Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Jun. 30, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | FY | |
Entity Registrant Name | Pangaea Logistics Solutions Ltd. | |
Entity Central Index Key | 1,606,909 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Public Float | $ 3,052,581 | |
Entity Common Stock, Shares Outstanding | 36,590,417 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Current Assets | ||
Cash and cash equivalents | $ 22,322,949 | $ 37,520,240 |
Restricted cash | 6,100,000 | 2,003,341 |
Accounts receivable (net of allowance of $4,752,265 at December 31, 2016 and $5,067,194 at December 31, 2015) | 20,476,797 | 19,617,943 |
Bunker inventory | 13,202,937 | 7,490,590 |
Advance hire, prepaid expenses and other current assets | 6,441,583 | 2,679,292 |
Total current assets | 68,544,266 | 69,311,406 |
Fixed assets, net | 275,265,672 | 255,145,807 |
Investment in newbuildings in-process | 18,383,964 | 42,505,783 |
Total assets | 362,193,902 | 366,962,996 |
Current liabilities | ||
Accounts payable accrued expenses and other current liabilities | 23,231,179 | 22,156,202 |
Related party debt | 15,972,147 | 13,321,419 |
Deferred revenue | 6,422,982 | 4,448,795 |
Current portion long-term debt | 19,627,846 | 19,499,262 |
Dividend payable | 12,624,825 | 12,724,825 |
Total current liabilties | 77,878,979 | 72,150,503 |
Secured long-term debt, net | 107,637,851 | 129,496,153 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.0001 par value, 1,000,000 shares authorized and no share issued or outstanding | 0 | |
Common stock, $0.0001 par value, 100,000,000 shares authorized 36,590,417 and 36,503,837 shares issued and outstanding at December 31, 2016 and 2015, respectively | 3,659 | 3,650 |
Additional paid-in capital | 133,677,321 | 133,075,409 |
Accumulated deficit | (17,409,579) | (24,866,534) |
Total Pangaea Logistics Solutions Ltd. equity (deficit) | 116,271,401 | 108,212,525 |
Non-controlling interests | 60,405,671 | 57,103,815 |
Total stockholders' equity | 176,677,072 | 165,316,340 |
Total liabilities, convertible reemable preferred stock and stockholders' equity | $ 362,193,902 | $ 366,962,996 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Allowance for Doubtful Accounts Receivable | $ 4,752,265 | $ 5,067,194 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 36,590,417 | 36,503,837 |
Common stock, shares outstanding | 36,590,417 | 36,503,837 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | ||||||||||
Voyage revenue | $ 60,600,000 | $ 66,000,000 | $ 53,500,000 | $ 42,000,000 | $ 50,591,815 | $ 64,599,552 | $ 60,902,796 | $ 90,578,942 | $ 222,116,152 | $ 266,673,105 |
Charter revenue | 5,700,000 | 4,800,000 | 3,400,000 | 2,000,000 | 5,334,701 | 6,588,613 | 4,199,976 | 4,536,846 | 15,900,346 | 20,660,136 |
Revenues | 66,300,000 | 70,800,000 | 57,000,000 | 43,900,000 | 55,926,516 | 71,188,165 | 65,102,772 | 95,115,788 | 238,016,498 | 287,333,241 |
Expenses: | ||||||||||
Voyage expense | 29,200,000 | 29,200,000 | 26,800,000 | 18,500,000 | 21,788,872 | 30,392,418 | 28,129,297 | 45,324,119 | 103,647,127 | 125,634,706 |
Charter hire expense | 20,500,000 | 19,700,000 | 15,000,000 | 8,500,000 | 15,465,945 | 20,601,908 | 15,195,199 | 24,659,395 | 63,691,892 | 75,922,447 |
Vessel operating expenses | 8,600,000 | 7,500,000 | 7,900,000 | 6,900,000 | 8,195,462 | 8,462,370 | 7,116,502 | 7,785,328 | 30,904,039 | 31,559,662 |
General and administrative | 3,600,000 | 3,200,000 | 2,900,000 | 3,000,000 | 3,136,254 | 3,595,398 | 3,916,119 | 4,318,692 | 12,773,781 | 14,966,463 |
Depreciation and amortization | 3,500,000 | 3,500,000 | 3,500,000 | 3,500,000 | 3,273,603 | 3,195,437 | 3,271,238 | 2,990,594 | 14,107,822 | 12,730,872 |
Loss on impairment of vessels | 0 | 0 | 0 | 0 | 5,354,023 | 0 | 0 | 0 | 0 | 5,354,023 |
Gain on sale of vessels | 0 | 0 | 0 | 0 | 0 | (71,882) | (477,888) | (88,868) | 0 | 638,638 |
Total expenses | 65,500,000 | 63,000,000 | 56,200,000 | 40,400,000 | 57,214,159 | 66,319,413 | 58,106,243 | 85,166,996 | 225,124,661 | 266,806,811 |
(Loss) income from operations | 800,000 | 7,800,000 | 800,000 | 3,500,000 | (1,287,643) | 4,868,752 | 6,996,529 | 9,948,792 | 12,891,837 | 20,526,430 |
Other income (expense): | ||||||||||
Interest expense, net | (1,300,000) | (1,300,000) | (1,500,000) | (1,400,000) | (1,235,515) | (1,493,536) | (1,279,933) | (1,410,771) | (5,423,057) | (5,419,755) |
Interest expense related party debt | (100,000) | (100,000) | (100,000) | (100,000) | (99,072) | (110,764) | (110,763) | (114,966) | (314,925) | (435,565) |
Unrealized (loss) gain on derivative instruments | 1,000,000 | 200,000 | 1,400,000 | (300,000) | (1,050,137) | (513,678) | 363,096 | 823,455 | 2,163,484 | (377,264) |
Other (expense) income | (100,000) | 0 | 100,000 | (100,000) | (1,100,843) | 30,000 | 60,935 | 83,149 | (158,528) | (926,759) |
Total other expense, net | (500,000) | (1,200,000) | (200,000) | (1,900,000) | (3,485,567) | (2,087,978) | (966,665) | (619,133) | (3,733,026) | (7,159,343) |
Net (loss) income | 300,000 | 6,600,000 | 600,000 | 1,600,000 | (4,773,210) | 2,780,774 | 6,029,864 | 9,329,659 | 9,158,811 | 13,367,087 |
Loss (income) attributable to noncontrolling interests | (300,000) | (500,000) | (500,000) | (400,000) | (13,832) | 221,895 | (569,227) | (1,729,730) | (1,701,856) | (2,090,894) |
Net (loss) income attributable to Pangaea Logistics Solutions Ltd. | $ 100,000 | $ 6,100,000 | $ 100,000 | $ 1,200,000 | $ (4,787,042) | $ 3,002,669 | $ 5,460,637 | $ 7,599,929 | $ 7,456,955 | $ 11,276,193 |
(Loss) earnings per common share: | ||||||||||
Basic (in dollars per share) | $ 0.002 | $ 0.17 | $ 0 | $ 0.03 | $ (0.14) | $ 0.09 | $ 0.16 | $ 0.22 | $ 0.21 | $ 0.32 |
Diluted (in dollars per share) | $ 0.002 | $ 0.17 | $ 0 | $ 0.03 | $ (0.14) | $ 0.09 | $ 0.16 | $ 0.22 | $ 0.21 | $ 0.32 |
weighted average shares used to compute earnings per common share | ||||||||||
Weighted Average Number of Shares Outstanding, Basic | 35,189,068 | 35,165,532 | 35,150,453 | 35,130,211 | 35,045,132 | 34,696,980 | 34,696,980 | 34,696,980 | 35,158,917 | 34,784,733 |
Weighted Average Number of Shares Outstanding, Diluted | 35,581,897 | 35,347,403 | 35,337,290 | 35,201,307 | 35,382,734 | 35,004,808 | 34,887,177 | 34,695,930 | 35,376,950 | 34,957,542 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Convertible Redeemable Preferred Stock and Stockholders' Equity - USD ($) | Total | Redeemable Convertible Preferred Stock [Member] | Common Stock [Member] | Total Pangaea Logistics Solutions Ltd. (Deficit) Equity [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Non-controlling Interest [Member] |
Balance at Dec. 31, 2014 | $ 100,347,553 | $ 0 | $ 3,476 | $ 97,816,194 | $ 133,955,445 | $ (36,142,727) | $ 2,531,359 |
Balance (in shares) at Dec. 31, 2014 | 0 | 34,756,980 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (204,467) | $ (40) | (1,336,930) | (1,336,970) | (1,132,463) | ||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (504,210) | 504,210 | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 400,000 | ||||||
Recognized compensation cost for restricted stock | 457,068 | 457,068 | 457,068 | ||||
Conversion of related party debt to noncontrolling interest | 51,853,309 | 51,853,309 | |||||
Contribution from noncontrolling interest - Note 9 | $ 134 | (134) | |||||
Issuance of restricted shares (in shares) | 1,346,857 | ||||||
Net (loss) income | 13,367,087 | 11,276,193 | 11,276,193 | 2,090,894 | |||
Balance at Dec. 31, 2015 | 165,316,340 | $ 0 | $ 3,650 | 108,212,525 | 133,075,409 | (24,866,534) | 57,103,815 |
Balance (in shares) at Dec. 31, 2015 | 0 | 36,503,837 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Recognized compensation cost for restricted stock | 601,921 | 601,921 | 601,921 | ||||
Contribution from noncontrolling interest - Note 9 | $ 9 | (9) | |||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 1,600,000 | 1,600,000 | |||||
Issuance of restricted shares (in shares) | 86,580 | ||||||
Net (loss) income | 9,158,811 | 7,456,955 | 7,456,955 | 1,701,856 | |||
Balance at Dec. 31, 2016 | $ 176,677,072 | $ 0 | $ 3,659 | $ 116,271,401 | $ 133,677,321 | $ (17,409,579) | $ 60,405,671 |
Balance (in shares) at Dec. 31, 2016 | 0 | 36,590,417 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Operating activities | ||
Net (loss) income | $ 9,158,811 | $ 13,367,087 |
Adjustments to reconcile net (loss) income to net cash provided by operations: | ||
Depreciation and amortization expense | 14,107,822 | 12,730,872 |
Amortization of deferred financing costs | 662,724 | 745,522 |
Unrealized loss (gain) on derivative instruments | (2,163,484) | 377,264 |
Loss (income) from equity method investee | 0 | 100,861 |
Provision for doubtful accounts | 922,414 | 974,952 |
Gain on sales of vessels | 0 | 638,638 |
Loss on impairment of vessels | 0 | 5,354,023 |
Drydocking costs | (42,478) | (1,393,160) |
Write off unamortized financing costs of repaid debt | 0 | 72,968 |
Share-based compensation | 601,921 | 457,068 |
Change in operating assets and liabilities: | ||
Increase (Decrease) in Restricted Cash for Operating Activities | 1,503,341 | (1,003,341) |
Accounts receivable | (1,781,268) | 6,769,321 |
Bunker inventory | (5,712,347) | 8,111,069 |
Advance hire, prepaid expenses and other current assets | (3,708,549) | 3,852,662 |
Account payable, accrued expenses and other current liabilities | 3,690,569 | (17,846,557) |
Deferred revenue | 1,974,187 | (7,300,131) |
Net cash provided by operating activities | 19,213,663 | 26,009,118 |
Investing activites | ||
Purchase of vessels | (319,433) | (44,799,563) |
Proceeds from sales of vessels | 0 | (8,265,179) |
Deposits on newbuildings in-process | (9,618,964) | (27,209,306) |
Purchase of building and equipment | (315,918) | (55,128) |
Acquisition of interest in equity method investee | 0 | (250,000) |
Net cash used in investing activities | (10,254,315) | (64,048,818) |
Financing activities | ||
Proceeds of related party debt | (4,836,300) | (6,853,336) |
Payments on related party debt | (2,500,497) | (1,216,250) |
Proceeds from long-term debt | 1,375,971 | 67,500,000 |
Payments of financing and issuance costs | (45,755) | (1,178,310) |
Payments on long-term debt | (23,722,658) | (22,548,460) |
Repayments of Lines of Credit | 0 | (3,000,000) |
Common stock dividends paid | (100,000) | (100,000) |
Proceeds from (Repayments of) Restricted Cash, Financing Activities | (5,600,000) | 0 |
Proceeds from Noncontrolling Interests | 1,600,000 | |
Distributions to non-controlling interest | 0 | (567,883) |
Net cash provided by financing activities | (24,156,639) | 45,742,433 |
Net increase (decrease) in cash and cash equivalents | (15,197,291) | 7,702,733 |
Cash and cash equivalents at beginning of period | 37,520,240 | 29,817,507 |
Cash and cash equivalents at end of period | 22,322,949 | 37,520,240 |
Disclosure of noncash items | ||
Issuance of subsidiary common shares as settlement of related party debt | 0 | 51,853,310 |
Cash paid for interest | $ 4,659,015 | $ 5,407,613 |
GENERAL INFORMATION
GENERAL INFORMATION | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Description and Basis of Presentation [Text Block] | GENERAL INFORMATION Pangaea Logistics Solutions Ltd. and its subsidiaries (collectively, the “Company” or “Pangaea”) is a provider of seaborne drybulk transportation services. Pangaea utilizes its logistics expertise to service a broad base of industrial customers who require the transportation of a wide variety of drybulk cargoes, including grains, pig iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite and limestone. The Company addresses the transportation needs of its customers by undertaking a comprehensive set of services and activities, including cargo loading, cargo discharge, vessel chartering, voyage planning, and technical vessel management. The Company is a holding company incorporated under the laws of Bermuda as an exempted company on April 29, 2014. Bulk Partners (Bermuda) Ltd. (“Bulk Partners”), is wholly owned by the Company, and which is also a holding company that was incorporated under the laws of Bermuda as an exempted company on June 17, 2008, was formed by three individuals who are collectively referred to as the Founders. At December 31, 2016 , there are 36,590,417 common shares of the Company issued and outstanding of which the Founders own approximately 47.2% . As of December 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. The Company also owned one-half of a consolidated joint venture that took delivery of two Ultramax Ice Class 1C drybulk vessels from the shipbuilder in January 2017. The Company acquired 50% of this joint venture from its partner on January 23, 2017 making this entity a wholly-owned subsidiary. |
