Pangaea Logistics Solutions (PANL) 10-Q 12 Nov 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 12, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Entity Registrant Name	Pangaea Logistics Solutions Ltd.
Entity Central Index Key	1,606,909
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		35,937,169

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 34,201,299	$ 29,817,507
Restricted cash	1,000,000	1,000,000
Accounts receivable (net of allowance of $4,542,781 at June 30,2015 and $4,029,669 at December 31,2014)	24,471,012	27,362,216
Bunker inventory	10,014,506	15,601,659
Advance hire, prepaid expenses and other current assets	3,525,542	6,568,234
Vessels held for sale, net	0	4,523,804
Total current assets	73,212,359	84,873,420
Fixed assets, net	263,117,007	207,667,613
Investments in newbuildings in-process	18,766,477	38,471,430
Other noncurrent assets	836,112	1,450,802
Total assets	355,931,955	332,463,265
Current liabilities
Accounts payable, accrued expenses and other current liabilities	23,436,236	40,201,794
Related party debt	62,902,322	59,102,077
Deferred revenue	5,469,664	11,748,926
Current portion long-term debt	18,136,172	17,807,674
Line of credit	0	3,000,000
Dividend payable	12,724,825	12,824,825
Total current liabilities	122,669,219	144,685,296
Secured long-term debt, net	115,220,158	87,430,416
Commitments and contingencies	0	0
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 35,537,169 and 34,756,980 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively	3,574	3,476
Additional paid-in capital	134,327,959	133,955,445
Accumulated deficit	(21,526,300)	(36,142,727)
Total Pangaea Logistics Solutions Ltd. equity	112,805,233	97,816,194
Non-controlling interests	5,237,345	2,531,359
Total stockholders' equity	118,042,578	100,347,553
Total liabilities and stockholders' equity	$ 355,931,955	$ 332,463,265

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 4,483,089	$ 4,029,669
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares Issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	35,537,169	34,756,980
Common stock, shares outstanding (in shares)	35,537,169	34,756,980

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Voyage revenue	$ 64,599,552	$ 80,604,263	$ 216,081,290	$ 252,084,882
Charter revenue	6,588,613	10,600,956	15,325,435	43,112,456
Revenues	71,188,165	91,205,219	231,406,725	295,197,338
Expenses:
Voyage expense	30,392,418	46,598,184	103,845,834	136,624,745
Charter hire expense	20,601,908	34,315,719	60,456,502	112,271,588
Vessel operating expense	8,462,370	7,935,565	23,364,200	22,587,314
General and administrative	3,595,398	2,790,350	11,830,209	7,719,226
Depreciation and amortization	3,195,437	3,118,973	9,457,269	8,415,174
Loss (gain) on sale of vessels	71,882	(1,661,368)	638,638	(3,947,600)
Total expense	66,319,413	93,097,423	209,592,652	283,670,447
Income (loss) from operations	4,868,752	(1,892,204)	21,814,073	11,526,891
Other income (expense):
Interest expense, net	(1,493,536)	(1,348,252)	(4,184,240)	(4,338,904)
Interest expense related party debt	(110,764)	(108,422)	(336,493)	(170,784)
Imputed interest on related party long-term debt	0	0	0	(322,947)
Unrealized (loss) gain on derivative instruments	(513,678)	(551,354)	672,873	(2,123,246)
Other income	30,000	83,803	174,084	8,030
Total other expense, net	(2,087,978)	(1,924,225)	(3,673,776)	(6,947,851)
Net income (loss)	2,780,774	(3,816,429)	18,140,297	4,579,040
Loss (income) attributable to noncontrolling interests	221,895	906,822	(2,077,062)	334,563
Net income (loss) attributable to Pangaea Logistics Solutions Ltd.	$ 3,002,669	$ (2,909,607)	$ 16,063,235	$ 4,913,603
Earnings (loss) per common share:
Basic (in dollars per share)	$ 0.08	$ (0.42)	$ 0.46	$ (0.10)
Diluted (in dollars per share)	$ 0.08	$ (0.42)	$ 0.46	$ (0.10)
Weighted average shares used to compute earnings per common share
Basic and diluted (in shares)	35,490,097	13,421,955	35,165,169	13,421,955

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating activities
Net income	$ 18,140,297	$ 4,579,040
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization expense	9,457,269	8,415,174
Amortization of deferred financing costs	591,444	627,961
Unrealized (gain) loss on derivative instruments	(672,873)	2,123,246
Gain from equity method investee	(61,357)	0
Provision for doubtful accounts	453,421	(385,010)
Loss (gain) on sales of vessels	638,638	(3,947,600)
Write off unamortized financing costs of repaid debt	25,557	241,522
Amortization of discount on related party long-term debt	0	322,947
Share-based compensation	372,595	0
Change in operating assets and liabilities:
Accounts receivable	2,437,783	14,456,533
Bunker inventory	5,587,153	22,183
Advance hire, prepaid expenses and other current assets	3,006,412	1,770,164
Increase (Decrease) in Other Operating Assets	0	(236,223)
Accounts payable, accrued expenses and other current liabilities	(15,671,505)	(5,228,037)
Deferred revenue	(6,279,262)	(10,292,538)
Net cash provided by operating activities	18,025,572	12,469,362
Investing activities
Purchase of vessels	(44,795,804)	(38,288,452)
Proceeds from sales of vessels	8,265,179	23,279,387
Deposits on newbuildings in-process	(3,470,000)	(6,960,499)
Drydocking costs	(643,000)	(3,639,677)
Purchase of building and equipment	(59,380)	(558,376)
Purchase of non-controlling interest	250,000	0
Net cash used in investing activities	(40,953,005)	(26,167,617)
Financing activities
Proceeds of related party debt	4,680,001	4,750,000
Payments on related party debt	(1,216,250)	(54,507)
Proceeds from long-term debt	46,000,000	35,500,000
Payments of financing and issuance costs	(928,201)	(366,800)
Payments on long-term debt	(17,602,405)	(24,800,657)
Payments on line of credit	(3,000,000)	0
Common stock dividends paid	(100,000)	(100,000)
Distribution to non-controlling interest	(521,920)	0
Net cash provided by financing activities	27,311,225	14,928,036
Net increase in cash and cash equivalents	4,383,792	1,229,781
Cash and cash equivalents at beginning of period	29,817,507	18,927,927
Cash and cash equivalents at end of period	34,201,299	20,157,708
Disclosure of noncash items
Dividends declared, not paid	0	6,303,622
Modification of shareholder loan to on demand	0	16,433,108
Imputed interest on related party long-term debt	0	322,947
Cash paid for interest	$ 3,882,603	$ 3,660,117

General Information

General Information	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General Information	General Information The accompanying consolidated financial statements include the accounts of Pangaea Logistics Solutions Ltd. and its consolidated 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 of 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 September 30, 2015 , the Company owned a fleet of 13 drybulk vessels comprised of five Panamax Ice Class 1A, two Panamax, four Supramax and two Handymax Ice Class 1A vessels with an average age of approximately 11 years .

