Pangaea Logistics Solutions (PANL) 10-Q 15 May 15 2015 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Mar. 31, 2015	15-May-15
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Entity Registrant Name	Pangaea Logistics Solutions Ltd.
Entity Central Index Key	1606909
Current Fiscal Year End Date	-19
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		34,756,980

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
Current Assets
Cash and cash equivalents	$42,598,816	$29,817,507
Restricted cash	1,000,000	1,000,000
Accounts receivable (net of allowance of $4,349,650 at March 31, 2015 and $4,029,669 at December 31, 2014)	19,565,184	27,362,216
Bunker inventory	13,792,771	15,601,659
Advance hire, prepaid expenses and other current assets	3,051,757	6,568,234
Vessels held for sale, net	3,741,375	4,523,804
Total current assets	83,749,903	84,873,420
Fixed assets, net	268,963,912	207,667,613
Investment in newbuildings in-process	15,296,477	38,471,430
Other noncurrent assets	1,310,216	1,450,802
Total assets	369,320,508	332,463,265
Current liabilities
Accounts payable, accrued expenses and other current liabilities	28,656,068	40,201,794
Related party debt	61,723,711	59,102,077
Deferred revenue	8,284,176	11,748,926
Current portion long-term debt	22,359,868	17,807,674
Line of credit	3,000,000	3,000,000
Dividend payable	12,724,825	12,824,825
Total current liabilties	136,748,648	144,685,296
Secured long-term debt, net	122,728,090	87,430,416
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.0001 par value, 1,000,000 shares authorized and no shares issued or outstanding	0	0
Common stock, $0.0001 par value, 100,000,000 shares authorized 34,756,980 shares issued and outstanding at March 31, 2015 and December 31, 2014	3,476	3,476
Additional paid-in capital	134,122,003	133,955,445
Accumulated deficit	-28,542,798	-36,142,727
Total Pangaea Logistics Solutions Ltd. equity	105,582,681	97,816,194
Non-controlling interests	4,261,089	2,531,359
Total stockholders' equity	109,843,770	100,347,553
Total liabilities and stockholders' equity	$369,320,508	$332,463,265

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Allowance for Doubtful Accounts Receivable	$4,349,650	$4,029,669
Preferred stock, par value (in dollars per share)	$0.00	$0.00
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred Stock, Shares Issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	34,756,980	34,756,980
Common stock, shares outstanding	34,756,980	34,756,980

Consolidated_Statements_of_Inc

Consolidated Statements of Income (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Revenues:
Voyage revenue	$90,578,942	$91,559,529
Charter revenue	4,536,846	22,653,349
Revenues	95,115,788	114,212,878
Expenses:
Voyage expense	45,324,119	48,134,606
Charter hire expense	24,659,395	43,971,061
Vessel operating expenses	7,785,328	6,919,497
General and administrative	4,318,692	2,576,285
Depreciation and amortization	2,990,594	2,551,625
Loss on sale of vessels	88,868	0
Total expenses	85,166,996	104,153,074
Income from operations	9,948,792	10,059,804
Other income (expense):
Interest expense, net	-1,410,771	-1,515,879
Interest expense related party debt	-114,966	-42,128
Imputed interest on related party long-term debt	0	-322,947
Unrealized gain (loss) gain on derivative instruments	823,455	-371,558
Other income (expense)	83,149	-150,000
Total other expense, net	-619,133	-2,402,512
Net income	9,329,659	7,657,292
Income attributable to noncontrolling interests	-1,729,730	-1,064,007
Net income attributable to Pangaea Logistics Solutions Ltd.	$7,599,929	$6,593,285
Earnings per common share:
Basic (in dollars per share)	$0.22	$0.17
Diluted (in dollars per share)	$0.22	$0.17
Weighted average shares used to compute earnings per common share (Note 8) Basic and diluted (in shares)	34,756,980	13,421,955	[1]
[1]	Bulk Partners historical weighted average number of shares outstanding multiplied by the exchange ratio established in the Merger Agreement.

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Operating activities
Net income	$9,329,659	$7,657,292
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization expense	2,990,594	2,551,625
Amortization of deferred financing costs	225,182	284,743
Unrealized (gain) loss on derivative instruments	-823,455	371,558
Loss from equity method investee	-53,201	0
Provision for doubtful accounts	319,981	73,543
Loss on sales of vessels	88,868	0
Write off unamortized financing costs of repaid debt	25,557	0
Amortization of discount on related party long-term debt	0	322,947
Share-based compensation	166,558	0
Change in operating assets and liabilities:
Accounts receivable	7,477,051	20,364,070
Bunker inventory	1,808,888	879,826
Advance hire, prepaid expenses and other current assets	3,863,659	2,577,048
Account payable, accrued expenses and other current liabilities	-10,771,168	-14,936,544
Deferred revenue	-3,464,750	-9,708,056
Net cash provided by operating activities	11,183,423	10,438,052
Investing activites
Purchase of vessels	-44,824,665	-14,382,779
Proceeds from sales of vessels	4,523,804	0
Deposits on newbuildings in-process	0	-63,953
Drydocking costs	0	-409,000
Purchase of building and equipment	-5,399	-3,612
Net cash used in investing activities	-40,306,260	-14,859,344
Financing activities
Proceeds of related party debt	2,506,667	0
Payments on related party debt	0	-162,928
Proceeds from long-term debt	45,000,000	13,000,000
Payments of financing and issuance costs	-664,722	-41,079
Payments on long-term debt	-4,837,799	-3,837,264
Common stock dividends paid	-100,000	-100,000
Net cash provided by financing activities	41,904,146	8,858,729
Net increase in cash and cash equivalents	12,781,309	4,437,437
Cash and cash equivalents at beginning of period	29,817,507	18,927,927
Cash and cash equivalents at end of period	42,598,816	23,365,364
Disclosure of noncash items
Dividends declared, not paid	0	2,101,207
Imputed interest on related party long-term debt	0	200,802
Cash paid for interest	$1,185,589	$1,439,827

General_Information

General Information	3 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Combination Disclosure [Text Block]	Note 1. General Information
	The accompanying consolidated financial statements include the accounts of Pangaea Logistics Solutions Ltd. and its wholly-owned subsidiaries (collectively, the “Company”, “we” or “our”). The Company is engaged in the ocean transportation of dry bulk cargoes worldwide through the ownership, chartering and operation of dry-bulk vessels. The Company's fleet is comprised of Panamax, Supramax and Handymax dry bulk carriers and the Company operates in one business segment.
	The Company is a holding company, incorporated under the laws of Bermuda as an exempted company on April 29, 2014 in connection with the mergers described below. Bulk Partners (Bermuda) Ltd. (“Bulk Partners”) a wholly owned subsidiary the Company following the Mergers, is a holding company that was incorporated under the laws of Bermuda as an exempted company on June 17, 2008 by three individuals who are collectively referred to as the Founders.
	As of March 31, 2015, the Company owned a fleet of 14 oceangoing vessels comprised of five Panamax Ice Class 1A, three Panamax, four Supramax and two Handymax Ice Class 1A vessels with an average age of approximately 11 years.

Completed_Mergers

Completed Mergers	3 Months Ended
	Mar. 31, 2015
Business Combinations [Abstract]
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	Note 2 – Completed Mergers
	On April 30, 2014 the Company (formerly known as Quartet Holdco Ltd.) entered into an Agreement and Plan of Reorganization (the “Merger Agreement”) with Quartet Merger Corp. (“Quartet”), Quartet Merger Sub Ltd. (“Merger Sub”), Bulk Partners’ (at the time, Pangaea Logistics Solutions Ltd.), and the security holders of Bulk Partners (“Signing Holders”), which contemplated (i) Quartet merging with and into the Company, with the Company surviving such merger as the publicly-traded entity and (ii) Merger Sub merging with and into Bulk Partners with Bulk Partners surviving such merger as a wholly-owned subsidiary of the Company (collectively, the “Mergers”).
	On September 26, 2014, Bulk Partners’ Board of Directors, acting by unanimous written consent, approved the Merger Agreement and the Mergers. On October 1, 2014, the parties consummated the Mergers. On September 29, 2014, Quartet held a special meeting in lieu of its annual meeting of stockholders, at which time the Quartet stockholders considered and adopted, among other matters, the Merger Agreement and the Mergers.
	The Mergers were accounted for as a reverse acquisition in accordance with ASC 805-40-45-1. Under this method of accounting, Merger Sub was treated as the “acquired” company for financial reporting purposes. This determination was primarily based on Bulk Partners’ comprising the ongoing operations of the combined entity, Bulk Partners senior management comprising the senior management of the combined company, and the Bulk Partners common stockholders having a majority of the voting power of the combined entity. In accordance with guidance applicable to these circumstances, the Mergers were considered to be a capital transaction in substance. Accordingly, for accounting purposes, the Mergers were treated as the equivalent of Bulk Partners issuing stock for the Company’s net assets, accompanied by a recapitalization. The Company’s assets were stated at their pre-combination carrying amounts, with no goodwill or other intangible assets recorded. Operations prior to the Mergers are those of Bulk Partners. The equity structure after the Mergers reflects the Company’s equity structure.