NATURE OF ORGANIZATION
NATURE OF ORGANIZATION | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations [Text Block] | NATURE OF ORGANIZATION The consolidated financial statements include the operations of Pangaea Logistics Solutions Ltd. and its wholly-owned subsidiaries (collectively referred to as “the Company”), as well as other entities consolidated pursuant to Accounting Standards Codification (“ASC”) 810, Consolidation . A summary of the Company’s consolidation policy is provided in Note 3. A summary of the Company’s variable interest entities is provided at Note 4. At December 31, 2016 and 2015 , entities that are consolidated pursuant to ASC 810-10 include the following wholly-owned subsidiaries: • Bulk Partners (Bermuda) Ltd. (“Bulk Partners”) – a corporation that was duly organized under the laws of Bermuda. The primary purpose of this corporation is a holding company. • Phoenix Bulk Carriers (BVI) Limited (“PBC”) – a corporation that was duly organized under the laws of the British Virgin Islands. The primary purpose of this corporation is to manage and operate ocean-going vessels. • Phoenix Bulk Management Bermuda Limited (“PBM”) – a corporation that was duly organized under the laws of Bermuda. Certain of the administrative management functions of PBC have been assigned to PBM. • Americas Bulk Transport (BVI) Limited – a corporation that was duly organized under the laws of the British Virgin Islands. The primary purpose of this corporation is to charter ships. • Bulk Ocean Shipping (Bermuda) Ltd. – a corporation that was duly organized under the laws of Bermuda. The primary purpose of this corporation is to manage the fuel procurement of the chartered vessels. • Phoenix Bulk Carriers (US) LLC – a corporation that duly organized under the laws of Delaware. The primary purpose of this corporation is to act as the U.S. administrative agent for the Company. • Allseas Logistics Bermuda Ltd. – a corporation that was duly organized under the laws of Bermuda. The primary purpose of this corporation is the Treasury Agent for the group of Companies. • Bulk Pangaea Limited (“Bulk Pangaea”) – a corporation that was duly organized under the laws of Bermuda. Bulk Pangaea was established in September 2009 for the purpose of acquiring the m/v Bulk Pangaea. • Bulk Patriot Ltd. (“Bulk Patriot”) – a corporation that was duly organized under the laws of Bermuda. Bulk Patriot was established in September 2011 for the purpose of acquiring the m/v Bulk Patriot. • Bulk Juliana Ltd. (“Bulk Juliana”) – a corporation that was duly organized under the laws of Bermuda. Bulk Juliana was established in March 2012 for the purpose of acquiring the m/v Bulk Juliana. • Bulk Trident Ltd. (“Bulk Trident”) – a corporation that was duly organized under the laws of Bermuda. Bulk Trident was established in August 2012 for the purpose of acquiring the m/v Bulk Trident. • Bulk Atlantic Ltd. (“Bulk Beothuk”) – a corporation that was duly organized under the laws of Bermuda. Bulk Atlantic was established in February 2013 for the purpose of acquiring the m/v Bulk Beothuk. • Bulk Phoenix Ltd. (“Bulk Phoenix”) – a corporation that was duly organized under the laws of Bermuda. Bulk Phoenix was established in July 2013 for the purpose of acquiring the m/v Bulk Newport. • Nordic Bulk Barents Ltd. (“Bulk Barents”) – a corporation that was duly organized under the laws of Bermuda. Bulk Barents was established in November 2013 for the purpose of acquiring the m/v Nordic Barents. • Nordic Bulk Bothnia Ltd. (“Bulk Bothnia”) – a corporation that was duly organized under the laws of Bermuda. Bulk Bothnia was established in November 2013 for the purpose of acquiring the m/v Nordic Bothnia. • 109 Long Wharf LLC (“Long Wharf”) – a limited liability company that was duly organized under the laws of Delaware for the objective and purpose of holding real estate located in Newport, Rhode Island. • Nordic Bulk Holding ApS (“NBH”) – a corporation that was duly organized in March 2009 under the laws of Denmark. The primary purpose of this corporation is to manage and operate vessels through its wholly owned subsidiary Nordic Bulk Carriers AS (“NBC”). NBC specializes in ice trading, as well as the carriage of a wide range of commodities, including cement clinker, steel scrap, fertilizers, and grains. At December 31, 2016 and 2015 , entities that are consolidated pursuant to ASC 810-10, but which are not wholly-owned, include the following: • Nordic Bulk Holding Company Ltd. (“NBHC”) - a corporation that was duly organized under the laws of Bermuda. NBHC was established in October 2012, for the purpose of owning Bulk Nordic Odyssey Ltd. (“Bulk Odyssey”) and Bulk Nordic Orion Ltd. (“Bulk Orion”) and to invest in additional vessels through its wholly-owned subsidiaries. At December 31, 2016 and 2015 the Company had one-third ownership interest in NBHC, the remainder of which is owned by third-parties. The operating results of NBHC are 100% dependent on transactions with related parties and affiliates. Accordingly, the Company has consolidated NBHC for the years ended December 31, 2016 and 2015 . Bulk Bulk Odyssey, Bulk Orion, Bulk Nordic Oshima Ltd. (“Bulk Oshima”), Bulk Nordic Olympic Ltd. (“Bulk Olympic”), Bulk Nordic Odin Ltd. (“Bulk Odin”) and Bulk Nordic Oasis Ltd. (“Bulk Oasis”), corporations duly organized under the laws of Bermuda between March 2012 and February 2015, are owned by NBHC. These entities were established for the purpose of owning m/v Nordic Odyssey, m/v Nordic Orion, m/v Nordic Oshima, m/v Nordic Olympic, m/v Nordic Odin and m/v Nordic Oasis, respectively. • Nordic Bulk Ventures Holding Company Ltd. (“BVH”) – a corporation that was duly organized under the laws of Bermuda. BVH was established in August 2013, together with a third-party, for the purpose of owning Bulk Nordic Five Ltd. (“Five”) and Bulk Nordic Six Ltd. (“Six”). Five and Six are corporations that were duly organized under the laws of Bermuda in November 2013 for the purpose of owning m/v Bulk Destiny and m/v Bulk Endurance, new ultramax newbuildings delivered in January 2017. At December 31, 2016 and 2015 , the Company had a 50% ownership interest in BVH, the remainder of which was owned by a third-party until January 2017 as discussed in Note12. The operating results of BVH are 100% dependent on transactions with related parties and affiliates. Accordingly, the Company has consolidated BVH for the years ended December 31, 2016 and 2015 . |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES This summary of significant accounting policies of the Company and its subsidiaries is presented to assist in understanding the Company’s consolidated financial statements. These accounting policies conform to accounting principles generally accepted in the United States, and have been applied in the preparation of the consolidated financial statements. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include the establishment of the allowance for doubtful accounts and the estimate of salvage value used in determining vessel depreciation expense. Consolidation The purpose of consolidated financial statements is to present the financial position and results of operations of a company and its subsidiaries as if the group were a single company. The first step in the Company’s consolidation policy is to determine whether an entity is to be evaluated for potential consolidation based on its outstanding voting interests or its variable interests. Accordingly, the Company first determines whether the entity is a Variable Interest Entity (“VIE”) pursuant to the provisions of ASC 810-10. If the entity is a VIE, consolidation is based on the entity’s variable interests and not its outstanding voting shares. If the entity is not determined to be a VIE, the Company evaluates the entity based on its outstanding voting interests. Amounts pertaining to the non-controlling ownership interest held by third parties in the financial position and operating results of the Company’s subsidiaries and/or consolidated VIEs are reported as non-controlling interest in the accompanying consolidated balance sheets. As part of the Company’s consolidation process, intercompany transactions are eliminated in the consolidated financial statements. Revenue Recognition Voyage revenues represent revenues earned by the Company, principally from providing transportation services under voyage charters. A voyage charter involves the carriage of a specific amount and type of cargo on a load port to discharge port basis, subject to various cargo handling terms. Under a voyage charter, the service revenues are earned and recognized ratably over the duration of the voyage. Estimated losses under a voyage charter are provided for in full at the time such losses become probable. Demurrage, which is included in voyage revenues, represents payments by the charterer to the vessel owner when loading and discharging time exceed the stipulated time in the voyage charter. Demurrage is measured in accordance with the provisions of the respective charter agreements and the circumstances under which demurrage revenues arise. At the time demurrage revenue can be estimated, it is included in the calculation of voyage revenue and recognized ratably over the duration of the voyage to which it pertains. Voyage revenue recognized is presented net of address commissions. Charter revenues relate to a time charter arrangement under which the Company is paid to provide transportation services on a per day basis for a specified period of time. Revenues from time charters are earned and recognized on a straight-line basis over the term of the charter, as the vessel operates under the charter. Revenue is not earned when vessels are offhire. Deferred Revenue Billings for services for which revenue is not recognized in the current period are recorded as deferred revenue. Deferred revenue recognized in the accompanying consolidated balance sheets is expected to be realized within 12 months of the balance sheet date. Voyage Expenses The Company incurs expenses for voyage charters that include bunkers (fuel), port charges, canal tolls, broker commissions and cargo handling operations, which are expensed as incurred. Charter Expenses The Company charters in vessels to supplement its owned fleet to support its voyage charter operations. The Company hires vessels under time charters with third party vessel owners, and recognizes the charter hire payments as an expense on a straight-line basis over the term of the charter. Charter hire payments are typically made in advance, and the unrecognized portion is reflected as advance hire in the accompanying consolidated balance sheets. Under time charters, the vessel owner is responsible for the vessel operating costs such as crews, maintenance and repairs, insurance, and stores. Vessel Operating Expenses Vessel operating expenses (“VOE”) represent the cost to operate the Company’s owned vessels. VOE include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumables, other miscellaneous expenses, and technical management fees. Technical management services include day-to-day vessel operations, performing general vessel maintenance, ensuring regulatory and classification society compliance, arranging the hire of crew and purchasing stores, supplies and spare parts. These expenses are recognized as incurred. Concentrations of Credit Risk The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash equivalents, trade receivables and derivative instruments. The Company maintains its cash accounts with various high-quality financial institutions in the United States, Germany, and Bermuda. The Company performs periodic evaluations of the relative credit standing of these financial institutions. The Company does not believe that significant concentration of credit risk exists with respect to these cash equivalents. Trade accounts receivable are recorded at the invoiced amount, and do not bear interest. The Company performs ongoing credit evaluations of its customers’ financial condition, but does not require collateral. Historically, credit risk with