnings_per_Share_EPS_Details

Earnings per Share ("EPS") (Details)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Stock Option
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities	2,800	2,800	2,800
Non Vested Share Awards
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities	348,500	339,000	58,335

Commitments_and_Contingencies_1

Commitments and Contingencies - Rental Expense (Table) (Details) (USD $)	Dec. 31, 2014
Rental Expense for the year ending
31-Dec-15	$44,508
31-Dec-16	44,508
31-Dec-17	33,381
Total	$122,397

Commitments_and_Contingencies_2

Commitments and Contingencies - Charter Hire (Table) (Details) (USD $)	Dec. 31, 2014
Charter Hire for the year ending
31-Dec-15	$4,308,843
Total	$4,308,843

Commitments_and_Contingencies_3

Commitments and Contingencies - Newbuildings (Table) (Details) (USD $)	Dec. 31, 2014
Newbuildings for the year ending
31-Dec-15	$101,700,617
Total	$101,700,617

Commitments_and_Contingencies_4

Commitments and Contingencies (Details)	12 Months Ended
	Dec. 31, 2014
Commitments and Contingencies [Abstract]
Euro / U.S. dollar exchange rate	1.214
Estimated off-hire time	18 days

Subsequent_Events_Details

Subsequent Events (Details) (KLC Shares, USD $)	0 Months Ended	12 Months Ended
	Apr. 15, 2015	Dec. 31, 2014
KLC Shares
Subsequent Event [Line Items]
Number of KLC shares sold	18,133	21,346
Average price per share (KLC shares sold)	$22.62	$23.52