Paragon Shipping (PRGNF) 20-F 12 May 16 2015 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2015shares
Document And Entity Information
Document Type	20-F
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Entity Registrant Name	Paragon Shipping Inc.
Entity Central Index Key	1,401,112
Trading Symbol	PRGN
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Well Known Seasoned Issuer	No
Entity Common Stock Shares Outstanding	664,458
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 0	$ 7,030,507
Restricted cash	2,496,369	6,929,172
Trade receivables, net	2,883,417	7,021,588
Other receivables	487,238	1,273,132
Prepaid expenses	1,115,017	503,109
Due from related parties	220,568	843,510
Inventories	1,260,929	2,131,464
Marketable securities	0	955,535
Vessels held for sale	13,740,200	0
Total current assets	22,203,738	26,688,017
Fixed assets
Vessels, net	73,928,185	369,032,973
Advances for vessels under construction	10,845,000	49,971,703
Other fixed assets, net	247,605	922,565
Total fixed assets, net	85,020,790	419,927,241
Investment in affiliate	0	2,956,250
Interest rate swaps	0	66,475
Other assets	6,183	6,183
Restricted cash	10,000	6,960,000
Total Assets	107,240,711	456,604,166
Current liabilities
Trade accounts payable	2,818,241	2,766,734
Accrued expenses	3,436,607	4,012,238
Due to related parties	1,259,780	166,354
Interest rate swaps	18,700	589,896
Deferred income	221,605	233,245
Liabilities associated with vessels held for sale	47,587,119	0
Current portion of long-term debt	97,086,782	19,991,791
Total current liabilities	152,428,834	27,760,258
Long-term liabilities
Long-term debt	0	206,425,996
Interest rate swaps	0	17,369
Total long-term liabilities	0	206,443,365
Total Liabilities	$ 152,428,834	$ 234,203,623
Commitments and Contingencies
Shareholders' Equity / (Deficit)
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; 652,873 and 664,458 issued and outstanding at December 31, 2014 and 2015, respectively	665	653
Class B common shares, $0.001 par value; 5,000,000 authorized; none issued and outstanding	0	0
Additional paid-in capital	536,225,387	535,257,729
Accumulated other comprehensive loss	0	(150,986)
Accumulated deficit	(581,414,175)	(312,706,853)
Total Shareholders' Equity / (Deficit)	(45,188,123)	222,400,543
Total Liabilities and Shareholders' Equity / (Deficit)	$ 107,240,711	$ 456,604,166

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Class of Stock
Preferred stock par value	$ 0.001	$ 0.001
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	$ 0.001	$ 0.001
Common stock - shares authorized	750,000,000	750,000,000
Common stock - shares issued	664,458	652,873
Common stock - shares outstanding	664,458	652,873
Common Shares - Class B
Class of Stock
Common stock - par value	$ 0.001	$ 0.001
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 Comp

Consolidated Statements of Comprehensive Loss - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenue
Charter revenue	$ 35,884,659	$ 58,138,104	$ 59,530,645
Commissions (including related party of $750,533, $708,153 and $437,817 in 2013, 2014 and 2015, respectively)	(2,168,704)	(3,374,426)	(3,273,889)
Net Revenue	33,715,955	54,763,678	56,256,756
Expenses / (Income)
Voyage expenses, net	7,562,879	14,744,648	6,668,998
Vessels operating expenses (including related party of $797,143, $1,282,699 and $1,203,487 in 2013, 2014 and 2015, respectively)	21,245,142	22,666,036	20,758,513
Dry-docking expenses (including related party of $109,248, $123,840 and $71,057 in 2013, 2014 and 2015, respectively)	1,378,210	2,193,110	1,698,217
Management fees - related party	4,840,491	6,266,270	5,874,416
Depreciation	16,913,785	18,357,377	16,986,584
General and administrative expenses (including related party of $7,670,556, $5,775,899 and $3,276,739 in 2013, 2014 and 2015, respectively)	5,971,644	8,707,819	10,764,001
Loss related to vessels held for sale (including related party of $0, $0 and $775,050 in 2013, 2014 and 2015, respectively)	116,788,543	0	0
Impairment loss	96,643,651	15,695,282	0
Bad debt provisions	1,017	130,720	0
(Gain) / loss from sale of assets (including related party of $0, $745,000 and $87,079 in 2013, 2014 and 2015, respectively)	26,660,515	(402,805)	0
Gain from vessel early redelivery	0	0	(2,267,818)
Loss from contract cancellation (including related party of $444,421, $0 and $0 in 2013, 2014 and 2015, respectively)	0	0	568,658
(Gain) / loss from marketable securities, net	134,529	25,529	(1,202,094)
Other (income) / loss	238,419	210,709	(638,374)
Operating Loss	(264,662,870)	(33,831,017)	(2,954,345)
Other Income / (Expenses)
Interest and finance costs	(9,818,079)	(9,324,395)	(7,440,190)
Loss on derivatives, net	(213,007)	(387,740)	(95,288)
Interest income (including related party of $504,326, $0 and $0 in 2013, 2014 and 2015, respectively)	4,497	20,940	531,028
Equity in net income of affiliate	173,002	471,079	1,652,339
Gain from debt extinguishment	5,921,524	0	0
Loss on investment in affiliate	(206,835)	(8,840,343)	(8,620,372)
Foreign currency (loss) / gain	94,446	95,295	(26,204)
Total Other Expenses, net	(4,044,452)	(17,965,164)	(13,998,687)
Net Loss	(268,707,322)	(51,796,181)	(16,953,032)
Other Comprehensive Income / (Loss)
Unrealized gain on cash flow hedges	0	131,238	131,112
Transfer of realized loss on cash flow hedges to "Interest and finance costs"	0	98,656	312,069
Equity in other comprehensive income of affiliate	0	16,139	77,165
Transfer of equity in other comprehensive loss of affiliate to "Loss on investment in affiliate"	13,779	0	0
Unrealized (loss) / gain on change in fair value of marketable securities	2,678	(162,737)	(2,064,265)
Transfer of loss on change in fair value of marketable securities to "(Gain) / loss from marketable securities, net"	134,529	25,529	1,911,212
Total Other Comprehensive Income	150,986	108,825	367,293
Comprehensive Loss	$ (268,556,336)	$ (51,687,356)	$ (16,585,739)
Loss per Class A common share, basic and diluted	$ (409.93)	$ (82.84)	$ (49.78)
Weighted average number of Class A common shares, basic and diluted	644,260	613,844	332,609

Consolidated Statements of Com5

Consolidated Statements of Comprehensive Loss (Parentheticals) - Related Party - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Commissions related party	$ 437,817	$ 708,153	$ 750,533
Vessels operating expenses related party	1,203,487	1,282,699	797,143
Dry-docking expenses related party	71,057	123,840	109,248
General and administrative expenses related party	3,276,739	5,775,899	7,670,556
Loss related to vessels held for sale related party	775,050	0	0
Vessel sale & purchase commissions related party	87,079	745,000	0
Loss from contract cancellation related party	0	0	444,421
Interest income related party	$ 0	$ 0	$ 504,326

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity / (Deficit) - USD ($)	Total	Class A Shares	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Balance at Dec. 31, 2012	$ 215,520,512	$ 289	$ 460,104,967	$ (627,104)	$ (243,957,640)
Shares issued, beginning balance at Dec. 31, 2012		289,510
Issuance of Class A common shares	31,860,751	$ 164	31,860,587
Issuance of Class A common shares (number of shares)		163,633
Issuance of non-vested Class A common share awards		$ 12	(12)
Issuance of non-vested Class A common share awards (number of shares)		11,843
Share based compensation	1,855,253		1,855,253
Net Loss	(16,953,032)				(16,953,032)
Other comprehensive income	367,293			367,293
Balance at Dec. 31, 2013	232,650,777	$ 465	493,820,795	(259,811)	(260,910,672)
Shares issued, ending balance at Dec. 31, 2013		464,986
Issuance of Class A common shares	39,741,152	$ 182	39,740,970
Issuance of Class A common shares (number of shares)		182,124
Cancellation of Class A common shares	(170,461)	$ (1)	(170,460)
Cancellation of Class A common shares (number of shares)		(790)
Issuance of non-vested Class A common share awards		$ 7	(7)
Issuance of non-vested Class A common share awards (number of shares)		6,632
Cancellation of non-vested Class A common share awards		$ 0	0
Cancellation of non-vested Class A common share awards (number of shares)		(79)
Share based compensation	1,866,431		1,866,431
Net Loss	(51,796,181)				(51,796,181)
Other comprehensive income	108,825			108,825
Balance at Dec. 31, 2014	222,400,543	$ 653	535,257,729	(150,986)	(312,706,853)
Shares issued, ending balance at Dec. 31, 2014		652,873
Issuance of Class A common shares	755	$ 10	745
Issuance of Class A common shares (number of shares)		9,651
Issuance of non-vested Class A common share awards		$ 3	(3)
Issuance of non-vested Class A common share awards (number of shares)		2,632
Cancellation of non-vested Class A common share awards		$ (1)	1
Cancellation of non-vested Class A common share awards (number of shares)		(698)
Share based compensation	966,915		966,915
Net Loss	(268,707,322)				(268,707,322)
Other comprehensive income	150,986			150,986
Balance at Dec. 31, 2015	$ (45,188,123)	$ 665	$ 536,225,387	$ 0	$ (581,414,175)
Shares issued, ending balance at Dec. 31, 2015		664,458

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities
Net Loss	$ (268,707,322)	$ (51,796,181)	$ (16,953,032)
Adjustments to reconcile net loss to net cash from operating activities
Depreciation	16,913,785	18,357,377	16,986,584
Loss related to vessels held for sale	116,432,515	0	0
Impairment loss	96,643,651	15,695,282	0
Loss on investment in affiliate	206,835	8,840,343	8,620,372
(Gain) / loss from sale of assets	26,660,515	(402,805)	0
Amortization and write off of financing costs	2,652,909	2,108,716	941,733
Bad debt provisions	1,017	130,720	0
Share based compensation	967,670	1,866,431	1,855,253
Write off of capitalized expenses from contract cancellation	0	0	232,495
(Gain) / loss from marketable securities, net	134,529	25,529	(1,202,094)
Gain from debt extinguishment	(5,500,000)	0	0
Unrealized gain on interest rate swaps	(522,090)	(504,602)	(834,829)
Equity in net income of affiliate, net of dividends received	(173,002)	(471,079)	0
Changes in assets and liabilities:
Trade receivables, net	4,137,154	1,383,932	(6,475,787)
Other receivables	765,893	(673,144)	129,779
Prepaid expenses	(611,908)	46,167	(103,672)
Inventories	662,210	(868,623)	(221,313)
Due from related parties	668,716	(861,314)	2,336,607
Trade accounts payable	209,079	75,994	(64,969)
Accrued expenses	113,925	1,285,140	148,956
Due to related parties	1,093,426	84,280	(2,631)
Deferred income	(11,640)	(504,006)	(829,756)
Net cash from / (used in) operating activities	(7,262,133)	(6,181,843)	4,563,696
Cash flow from investing activities
Net proceeds from sale of assets	12,838,398	9,995,000	0
Acquisition of vessels and capital expenditures	(4,955,986)	(110,664,356)	(20,368,088)
Proceeds from the sale of marketable securities	958,215	498,056	0
Repayment from affiliate	0	0	14,000,000
Return of investment in affiliate	0	0	135,160
Net proceeds from the sale of investment in affiliate	2,936,196	0	0
Other fixed assets	(72,604)	(496,093)	(208,567)
(Increase in) / release of restricted cash	11,382,803	(3,879,172)	0
Net cash (used in) / from investing activities	23,087,022	(104,546,565)	(6,441,495)
Cash flows from financing activities
Proceeds from long-term debt	0	179,144,427	0
Repayment of long-term debt	(22,290,903)	(128,480,615)	(15,427,250)
Purchase of treasury stock	0	(170,460)	0
Payment of financing costs	(564,493)	(3,777,546)	(912,441)
Proceeds from the issuance of Class A common shares	53,640	42,235,790	34,500,000
Class A common shares offering costs	(53,640)	(2,494,638)	(2,657,438)
Net cash from / (used in) financing activities	(22,855,396)	86,456,958	15,502,871
Net increase / (decrease) in cash and cash equivalents	(7,030,507)	(24,271,450)	13,625,072
Cash and cash equivalents at the beginning of the year	7,030,507	31,301,957	17,676,885
Cash and cash equivalents at the end of the year	0	7,030,507	31,301,957
Supplemental disclosure of cash flow information
Cash paid during the year for interest (excluding capitalized interest)	6,229,875	5,000,188	5,201,707
Non-cash investing activities - unpaid capital expenditures for acquisition of vessels	368,167	572,561	0
Non-cash financing activities - unpaid financing costs	$ 0	$ 395,000	$ 0