respect to trade accounts receivable has been considered minimal due to the long-standing relationships with significant customers, and their relative financial stability. However, current economic conditions could impact the collectibility of certain customers' trade receivables, which could have a material effect on the Company's results of operations. Derivative instruments are recorded at fair value. The Company does not have any off-balance sheet credit exposure related to its customers. At December 31, 2016 , two customers accounted for 29% of the Company’s trade accounts receivable. At December 31, 2015 , there were two customers that accounted for 59% of the Company’s trade accounts receivable. At December 31, 2016 , customers in each of the following countries accounted for at least 10% of accounts receivable; the United States ( 30% ), Canada ( 20% ) and the Switzerland ( 11% ). At December 31, 2015 , customers in each of the following countries accounted for at least 10% of the Company’s accounts receivable; Canada ( 41% ) and the United States ( 35% ). For the year ended December 31, 2016 , revenue from customers in each of the following countries accounted for at least 10% of total revenue; the United States ( 21% ) and Canada ( 21% ). For the year ended December 31, 2015 , revenue from customers in each of the following countries accounted for at least 10% of total revenue; the United States ( 29% ), Canada ( 15% ) and Switzerland ( 13% ). For the year ended December 31, 2016 two customers accounted for 22% of total revenue. For the year ended December 31, 2015 , one customer accounted for 13% of total revenue. Cash and Cash Equivalents Cash and cash equivalents include short-term deposits with an original maturity of less than three months. Cash and cash equivalents by type were as follows: December 31, 2016 2015 Money market accounts – cash equivalents $ 6,540,489 $ 28,491,872 Cash (1) 15,782,460 9,028,368 Total $ 22,322,949 $ 37,520,240 (1) Consists of cash deposits at various major banks. Restricted Cash Restricted cash at December 31, 2016 consists of $1.1 million held by a facility agent as required by the Bulk Atlantic Secured Note, $2.5 million held by the facility agent as required by the The Senior Secured Post-Delivery Term Loan Facility and $2.5 million held by the facility agent as required by the 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 (See Note 12). At December 31, 2015, restricted cash consists of $0.5 million held by a facility agent as required by a letter of credit on behalf of PBC as security for a performance guarantee on a contract, $0.5 million held by a facility agent as required by the Bulk Atlantic Secured Note and $1.0 million being held by a facility agent as required by the letter of credit issued as security for the appeal of a lawsuit brought by a shareholder. Allowance for Doubtful Accounts The Company provides a specific reserve for significant outstanding accounts that are considered potentially uncollectible in whole or in part. In addition, the Company’s policy based on experience is to establish a reserve equal to approximately 25% of accounts receivable balances that are 30-180 days past due and approximately 50% of accounts receivable balances that are 180 or more days past due, and which are not otherwise reserved. The reserve estimates are adjusted as additional information becomes available, or as payments are made. At December 31, 2016 and 2015 , the Company has provided an allowance for doubtful accounts of $4,752,265 and $5,067,194 respectively, for amounts that are not expected to be fully collected. The provision for doubtful accounts was approximately $922,000 in 2016 and $975,000 in 2015 . The Company wrote off approximately $1,237,000 and $157,000 during 2016 and 2015 , respectively, which amounts were previously included in the allowance, because these amounts were determined to be uncollectible. Bunker Inventory Inventory is primarily comprised of fuel oil purchased and stored onboard a vessel. Inventory is measured at the lower of cost under the first-in, first-out method or net realizable value. Advanced Hire, Prepaid Expenses and Other Current Assets Advance hire represents payment to ship owners under time-charters for days subsequent to the balance sheet date. Hire is typically paid in advance for the following fifteen days, but intervals vary by time-charter contract. Prepaid expenses include advance funding to the technical manager for vessel operating expenses, lubricating oils and stores kept on board owned vessels, certain voyage expenses paid in advance and direct costs incurred to fulfill a COA. These specifically identified costs are used to satisfy the contract and are expected to be recovered over the term of the COA. Such costs are amortized on a straight-line basis and charged equally to each of the voyages under the contract. Other assets include deposits held by counterparties to various derivative instruments and the fair value of derivative instruments when it exceeds the settlement price of the instrument. At December 31, advance hire, prepaid expenses and other current assets were comprised of the following: 2016 2015 Advance hire $ 2,232,444 $ 1,138,300 Prepaid expenses 1,844,522 537,192 Other current assets 2,364,617 1,003,800 Total $ 6,441,583 $ 2,679,292 Vessels and Depreciation Vessels are stated at cost, which includes contract price and acquisition costs. Significant improvements to vessels are capitalized; maintenance and repairs that do not improve or extend the lives of the vessels are expensed as incurred. Depreciation is provided using the straight-line method over the remaining estimated useful lives of the vessels (excluding the time a vessel in is dry dock), based on cost less salvage value. Each vessel’s salvage value is equal to the product of its lightweight tonnage and an estimated scrap rate of $300 per ton, which was determined by reference to quoted rates and is reviewed annually. The Company estimates the useful life of its vessels to be 25 years to 30 years from the date of initial delivery from the shipyard. The remaining estimated useful lives of the current fleet are 4 - 25 years. The Company does not incur depreciation expense when vessels are taken out of service for dry docking. Vessels held for sale are carried at estimated fair value less cost to sell. No additional depreciation expense is recorded for vessels categorized as held for sale. Dry Docking Expenses and Amortization Significant upgrades made to the vessels during dry docking are capitalized when incurred and amortized on a straight-line basis over the five year period until the next dry docking. Costs capitalized as part of the dry docking include direct costs incurred to meet regulatory requirements that add economic life to the vessel, that increase the vessel’s earnings capacity or which improve the vessel’s efficiency. Direct costs include the shipyard costs, parts, inspection fees, steel, blasting and painting. Expenditures for normal maintenance and repairs, whether incurred as part of the dry docking or not, are expensed as incurred. Unamortized dry-docking costs of vessels that are sold are written off and included in the calculation of the resulting gain or loss on sale. 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, since the market prices of second-hand vessels tend to fluctuate with changes in charter rates and the cost of new vessels. Historically, both charter rates and vessel values tend to be cyclical. The carrying amounts of vessels held and used by the Company are reviewed for potential impairment when events or changes in circumstances indicate that the carrying amount of a particular vessel 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 vessel and its eventual disposition is less than the vessel’s carrying amount. This assessment is made at the asset 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, age and classification. At December 31, 2016 and 2015 , the Company identified a potential impairment indicator based on the estimated market value of its vessels. As a result, the Company evaluated each asset group for impairment by estimating the total undiscounted cash flows expected to result from the use of the asset group and its eventual disposal. The significant factors and assumptions used in the undiscounted projected net operating cash flow analysis include: the Company’s estimate of future time charter equivalent (“TCE”) rates based on current rates under existing charters and contracts. The Company applies a multiple to account for expected growth or decline in TCE rates due to market conditions for periods beyond those for which rates are available. Projected net operating cash flows are net of brokerage and address commissions and exclude revenue on scheduled off-hire days. The Company uses current vessel operating expense amounts, 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. At December 31, 2016, the estimated undiscounted future cash flows were higher than the carrying amount of the vessels in the Company's fleet and as such, no loss on impairment was recognized. At December 31, 2015, the carrying amounts 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 , which is equal to the excess of the carrying amount of the assets over their fair value, is included in the consolidated statements of operations. Debt Issuance Costs, Bank Fees and Amortization Qualifying expenses associated with commercial financing and fees paid to financial institutions to obtain financing are carried as a reduction of the outstanding debt and amortized over the term of the arrangement using the effective interest method. The unamortized portion is included as a reduction of secured long-term debt on the consolidated balance sheets. In connection with the Company’s new and amended secured term loans executed in 2016, the Company incurred financing costs of approximately $46,000 . In connection with the Company’s new and amended secured term loans executed in 2015, the Company incurred bank fees and financing costs of approximately $1,178,000 . Amortization of the debt issuance costs is included as a component of interest expense in the consolidated statements of income. Unamortized debt issuance costs of approximately $37,000 were written off in conjunction with the the repayment of the loan by Bulk Discovery in 2015. The components of net debt issuance costs and bank fees, which are included in secured long-term debt on the consolidated balance sheets are as follows: December 31, 2016 2015 Debt issuance costs and bank fees paid to financial institutions $ 5,321,206 $ 5,275,238 Less: accumulated amortization (3,792,695 ) (3,129,972 ) Unamortized debt issuance costs and bank fees $ 1,528,511 $ 2,145,266 Amortization included in interest expense $ 662,724 $ 745,522 Accounts Payable and Accrued Expenses The components of accounts payable and accrued expenses are as follows: December 31, 2016 2015 Accounts payable $ 15,435,179 $ 14,064,870 Accrued expenses 6,955,389 5,232,864 Accrued interest 412,984 455,818 Other accrued liabilities 427,627 2,402,650 Total $ 23,231,179 $ 22,156,202 Taxation The Company is not subject to corporate income taxes on its profits in Bermuda because Bermuda does not impose an income tax. NBC, a wholly-owned subsidiary of the Company, is subject to a Danish tonnage tax. NBC is not taxed on the basis of their actual income derived from their business but on an alternative income determination based on the net tons carrying capability of their fleet. As the tax is not determined based on taxable income, NBC’s tax expense of approximately $198,000 (net of prior year adjustment of $79,000 ) and $373,000 is included within voyage expenses in the accompanying consolidated statements of operations as of December 31, 2016 and 2015 , respectively. Shipping income derived from sources outside the United States is not subject to any United States federal income tax. The Company is exempt from U.S. federal income taxation on its U.S. source shipping income if the Company’s Common Stock meets either the “Controlled Foreign Corporation Test” or the “Publicly-Traded Test” under Section 883 of the Code. To the extent the Company is unable to qualify for exemption from tax under Section 883, and the U.S. source shipping income is considered to be effectively connected with the conduct of a U.S. trade