Completed Mergers

Completed Mergers	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Completed Mergers	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 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. On October 1, 2014, the parties consummated 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	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated balance sheets as of September 30, 2015 , the consolidated statements of income (loss) for the three and nine months ended September 30, 2015 and 2014 and cash flows for the nine months ended September 30, 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 and nine months ended September 30, 2015 and 2014 . The financial data and the other information disclosed in these notes to the consolidated financial statements related to these three and nine 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 and nine months ended September 30, 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: September 30, 2015 December 31, 2014 (unaudited) Advance hire $ 2,728,281 $ 4,345,959 Prepaid expenses 543,317 427,889 Other current assets 253,944 1,794,386 $ 3,525,542 $ 6,568,234 Accounts payable, accrued expenses and other current liabilities were comprised of the following: September 30, 2015 December 31, 2014 (unaudited) Accounts payable $ 17,748,111 $ 33,538,153 Accrued voyage expenses 4,189,409 4,651,503 Accrued interest 253,295 540,862 Other accrued liabilities 1,245,421 1,471,276 $ 23,436,236 $ 40,201,794

Fixed Assets

Fixed Assets	9 Months Ended
	Sep. 30, 2015
Property, Plant and Equipment [Abstract]
Fixed Assets	Fixed Assets At September 30, 2015 , the Company’s operating fleet consisted of 13 dry bulk vessels. The carrying amount of these vessels is as follows: September 30, December 31, Vessel 2015 2014 (unaudited) m/v BULK PANGAEA $ 19,962,032 $ 21,176,498 m/v BULK CAJUN (1) — 4,523,804 m/v BULK DISCOVERY (1) — 3,741,375 m/v BULK PATRIOT 14,047,295 14,988,585 m/v BULK JULIANA 13,412,130 14,023,118 m/v NORDIC ODYSSEY (2) 28,862,332 29,125,309 m/v NORDIC ORION (2) 28,772,615 29,627,397 m/v BULK TRIDENT 15,880,334 16,430,154 m/v BULK BEOTHUK 12,797,176 13,228,238 m/v BULK NEWPORT 14,265,442 14,733,879 m/v NORDIC BARENTS 6,537,711 7,000,000 m/v NORDIC BOTHNIA 6,527,806 7,000,000 m/v NORDIC OSHIMA (2) 32,837,073 33,615,314 m/v NORDIC OLYMPIC (2)(3) 33,077,080 — m/v NORDIC ODIN (2)(3) 33,270,018 — 260,249,044 209,213,671 Other fixed assets, net 2,867,963 2,977,746 Less: vessel held for sale (1) $ — $ (4,523,804 ) Total fixed assets, net $ 263,117,007 $ 207,667,613 (1) In February 2015, the Company sold the m/v Bulk Cajun for its scrap value of approximately $4,524,000 . On August 17, 2015, the Company sold the m/v Bulk Discovery for approximately $3,486,000 . A loss on impairment of approximately $255,000 was incurred in the three month period ended June 30, 2015 and a loss on vessel sale of approximately $72,000 was incurred in the three months ended September 30, 2015. (2) These vessels are owned by NBHC, NBHC, of which the Company and its joint venture partners, ST Shipping and Transport Ltd. (“STST”) and ASO 2020 Maritime S.A. ("ASO2020"), each own one-third. (3) 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

Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt	Debt Long-term debt consists of the following: September 30, 2015 December 31, 2014 (unaudited) Bulk Pangaea Secured Note (1) $ 2,081,250 $ 3,121,875 Bulk Discovery Secured Note (3) — 3,780,000 Bulk Patriot Secured Note (1) 2,925,000 4,762,500 Bulk Cajun Secured Note (3) — 853,125 Bulk Trident Secured Note (1) 6,693,750 7,650,000 Bulk Juliana Secured Note (1) 4,056,249 5,070,312 Bulk Nordic Odin Ltd., Bulk Nordic Olympic Ltd., Bulk Nordic Odyssey Ltd., Bulk Nordic Orion Ltd. and Bulk Nordic Oshima Ltd. Amended and Restated Loan Agreement (4) 91,500,000 51,125,000 Bulk Atlantic Secured Note (2) 7,210,000 7,890,000 Bulk Phoenix Secured Note (1) 8,066,664 8,916,665 Term Loan Facility of USD 13,000,000 (Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.) 11,043,460 12,021,730 Long Wharf Construction to Term Loan 983,516 998,148 Total 134,559,889 106,189,355 Less: current portion (18,136,172 ) (17,807,674 ) Less: unamortized bank fees (1,203,559 ) (951,265 ) Secured long-term debt $ 115,220,158 $ 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 m/v Bulk Pangaea, m/v Bulk Patriot, m/v Bulk Juliana, m/v Bulk Trident and m/v Bulk Newport and are guaranteed by the Company. (2) The Bulk Atlantic Secured Note is collateralized by the m/v Bulk Beothuk and is 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 Bulk Discovery Secured Note was repaid on July 1, 2015 and the m/v Bulk Discovery was sold on August 17, 2015. (4) The borrower under this facility is NBHC, of which the Company and its joint venture partners, STST and ASO2020, each own one-third. NBHC is consolidated in accordance with ASC 810-10 and as such, amounts pertaining to the non-controlling ownership held by these third parties in the financial position of NBHC are reported as non-controlling interest in the accompanying balance sheets. 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 September 30, 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 five 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. This tranche requires repayment in 20 equal quarterly installments of $612,500 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. This tranche 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. This tranche 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. This tranche 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. The 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. The 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% . This note was repaid on July 1, 2015. Bulk Atlantic Secured Note Initial amount of $8,520,000 , entered into on February 18, 2013, for the acquisition of m/v Bulk Beothuk. The 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 Bulk Atlantic Secured Note also contains a collateral maintenance ratio clause and a minimum EBITDA to fixed charges ratio. As of September 30, 2015 and December 31, 2014 , the Company was not in compliance with these ratios. Accordingly, the Company obtained a waiver from the Facility Agent for the EBITDA to fixed charges ratio and will be required to provide additional cash collateral of approximately $385,000. The Company anticipates making this deposit in November 2015. Bulk Nordic Odin Ltd., Bulk Nordic Olympic Ltd. Bulk Nordic Odyssey Ltd., Bulk Nordic Orion Ltd. And Bulk Nordic Oshima Ltd. – Dated September 28, 2015 - Amended and Restated Loan Agreement Amount of $45,000,000 , entered into on January 28, 2015, for the acquisition of the m/v Nordic Odin and the m/v Nordic Olympic; $22,500,000 , entered into on September 17, 2014, for the acquisition of the m/v Nordic Oshima; and $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 amended and restated agreement made available an additional $500,000 each for Bulk Nordic Odyssey Ltd. ("Odyssey") and Bulk Nordic Orion Ltd. ("Orion"), which was drawn on September 18, 2015. The agreement requires repayment by Bulk Nordic Odin Ltd. ("Odin") and Bulk Nordic Olympic Ltd. ("Olympic") in 28 equal quarterly installments of $375,000 each and balloon payments of $12,000,000 each, together with the last payment. The agreement requires repayment by Odyssey and Orion in 20 quarterly installments of $375,000 each and balloon payments of $6,000,000 each due with the final installments. The agreement also requires repayment by Bulk Nordic Oshima Ltd. ("Oshima") in 28 equal quarterly installments of $375,000 and a balloon payment of $12,000,000 due with the final installment. Interest on the advances to Odyssey and Orion is floating at LIBOR plus 2.4% ( 2.73% at September 30, 2015). Interest on the advance related to Odin and Olympic is floating at LIBOR plus 2.0% ( 2.33% at September 30, 2015). Interest on the advance related to Oshima is floating at LIBOR plus 2.25% ( 2.58% at September 30, 2015). The amended loan is secured by first preferred mortgages on the m/v Nordic Odin, m/v Nordic Olympic, m/v Nordic Odyssey, the m/v Nordic Orion and m/v Nordic Oshima, the assignment of earnings, insurances and requisite compensation of the five 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 September 30, 2015 and December 31, 2014 , the Company was in compliance with this covenant. Term Loan Facility of USD 13,000,000 (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 loan is secured by mortgages on the m/v Nordic Bulk Barents and m/v Nordic Bulk Bothnia. The facility bears interest at LIBOR plus 2.5% ( 2.77% at September 30, 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 and a minimum value clause of not less than 100% of the outstanding indebtedness. As of September 30, 2015 , the Company was not in compliance with the minimum value clause. Accordingly, the Company deposited additional cash collateral of approximately $300,000 for each vessel on August 4, 2015. At December 31, 2014, the Company was in compliance with the minimum value clause. 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, 2014 , 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 September 30, (unaudited) 2016 $ 18,136,172 2017 15,469,376 2018 17,971,926 2019 14,765,182 2020 25,353,064 Thereafter 42,863,955 $ 134,559,675

Derivative Instruments and Fair

Derivative Instruments and Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives Instruments and fair Value Measurements	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 September 30, 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 September 30, 2015 and December 31, 2014 were liabilities of approximately $121,000 and $112,000 , respectively, 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 nine months ended September 30, 2015 and 2014 were losses of $9,000 and $17,000 , respectively, which are reflected in the unrealized (loss) gain 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 September 30, 2015 or December 31, 2014 . The change in the aggregate fair value of the FFAs during the nine months ended September 30, 2014 resulted in losses of $1,934,000 , which is included in unrealized (loss) gain 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 nine months ended September 30, 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 September 30, 2015 and December 31, 2014 are liabilities of approximately $718,000 and $1,391,000 , respectively, 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 nine months ended September 30, 2015 and 2014 are gains of approximately $673,000 and $378,000 , respectively, which are included in unrealized (loss) gain 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 September 30, 2015 and December 31, 2014 : Balance at September 30, 2015 Level 1 Level 2 Level 3 (unaudited) Margin accounts $ 148,120 $ 148,120 $ — $ — Interest rate swaps $ (121,301 ) $ — $ (121,301 ) $ — Fuel swap contracts $ (718,321 ) $ — $ (718,321 ) $ — 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	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions December 31, 2014 Activity September 30, 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 — 4,037,850 $ 4,240,900 $ — $ 4,240,900 Included in current related party debt on the consolidated balance sheets: Loan payable – 2011 Founders Note 4,325,000 — i $ 4,325,000 Interest payable in-kind 334,605 120,245 i 454,850 Loan payable to Founders 5,000,000 (1,000,000 ) i 4,000,000 Loan payable – BVH shareholder (STST) 4,442,500 — ii 4,442,500 Loan payable to NBHC shareholder (STST) 22,500,000 2,340,000 ii 24,840,000 Loan payable to NBHC shareholder (ASO2020) 22,499,972 2,340,000 ii 24,839,972 Total current related party debt $ 59,102,077 $ 3,800,245 $ 62,902,322 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 the Founders. The Note is payable on demand and no later than January 1, 2016. Interest on the Note is 5% . The Company repaid $1,000,000 of the Note on May 22, 2015. During 2013, NBHC entered into contracts to purchase four 1A ice-class newbuildings. Shareholder loans totaling approximately $49,700,000 and $45,000,000 were made as of September 30, 2015 and December 31, 2014 , respectively, to fund the deposits on these vessels. BVH entered into an agreement for the construction of two new ultramax newbuildings in 2013. Shareholder loans totaling $4,442,500 at September 30, 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, the balance of which was $4,325,000 at September 30, 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 September 30, 2015 and 2014 , the Company incurred technical management fees of approximately $484,200 and $557,000 , respectively under this arrangement. These fees are included in vessel operating expenses in the consolidated statements of income. On June 22, 2015, N.B.V. Nordic Bulk Ventures (Cyprus) Limited ("NBV"), a wholly-owned subsidiary of Pangaea Logistics Solutions Ltd. (the “Company"), acquired 24.5% of Nordic Bulk Holdings ApS (“NBH”) for $250,000 . Prior to the transaction, NBV owned 51% of NBH. This transaction follows the conversion of $4.0 million of intercompany debt held by NBV to additional share capital of Nordic Bulk Carriers AS ("NBC"). On October 13, 2015, NBV acquired the remaining 24.5% of NBH in exchange for 400,000 shares of the Company. Prior to these transactions, NBC was a wholly-owned subsidiary of NBH. Following these transactions, the Company owns 100% of NBH and NBC. NBV, NBH and NBC are entities consolidated pursuant to ASC 810-10.