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting [Text Block]	Note 3. Basis of Presentation
	The accompanying consolidated balance sheets as of March 31, 2015, the consolidated statements of income for the three-month periods ended March 31, 2015 and 2014 and cash flows for the three months ended March 31, 2015 and 2014 are unaudited. The unaudited interim consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position and results of operations and cash flows for the three months ended March 31, 2015 and 2014. The financial data and the other information disclosed in these notes to the condensed consolidated financial statements related to these three month periods are unaudited. Certain information and disclosures included in the annual consolidated financial statements have been omitted for the interim periods disclosed pursuant to the rules and regulations of the SEC. The results of the three months ended March 31, 2015 are not necessarily indicative of the results to be expected for the year ending December 31, 2015 or for any other interim period or other future year.
	The preparation of consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates and assumptions of the Company are the estimated salvage value used in determining depreciation expense, the allowances for doubtful accounts and the discount on interest free loans.
	Advance hire, prepaid expenses and other current assets were comprised of the following:
		March 31, 2015		December 31, 2014
		(unaudited)
	Advance hire	$	1,720,308	$	4,345,959
	Prepaid expenses		1,013,021		427,889
	Other current assets		318,428		1,794,386
		$	3,051,757	$	6,568,234
	Accounts payable, accrued expenses and other current liabilities were comprised of the following:
		March 31, 2015		December 31, 2014
		(unaudited)
	Accounts payable	$	20,858,150	$	33,538,153
	Accrued voyage expenses		5,777,531		4,651,503
	Accrued interest		955,297		540,862
	Other accrued liabilities		1,065,090		1,471,276
		$	28,656,068	$	40,201,794

Fixed_Assets

Fixed Assets	3 Months Ended
	Mar. 31, 2015
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Disclosure [Text Block]	Note 4. Fixed Assets
	At March 31, 2015, the Company’s operating fleet consisted of 14 dry bulk vessels. The carrying amount of these vessels is as follows:
			March 31,		December 31,
	Vessel		2015		2014
			(unaudited)
	m/v BULK PANGAEA		$	20,773,226	$	21,176,498
	m/v BULK DISCOVERY (1)			-		3,741,375
	m/v BULK PATRIOT			14,675,731		14,988,585
	m/v BULK JULIANA			13,819,455		14,023,118
	m/v NORDIC ODYSSEY			28,832,203		29,125,309
	m/v NORDIC ORION			29,342,470		29,627,397
	m/v BULK TRIDENT			16,247,252		16,430,154
	m/v BULK BEOTHUK			13,084,563		13,228,238
	m/v BULK NEWPORT			14,577,725		14,733,879
	m/v NORDIC BARENTS			6,845,904		7,000,000
	m/v NORDIC BOTHNIA			6,842,602		7,000,000
	m/v NORDIC OSHIMA			33,428,350		33,615,314
	m/v NORDIC OLYMPIC (2)			33,692,140		-
	m/v NORDIC ODIN (2)			33,873,832		-
				266,035,453		204,689,867
	Other fixed assets, net			2,928,459		2,977,746
	Total fixed assets, net		$	268,963,912	$	207,667,613
		-1	The Company committed to selling the m/v Bulk Discovery in January 2015, therefore, the net carrying value is included in current assets as vessels held for sale.
		-2	The m/v Nordic Olympic was delivered to the Company on February 6, 2015 and the m/v Nordic Odin was delivered to the Company on February 13, 2015.
	In February 2015, the Company sold the m/v Bulk Cajun for its scrap value of approximately $4,524,000.