or business, as defined in the Code, the Company will be subject to U.S. federal income taxation of 4% of its U.S. source shipping income on a gross basis without the benefit of deductions. If certain other conditions are present, as defined in the Code, U.S. source shipping income, net of applicable deductions, may be subject to a U.S. federal corporate income tax of up to 35% and a 30% branch profits tax. The Company believes that none of its U.S. source shipping income will be effectively connected with the conduct of a U.S. trade or business. Since earnings from shipping operations of the Company are not subject to U.S. or foreign income taxation, the Company has not recorded income tax expense, deferred tax assets or liabilities for the years ending December 31, 2016 and 2015 . Under ASC 740-10, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The Company has determined that it has no uncertain tax positions as of December 31, 2016 and 2015 . Additionally, the Company accrues interest and penalties, if any, related to unrecognized tax benefits as a component of income tax expense. Where required, the Company complies with income tax filings in its various jurisdictions of operations. As of December 31, 2016 and 2015 , the Company is not subject to U.S. federal or foreign examinations by tax authorities for years before 2013. Restricted Common Share Awards Compensation cost of restricted share awards is measured using the grant date fair value of the Company's common shares, as quoted on the Nasdaq Capital Market, multiplied by the total number of shares granted. Compensation cost is amortized according to the vesting period indicated in the grant agreement. Total compensation cost recognized during the years ended December 31, 2016 and 2015 is approximately $602,000 and $457,000 , respectively, which is included in general and administrative expenses in the consolidated statements of operations. Dividends Dividends on common stock are recorded when declared by the Board of Directors. Refer to Note10 for a discussion regarding common stock dividends. Earnings per Common Share Basic earnings per share ("EPS") is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted EPS is computed using the treasury stock method. Under this method, the amount of unrecognized compensation cost related to future services by employees who were awarded restricted shares is assumed to be used to repurchase common stock at the average market price during the period. The incremental shares (nonvested less repurchased) are considered to be outstanding for diluted EPS. Foreign Exchange The Company conducts all of its business in U.S. dollars; accordingly, there are no foreign exchange transaction gains or losses reflected in the consolidated statements of income. Derivatives and Hedging Activities The Company accounts for derivatives in accordance with the provisions of ASC 815, Derivatives and Hedging. The Company uses interest rate swaps to reduce market risks associated with its operations, principally changes in variable interest rates on its bank debt. Additionally, the Company uses forward freight agreements to protect against changes in charter rates and bunker (fuel) swaps to protect against changes in fuel prices. Derivative instruments are measured at fair value and are recorded as assets or liabilities. The Company is exposed to credit loss in the event of nonperformance by the counterparty to the interest rate swaps, forward freight agreements and bunker hedges. Segment Reporting Operating segments are components of a business that are evaluated regularly by the chief operating decision maker ("CODM") for the purpose of assessing performance and allocating resources. Based on the information that the CODM uses, including consideration of whether discrete financial information is available for the business activities, the Company has identified multiple operating segments which have been aggregated based on considerations such as the nature of its services, customers and operations. The Company has determined that it operates under one reportable segment. Fair Value of Financial Instruments The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and short-term debt approximate fair value due to the short-term maturities of these instruments. The carrying amount of a portion of the Company’s long-term debt approximates fair value due to the variable interest rates associated with the related credit facilities. At December 31, 2016 , the Company has nine fully fixed rate debt facilities and one facility of which fifty percent is fixed. At December 31, 2015 , the Company had six fixed rate debt facilities. The aggregate carrying amounts and fair values of the long-term debt associated with the fixed rate borrowing arrangements are as follows: December 31, 2016 2015 Carrying amount of long-term debt $ 82,001,821 $ 28,320,101 Fair value of long-term debt $ 82,224,170 $ 28,960,879 Fair values of these debt obligations were estimated based on quoted market prices for the same or similar issues of debt with the same remaining maturities, which is considered Level 2 in the fair value hierarchy established by ASC 820. Reclassifications Certain prior year amounts in the consolidated financial statements have been reclassified to conform to the current year’s presentation. These reclassifications had no effect on the Company’s previously reported consolidated operations or shareholders’ equity. Recent Accounting Pronouncements In November 2016, the FASB issued ASU 2016-18, Accounting Standards Update for Statement of Cash Flows. This update requires entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. As a result, entities will no longer be required to present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. When cash, cash equivalents, restricted cash and restricted cash equivalents are presented in more than one line item on the balance sheet, the new guidance requires a reconciliation of the totals in the statement of cash flows to the related captions in the balance sheet. Entities will also have to disclose the nature of their restricted cash and restricted cash equivalent balances. The guidance is effective for fiscal years beginning after December 15, 2017 and interim periods within those years. Early adoption is permitted. Entities are required to apply the guidance retrospectively. The Company is currently evaluating the effect of adopting this new accounting guidance. In February 2016, the FASB issued an ASU 2016-02, Accounting Standards Update for Leases. The update is intended to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. The Company does not typically enter into contracts with terms exceeding six months. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. Accordingly, the Company does not expect adoption of this guidance to have a material impact on its financial statements. In August 2014, the FASB issued ASU 2014-15, Accounting Standards Update for Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. Under this guidance, if conditions or events raise substantial doubt about an entity’s ability to continue as a going concern, but the substantial doubt is alleviated as a result of consideration of management’s plans, the entity should disclose information that enables users of the financial statements to understand all of the following: a. Principal conditions or events that raised substantial doubt about the entity’s ability to continue as a going concern (before consideration of management’s plans) b. Management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations c. Management’s plans that alleviated substantial doubt about the entity’s ability to continue as a going concern. The new standard was effective for annual periods ending after December 15, 2016. Implementation of this guidance did not have a material impact on its consolidated financial statements. In May 2014, the FASB issued an ASU 2014-09, Accounting Standards Update for Revenue from Contracts with Customers. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2017. While we are continuing to assess all potential impacts of the standard, we expect that revenue from vessels operating on time charter will continue to be recognized under current revenue recognition policies because the services being provided to its customers currently reflect the consideration to which the entity expects to be entitled in exchange for those services, and because these arrangements qualify as single performance obligations that meet the criteria to recognize revenue over time, as the customer is simultaneously receiving and consuming the benefits of these services. The performance obligation in a voyage charter is also the transportation service provided and also meets the criteria to recognize revenue over time. However, under the new standard, we expect revenue for these voyages to be recognized over the period between load port and discharge port in contrast to the current recognition policy to recognize revenue from discharge port to discharge port. The Company also believes that under the new standard, it will recognize an asset from certain costs incurred to fulfill contracts that have not begun to load if they meet the criteria outlined in this Update. Such assets will be amortized pro rata over the period of the contract. Neither of these changes is expected to have a material impact on the consolidated financial statements because the number of open voyages at any point in time are not a significant portion of the annual total and the difference in revenue is expected to be only a percentage of such voyage revenue. The new revenue standards may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect adjustment to opening retained earnings in the period of initial period of adoption and we have not yet selected which transition method we will apply. In addition, we are evaluating recently issued guidance on practical expedients as part of our transition decision. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 12 Months Ended |
Dec. 31, 2015 | |
Variable Interest Entity, Measure of Activity [Abstract] | |
Variable Interest Entity Disclosure [Text Block] | VARIABLE INTEREST ENTITIES The Company has evaluated all of its wholly and partially-owned entities, as well as entities with common ownership or other relationships, pursuant to ASC 810. A summary of the Company’s consolidation policy is provided in Note 3. The Company has concluded that Bulk Pangaea, Bulk Patriot, Bulk Juliana, Bulk Atlantic, Bulk Trident, Bulk Phoenix, Bulk Barents, Bulk Bothnia, NBH, Long Wharf, NBHC and BVH should be consolidated as VIEs at December 31, 2016 and 2015 . Bulk Pangaea, Bulk Patriot, Bulk Juliana, Bulk Atlantic, Bulk Trident, Bulk Phoenix, Bulk Barents and Bulk Bothnia are wholly-owned subsidiaries that were established for the purpose of acquiring bulk carriers. The Company has concluded that Bulk Pangaea, Bulk Patriot, Bulk Juliana, Bulk Atlantic, Bulk Trident, Bulk Phoenix, Bulk Barents and Bulk Bothnia are VIEs due to the existence of guarantees and cross-collateralization on their outstanding debt, which is indicative of an inability to finance the entities’ activities without additional subordinated financial support. Accordingly, the Company has consolidated these subsidiaries for the years ended December 31, 2016 and 2015 . The consolidation of all of these entities increased total assets by approximately $46.2 million and increased total liabilities by approximately $46.0 million at December 31, 2016 . Total shareholders’ equity increased by approximately $0.2 million . The consolidation of all of these entities increased total assets by approximately $53.0 million and increased total liabilities by approximately $54.1 million at December 31, 2015 . Total shareholders’ equity decreased by approximately $1.1 million . NBH is a wholly-owned subsidiary of the Company following the conversion of debt to equity and acquisition of the remaining outstanding shares during 2015. On June 22, 2015, N.B.V. Nordic Bulk Ventures (Cyprus) Limited ("NBV"), a wholly-owned subsidiary of the Company, acquired 24.5% of 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 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. The Company determined that NBH is a VIE due to the fact that NBH’s total equity investment at risk is not sufficient to permit it to finance its