Earnings Per Common Share

Earnings Per Common Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings (Loss) Per Common Share Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (unaudited) (unaudited) (unaudited) (unaudited) Numerator: Net income (loss) attributable to Pangaea Logistics Solutions Ltd. $ 3,002,669 $ (2,909,607 ) $ 16,063,235 $ 4,913,603 Less: dividends declared on convertible redeemable preferred stock — (2,739,068 ) — (6,303,748 ) Total earnings (loss) allocated to common stock $ 3,002,669 $ (5,648,675 ) $ 16,063,235 $ (1,390,145 ) Denominator: Weighted-average number of shares of common stock outstanding 35,490,097 13,421,955 (1) 35,165,169 13,421,955 (1) Basic and Diluted EPS - common stock $ 0.08 $ (0.42 ) $ 0.46 $ (0.10 ) (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	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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 first three vessels have been delivered and the Company had a total of $9,780,000 on deposit at September 30, 2015 for the fourth vessel, which is expected to be delivered in 2016. 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. At December 31, 2014, the Company had $29,786,000 on deposit for three vessels, two of which were delivered in February 2015. The final payments were financed with commercial facilities. In December 2013, the Company entered into shipbuilding contracts for the construction of two ultramax vessels for $28,950,000 each. At September 30, 2015 and December 31, 2014 , 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 $25,715,000 for the twelve months ending September 30, 2016 and approximately $46,320,000 for the twelve months ending September 30, 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.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure	Advance hire, prepaid expenses and other current assets were comprised of the following: September 30, 2015 December 31, 2014 (unaudited) Advance hire $ 2,728,281 $ 4,345,959 Prepaid expenses 543,317 427,889 Other current assets 253,944 1,794,386 $ 3,525,542 $ 6,568,234
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable, accrued expenses and other current liabilities were comprised of the following: September 30, 2015 December 31, 2014 (unaudited) Accounts payable $ 17,748,111 $ 33,538,153 Accrued voyage expenses 4,189,409 4,651,503 Accrued interest 253,295 540,862 Other accrued liabilities 1,245,421 1,471,276 $ 23,436,236 $ 40,201,794

Fixed Assets (Tables)

Fixed Assets (Tables)	9 Months Ended
	Sep. 30, 2015
Property, Plant and Equipment [Abstract]
Property Plant and Equipment Schedule of Significant Acquisitions	At September 30, 2015 , the Company’s operating fleet consisted of 13 dry bulk vessels. The carrying amount of these vessels is as follows: September 30, December 31, Vessel 2015 2014 (unaudited) m/v BULK PANGAEA $ 19,962,032 $ 21,176,498 m/v BULK CAJUN (1) — 4,523,804 m/v BULK DISCOVERY (1) — 3,741,375 m/v BULK PATRIOT 14,047,295 14,988,585 m/v BULK JULIANA 13,412,130 14,023,118 m/v NORDIC ODYSSEY (2) 28,862,332 29,125,309 m/v NORDIC ORION (2) 28,772,615 29,627,397 m/v BULK TRIDENT 15,880,334 16,430,154 m/v BULK BEOTHUK 12,797,176 13,228,238 m/v BULK NEWPORT 14,265,442 14,733,879 m/v NORDIC BARENTS 6,537,711 7,000,000 m/v NORDIC BOTHNIA 6,527,806 7,000,000 m/v NORDIC OSHIMA (2) 32,837,073 33,615,314 m/v NORDIC OLYMPIC (2)(3) 33,077,080 — m/v NORDIC ODIN (2)(3) 33,270,018 — 260,249,044 209,213,671 Other fixed assets, net 2,867,963 2,977,746 Less: vessel held for sale (1) $ — $ (4,523,804 ) Total fixed assets, net $ 263,117,007 $ 207,667,613 (1)

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Long-term debt consists of the following: September 30, 2015 December 31, 2014 (unaudited) Bulk Pangaea Secured Note (1) $ 2,081,250 $ 3,121,875 Bulk Discovery Secured Note (3) — 3,780,000 Bulk Patriot Secured Note (1) 2,925,000 4,762,500 Bulk Cajun Secured Note (3) — 853,125 Bulk Trident Secured Note (1) 6,693,750 7,650,000 Bulk Juliana Secured Note (1) 4,056,249 5,070,312 Bulk Nordic Odin Ltd., Bulk Nordic Olympic Ltd., Bulk Nordic Odyssey Ltd., Bulk Nordic Orion Ltd. and Bulk Nordic Oshima Ltd. Amended and Restated Loan Agreement (4) 91,500,000 51,125,000 Bulk Atlantic Secured Note (2) 7,210,000 7,890,000 Bulk Phoenix Secured Note (1) 8,066,664 8,916,665 Term Loan Facility of USD 13,000,000 (Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.) 11,043,460 12,021,730 Long Wharf Construction to Term Loan 983,516 998,148 Total 134,559,889 106,189,355 Less: current portion (18,136,172 ) (17,807,674 ) Less: unamortized bank fees (1,203,559 ) (951,265 ) Secured long-term debt $ 115,220,158 $ 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 m/v Bulk Pangaea, m/v Bulk Patriot, m/v Bulk Juliana, m/v Bulk Trident and m/v Bulk Newport and are guaranteed by the Company. (2) The Bulk Atlantic Secured Note is collateralized by the m/v Bulk Beothuk and is 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 Bulk Discovery Secured Note was repaid on July 1, 2015 and the m/v Bulk Discovery was sold on August 17, 2015. (4) The borrower under this facility is NBHC, of which the Company and its joint venture partners, STST and ASO2020, each own one-third. NBHC is consolidated in accordance with ASC 810-10 and as such, amounts pertaining to the non-controlling ownership held by these third parties in the financial position of NBHC are reported as non-controlling interest in the accompanying balance sheets.
Schedule of Maturities of Long-term Debt	The future minimum annual payments (excluding unamortized bank fees) under the debt agreements are as follows: Years ending September 30, (unaudited) 2016 $ 18,136,172 2017 15,469,376 2018 17,971,926 2019 14,765,182 2020 25,353,064 Thereafter 42,863,955 $ 134,559,675