Debt

Debt	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Long-term Debt [Text Block]	Note 5. Debt
	Long-term debt consists of the following:
			March 31,		December 31,
			2015		2014
			(unaudited)
	Bulk Pangaea Secured Note (1)		$	2,775,000	$	3,121,875
	Bulk Discovery Secured Note (2)			3,424,000		3,780,000
	Bulk Patriot Secured Note (1)			4,150,000		4,762,500
	Bulk Cajun Secured Note (3)			-		853,125
	Bulk Trident Secured Note (1)			7,331,250		7,650,000
	Bulk Juliana Secured Note (1)			4,732,292		5,070,312
	Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement			49,750,000		51,125,000
	Bulk Atlantic Secured Note (2)			7,800,000		7,890,000
	Bulk Phoenix Secured Note (1)			8,699,998		8,916,665
	Term Loan Facility of USD 13,000,000 (Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.)			11,695,640		12,021,730
	Long Wharf Construction to Term Loan			993,378		998,148
	Senior Secured Term Loan Facility of $45,000,000 (Bulk Nordic Odin Ltd. and Bulk Nordic Olympic Ltd.)			45,000,000		-
	Total			146,351,558		106,189,355
	Less: current portion			-22,359,868		-17,807,674
	Less: unamortized bank fees			-1,263,600		-951,265
	Secured long-term debt		$	122,728,090	$	87,430,416
	____________________________________________________
		-1	The Bulk Pangaea Secured Note, the Bulk Patriot Secured Note, the Bulk Juliana Secured Note, the Bulk Trident Secured Note and the Bulk Phoenix Secured Note are cross-collateralized by the vessels Bulk Pangaea, Bulk Patriot, Bulk Juliana, Bulk Trident and Bulk Newport and are guaranteed by the Company.
		-2	The Bulk Discovery Secured Note and the Bulk Atlantic Secured Note are cross-collateralized by the vessels m/v Bulk Discovery and m/v Bulk Beothuk and are guaranteed by the Company.
		-3	The Bulk Cajun Secured Note was repaid on February 12, 2015 in conjunction with the sale of the m/v Bulk Cajun.
	The Senior Secured Post-Delivery Term Loan Facility
	On April 15, 2013, the Company, through its wholly owned subsidiaries, Bulk Pangaea, Bulk Patriot, Bulk Juliana and Bulk Trident, entered into a $30.3 million Senior Secured Post-Delivery Term Loan Facility (the “Post-Delivery Facility”) to refinance the Bulk Pangaea Secured Term Loan Facility dated December 15, 2009, the Bulk Patriot Secured Term Loan Facility dated September 29, 2011, the Bulk Juliana Secured Term Loan Facility dated April 18, 2012, and the Bulk Trident Secured Term Loan Facility dated August 28, 2012, the proceeds of which were used to finance the acquisitions of the m/v Bulk Pangaea, the m/v Bulk Patriot, the m/v Bulk Juliana and the m/v Bulk Trident, respectively. The Post-Delivery Facility was subsequently amended on May 16, 2013 by the First Amendatory Agreement, to increase the facility by $8.0 million to finance the acquisition of the m/v Bulk Providence and again on August 28, 2013, by the Second Amendatory Facility, to increase the facility by $10.0 million to finance the acquisition of the m/v Bulk Newport. The m/v Bulk Providence was sold on May 27, 2014 on which date this tranche of the Post-Delivery Facility was repaid.
	The Post-Delivery Facility contains financial covenants that require the Company to maintain a minimum consolidated net worth, and require the Company to maintain a minimum EBITDA to fixed charges ratio tested annually, as defined. In addition, the facility contains other Company and vessel related covenants that, among other things, restrict changes in management and ownership of the vessel, declaration of dividends, further indebtedness and mortgaging of a vessel without the bank’s prior consent. It also requires minimum collateral maintenance, which is tested at the discretion of the lender. As of March 31, 2015 and December 31, 2014, the Company was not in compliance with the consolidated debt service coverage ratio. Accordingly, the Company obtained a waiver from the Facility Agent.
	The Post-Delivery Facility is divided into six tranches, as follows:
	Bulk Pangaea Secured Note
	Initial amount of $12,250,000, entered into in December 2009, for the acquisition of m/v Bulk Pangaea. The interest rate was fixed at 3.96% in April 2013, in conjunction with the post-delivery amendment discussed above. The amendment also modified the repayment schedule to 15 equal quarterly payments of $346,875 ending in January 2017.
	Bulk Patriot Secured Note
	Initial amount of $12,000,000, entered into in September 2011, for the acquisition of the m/v Bulk Patriot. Loan requires repayment in 24 equal quarterly installments of $500,000 beginning in January 2012. The interest rate was fixed at 4.01% in April 2013 in conjunction with the post-delivery amendment discussed above.
	Bulk Trident Secured Note
	Initial amount of $10,200,000, entered into in April 2012, for the acquisition of the m/v Bulk Trident. Loan requires repayment in 24 equal quarterly installments of $318,750 beginning in December 2012 with a balloon payment of $2,550,000 together with the last quarterly installment. Interest was fixed at 4.29% in April 2013 in conjunction with the post-delivery amendment discussed above.
	Bulk Juliana Secured Note
	Initial amount of $8,112,500, entered into in April 2012, for the acquisition of the m/v Bulk Juliana. Loan requires repayment in 24 equal quarterly installments of $338,021 beginning in October 2012. Interest was fixed at 4.38% in April 2013 in conjunction with the post-delivery amendment discussed above.
	Bulk Phoenix Secured Note
	Initial amount of $10,000,000, entered into in May 2013, for the acquisition of m/v Bulk Newport. Loan requires repayment in 7 equal quarterly installments of $216,667 and 16 equal quarterly installments of $416,667 with a balloon payment of $1,816,659 due in July 2019. Interest is fixed at 5.09%.
	Other secured debt:
	Bulk Cajun Secured Note
	Initial amount of $4,550,000, entered into in October 2011, for the acquisition of the m/v Bulk Cajun. Loan requires repayment in 16 equal quarterly installments of $284,375 beginning in January 2012 with a balloon payment of $2,000,000 together with the last quarterly installment. Interest is fixed at 6.51%. This note was repaid on February 12, 2015 in conjunction with the sale of the m/v Bulk Cajun on February 26, 2015.
	Bulk Discovery Secured Note
	Initial amount of $9,120,000, entered into in February 2011, for the acquisition of the m/v Bulk Discovery. Loan requires repayment in 20 equal quarterly installments of $356,000 beginning in June 2011 with a balloon payment of $2,356,000 due in March 2016. Interest is fixed at a rate of 8.16%.
	Bulk Atlantic Secured Note
	Initial amount of $8,520,000, entered into on February 18, 2013, for the acquisition of m/v Bulk Beothuk. Loan requires repayment in 8 equal quarterly installments of $90,000 beginning in May 2013, 12 equal quarterly installments of $295,000 and a balloon payment of $4,260,000 due in February 2018. Interest is fixed at 6.46%.
	The other secured notes, as outlined above, also contain collateral maintenance ratio clauses. If the Company encountered a change in financial condition which, in the opinion of the lender, is likely to affect the Company’s ability to perform its obligations under the loan facility, the Company’s credit agreement could be cancelled at the lender’s sole discretion. The lender could then elect to declare the indebtedness, together with accrued interest and other fees, to be immediately due and payable, and proceed against any collateral securing such indebtedness. As of March 31, 2015 and December 31, 2014, the Company was not in compliance with the minimum EBIDTA to fixed charges ratio. Accordingly the Company obtained a waiver from the Facility Agent.
	Bulk Nordic Odyssey Ltd., Bulk Nordic Orion Ltd. And Bulk Nordic Oshima Ltd. – Dated September 17, 2014 Amended and Restated Loan Agreement
	Initial amount of $40,000,000, entered into on August 6, 2012, for the acquisition of the m/v Nordic Odyssey and the m/v Nordic Orion. The agreement requires repayment in 20 quarterly installments of $1,000,000 beginning in October 2012, with an additional $1,000,000 installment payable on the 5th, 9th and 17th installment dates and a balloon payment of $17,000,000 due with the final installment. The amended agreement was entered into on September 17, 2014, to finance the purchase of the m/v Nordic Oshima, which was delivered to the Company on September 25, 2014. The amended agreement advanced $22,500,000 and requires repayment of this advance in 28 equal quarterly installments of $375,000 and a balloon payment of $12,000,000 due with the final installment. Interest on the advance related to m/v Nordic Odyssey and m/v Nordic Orion is floating at LIBOR plus 3.00% (3.27% at March 31, 2015). Interest on the advance related to m/v Nordic Oshima is floating at LIBOR plus 2.25% (2.52% at March 31, 2015). The amended loan is secured by first preferred mortgages on the m/v Nordic Odyssey, the m/v Nordic Orion and m/v Nordic Oshima, the assignment of earnings, insurances and requisite compensation of the three entities, and by guarantees of their shareholders. The amended agreement contains one financial covenant that requires the Company to maintain minimum liquidity and a collateral maintenance ratio clause which requires the aggregate fair market value of the vessel plus the net realizable value of any additional collateral provided to remain above defined ratios. As of March 31, 2015 and December 31, 2014, the Company was in compliance with this covenant.
	Term Loan Facility of USD 13,100,000 (Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.)
	Bulk Barents and Bulk Bothnia entered into a secured Term Loan Facility of $13,000,000 in two tranches of $6,500,000 which were drawn in conjunction with the delivery of the m/v Bulk Bothnia on January 23, 2014 and the m/v Bulk Barents on March 7, 2014.
	The facility bears interest at LIBOR plus 2.5% (2.77% at March 31, 2015). The loan requires repayment in 22 equal quarterly installments of $163,045 (per borrower) beginning in June 2014, one installment of $163,010 (per borrower) and a balloon payment of $2,750,000 (per borrower) due in December 2019. In addition, any cash in excess of $750,000 per borrower on any repayment date shall be applied toward prepayment of the relevant loan in inverse order, so the balloon payment is prepaid first. The agreement also contains a profit split in respect of the proceeds from the sale of either vessel. The loan is secured by mortgages on the m/v Nordic Bulk Barents and m/v Nordic Bulk Bothnia. As of March 31, 2015 and December 31, 2014, the Company was in compliance with all required covenants.
	Senior Secured Term Loan Facility of USD 45,000,000 (Bulk Nordic Odin Ltd. and Bulk Nordic Olympic Ltd.)
	In January 2015, the Company entered into a loan agreement to finance the purchase of the m/v Nordic Odin and the m/v Nordic Olympic, which were delivered to the Company in February 2015. The agreement advanced $45,000,000 and requires repayment of this advance in 28 equal quarterly installments of $375,000 per borrower and a balloon payment of $12,000,000 per borrower due with the final installment. Interest on the facility is floating at LIBOR plus 2.0% (2.27% at March 31, 2015). The loan is secured by first preferred mortgages on the m/v Nordic Odin and the m/v Nordic Olympic, the assignment of earnings, insurances and requisite compensation of the two entities, and by guarantees of their shareholders. The agreement contains one financial covenant that requires the Company to maintain minimum liquidity and a collateral maintenance ratio clause which requires the aggregate fair market value of the vessel plus the net realizable value of any additional collateral provided to remain above defined ratios. As of March 31, 2015 the Company was in compliance with this covenant.
	Long Wharf Construction to Term Loan
	Initial amount of $1,048,000 entered into in January 2011. The loan is payable in monthly installments based on a 25 year amortization schedule with a final balloon payment of all unpaid principal and accrued interest due January 2021. Interest is floating at LIBOR plus 2.85%. The Company entered into an interest rate swap which matures January 2021 and fixes the interest rate at 6.63%. The loan is collateralized by all real estate located at 109 Long Wharf, Newport, RI, as well as personal guarantees from the Founders and a corporate guarantee of the Company. The loan contains one financial covenant that requires the Company to maintain a minimum debt service coverage ratio, calculated on an annual basis. At December 31, 2104, the Company was not in compliance with this covenant and obtained a waiver of compliance from the lender.
	The future minimum annual payments (excluding unamortized bank fees) under the debt agreements are as follows:
			Years ending
			March 31,
			(unaudited)
	2015		$	22,359,868
	2016			19,387,058
	2017			34,561,145
	2018			11,677,912
2019			13,237,764
Thereafter			45,127,811
		$	146,351,558