Basis of Presentation and Gener

Basis of Presentation and General Information	12 Months Ended
	Dec. 31, 2015
Basis of Presentation and General Information [Abstract]
Basis of Presentation and General Information	1. Basis of Presentation and General Information Basis of Presentation: Effective March 1, 2016, the Company effectuated a 38-for-1 reverse stock split on its issued and outstanding common stock. All share and per share amounts disclosed in the consolidated financial statements give effect to the respective stock split retroactively, for all the periods presented. 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, 2014 and 2015 and for the years ended December 31, 2013, 2014 and 2015. Drybulk Vessel Owning Subsidiaries (1) Vessel Owning Company Date of Incorporation Country of Incorporation Vessel's Name Delivery Date Built DWT Trade Force Shipping S.A. November 15, 2006 Marshall Islands Deep Seas December 2006 1999 72,891 Frontline Marine Company November 15, 2006 Marshall Islands Calm Seas December 2006 1999 74,047 Fairplay Maritime Ltd. November 15, 2006 Marshall Islands Kind Seas December 2006 1999 72,493 Donna Marine Co. July 4, 2007 Marshall Islands Pearl Seas August 2007 2006 74,483 Imperator I Maritime Company September 27, 2007 Marshall Islands Coral Seas November 2007 2006 74,477 Canyon I Navigation Corp. September 27, 2007 Marshall Islands Golden Seas December 2007 2006 74,475 Coral Ventures Inc. August 5, 2009 Liberia Prosperous Seas May 2012 2012 37,293 Winselet Shipping And Trading Co. Ltd. April 6, 2010 Liberia Precious Seas June 2012 2012 37,205 Aminta International S.A. May 5, 2010 Liberia Priceless Seas January 2013 2013 37,202 Adonia Enterprises S.A. May 5, 2010 Liberia Proud Seas January 2014 2014 37,227 (1) In July 2015, the vessel owning subsidiaries Paloma Marine S.A., Eris Shipping S.A., Alcyone International Marine Inc. and Neptune International Shipping & Trading S.A., owning companies of vessels Friendly Seas, Dream Seas, Gentle Seas and Peaceful Seas, respectively, were sold and transferred to an entity controlled by Mr. Michael Bodouroglou, as discussed in Note 6 Vessel Under Construction Owning Subsidiaries: Vessel Owning Company Date of Incorporation Country of Incorporation Hull Number Type Expected Delivery DWT Amphitrite Shipping Inc. June 17, 2013 Liberia DY4050 (1) Drybulk Carrier - 63,500 Mirabel International Maritime Co. June 17, 2013 Liberia DY4052 (1) Drybulk Carrier - 63,500 Dolphin Sunrise Limited February 25, 2014 Marshall Islands YZJ1144 (1) Drybulk Carrier 2016 81,800 Nautilus Investment Limited February 25, 2014 Marshall Islands YZJ1145 (1) Drybulk Carrier 2016 81,800 Oceanus Investments Limited February 25, 2014 Marshall Islands YZJ1142 (1) Drybulk Carrier 2016 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. November 15, 2006 Marshall Islands Explorer Shipholding Limited November 15, 2006 Marshall Islands Epic Investments Inc. December 21, 2006 Marshall Islands Opera Navigation Co. (1) December 21, 2006 Marshall Islands Ovation Services Inc. (1) September 16, 2009 Marshall Islands Irises Shipping Ltd. (1) October 6, 2009 Marshall Islands Letitia Shipping Limited (1) May 4, 2010 Marshall Islands Nereus Navigation Ltd. (1) May 4, 2010 Marshall Islands Ardelia Navigation Limited (1) June 15, 2010 Liberia Eridanus Trading Co. (1) July 1, 2010 Liberia Delfis Shipping Company S.A. (1) February 7, 2011 Liberia Protea International Inc. (2) July 17, 2007 Liberia Reading Navigation Co. (2) July 17, 2007 Liberia (1) In March and April 2015, the Company proceeded with the dissolution of the respective subsidiaries since they were no longer active (2) Companies previously owning vessels M/V Sapphire Seas and M/V Diamond Seas, which were sold in December 2015 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, 2015, Mr. Michael Bodouroglou beneficially owned 28.0% of the Company's common stock. Major Charterers: Charterer Percentage of charter revenue 2013 2014 2015 Glencore Grain B.V. - - 24.0% Intermare Transport GmbH 13.4% - - Cargill International S.A. 33.6% 11.6% - Total 47.0% 11.6% 24.0%

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Significant Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies (a) Principles of Consolidation: (b) Use of Estimates: (c) Other Comprehensive Income / (Loss): (d) Foreign Currency Translation: (e) Cash and Cash Equivalents: (f) Restricted Cash: (g) Trade Receivables (net): (h) Insurance Claims: (i) Inventories: (j) Vessel Cost: (k) Impairment of Long-Lived Assets: 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: 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: (n) Investments in Affiliate: (o) Dry-docking and Special Survey Costs: (p) Financing Costs: Interest - Imputation of Interest (q) Debt restructurings: (r) Pension and Retirement Benefit Obligations—Crew: (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: Revenue / Voyage charters: Commissions: Voyage Expenses: Vessel Operating Expenses: (t) Share based Compensation: (u) Segment Reporting: (v) Derivatives: 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: 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): (y) Subsequent Events: (z) Recent Accounting Pronouncements: Revenue from Contracts with Customers: Revenue From Contracts With Customers Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net) Going Concern: Consolidation: Inventories Simplifying the Measurement of Inventory Leases: Leases Share based compensation Compensation — Stock Compensation: Improvements to Employee Share-Based Payment Accounting

Going Concern

Going Concern	12 Months Ended
	Dec. 31, 2015
Going Concern [Abstract]
Going Concern	3. Going Concern During the fourth quarter of 2015 and first quarter of 2016, the Company reached agreements for the extinguishment and restructuring of its debt obligations with all of its lenders, as discussed in Note 8. The Company has experienced net losses and has a shareholders' deficit, which have affected, and which are expected to continue to affect, its ability to satisfy its obligations under the senior unsecured notes. The Company has also been unable to generate positive cash flows from operating activities. For the years ended December 31, 2014 and 2015, the Company's net cash used in operating activities was $6,181,843 and $7,262,133, respectively. As of December 31, 2015, the Company's cash and cash equivalents were nil and current liabilities amounted to $152,428,834 including $144,673,901 of debt. As described in Note 8, the Company is in default under its senior unsecured notes obligations. Thus, as of December 31, 2015, the Company has classified its long-term debt, net of deferred financing costs, as current, along with the associated restricted cash and interest rate swap liabilities. Furthermore, based on the Company's cash flow projections, cash on hand and cash provided by operating activities will not be sufficient to cover the liquidity needs that become due in the twelve-month period ending December 31, 2016. The Company's existence is dependent upon its ability to convert the outstanding senior unsecured notes to shares of its common stock through the exchange agreements, discussed in Note 8, which the Company is currently in the process of attempting to secure. If repayment of all of the Company's indebtedness was accelerated as a result of its current event of default, the Company may not have sufficient funds at the time of acceleration to repay its indebtedness and it may not be able to find additional or alternative financing to refinance any such accelerated obligations on terms acceptable to the Company or on any terms, which could have a material adverse effect on its ability to continue as a going concern. The above conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company is also exploring several alternatives aiming to manage its working capital requirements and other commitments, including additional bank debt, future equity or debt security offerings including convertible notes, and potential sale of assets. If the Company is unable to arrange debt financing for its newbuilding vessels or extend the respective deliveries from the shipyards, it is probable that the Company may also consider selling the respective newbuilding contracts. As management believes that the negotiations will be successful, the 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 Parti

Transactions with Related Parties	12 Months Ended
	Dec. 31, 2015
Transactions with Related Parties [Abstract]
Transactions with Related Parties	4. Transactions with Related Parties On July 27, 2015, the Company proceeded with the sale and transfer of all of the issued and registered shares of the vessel-owning subsidiaries of the M/V Dream Seas, the M/V Gentle Seas, the M/V Peaceful Seas and the M/V Friendly Seas to an entity controlled by Mr. Michael Bodouroglou, the Company's Chairman, President, Chief Executive Officer and Interim Chief Financial Officer based on a mutually agreed value of $63,200,000 (refer to Note 6). The following transactions with related parties occurred during the years ended December 31, 2013, 2014 and 2015: (a) Allseas: 2013 2014 2015 Included in Commissions Charter hire commissions $750,533 $708,153 $- Included in Vessel operating expenses Superintendent fees $399,626 $481,200 $580,119 Included in Dry-docking expenses Superintendent fees $109,248 $123,840 $71,057 Management fees - related party Management fees $4,104,271 $4,628,813 $4,139,724 Financial accounting and reporting services 720,361 $757,442 $700,012 Loretto agreement 1,049,784 $880,015 $755 Total Management fees $5,874,416 $6,266,270 $4,840,491 Included in General and administrative expenses Administrative fees $38,598 $37,746 $32,843 Executive services fees $7,582,634 $5,689,152 $3,203,195 Included in (Gain) / loss from sale of assets Vessel sale & purchase commissions $- $745,000 $- Superintendent fees $- $- $17,079 Included in Loss from contract cancellation (Hull 656) Technical management and superintendent fees $444,421 $- $- The following amounts charged by Allseas were capitalized and are included in vessels cost and advances for vessels under construction in the accompanying 2014 consolidated balance sheet: technical management and superintendent fees relating to newbuilding vessels (refer to 5-Newbuilding Supervision Agreement), and vessel purchase commissions, which in the aggregate amounted to $3,804,918. During the year ended December 31, 2015, Allseas charged technical management and superintendent fees relating to newbuilding vessels of $1,845,161, which were capitalized and are included in advances for vessels under construction in the accompanying 2015 consolidated balance sheet. 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 2015, Allseas is no longer providing chartering and sale and purchase services, and as such the fees related to these services have been terminated. More specifically, the commissions representing the 1.25% of the gross freight, demurrage and charter hire collected from the employment of the vessels (“Charter Hire Commission”), and the 1.00% of the price of any vessel bought, constructed or sold on behalf of the Company, calculated in accordance with the relevant memorandum of agreement (“Vessel Commission”) are no longer payable to Allseas. (1) Ship-Owning Company Management Agreements (i) Management Services (ii) Pre-Delivery Services - (iii) Superintendent Services (2) Accounting Agreement (3) Tripartite Agreement between the Company, Allseas and Loretto Finance Inc. In connection with the at-the-market offering of up to $4,000,000 of Class A common shares discussed in Note 11, effective December 18, 2015, 190 Class A common shares were granted to Loretto. The fair value of such shares based on the average of the high-low trading price of the shares on December 18, 2015 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, 2015. (4) Administrative Service Agreement - (5) Newbuildings Supervision Agreement (6) Compensation Agreement (7) Executive Services Agreement Each month, the Company funds a payment to Allseas to cover working capital needs equal to one month of estimated operating expenses. At each balance sheet date, the excess of the amount funded to Allseas over payments made by Allseas for operating expenses is reflected as Due from related parties. As of December 31, 2014, and 2015, $843,510 and $220,568, respectively, was due from Allseas. (b) Seacommercial: Charter hire commissions charged by Seacommercial for the year ended December 31, 2015, amounted to $437,817 and are included in Commissions in the 2015 consolidated statement of comprehensive loss. In the third quarter of 2015, following the sale of all of the issued and registered shares of the vessel-owning subsidiaries of the M/V Dream Seas, M/V Gentle Seas, M/V Peaceful Seas and M/V Friendly Seas to an entity controlled by Mr. Michael Bodouroglou as discussed above, the Company proceeded with the payment of 1.00% Vessel Commission, or $632,000, to Seacommercial, which is included in Loss related to vessels held for sale in the 2015 consolidated statement of comprehensive loss. In addition, an amount of $143,050 relating to 1.00% Vessel Commission on the sale of vessels M/V Pearl Seas, M/V Kind Seas, M/V Calm Seas and M/V Deep Seas is included in Loss related to vessels held for sale and paid to Seacommercial in January 2016 following the delivery of vessels to their new owners. In December 2015, following the sale of the M/V Sapphire Seas and the M/V Diamond Seas discussed in Note 6, the Company proceeded with the payment of a 1.00% Vessel Commission, or $70,000, to Seacommercial, which is included in (Gain) / loss from sale of assets. As of December 31, 2015, the amount due to Seacommercial was $12,104. (c) Granitis Glyfada Real Estate Ltd. ("Granitis") - Leasing: (d) Crewcare Inc. (“Crewcare”): (1) Manning Agency Agreements (2) Cadetship Program Agreements The balances due to Crewcare amounted to $166,354 and $1,247,676 as of December 31, 2014 and 2015, respectively. (e) Box Ships Inc.: On May 27, 2011, the Company granted Box Ships an unsecured loan of $30,000,000. 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 year ended December 31, 2013, interest charged on the respective loan amounted to $439,326.

Advances for Vessels under Cons

Advances for Vessels under Construction	12 Months Ended
	Dec. 31, 2015
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. 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 in 2015. The Company has agreed with Jiangsu Yangzijiang Shipbuilding Co., or Yangzijiang, to extend the deliveries of its three Kamsarmax newbuilding drybulk carriers (Hull numbers YZJ1144, YZJ1145 and YZJ1142), to the third and fourth quarter of 2016, subject to certain conditions, at no extra cost to the Company. In addition, the Company did not take delivery of the Ultramax newbuilding drybulk carrier with Hull number DY4050 from Yangzhou Dayang Shipbuilding Co. Ltd., or Dayang, that was scheduled to be delivered in the fourth quarter of 2015. Furthermore, the Company sent to Dayang notices for the cancellation of the Ultramax newbuilding drybulk carrier with Hull number DY4052 that was scheduled to be delivered at the end of December 2015. Dayang rejected such cancellation notices and the case is currently under arbitration proceedings in London. Based on the Company's cash flow projections and taking into consideration the cancellation of the undrawn portion of the syndicated loan facility led by Nordea Bank Finland Plc for an amount of up to $78,000,000 relating to the Company's newbuilding contracts as discussed in Note 8, cash on hand and cash provided by operating activities will not be sufficient to cover the capital expenditures relating to the Company's newbuilding contracts that become due in 2016. The Company assessed as probable the potential sale of the three remaining newbuilding contracts and following the cancellation of the financing for the Ultramax newbuildings, an aggregate impairment loss of $43,878,294 was recorded and is included in Impairment loss in the 2015 accompanying consolidated statement of comprehensive loss (refer to Note 10).

