Pangaea Logistics Solutions (PANL) 10-Q 11 May 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 11, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
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		36,500,387

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 32,666,025	$ 37,520,240
Restricted cash	1,503,341	2,003,341
Accounts receivable (net of allowance of $4,898,165 at March 31, 2016 and $5,067,194 at December 31,2015)	13,542,900	19,617,943
Bunker inventory	7,811,933	7,490,590
Advance hire, prepaid expenses and other current assets	3,459,051	2,679,292
Total current assets	58,983,250	69,311,406
Fixed assets, net	285,528,833	255,145,807
Investments in newbuildings in-process	8,765,000	42,505,783
Total assets	353,277,083	366,962,996
Current liabilities
Accounts payable, accrued expenses and other current liabilities	15,961,058	22,156,202
Related party debt	10,927,988	13,321,419
Deferred revenue	3,688,858	4,448,795
Current portion long-term debt	18,887,058	19,499,262
Dividend payable	12,624,825	12,724,825
Total current liabilities	62,089,787	72,150,503
Secured long-term debt, net	$ 124,130,287	$ 129,496,153
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; 36,500,387 shares issued and outstanding at March 31, 2016; 36,503,837 shares issued and outstanding and December 31, 2015	3,650	3,650
Additional paid-in capital	133,211,904	133,075,409
Accumulated deficit	(23,669,430)	(24,866,534)
Total Pangaea Logistics Solutions Ltd. equity	109,546,124	108,212,525
Non-controlling interests	57,510,885	57,103,815
Total stockholders' equity	167,057,009	165,316,340
Total liabilities and stockholders' equity	$ 353,277,083	$ 366,962,996

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 5,707,976	$ 5,067,194
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)	36,500,387	36,503,837
Common stock, shares outstanding (in shares)	36,500,387	36,503,837

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Voyage revenue	$ 41,974,319	$ 90,578,942
Charter revenue	1,963,200	4,536,846
Revenues	43,937,519	95,115,788
Expenses:
Voyage expense	18,500,882	45,324,119
Charter hire expense	8,503,174	24,659,395
Vessel operating expense	6,889,082	7,785,328
General and administrative	3,036,371	4,318,692
Depreciation and amortization	3,515,456	2,990,594
Loss on sale of vessels	0	88,868
Total expenses	40,444,965	85,166,996
Income from operations	3,492,554	9,948,792
Other (expense) income:
Interest expense, net	(1,369,613)	(1,410,771)
Interest expense on related party debt	(80,490)	(114,966)
Unrealized (loss) gain on derivative instruments	(335,959)	823,455
Other (expense) income	(102,318)	83,149
Total other expense, net	(1,888,380)	(619,133)
Net income	1,604,174	9,329,659
Income attributable to noncontrolling interests	(407,070)	(1,729,730)
Net income attributable to Pangaea Logistics Solutions Ltd.	$ 1,197,104	$ 7,599,929
Earnings per common share:
Basic (in dollars per share)	$ 0.03	$ 0.22
Diluted (in dollars per share)	$ 0.03	$ 0.22
Weighted average shares used to compute earnings per common share
Weighted Average Number of Shares Outstanding, Basic	35,130,211	34,756,980
Weighted Average Number of Shares Outstanding, Diluted	35,201,307	34,756,980

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating activities
Net income	$ 1,604,174	$ 9,329,659
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization expense	3,515,456	2,990,594
Amortization of deferred financing costs	182,810	225,182
Unrealized loss (gain) on derivative instruments	335,959	(823,455)
Loss (gain) from equity method investee	30,380	(53,201)
Provision for doubtful accounts	703,354	319,981
Loss on sales of vessels	0	88,868
Write off unamortized financing costs of repaid debt	0	25,557
Share-based compensation	136,496	166,558
Change in operating assets and liabilities:
Increase (Decrease) in Restricted Cash	500,000	0
Accounts receivable	5,371,689	7,477,051
Bunker inventory	(321,343)	1,808,888
Advance hire, prepaid expenses and other current assets	(779,759)	3,863,659
Drydocking costs	(42,478)	0
Accounts payable, accrued expenses and other current liabilities	(6,342,724)	(10,771,168)
Deferred revenue	(759,937)	(3,464,750)
Net cash provided by operating activities	4,134,077	11,183,423
Investing activities
Purchase of vessels	(253,492)	(44,824,665)
Proceeds from sales of vessels	0	4,523,804
Purchase of building and equipment	0	(5,399)
Net cash used in investing activities	(253,492)	(40,306,260)
Financing activities
Proceeds of related party debt	0	2,506,667
Payments of related party debt	(2,473,921)	0
Proceeds from long-term debt	0	45,000,000
Payments of financing and issuance costs	(34,425)	(664,722)
Payments of long-term debt	(6,126,454)	(4,837,799)
Common stock dividends paid	(100,000)	(100,000)
Net cash (used in) provided by financing activities	(8,734,800)	41,904,146
Net (decrease) increase in cash and cash equivalents	(4,854,215)	12,781,309
Cash and cash equivalents at beginning of period	37,520,240	29,817,507
Cash and cash equivalents at end of period	32,666,025	42,598,816
Disclosure of noncash items
Cash paid for interest	$ 1,191,405	$ 1,185,589