Derivative_Instruments_and_Fai

Derivative Instruments and Fair Value Measurements	3 Months Ended
	Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Fair Value [Text Block]	Note 6. Derivative Instruments and Fair Value Measurements
	Interest-Rate Swaps
	From time to time, the Company enters into interest rate swap agreements to mitigate the risk of interest rate fluctuations on its variable rate debt. At March 31, 2015 and December 31, 2014, the Company was party to one interest rate swap, which was entered into in February 2011, as required by the 109 Long Wharf Construction Loan agreement. Under the terms of the swap agreement, the interest rate on this note is fixed at 6.63%.
	The Company did not elect to designate the swap as a hedge at inception, pursuant to ASC 815, Derivatives and Hedging. Accordingly, changes in the fair value are recorded in current earnings in the accompanying consolidated statements of income.
	The fair value of the interest rate swap agreements at March 31, 2015 and December 31, 2014 were liabilities of approximately $123,000 and $112,000, which are included in other current liabilities on the consolidated balance sheets based on the instrument’s maturity date. The aggregate change in the fair value of the interest rate swap agreements for the three months ended March 31, 2015 and 2014 were losses of approximately $11,000 and $17,000, respectively, which are reflected in the unrealized gain (loss) on derivative instruments in the accompanying consolidated statements of income.
	Forward freight agreements
	The Company assesses risk associated with fluctuating future freight rates and, when appropriate, hedges identified economic risk with appropriate derivative instruments, specifically forward freight agreements (FFAs). Such economic hedges do not always qualify for hedge accounting under ASC 815 and as such, the usage of such derivatives can lead to fluctuations in the Company’s reported results from operations on a period-to-period basis. There were no open FFAs at March 31, 2015 or December 31, 2014. The change in the aggregate fair value of the FFAs during the three months ended March 31, 2014 resulted in a loss of approximately $367,100, which is included in unrealized gain (loss) on derivative instruments in the accompanying consolidated statements of income.
	Fuel Swap Contracts
	The Company continuously monitors the market volatility associated with bunker prices and seeks to reduce the risk of such volatility through a bunker hedging program. During the three months ended March 31, 2015 and the year ended December 31, 2014, the Company entered into various fuel swap contracts that were not designated for hedge accounting. The aggregate fair value of these fuel swaps at March 31, 2015 and December 31, 2014 are liabilities of approximately $568,000 and $1,391,000, which are included in other current liabilities on the consolidated balance sheets. The change in the aggregate fair value of the fuel swaps during the three months ended March 31, 2015 and 2014 is a gain of approximately $823,000 and a loss of approximately $5,000, respectively, which are included in unrealized gain (loss) on derivative instruments in the accompanying consolidated statements of income.
	The three levels of the fair value hierarchy established by ASC 820, in order of priority are as follows:
	Level 1 – Quoted prices in active markets for identical assets or liabilities. Our Level 1 non-derivatives include cash, money-market accounts, restricted cash accounts and investment.
	Level 2 – Quoted prices for similar assets and liabilities in active markets or inputs that are observable. Our Level 2 non-derivatives include our term loan account.
	Level 3 – Inputs that are unobservable (for example cash flow modeling inputs based on assumptions).
	The following table summarizes assets and liabilities measured at fair value on a recurring basis at March 31, 2015 and December 31, 2014:
		Balance at
		March 31, 2015		Level 1		Level 2		Level 3
		(unaudited)
	Margin accounts	$	100,675	$	100,675	$	-	$	-
	Interest rate swaps	$	-122,861	$	-	$	-122,861	$	-
	Fuel swap contracts	$	-567,740	$	-	$	-567,740	$	-
		Balance at
		December 31, 2014		Level 1		Level 2		Level 3
	Margin accounts	$	439,578	$	439,578	$	-	$	-
	Interest rate swaps	$	-112,124	$	-	$	-112,124	$	-
	Fuel swap contracts	$	-1,391,195	$	-	$	-1,391,195	$	-
	The estimated fair values of the Company’s interest rate swap instruments, forward freight agreements and fuel swap contracts are based on market prices obtained from an independent third-party valuation specialist. Such quotes represent the estimated amounts the Company would receive to terminate the contracts.

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Note 7. Related Party Transactions
		December 31,					March 31,
		2014		Activity			2015
							(unaudited)
	Included in accounts payable, accrued expenses and other current liabilities on the consolidated balance sheets:
	To Founders	$	203,050	$	-		$	203,050
	Affiliated companies (trade payables)		4,037,850		-2,463,029			1,574,821
		$	4,240,900	$	-2,463,029		$	1,777,871
	Included in current related party debt on the consolidated balance sheets:
	Loan payable – 2011 Founders Note		4,325,000		-		$	4,325,000
	Interest payable in-kind		334,605		114,966	i		449,571
	Loan payable to Founders		5,000,000		-			5,000,000
	Loan payable – BVH shareholder (STST)		4,442,500		-			4,442,500
	Loan payable to NBHC shareholder (STST)		22,500,000		1,253,334	ii		23,753,334
	Loan payable to NBHC shareholder (ASO2020)		22,499,972		1,253,334	ii		23,753,306
	Total current related party debt	$	59,102,077	$	2,621,634		$	61,723,711
	i.     Payable in cash
	ii     Shareholder loans provided for purposes of funding the newbuilding projects
	In November 2014, the Company entered in to a $5 million Promissory Note (the “Note”) with Bulk Invest, Ltd., a company controlled by Founders. The Note is payable on demand and no later than January 1, 2016. Interest on the Note is 5%.
	During 2013, NBHC entered into contracts to purchase four 1A ice-class newbuildings. Shareholder loans totaling approximately $47,500,000 and $45,000,000 were made as of March 31, 2015 and December 31, 2014, respectively, to fund the deposits on these vessels. On April 1, 2014, the non-interest bearing loans were amended to be payable on demand. The loans were originally payable in January 2023 and did not bear interest. Accordingly, they were carried at the present value of the future cash flows utilizing an imputed interest rate.
	BVH entered into an agreement for the construction of two new ultramax newbuildings in 2013. Shareholder loans totaling $4,447,500 at March 31, 2015 and December 31, 2014 were provided in order to make deposits on these contracts. The loans are payable on demand and do not bear interest.
	On October 1, 2011, the Company entered into a $10,000,000 loan agreement with the Founders, which was payable on demand at the request of the lenders (the 2011 Founders Note). The note bears interest at a rate of 5%. On January 1, 2012 the Company issued 5,675 shares of convertible redeemable preferred stock to the Founders, representing a partial repayment of the note (see Note 11), the balance of which was $4,325,000 at March 31, 2015 and December 31, 2014.
	Under the terms of a technical management agreement between the Company and Seamar Management S.A. (“Seamar”), an equity method investee, Seamar is responsible for the day-to-day operations for certain of the Company’s owned vessels. During the three month periods ended March 31, 2015 and 2014, the Company incurred technical management fees of approximately $771,000 and $587,000, respectively under this arrangement. These fees are included in vessel operating expenses in the consolidated statements of income.

Earnings_Per_Common_Share

Earnings Per Common Share	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	Note 8. Earnings Per Common Share
		For the three months ended March 31,
		2015		2014
		(unaudited)		(unaudited)
	Numerator:
	Net income attributable to Pangaea Logistics Solutions Ltd.	$	7,599,929	$	-
	Net income attributable to Bulk Partners (Bermuda) Ltd.		-		6,593,285
	Less: dividends declared on convertible redeemable preferred stock		-		-1,782,277
	Less: allocation of earnings to preferred shareholders		-		-2,535,149
	Total earnings allocated to common stock	$	7,599,929	$	2,275,859
	Denominator:
	Weighted-average number of shares of common stock outstanding		34,756,980		13,421,955	-1
	Basic and Diluted EPS - common stock	$	0.22	$	0.17
	(1) Bulk Partners historical weighted average number of shares outstanding multiplied by the exchange ratio established in the Merger Agreement.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Note 9. Commitments and Contingencies
	Legal Proceedings
	The Company is involved in legal proceedings and may become involved in other legal matters arising in the ordinary course of its business. The Company evaluates these legal matters on a case-by-case basis to make a determination as to the impact, if any, on its business, liquidity, results of operations, financial condition or cash flows.
	Other
	In January 2013, the Company signed a shipbuilding contract for the construction of four Ice Class 1A panamax vessels at $32,600,000 each. The Company had a total of $6,520,000 and $29,786,000 on deposit at March 31, 2015 and December 31, 2014, respectively. The first vessel was delivered on September 25, 2014. The second vessel was delivered on February 6, 2015 and the third vessel was delivered on February 13, 2015. The balance of payment due on these three vessels was financed with commercial facilities. The fourth vessel is expected to be delivered in 2016. The second installment on the last vessel, which is equal to 10% of the purchase price, becomes due and payable upon keel-laying of the vessel. The third installment of 10% is due and payable upon launching of the vessel and the balance is due upon delivery of the vessels. The Company expects to finance the final payment with a commercial facility.
	In December 2013, the Company entered into shipbuilding contracts for the construction of two ultramax vessels for $28,950,000 each. At March 31, 2015 and December 31, 2104, the Company had $8,685,000 on deposit for these newbuildings. The third installments of 5% are due and payable upon keel laying of the vessels. The fourth installments of 10% are due and payable upon launching of the vessels and the balance is due upon delivery of the vessels. The Company expects to finance the final payments with commercial facilities.
	The total purchase obligations under the shipbuilding contracts are approximately $28,975,000 for the twelve months ending March 31, 2016 and approximately $46,320,000 for the twelve months ending March 31, 2017.
	The Company is subject to certain asserted claims arising in the ordinary course of business. The Company intends to vigorously assert its rights and defend itself in any litigation that may arise from such claims. While the ultimate outcome of these matters could affect the results of operations of any one year, and while there can be no assurance with respect thereto, management believes that after final disposition, any financial impact to the Company would not be material to its consolidated financial position, results of operations, or cash flows.