Vessels, Net _ Vessels Held for

Vessels, Net / Vessels Held for Sale / Other Fixed Assets, Net	12 Months Ended
	Dec. 31, 2015
Vessels Net [Abstract]
Vessels, Net / Vessels Held for Sale / Other Fixed Assets, Net	6. Vessels, Net / Vessels Held for Sale / Other Fixed Assets, Net Vessel Accumulated Net Book Cost Depreciation Value Balance January 1, 2014 $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 Depreciation for the period (16,687,357) (16,687,357) Disposals (165,075,995) 21,991,963 (143,084,032) Transfer to Vessels Held for Sale (147,153,000) 64,287,231 (82,865,769) Impairment loss (71,087,353) 18,619,723 (52,467,630) Balance December 31, 2015 $73,928,185 $- $73,928,185 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, 2015. On June 25, 2015, a special committee consisting of the Company's five independent directors (“Special Committee”) was assigned to investigate the block sale of four vessels of the Company's operating fleet, the M/V Dream Seas, the M/V Gentle Seas, the M/V Peaceful Seas and the M/V Friendly Seas, for the purpose of improving the Company's liquidity. The Special Committee determined it was in the best interest of the Company and its shareholders to sell the vessel-owning subsidiaries of these vessels to an entity controlled by Mr. Michael Bodouroglou, the Company's Chairman, President, Chief Executive Officer and Interim Chief Financial Officer. In July 2015, the Special Committee and Mr. Bodouroglou agreed to the sale of all of the issued and registered shares of the respective vessel-owning subsidiaries (“Sale Transaction”). The Sale Transaction was based on a mutually agreed value of $63,200,000 for the four vessels transferred, net of a commission of 1.00% over such value, paid to Seacommercial. The sale and transfer of the respective vessel-owning subsidiaries were concluded on July 27, 2015 (“Sale Transaction Date”). The Sale Transaction did not include the transfer of any current assets and current liabilities existing prior to the Sale Transaction Date, apart from lubricant inventories, directly related to the transfer of the vessels and cash received in advance relating to revenue generated subsequent to the Sale Transaction Date. As of June 30, 2015, the Company assessed that all the held for sale criteria were met for the assets and liabilities associated with the Sale Transaction. As of June 30, 2015, the Company reviewed the carrying amount in connection with the fair market value less cost to sell of the M/V Dream Seas, the M/V Gentle Seas, the M/V Peaceful Seas and the M/V Friendly Seas. The review indicated that such carrying amounts were in excess of the fair value less cost to sell such vessels. Therefore, a loss of $47,639,830 and $19,772 was recorded and is included in Loss related to vessels held for sale and Loss from sale of assets, respectively, in the 2015 accompanying consolidated statement of comprehensive loss. The Company accounted for the Sale Transaction as sale of assets. In connection with the settlement agreement with Commerzbank AG dated December 8, 2015 discussed in Note 8, on November 9, 2015, the Company entered into memoranda of agreement, as further supplemented and amended, for the sale of three vessels of its operating fleet, the M/V Sapphire Seas, the M/V Diamond Seas and the M/V Pearl Seas, to an unrelated third party. The M/V Sapphire Seas and the M/V Diamond Seas were delivered to their new owners in December 2015, and a loss of $26,513,082 was incurred and is included in Loss from sale of assets in the 2015 accompanying consolidated statement of comprehensive loss. The M/V Pearl Seas was delivered to her new owners in January 2016. In connection with the settlement agreement with Bank of Ireland dated January 7, 2016 discussed in Note 8, on December 1, 2015, the Company entered into a memorandum of agreement for the sale of the M/V Kind Seas to an unrelated third party. The M/V Kind Seas was delivered to her new owners in January 2016. On December 23 and December 30, 2015, the Company entered into memoranda of agreement for the sale of the M/V Deep Seas and M/V Calm Seas, respectively, to an unrelated third party. Both vessels were delivered to their new owners in January 2016. As of December 31, 2015, the Company assessed that all the held for sale criteria were met for the M/V Pearl Seas, M/V Kind Seas, M/V Deep Seas and M/V Calm Seas and reviewed the carrying amount in connection with their fair market value less cost to sell. The review indicated that such carrying amounts were in excess of the fair value less cost to sell such vessels. Therefore, a loss of $69,125,569 was recorded and is included in Loss related to vessels held for sale in the 2015 accompanying consolidated statement of comprehensive loss. Furthermore, liabilities associated with the vessels held for sale are separately presented under Liabilities associated with vessels held for sale in the 2015 accompanying consolidated balance sheet. The major class of liabilities classified as associated with assets held for sale, consist of their respective long-term debt, net of unamortized financing costs with a carrying amount of $47,587,119 (refer to Note 8). In connection with the settlement agreement with Nordea Bank Finland Plc dated March 9, 2016 discussed in Note 8, on March 17, 2016, the Company entered into memoranda of agreement, for the sale of the remaining six vessels of its operating fleet, the M/V Coral Seas, the M/V Golden Seas, the M/V Prosperous Seas, the M/V Priceless Seas, the M/V Proud Seas and the M/V Precious Seas, to an unrelated third party. As of December 31, 2015, the Company reviewed the carrying amount in connection with the sale price of the vessels and a loss of $52,467,630 was recorded and is included in Impairment loss in the 2015 accompanying consolidated statement of comprehensive loss. The vessels were delivered to their new owners in March, April and May 2016. Due to the sale of vessels, discussed above, other fixed assets of $23,144, $297,727 and $127,661 were written-off and are included in Loss related to vessels held for sale, Impairment loss and Loss from sale of assets, respectively, in the 2015 accompanying consolidated statement of comprehensive loss.

Investment in Affiliate

Investment in Affiliate	12 Months Ended
	Dec. 31, 2015
Investment in Affiliate [Abstract]
Investment in Affiliate	7. Investment in Affiliate The following table is a reconciliation of the Company's investment in affiliate as presented on the accompanying consolidated balance sheets: Balance January 1, 2014 $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 Equity in net income of affiliate 173,002 Net proceeds from sale of investment in affiliate (2,936,196) Loss on investment in affiliate, excluding transfer of equity in other comprehensive loss of affiliate to losses (193,056 ) Balance December 31, 2015 $- As of December 31, 2014, the Company held 3,437,500 shares or 11.0% of Box Ships' common stock. In the second quarter of 2015, the Company proceeded with the sale of the total 3,437,500 shares of Box Ships at an average sale price of $0.8542 per share. The net proceeds from the sale of such shares amounted to $2,936,196. A loss on investment in affiliate of $206,835, which consists of the difference between the fair value, as determined by the sale proceeds, and the book value of the shares of Box Ships of $193,056, as well as the previously recognized other comprehensive loss of affiliate of $13,779, was recorded and is included in the 2015 accompanying consolidated statement of comprehensive loss. Summarized financial information in respect of Box Ships Inc. is set out below: INCOME STATEMENT DATA Year ended December 31, 2014 Net revenue $49,864,674 Operating income 1,966,947 Net income $2,623,515 BALANCE SHEET DATA As of December 31, 2014 Total current assets $22,011,255 Total non-current assets 375,837,950 Total assets 397,849,205 Total current liabilities 140,886,944 Total long-term liabilities $282,375

Long-Term Debt

Long-Term Debt	12 Months Ended
	Dec. 31, 2015
Long-Term Debt [Abstract]
Long-Term Debt	8. Long-Term Debt The table below presents a breakdown of the Company's long-term debt as of December 31, 2014 and 2015: 2014 2015 (a) Commerzbank AG (August 12, 2011) $43,375,000 $25,912,500 (b) Unicredit Bank AG (November 19, 2007) 14,606,500 13,885,750 (c) Bank of Ireland (March 30, 2009) 8,350,000 7,825,000 (d) HSH Nordbank AG (April 4, 2014) 46,713,600 - (e) HSBC Bank Plc (July 2, 2010) 14,460,000 - (f) Nordea Bank Finland Plc (May 6, 2014) 78,273,638 73,928,185 (g) Senior unsecured notes due 2021 25,000,000 25,000,000 Total $230,778,738 $146,551,435 Less: related deferred financing costs 4,360,951 1,877,534 Total debt, net of deferred financing costs $226,417,787 $144,673,901 Disclosed as follows in the Consolidated Balance Sheets Liabilities associated with vessels held for sale $- $47,587,119 Current portion of long-term debt $19,991,791 $97,086,782 Long-term debt 206,425,996 - Total $226,417,787 $144,673,901 As of December 31, 2015, the minimum annual principal payments for the outstanding debt required to be made after the balance sheet date, taking into consideration the settlement agreements discussed below, are as follows: To December 31, 2016 $121,551,435 2017 - 2018 - 2019 - 2020 - Thereafter 25,000,000 Total $146,551,435 (a) Commerzbank AG (August 12, 2011): (b) Unicredit Bank AG (November 19, 2007): (c) Bank of Ireland (March 30, 2009): (d) HSH Nordbank AG (April 4, 2014): (e) HSBC Bank Plc (July 2, 2010): (f) Nordea Bank Finland Plc (May 6, 2014): On May 29, 2015, the syndicate led by Nordea Bank Finland Plc agreed to reduce the threshold of the security cover ratio covenant from 135% to 110%, effective from January 1, 2015 until March 31, 2015. The syndicate also agreed that any breach of the financial covenants contained in the respective facility for the test period ending March 31, 2015, shall not be deemed as an event of default. In addition, on July 31, 2015, the Company entered into a loan supplemental agreement and agreed, subject to certain conditions, to amended terms with the syndicate led by Nordea Bank Finland Plc, including the deferral of one and a portion of two of its scheduled quarterly installments due in the third quarter of 2015 through the first quarter of 2016. The deferred amounts would be settled along with the balloon installment. The Company also agreed to cancel the available borrowing capacity of up to $78,000,000 with respect to the undrawn portion of the facility for the partial financing of its outstanding newbuilding contracts. In addition, effective from April 1, 2015 until March 31, 2016, the syndicate agreed to waive the application of the ratio of market value adjusted shareholders' equity to the market value adjusted total assets, to amend the definition of the minimum working capital requirement to include only the trade working capital, to amend the definition of the minimum liquidity requirement to be equal to or greater than $250,000 per vessel owned, and to reduce the threshold of the security cover ratio covenant from 135% to 105%. On March 9, 2016, the Company entered into a settlement agreement with Nordea Bank Finland Plc for the full and final settlement of the then outstanding principal amount of the respective facility of $73,928,185. According to the agreement, the facility was settled with the total net proceeds from the sale of the mortgaged vessels, namely the M/V Coral Seas, the M/V Golden Seas, the M/V Prosperous Seas, the M/V Precious Seas, the M/V Priceless Seas and the M/V Proud Seas in line with the memoranda of agreement dated March 17, 2016, as discussed in Note 6. This resulted in a gain from debt extinguishment of approximately $680,000 relating to unpaid and accrued interest, which will be recognized in the first and second quarter of 2016. In addition, in accordance with the terms of the settlement agreement, the Company received $3,850,000, as well as a further amount of $2,000 per vessel per day for the period from March 1, 2016 until each vessel's delivery date to her new owners for settlement of vessels' operating expenses. (g) Senior unsecured notes due 2021: 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. As of December 31, 2015, the Company was not in compliance with the covenants described above. In January 2016, the Company entered into an exchange agreement with an unrelated third party, whereas the Notes holder exchanged 20,000 Notes for shares of the Company's common stock. In February 2016, the Company commenced an offer to exchange all Notes for shares of its common stock (the “Exchange Offer”). As part of the Exchange Offer, holders were also required to consent to the removal of certain covenants and sections of the Notes' indenture (together with the Exchange Offer, “Exchange Offer and Consent Solicitation”). The Exchange Offer and Consent Solicitation expired in March 2016. On March 18, 2016, 184,721 Notes or approximately 18.8% of the outstanding Notes were delivered and not validly withdrawn from the Exchange Offer. In April 2016, the Company entered into an exchange agreement with an unrelated third party, whereas the Notes holder exchanged 50,000 Notes for shares of the Company's common stock. In relation to the issued and outstanding Notes, the Company did not proceed with the interest payment of $523,438, which was originally due on February 15, 2016, due to lack of liquidity. Pursuant to the Notes indenture, the Company was under a 30-day grace period to make such payment that expired on March 17, 2016. The Company was still lacking the liquidity to make the interest payment upon the expiration of the said grace period. Based on the Company's cash flow projections for 2016, cash on hand and cash provided by operating activities will not be sufficient to cover scheduled interest payments relating to its Notes due in 2016. The Company is exploring several alternatives aiming to manage its working capital requirements and other commitments. Other Information: The interest cost charged for the years ended December 31, 2013, 2014 and 2015 amounted to $6,129,911, $7,451,854 and $8,039,677, respectively. The capitalized interest for the years ended December 31, 2013, 2014 and 2015 amounted to $786,263, $1,618,836 and $1,704,937, respectively. The weighted average interest rate for the years ended December 31, 2013, 2014 and 2015 was 3.21%, 3.53% and 4.07%, respectively.

Interest Rate Swaps

Interest Rate Swaps	12 Months Ended
	Dec. 31, 2015
Interest Rate Swaps [Abstract]
Interest Rate Swaps	9. Interest Rate Swaps The Company entered 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, 2014 and 2015, the Company's outstanding interest rate swaps had a combined notional amount of $56,208,157 and $10,840,781, respectively. Details of the interest rate swap agreements which were effective during 2014 and 2015 are outlined below: Interest rate swaps - Not qualified for hedge accounting: Counterparty Effective date Termination date Notional amount As of December 31, 2014 Notional amount As of December 31, 2015 Fixed rate Floating rate Unicredit Bank AG (1) August 27, 2010 August 27, 2015 $25,500,000 $- 2.465% 3-month LIBOR HSBC Bank Plc (2) April 10, 2012 April 10, 2017 $4,560,000 $- 1.485% 3-month LIBOR HSH Nordbank AG (3) May 8, 2012 May 5, 2017 $9,562,500 $- 1.220% 3-month LIBOR Nordea Bank Finland Plc (4) May 4, 2012 March 31, 2017 $5,918,792 $5,435,625 1.140% 3-month LIBOR Nordea Bank Finland Plc (5) June 18, 2012 May 4, 2017 $5,885,615 $5,405,156 1.010% 3-month LIBOR HSH Nordbank AG (6) August 6, 2012 May 5, 2017 $4,781,250 $- 0.980% 3-month LIBOR TOTAL $56,208,157 $10,840,781 (1) (2) (3) (4) (5) (6) As of December 31, 2014 and 2015, the Company had no interest rate swaps qualified for hedge accounting. Following the extinguishment of the loan facilities with HSH Nordbank AG and HSBC Bank Plc as discussed in Note 8, in July 2015, the Company also proceeded with the cancellation of the respective swap agreements. The cancellation of these swap agreements resulted in an aggregate loss of $155,300, which is included in Loss on derivatives, net, in the 2015 accompanying consolidated statement of comprehensive loss. Following the settlement agreement with Nordea Bank Finland Plc, in March 2016, the respective interest rate swaps were cancelled.