Derivative Instruments and Fa18

Derivative Instruments and Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table summarizes assets and liabilities measured at fair value on a recurring basis at September 30, 2015 and December 31, 2014 : Balance at September 30, 2015 Level 1 Level 2 Level 3 (unaudited) Margin accounts $ 148,120 $ 148,120 $ — $ — Interest rate swaps $ (121,301 ) $ — $ (121,301 ) $ — Fuel swap contracts $ (718,321 ) $ — $ (718,321 ) $ — 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)	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	December 31, 2014 Activity September 30, 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 — 4,037,850 $ 4,240,900 $ — $ 4,240,900 Included in current related party debt on the consolidated balance sheets: Loan payable – 2011 Founders Note 4,325,000 — i $ 4,325,000 Interest payable in-kind 334,605 120,245 i 454,850 Loan payable to Founders 5,000,000 (1,000,000 ) i 4,000,000 Loan payable – BVH shareholder (STST) 4,442,500 — ii 4,442,500 Loan payable to NBHC shareholder (STST) 22,500,000 2,340,000 ii 24,840,000 Loan payable to NBHC shareholder (ASO2020) 22,499,972 2,340,000 ii 24,839,972 Total current related party debt $ 59,102,077 $ 3,800,245 $ 62,902,322 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)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (unaudited) (unaudited) (unaudited) (unaudited) Numerator: Net income (loss) attributable to Pangaea Logistics Solutions Ltd. $ 3,002,669 $ (2,909,607 ) $ 16,063,235 $ 4,913,603 Less: dividends declared on convertible redeemable preferred stock — (2,739,068 ) — (6,303,748 ) Total earnings (loss) allocated to common stock $ 3,002,669 $ (5,648,675 ) $ 16,063,235 $ (1,390,145 ) Denominator: Weighted-average number of shares of common stock outstanding 35,490,097 13,421,955 (1) 35,165,169 13,421,955 (1) Basic and Diluted EPS - common stock $ 0.08 $ (0.42 ) $ 0.46 $ (0.10 ) (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)	9 Months Ended
	Sep. 30, 2015vessel
Property, Plant and Equipment [Line Items]
Number of vessels	13
Vessels Member
Property, Plant and Equipment [Line Items]
Property, plant and equipment,useful life	11 years
Panamax Ice Class 1A [Member]
Property, Plant and Equipment [Line Items]
Number of vessels	5
Panamax [Member]
Property, Plant and Equipment [Line Items]
Number of vessels	2
Supramax [Member]
Property, Plant and Equipment [Line Items]
Number of vessels	4
Handymax Ice Class 1A [Member]
Property, Plant and Equipment [Line Items]
Number of vessels	2

Completed Mergers (Details Text

Completed Mergers (Details Textual) - Merger Agreement [Member]	Apr. 30, 2014	Sep. 30, 2015
Business Acquisition [Line Items]
Date of acquisition agreement	Apr. 30, 2014
Name of acquired entity	Quartet Merger Corp.
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 ($)	Sep. 30, 2015	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Advance hire	$ 2,728,281	$ 4,345,959
Prepaid expenses	543,317	427,889
Other current assets	253,944	1,794,386
Advance hire, prepaid expenses and other current assets	$ 3,525,542	$ 6,568,234

Basis of Presentation (Details

Basis of Presentation (Details 1) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts payable	$ 17,748,111	$ 33,538,153
Accrued voyage expenses	4,189,409	4,651,503
Accrued interest	253,295	540,862
Other accrued liabilities	1,245,421	1,471,276
Accounts payable accrued expenses and other current liabilities	$ 23,436,236	$ 40,201,794

Fixed Assets (Details)

Fixed Assets (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Vessels, net	$ 260,249,044	$ 209,213,671
Other fixed assets, net	2,867,963	2,977,746
Less: vessel held for sale	0	(4,523,804)
Total fixed assets, net	263,117,007	207,667,613
mv BULK PANGAEA [Member]
Property, Plant and Equipment [Line Items]
Vessels, net	19,962,032	21,176,498
mv BULK CAJUN [Member]
Property, Plant and Equipment [Line Items]
Vessels, net	0	4,523,804
mv BULK DISCOVERY [Member]
Property, Plant and Equipment [Line Items]
Vessels, net	0	3,741,375
mv BULK PATRIOT [Member]
Property, Plant and Equipment [Line Items]
Vessels, net	14,047,295	14,988,585
mv BULK JULIANA [Member]
Property, Plant and Equipment [Line Items]
Vessels, net	13,412,130	14,023,118
mv NORDIC ODYSSEY [Member]
Property, Plant and Equipment [Line Items]
Vessels, net	28,862,332	29,125,309
mv NORDIC ORION [Member]
Property, Plant and Equipment [Line Items]
Vessels, net	28,772,615	29,627,397
mv BULK TRIDENT [Member]
Property, Plant and Equipment [Line Items]
Vessels, net	15,880,334	16,430,154
mv BULK BEOTHUK [Member]
Property, Plant and Equipment [Line Items]
Vessels, net	12,797,176	13,228,238
mv BULK NEWPORT [Member]
Property, Plant and Equipment [Line Items]
Vessels, net	14,265,442	14,733,879
mv NORDIC BARENTS [Member]
Property, Plant and Equipment [Line Items]
Vessels, net	6,537,711	7,000,000
mv NORDIC BOTHNIA [Member]
Property, Plant and Equipment [Line Items]
Vessels, net	6,527,806	7,000,000
mv NORDIC OSHIMA [Member]
Property, Plant and Equipment [Line Items]
Vessels, net	32,837,073	33,615,314
mv NORDIC OLYMPIC [Member]
Property, Plant and Equipment [Line Items]
Vessels, net	33,077,080	0
mv NORDIC ODIN [Member]
Property, Plant and Equipment [Line Items]
Vessels, net	$ 33,270,018	$ 0

Fixed Assets (Details Textual)

Fixed Assets (Details Textual) $ in Thousands	Aug. 17, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Feb. 28, 2015USD ($)
Property, Plant and Equipment [Line Items]
Dry bulk vessels		13
mv BULK CAJUN [Member]
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, salvage value				$ 4,524
mv BULK DISCOVERY [Member]
Property, Plant and Equipment [Line Items]
Proceeds from Sale of Property, Plant, and Equipment	$ 3,486
Asset Impairment Charges		$ 72	$ 255

Debt (Details)