activities without additional subordinated financial support. Furthermore, the Company determined that it is NBH’s primary beneficiary, as it has a controlling financial interest in NBH, and has the power to direct the activities of the entity. Accordingly, the Company has consolidated NBH for the years ended December 31, 2016 and 2015 . The consolidation of NBH increased total assets by approximately $5.5 million and $6.1 million and increased total liabilities by approximately $5.1 million and $7.6 million at December 31, 2016 and 2015 , respectively. Total shareholders’ equity increased by approximately $0.5 million at December 31, 2016 and decreased by approximately $1.5 million at December 31, 2015 . Long Wharf was established in 2009 for the purpose of buying a new office building. Ownership of Long Wharf was transferred to the Company on October 1, 2014. The Company determined that Long Wharf is a VIE as Long Wharf’s total equity investment at risk is not sufficient to permit it to finance its activities without additional subordinated financial support. The Company determined that the entities/individuals that had a variable interest in Long Wharf prior to the transfer were also related parties, and that none of those entities individually met the criteria to be the primary beneficiary, as none had the obligation to absorb the entity’s losses; therefore, since the Company represented the party within the related party group that was most closely associated with the VIE, the Company concluded it was the primary beneficiary. Accordingly, the Company has consolidated Long Wharf for the years ended December 31, 2016 and 2015 . The consolidation of Long Wharf increased total assets by approximately $0.7 million and $0.8 million and increased total liabilities by approximately $1.0 million and $1.2 million at December 31, 2016 and 2015 , respectively. Total shareholders’ equity decreased by approximately $0.4 million and $0.3 million at December 31, 2016 and 2015 , respectively. NBHC was established in March 2012, for the purpose of acquiring the m/v Nordic Odyssey, the m/v Nordic Orion and to invest in additional vessels, all through wholly-owned subsidiaries. Each of the ship owning companies owned by NBHC entered into a Head Charterparty Agreement to charter the owned vessel to ST Shipping and Transport Ltd. (“STST”), which in turn, entered into a Sub-Charterparty Agreement with NBC under a five year, fixed price, time charter arrangement. The Company determined that NBHC is a VIE and that it is the primary beneficiary of NBHC, as it has the power to direct its activities as a result of these time charter arrangements. Accordingly, the Company has consolidated NBHC for the years ended December 31, 2016 and 2015 . The consolidation of NBHC increased total assets by approximately $161.3 million and $171.0 million and increased total liabilities by approximately $98.1 million and $112.0 million at December 31, 2016 and 2015 , respectively. Total shareholders’ equity increased by approximately $2.8 million and $1.9 million at December 31, 2016 and 2015 . Amounts pertaining to the non-controlling ownership interest held by third parties in the financial position and operating results of NBHC are reported as non-controlling interest in the accompanying consolidated balance sheets. The non-controlling ownership interest attributable to NBHC amounts to approximately $60.4 million and $57.1 million at December 31, 2016 and 2015 . BVH was established in August 2013, together with a third-party, for the purpose of owning Five and Six. Five and Six were established for the purpose of owning new ultramax newbuildings to be delivered in 2017. The Company determined that BVH is a VIE and is the primary beneficiary of BVH, as it has the power to direct its activities. Accordingly, the Company has consolidated BVH and its wholly-owned subsidiaries for the years ended December 31, 2016 and 2015 . The consolidation of BVH increased total assets by approximately $9.5 million and $4.4 million and increased total liabilities by approximately $9.6 million and $4.5 million at December 31, 2016 and 2015 , respectively. Total shareholders’ equity decreased by approximately $47,000 and $33,000 at December 31, 2016 and 2015 , respectively. Amounts pertaining to the non-controlling ownership interest held by third parties in the financial position and operating results of BVH are reported as non-controlling interest in the accompanying consolidated balance sheets. The non-controlling ownership interest attributable to BVH amounts to accumulated deficits of approximately $42,000 and $28,000 at December 31, 2016 and 2015 , respectively. The Company acquired the remaining 50% of BVH from its joint venture partner in January 2017. |
FIXED ASSETS
FIXED ASSETS | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment Disclosure [Text Block] | FIXED ASSETS At December 31, fixed assets consisted of the following: 2016 2015 Vessels and vessel upgrades $ 313,102,479 $ 279,042,265 Capitalized dry docking 7,142,445 7,238,119 320,244,924 286,280,384 Accumulated depreciation and amortization (47,862,126 ) (33,963,405 ) Vessels, vessel upgrades and capitalized dry docking, net 272,382,798 252,316,979 Land and building 2,541,085 2,541,085 Internal use software 268,313 268,313 Computers and equipment 1,250,096 934,178 4,059,494 3,743,576 Accumulated depreciation (1,176,620 ) (914,748 ) Other fixed assets, net 2,882,874 2,828,828 Total fixed assets, net $ 275,265,672 $ 255,145,807 The net carrying value of the Company’s fleet consists of the following: December 31, Vessel 2016 2015 m/v BULK PANGAEA $ 17,879,380 $ 19,555,658 m/v BULK PATRIOT 12,391,724 13,732,984 m/v BULK JULIANA 12,252,733 13,096,232 m/v NORDIC ODYSSEY 27,021,211 28,537,024 m/v NORDIC ORION 27,874,584 29,242,572 m/v BULK TRIDENT 14,962,163 15,696,689 m/v BULK BEOTHUK 12,006,270 12,653,475 m/v BULK NEWPORT 13,473,429 14,109,300 m/v NORDIC BOTHNIA 3,517,151 3,700,000 m/v NORDIC BARENTS 3,520,616 3,700,000 m/v NORDIC OSHIMA 31,346,414 32,540,468 m/v NORDIC OLYMPIC 31,560,965 32,780,722 m/v NORDIC ODIN 31,741,658 32,971,855 m/v NORDIC OASIS (1) 32,834,500 — $ 272,382,798 $ 252,316,979 (1) The m/v Nordic Oasis was delivered to the Company on January 5, 2016. At December 31, 2016, BVH had deposits on the Ultramax Ice Class 1C panamax newbuildings of approximately $18,400,000 which was included in investment in newbuildings in process on the consolidated balance sheets. These vessels were delivered to the Company in January 2017. On July 5, 2016, the Company entered into five-year bareboat charter agreements with the owner of two vessels (which were then renamed the m/v Bulk Power and the m/v Bulk Progress). Under a bareboat charter, the charterer is responsible for all of the vessel operating expenses in addition to the charter hire. The agreement also contains a profit sharing arrangement. Scheduled increases in charter hire are included in minimum rental payments and recognized on a straight-line basis over the lease term. Profit sharing will be excluded from minimum lease payments and recognized as incurred. The rent expense under these bareboat charters (which are classified as operating leases) totals approximately $365,000 per annum. At December 31, 2015, NBHC had deposits on one Panamax 1A Ice Class newbuilding of approximately $33,800,000 which was included in investment in newbuildings in process on the consolidated balance sheets. This vessel was delivered to the Company in January 2016. The Company did not capitalize any dry-docking costs in 2016. The Company capitalized dry-docking costs on two vessels in 2015. The 5 year amortization period of the capitalized dry docking costs is within the remaining useful life of these vessels. |
MARGIN ACCOUNTS
MARGIN ACCOUNTS | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Margin Deposit Disclosure [Text Block] | MARGIN ACCOUNTS During December 31, 2016 and 2015 , the Company was party to forward freight agreements and fuel swap contracts in order to mitigate the risk associated with volatile freight rates and fuel prices. Under the terms of these contracts, the Company is required to deposit funds in margin accounts if the market value of the hedged item declines. See Note 7 for a complete discussion of these and other derivatives. The Company had approximately $488,000 on deposit in one margin account at December 31, 2016 due to the decline in market value of its FFAs. The Company had $433,000 on deposit in one margin account at December 31, 2015 , due to the decline in market value of its fuel swaps. The funds are required to remain in margin accounts as collateral until the market value of the items being hedged return to preset limits. The margin accounts are included in advance hire, prepaid expenses and other current assets in the consolidated balance sheets at December 31, 2016 and 2015 . |
DERIVATIVES AND FAIR VALUE MEAS
DERIVATIVES AND FAIR VALUE MEASUREMENT | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Fair Value [Text Block] | DERIVATIVES AND FAIR VALUE MEASURES 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 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 was fixed at 6.63% . This swap was cancelled in conjunction with the repayment of the loan in May 2016. 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 operations. Derivative instruments are as follows: December 31, 2016 2015 Interest rate swap agreement on: Long Wharf Construction to Term Loan: Notional amount $ — $ 976,500 Effective dates 2/1/11-1/24/21 Fair value at year-end — (103,783 ) The fair value of the interest rate swap agreement at December 31, 2015 was a liability of approximately $104,000 , which was included in other non-current liabilities on the consolidated balance sheet based on the instrument’s maturity date. The aggregate change in the fair value of the interest rate swap agreement for the years ended December 31, 2016 and 2015 were gains of approximately $104,000 and $8,500 , respectively, which are reflected in unrealized loss on derivative instruments in the accompanying consolidated statements of income. Fuel Swap Contracts The Company continuously monitors the market volatility associated with bunker prices and seeks to reduce the risk of such volatility through a bunker hedging program. In 2016 and 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 December 31, 2016 and 2015 are assets of approximately $304,000 and liabilities of $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 years ended December 31, 2016 and 2015 resulted in gains of approximately $2,081,000 and losses of approximately $386,000 , which are included in unrealized gain (loss) on derivative instruments in the accompanying consolidated statements of income. Forward Freight Agreements The Company assesses risk associated with fluctuating future freight rates and, when appropriate, actively hedges identified economic risk related to long-term cargo contracts with forward freight agreements, or FFAs. The usage of such derivatives can lead to fluctuations in the Company’s reported results from operations on a period-to-period basis. During the years ended December 31, 2016 and 2015, the Company entered into FFAs that were not designated for hedge accounting. The aggregate fair value of these FFAs at December 31, 2016 were liabilities of approximately $21,000 . There were no open positions at December 31, 2015. Fair Value Hierarchy 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 Level 2 – observable inputs other than quoted prices in active markets for identical assets and liabilities Level 3 – unobservable inputs in which there is little or no market data available, which require the reporting entity to develop its own assumptions Balance at December 31, 2016 Level 1 Level 2 Level 3 Margin accounts $ 488,084 $ 488,084 $ — $ — Fuel swap contracts $ 303,675 $ — $ 303,675 $ — Forward freight agreements $ (20,950 ) $ — $ (20,950 ) $ — 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 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 | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | RELATED PARTY TRANSACTIONS Amounts and notes payable to related parties consist of the following: December 31, 2015 Activity December 31, 2016 Included in accounts payable and accrued expenses on the consolidated balance sheets: Affiliated companies (trade payables) $ 1,254,985 $ (145,415 ) $ 1,109,570 Included in current related party debt on the consolidated balance sheets: Loan payable – 2011 Founders Note $ 4,325,000 $ — $ 4,325,000 Interest payable – 2011 Founders Note (i) 553,919 (185,572 ) 368,347 Promissory Note 4,000,000 (2,000,000 ) 2,000,000 Loan payable – BVH shareholder (STST) (ii) 4,442,500 4,836,300 9,278,800 Total current related party debt $ 13,321,419 $ 2,650,728 $ 15,972,147 i. Paid in cash ii. ST Shipping and Transport Pte. Ltd. ("STST") In November 2014, the Company entered into a $5 million Promissory Note (the “Note”) with Bulk Invest Ltd., a company controlled by the Founders. The Note was amended in 2015 and is payable on demand. Interest on the Note is 5% . The balance of the Note at December 31, 2016 and 2015 was $2 million and $4 million , respectively. BVH entered into an agreement for the construction of two new ultramax newbuildings in 2013. STST has provided loans totaling of $9,278,800 used to make deposits on the 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 outstanding balance of the note was $4,325,000 at December 31, 2016 and 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 operation of some of the Company’s owned vessels. During the years ended December 31, 2016 and 2015 , the Company incurred technical management fees of $1,963,200 and $2,262,000 under this arrangement, which is included in vessel operating expenses in the consolidated statements of income. The total amounts payable to Seamar at December 31, 2016 and 2015 , (including amounts due for vessel operating expenses), were $ 1,109,570 and $1,254,985 , respectively. |