Financial Instruments and Fair

Financial Instruments and Fair Value Disclosures	12 Months Ended
	Dec. 31, 2015
Financial Instruments and Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Disclosures	10. Financial Instruments and Fair Value Disclosures The principal financial assets of the Company consist of restricted cash and trade receivables. 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: (b) Concentration of credit risk: (c) Fair value: The Company's Notes trade on NASDAQ Global Market under the symbol “PRGNL” and therefore are considered Level 1 items in accordance with the fair value hierarchy. As of December 31, 2015, the fair value of the Company's Notes based on their quoted close price of $4.35 per Note was $4,350,000 in the aggregate. 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 December 31, 2014 December 31, 2015 Balance Sheet Location Fair Value Fair Value 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 589,896 18,700 Interest rate swaps Long-Term Liabilities - Interest rate swaps 17,369 - Total derivatives $540,790 $18,700 Effect of Derivative Instruments designated as hedging instruments Loss Recognized in Accumulated Other Comprehensive Loss - Effective Portion Year Ended December 31, 2014 2015 Interest rate swaps $131,238 $- Total $131,238 $- Location of Loss Transferred from Accumulated Other Comprehensive Loss in Statements of Comprehensive Loss - Effective Portion Year Ended December 31, 2014 2015 Interest rate swaps - Realized Loss Interest and finance costs $(98,656) $- Total $(98,656) $- There was no ineffective portion of the gain / (loss) on the hedging instruments for the years ended December 31, 2014 and 2015. No hedge accounting was applicable for the year ended December 31, 2015. Effect of Derivative Instruments not designated as hedging instruments Year Ended December 31, Location of Gain / (Loss) Recognized 2014 2015 Interest rate swaps - Fair value Loss on derivatives, net $504,602 $522,090 Interest rate swaps - Realized Loss Loss on derivatives, net (892,342 ) (735,097) Net loss on derivatives $(387,740) $(213,007) Financial Instruments and Assets that are measured at fair value on a recurring basis Interest rate swaps The fair value of the Company's interest rate swap agreements (refer to Note 9) is determined using a discounted cash flow approach based on market-based LIBOR swap yield rates. LIBOR swap rates are observable at commonly quoted intervals for the full terms of the swaps and therefore are considered Level 2 items in accordance with the fair value hierarchy. The following table summarizes the valuation of the Company's interest rate swaps as of December 31, 2014 and 2015: Financial Instruments Significant Other Observable Inputs (Level 2) December 31, 2014 December 31, 2015 Interest rate swaps - asset $(66,475) $- Interest rate swaps - liability 607,265 18,700 Total $540,790 $18,700 Marketable securities - shares of Korea Line Corporation (“KLC”): As of December 31, 2014, the Company held 44,550 KLC shares. The fair value of the KLC shares was based on quoted prices of KLC share of stock (Korea SE: KS) and was considered to be determined through Level 1 inputs of the fair value hierarchy. During the second quarter of 2015, the Company sold the total of 44,550 KLC shares at an average sale price of $21.68 per share. The total cash received from the sale of these shares amounted to $958,215, net of commissions. A loss from marketable securities, net, of $134,529 was recorded and is included in the 2015 accompanying consolidated statement of comprehensive loss. Financial Instruments and Assets that are measured at fair value on a non-recurring basis Advances for vessels under construction: During the year ended December 31, 2015, in accordance with the accounting guidance relating to long-lived assets held and used, the Company recognized an impairment loss on the advances for vessels under construction relating to the five newbuilding vessels with Hull numbers DY4050, DY4052, YZJ1144, YZJ1145 and YZJ1142 as discussed in Note 5. Details for the impairment charge on the advances for vessels under construction are noted in the table below: Significant Other Observable Inputs (Level 2) Loss Advances for vessels under construction $10,845,000 $43,878,294 The fair value is based on the Company's best estimate of the value of the vessels on a time charter free basis, and is supported by the reported resale prices of an independent shipbroker as of December 31, 2015, which are mainly based on recent sales and purchase transactions of similar vessels. Vessels, net: As of December 31, 2015, the Company reviewed the carrying amount in connection with the estimated recoverable amount for the remaining six vessels. Due to the sale of vessels in 2016, the review indicated that such carrying amount was not recoverable and was written down to $73,928,185 and an impairment charge of $52,467,630 was recorded and is included in Impairment loss in the 2015 accompanying consolidated statement of comprehensive loss. The fair value of the vessels was based on the memoranda of agreement, discussed in Note 6, and was considered to be determined through Level 2 inputs of the fair value hierarchy. Vessels, held for sale: As of December 31, 2015, the Company reviewed the carrying amount in connection with the estimated recoverable amount for the vessels classified as held for sale. Due to the sale of vessels in 2016, the review indicated that such carrying amount was not recoverable and was written down to $13,740,200 and a loss of $69,125,569 was recorded and is included in Loss related to vessels held for sale in the 2015 accompanying consolidated statement of comprehensive loss. The fair value of the vessels was based on the memoranda of agreement, discussed in Note 6, and was considered to be determined through Level 2 inputs of the fair value hierarchy. As of December 31, 2014 and 2015, 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, 2015
Capital Structure [Abstract]
Capital Structure	11. Capital Structure (a) Common Stock: Under the amended and restated articles of incorporation, the Company's authorized common stock consists of 755,000,000 shares of common stock, par value $0.001 per share, divided into 750,000,000 Class A common shares and 5,000,000 Class B common shares. Each holder of Class A common shares is entitled to one vote on all matters submitted to a vote of shareholders. Subject to preferences that may be applicable to any outstanding shares of preferred stock, holders of Class A common shares are entitled to receive ratably all dividends, if any, declared by the Company's Board of Directors out of funds legally available for dividends. Upon dissolution, liquidation or sale of all or substantially all of the Company's assets, after payment in full of all amounts required to be paid to creditors and to the holders of preferred stock having liquidation preferences, if any, Class A common 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. Effective February 15, 2013, 2,580 Class A common shares, representing the 2.0% of the 128,999 newly-issued Class A common shares sold to Innovation Holdings in December 2012, an entity beneficially owned by Mr. Michael Bodouroglou, the Company's Chairman, President, Chief Executive Officer and Interim Chief Financial Officer, 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 157,895 of its Class A common shares at $218.50 per share, including the full exercise of the over-allotment option granted to the underwriters to purchase up to 20,595 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 and general corporate purposes. In connection with the offering, effective September 27, 2013, 3,158 Class A common shares, representing the 2.0% of the 157,895 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 178,553 of its Class A common shares at $237.50 per share, including the full exercise of the over-allotment option granted to the underwriters to purchase up to 23,290 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, 3,571 Class A common shares, representing the 2.0% of the 178,553 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. Pursuant to the share buyback program, as of December 31, 2014, the Company had purchased and cancelled 790 of its common shares at an average price of $215.92 per share. Following the expiration of the twelve-month period, on May 12, 2015, the share buyback program was ended. On September 4, 2015, the Company entered into an equity distribution agreement with Maxim Group LLC for the offer and sale of up to $4,000,000 of its Class A common shares. The Company may offer and sell the shares from time to time and at its discretion during the next twelve months. The net proceeds of this offering are expected to be used for general corporate purposes, which may include the payment of a portion of the outstanding contractual cost of the Company's existing newbuilding vessels, and the repayment of debt. Under this offering, the Company proceeded with the sale and issuance of 9,461 Class A common shares. In connection with this offering, effective December 18, 2015, 190 Class A common shares were granted to Loretto. The fair value of such shares based on the average of the high-low trading price of the shares on December 18, 2015, was $755, 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, 2015. As of December 31, 2014 and 2015, the Company had a total of 652,873 and 664,458 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, 2014 and 2015.

Share Based Payments - Equity i

Share Based Payments - Equity incentive plan - Non-vested share awards	12 Months Ended
	Dec. 31, 2015
Share Based Payments - Equity incentive plan - Non-vested share awards [Abstract]
Share Based Payments - Equity incentive plan - Non-vested share awards	12. Share Based Payments 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, 2014 and 2015, there were 2,800 options with an exercise price of $4,560 outstanding and exercisable, which vested in 2010. Their weighted average remaining contractual life was 0.89 years as of December 31, 2015. There were no unvested share options as of December 31, 2014 and 2015. (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, 2015, 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 November 26, 2013 December 31, 2015 5,264 $196.27 - 5,264 - November 26, 2013 December 31, 2015 316 $196.27 - 316 - December 19, 2013 December 31, 2015 422 $242.44 - 422 - January 31, 2014 December 31, 2015 841 $253.46 196 645 - TOTAL 6,843 196 6,647 - 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 December 10, 2014 December 31, 2016 5,264 $92.72 - 2,632 2,632 December 10, 2014 December 31, 2016 527 $92.72 - 264 264 February 26, 2015 December 31, 2016 1,842 $70.87 577 632 632 March 17, 2015 December 31, 2016 790 $49.78 - 395 395 TOTAL 8,423 577 3,923 3,923 A summary of the activity for non-vested share awards for the year ended December 31, 2015 is as follows: Number Weighted Non-vested, December 31, 2014 9,172 $157.70 Granted 2,632 64.60 Cancelled (698 )101.84 Vested (7,183 )139.08 Non-vested, December 31, 2015 3,923 $84.74 The remaining unrecognized compensation cost amounting to $321,826 as of December 31, 2015, is expected to be recognized over the remaining weighted average period of 1.0 year, according to the contractual terms of those non-vested share awards. Share based compensation amounted to $805,469, $986,416 and $966,915 for the years ended December 31, 2013, 2014 and 2015, respectively and is included in general and administrative expenses.

Gain from Vessel Early Redelive

Gain from Vessel Early Redelivery and Other (Income) / Expenses	12 Months Ended
	Dec. 31, 2015
Gain from Vessel Early Redelivery and Other (Income) / Expenses [Abstract]
Gain from Vessel Early Redelivery and Other (Income) / Expenses	13. 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 $2,267,818 in 2013. 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 2014 and 2015, the Company recognized a charge of $250,283 and $246,022, in relation to a special contribution. 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.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Taxes [Abstract]
Income Taxes	14. Income Taxes The Company and its subsidiaries are incorporated either in the Marshall Islands or Liberia and under the laws of the Marshall Islands and Liberia, are not subject to income taxes. The Company is also subject to United States federal income taxation in respect of income that is derived from the international operation of ships and the performance of services directly related thereto ("Shipping Income"), unless exempt from United States federal income taxation. If the Company does not qualify for the exemption from tax under Section 883, it will be subject to a 4% tax on its “U.S. source shipping income,” imposed without the allowance for any deductions. For these purposes, "U.S. source shipping income" means 50% of the shipping income that will be derived by the Company that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States. For 2013, 2014 and 2015, the Company qualified for the benefits of Section 883.

Loss per Share ("LPS")

Loss per Share ("LPS")	12 Months Ended
	Dec. 31, 2015
Loss per Share ("LPS") [Abstract]
Loss per Share ("LPS")	15. Loss per Share (“LPS”) The following table sets forth the computation of basic and diluted net loss per share for the years ended December 31, 2013, 2014 and 2015: Basic LPS - Class A Common Shares The two class method LPS is calculated as follows: Years Ended December 31, Numerators 2013 2014 2015 Net loss ($16,953,032) ($51,796,181) ($268,707,322) Less: Net loss attributable to non-vested share awards 351,877 832,333 4,606,096 Net loss attributable to common shareholders ($16,601,155) ($50,963,848) ($264,101,226) Denominators Weighted average common shares outstanding, basic and diluted 332,609 613,844 644,260 Net loss per common share, basic and diluted: ($49.78) ($82.84) ($409.93) Weighted Average Shares - Basic - Weighted Average Shares - Diluted - 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 (2013 and 2014: 2,800) stock option awards, and 3,923 (2013: 8,922 and 2014: 9,172) non-vested share awards in calculating dilutive LPS for its Class A common shares as their effect was anti-dilutive.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies [Abstract]
Commitments and Contingencies	16. Commitments and Contingencies From time to time the Company expects to be subject to legal proceedings and claims in the ordinary course of business, principally personal injury and property casualty claims. Such claims, even if lacking in merit, could result in the expenditure of significant financial and managerial resources. The Company is not aware of any claim or contingent liability, which is reasonably possible and should be disclosed, other than the case with Hull DY4050 and DY4052 described below, or probable and for which a provision should be established in the accompanying financial statements. In December 2013, the Company agreed to acquire shipbuilding contracts for two Ultramax newbuilding drybulk carriers from Allseas (Hull numbers DY4050 and DY4052). The Ultramax newbuildings were under construction at Yangzhou Dayang Shipbuilding Co. Ltd., or Dayang. The acquisition cost of these two newbuildings was $28,250,000 per vessel, or $56,500,000 in the aggregate. In February 2014, the Company paid the first installment of $5,592,661 per vessel. Upon commencement of the steel cutting of each vessel in the second quarter of 2014, the Company paid the second installment of $3,884,530 per vessel. The balance of the contract price, or $18,772,809 per vessel, would be payable upon the delivery of each vessel. The Company did not take delivery of the newbuilding with Hull number DY4050 that was scheduled to be delivered in the fourth quarter of 2015. On April 28, 2016, Dayang served the Company fourteen days notice of delivery for the newbuilding with Hull number DY4050 for delivery on May 12, 2016 and as per the terms of the contract Dayang resent the fourteen days notice for vessel's delivery on May 23, 2016. The Company's current financial position does not allow the Company to take delivery of the newbuilding vessel, which constitutes an event of default, resulting in a claim of more than approximately $18,000,000 against the owning company of Hull number DY4050 in respect of the third (delivery) instalment, interest and costs. Furthermore, in January 2016, the Company sent to Dayang notices for the cancellation of the newbuilding with Hull number DY4052 that was scheduled to be delivered at the end of December 2015. Dayang rejected such cancellation notices and arbitration proceedings have been commenced in London. If the Company is not successful in the arbitration proceedings Dayang would potentially have a claim of more than approximately $18,000,000 against the owning company of Hull number DY4052 (excluding legal costs which are estimated to exceed $1,000,000). The Company is considering ways to resolve the issues relating to these newbuilding disputes. 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, 2015, based on the Euro/U.S. dollar exchange rate of €1.0000:$1.0887 as of December 31, 2015, amount to: For the year ending Amount December 31, 2016 39,914 December 31, 2017 29,935 Total $69,849 Charter Hire Future minimum charter hire receipts, based on vessels committed to non-cancelable time charter contracts (including fixture recaps) as of December 31, 2015, net of commissions are: For the year ending Amount December 31, 2016 $620,879 Total $620,879 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, 2015 are: For the year ending Amount December 31, 2016 $64,155,000 Total $64,155,000

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	17. Subsequent Events Sale of Vessels / Long-Term Debt Please refer to Notes 6 and 8 for the sale of vessels and their loan settlement. Convertible Note In January 2016, the Company entered into a securities purchase agreement with an unrelated third party, under which it authorized and issued a convertible note in the original principal amount of $500,000, which was convertible into common shares. The convertible note was entitled to interest, which was paid in common shares. As of May 9, 2016, the original principal amount was converted into 1,333,027 common shares. Senior unsecured notes due 2021 On April 28, 2016, the Company announced that it will not proceed with the interest payment of approximately $390,000, which is originally due on May 15, 2016, due to lack of liquidity.