Debt (Details) - USD ($)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Secured long-term debt, gross	$ 134,559,889	$ 106,189,355
Less: current portion	(18,136,172)	(17,807,674)
Less: unamortized bank fees	(1,203,559)	(951,265)
Secured long-term debt	$ 115,220,158	87,430,416
Primary Beneficiary
Debt Instrument [Line Items]
Ownership Percentage	33.33%
Not Primary Beneficiary | ST Shipping and Transport Ltd. (STST) [Member]
Debt Instrument [Line Items]
Ownership Percentage	33.33%
Not Primary Beneficiary | ASO 2020 Maritime S.A. (ASO2020) [Member]
Debt Instrument [Line Items]
Ownership Percentage	33.33%
Bulk Pangaea Secured Note [Member]
Debt Instrument [Line Items]
Secured long-term debt, gross	$ 2,081,250	3,121,875
Bulk Discovery Secured Note [Member]
Debt Instrument [Line Items]
Secured long-term debt, gross	0	3,780,000
Bulk Patriot Secured Note [Member]
Debt Instrument [Line Items]
Secured long-term debt, gross	2,925,000	4,762,500
Bulk Cajun Secured Note [Member]
Debt Instrument [Line Items]
Secured long-term debt, gross	0	853,125
Bulk Trident Secured Note [Member]
Debt Instrument [Line Items]
Secured long-term debt, gross	6,693,750	7,650,000
Bulk Juliana Secured Note [Member]
Debt Instrument [Line Items]
Secured long-term debt, gross	4,056,249	5,070,312
Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement [Member]
Debt Instrument [Line Items]
Secured long-term debt, gross	91,500,000	51,125,000
Bulk Atlantic Secured Note [Member]
Debt Instrument [Line Items]
Secured long-term debt, gross	7,210,000	7,890,000
Bulk Phoenix Secured Note [Member]
Debt Instrument [Line Items]
Secured long-term debt, gross	8,066,664	8,916,665
Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd. [Member]
Debt Instrument [Line Items]
Face amount	13,000,000	13,000,000
Secured long-term debt, gross	11,043,460	12,021,730
Long Wharf Construction to Term Loan [Member]
Debt Instrument [Line Items]
Secured long-term debt, gross	983,516	998,148
Bulk Nordic Odin Ltd. and Bulk Nordic Olympic Ltd. [Member]
Debt Instrument [Line Items]
Face amount	$ 45,000,000	$ 45,000,000

Debt (Details 1)

Debt (Details 1)	Sep. 30, 2015USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2,015	$ 18,136,172
2,016	15,469,376
2,017	17,971,926
2,018	14,765,182
2,019	25,353,064
Thereafter	42,863,955
Long-term Debt	$ 134,559,675

Debt (Details Textual)

Debt (Details Textual)

Sep. 18, 2015USD ($)installment

Jun. 30, 2015USD ($)

May. 16, 2015USD ($)

Aug. 28, 2013USD ($)

May. 31, 2013USD ($)installment

Apr. 30, 2013USD ($)installment

Feb. 18, 2013USD ($)installment

Apr. 30, 2012USD ($)installment

Oct. 31, 2011USD ($)installment

Sep. 30, 2011USD ($)installment

Feb. 28, 2011USD ($)installment

Dec. 31, 2012installment

Sep. 30, 2015USD ($)trancheinstallment

Sep. 30, 2014USD ($)

Feb. 18, 2015USD ($)installment

Jan. 28, 2015USD ($)

Dec. 31, 2014USD ($)

Sep. 17, 2014USD ($)

Mar. 07, 2014USD ($)

Jan. 23, 2014USD ($)

Apr. 15, 2013USD ($)

Aug. 06, 2012USD ($)

Jan. 31, 2011USD ($)

Dec. 31, 2009USD ($)

Debt Instrument [Line Items]

Minimum value cause, percent of outstanding indebtedness

100.00%

Number of tranches | tranche

5

Cash collateral posted

$ 300,000

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

Debt Instrument [Line Items]

Number of periodic payments | installment

16

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

Debt Instrument [Line Items]

Face amount

$ 13,000,000

$ 13,000,000

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

Debt Instrument [Line Items]

Face amount

$ 45,000,000

$ 45,000,000

Secured Debt [Member] | Senior Secured Post-Delivery Term Loan Facility [Member]

Debt Instrument [Line Items]

Face amount

$ 30,300,000

Proceeds from issuance of debt

$ 8,000,000

$ 10,000,000

Secured Debt [Member] | Bulk Pangaea Secured Note [Member]

Debt Instrument [Line Items]

Face amount

$ 12,250,000

Interest rate, stated percentage

3.96%

Number of periodic payments | installment

15

Periodic payment, principal

$ 346,875

Secured Debt [Member] | Bulk Patriot Secured Note [Member]

Debt Instrument [Line Items]

Face amount

$ 12,000,000

Interest rate, stated percentage

4.01%

Number of periodic payments | installment

20

Periodic payment, principal

$ 612,500

Secured Debt [Member] | Bulk Trident Secured Note [Member]

Debt Instrument [Line Items]

Face amount

$ 10,200,000

Interest rate, stated percentage

4.29%

Number of periodic payments | installment

24

Periodic payment, principal

$ 318,750

Periodic payment terms, balloon payment to be Paid

2,550,000

Secured Debt [Member] | Bulk Juliana Secured Note [Member]

Debt Instrument [Line Items]

Face amount

$ 8,112,500

Interest rate, stated percentage

4.38%

Number of periodic payments | installment

24

Periodic payment, principal

$ 338,021

Secured Debt [Member] | Bulk Phoenix Secured Note [Member]

Debt Instrument [Line Items]

Face amount

$ 10,000,000

Interest rate, stated percentage

5.09%

Periodic payment terms, balloon payment to be Paid

$ 1,816,659

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

Debt Instrument [Line Items]

Number of periodic payments | installment

7

Periodic payment, principal

$ 216,667

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

Debt Instrument [Line Items]

Periodic payment, principal

$ 416,667

Secured Debt [Member] | Bulk Cajun Secured Note [Member]

Debt Instrument [Line Items]

Face amount

$ 4,550,000

Interest rate, stated percentage

6.51%

Number of periodic payments | installment

16

Periodic payment, principal

$ 284,375

Periodic payment terms, balloon payment to be Paid

$ 2,000,000

Secured Debt [Member] | Bulk Discovery Secured Note [Member]

Debt Instrument [Line Items]

Face amount

$ 9,120,000

Interest rate, stated percentage

8.16%

Number of periodic payments | installment

20

Periodic payment, principal

$ 356,000

Periodic payment terms, balloon payment to be Paid

$ 2,356,000

Secured Debt [Member] | Bulk Atlantic Secured Note [Member]

Debt Instrument [Line Items]

Face amount

$ 8,520,000

Interest rate, stated percentage

6.46%

Number of periodic payments | installment

8

Periodic payment, principal

$ 90,000

Periodic payment terms, balloon payment to be Paid

$ 4,260,000

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

Debt Instrument [Line Items]

Number of periodic payments | installment

12

Periodic payment, principal

$ 295,000

Secured Debt [Member] | Bulk Nordic Odyssey and Bulk Nordic Orion Loan Agreement [Member]

Debt Instrument [Line Items]

Face amount

$ 40,000,000

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

Debt Instrument [Line Items]

Face amount

$ 22,500,000

Secured Debt [Member] | Long Wharf Construction to Term Debt [Member]

Debt Instrument [Line Items]

Face amount

$ 1,048,000

Interest rate, stated percentage

6.63%

Number of periodic payments | installment

25

Basis spread on variable rate

2.85%

Secured Debt [Member] | Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd [Member]

Debt Instrument [Line Items]

Face amount

$ 13,000,000

$ 13,000,000

Periodic payment terms, balloon payment to be Paid

$ 2,750,000

Debt 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.