General Information

General Information	3 Months Ended
	Mar. 31, 2016
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 is a holding company, incorporated under the laws of Bermuda as an exempted company on April 29, 2014. As of March 31, 2016 , the Company owned, two Panamax, four Supramax and two Handymax Ice Class 1A drybulk vessels. The Company also owned one-third of a consolidated joint venture with a fleet of six Panamax Ice Class 1A drybulk vessels.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated balance sheets as of March 31, 2016 , the consolidated statements of income for the three months ended March 31, 2016 and 2015 and cash flows for the three months ended March 31, 2016 and 2015 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, 2016 and 2015 . The financial data and the other information disclosed in these notes to the 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 pursuant to the rules and regulations of the SEC. The results for the three months ended March 31, 2016 are not necessarily indicative of the results for the year ending December 31, 2016 or for any other interim period or future years. 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 and the allowances for doubtful accounts. Advance hire, prepaid expenses and other current assets were comprised of the following: March 31, 2016 December 31, 2015 (unaudited) Advance hire $ 1,232,274 $ 1,138,300 Prepaid expenses 1,306,051 537,192 Other current assets 920,726 1,003,800 $ 3,459,051 $ 2,679,292 Accounts payable, accrued expenses and other current liabilities were comprised of the following: March 31, 2016 December 31, 2015 (unaudited) Accounts payable $ 10,954,006 $ 14,064,870 Accrued voyage expenses 1,772,128 5,232,864 Accrued interest 432,234 455,818 Other accrued liabilities 2,802,690 2,402,650 $ 15,961,058 $ 22,156,202