Significant Accounting Polici25

Significant Accounting Policies (Policy)	12 Months Ended
	Dec. 31, 2015
Significant Accounting Policies [Abstract]
Principles of Consolidation:	(a) Principles of Consolidation:
Use of Estimates:	(b) Use of Estimates:
Other Comprehensive Income / (Loss):	(c) Other Comprehensive Income / (Loss):
Foreign Currency Translation:	(d) Foreign Currency Translation:
Cash and Cash Equivalents:	(e) Cash and Cash Equivalents:
Restricted Cash:	(f) Restricted Cash:
Trade receivables (net):	(g) Trade Receivables (net):
Insurance Claims:	(h) Insurance Claims:
Inventories:	(i) Inventories:
Vessel Cost:	(j) Vessel Cost:
Impairment of Long-Lived Assets:	(k) Impairment of Long-Lived Assets: 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: 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:
Investments in Affiliate:	(n) Investments in Affiliate:
Dry-docking and Special Survey Costs:	(o) Dry-docking and Special Survey Costs:
Financing Costs	(p) Financing Costs: Interest - Imputation of Interest
Debt restructurings	(q) Debt restructurings:
Pension and Retirement Benefit Obligations - Crew:	(r) Pension and Retirement Benefit Obligations—Crew:
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: Revenue / Voyage charters: Commissions: Voyage Expenses: Vessel Operating Expenses:
Share based Compensation:	(t) Share based Compensation:
Segment Reporting:	(u) Segment Reporting:
Derivatives:	(v) Derivatives: 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: 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):
Subsequent Events:	(y) Subsequent Events:
Recent Accounting Pronouncements:	(z) Recent Accounting Pronouncements: Revenue from Contracts with Customers: Revenue From Contracts With Customers Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net) Going Concern: Consolidation: Inventories Simplifying the Measurement of Inventory Leases: Leases Share based compensation Compensation — Stock Compensation: Improvements to Employee Share-Based Payment Accounting

Basis of Presentation and Gen26

Basis of Presentation and General Information (Tables)	12 Months Ended
	Dec. 31, 2015
Basis of Presentation and General Information [Abstract]
Vessel Owning Subsidiaries	Vessel Owning Company Date of Incorporation Country of Incorporation Vessel's Name Delivery Date Built DWT Trade Force Shipping S.A. November 15, 2006 Marshall Islands Deep Seas December 2006 1999 72,891 Frontline Marine Company November 15, 2006 Marshall Islands Calm Seas December 2006 1999 74,047 Fairplay Maritime Ltd. November 15, 2006 Marshall Islands Kind Seas December 2006 1999 72,493 Donna Marine Co. July 4, 2007 Marshall Islands Pearl Seas August 2007 2006 74,483 Imperator I Maritime Company September 27, 2007 Marshall Islands Coral Seas November 2007 2006 74,477 Canyon I Navigation Corp. September 27, 2007 Marshall Islands Golden Seas December 2007 2006 74,475 Coral Ventures Inc. August 5, 2009 Liberia Prosperous Seas May 2012 2012 37,293 Winselet Shipping And Trading Co. Ltd. April 6, 2010 Liberia Precious Seas June 2012 2012 37,205 Aminta International S.A. May 5, 2010 Liberia Priceless Seas January 2013 2013 37,202 Adonia Enterprises S.A. May 5, 2010 Liberia Proud Seas January 2014 2014 37,227 (1) In July 2015, the vessel owning subsidiaries Paloma Marine S.A., Eris Shipping S.A., Alcyone International Marine Inc. and Neptune International Shipping & Trading S.A., owning companies of vessels Friendly Seas, Dream Seas, Gentle Seas and Peaceful Seas, respectively, were sold and transferred to an entity controlled by Mr. Michael Bodouroglou, as discussed in Note 6
Vessel Under Construction Owning Subsidiaries	Vessel Owning Company Date of Incorporation Country of Incorporation Hull Number Type Expected Delivery DWT Amphitrite Shipping Inc. June 17, 2013 Liberia DY4050 (1) Drybulk Carrier - 63,500 Mirabel International Maritime Co. June 17, 2013 Liberia DY4052 (1) Drybulk Carrier - 63,500 Dolphin Sunrise Limited February 25, 2014 Marshall Islands YZJ1144 (1) Drybulk Carrier 2016 81,800 Nautilus Investment Limited February 25, 2014 Marshall Islands YZJ1145 (1) Drybulk Carrier 2016 81,800 Oceanus Investments Limited February 25, 2014 Marshall Islands YZJ1142 (1) Drybulk Carrier 2016 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. November 15, 2006 Marshall Islands Explorer Shipholding Limited November 15, 2006 Marshall Islands Epic Investments Inc. December 21, 2006 Marshall Islands Opera Navigation Co. (1) December 21, 2006 Marshall Islands Ovation Services Inc. (1) September 16, 2009 Marshall Islands Irises Shipping Ltd. (1) October 6, 2009 Marshall Islands Letitia Shipping Limited (1) May 4, 2010 Marshall Islands Nereus Navigation Ltd. (1) May 4, 2010 Marshall Islands Ardelia Navigation Limited (1) June 15, 2010 Liberia Eridanus Trading Co. (1) July 1, 2010 Liberia Delfis Shipping Company S.A. (1) February 7, 2011 Liberia Protea International Inc. (2) July 17, 2007 Liberia Reading Navigation Co. (2) July 17, 2007 Liberia (1) In March and April 2015, the Company proceeded with the dissolution of the respective subsidiaries since they were no longer active (2) Companies previously owning vessels M/V Sapphire Seas and M/V Diamond Seas, which were sold in December 2015
Major Charterers	Charterer Percentage of charter revenue 2013 2014 2015 Glencore Grain B.V. - - 24.0% Intermare Transport GmbH 13.4% - - Cargill International S.A. 33.6% 11.6% - Total 47.0% 11.6% 24.0%

Transactions with Related Par27

Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2015
Transactions with Related Parties [Abstract]
Related Party Transactions	2013 2014 2015 Included in Commissions Charter hire commissions $750,533 $708,153 $- Included in Vessel operating expenses Superintendent fees $399,626 $481,200 $580,119 Included in Dry-docking expenses Superintendent fees $109,248 $123,840 $71,057 Management fees - related party Management fees $4,104,271 $4,628,813 $4,139,724 Financial accounting and reporting services 720,361 $757,442 $700,012 Loretto agreement 1,049,784 $880,015 $755 Total Management fees $5,874,416 $6,266,270 $4,840,491 Included in General and administrative expenses Administrative fees $38,598 $37,746 $32,843 Executive services fees $7,582,634 $5,689,152 $3,203,195 Included in (Gain) / loss from sale of assets Vessel sale & purchase commissions $- $745,000 $- Superintendent fees $- $- $17,079 Included in Loss from contract cancellation (Hull 656) Technical management and superintendent fees $444,421 $- $-

Vessels, Net _ Vessels Held f28

Vessels, Net / Vessels Held for Sale / Other Fixed Assets, Net (Tables)	12 Months Ended
	Dec. 31, 2015
Vessels Net [Abstract]
Vessels, Net	Vessel Accumulated Net Book Cost Depreciation Value Balance January 1, 2014 $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 Depreciation for the period (16,687,357) (16,687,357) Disposals (165,075,995) 21,991,963 (143,084,032) Transfer to Vessels Held for Sale (147,153,000) 64,287,231 (82,865,769) Impairment loss (71,087,353) 18,619,723 (52,467,630) Balance December 31, 2015 $73,928,185 $- $73,928,185

Investment in Affiliate (Tables

Investment in Affiliate (Tables)	12 Months Ended
	Dec. 31, 2015
Investment in Affiliate [Abstract]
Investment in Affiliate	Balance January 1, 2014 $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 Equity in net income of affiliate 173,002 Net proceeds from sale of investment in affiliate (2,936,196) Loss on investment in affiliate, excluding transfer of equity in other comprehensive loss of affiliate to losses (193,056 ) Balance December 31, 2015 $-
Summarized Income Statement Data in respect of Box Ships	INCOME STATEMENT DATA Year ended December 31, 2014 Net revenue $49,864,674 Operating income 1,966,947 Net income $2,623,515
Summarized Balance Sheet Data in respect of Box Ships	BALANCE SHEET DATA As of December 31, 2014 Total current assets $22,011,255 Total non-current assets 375,837,950 Total assets 397,849,205 Total current liabilities 140,886,944 Total long-term liabilities $282,375

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Dec. 31, 2015
Long-Term Debt [Abstract]
Debt Agreements Amounts Outstanding	2014 2015 (a) Commerzbank AG (August 12, 2011) $43,375,000 $25,912,500 (b) Unicredit Bank AG (November 19, 2007) 14,606,500 13,885,750 (c) Bank of Ireland (March 30, 2009) 8,350,000 7,825,000 (d) HSH Nordbank AG (April 4, 2014) 46,713,600 - (e) HSBC Bank Plc (July 2, 2010) 14,460,000 - (f) Nordea Bank Finland Plc (May 6, 2014) 78,273,638 73,928,185 (g) Senior unsecured notes due 2021 25,000,000 25,000,000 Total $230,778,738 $146,551,435 Less: related deferred financing costs 4,360,951 1,877,534 Total debt, net of deferred financing costs $226,417,787 $144,673,901
Schedule of Debt	Disclosed as follows in the Consolidated Balance Sheets Liabilities associated with vessels held for sale $- $47,587,119 Current portion of long-term debt $19,991,791 $97,086,782 Long-term debt 206,425,996 - Total $226,417,787 $144,673,901
Minimum Annual Principal Payments	To December 31, 2016 $121,551,435 2017 - 2018 - 2019 - 2020 - Thereafter 25,000,000 Total $146,551,435

Interest Rate Swaps (Tables)

Interest Rate Swaps (Tables)	12 Months Ended
	Dec. 31, 2015
Interest Rate Swaps [Abstract]
Interest rate swaps that did not qualify for hedge accounting	Counterparty Effective date Termination date Notional amount As of December 31, 2014 Notional amount As of December 31, 2015 Fixed rate Floating rate Unicredit Bank AG (1) August 27, 2010 August 27, 2015 $25,500,000 $- 2.465% 3-month LIBOR HSBC Bank Plc (2) April 10, 2012 April 10, 2017 $4,560,000 $- 1.485% 3-month LIBOR HSH Nordbank AG (3) May 8, 2012 May 5, 2017 $9,562,500 $- 1.220% 3-month LIBOR Nordea Bank Finland Plc (4) May 4, 2012 March 31, 2017 $5,918,792 $5,435,625 1.140% 3-month LIBOR Nordea Bank Finland Plc (5) June 18, 2012 May 4, 2017 $5,885,615 $5,405,156 1.010% 3-month LIBOR HSH Nordbank AG (6) August 6, 2012 May 5, 2017 $4,781,250 $- 0.980% 3-month LIBOR TOTAL $56,208,157 $10,840,781 (1) (2) (3) (4) (5) (6)

Financial Instruments and Fai32

Financial Instruments and Fair Value Disclosures (Tables)	12 Months Ended
	Dec. 31, 2015
Financial Instruments and Fair Value Disclosures [Abstract]
Derivative Instruments - Balance Sheet Location	December 31, 2014 December 31, 2015 Balance Sheet Location Fair Value Fair Value 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 589,896 18,700 Interest rate swaps Long-Term Liabilities - Interest rate swaps 17,369 - Total derivatives $540,790 $18,700
Effect of Derivative Instruments designated as hedging instruments (Loss Recognized in Accumulated Other Comprehensive Loss - Effective Portion)	Year Ended December 31, 2014 2015 Interest rate swaps $131,238 $- Total $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, 2014 2015 Interest rate swaps - Realized Loss Interest and finance costs $(98,656) $- Total $(98,656) $-
Effect of Derivative Instruments not designated as hedging instruments	Year Ended December 31, Location of Gain / (Loss) Recognized 2014 2015 Interest rate swaps - Fair value Loss on derivatives, net $504,602 $522,090 Interest rate swaps - Realized Loss Loss on derivatives, net (892,342 ) (735,097) Net loss on derivatives $(387,740) $(213,007)
Summary of Valuation of Interest Rate Swaps	Financial Instruments Significant Other Observable Inputs (Level 2) December 31, 2014 December 31, 2015 Interest rate swaps - asset $(66,475) $- Interest rate swaps - liability 607,265 18,700 Total $540,790 $18,700
Summary of Valuation of Advances for vessels under construction	Significant Other Observable Inputs (Level 2) Loss Advances for vessels under construction $10,845,000 $43,878,294

Share Based Payments - Equity33

Share Based Payments - Equity incentive plan - Non-vested share awards (Tables)	12 Months Ended
	Dec. 31, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested Share Awards Activity	Number Weighted Non-vested, December 31, 2014 9,172 $157.70 Granted 2,632 64.60 Cancelled (698 )101.84 Vested (7,183 )139.08 Non-vested, December 31, 2015 3,923 $84.74
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 November 26, 2013 December 31, 2015 5,264 $196.27 - 5,264 - November 26, 2013 December 31, 2015 316 $196.27 - 316 - December 19, 2013 December 31, 2015 422 $242.44 - 422 - January 31, 2014 December 31, 2015 841 $253.46 196 645 - TOTAL 6,843 196 6,647 -
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 December 10, 2014 December 31, 2016 5,264 $92.72 - 2,632 2,632 December 10, 2014 December 31, 2016 527 $92.72 - 264 264 February 26, 2015 December 31, 2016 1,842 $70.87 577 632 632 March 17, 2015 December 31, 2016 790 $49.78 - 395 395 TOTAL 8,423 577 3,923 3,923

Loss per Share ("LPS") (Tables)

Loss per Share ("LPS") (Tables)	12 Months Ended
	Dec. 31, 2015
Loss per Share ("LPS") [Abstract]
Basic and diluted LPS Class A Common Shares	Years Ended December 31, Numerators 2013 2014 2015 Net loss ($16,953,032) ($51,796,181) ($268,707,322) Less: Net loss attributable to non-vested share awards 351,877 832,333 4,606,096 Net loss attributable to common shareholders ($16,601,155) ($50,963,848) ($264,101,226) Denominators Weighted average common shares outstanding, basic and diluted 332,609 613,844 644,260 Net loss per common share, basic and diluted: ($49.78) ($82.84) ($409.93)

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies [Abstract]
Rental Expense	For the year ending Amount December 31, 2016 39,914 December 31, 2017 29,935 Total $69,849
Charter Hire	For the year ending Amount December 31, 2016 $620,879 Total $620,879
Newbuilding Commitments	For the year ending Amount December 31, 2016 $64,155,000 Total $64,155,000