Basis spread on variable rate

2.50%

Debt Instrument, Interest Rate, Effective Percentage

2.77%

Number of tranches | tranche

2

Payment terms

$ 750,000

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

Debt Instrument [Line Items]

Number of periodic payments | installment

22

Periodic payment, principal

$ 163,045

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

Debt Instrument [Line Items]

Periodic payment, principal

$ 163,010

Secured Debt [Member] | Nordic Bulk Bothina Ltd. [Member]

Debt Instrument [Line Items]

Long-term line of credit

$ 6,500,000

Secured Debt [Member] | Nordic Bulk Barents Ltd. [Member]

Debt Instrument [Line Items]

Long-term line of credit

$ 6,500,000

Secured Debt [Member] | Bulk Nordic Odin Ltd. and Bulk Nordic Olympic Ltd. [Member]

Debt Instrument [Line Items]

Face amount

$ 45,000,000

Odyssey And Orion [Member] | Secured Debt [Member] | Bulk Nordic Odin, Bulk Nordic Olympic, Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement [Member] [Domain]

Debt Instrument [Line Items]

Periodic payment, principal

$ 6,000,000

Odyssey And Orion [Member] | Secured Debt [Member] | Bulk Nordic Odin, Bulk Nordic Olympic, Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement [Member] [Domain] | Twenty Quarterly Installments [Member]

Debt Instrument [Line Items]

Number of periodic payments | installment

20

Periodic payment terms, balloon payment to be Paid

$ 375,000

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

Debt Instrument [Line Items]

Basis spread on variable rate

2.40%

Debt Instrument, Interest Rate, Effective Percentage

2.73%

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

Debt Instrument [Line Items]

Face amount

$ 500,000

Bulk Nordic Odin Ltd. and Bulk Nordic Olympic Ltd. [Member] | Secured Debt [Member] | Bulk Nordic Odin, Bulk Nordic Olympic, Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement [Member] [Domain]

Debt Instrument [Line Items]

Periodic payment, principal

$ 12,000,000

Bulk Nordic Odin Ltd. and Bulk Nordic Olympic Ltd. [Member] | Secured Debt [Member] | Bulk Nordic Odin, Bulk Nordic Olympic, Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement [Member] [Domain] | Twenty Eight Equal Quarterly Installments Per Borrower [Member]

Debt Instrument [Line Items]

Number of periodic payments | installment

28

Periodic payment terms, balloon payment to be Paid

$ 375,000

Bulk Nordic Odin Ltd. and Bulk Nordic Olympic Ltd. [Member] | Secured Debt [Member] | Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Debt Agreement [Member]

Debt Instrument [Line Items]

Basis spread on variable rate

2.00%

Debt Instrument, Interest Rate, Effective Percentage

2.33%

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

Debt Instrument [Line Items]

Face amount

$ 500,000

Nordic Bulk Oshima [Member] | Secured Debt [Member] | Bulk Nordic Odin, Bulk Nordic Olympic, Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement [Member] [Domain] | Twenty Eight Equal Quarterly Installments Per Borrower [Member]

Debt Instrument [Line Items]

Number of periodic payments | installment

28

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

Debt Instrument [Line Items]

Periodic payment, principal

$ 375,000

Periodic payment terms, balloon payment to be Paid

$ 12,000,000

Basis spread on variable rate

2.25%

Debt Instrument, Interest Rate, Effective Percentage

2.58%

Derivative Instruments and Fa30

Derivative Instruments and Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Margin Accounts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, net asset (liability)	$ 148,120	$ 439,578
Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, net asset (liability)	(121,301)	(112,124)
Fuel Swap Contracts [Member] | Fuel [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, net asset (liability)	(718,321)	(1,391,195)
Fair Value, Inputs, Level 1 [Member] | Margin Accounts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, net asset (liability)	148,120	439,578
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, net asset (liability)	0	0
Fair Value, Inputs, Level 1 [Member] | Fuel Swap Contracts [Member] | Fuel [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, net asset (liability)	0	0
Fair Value, Inputs, Level 2 [Member] | Margin Accounts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, net asset (liability)	0	0
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, net asset (liability)	(121,301)	(112,124)
Fair Value, Inputs, Level 2 [Member] | Fuel Swap Contracts [Member] | Fuel [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, net asset (liability)	(718,321)	(1,391,195)
Fair Value, Inputs, Level 3 [Member] | Margin Accounts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, net asset (liability)	0	0
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, net asset (liability)	0	0
Fair Value, Inputs, Level 3 [Member] | Fuel Swap Contracts [Member] | Fuel [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, net asset (liability)	$ 0	$ 0

Derivative Instruments and Fa31

Derivative Instruments and Fair Value Measurements (Details Textual) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2015USD ($)swap	Sep. 30, 2015USD ($)swap	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Number of Instruments Held	1	1		1
Interest Rate Swap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fixed Interest Rate	6.63%	6.63%		6.63%
Liability				$ 112
Derivative gain (loss)	$ (9)		$ (17)
Forward Contracts [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative gain (loss)			(1,934)
Swap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Liability				$ 1,391
Derivative gain (loss)		$ 673	$ 378