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 10. Subsequent Events
	On April 13, 2015, the Company repaid its $3,000,000 borrowings under the line of credit, that was due to expire on August 19, 2015.
	On May 1, 2015, the Company awarded certain employees restricted shares of its common stock pursuant to the 2014 Incentive Plan (the "2014 Plan"). These restricted shares vest at the rate of one-third on the third, fourth and fifth anniversaries of the Vesting Commencement Date, except in the event of death, disability or retirement of the employee, at which time all unvested shares will immediately vest. The Vesting Commencement Date is May 1, 2015.
	On May 4, 2015, the Company entered into an agreement with a shareholder of Nordic Bulk Holdings ApS (“NBH”) to acquire 24.5% of the ownership of NBH, bringing the Company’s total ownership interest to 75.5%. NBH is an entity consolidated under Accounting Standards Codification (“ASC”) 810, Consolidation. The accompanying unaudited consolidated financial statements include the operations of NBH for the three months ended March 31, 2015 and 2014.
	On May 8, 2015, our board of directors awarded each non-employee director 10,000 restricted shares of our common stock pursuant to the 2014 Plan. These restricted shares vest at the rate of fifty percent on the first anniversary of the date of grant, with the remaining fifty percent to vest on the second anniversary of the date of grant. The award will be forfeited if the non-employee director does not serve until the Company’s 2015 annual meeting of shareholders, except in the event of death of the non-employee director.

Basis_of_Presentation_Tables

Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]	Advance hire, prepaid expenses and other current assets were comprised of the following:
		March 31, 2015		December 31, 2014
		(unaudited)
	Advance hire	$	1,720,308	$	4,345,959
	Prepaid expenses		1,013,021		427,889
	Other current assets		318,428		1,794,386
		$	3,051,757	$	6,568,234
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	Accounts payable, accrued expenses and other current liabilities were comprised of the following:
		March 31, 2015		December 31, 2014
		(unaudited)
	Accounts payable	$	20,858,150	$	33,538,153
	Accrued voyage expenses		5,777,531		4,651,503
	Accrued interest		955,297		540,862
	Other accrued liabilities		1,065,090		1,471,276
		$	28,656,068	$	40,201,794

Fixed_Assets_Tables

Fixed Assets (Tables)	3 Months Ended
	Mar. 31, 2015
Property, Plant and Equipment [Abstract]
Property Plant and Equipment Schedule of Significant Acquisitions [Table Text Block]	At March 31, 2015, the Company’s operating fleet consisted of 14 dry bulk vessels. The carrying amount of these vessels is as follows:
			March 31,		December 31,
	Vessel		2015		2014
			(unaudited)
	m/v BULK PANGAEA		$	20,773,226	$	21,176,498
	m/v BULK DISCOVERY (1)			-		3,741,375
	m/v BULK PATRIOT			14,675,731		14,988,585
	m/v BULK JULIANA			13,819,455		14,023,118
	m/v NORDIC ODYSSEY			28,832,203		29,125,309
	m/v NORDIC ORION			29,342,470		29,627,397
	m/v BULK TRIDENT			16,247,252		16,430,154
	m/v BULK BEOTHUK			13,084,563		13,228,238
	m/v BULK NEWPORT			14,577,725		14,733,879
	m/v NORDIC BARENTS			6,845,904		7,000,000
	m/v NORDIC BOTHNIA			6,842,602		7,000,000
	m/v NORDIC OSHIMA			33,428,350		33,615,314
	m/v NORDIC OLYMPIC (2)			33,692,140		-
	m/v NORDIC ODIN (2)			33,873,832		-
				266,035,453		204,689,867
	Other fixed assets, net			2,928,459		2,977,746
	Total fixed assets, net		$	268,963,912	$	207,667,613
		-1	The Company committed to selling the m/v Bulk Discovery in January 2015, therefore, the net carrying value is included in current assets as vessels held for sale.
		-2	The m/v Nordic Olympic was delivered to the Company on February 6, 2015 and the m/v Nordic Odin was delivered to the Company on February 13, 2015.

Debt_Tables

Debt (Tables)	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments [Table Text Block]	Long-term debt consists of the following:
			March 31,		December 31,
			2015		2014
			(unaudited)
	Bulk Pangaea Secured Note (1)		$	2,775,000	$	3,121,875
	Bulk Discovery Secured Note (2)			3,424,000		3,780,000
	Bulk Patriot Secured Note (1)			4,150,000		4,762,500
	Bulk Cajun Secured Note (3)			-		853,125
	Bulk Trident Secured Note (1)			7,331,250		7,650,000
	Bulk Juliana Secured Note (1)			4,732,292		5,070,312
	Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement			49,750,000		51,125,000
	Bulk Atlantic Secured Note (2)			7,800,000		7,890,000
	Bulk Phoenix Secured Note (1)			8,699,998		8,916,665
	Term Loan Facility of USD 13,000,000 (Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.)			11,695,640		12,021,730
	Long Wharf Construction to Term Loan			993,378		998,148
	Senior Secured Term Loan Facility of $45,000,000 (Bulk Nordic Odin Ltd. and Bulk Nordic Olympic Ltd.)			45,000,000		-
	Total			146,351,558		106,189,355
	Less: current portion			-22,359,868		-17,807,674
	Less: unamortized bank fees			-1,263,600		-951,265
	Secured long-term debt		$	122,728,090	$	87,430,416
	____________________________________________________
		-1	The Bulk Pangaea Secured Note, the Bulk Patriot Secured Note, the Bulk Juliana Secured Note, the Bulk Trident Secured Note and the Bulk Phoenix Secured Note are cross-collateralized by the vessels Bulk Pangaea, Bulk Patriot, Bulk Juliana, Bulk Trident and Bulk Newport and are guaranteed by the Company.
		-2	The Bulk Discovery Secured Note and the Bulk Atlantic Secured Note are cross-collateralized by the vessels m/v Bulk Discovery and m/v Bulk Beothuk and are guaranteed by the Company.
		-3	The Bulk Cajun Secured Note was repaid on February 12, 2015 in conjunction with the sale of the m/v Bulk Cajun.
Schedule of Maturities of Long-term Debt [Table Text Block]	The future minimum annual payments (excluding unamortized bank fees) under the debt agreements are as follows:
			Years ending
			March 31,
			(unaudited)
	2015		$	22,359,868
	2016			19,387,058
	2017			34,561,145
	2018			11,677,912
	2019			13,237,764
	Thereafter			45,127,811
			$	146,351,558

Derivative_Instruments_and_Fai1

Derivative Instruments and Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	The following table summarizes assets and liabilities measured at fair value on a recurring basis at March 31, 2015 and December 31, 2014:
		Balance at
		March 31, 2015		Level 1		Level 2		Level 3
		(unaudited)
	Margin accounts	$	100,675	$	100,675	$	-	$	-
	Interest rate swaps	$	-122,861	$	-	$	-122,861	$	-
	Fuel swap contracts	$	-567,740	$	-	$	-567,740	$	-
		Balance at
		December 31, 2014		Level 1		Level 2		Level 3
	Margin accounts	$	439,578	$	439,578	$	-	$	-
	Interest rate swaps	$	-112,124	$	-	$	-112,124	$	-
	Fuel swap contracts	$	-1,391,195	$	-	$	-1,391,195	$	-