Basis of Presentation and Gen36

Basis of Presentation and General Information (Table) (Details)	12 Months Ended
	Dec. 31, 2015
Property Plant And Equipment [Line Items]
Date of Incorporation	Apr. 26, 2006
Deep Seas
Property Plant And Equipment [Line Items]
Date of Incorporation	Nov. 15, 2006
Delivery Date	December 2,006
Vessel Year Built	1,999
DWT	72,891
Calm Seas
Property Plant And Equipment [Line Items]
Date of Incorporation	Nov. 15, 2006
Delivery Date	December 2,006
Vessel Year Built	1,999
DWT	74,047
Kind Seas
Property Plant And Equipment [Line Items]
Date of Incorporation	Nov. 15, 2006
Delivery Date	December 2,006
Vessel Year Built	1,999
DWT	72,493
Pearl Seas
Property Plant And Equipment [Line Items]
Date of Incorporation	Jul. 4, 2007
Delivery Date	August 2,007
Vessel Year Built	2,006
DWT	74,483
Coral Seas
Property Plant And Equipment [Line Items]
Date of Incorporation	Sep. 27, 2007
Delivery Date	November 2,007
Vessel Year Built	2,006
DWT	74,477
Golden Seas
Property Plant And Equipment [Line Items]
Date of Incorporation	Sep. 27, 2007
Delivery Date	December 2,007
Vessel Year Built	2,006
DWT	74,475
Prosperous Seas
Property Plant And Equipment [Line Items]
Date of Incorporation	Aug. 5, 2009
Delivery Date	May 2,012
Vessel Year Built	2,012
DWT	37,293
Precious Seas
Property Plant And Equipment [Line Items]
Date of Incorporation	Apr. 6, 2010
Delivery Date	June 2,012
Vessel Year Built	2,012
DWT	37,205
Priceless Seas
Property Plant And Equipment [Line Items]
Date of Incorporation	May 5, 2010
Delivery Date	January 2,013
Vessel Year Built	2,013
DWT	37,202
Proud Seas
Property Plant And Equipment [Line Items]
Date of Incorporation	May 5, 2010
Delivery Date	January 2,014
Vessel Year Built	2,014
DWT	37,227
Hull DY4050
Property Plant And Equipment [Line Items]
Date of Incorporation	Jun. 17, 2013
DWT	63,500
Hull DY4052
Property Plant And Equipment [Line Items]
Date of Incorporation	Jun. 17, 2013
DWT	63,500
Hull YZJ1144
Property Plant And Equipment [Line Items]
Date of Incorporation	Feb. 25, 2014
Expected Delivery	2,016
DWT	81,800
Hull YZJ1145
Property Plant And Equipment [Line Items]
Date of Incorporation	Feb. 25, 2014
Expected Delivery	2,016
DWT	81,800
Hull YZJ1142
Property Plant And Equipment [Line Items]
Date of Incorporation	Feb. 25, 2014
Expected Delivery	2,016
DWT	81,800

Basis of Presentation and Gen37

Basis of Presentation and General Information - Non-Vessel Owning Subsidiaries (Table) (Details)	12 Months Ended
	Dec. 31, 2015
Non-Vessel Owning Subsidiaries [Line Items]
Date of Incorporation	Apr. 26, 2006
Camelia Navigation S.A.
Non-Vessel Owning Subsidiaries [Line Items]
Date of Incorporation	Nov. 15, 2006
Explorer Shipholding Limited
Non-Vessel Owning Subsidiaries [Line Items]
Date of Incorporation	Nov. 15, 2006
Epic Investments Inc.
Non-Vessel Owning Subsidiaries [Line Items]
Date of Incorporation	Dec. 21, 2006
Opera Navigation Co.
Non-Vessel Owning Subsidiaries [Line Items]
Date of Incorporation	Dec. 21, 2006
Ovation Services Inc.
Non-Vessel Owning Subsidiaries [Line Items]
Date of Incorporation	Sep. 16, 2009
Irises Shipping Ltd.
Non-Vessel Owning Subsidiaries [Line Items]
Date of Incorporation	Oct. 6, 2009
Letitia Shipping Limited
Non-Vessel Owning Subsidiaries [Line Items]
Date of Incorporation	May 4, 2010
Nereus Navigation Ltd.
Non-Vessel Owning Subsidiaries [Line Items]
Date of Incorporation	May 4, 2010
Ardelia Navigation Limited
Non-Vessel Owning Subsidiaries [Line Items]
Date of Incorporation	Jun. 15, 2010
Eridanus Trading Co.
Non-Vessel Owning Subsidiaries [Line Items]
Date of Incorporation	Jul. 1, 2010
Delfis Shipping Company S.A.
Non-Vessel Owning Subsidiaries [Line Items]
Date of Incorporation	Feb. 7, 2011
Protea International Inc.
Non-Vessel Owning Subsidiaries [Line Items]
Date of Incorporation	Jul. 17, 2007
Reading Navigation Co.
Non-Vessel Owning Subsidiaries [Line Items]
Date of Incorporation	Jul. 17, 2007

Basis of Presentation and Gen38

Basis of Presentation and General Information - Major Charterers (Table) (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenue, Major Customer [Line Items]
Percentage of charter revenue	24.00%	11.60%	47.00%
Glencore Grain B.V.
Revenue, Major Customer [Line Items]
Percentage of charter revenue	24.00%	0.00%	0.00%
Intermare Transport GmbH
Revenue, Major Customer [Line Items]
Percentage of charter revenue	0.00%	0.00%	13.40%
Cargill International S.A.
Revenue, Major Customer [Line Items]
Percentage of charter revenue	0.00%	11.60%	33.60%

Basis of Presentation and Gen39

Basis of Presentation and General Information (Details)	12 Months Ended
	Dec. 31, 2015
Basis of Presentation and General Information [Abstract]
Date of Incorporation	Apr. 26, 2006
Country of Incorporation	The Republic of the Marshall Islands
Reverse stock split, Conversion ratio	38
Ownership percentage by CEO	28.00%

Significant Accounting Polici40

Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
New Accounting Pronouncement Early Adoption [Line Items]
Provision for Doubtful Accounts	$ 602,128	$ 409,226
Vessels Salvage Value Per Lightweight Ton	300
Depreciation	$ 16,913,785	18,357,377	$ 16,986,584
Long-term portion
New Accounting Pronouncement Early Adoption [Line Items]
Effect of change in accounting principle on long-term debt		3,638,418
Current portion
New Accounting Pronouncement Early Adoption [Line Items]
Effect of change in accounting principle on long-term debt		722,533
Computer Systems Software
New Accounting Pronouncement Early Adoption [Line Items]
Useful life	5 years
Company Cars
New Accounting Pronouncement Early Adoption [Line Items]
Useful life	6 years
Other Fixed Assets
New Accounting Pronouncement Early Adoption [Line Items]
Depreciation	$ 226,428	$ 203,357	$ 164,527
Vessels
New Accounting Pronouncement Early Adoption [Line Items]
Useful life	25 years

Going Concern (Details)

Going Concern (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Going Concern [Abstract]
Net cash used in operating activities	$ 7,262,133	$ 6,181,843	$ (4,563,696)
Cash and cash equivalents	0	7,030,507	$ 31,301,957	$ 17,676,885
Current liabilities	152,428,834	$ 27,760,258
Debt included in current liabilities	$ 144,673,901

Transactions with Related Par42

Transactions with Related Parties (Table) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Management fees - related party
Total Management fees	$ 4,840,491	$ 6,266,270	$ 5,874,416
Allseas Marine SA
Included in Commissions
Charter hire commissions	0	708,153	750,533
Included in Vessel operating expenses
Superintendent fees	580,119	481,200	399,626
Included in Dry-docking expenses
Superintendent fees	71,057	123,840	109,248
Management fees - related party
Management fees	4,139,724	4,628,813	4,104,271
Financial accounting and reporting services	700,012	757,442	720,361
Loretto agreement	755	880,015	1,049,784
Total Management fees	4,840,491	6,266,270	5,874,416
Included in General and administrative expenses
Administrative fees	32,843	37,746	38,598
Executive services fees	3,203,195	5,689,152	7,582,634
Included in (Gain) / loss from sale of assets
Vessel sale & purchase commissions	0	745,000	0
Superintended fees	17,079	0	0
Included in Loss from contract cancellation (Hull 656)
Technical management and superintendent fees	$ 0	$ 0	$ 444,421

Transactions with Related Par43

Transactions with Related Parties (Details)	Jul. 27, 2015USD ($)
M/V Dream Seas, M/V Gentle Seas, M/V Peaceful Seas and M/V Friendly Seas
Property Plant And Equipment [Line Items]
Aggregate value of vessels transferred	$ 63,200,000

Transactions with Related Par44

Transactions with Related Parties - Allseas (Details)	5 Months Ended	7 Months Ended	12 Months Ended
	May. 17, 2015	Dec. 31, 2015USD ($)shares	Dec. 31, 2015USD ($)shares	Dec. 31, 2015EUR (€)	Dec. 31, 2014USD ($)	Dec. 31, 2014EUR (€)	Dec. 31, 2013USD ($)	Dec. 31, 2013EUR (€)	Dec. 18, 2015USD ($)shares	Feb. 18, 2014shares	Sep. 27, 2013shares	Feb. 15, 2013shares
Related Party Transaction [Line Items]
Euro / U.S. dollar exchange rate		1.0887	1.0887
Due from related parties		$ 220,568	$ 220,568		$ 843,510
Allseas Marine SA
Related Party Transaction [Line Items]
Daily management fee | €				€ 666.45		€ 664.46		€ 661.15
Capitalized expenses		1,845,161	1,845,161		3,804,918
Pre-delivery services amount payable			15,000
Compensation for involuntary termination of contract			3,266,100	€ 3,000,000
Due from related parties		$ 220,568	$ 220,568		843,510
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%
Allseas Marine SA | Accounting Services Agreement
Related Party Transaction [Line Items]
The duration of agreements	1yr	indefinite
Years for computation of compensation to the management company		3	3
Allseas Marine SA | Executive Services Agreement
Related Party Transaction [Line Items]
Annual executive services fee payable | €				€ 0		€ 2,900,000		€ 2,700,000
The duration of agreements	5yrs	indefinite
Annual executive services fee paid			$ 0		5,689,152		$ 7,582,634
Percentage of the issued and oustanding shares of the company, issuable to the management company			5.00%	5.00%
Years for computation of compensation to the management company		3	3
Number of the issued and oustanding shares of the company, issuable to the management company | shares		78,948	78,948
Incentive compensation paid to executives			$ 0		$ 1,848,900		$ 3,993,000
Allseas Marine SA | Superintendent services
Related Party Transaction [Line Items]
Superintendents management fee payable | €				€ 500
Number of days on site inspection		5	5
Allseas Marine SA | Financial Accounting Services
Related Party Transaction [Line Items]
Annual fee payable for financial accounting services | €				250,000
Allseas Marine SA | Financial Reporting Services
Related Party Transaction [Line Items]
Annual fee per vessel payable financial reporting services cost			$ 30,000
Allseas Marine SA | Newbuildings Supervision
Related Party Transaction [Line Items]
Flat fee for newbuilding supervision services			$ 375,000
Daily fee for newbuilding vessels' supervision | €				115
Superintendents management fee payable | €				€ 500
Loretto Finance Inc.
Related Party Transaction [Line Items]
Common stock - shares issued | shares		12,557	12,557						190	3,571	3,158	2,580
Public offerings
Related Party Transaction [Line Items]
Common stock - shares issued | shares										178,553	157,895
Maximum amount of common shares at-the-market offering									$ 4,000,000

Transactions with Related Par45

Transactions with Related Parties - Seacommercial (Details) - USD ($)	1 Months Ended	7 Months Ended	12 Months Ended
	Jan. 31, 2016	Jul. 27, 2015	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Due to related parties			$ 1,259,780	$ 166,354
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%
Commissions related party			$ 437,817
Due to related parties			$ 12,104
Seacommercial Shipping Services S.A. | M/V Dream Seas, M/V Gentle Seas, M/V Peaceful Seas and M/V Friendly Seas
Related Party Transaction [Line Items]
Commission rate payable to the management company for the purchase, sale and construction of vessels		1.00%
Commission amount payable to the management company for the purchase, sale and construction of vessels		$ 632,000
Seacommercial Shipping Services S.A. | M/V Sapphire Seas and M/V Diamond Seas
Related Party Transaction [Line Items]
Commission rate payable to the management company for the purchase, sale and construction of vessels			1.00%
Commission amount payable to the management company for the purchase, sale and construction of vessels			$ 70,000
Seacommercial Shipping Services S.A. | M/V Pearl Seas, M/V Kind Seas, M/V Calm Seas and M/V Deep Seas
Related Party Transaction [Line Items]
Commission rate payable to the management company for the purchase, sale and construction of vessels	1.00%
Commission amount payable to the management company for the purchase, sale and construction of vessels	$ 143,050

Transactions with Related Par46

Transactions with Related Parties - Granitis (Details) - Granitis Glyfada Real Estate Ltd.	3 Months Ended	12 Months Ended
	Dec. 31, 2012EUR (€)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2012
Related Party Transaction [Line Items]
Initial rental agreement duration					5 yrs
Initial monthly rental fee | €	€ 3,000
Rental fee additional tax	3.60%
Rent expense | $		$ 40,701	$ 49,001	$ 49,324

Transactions with Related Par47

Transactions with Related Parties - Crewcare Inc. (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Due to related parties	$ 1,259,780	$ 166,354
Crewcare Inc.
Related Party Transaction [Line Items]
Due to related parties	1,247,676	166,354
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 Inhouse Training Fee Per Seaman	50
Manning expenses	433,368	441,499	$ 382,517
Crewcare Inc. | Cadetship Program Agreement
Related Party Transaction [Line Items]
Lump sum fee per cadet employed	5,000
Cadetship program expenses	$ 190,000	$ 360,000

Transactions with Related Par48

Transactions with Related Parties - Box Ships Inc. (Details) - Box Ships Inc. - USD ($)	2 Months Ended	4 Months Ended	7 Months Ended		10 Months Ended	12 Months Ended
	Feb. 28, 2013	Apr. 19, 2013	Aug. 05, 2013	Jul. 19, 2013	Oct. 18, 2013	Dec. 31, 2015	Dec. 31, 2013	Dec. 31, 2014	Apr. 19, 2014	Dec. 31, 2012	May. 27, 2011
Related Party Transaction [Line Items]
Percentage of ownership in Box Ships						0.00%		11.00%
Number of shares sold						3,437,500
Loan to affiliate - balance	$ 13,000,000		$ 6,000,000							$ 14,000,000	$ 30,000,000
Loan to affiliate interest rate basis							LIBOR
Loan pre-payment from affiliate	$ 1,000,000	$ 1,000,000	$ 5,000,000	$ 1,000,000	$ 6,000,000
Quarterly loan repayment from affiliate		$ 1,000,000
Balloon payment - loan to affiliate									$ 9,000,000
Amendment fee							$ 65,000
Interest income related party							$ 439,326
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 Co49

Advances for Vessels under Construction (Details)	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Sep. 30, 2016
Property Plant And Equipment [Line Items]
Impairment loss	$ 96,643,651	$ 15,695,282	$ 0
Nordea Bank Finland Plc
Property Plant And Equipment [Line Items]
Cancellation of undrawn amount	78,000,000
Hull no. DY4050 and Hull no. DY4052
Property Plant And Equipment [Line Items]
Number of newbuildings			2
Remaining newbuildings
Property Plant And Equipment [Line Items]
Impairment loss	$ 43,878,294
Ultramax Vessels | Hull no. DY4050 and Hull no. DY4052
Property Plant And Equipment [Line Items]
Number of newbuildings cancelled	2
Number of newbuildings		2
Kamsarmax Vessels | Hull no. YZJ1144, Hull no. YZJ1145 and Hull no. YZJ1142
Property Plant And Equipment [Line Items]
Number of newbuildings		3
Number of newbuildings postponed				3