Related Party Transactions (Det

Related Party Transactions (Details)	9 Months Ended
	Sep. 30, 2015USD ($)
Schedule of Related Party Payables
December 31 2014	$ 59,102,077
June 30, 2015	62,902,322
Accounts Payable and Accrued Liabilities [Member]
Schedule of Related Party Payables
December 31 2014	4,240,900
Activity	0
June 30, 2015	4,240,900
Related Party Debt Current [Member]
Schedule of Related Party Payables
December 31 2014	59,102,077
Activity	3,800,245
June 30, 2015	62,902,322
Founders [Member] | Accounts Payable and Accrued Liabilities [Member]
Schedule of Related Party Payables
December 31 2014	203,050
Activity	0
June 30, 2015	203,050
Affiliated Companies [Member] | Accounts Payable and Accrued Liabilities [Member]
Schedule of Related Party Payables
December 31 2014	4,037,850
Activity	0
June 30, 2015	4,037,850
Loan Payable 2011 Founders Note [Member] | Related Party Debt Current [Member] | Loans Payable [Member]
Schedule of Related Party Payables
December 31 2014	4,325,000
Activity	0
June 30, 2015	4,325,000
Interest payable in-kind [Member] | Related Party Debt Current [Member] | Loans Payable [Member]
Schedule of Related Party Payables
December 31 2014	334,605
Activity	120,245
June 30, 2015	454,850
Loan Payable To Founders [Member] | Related Party Debt Current [Member] | Loans Payable [Member]
Schedule of Related Party Payables
December 31 2014	5,000,000
Activity	(1,000,000)
June 30, 2015	4,000,000
Loan Payable BVH shareholder STST [Member] | Related Party Debt Current [Member] | Loans Payable [Member]
Schedule of Related Party Payables
December 31 2014	4,442,500
Activity	0
June 30, 2015	4,442,500
Loan payable to NBHC shareholder STST [Member] | Related Party Debt Current [Member] | Loans Payable [Member]
Schedule of Related Party Payables
December 31 2014	22,500,000
Activity	2,340,000
June 30, 2015	24,840,000
Loan payable to NBHC shareholder ASO2020 [Member] | Related Party Debt Current [Member] | Loans Payable [Member]
Schedule of Related Party Payables
December 31 2014	22,499,972
Activity	2,340,000
June 30, 2015	$ 24,839,972

Related Party Transactions (D33

Related Party Transactions (Details Textual)

Oct. 13, 2015USD ($)

Jun. 22, 2015USD ($)

May. 22, 2015USD ($)

Jan. 01, 2012shares

Oct. 01, 2011USD ($)

Jan. 31, 2013vessel

Sep. 30, 2015USD ($)

Sep. 30, 2014USD ($)

Sep. 30, 2015USD ($)

Sep. 30, 2014USD ($)

Dec. 31, 2013vessel

Dec. 31, 2014USD ($)

Nov. 30, 2014USD ($)

Related Party Transaction [Line Items]

Time Deposits

$ 9,780,000

$ 9,780,000

$ 29,786,000

Due to related parties, current

62,902,322

62,902,322

59,102,077

Proceeds from related party debt

4,680,001

$ 4,750,000

Technical management fees

484,200

$ 557,000

Four Ice Class One A Panamax Vessels [Member]

Related Party Transaction [Line Items]

Purchase obligation, number of vessels | vessel

4

4

Two Ultramax Vessels [Member]

Related Party Transaction [Line Items]

Time Deposits

8,685,000

8,685,000

8,685,000

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

49,700,000

49,700,000

45,000,000

Shareholder Loans To Fund Deposits On Vessels [Member] | Two Ultramax Vessels [Member]

Related Party Transaction [Line Items]

Due to related parties, current

4,442,500

4,442,500

4,447,500

Founder [Member]

Related Party Transaction [Line Items]

Interest rate, stated percentage

5.00%

Proceeds from related party debt

$ 10,000,000

Notes payable, related parties, current

$ 4,325,000

$ 4,325,000

$ 4,325,000

Redeemable Convertible Preferred Stock [Member] | Founder [Member]

Related Party Transaction [Line Items]

Stock issued during period, shares, new issues | shares

5,675

Construction Of Two New ultramax newbuildings [Member] | Two Ultramax Vessels [Member]

Related Party Transaction [Line Items]

Purchase obligation, number of vessels | vessel

2

Bulk Invest, Ltd. [Member]

Related Party Transaction [Line Items]

Face amount

$ 5,000,000

Repayments of notes payable

$ 1,000,000

Interest rate, stated percentage

5.00%

Nordic Bulk Ventures (Cyprus) Limited (NBV) [Member] | Nordic Bulk Holdings ApS (NBH) [Member]

Related Party Transaction [Line Items]

Business acquisition, percentage of voting interests acquired

24.50%

Business combination consideration transferred

$ 250,000

Ownership percentage prior to transaction

51.00%

51.00%

Nordic Bulk Ventures (Cyprus) Limited (NBV) [Member] | Conversion of Intercompany Debt to Additional Shares is Subsidiary of Acquiree [Member] | Nordic Bulk Holdings ApS (NBH) [Member]

Related Party Transaction [Line Items]

Conversion of intercompany debt to additional capital

$ 4,000,000

Subsequent Event [Member] | Nordic Bulk Carriers AS (NBC) [Member] | Nordic Bulk Holdings ApS (NBH) [Member]

Related Party Transaction [Line Items]

Ownership percentage by parent (as percent)

100.00%

Subsequent Event [Member] | Nordic Bulk Ventures (Cyprus) Limited (NBV) [Member] | Nordic Bulk Holdings ApS (NBH) [Member]

Related Party Transaction [Line Items]

Business acquisition, percentage of voting interests acquired

24.50%

Business combination consideration transferred

$ 400,000

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Numerator:
Net income (loss) attributable to Pangaea Logistics Solutions Ltd.	$ 3,002,669	$ (2,909,607)	$ 16,063,235	$ 4,913,603
Less: dividends declared on convertible redeemable preferred stock	0	(2,739,068)	0	(6,303,748)
Total earnings (loss) allocated to common stock	$ 3,002,669	$ (5,648,675)	$ 16,063,235	$ (1,390,145)
Denominator:
Weighted-average number of shares of common stock outstanding (in shares)	35,490,097	13,421,955	35,165,169	13,421,955
Basic and Diluted EPS - common stock (in dollars per share)	$ 0.08	$ (0.42)	$ 0.46	$ (0.10)

Commitments and Contingencies (

Commitments and Contingencies (Details Textual)	1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	Jan. 31, 2013USD ($)vessel	Sep. 30, 2015USD ($)	Sep. 30, 2015USD ($)	Dec. 31, 2013USD ($)vessel	Dec. 31, 2014USD ($)
Commitments and Contingencies [Line Items]
Time deposits		$ 9,780,000	$ 9,780,000		$ 29,786,000
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%
Shipbuilding Contracts [Member]
Commitments and Contingencies [Line Items]
Due in next twelve months		$ 25,715,000	$ 25,715,000
Due in second year		46,320,000	46,320,000
Four Ice Class 1A Panamax Vessels [Member]
Commitments and Contingencies [Line Items]
Purchase obligation, number of vessels | vessel	4			4
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		$ 8,685,000
Construction Of Two New ultramax newbuildings [Member] | Two Ultramax Vessels [Member]
Commitments and Contingencies [Line Items]
Purchase obligation, number of vessels | vessel				2