Fixed Assets

Fixed Assets	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Fixed Assets	Fixed Assets At March 31, 2016 , the Company’s operating fleet consisted of 14 dry bulk vessels. The carrying amounts of these vessels are as follows: March 31, December 31, Vessel 2016 2015 (unaudited) m/v BULK PANGAEA $ 19,136,875 $ 19,555,658 m/v BULK PATRIOT 13,397,679 13,732,984 m/v BULK JULIANA 12,885,358 13,096,232 m/v NORDIC ODYSSEY 28,063,911 28,537,024 m/v NORDIC ORION 28,932,466 29,242,572 m/v BULK TRIDENT 15,513,058 15,696,689 m/v BULK BEOTHUK 12,491,674 12,653,475 m/v BULK NEWPORT 13,950,332 14,109,300 m/v NORDIC BARENTS 3,655,154 3,700,000 m/v NORDIC BOTHNIA 3,654,288 3,700,000 m/v NORDIC OSHIMA 32,241,954 32,540,468 m/v NORDIC OLYMPIC 32,475,783 32,780,722 m/v NORDIC ODIN 32,664,305 32,971,855 m/v NORDIC OASIS (1) 33,688,517 — 282,751,354 252,316,979 Other fixed assets, net 2,777,479 2,828,828 Total fixed assets, net $ 285,528,833 $ 255,145,807 (1) The m/v Nordic Oasis was delivered to the Company on January 5, 2016. Long-lived Assets Impairment Considerations. The carrying values of the Company’s vessels may not represent their fair market value or the amount that could be obtained by selling the vessel at any point in time because the market prices of second-hand vessels tend to fluctuate with changes in charter rates and the pricing of new vessels. Historically, both charter rates and vessel values tend to be cyclical. The carrying value of each group of vessels (allocated by size, age and major characteristic or trade), which are classified as held and used by the Company, are reviewed for potential impairment when events or changes in circumstances indicate that the carrying value of a particular group may not be fully recoverable. In such instances, an impairment charge would be recognized if the estimate of the undiscounted future cash flows expected to result from the use of the group and its eventual disposition is less than its carrying value. This assessment is made at the group level, which represents the lowest level for which identifiable cash flows are largely independent of other groups of assets. The asset groups established by the Company are defined by vessel size and major characteristic or trade. The significant factors and assumptions used in the undiscounted projected net operating cash flow analysis include the Company’s estimate of future TCE rates based on current rates under existing charters and contracts or an index TCE rate applicable to the size of the ship. When existing contracts expire, the Company uses an estimated TCE based on actual results and extends these rates out to the end of the vessel’s useful life. TCE rates can be highly volatile, may affect the fair value of the Company’s vessels and may have a significant impact on the Company’s ability to recover the carrying amount of its fleet. Accordingly, the volatility is contemplated in the undiscounted projected net operating cash flow by using a sensitivity analysis based on percent changes in the TCE rates. The Company prepares a series of scenarios in an attempt to capture the range of possible trends and outcomes. For example, in the event that TCE rates over the estimated useful lives of the entire fleet are 10% lower than expected, the impact on the total undiscounted projected net operating cash flow would be a decrease of 15%. Projected net operating cash flows are net of brokerage and address commissions and assume no revenue on scheduled offhire days. The Company uses the current vessel operating expense budget, estimated costs of drydocking and historical general and administrative expenses as the basis for its expected outflows, and applies an inflation factor it considers appropriate. The net of these inflows and outflows, plus an estimated salvage value, constitutes the projected undiscounted future cash flows. If these projected cash flows do not exceed the carrying value of the asset group, an impairment charge would be recognized. At March 31, 2016 and December 31, 2015 , the Company identified a potential impairment indicator by reference to estimated market values of its vessel groups. As a result, the Company evaluated each group for impairment by estimating the total undiscounted cash flows expected to result from the use of the group and its eventual disposal. At March 31, 2016, the estimated undiscounted future cash flows were determined to be higher than the carrying amount of each group. Therefore, the Company did not recognize any loss on impairment. At December 31, 2105, the carrying amount of the m/v Nordic Barents and m/v Nordic Bothnia were determined to be higher than their estimated undiscounted future cash flows because estimated TCE rates anticipated in the analysis have declined. The decrease in TCE rates is due to the fact that these vessels are older and are not preferable in a weakening market where there is an oversupply of newer tonnage. As a result, a loss on impairment of these vessels totaling approximately $5.4 million is included in the consolidated statements of operations.