Vessels, Net _ Vessels Held f50

Vessels, Net / Vessels Held for Sale / Other Fixed Assets, Net (Table) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property Plant And Equipment [Line Items]
Balance beginning of period	$ 369,032,973
Depreciation for the period	(16,913,785)	$ (18,357,377)	$ (16,986,584)
Impairment loss	(96,643,651)	(15,695,282)	0
Balance end of period	73,928,185	369,032,973
Vessel Cost
Property Plant And Equipment [Line Items]
Balance beginning of period	457,244,533	376,193,456
Newbuilding deliveries		81,051,077
Disposals	(165,075,995)
Transfer to Vessels Held for Sale	(147,153,000)
Impairment loss	(71,087,353)
Balance end of period	73,928,185	457,244,533	376,193,456
Accumulated Depreciation
Property Plant And Equipment [Line Items]
Balance beginning of period	(88,211,560)	(70,057,540)
Depreciation for the period	(16,687,357)	(18,154,020)
Disposals	21,991,963
Transfer to Vessels Held for Sale	64,287,231
Impairment loss	18,619,723
Balance end of period	0	(88,211,560)	(70,057,540)
Net Book Value
Property Plant And Equipment [Line Items]
Balance beginning of period	369,032,973	306,135,916
Newbuilding deliveries		81,051,077
Depreciation for the period	(16,687,357)	(18,154,020)
Disposals	(143,084,032)
Transfer to Vessels Held for Sale	(82,865,769)
Impairment loss	(52,467,630)
Balance end of period	$ 73,928,185	$ 369,032,973	$ 306,135,916

Vessels, Net _ Vessels Held f51

Vessels, Net / Vessels Held for Sale / Other Fixed Assets, Net (Details)	7 Months Ended	12 Months Ended
	Jul. 27, 2015USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Mar. 17, 2016	Jun. 25, 2015
Property Plant And Equipment [Line Items]
Number of vessels transferred		7
Loss related to vessels held for sale		$ 116,788,543	$ 0	$ 0
Liabilities associated with vessels held for sale		47,587,119	0
Impairment loss		96,643,651	15,695,282	0
Loss from sale of assets		$ (26,660,515)	$ 402,805	$ 0
Seacommercial Shipping Services S.A.
Property Plant And Equipment [Line Items]
Commission rate payable to the management company for the purchase, sale and construction of vessels		1.00%
M/V Dream Seas, M/V Gentle Seas, M/V Peaceful Seas and M/V Friendly Seas
Property Plant And Equipment [Line Items]
Number of vessels held for sale						4
Aggregate value of vessels transferred	$ 63,200,000
Loss related to vessels held for sale		$ 47,639,830
Loss from sale of assets		19,772
M/V Dream Seas, M/V Gentle Seas, M/V Peaceful Seas and M/V Friendly Seas | Seacommercial Shipping Services S.A.
Property Plant And Equipment [Line Items]
Commission rate payable to the management company for the purchase, sale and construction of vessels	1.00%
M/V Sapphire Seas and M/V Diamond Seas
Property Plant And Equipment [Line Items]
Loss from sale of assets		$ 26,513,082
M/V Sapphire Seas and M/V Diamond Seas | Seacommercial Shipping Services S.A.
Property Plant And Equipment [Line Items]
Commission rate payable to the management company for the purchase, sale and construction of vessels		1.00%
M/V Pearl Seas, M/V Kind Seas, M/V Deep Seas and M/V Calm Seas
Property Plant And Equipment [Line Items]
Loss related to vessels held for sale		$ 69,125,569
M/V Coral Seas, M/V Golden Seas, M/V Prosperous Seas, M/V Priceless Seas, M/V Proud Seas and M/V Precious Seas
Property Plant And Equipment [Line Items]
Number of vessels to be sold					6
Impairment loss		52,467,630
Other Fixed Assets
Property Plant And Equipment [Line Items]
Loss related to vessels held for sale		23,144
Impairment loss		297,727
Loss from sale of assets		$ 127,661

Investment in Affiliate (Table)

Investment in Affiliate (Table) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Investment in Affiliate [Abstract]
Balance, beginning of period	$ 2,956,250	$ 11,309,375
Equity in net income of affiliate	173,002	471,079	$ 1,652,339
Equity in other comprehensive income of affiliate	0	16,139	77,165
Dilution effect		(221,679)
Net proceeds from the sale of investment in affiliate	(2,936,196)	0	0
Loss on investment in affiliate, excluding transfer of equity in other comprehensive loss of affiliate to losses	(193,056)	(8,618,664)
Balance, end of period	$ 0	$ 2,956,250	$ 11,309,375

Investment in Affiliate - Incom

Investment in Affiliate - Income Statement Data (Table) (Details) - Box Ships Inc.	12 Months Ended
	Dec. 31, 2014USD ($)
Income Statement Data [Line Items]
Net revenue	$ 49,864,764
Operating income	1,966,947
Net income	$ 2,623,515

Investment in Affiliate - Balan

Investment in Affiliate - Balance Sheet Data (Table) (Details) - Box Ships Inc.	Dec. 31, 2014USD ($)
Balance Sheet Data [Line Items]
Total current assets	$ 22,011,255
Total non-current assets	375,837,950
Total assets	397,849,205
Total current liabilities	140,886,944
Total long-term liabilities	$ 282,375

Investment in Affiliate (Detail

Investment in Affiliate (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Investments In And Advances To Affiliates [Line Items]
Transfer of equity in other comprehensive loss of affiliate to "Loss on investment in affiliate"	$ 13,779	$ 0	$ 0
Loss on investment in affiliate	$ 206,835	$ 8,840,343	$ 8,620,372
Box Ships Inc.
Investments In And Advances To Affiliates [Line Items]
Number of shares in affiliate held by the Company		3,437,500
Percentage of ownership in Box Ships	0.00%	11.00%
Number of shares sold	3,437,500
Average Share Price	$ 0.8542

Long-Term Debt - Debt Agreement

Long-Term Debt - Debt Agreements (Table) (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Total	$ 146,551,435	$ 230,778,738
Less: related deferred financing costs	1,877,534	4,360,951
Total debt, net of deferred financing costs	144,673,901	226,417,787
(a) Commerzbank AG (August 12, 2011)
Debt Instrument [Line Items]
Total	25,912,500	43,375,000
(b) Unicredit Bank AG (November 19, 2007)
Debt Instrument [Line Items]
Total	13,885,750	14,606,500
(c) Bank of Ireland (March 30, 2009)
Debt Instrument [Line Items]
Total	7,825,000	8,350,000
(d) HSH Nordbank AG (April 4, 2014)
Debt Instrument [Line Items]
Total	0	46,713,600
(e) HSBC Bank Plc (July 2, 2010)
Debt Instrument [Line Items]
Total	0	14,460,000
(f) Nordea Bank Finland Plc (May 6, 2014)
Debt Instrument [Line Items]
Total	73,928,185	78,273,638
(g) Senior unsecured notes due 2021
Debt Instrument [Line Items]
Total	$ 25,000,000	$ 25,000,000

Long-Term Debt - Disclosed in t

Long-Term Debt - Disclosed in the Condensed Consolidated Balance Sheets (for December 31, 2015) (Table) (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Long-Term Debt [Abstract]
Liabilities associated with vessels held for sale	$ 47,587,119	$ 0
Current portion of long-term debt	97,086,782	19,991,791
Long-term debt	0	206,425,996
Total	$ 144,673,901	$ 226,417,787

Long-Term Debt - Principal Paym

Long-Term Debt - Principal Payments (Table) (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Long-Term Debt [Abstract]
2,016	$ 121,551,435
2,017	0
2,018	0
2,019	0
2,020	0
Thereafter	25,000,000
Total	$ 146,551,435	$ 230,778,738

Long-Term Debt - Description (D

Long-Term Debt - Description (Details)

Jan. 07, 2016USD ($)

Jan. 31, 2016USD ($)

Mar. 31, 2016USD ($)

Mar. 18, 2016

Mar. 31, 2015

Apr. 30, 2016

Jun. 10, 2014USD ($)

Jul. 27, 2015USD ($)

Aug. 08, 2014USD ($)

Sep. 27, 2013USD ($)

Mar. 31, 2016USD ($)

Dec. 31, 2015USD ($)

Dec. 31, 2014USD ($)

Dec. 31, 2013USD ($)

Mar. 09, 2016USD ($)

Feb. 15, 2016USD ($)

Dec. 08, 2015USD ($)

Jul. 31, 2015

May. 28, 2015

May. 13, 2015USD ($)

Mar. 27, 2015

May. 06, 2014USD ($)

Apr. 04, 2014USD ($)

Debt Instrument [Line Items]

Debt variable rate basis

LIBOR

Outstanding balance

$ 144,673,901

$ 226,417,787

Debt underwriting discounts and commissions

$ 2,070,000

Trading symbol

PRGN

Gain from debt extinguishment

$ 5,921,524

$ 0

$ 0

Commerzbank AG (August 12, 2011)

Debt Instrument [Line Items]

Prepayment amount

$ 3,000,000

Outstanding balance

$ 38,237,500

Gain from debt extinguishment

$ 21,350,000

$ 5,921,524

Commerzbank AG (August 12, 2011) | Deferred installment portion

Debt Instrument [Line Items]

Number of installments

4

Margin

4.50%

Unicredit Bank AG (November 19, 2007)

Debt Instrument [Line Items]

Outstanding balance

$ 8,317,750

Extinguishment of debt amount

4,885,750

Debt conversion, Amount converted

$ 3,432,000

Unicredit Bank AG (November 19, 2007) | Deferred installment

Debt Instrument [Line Items]

Number of installments

1

Unicredit Bank AG (November 19, 2007) | Deferred installment portion

Debt Instrument [Line Items]

Number of installments

5

Bank of Ireland (March 30, 2009)

Debt Instrument [Line Items]

Outstanding balance

$ 4,384,750

Percent of quarterly installments deferred

50.00%

Extinguishment of debt amount

2,192,375

Debt conversion, Amount converted

$ 2,192,375

HSH Nordbank AG (April 4, 2014)

Debt Instrument [Line Items]

Debt instrument face amount

$ 47,000,000

Extinguishment of debt amount

$ 43,236,400

HSBC Bank Plc (July 2, 2010)

Debt Instrument [Line Items]

Extinguishment of debt amount

$ 13,200,000

Nordea Bank Finland Plc (May 6, 2014)

Debt Instrument [Line Items]

Debt instrument face amount

$ 160,000,000

Outstanding balance

$ 73,928,185

Cancellation of undrawn amount

$ 78,000,000

Minimim liquidity requirement

$ 250,000

Net proceeds from issuance of debt

$ 81,750,000

Gain from debt extinguishment

$ 680,000

Future proceeds from issuance of debt relating to settlement agreement

3,850,000

Future proceeds from issuance of debt per vessel per day relating to settlement agreement

$ 2,000

Nordea Bank Finland Plc (May 6, 2014) | Deferred installment

Debt Instrument [Line Items]

Number of installments

1

Nordea Bank Finland Plc (May 6, 2014) | Deferred installment portion

Debt Instrument [Line Items]

Number of installments

2

Nordea Bank Finland Plc (May 6, 2014) | Initial threshold

Debt Instrument [Line Items]

Security cover ratio

135.00%

135.00%

Nordea Bank Finland Plc (May 6, 2014) | Reduced threshold

Debt Instrument [Line Items]

Security cover ratio

110.00%

105.00%

Nordea Bank Finland Plc (May 6, 2014) | Ultramax newbuilding drybulk carriers DY4050 and DY4052 and Kamsarmax newbuilding drybulk carriers YZJ1144 and YZJ1145

Debt Instrument [Line Items]

Maximum financing amount as percentage of vessel's market value

60.00%

Senior unsecured notes due 2021

Debt Instrument [Line Items]

Number of notes sold in public offering

1,000,000

Debt instrument face amount

$ 25

Interest rate per year

8.375%

Debt maturity date

Aug. 15, 2021

Net proceeds from issuance of debt

23,856,583

Debt underwriting discounts and commissions

812,500

Other offering costs

$ 330,917

Trading symbol

PRGNL

Debt instrument, redemption description

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

Redempion period, start date

Aug. 15, 2017

Minimum net worth

$ 100,000,000

Accrued interest, unpaid

$ 523,438

Senior unsecured notes due 2021 | Maximum

Debt Instrument [Line Items]

Net borrowings to total assets

70.00%

Exchange Offer | Senior unsecured notes due 2021

Debt Instrument [Line Items]

Number of notes exchanged

184,721

Percentage of outstanding notes exchanged

18.80%

Exchange Agreement | Senior unsecured notes due 2021

Debt Instrument [Line Items]

Number of notes exchanged

20,000

50,000

Long-Term Debt - Terms and Cove

Long-Term Debt - Terms and Covenants (Details) - Senior unsecured notes due 2021	12 Months Ended
	Dec. 31, 2015USD ($)
Debt Instrument [Line Items]
Covenant Compliance	As of December 31, 2015, the Company was not in compliance with the covenants described above.
Minimum net worth	$ 100,000,000
Maximum
Debt Instrument [Line Items]
Net borrowings to total assets	70.00%

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Long-Term Debt [Abstract]
Interest and finance costs	$ 8,039,677	$ 7,451,854	$ 6,129,911
Capitalized interest	$ 1,704,937	$ 1,618,836	$ 786,263
Weighted average interest rate	4.07%	3.53%	3.21%

Interest Rate Swaps (Table) (De

Interest Rate Swaps (Table) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Derivative [Line Items]
Floating rate	LIBOR
Not Qualifying for Hedge Accounting
Derivative [Line Items]
Notional amount	$ 10,840,781	$ 56,208,157
Not Qualifying for Hedge Accounting | Unicredit Bank AG
Derivative [Line Items]
Effective date	Aug. 27, 2010
Termination Date	Aug. 27, 2015
Notional amount	$ 0	25,500,000
Fixed rate	2.465%
Floating rate	3-month LIBOR
Reduction in notional amount	$ 2,550,000
Not Qualifying for Hedge Accounting | HSBC Bank Plc
Derivative [Line Items]
Effective date	Apr. 10, 2012
Termination Date	Apr. 10, 2017
Notional amount	$ 0	4,560,000
Fixed rate	1.485%
Floating rate	3-month LIBOR
Reduction in notional amount	$ 120,000
Not Qualifying for Hedge Accounting | HSH Nordbank AG
Derivative [Line Items]
Effective date	May 8, 2012
Termination Date	May 5, 2017
Notional amount	$ 0	9,562,500
Fixed rate	1.22%
Floating rate	3-month LIBOR
Reduction in notional amount	$ 187,500
Not Qualifying for Hedge Accounting | Nordea Bank Finland Plc
Derivative [Line Items]
Effective date	May 4, 2012
Termination Date	Mar. 31, 2017
Notional amount	$ 5,435,625	5,918,792
Fixed rate	1.14%
Floating rate	3-month LIBOR
Reduction in notional amount	$ 120,792
Not Qualifying for Hedge Accounting | Nordea Bank Finland Plc
Derivative [Line Items]
Effective date	Jun. 18, 2012
Termination Date	May 4, 2017
Notional amount	$ 5,405,156	5,885,615
Fixed rate	1.01%
Floating rate	3-month LIBOR
Reduction in notional amount	$ 120,115
Not Qualifying for Hedge Accounting | HSH Nordbank AG
Derivative [Line Items]
Effective date	Aug. 6, 2012
Termination Date	May 5, 2017
Notional amount	$ 0	$ 4,781,250
Fixed rate	0.98%
Floating rate	3-month LIBOR
Reduction in notional amount	$ 93,750