SECURED LONG-TERM DEBT
SECURED LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-term Debt [Text Block] | SECURED LONG-TERM DEBT Long-term debt consists of the following: December 31, 2016 December 31, 2015 Bulk Pangaea Secured Note (1) $ 1,040,625 $ 1,734,375 Bulk Patriot Secured Note (1) 1,087,500 2,312,500 Bulk Trident Secured Note (1) 5,737,500 6,375,000 Bulk Juliana Secured Note (1) 3,042,186 3,718,229 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 (2) 77,325,001 89,625,000 Bulk Atlantic Secured Note 5,350,000 6,530,000 Bulk Phoenix Secured Note (1) 6,816,685 7,649,997 Term Loan Facility of USD 13,000,000 (Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.) 7,097,820 10,717,370 Bulk Nordic Oasis Ltd. Loan Agreement (2) 20,000,000 21,500,000 109 Long Wharf Commercial Term Loan 1,032,067 978,210 Phoenix Bulk Carriers (US) LLC Automobile Loan 28,582 — Phoenix Bulk Carriers (US) LLC Master Loan 236,242 — Total 128,794,208 151,140,681 Less: current portion (19,627,846 ) (19,499,262 ) Less: unamortized bank fees (1,528,511 ) (2,145,266 ) Secured long-term debt $ 107,637,851 $ 129,496,153 (1) The Bulk Pangaea Secured Note, the Bulk Patriot Secured Note, the Bulk Trident Secured Note, the Bulk Juliana Secured Note, and the Bulk Phoenix Secured Note are cross-collateralized by the vessels m/v Bulk Pangaea, m/v Bulk Patriot, m/v Bulk Trident, m/v Bulk Juliana, and m/v Bulk Newport and are guaranteed by the Company. (2) 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 July 14, 2016, the Company, through its wholly owned subsidiaries, Bulk Pangaea, Bulk Patriot, Bulk Juliana, Bulk Trident and Bulk Phoenix, entered into the Third Amendatory Agreement, (the "Third Amendment"), amending and supplementing the Loan Agreement dated April 15, 2013, as amended by a First Amendatory Agreement dated May 16, 2013 and by a Second Amendatory Agreement dates August 28, 2013. The Third Amendment extends the maturity dates and modifies the repayment schedule of the 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 Third Amendment defers the final three quarterly installments of $346,875 , extending the maturity date to October 19, 2017. The interest rate is fixed at 3.96% through the original maturity date, at which time the rate becomes floating at LIBOR plus 3.5% . Bulk Patriot Secured Note Initial amount of $12,000,000 , entered into in September 2011, for the acquisition of the m/v Bulk Patriot. The Third Amendment defers the two final quarterly installments of $543,750 , extending the maturity date to July 19, 2017. The interest rate is fixed at 4.01% through the original maturity date, at which time the rate becomes floating at LIBOR plus 3.5% . Bulk Trident Secured Note Initial amount of $10,200,000 , entered into in April 2012, for the acquisition of the m/v Bulk Trident. The Third Amendment defers two quarterly installments, increases the following three installments to $550,000 and the next four installments to $327,500 . A balloon payment of $2,777,500 is payable on October 19, 2018. The interest rate is fixed at 4.29% . Bulk Juliana Secured Note Initial amount of $8,112,500 , entered into in April 2012, for the acquisition of the m/v Bulk Juliana. The Third Amendment defers three installments and increases the final six quarterly installments to $507,031 . The final payment is due in July 19, 2018. The interest rate is fixed at 4.38% . Bulk Phoenix Secured Note Initial amount of $10,000,000 , entered into in May 2013, for the acquisition of m/v Bulk Newport. The Third Amendment defers two quarterly installments, which are followed by one installment of $500,000 , two of $700,000 and seven installments of $442,858 . A balloon payment of $1,816,659 is payable on July 19, 2019. The interest rate is fixed at 5.09% . The Third Amendment 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 December 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. 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 $4,170,000 due in February 2018. Interest is fixed at 6.46% . The Bulk Atlantic Secured Note is collateralized by the vessel m/v Bulk Beothuk and is guaranteed by the Company. The agreement contains a collateral maintenance ratio clause and a minimum EBITDA to fixed charges ratio. During 2016, the Company increased the letter of credit held by the facility agent to $1.1 million in order to remain in compliance with the collateral maintenance ratio clause. As of December 31, 2016 , and 2015, the Company is 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 $11,233,150 due with each of the final installments in January 2022. 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 $5,677,203 due with each of the final installments in September 2020. In respect of the Oshima advance, repayment to be made in 28 equal quarterly installments of $375,000 and a balloon payment of $11,254,295 due with the final installment in September 2021. Interest on 50% of the advances to Odyssey and Orion will be fixed at 4.24% in March 2017. Interest on the remaining advances to Odyssey and Orion is floating at LIBOR plus 2.40% ( 3.40% at December 31, 2016). Interest on 50% of the advances to Odin and Olympic was fixed at 3.95% in January 2017. Interest on the remaining advances to Odin and Olympic is floating at LIBOR plus 2.0% ( 3.0% at December 31, 2016). Interest on 50% of the advance to Oshima was fixed at 4.16% in January 2017. Interest on the remaining advance to Oshima is floating at LIBOR plus 2.25% ( 3.25% at December 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 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 December 31, 2016 and 2015, the Company was in compliance with this clause. At December 31, 2016 and 2015, the Company was in compliance with this clause. On August 8, 2016, the Company prepaid $4.8 million of the debt which was allocated across each of the Tranches and which reduced the final installments of each tranche, as follows: Odyssey and Orion - $697,797 ; Oshima - $1,120,705 ; Odin and Olympic - $1,141,850 . These amounts are reflected in the balloon payments noted above. The funds for the prepayment were contributed equally by each of the NBHC shareholders. 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 in March 2022. Interest on this advance is fixed at 4.30% . 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 fair market value of the vessel plus the net realizable value of any additional collateral previously provided, to remain above defined ratios. As of December 31, 2016 and 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 and is guaranteed by the Company. The facility bears interest at LIBOR plus 2.50% ( 3.50% at December 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 $1,755,415 (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. The Company was in compliance with the minimum value clause at December 31, 2016 and 2015. On February 22, 2016, the Company was notified by the facility agent of an MVC 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. 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. These prepayments reduced the amount of the balloon payments due at maturity and are reflected in the balloon payments noted above. 109 Long Wharf Commercial Term Loan Initial amount of $1,096,000 entered into on May 27, 2016. The Long Wharf Construction to Term Loan was repaid from the proceeds of this new facility. The loan is payable in 120 equal monthly installments of $9,133 . Interest is floating at the 30 day LIBOR plus 2.00% ( 2.80% at December 31, 2016). The loan is collateralized by all real estate located at 109 Long Wharf, Newport, RI, and a corporate guarantee of the Company. The loan contains a maximum loan to value covenant and a debt service coverage ratio. At December 31, 2016, the Company was in compliance with these covenants. Phoenix Bulk Carriers (US) LLC Automobile Loan The Company purchased a commercial vehicle for use at the site of its port project on the Atlantic Coast. The total loan amount of $29,435 is payable in 60 equal monthly installments of $539 . Interest is fixed at 3.74% . Phoenix Bulk Carriers (US) LLC Master Equipment Loan The Company purchased commercial equipment for use at the site of its port project on the Atlantic Coast. The total loan amount of $250,536 is payable in 48 equal monthly installments of $5,741 . Interest is fixed at 4.75% . The future minimum annual payments under the debt agreements are as follows: Years ending December 31, 2017 $ 19,627,846 2018 21,704,371 2019 16,371,749 2020 19,021,179 2021 16,618,718 Thereafter 35,450,345 $ 128,794,208 |
COMMON STOCK AND NON-CONTROLLIN
COMMON STOCK AND NON-CONTROLLING INTEREST | 12 Months Ended |
Dec. 31, 2015 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest Disclosure [Text Block] | COMMON STOCK AND NON-CONTROLLING INTEREST Common stock The Company has 100,000,000 shares of common stock ( $0.0001 par value) authorized, of which 36,590,417 were issued as of December 31, 2016 . During 2014, the Company adopted the 2014 Share Incentive Plan (the “2014 Plan”). The purpose of the 2014 Plan is to assist in attracting, retaining, motivating, and rewarding certain key employees, officers, directors, and consultants of the Company and its affiliates and promoting the creation of long-term value for our shareholders by closely aligning the interests of such individuals with those of such shareholders. The 2014 Plan authorizes the award of share-based incentives to encourage eligible employees, officers, directors, and consultants to expend maximum effort in the creation of shareholder value. Shares authorized for awards under the 2014 Plan were 1.5 million . On September 22, 2015, the Company's shareholders approved an amendment and restatement of the 2014 Plan that was adopted by the Board on August 7, 2015. The PANGAEA LOGISTICS SOLUTIONS LTD. 2014 SHARE INCENTIVE PLAN (as amended and restated by the Board of Directors on August 7, 2015), limits the value of awards that may be granted to non-employee directors in any calendar year to $150,000 (calculating the value of any award based in shares to be determined based on the grant date fair value of such awards for financial reporting purposes), which limitation under the 2014 Plan was 10,000 shares. On August 9, 2016, the Company's shareholders approved an amendment and restatement of the 2014 Plan that was adopted by the Board on May 9, 2016. The PANGAEA LOGISTICS SOLUTIONS LTD. 2014 SHARE INCENTIVE PLAN (as amended and restated by the Board of Directors on May 9, 2016), (the "Amended Plan"), increased the aggregate number of common shares with respect to which awards may be granted under the Amended Plan, such that the total number of shares made available for grant is 3,000,000 . This is a net increase of 1,500,000 new shares. At