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt	Debt Long-term debt consists of the following: March 31, 2016 December 31, 2015 (unaudited) Bulk Pangaea Secured Note (1) $ 1,387,500 $ 1,734,375 Bulk Patriot Secured Note (1) 1,700,000 2,312,500 Bulk Trident Secured Note (1) 6,056,250 6,375,000 Bulk Juliana Secured Note (1) 3,380,208 3,718,229 Bulk Phoenix Secured Note (1) 7,233,330 7,649,997 Bulk Atlantic Secured Note (2) 6,235,000 6,530,000 Term Loan Facility of USD 13,000,000 (Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.) 9,173,820 10,717,370 Long Wharf Construction to Term Loan 973,332 978,210 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 (3) 87,750,000 89,625,000 Bulk Nordic Oasis Ltd. Loan Agreement (3) 21,125,000 21,500,000 Total 145,014,440 151,140,681 Less: current portion (18,887,058 ) (19,499,262 ) Less: unamortized debt issuance and bank fees (1,997,095 ) (2,145,266 ) Secured long-term debt $ 124,130,287 $ 129,496,153 (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 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 net worth and minimum liquidity, on a consolidated basis. The facility also contains a consolidated leverage ratio and a consolidated debt service coverage ratio. 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, 2016 , the Company was in compliance with these covenants. At December 31, 2015 , the Company was granted a waiver of compliance with the consolidated debt service coverage ratio by the facility agent and was in compliance with the other covenants. 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 19 equal quarterly installments of $612,500 beginning in January 2012 and a final payment of $362,500. 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% . 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 March 31, 2016 and December 31, 2015 , the Company was in compliance with these covenants. 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 The amended agreement advanced $21,750,000 in respect of each the m/v Nordic Odin and the m/v Nordic Olympic; $13,500,000 in respect of each the m/v Nordic Odyssey and the m/v Nordic Orion, and $21,000,000 in respect of the m/v Nordic Oshima. The agreement requires repayment of the advances as follows: In respect of the Odin and Olympic advances, repayment to be made in 28 equal quarterly installments of $375,000 per borrower (one of which was paid prior to the amendment by each borrower) and balloon payments of $12,000,000 due with each of the final installments. In respect of the Odyssey and Orion advances, repayment to be made in 20 quarterly installments of $375,000 per borrower and balloon payments of $6,000,000 due with each of the final installments. In respect of the Oshima advance, repayment to be made 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% ( 3.03% at March 31, 2016 ). Interest on the advances to Odin and Olympic is floating at LIBOR plus 2.0% ( 2.63% at March 31, 2016 ). Interest on the advance to Oshima is floating at LIBOR plus 2.25% ( 2.88% at March 31, 2016 ). The amended loan is secured by first preferred mortgages on the m/v Nordic Odin, m/v Nordic Olympic, m/v Nordic Odyssey, 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 ("CMV") clause, which requires the aggregate fair market value of the vessels plus the net realizable value of any additional collateral provided, to remain above defined ratios. At March 31, 2016 , the Company was not in compliance with the CMV clause. The Company was granted a waiver of compliance until June 17, 2016, at which time it expects to be in compliance with or to cure the breach. At December 31, 2015 , the Company was in compliance with this covenant. The Bulk Nordic Oasis Ltd. - Loan Agreement -- Dated December 11, 2015 The agreement advanced $21,500,000 in respect of the m/v Nordic Oasis. The agreement requires repayment of the advance in 24 equal quarterly installments of $375,000 beginning on March 28, 2016 and a balloon payment of $12,500,000 due with the final installment. Interest on this advance is floating at LIBOR plus 2.30% ( 2.93% at March 31, 2016 ). The loan is secured by a first preferred mortgage on the m/v Nordic Oasis, the assignment of earnings, insurances and requisite compensation of the entity, and by guarantees of its shareholders. Additionally, the agreement contains a collateral maintenance ratio clause which requires the aggregate fair market value of the vessel plus the net realizable value of any additional collateral previously provided, to remain above defined ratios. As of March 31, 2016 and December 31, 2015 , 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.) Barents and 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% ( 3.13% at March 31, 2016 ). 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 ("MVC"), of not less than 100% of the outstanding indebtedness. As of March 31, 2016 , the Company was not in compliance with this clause. On February 22, 2016, the Company was notified by the facility agent of an MVC breach. On May 5, 2016, the Company prepaid the installments due in June 2016 and an additional $547,955 per vessel, for a total of $711,000 per vessel, in order to cure the breach. On March 15, 2016, additional cash collateral of approximately $1,200,000 , which was deposited by the Company during 2015, was applied to the outstanding balance of the facility. At December 31, 2015 , 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 March 31, 2016 and December 31, 2015 , the Company was in compliance with this covenant. The future minimum annual payments (excluding unamortized bank fees) under the debt agreements are as follows: Years ending March 31, (unaudited) 2017 $ 18,887,058 2018 19,676,145 2019 16,177,912 2020 16,520,304 2021 20,378,021 Thereafter 53,375,000 $ 145,014,440