Interest Rate Swaps (Details)

Interest Rate Swaps (Details) - USD ($)	7 Months Ended	12 Months Ended
	Jul. 27, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Net loss on derivatives		$ (213,007)	$ (387,740)	$ (95,288)
HSH Nordbank AG and HSBC Bank Plc
Debt Instrument [Line Items]
Net loss on derivatives	$ 155,300

Financial Instruments and Fai64

Financial Instruments and Fair Value Disclosures - Balance Sheet Location (Table) (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Financial Instruments and Fair Value Disclosures [Abstract]
Non-Current Assets - Interest rate swaps	$ 0	$ (66,475)
Current liabilities - Interest rate swaps	18,700	589,896
Long-Term Liabilities - Interest rate swaps	0	17,369
Total derivatives	$ 18,700	$ 540,790

Financial Instruments and Fai65

Financial Instruments and Fair Value Disclosures - Effect of Derivative Instruments designated as hedging instruments (Table) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Interest rate swaps	$ 0	$ 131,238	$ 131,112
Loss Recognized in Accumulated Other Comprehensive Loss - Effective Portion
Interest rate swaps	$ 0	$ 131,238

Financial Instruments and Fai66

Financial Instruments and Fair Value Disclosures - Derivatives designated as hedging instruments (Table 2) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Interest rate swaps - Realized Loss	$ 0	$ (98,656)	$ (312,069)
Interest and finance costs (Location of Loss Transferred from Accumulated Other Comprehensive Loss in Statement of Comprehensive Loss - Effective Portion)
Interest rate swaps - Realized Loss	$ 0	$ (98,656)

Financial Instruments and Fai67

Financial Instruments and Fair Value Disclosures - Effect of Derivative Instruments not designated as hedging instruments (Table) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net loss on derivatives	$ (213,007)	$ (387,740)	$ (95,288)
Loss on derivatives, net
Interest rate swaps - Fair value	522,090	504,602
Interest rate swaps - Realized Loss	$ (735,097)	$ (892,342)

Financial Instruments and Fai68

Financial Instruments and Fair Value Disclosures - Measured on a recurring basis (Table) (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Derivatives Fair Value [Line Items]
Total	$ 18,700	$ 540,790
Significant Other Observable Inputs (Level 2)
Derivatives Fair Value [Line Items]
Interest rate swaps - asset	0	(66,475)
Interest rate swaps - liability	$ 18,700	$ 607,265

Financial Instruments and Fai69

Financial Instruments and Fair Value Disclosures - Measured on a non-recurring basis - Advances for vessels under construction (Table)(Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Advances for vessels under construction	$ 10,845,000	$ 49,971,703
Advances for vessels under construction - Loss	96,643,651	$ 15,695,282	$ 0
Significant Other Observable Inputs (Level 2)
Advances for vessels under construction	10,845,000
Newbuildings vessels with Hull numbers DY4050, DY4052, YZJ1144, YZJ1145 and YZJ1142
Advances for vessels under construction - Loss	$ 43,878,294

Financial Instruments and Fai70

Financial Instruments and Fair Value Disclosures (Details)	12 Months Ended
	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)shares	Dec. 31, 2013USD ($)
Fair Value Disclosures [Line Items]
Cash received from the sale of KLC shares, net of commissions	$ 958,215	$ 498,056	$ 0
Net gain / (loss) from marketable securities	$ (134,529)	(25,529)	1,202,094
Trading Symbol	PRGN
Floating rate	LIBOR
Vessels, net	$ 73,928,185	369,032,973
Impairment loss	96,643,651	15,695,282	0
Vessels held for sale	13,740,200	0
Loss related to vessels held for sale	$ 116,788,543	$ 0	0
Senior unsecured notes due 2021
Fair Value Disclosures [Line Items]
Trading Symbol	PRGNL
Quoted close price of the Company's Notes | $ / shares	$ 4.35
Debt instrument fair value	$ 4,350,000
KLC Shares
Fair Value Disclosures [Line Items]
Number of KLC shares sold | shares	44,550
Average price per share (KLC shares sold) | $ / shares	$ 21.68
Total number of KLC shares held by the Company | shares	0	44,550
Cash received from the sale of KLC shares, net of commissions	$ 958,215
Net gain / (loss) from marketable securities	$ (134,529)
DY4050, DY4052, YZJ1144, YZJ1145 and YZJ1142
Fair Value Disclosures [Line Items]
Number of newbuildings	5
Vessels, net
Fair Value Disclosures [Line Items]
Number of vessels	6
Vessels, net	$ 73,928,185	$ 369,032,973	$ 306,135,916
Impairment loss	52,467,630
Vessels, held for sale
Fair Value Disclosures [Line Items]
Vessels held for sale	13,740,200
Loss related to vessels held for sale	$ 69,125,569

Capital Structure (Details)

Capital Structure (Details) - USD ($)	2 Months Ended	4 Months Ended	8 Months Ended	9 Months Ended	12 Months Ended
	Feb. 18, 2014	May. 12, 2014	Dec. 31, 2014	Sep. 27, 2013	Dec. 18, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2015	Sep. 04, 2015	Feb. 15, 2013	Dec. 24, 2012
Class of Stock
Common stock - shares authorized								755,000,000
Proceeds from issuance of common stock, net of commissions	$ 39,741,152			$ 31,881,984
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
Preferred stock par value			$ 0.001			$ 0.001		$ 0.001
Common Shares - Class A
Class of Stock
Common stock - shares authorized			750,000,000			750,000,000		750,000,000
Common stock - par value			$ 0.001			$ 0.001		$ 0.001
Share buyback program - shares repurchased and retired						790
Common stock - shares outstanding			652,873			652,873		664,458
Common stock - shares issued			652,873			652,873		664,458
Common Shares - Class B
Class of Stock
Common stock - shares authorized			5,000,000			5,000,000		5,000,000
Common stock - par value			$ 0.001			$ 0.001		$ 0.001
Common stock - shares outstanding			0			0		0
Common stock - shares issued			0			0		0
Innovation Holdings S.A.
Class of Stock
Common stock - shares issued											128,999
Loretto Finance Inc.
Class of Stock
Share based compensation	$ 880,015			$ 714,000	$ 755		$ 335,784
Common stock - shares issued	3,571			3,158	190			12,557		2,580
Maxim Group LLC
Class of Stock
Common stock - shares issued									9,461
Over-Allotment Option
Class of Stock
Common stock - shares issued	23,290			20,595
Share Buyback Program
Class of Stock
Share buyback program - authorized amount		$ 10,000,000
Share buyback program - shares repurchased and retired			790
Share buyback program - period in force		12 months
Average price per share (common shares purchased and cancelled)			$ 215.92
Public offerings
Class of Stock
Common stock - shares issued	178,553			157,895
Issue price per share	$ 237.5			$ 218.5
Maximum amount of common shares at-the-market offering					$ 4,000,000
Public offerings | Maxim Group LLC
Class of Stock
Maximum amount of common shares at-the-market offering									$ 4,000,000

Share Based Payments - Equity72

Share Based Payments - Equity Incentive Plan - October 11, 2006 - Details of Non-vested Share Awards (Table) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total shares granted	2,632
Grand date fair value	$ 64.6
Shares cancelled	698
Non-vested share awards	3,923	9,172
Equity incentive plan - October 11, 2006
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total shares granted	6,843
Shares cancelled	196
Shares vested	6,647
Non-vested share awards	0
Equity incentive plan - October 11, 2006 | November 26, 2013
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Final vesting date	Dec. 31, 2015
Total shares granted	5,264
Grand date fair value	$ 196.27
Shares vested	5,264
Non-vested share awards	0
Equity incentive plan - October 11, 2006 | November 26, 2013
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Final vesting date	Dec. 31, 2015
Total shares granted	316
Grand date fair value	$ 196.27
Shares vested	316
Non-vested share awards	0
Equity incentive plan - October 11, 2006 | December 19, 2013
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Final vesting date	Dec. 31, 2015
Total shares granted	422
Grand date fair value	$ 242.44
Shares vested	422
Non-vested share awards	0
Equity incentive plan - October 11, 2006 | January 31, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Final vesting date	Dec. 31, 2015
Total shares granted	841
Grand date fair value	$ 253.46
Shares cancelled	196
Shares vested	645
Non-vested share awards	0

Share Based Payments - Equity73

Share Based Payments - Equity Incentive Plan - March 26, 2014 - Details of Non-vested Share Awards (Table) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total shares granted	2,632
Grand date fair value	$ 64.6
Shares cancelled	698
Non-vested share awards	3,923	9,172
Equity incentive plan - March 26, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total shares granted	8,423
Shares cancelled	577
Shares vested	3,923
Non-vested share awards	3,923
Equity incentive plan - March 26, 2014 | December 10, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Final vesting date	Dec. 31, 2016
Total shares granted	5,264
Grand date fair value	$ 92.72
Shares vested	2,632
Non-vested share awards	2,632
Equity incentive plan - March 26, 2014 | December 10, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Final vesting date	Dec. 31, 2016
Total shares granted	527
Grand date fair value	$ 92.72
Shares vested	264
Non-vested share awards	264
Equity incentive plan - March 26, 2014 | February 26, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Final vesting date	Dec. 31, 2016
Total shares granted	1,842
Grand date fair value	$ 70.87
Shares cancelled	577
Shares vested	632
Non-vested share awards	632
Equity incentive plan - March 26, 2014 | March 17, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Final vesting date	Dec. 31, 2016
Total shares granted	790
Grand date fair value	$ 49.78
Shares vested	395
Non-vested share awards	395

Share Based Payments - Equity74

Share Based Payments - Equity incentive plan - Non-vested share awards (Table) (Details)	12 Months Ended
	Dec. 31, 2015$ / sharesshares
Number of Shares
Non-vested, December 31, 2014 | shares	9,172
Granted | shares	2,632
Cancelled | shares	(698)
Vested | shares	(7,183)
Non-vested, December 31, 2015 | shares	3,923
Weighted Average Fair Value
Non-vested, December 31, 2014 | $ / shares	$ 157.7
Granted | $ / shares	64.6
Cancelled | $ / shares	101.84
Vested | $ / shares	139.08
Non-vested, December 31, 2015 | $ / shares	$ 84.74

Share Based Payments - Equity75

Share Based Payments - Equity incentive plan - Non-vested share awards (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	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	$ 4,560	$ 4,560
Weighted average remaining contractual life of the options	10 months 21 days
Unrecognized cost of unvested share-based compensation awards	$ 321,826
Remaining weighted average period of recognition for unrecognized cost of share-based compensation awards	1 year
Share based compensation	$ 966,915	$ 986,416	$ 805,469

Gain from Vessel Early Redeli76

Gain from Vessel Early Redelivery and Other (Income) / Expenses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Gain from Vessel Early Redelivery and Other (Income) / Expenses [Abstract]
Gain from vessel early redelivery	$ 0	$ 0	$ 2,267,818
Insurance claim recoveries			218,634
Cash compensation received by KLC			$ 402,596
Voluntary special contribution	$ 246,022	$ 250,283

Loss per Share ("LPS") (Table)

Loss per Share ("LPS") (Table) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Loss per Share ("LPS") [Abstract]
Net Loss	$ (268,707,322)	$ (51,796,181)	$ (16,953,032)
Less: Net loss attributable to non-vested share awards	4,606,096	832,333	351,877
Net loss attributable to common shareholders	$ (264,101,226)	$ (50,963,848)	$ (16,601,155)
Denominators
Weighted average common shares outstanding, basic and diluted	644,260	613,844	332,609
Net loss per common share:
Net loss per common share, basic and diluted	$ (409.93)	$ (82.84)	$ (49.78)

Loss per Share ("LPS") (Details

Loss per Share ("LPS") (Details) - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
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	3,923	9,172	8,922

Commitments and Contingencies -

Commitments and Contingencies - Rental Expense (Table) (Details)	Dec. 31, 2015USD ($)
Rental Expense for the year ending
December 31, 2016	$ 39,914
December 31, 2017	29,935
Total	$ 69,849

Commitments and Contingencies80

Commitments and Contingencies - Charter Hire (Table) (Details)	Dec. 31, 2015USD ($)
Charter Hire for the year ending
December 31, 2016	$ 620,879
Total	$ 620,879

Commitments and Contingencies81

Commitments and Contingencies - Newbuilding Commitments (Table) (Details)	Dec. 31, 2015USD ($)
Newbuildings for the year ending
December 31, 2016	$ 64,155,000
Total	$ 64,155,000

Commitments and Contingencies82

Commitments and Contingencies (Details)	1 Months Ended	6 Months Ended	12 Months Ended
	Feb. 11, 2014USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2013	Dec. 09, 2013USD ($)
Commitments and Contingencies [Abstract]
Foreign Currency Exchange Rate, Translation			1.0887
Estimated off-hire time			18 days
Hull no. DY4050 and Hull no. DY4052
Number of newbuildings				2
Acquisition cost of vessels					$ 56,500,000
Hull DY4050
Acquisition cost of vessels					28,250,000
Newbuilding contract price installment	$ 5,592,661	$ 3,884,530
Remaining contracted newbuilding installments		18,772,809
Claim against the owning Company in respect of the third instalment			$ 18,000,000
Estimated legal costs			$ 1,000,000
Hull DY4052
Acquisition cost of vessels					$ 28,250,000
Newbuilding contract price installment	$ 5,592,661	3,884,530
Remaining contracted newbuilding installments		$ 18,772,809

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	4 Months Ended
	May. 09, 2016	May. 15, 2016	Feb. 15, 2016	Jan. 31, 2016	Aug. 08, 2014
Senior unsecured notes due 2021
Subsequent Event [Line Items]
Original principal amount					$ 25
Accrued interest, unpaid			$ 523,438
Subsequent event | Convertible Note
Subsequent Event [Line Items]
Original principal amount				$ 500,000
Debt conversion, Shares issued	1,333,027
Subsequent event | Senior unsecured notes due 2021
Subsequent Event [Line Items]
Accrued interest, unpaid		$ 390,000