December 31, 2016, shares issued to members of our board of directors who are not our employees totaled 312,540 restricted shares of our common stock pursuant to the Amended Plan. These restricted shares vest at the rate of 50% after one year and the remaining 50% after two years. Vested shares at December 31, 2016 total 86,088 . There were 30,000 shares vested at December 31, 2015. At December 31, 2016 , shares issued to employees under the Amended Plan totaled 1,180,897 after forfeitures. These restricted shares vest at the rate of one-third of the total granted on each of the third, fourth and fifth anniversaries of the vesting commencement date. Vested shares at December 31, 2016 total 16,000 . There were no shares vested at December 31, 2015. Total non-cash compensation cost recognized during the years ended December 31, 2016 and 2015 is approximately $602,000 and $457,000 , respectively, which is included in general and administrative expenses in the consolidated statements of operations. Restricted share awards pursuant to the Amended Plan Shares Weighted-Average Grant-Date Fair Value Per Share Nonvested shares at December 31, 2015 1,376,857 $ 2.45 Granted 146,364 2.66 Vested (102,088 ) 3.29 Forfeited (59,784 ) 2.39 Nonvested at December 31, 2016 1,361,349 $ 2.46 Fiscal Years Ended December 31, 2016 2015 Fair value of restricted shares vested $ 336,364 $ 142,500 Unrecognized compensation cost for restricted shares $ 2,768,484 $ 3,120,082 Weighted average remaining period to expense for restricted shares (years) 3.30 3.33 Dividends Dividends on common stock are recorded when declared by the Board of Directors. Dividends payable consist of the following, all of which are payable to related parties: 2008 common stock dividend 2012 common stock special dividend 2013 common stock dividend 2013 Odyssey and Orion dividend Total Balance at December 31, 2014 $ 2,574,125 $ 2,934,357 $ 6,411,540 $ 904,803 $ 12,824,825 Paid in cash (100,000 ) — — — (100,000 ) Balance at December 31, 2015 2,474,125 2,934,357 6,411,540 904,803 12,724,825 Paid in cash (100,000 ) — — — (100,000 ) Balance at December 31, 2016 $ 2,374,125 $ 2,934,357 $ 6,411,540 $ 904,803 $ 12,624,825 Non-controlling interest Amounts pertaining to the non-controlling ownership interest held by third parties in the financial position and operating results of the Company’s subsidiaries and/or consolidated VIEs are reported as non-controlling interest in the accompanying consolidated balance sheets. The non-controlling ownership interest attributable to NBHC and its wholly-owned shipowning subsidiaries amounts to approximately $60,449,000 and $57,133,000 at December 31, 2016 and 2015 , respectively. Non-controlling interest attributable to BVH was approximately $(42,000) and $(28,000) , respectively at December 31, 2016 and 2015 . See Note 12. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENCIES 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. Vessel Acquisition and Sale-Leaseback In December 2013, the Company entered into shipbuilding contracts for the construction of two ultramax vessels for $28,950,000 each. At December 31, 2016, the Company had approximately $18,400,000 on deposit with the shipyard for these newbuildings. The total purchase obligations under the shipbuilding contracts total approximately $39,500,000 at December 31, 2016. The Company entered into a sale-leaseback financing agreement for one of the two ultramax vessels under construction. The selling price of the vessel to the new owner (lessor) is $21,000,000 . The lease back is recorded as a capital lease based on the transfer of ownership of the vessel to the Company at the end of the seven year lease term. At inception of the lease, the Company (seller-lessee) intends to recognize a loss equal to the difference between the vessel's undepreciated cost and its fair value at the time of sale, of approximately $5.0 million . The Company financed the final payment for the second vessel with a commercial facility. Long-term Contracts Accounted for as Operating Leases As discussed in Note 5, the Company entered into bareboat charter contracts with the owner of two ultramax vessels. The charters are recorded as operating leases and as such, the minimum rental payments are being recognized on a straight-line basis over the lease term. Profit sharing is excluded from minimum rental payments and recognized as incurred. The Company leases office space for its Copenhagen operations. The lease can be terminated with six months prior notice after June 30, 2018. Obligations under Operating Leases: Years ending December 31, 2017 581,008 2018 581,008 2019 365,000 2020 365,000 2021 193,000 2,085,016 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS On January 7, 2017, the Company took delivery of two Ultramax Ice Class 1C bulk carriers. The Company financed the vessels under separate financing arrangements. The m/v Bulk Destiny was financed under a sale-leaseback transaction for a total of $21.0 million , inclusive of the purchase price at the end of the seven-year lease term, as follows: The Bulk Nordic Five Ltd. Purchase Agreement dated October 27, 2016 The agreement obligated Bulk Nordic Five Ltd. to sell the m/v Bulk Destiny upon Acquisition Completion (as defined), as part of the financing arrangements for the vessel, and following the sale, charter the vessel from the buyer under a Bareboat Charter. As noted above, the vessel was delivered on January 7, 2017, at which time the purchase agreement became effective. The Company (seller) will recognize a loss equal to the difference between the vessel's undepreciated cost and its fair value at the time of sale of approximately $5.0 million . The Bulk Nordic Five Ltd. Bareboat Charter Party dated October 27, 2016 The bareboat charter party will be recorded as a capital lease because the agreement contains a bargain purchase option. The agreement requires 28 hire payments consisting of a fixed and variable portion beginning on April 6, 2017, and a balloon payment of $11,200,000 due with the final hire payment on January 7, 2024. The bareboat charter party is secured by a first preferred mortgage on the m/v Bulk Destiny, 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 fair market value of the vessel plus the net realizable value of any additional collateral previously provided, to remain above defined ratios. The Company obtained commercial financing with a European bank for the m/v Bulk Endurance, which is apportioned into a senior debt tranche of $16.0 million and a junior debt tranche of $3.5 million , as follows: The Bulk Nordic Six Ltd. - Loan Agreement -- Dated December 21, 2016 The agreement advanced $19,500,000 in respect of the m/v Bulk Endurance on January 7, 2017. The agreement requires repayment of this Tranche A in 3 equal quarterly installments of $100,000 beginning on April 7, 2017 and thereafter, 17 equal quarterly installments of $266,667 and a balloon payment of $11,667,667 due with the final installment in March 2022. Interest on this advance is floating at LIBOR plus 2.75% ( 3.75% at December 31, 2016). The agreement also advanced $3,500,000 in respect of the m/v Bulk Endurance on January 7, 2017. The agreement requires repayment of this Tranche B in 18 equal quarterly installments of $65,000 beginning on October 7, 2017, and a balloon payment of $2,330,000 due with the final installment in March 2022. Interest on this advance is floating at LIBOR plus 6.00% ( 7.00% at December 31, 2016). The loan is secured by a first preferred mortgage on the m/v Bulk Endurance, the assignment of earnings, insurances and requisite compensation of the entity, and by guarantees of its shareholders. Additionally, the agreement contains a minimum liquidity requirement, positive working capital of the borrower and a collateral maintenance ratio clause which requires the fair market value of the vessel plus the net realizable value of any additional collateral previously provided, to remain above defined ratios. In January 2017, the Company purchased its joint venture partner’s 50% interest in BVH for $0.8 million , which became a wholly-owned subsidiary thereafter. |
Quarterly Data (Notes)
Quarterly Data (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | (Unaudited) 2016 2015 (Dollars in millions, except per share amounts. Figures may not foot due to rounding) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Revenues: Voyage revenue $ 42.0 $ 53.5 $ 66.0 $ 60.6 $ 90.6 $ 60.9 $ 64.6 $ 50.6 Charter revenue 2.0 3.4 4.8 5.7 4.5 4.2 6.6 5.3 43.9 57.0 70.8 66.3 95.1 65.1 71.2 55.9 Expenses: Voyage expense 18.5 26.8 29.2 29.2 45.3 28.1 30.4 21.8 Charter hire expense 8.5 15.0 19.7 20.5 24.7 15.2 20.6 15.5 Vessel operating expenses 6.9 7.9 7.5 8.6 7.8 7.1 8.5 8.2 General and administrative 3.0 2.9 3.2 3.6 4.3 3.9 3.6 3.1 Depreciation and amortization 3.5 3.5 3.5 3.5 3.0 3.3 3.2 3.3 Loss on impairment of vessels — — — — — — — 5.4 Loss on sale of vessels — — — — 0.1 0.5 0.1 — Total expenses 40.4 56.2 63.0 65.5 85.2 58.1 66.3 57.2 Income (loss) from operations 3.5 0.8 7.8 0.8 9.9 7.0 4.9 (1.3 ) Other income (expense): Interest expense, net (1.4 ) (1.5 ) (1.3 ) (1.3 ) (1.4 ) (1.3 ) (1.5 ) (1.2 ) Interest expense related party debt (0.1 ) (0.1 ) (0.1 ) (0.1 ) (0.1 ) (0.1 ) (0.1 ) (0.1 ) Unrealized (loss) gain on derivative instruments (0.3 ) 1.4 0.2 1.0 0.8 0.4 (0.5 ) (1.1 ) Other expense (0.1 ) 0.1 — (0.1 ) 0.1 0.1 — (1.1 ) Total other expense, net (1.9 ) (0.2 ) (1.2 ) (0.5 ) (0.6 ) (1.0 ) (2.1 ) (3.5 ) Net income (loss) 1.6 0.6 6.6 0.3 9.3 6.0 2.8 (4.8 ) (Income) loss attributable to noncontrolling interests (0.4 ) (0.5 ) (0.5 ) (0.3 ) (1.7 ) (0.6 ) 0.2 — Net income (loss) attributable to Pangaea Logistics Solutions Ltd. $ 1.2 $ 0.1 $ 6.1 $ 0.1 $ 7.6 $ 5.5 $ 3.0 $ (4.8 ) Quarterly Data (continued) (Unaudited) 2016 2015 (Dollars in millions, except per share amounts) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Earnings (loss) per common share: Basic $ 0.03 $ — $ 0.17 $ 0.002 $ 0.22 $ 0.16 $ 0.09 $ (0.14 ) Diluted $ 0.03 $ — $ 0.17 $ 0.002 $ 0.22 $ 0.16 $ 0.09 $ (0.14 ) Weighted average shares used to compute earnings per common share Basic 35,130,211 35,150,453 35,165,532 35,189,068 34,696,980 34,696,980 34,696,980 35,045,132 Diluted 35,201,307 35,337,290 35,347,403 35,581,897 34,695,930 34,887,177 35,004,808 35,382,734 Common Stock Information: Price Range: High 3.53 2.74 2.92 2.69 4.70 3.77 3.68 3.65 Low 2.46 2.29 2.25 2.12 2.70 2.22 2.72 2.57 |
SUMMARY OF SIGNIFICANT ACCOUN20
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Restricted Common Share Awards Compensation cost of restricted share awards is measured using the grant date fair value of the Company's common shares, as quoted on the Nasdaq Capital Market, multiplied by the total number of shares granted. Compensation cost is amortized according to the vesting period indicated in the grant agreement. Total compensation cost recognized during the years ended December 31, 2016 and 2015 is approximately $602,000 and $457,000 , respectively, which is included in general and administrative expenses in the consolidated statements of operations. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include the establishment of the allowance for doubtful accounts and the estimate of salvage value used in determining vessel depreciation expense. |
Consolidation, Policy [Policy Text Block] | Consolidation The purpose of consolidated financial statements is to present the financial position and results of operations of a company and its subsidiaries as if the group were a single company. The first step in the Company’s consolidation policy is to determine whether an entity is to be evaluated for potential consolidation based on its outstanding voting interests or its variable interests. Accordingly, the Company first determines whether the entity is a Variable Interest Entity (“VIE”) pursuant to the provisions of ASC 810-10. If the entity is a VIE, consolidation is based on the entity’s variable interests and not its outstanding voting shares. If the entity is not determined to be a VIE, the Company evaluates the entity based on its outstanding voting interests. Amounts pertaining to the non-controlling ownership interest held by third parties in the financial position and operating results of the Company’s subsidiaries and/or consolidated VIEs are reported as non-controlling interest in the accompanying consolidated balance sheets. As part of the Company’s consolidation process, intercompany transactions are eliminated in the consolidated financial statements. |