Derivative Instruments and Fair

Derivative Instruments and Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 , 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 agreement at March 31, 2016 and December 31, 2015 were liabilities of approximately $122,000 and $103,000 , 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 three months ended March 31, 2016 and 2015 were losses of $18,000 and $11,000 , 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 March 31, 2016 or December 31, 2015 . 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, 2016 and the year ended December 31, 2015 , 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, 2016 and December 31, 2015 are liabilities of approximately $2,095,000 and $1,777,000 , 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 three months ended March 31, 2016 and 2015 are losses of approximately $318,000 and gains of approximately $823,000 , 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 March 31, 2016 and December 31, 2015 : Balance at March 31, 2016 Level 1 Level 2 Level 3 (unaudited) Margin accounts $ 1,057,000 $ 1,057,000 $ — $ — Interest rate swaps $ (122,165 ) $ — $ (122,165 ) $ — Fuel swap contracts $ (2,094,553 ) $ — $ (2,094,553 ) $ — Balance at December 31, 2015 Level 1 Level 2 Level 3 Margin accounts $ 433,000 $ 433,000 $ — $ — Interest rate swaps $ (103,783 ) $ — $ (103,783 ) $ — Fuel swap contracts $ (1,776,975 ) $ — $ (1,776,975 ) $ — 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, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions December 31, 2015 Activity March 31, 2016 (unaudited) Included in accounts payable, accrued expenses and other current liabilities on the consolidated balance sheets: Affiliated companies (trade payables) $ 1,254,985 (571,175 ) $ 683,810 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 - 2011 Founders Note (i) 553,919 (393,431 ) 160,488 Promissory Note 4,000,000 (2,000,000 ) 2,000,000 Loan payable – BVH shareholder (STST) (ii) 4,442,500 — 4,442,500 Total current related party debt $ 13,321,419 $ (2,393,431 ) $ 10,927,988 (i) Paid in cash (ii) ST Shipping and Transport Pte. Ltd. ("STST") 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. Interest on the Note is 5% . The Company repaid $2,000,000 of the Note on January 4, 2016. BVH entered into an agreement for the construction of two new ultramax newbuildings in 2013. Shareholder loans totaling $4,442,500 at March 31, 2016 and December 31, 2015 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% . The balance of the 2011 Founders Note was $4,325,000 at March 31, 2016 and December 31, 2015 . 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, 2016 and 2015 , the Company incurred technical management fees of approximately $436,000 and $771,000 , respectively under this arrangement. These fees are included in vessel operating expenses in the consolidated statements of income. The total amounts payable to Seamar at March 31, 2016 and December 31, 2015 were approximately $683,810 and $1,254,985 , respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In December 2013, the Company, through a 50% owned joint venture, entered into shipbuilding contracts for the construction of two ultramax vessels for $28,950,000 each. At March 31, 2016 and December 31, 2015 , 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 $7,382,225 in 2016 and $41,832,750 in early 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)	3 Months Ended
	Mar. 31, 2016
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: March 31, 2016 December 31, 2015 (unaudited) Advance hire $ 1,232,274 $ 1,138,300 Prepaid expenses 1,306,051 537,192 Other current assets 920,726 1,003,800 $ 3,459,051 $ 2,679,292
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable, accrued expenses and other current liabilities were comprised of the following: March 31, 2016 December 31, 2015 (unaudited) Accounts payable $ 10,954,006 $ 14,064,870 Accrued voyage expenses 1,772,128 5,232,864 Accrued interest 432,234 455,818 Other accrued liabilities 2,802,690 2,402,650 $ 15,961,058 $ 22,156,202

Fixed Assets (Tables)

Fixed Assets (Tables)	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Property Plant and Equipment Schedule of Significant Acquisitions	At March 31, 2016 , the Company’s operating fleet consisted of 14 dry bulk vessels. The carrying amounts of these vessels are as follows: March 31, December 31, Vessel 2016 2015 (unaudited) m/v BULK PANGAEA $ 19,136,875 $ 19,555,658 m/v BULK PATRIOT 13,397,679 13,732,984 m/v BULK JULIANA 12,885,358 13,096,232 m/v NORDIC ODYSSEY 28,063,911 28,537,024 m/v NORDIC ORION 28,932,466 29,242,572 m/v BULK TRIDENT 15,513,058 15,696,689 m/v BULK BEOTHUK 12,491,674 12,653,475 m/v BULK NEWPORT 13,950,332 14,109,300 m/v NORDIC BARENTS 3,655,154 3,700,000 m/v NORDIC BOTHNIA 3,654,288 3,700,000 m/v NORDIC OSHIMA 32,241,954 32,540,468 m/v NORDIC OLYMPIC 32,475,783 32,780,722 m/v NORDIC ODIN 32,664,305 32,971,855 m/v NORDIC OASIS (1) 33,688,517 — 282,751,354 252,316,979 Other fixed assets, net 2,777,479 2,828,828 Total fixed assets, net $ 285,528,833 $ 255,145,807 (1) The m/v Nordic Oasis was delivered to the Company on January 5, 2016.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Long-term debt consists of the following: March 31, 2016 December 31, 2015 (unaudited) Bulk Pangaea Secured Note (1) $ 1,387,500 $ 1,734,375 Bulk Patriot Secured Note (1) 1,700,000 2,312,500 Bulk Trident Secured Note (1) 6,056,250 6,375,000 Bulk Juliana Secured Note (1) 3,380,208 3,718,229 Bulk Phoenix Secured Note (1) 7,233,330 7,649,997 Bulk Atlantic Secured Note (2) 6,235,000 6,530,000 Term Loan Facility of USD 13,000,000 (Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.) 9,173,820 10,717,370 Long Wharf Construction to Term Loan 973,332 978,210 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 (3) 87,750,000 89,625,000 Bulk Nordic Oasis Ltd. Loan Agreement (3) 21,125,000 21,500,000 Total 145,014,440 151,140,681 Less: current portion (18,887,058 ) (19,499,262 ) Less: unamortized debt issuance and bank fees (1,997,095 ) (2,145,266 ) Secured long-term debt $ 124,130,287 $ 129,496,153 (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 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	nnual payments (excluding unamortized bank fees) under the debt agreements are as follows: Years ending March 31, (unaudited) 2017 $ 18,887,058 2018 19,676,145 2019 16,177,912 2020 16,520,304 2021 20,378,021 Thereafter 53,375,000 $ 145,014,440