Related_Party_Transactions_Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
Schedule of Related Party Transactions [Table Text Block]		December 31,					March 31,
		2014		Activity			2015
							(unaudited)
	Included in accounts payable, accrued expenses and other current liabilities on the consolidated balance sheets:
	To Founders	$	203,050	$	-		$	203,050
	Affiliated companies (trade payables)		4,037,850		-2,463,029			1,574,821
		$	4,240,900	$	-2,463,029		$	1,777,871
	Included in current related party debt on the consolidated balance sheets:
	Loan payable – 2011 Founders Note		4,325,000		-		$	4,325,000
	Interest payable in-kind		334,605		114,966	i		449,571
	Loan payable to Founders		5,000,000		-			5,000,000
	Loan payable – BVH shareholder (STST)		4,442,500		-			4,442,500
	Loan payable to NBHC shareholder (STST)		22,500,000		1,253,334	ii		23,753,334
	Loan payable to NBHC shareholder (ASO2020)		22,499,972		1,253,334	ii		23,753,306
	Total current related party debt	$	59,102,077	$	2,621,634		$	61,723,711
	i.     Payable in cash
	ii     Shareholder loans provided for purposes of funding the newbuilding projects

Earnings_Per_Common_Share_Tabl

Earnings Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]		For the three months ended March 31,
		2015		2014
		(unaudited)		(unaudited)
	Numerator:
	Net income attributable to Pangaea Logistics Solutions Ltd.	$	7,599,929	$	-
	Net income attributable to Bulk Partners (Bermuda) Ltd.		-		6,593,285
	Less: dividends declared on convertible redeemable preferred stock		-		-1,782,277
	Less: allocation of earnings to preferred shareholders		-		-2,535,149
	Total earnings allocated to common stock	$	7,599,929	$	2,275,859
	Denominator:
	Weighted-average number of shares of common stock outstanding		34,756,980		13,421,955	-1
	Basic and Diluted EPS - common stock	$	0.22	$	0.17
	(1) Bulk Partners historical weighted average number of shares outstanding multiplied by the exchange ratio established in the Merger Agreement.

General_Information_Details_Te

General Information (Details Textual)	3 Months Ended
	Mar. 31, 2015
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of Vessels	14
Vessels Member
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Property, Plant and Equipment, Useful Life	11 years

Completed_Mergers_Details_Text

Completed Mergers (Details Textual) (Merger Agreement [Member])	3 Months Ended
	Mar. 31, 2015
Merger Agreement [Member]
Business Acquisition [Line Items]
Business Acquisition, Date of Acquisition Agreement	30-Apr-14
Business Acquisition, Name of Acquired Entity	Quartet Merger Corp.
Business Acquisition, Description of Acquired Entity	Quartet Merger Corp. (''Quartet''), Quartet Merger Sub Ltd. (''Merger Sub''), Bulk Partners' (at the time, Pangaea Logistics Solutions Ltd.), and the security holders of Bulk Partners (''Signing Holders''), which contemplated (i) Quartet merging with and into the Company, with the Company surviving such merger as the publicly-traded entity and (ii) Merger Sub merging with and into Bulk Partners with Bulk Partners surviving such merger as a wholly-owned subsidiary of the Company (collectively, the ''Merger'').

Basis_of_Presentation_Details

Basis of Presentation (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Prepaid Expenses And Other Current Assets [Line Items]
Advance hire	$1,720,308	$4,345,959
Prepaid expenses	1,013,021	427,889
Other current assets	318,428	1,794,386
Advance hire, prepaid expenses and other current assets	$3,051,757	$6,568,234

Basis_of_Presentation_Details_

Basis of Presentation (Details 1) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Accrued Expenses And Other Current Liabilities [Line Items]
Accounts payable	$20,858,150	$33,538,153
Accrued voyage expenses	5,777,531	4,651,503
Accrued interest	955,297	540,862
Other accrued liabilities	1,065,090	1,471,276
Accounts payable accrued expenses and other current liabilities	$28,656,068	$40,201,794

Fixed_Assets_Details

Fixed Assets (Details) (USD $)	Mar. 31, 2015		Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Vessels And Vessel Improvements Property Plant And Equipment Net	$266,035,453		$204,689,867
Other fixed assets, net	2,928,459		2,977,746
Total fixed assets, net	268,963,912		207,667,613
mv BULK PANGAEA [Member]
Property, Plant and Equipment [Line Items]
Vessels And Vessel Improvements Property Plant And Equipment Net	20,773,226		21,176,498
mv BULK DISCOVERY [Member]
Property, Plant and Equipment [Line Items]
Vessels And Vessel Improvements Property Plant And Equipment Net	0	[1]	3,741,375	[1]
mv BULK PATRIOT [Member]
Property, Plant and Equipment [Line Items]
Vessels And Vessel Improvements Property Plant And Equipment Net	14,675,731		14,988,585
mv BULK JULIANA [Member]
Property, Plant and Equipment [Line Items]
Vessels And Vessel Improvements Property Plant And Equipment Net	13,819,455		14,023,118
mv NORDIC ODYSSEY [Member]
Property, Plant and Equipment [Line Items]
Vessels And Vessel Improvements Property Plant And Equipment Net	28,832,203		29,125,309
mv NORDIC ORION [Member]
Property, Plant and Equipment [Line Items]
Vessels And Vessel Improvements Property Plant And Equipment Net	29,342,470		29,627,397
mv BULK TRIDENT [Member]
Property, Plant and Equipment [Line Items]
Vessels And Vessel Improvements Property Plant And Equipment Net	16,247,252		16,430,154
mv BULK BEOTHUK [Member]
Property, Plant and Equipment [Line Items]
Vessels And Vessel Improvements Property Plant And Equipment Net	13,084,563		13,228,238
mv BULK NEWPORT [Member]
Property, Plant and Equipment [Line Items]
Vessels And Vessel Improvements Property Plant And Equipment Net	14,577,725		14,733,879
mv NORDIC BARENTS [Member]
Property, Plant and Equipment [Line Items]
Vessels And Vessel Improvements Property Plant And Equipment Net	6,845,904		7,000,000
mv NORDIC BOTHNIA [Member]
Property, Plant and Equipment [Line Items]
Vessels And Vessel Improvements Property Plant And Equipment Net	6,842,602		7,000,000
mv NORDIC OSHIMA [Member]
Property, Plant and Equipment [Line Items]
Vessels And Vessel Improvements Property Plant And Equipment Net	33,428,350		33,615,314
mv NORDIC OLYMPIC [Member]
Property, Plant and Equipment [Line Items]
Vessels And Vessel Improvements Property Plant And Equipment Net	33,692,140	[2]	0	[2]
mv NORDIC ODIN [Member]
Property, Plant and Equipment [Line Items]
Vessels And Vessel Improvements Property Plant And Equipment Net	$33,873,832	[2]	$0	[2]
[1]	The Company committed to selling the m/v Bulk Discovery in January 2015, therefore, the net carrying value is included in current assets as vessels held for sale.
[2]	The m/v Nordic Olympic was delivered to the Company on February 6, 2015 and the m/v Nordic Odin was delivered to the Company on February 13, 2015.

Fixed_Assets_Details_Textual

Fixed Assets (Details Textual) (mv BULK CAJUN [Member], USD $)	Feb. 28, 2015
mv BULK CAJUN [Member]
Property, Plant and Equipment [Line Items]
Property, Plant, and Equipment, Salvage Value	$4,524,000

Debt_Details

Debt (Details) (USD $)	Mar. 31, 2015		Dec. 31, 2014
Long-term Debt [Line Items]
Secured Debt	$146,351,558		$106,189,355
Less: current portion	-22,359,868		-17,807,674
Less: unamortized bank fees	-1,263,600		-951,265
Secured long-term debt	122,728,090		87,430,416
Bulk Pangaea Secured Note [Member]
Long-term Debt [Line Items]
Secured Debt	2,775,000	[1]	3,121,875	[1]
Bulk Discovery Secured Note [Member]
Long-term Debt [Line Items]
Secured Debt	3,424,000	[2]	3,780,000	[2]
Bulk Patriot Secured Note [Member]
Long-term Debt [Line Items]
Secured Debt	4,150,000	[1]	4,762,500	[1]
Bulk Cajun Secured Note [Member]
Long-term Debt [Line Items]
Secured Debt	0	[3]	853,125	[3]
Bulk Trident Secured Note [Member]
Long-term Debt [Line Items]
Secured Debt	7,331,250	[1]	7,650,000	[1]
Bulk Juliana Secured Note [Member]
Long-term Debt [Line Items]
Secured Debt	4,732,292	[1]	5,070,312	[1]
Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement [Member]
Long-term Debt [Line Items]
Secured Debt	49,750,000		51,125,000
Bulk Atlantic Secured Note [Member]
Long-term Debt [Line Items]
Secured Debt	7,800,000	[2]	7,890,000	[2]
Bulk Phoenix Secured Note [Member]
Long-term Debt [Line Items]
Secured Debt	8,699,998	[1]	8,916,665	[1]
Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd. [Member]
Long-term Debt [Line Items]
Secured Debt	11,695,640		12,021,730
Long Wharf Construction to Term Loan [Member]
Long-term Debt [Line Items]
Secured Debt	993,378		998,148
Bulk Nordic Odin Ltd. and Bulk Nordic Olympic Ltd. [Member]
Long-term Debt [Line Items]
Secured Debt	$45,000,000		$0
[1]	The Bulk Pangaea Secured Note, the Bulk Patriot Secured Note, the Bulk Juliana Secured Note, the Bulk Trident Secured Note and the Bulk Phoenix Secured Note are cross-collateralized by the vessels Bulk Pangaea, Bulk Patriot, Bulk Juliana, Bulk Trident and Bulk Newport and are guaranteed by the Company.
[2]	The Bulk Discovery Secured Note and the Bulk Atlantic Secured Note are cross-collateralized by the vessels m/v Bulk Discovery and m/v Bulk Beothuk and are guaranteed by the Company.
[3]	The Bulk Cajun Secured Note was repaid on February 12, 2015 in conjunction with the sale of the m/v Bulk Cajun.