Derivative Instruments and Fa16

Derivative Instruments and Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	arizes assets and liabilities measured at fair value on a recurring basis at March 31, 2016 and December 31, 2015 : Balance at March 31, 2016 Level 1 Level 2 Level 3 (unaudited) Margin accounts $ 1,057,000 $ 1,057,000 $ — $ — Interest rate swaps $ (122,165 ) $ — $ (122,165 ) $ — Fuel swap contracts $ (2,094,553 ) $ — $ (2,094,553 ) $ — Balance at December 31, 2015 Level 1 Level 2 Level 3 Margin accounts $ 433,000 $ 433,000 $ — $ — Interest rate swaps $ (103,783 ) $ — $ (103,783 ) $ — Fuel swap contracts $ (1,776,975 ) $ — $ (1,776,975 ) $ —

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	December 31, 2015 Activity March 31, 2016 (unaudited) Included in accounts payable, accrued expenses and other current liabilities on the consolidated balance sheets: Affiliated companies (trade payables) $ 1,254,985 (571,175 ) $ 683,810 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 - 2011 Founders Note (i) 553,919 (393,431 ) 160,488 Promissory Note 4,000,000 (2,000,000 ) 2,000,000 Loan payable – BVH shareholder (STST) (ii) 4,442,500 — 4,442,500 Total current related party debt $ 13,321,419 $ (2,393,431 ) $ 10,927,988 (i) Paid in cash (ii) ST Shipping and Transport Pte. Ltd. ("STST")

General Information (Details Te

General Information (Details Textual)	Mar. 31, 2016vessel
Panamax Ice Class 1A [Member]
Property, Plant and Equipment [Line Items]
Number of vessels	6
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

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Advance hire	$ 1,232,274	$ 1,138,300
Prepaid expenses	1,306,051	537,192
Other current assets	920,726	1,003,800
Advance hire, prepaid expenses and other current assets	$ 3,459,051	$ 2,679,292

Basis of Presentation (Details

Basis of Presentation (Details 1) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts payable	$ 10,954,006	$ 14,064,870
Accrued voyage expenses	1,772,128	5,232,864
Accrued interest	432,234	455,818
Other accrued liabilities	2,802,690	2,402,650
Accounts payable accrued expenses and other current liabilities	$ 15,961,058	$ 22,156,202

Fixed Assets (Details)

Fixed Assets (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Vessels, net	$ 282,751,354	$ 252,316,979
Other fixed assets, net	2,777,479	2,828,828
Total fixed assets, net	285,528,833	255,145,807
mv BULK PANGAEA [Member]
Property, Plant and Equipment [Line Items]
Vessels, net	19,136,875	19,555,658
mv BULK PATRIOT [Member]
Property, Plant and Equipment [Line Items]
Vessels, net	13,397,679	13,732,984
mv BULK JULIANA [Member]
Property, Plant and Equipment [Line Items]
Vessels, net	12,885,358	13,096,232
mv NORDIC ODYSSEY [Member]
Property, Plant and Equipment [Line Items]
Vessels, net	28,063,911	28,537,024
mv NORDIC ORION [Member]
Property, Plant and Equipment [Line Items]
Vessels, net	28,932,466	29,242,572
mv BULK TRIDENT [Member]
Property, Plant and Equipment [Line Items]
Vessels, net	15,513,058	15,696,689
mv BULK BEOTHUK [Member]
Property, Plant and Equipment [Line Items]
Vessels, net	12,491,674	12,653,475
mv BULK NEWPORT [Member]
Property, Plant and Equipment [Line Items]
Vessels, net	13,950,332	14,109,300
mv NORDIC BARENTS [Member]
Property, Plant and Equipment [Line Items]
Vessels, net	3,655,154	3,700,000
mv NORDIC BOTHNIA [Member]
Property, Plant and Equipment [Line Items]
Vessels, net	3,654,288	3,700,000
mv NORDIC OSHIMA [Member]
Property, Plant and Equipment [Line Items]
Vessels, net	32,241,954	32,540,468
mv NORDIC OLYMPIC [Member]
Property, Plant and Equipment [Line Items]
Vessels, net	32,475,783	32,780,722
mv NORDIC ODIN [Member]
Property, Plant and Equipment [Line Items]
Vessels, net	32,664,305	32,971,855
mv Nordic Bulk Oasis [Member]
Property, Plant and Equipment [Line Items]
Vessels, net	$ 33,688,517	$ 0

Fixed Assets (Details Textual)

Fixed Assets (Details Textual) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)	Mar. 31, 2016
Property, Plant and Equipment [Line Items]
Dry bulk vessels		14
Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd [Member]
Property, Plant and Equipment [Line Items]
Asset Impairment Charges	$ 5.4

Debt (Details)

Debt (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Secured long-term debt, gross	$ 145,014,440	$ 151,140,681
Less: current portion	(18,887,058)	(19,499,262)
Less: unamortized debt issuance and bank fees	(1,997,095)	(2,145,266)
Secured long-term debt	$ 124,130,287	129,496,153
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	$ 1,387,500	1,734,375
Bulk Patriot Secured Note [Member]
Debt Instrument [Line Items]
Secured long-term debt, gross	1,700,000	2,312,500
Bulk Trident Secured Note [Member]
Debt Instrument [Line Items]
Secured long-term debt, gross	6,056,250	6,375,000
Bulk Juliana Secured Note [Member]
Debt Instrument [Line Items]
Secured long-term debt, gross	3,380,208	3,718,229
Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement [Member]
Debt Instrument [Line Items]
Secured long-term debt, gross	87,750,000	89,625,000
Bulk Atlantic Secured Note [Member]
Debt Instrument [Line Items]
Secured long-term debt, gross	6,235,000	6,530,000
Bulk Phoenix Secured Note [Member]
Debt Instrument [Line Items]
Secured long-term debt, gross	7,233,330	7,649,997
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	9,173,820	10,717,370
Long Wharf Construction to Term Loan [Member]
Debt Instrument [Line Items]
Secured long-term debt, gross	$ 973,332	$ 978,210
Bulk Nordic Odin Ltd. and Bulk Nordic Olympic Ltd. [Member]
Debt Instrument [Line Items]
Face amount
mv Nordic Bulk Oasis [Member]
Debt Instrument [Line Items]
Secured long-term debt, gross	$ 21,125,000	$ 21,500,000

Debt (Details 1)

Debt (Details 1)	Mar. 31, 2016USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2,015	$ 18,887,058
2,016	19,676,145
2,017	16,177,912
2,018	16,520,304
2,019	20,378,021
Thereafter	53,375,000
Long-term Debt	$ 145,014,440

Debt (Details Textual)

Debt (Details Textual)

May. 10, 2016USD ($)

May. 05, 2016USD ($)

Mar. 15, 2016USD ($)

Sep. 18, 2015USD ($)installment

Aug. 28, 2013USD ($)

May. 31, 2013USD ($)installment

May. 16, 2013USD ($)

Apr. 30, 2013USD ($)installment

Feb. 18, 2013USD ($)installment

Apr. 30, 2012USD ($)installment

Sep. 30, 2011USD ($)installment

Dec. 31, 2012installment

Mar. 31, 2016USD ($)trancheinstallment

Feb. 18, 2015USD ($)installment

Dec. 31, 2015USD ($)

Dec. 11, 2015USD ($)

Sep. 28, 2015USD ($)

Mar. 07, 2014USD ($)

Jan. 23, 2014USD ($)

Apr. 15, 2013USD ($)

Jan. 31, 2011USD ($)

Dec. 31, 2009USD ($)

Debt Instrument [Line Items]

Minimum value cause, percent of outstanding indebtedness

100.00%

Senior Secured Post-Delivery Term Loan Facility [Member]

Debt Instrument [Line Items]

Number of tranches | tranche

5

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

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

$ 10,000,000

$ 8,000,000

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

19

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]

Number of periodic payments | installment

16

Periodic payment, principal

$ 416,667

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

$ 21,000,000

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

Debt Instrument [Line Items]

Face amount

13,500,000

Secured Debt [Member] | mv Nordic Bulk Oasis [Member]

Debt Instrument [Line Items]