Debt_Details_1

Debt (Details 1) (USD $)	Mar. 31, 2015
Long-term Debt [Line Items]
2015	$22,359,868
2016	19,387,058
2017	34,561,145
2018	11,677,912
2019	13,237,764
Thereafter	45,127,811
Long-term Debt	$146,351,558

Debt_Details_Textual

Debt (Details Textual) (Secured Debt [Member], USD $)

1 Months Ended

3 Months Ended

1 Months Ended

Aug. 31, 2013

31-May-13

Mar. 31, 2015

Jan. 31, 2012

Dec. 31, 2012

Oct. 31, 2012

Jun. 30, 2011

Sep. 30, 2014

Jun. 30, 2014

Jan. 31, 2015

Apr. 15, 2013

Apr. 30, 2013

Dec. 31, 2009

Sep. 30, 2011

Apr. 30, 2012

Feb. 28, 2015

Oct. 31, 2011

Feb. 28, 2011

Feb. 28, 2013

Aug. 06, 2012

Jan. 31, 2011

Mar. 07, 2014

Jan. 23, 2014

Senior Secured Post-Delivery Term Loan Facility [Member]

Long-term Debt [Line Items]

Debt Instrument, Face Amount

$30,300,000

Proceeds from Issuance of Debt

10,000,000

8,000,000

Bulk Pangaea Secured Note [Member]

Long-term Debt [Line Items]

Debt Instrument, Face Amount

12,250,000

Debt Instrument, Interest Rate, Stated Percentage

3.96%

Debt Instrument, Periodic Payment, Principal

346,875

Debt Instrument, Frequency of Periodic Payment

15

Bulk Patriot Secured Note [Member]

Long-term Debt [Line Items]

Debt Instrument, Face Amount

12,000,000

Debt Instrument, Interest Rate, Stated Percentage

4.01%

Debt Instrument, Periodic Payment, Principal

500,000

Debt Instrument, Frequency of Periodic Payment

24

Bulk Trident Secured Note [Member]

Long-term Debt [Line Items]

Debt Instrument, Face Amount

10,200,000

Debt Instrument, Interest Rate, Stated Percentage

4.29%

Debt Instrument, Periodic Payment, Principal

318,750

Debt Instrument, Frequency of Periodic Payment

24

Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid

2,550,000

Bulk Juliana Secured Note [Member]

Long-term Debt [Line Items]

Debt Instrument, Face Amount

8,112,500

Debt Instrument, Interest Rate, Stated Percentage

4.38%

Debt Instrument, Periodic Payment, Principal

338,021

Debt Instrument, Frequency of Periodic Payment

24

Bulk Phoenix Secured Note [Member]

Long-term Debt [Line Items]

Debt Instrument, Face Amount

10,000,000

Debt Instrument, Interest Rate, Stated Percentage

5.09%

Debt Instrument, Periodic Payment, Principal

16

Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid

1,816,659

Bulk Phoenix Secured Note [Member] | Seven Equal Quarterly Installments [Member]

Long-term Debt [Line Items]

Debt Instrument, Periodic Payment, Principal

216,667

Debt Instrument, Frequency of Periodic Payment

7

Bulk Phoenix Secured Note [Member] | Sixteen Equal Quarterly Installments [Member]

Long-term Debt [Line Items]

Debt Instrument, Periodic Payment, Principal

416,667

Bulk Cajun Secured Note [Member]

Long-term Debt [Line Items]

Debt Instrument, Face Amount

4,550,000

Debt Instrument, Interest Rate, Stated Percentage

6.51%

Debt Instrument, Periodic Payment, Principal

284,375

Debt Instrument, Frequency of Periodic Payment

16

Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid

2,000,000

Bulk Discovery Secured Note [Member]

Long-term Debt [Line Items]

Debt Instrument, Face Amount

9,120,000

Debt Instrument, Interest Rate, Stated Percentage

8.16%

Debt Instrument, Periodic Payment, Principal

356,000

Debt Instrument, Frequency of Periodic Payment

20

Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid

2,356,000

Bulk Atlantic Secured Note [Member]

Long-term Debt [Line Items]

Debt Instrument, Face Amount

8,520,000

Debt Instrument, Interest Rate, Stated Percentage

6.46%

Debt Instrument, Periodic Payment, Principal

90,000

12

Debt Instrument, Frequency of Periodic Payment

8

Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid

4,260,000

Bulk Atlantic Secured Note [Member] | Twelve Equal Quarterly Installments [Member]

Long-term Debt [Line Items]

Debt Instrument, Periodic Payment, Principal

295,000

Bulk Nordic Odyssey and Bulk Nordic Orion Loan Agreement [Member]

Long-term Debt [Line Items]

Debt Instrument, Face Amount

40,000,000

Debt Instrument, Frequency of Periodic Payment

20

Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid

17,000,000

Debt Instrument, Basis Spread on Variable Rate

3.27%

3.00%

Bulk Nordic Odyssey and Bulk Nordic Orion Loan Agreement [Member] | Twenty Quarterly Installments [Member]

Long-term Debt [Line Items]

Debt Instrument, Periodic Payment, Principal

1,000,000

Bulk Nordic Odyssey and Bulk Nordic Orion Loan Agreement [Member] | Additional Installment Payable on Three installment dates [Member]

Long-term Debt [Line Items]

Debt Instrument, Periodic Payment, Principal

1,000,000

Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Debt Agreement [Member]

Long-term Debt [Line Items]

Debt Instrument, Face Amount

22,500,000

Debt Instrument, Interest Rate, Stated Percentage

2.25%

Debt Instrument, Periodic Payment, Principal

375,000

Debt Instrument, Frequency of Periodic Payment

28

Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid

12,000,000

Debt Instrument, Basis Spread on Variable Rate

2.52%

Long Wharf Construction to Term Debt [Member]

Long-term Debt [Line Items]

Debt Instrument, Face Amount

1,048,000

Debt Instrument, Interest Rate, Stated Percentage

6.63%

Debt Instrument, Frequency of Periodic Payment

25

Debt Instrument, Basis Spread on Variable Rate

2.85%

Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd [Member]

Long-term Debt [Line Items]

Debt Instrument, Face Amount

13,100,000

13,000,000

Debt Instrument, Interest Rate, Stated Percentage

2.77%

Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid

2,750,000

Debt Instrument, Basis Spread on Variable Rate

2.50%

Long-term Line of Credit

6,500,000

Debt Instrument, Payment Terms

In addition, any cash in excess of $750,000 per borrower on any repayment date shall be applied toward prepayment of the relevant loan in inverse order, so the balloon payment is prepaid first. The agreement also contains a profit split in respect of the proceeds from the sale of either vessel. The loan is secured by mortgages on the m/v Nordic Bulk Barents and m/v Nordic Bulk Bothnia. As of March 31, 2015 and December 31, 2014, the Company was in compliance with all required covenants.

Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd [Member] | Twenty Two Equal Quarterly Installments Per Borrower [Member]

Long-term Debt [Line Items]

Debt Instrument, Periodic Payment, Principal

163,045

Debt Instrument, Frequency of Periodic Payment

22

Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd [Member] | One Installment Per Borrower [Member]

Long-term Debt [Line Items]

Debt Instrument, Periodic Payment, Principal

163,010

Bulk Nordic Odin Ltd. and Bulk Nordic Olympic Ltd. [Member]

Long-term Debt [Line Items]

Debt Instrument, Face Amount

45,000,000

45,000,000

Debt Instrument, Interest Rate, Stated Percentage

2.27%

Debt Instrument, Periodic Payment, Principal

12,000,000

Debt Instrument, Basis Spread on Variable Rate

2.00%

Bulk Nordic Odin Ltd. and Bulk Nordic Olympic Ltd. [Member] | Twenty Eight Equal Quarterly Installments Per Borrower [Member]

Long-term Debt [Line Items]

Debt Instrument, Frequency of Periodic Payment

28

Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid

$375,000

Derivative_Instruments_and_Fai2

Derivative Instruments and Fair Value Measurements (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Margin Accounts [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Net Asset (Liability)	$100,675	$439,578
Margin Accounts [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Net Asset (Liability)	100,675	439,578
Margin Accounts [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Net Asset (Liability)	0	0
Margin Accounts [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Net Asset (Liability)	0	0
Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Net Asset (Liability)	-122,861	-112,124
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Net Asset (Liability)	0	0
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Net Asset (Liability)	-122,861	-112,124
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Net Asset (Liability)	0	0
Fuel Swap Contracts [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Net Asset (Liability)	0	0
Fuel Swap Contracts [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Net Asset (Liability)	0	0
Fuel Swap Contracts [Member] | Fuel [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Net Asset (Liability)	-567,740	-1,391,195
Fuel Swap Contracts [Member] | Fuel [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Net Asset (Liability)	($567,740)	($1,391,195)

Derivative_Instruments_and_Fai3

Derivative Instruments and Fair Value Measurements (Details Textual) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Forward Contracts [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Asset		$367,100
Swap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Liability	568,000		1,391,000
Derivative, Gain (Loss) on Derivative, Net	823,000	5,000
Interest Rate Swap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Fixed Interest Rate	6.63%		6.63%
Derivative Liability	123,000		112,000
Derivative Asset	$11,000		$17,000

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)	12 Months Ended
	Dec. 31, 2014		Mar. 31, 2015
Related Party Transaction [Line Items]
Due To Related Parties Current	$59,102,077		$61,723,711
Accounts Payable and Accrued Liabilities [Member]
Related Party Transaction [Line Items]
Due To Related Parties Current	4,240,900		1,777,871
Proceeds from (Repayments of) Related Party Debt	-2,463,029
Accounts Payable and Accrued Liabilities [Member] | Founders [Member]
Related Party Transaction [Line Items]
Due To Related Parties Current	203,050		203,050
Proceeds from (Repayments of) Related Party Debt	0
Accounts Payable and Accrued Liabilities [Member] | Affiliated Companies [Member]
Related Party Transaction [Line Items]
Due To Related Parties Current	4,037,850		1,574,821
Proceeds from (Repayments of) Related Party Debt	-2,463,029
Related Party Debt Current [Member]
Related Party Transaction [Line Items]
Due To Related Parties Current	59,102,077		61,723,711
Proceeds from (Repayments of) Related Party Debt	2,621,634
Related Party Debt Current [Member] | Loans Payable [Member] | Loan Payable 2011 Founders Note [Member]
Related Party Transaction [Line Items]
Due To Related Parties Current	4,325,000		4,325,000
Proceeds from (Repayments of) Related Party Debt	0
Related Party Debt Current [Member] | Loans Payable [Member] | Interest Payable 2011 Founders Note [Member]
Related Party Transaction [Line Items]
Due To Related Parties Current	334,605		449,571
Proceeds from (Repayments of) Related Party Debt	114,966	[1]
Related Party Debt Current [Member] | Loans Payable [Member] | Loan Payable BVH shareholder STST [Member]
Related Party Transaction [Line Items]
Due To Related Parties Current	4,442,500		4,442,500
Proceeds from (Repayments of) Related Party Debt	0
Related Party Debt Current [Member] | Loans Payable [Member] | Loan Payable To Founders [Member]
Related Party Transaction [Line Items]
Due To Related Parties Current	5,000,000		5,000,000
Proceeds from (Repayments of) Related Party Debt	0
Related Party Debt Current [Member] | Loans Payable [Member] | Loan payable to NBHC shareholder STST [Member]
Related Party Transaction [Line Items]
Due To Related Parties Current	22,500,000		23,753,334
Proceeds from (Repayments of) Related Party Debt	1,253,334	[2]
Related Party Debt Current [Member] | Loans Payable [Member] | Loan payable to NBHC shareholder ASO2020 [Member]
Related Party Transaction [Line Items]
Due To Related Parties Current	22,499,972		23,753,306
Proceeds from (Repayments of) Related Party Debt	$1,253,334	[2]
[1]	Payable in cash
[2]	Shareholder loans provided for purposes of funding the newbuilding projects

Related_Party_Transactions_Det1

Related Party Transactions (Details Textual) (USD $)	3 Months Ended		1 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Oct. 31, 2011	Jan. 31, 2012	Dec. 31, 2014	Oct. 01, 2011	Nov. 30, 2014
Related Party Transaction [Line Items]
Due to Related Parties, Current	$61,723,711				$59,102,077
Proceeds from Related Party Debt	2,506,667	0
Technical management fees	771,000	587,000
Founder [Member]
Related Party Transaction [Line Items]
Proceeds from Related Party Debt			10,000,000
Debt Instrument, Interest Rate, Stated Percentage						5.00%
Notes Payable, Related Parties, Current	4,325,000				4,325,000
Shareholder Loans To Fund Deposits On Vessels [Member] | Two Ultramax Vessels [Member]
Related Party Transaction [Line Items]
Due to Related Parties, Current	4,447,500
Due to Related Parties					4,447,500
Shareholder Loans To Fund Deposits On Vessels [Member] | Four Ice Class One A Panamax Vessels [Member]
Related Party Transaction [Line Items]
Due to Related Parties	47,500,000				45,000,000
Redeemable Convertible Preferred Stock [Member] | Founder [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Shares, New Issues				5,675
Bulk Invest, Ltd. [Member]
Related Party Transaction [Line Items]
Debt Instrument, Interest Rate, Stated Percentage							5.00%
Debt Instrument, Face Amount							$5,000,000

Earnings_Per_Common_Share_Deta

Earnings Per Common Share (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Numerator:
Net income attributable to Pangaea Logistics Solutions Ltd.	$7,599,929	$6,593,285
Less: dividends declared on convertible redeemable preferred stock	0	-1,782,277
Less: allocation of earnings to preferred shareholders	0	-2,535,149
Total earnings allocated to common stock	$7,599,929	$2,275,859
Denominator:
Weighted-average number of shares of common stock outstanding	34,756,980	13,421,955	[1]
Basic and Diluted EPS - common stock	$0.22	$0.17
[1]	Bulk Partners historical weighted average number of shares outstanding multiplied by the exchange ratio established in the Merger Agreement.

Commitments_and_Contingencies_

Commitments and Contingencies (Details Textual) (USD $)	1 Months Ended	3 Months Ended
	Jan. 31, 2013	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Commitments and Contingencies [Line Items]
Time Deposits		6,520,000	$29,786,000
Second Installement [Member]
Commitments and Contingencies [Line Items]
Purchase Price Due And Payable Percentage Of Vessels	10.00%
Third Installement [Member]
Commitments and Contingencies [Line Items]
Purchase Price Due And Payable Percentage Of Vessels	10.00%	5.00%
Fourth Installement [Member]
Commitments and Contingencies [Line Items]
Purchase Price Due And Payable Percentage Of Vessels		10.00%
Four Ice Class 1A Panamax Vessels [Member]
Commitments and Contingencies [Line Items]
Contractual Obligation	32,600,000
Two Ultramax Vessels [Member]
Commitments and Contingencies [Line Items]
Contractual Obligation				28,950,000
Time Deposits		8,685,000	8,685,000
Subsequent Event [Member] | Shipbuilding Contracts [Member]
Commitments and Contingencies [Line Items]
Purchase Obligation, Due in Next Twelve Months		28,975,000
Purchase Obligation, Due in Second Year		46,320,000

Subsequent_Events_Details_Text

Subsequent Events (Details Textual) (USD $)	0 Months Ended
	4-May-15	8-May-15	Apr. 13, 2015
Nordic Bulk Holdings [Member]
Subsequent Event [Line Items]
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions	75.50%
Subsequent Event [Member]
Subsequent Event [Line Items]
Repayments of Lines of Credit			$3,000,000
Line of Credit Facility, Expiration Date			19-Aug-15
Stock Issued During Period, Shares, Restricted Stock Award, Gross		10,000
Subsequent Event [Member] | Restricted Stock [Member]
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		50.00%
Sharebased Compensation Arrangement By Sharebased Payment Award Award Vesting Rights Percentage1		50.00%
Subsequent Event [Member] | Nordic Bulk Holdings [Member]
Subsequent Event [Line Items]
Equity Method Investment, Ownership Percentage	24.50%