Face amount

$ 21,500,000

Number of periodic payments | installment

24

Periodic payment, principal

$ 375,000

Periodic payment terms, balloon payment to be Paid

$ 12,500,000

Basis spread on variable rate

2.30%

Debt Instrument, Interest Rate, Effective Percentage

2.93%

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

3.13%

Number of tranches | tranche

2

Payment terms

$ 750,000

Cash collateral posted

$ 711,000

$ 547,955

$ 1,200,000

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

21,750,000

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]

Number of periodic payments | installment

20

Periodic payment, principal

$ 6,000,000

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

3.03%

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]

Number of periodic payments | installment

28

Periodic payment, principal

$ 375,000

Periodic payment terms, balloon payment to be Paid

$ 12,000,000

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

2.63%

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]

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

2.88%

Derivative Instruments and Fa26

Derivative Instruments and Fair Value Measurements (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	$ (122,000)	$ 103,000
Fuel Swap Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative Liability	(2,095,000)	1,777,000
Fair Value, Measurements, Recurring [Member] | Margin Accounts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, net asset (liability)	1,057,000	433,000
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, net asset (liability)		(103,783)
Fair Value, Measurements, Recurring [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)		(1,776,975)
Fair Value, Measurements, Recurring [Member] | 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)	1,057,000	433,000
Fair Value, Measurements, Recurring [Member] | 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, Measurements, Recurring [Member] | 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, Measurements, Recurring [Member] | 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, Measurements, Recurring [Member] | 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)	(122,165)	(103,783)
Fair Value, Measurements, Recurring [Member] | 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)	(2,094,553)	(1,776,975)
Fair Value, Measurements, Recurring [Member] | 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, Measurements, Recurring [Member] | 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, Measurements, Recurring [Member] | 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 Fa27

Derivative Instruments and Fair Value Measurements (Details Textual) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)swap	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Number of Instruments Held	1		1
Interest Rate Swap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fixed Interest Rate	6.63%		6.63%
Liability	$ (122)		$ 103
Derivative gain (loss)	18	$ (11)
Swap [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Liability	(2,095)		$ 1,777
Derivative gain (loss)	$ (318)	$ 823

Related Party Transactions (Det

Related Party Transactions (Details)	3 Months Ended
	Mar. 31, 2016USD ($)
Schedule of Related Party Payables
December 31 2014	$ 13,321,419
June 30, 2015	10,927,988
Related Party Debt Current [Member]
Schedule of Related Party Payables
December 31 2014	13,321,419
Activity	(2,393,431)
June 30, 2015	10,927,988
Affiliated Companies [Member] | Accounts Payable and Accrued Liabilities [Member]
Schedule of Related Party Payables
December 31 2014	1,254,985
Activity	(571,175)
June 30, 2015	683,810
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	553,919
Activity	(393,431)
June 30, 2015	160,488
Loan Payable To Founders [Member] | Related Party Debt Current [Member] | Loans Payable [Member]
Schedule of Related Party Payables
December 31 2014	4,000,000
June 30, 2015	2,000,000
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

Related Party Transactions (D29

Related Party Transactions (Details Textual)	Oct. 01, 2011USD ($)	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2013vessel	Dec. 31, 2015USD ($)	Nov. 30, 2014USD ($)
Related Party Transaction [Line Items]
Due to related parties, current		$ 10,927,988			$ 13,321,419
Proceeds from related party debt		0	$ 2,506,667
Technical management fees		436,000	$ 771,000
Two Ultramax Vessels [Member]
Related Party Transaction [Line Items]
Time Deposits		8,685,000			8,685,000
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			4,447,500
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
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]
Debt Instrument, Face Amount						$ 5,000,000
Repayments of notes payable		$ (2,000,000)
Interest rate, stated percentage						5.00%

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Weighted Average Number of Shares Outstanding, Diluted	35,201,307	34,756,980
Earnings Per Share, Basic	$ 0.03	$ 0.22
Earnings Per Share, Diluted	$ 0.03	$ 0.22
Numerator:
Net income attributable to Pangaea Logistics Solutions Ltd.	$ 1,197,104	$ 7,599,929

Commitments and Contingencies (

Commitments and Contingencies (Details Textual)	3 Months Ended	12 Months Ended
	Mar. 31, 2016USD ($)	Dec. 31, 2013USD ($)vessel	Dec. 31, 2015USD ($)
Third Installement [Member]
Commitments and Contingencies [Line Items]
Purchase price due and payable percentage of vessels	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	$ 7,382,000
Due in second year	41,832,750
Two Ultramax Vessels [Member]
Commitments and Contingencies [Line Items]
Contractual obligation		$ 28,950,000
Time deposits	$ 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