Revenue Recognition, Cargo and Freight, Policy [Policy Text Block] | Revenue Recognition Voyage revenues represent revenues earned by the Company, principally from providing transportation services under voyage charters. A voyage charter involves the carriage of a specific amount and type of cargo on a load port to discharge port basis, subject to various cargo handling terms. Under a voyage charter, the service revenues are earned and recognized ratably over the duration of the voyage. Estimated losses under a voyage charter are provided for in full at the time such losses become probable. Demurrage, which is included in voyage revenues, represents payments by the charterer to the vessel owner when loading and discharging time exceed the stipulated time in the voyage charter. Demurrage is measured in accordance with the provisions of the respective charter agreements and the circumstances under which demurrage revenues arise. At the time demurrage revenue can be estimated, it is included in the calculation of voyage revenue and recognized ratably over the duration of the voyage to which it pertains. Voyage revenue recognized is presented net of address commissions. Charter revenues relate to a time charter arrangement under which the Company is paid to provide transportation services on a per day basis for a specified period of time. Revenues from time charters are earned and recognized on a straight-line basis over the term of the charter, as the vessel operates under the charter. Revenue is not earned when vessels are offhire. |
Revenue Recognition, Deferred Revenue [Policy Text Block] | Deferred Revenue Billings for services for which revenue is not recognized in the current period are recorded as deferred revenue. Deferred revenue recognized in the accompanying consolidated balance sheets is expected to be realized within 12 months of the balance sheet date. |
Voyage Expenses [Policy Text Block] | Voyage Expenses The Company incurs expenses for voyage charters that include bunkers (fuel), port charges, canal tolls, broker commissions and cargo handling operations, which are expensed as incurred. |
Charter Expenses [Policy Text Block] | Charter Expenses The Company charters in vessels to supplement its owned fleet to support its voyage charter operations. The Company hires vessels under time charters with third party vessel owners, and recognizes the charter hire payments as an expense on a straight-line basis over the term of the charter. Charter hire payments are typically made in advance, and the unrecognized portion is reflected as advance hire in the accompanying consolidated balance sheets. Under time charters, the vessel owner is responsible for the vessel operating costs such as crews, maintenance and repairs, insurance, and stores. |
Shipping and Handling Cost, Policy [Policy Text Block] | Vessel Operating Expenses Vessel operating expenses (“VOE”) represent the cost to operate the Company’s owned vessels. VOE include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumables, other miscellaneous expenses, and technical management fees. Technical management services include day-to-day vessel operations, performing general vessel maintenance, ensuring regulatory and classification society compliance, arranging the hire of crew and purchasing stores, supplies and spare parts. These expenses are recognized as incurred. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash equivalents, trade receivables and derivative instruments. The Company maintains its cash accounts with various high-quality financial institutions in the United States, Germany, and Bermuda. The Company performs periodic evaluations of the relative credit standing of these financial institutions. The Company does not believe that significant concentration of credit risk exists with respect to these cash equivalents. Trade accounts receivable are recorded at the invoiced amount, and do not bear interest. The Company performs ongoing credit evaluations of its customers’ financial condition, but does not require collateral. Historically, credit risk with respect to trade accounts receivable has been considered minimal due to the long-standing relationships with significant customers, and their relative financial stability. However, current economic conditions could impact the collectibility of certain customers' trade receivables, which could have a material effect on the Company's results of operations. Derivative instruments are recorded at fair value. The Company does not have any off-balance sheet credit exposure related to its customers. At December 31, 2016 , two customers accounted for 29% of the Company’s trade accounts receivable. At December 31, 2015 , there were two customers that accounted for 59% of the Company’s trade accounts receivable. At December 31, 2016 , customers in each of the following countries accounted for at least 10% of accounts receivable; the United States ( 30% ), Canada ( 20% ) and the Switzerland ( 11% ). At December 31, 2015 , customers in each of the following countries accounted for at least 10% of the Company’s accounts receivable; Canada ( 41% ) and the United States ( 35% ). For the year ended December 31, 2016 , revenue from customers in each of the following countries accounted for at least 10% of total revenue; the United States ( 21% ) and Canada ( 21% ). For the year ended December 31, 2015 , revenue from customers in each of the following countries accounted for at least 10% of total revenue; the United States ( 29% ), Canada ( 15% ) and Switzerland ( 13% ). For the year ended December 31, 2016 two customers accounted for 22% of total revenue. For the year ended December 31, 2015 , one customer accounted for 13% of total revenue. |
Cash and Cash Equivalents, Unrestricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include short-term deposits with an original maturity of less than three months. Cash and cash equivalents by type were as follows: December 31, 2016 2015 Money market accounts – cash equivalents $ 6,540,489 $ 28,491,872 Cash (1) 15,782,460 9,028,368 Total $ 22,322,949 $ 37,520,240 (1) Consists of cash deposits at various major banks. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash Restricted cash at December 31, 2016 consists of $1.1 million held by a facility agent as required by the Bulk Atlantic Secured Note, $2.5 million held by the facility agent as required by the The Senior Secured Post-Delivery Term Loan Facility and $2.5 million held by the facility agent as required by the 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 (See Note 12). At December 31, 2015, restricted cash consists of $0.5 million held by a facility agent as required by a letter of credit on behalf of PBC as security for a performance guarantee on a contract, $0.5 million held by a facility agent as required by the Bulk Atlantic Secured Note and $1.0 million being held by a facility agent as required by the letter of credit issued as security for the appeal of a lawsuit brought by a shareholder. |
Allowance for Doubtful Accounts [Policy Text Block] | Allowance for Doubtful Accounts The Company provides a specific reserve for significant outstanding accounts that are considered potentially uncollectible in whole or in part. In addition, the Company’s policy based on experience is to establish a reserve equal to approximately 25% of accounts receivable balances that are 30-180 days past due and approximately 50% of accounts receivable balances that are 180 or more days past due, and which are not otherwise reserved. The reserve estimates are adjusted as additional information becomes available, or as payments are made. At December 31, 2016 and 2015 , the Company has provided an allowance for doubtful accounts of $4,752,265 and $5,067,194 respectively, for amounts that are not expected to be fully collected. The provision for doubtful accounts was approximately $922,000 in 2016 and $975,000 in 2015 . The Company wrote off approximately $1,237,000 and $157,000 during 2016 and 2015 , respectively, which amounts were previously included in the allowance, because these amounts were determined to be uncollectible. |
Inventory, Policy [Policy Text Block] | Bunker Inventory Inventory is primarily comprised of fuel oil purchased and stored onboard a vessel. Inventory is measured at the lower of cost under the first-in, first-out method or net realizable value. |
Advanced Hire, Prepaid Expenses and Other Current Assets [Policy Text Block] | Advanced Hire, Prepaid Expenses and Other Current Assets Advance hire represents payment to ship owners under time-charters for days subsequent to the balance sheet date. Hire is typically paid in advance for the following fifteen days, but intervals vary by time-charter contract. Prepaid expenses include advance funding to the technical manager for vessel operating expenses, lubricating oils and stores kept on board owned vessels, certain voyage expenses paid in advance and direct costs incurred to fulfill a COA. These specifically identified costs are used to satisfy the contract and are expected to be recovered over the term of the COA. Such costs are amortized on a straight-line basis and charged equally to each of the voyages under the contract. Other assets include deposits held by counterparties to various derivative instruments and the fair value of derivative instruments when it exceeds the settlement price of the instrument. At December 31, advance hire, prepaid expenses and other current assets were comprised of the following: 2016 2015 Advance hire $ 2,232,444 $ 1,138,300 Prepaid expenses 1,844,522 537,192 Other current assets 2,364,617 1,003,800 Total $ 6,441,583 $ 2,679,292 |
Depreciation, Depletion, and Amortization [Policy Text Block] | Vessels and Depreciation Vessels are stated at cost, which includes contract price and acquisition costs. Significant improvements to vessels are capitalized; maintenance and repairs that do not improve or extend the lives of the vessels are expensed as incurred. Depreciation is provided using the straight-line method over the remaining estimated useful lives of the vessels (excluding the time a vessel in is dry dock), based on cost less salvage value. Each vessel’s salvage value is equal to the product of its lightweight tonnage and an estimated scrap rate of $300 per ton, which was determined by reference to quoted rates and is reviewed annually. The Company estimates the useful life of its vessels to be 25 years to 30 years from the date of initial delivery from the shipyard. The remaining estimated useful lives of the current fleet are 4 - 25 years. The Company does not incur depreciation expense when vessels are taken out of service for dry docking. Vessels held for sale are carried at estimated fair value less cost to sell. No additional depreciation expense is recorded for vessels categorized as held for sale. |
Dry Docking Expenses and Amortization [Policy Text Block] | Dry Docking Expenses and Amortization Significant upgrades made to the vessels during dry docking are capitalized when incurred and amortized on a straight-line basis over the five year period until the next dry docking. Costs capitalized as part of the dry docking include direct costs incurred to meet regulatory requirements that add economic life to the vessel, that increase the vessel’s earnings capacity or which improve the vessel’s efficiency. Direct costs include the shipyard costs, parts, inspection fees, steel, blasting and painting. Expenditures for normal maintenance and repairs, whether incurred as part of the dry docking or not, are expensed as incurred. Unamortized dry-docking costs of vessels that are sold are written off and included in the calculation of the resulting gain or loss on sale. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | 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, since the market prices of second-hand vessels tend to fluctuate with changes in charter rates and the cost of new vessels. Historically, both charter rates and vessel values tend to be cyclical. The carrying amounts of vessels held and used by the Company are reviewed for potential impairment when events or changes in circumstances indicate that the carrying amount of a particular vessel 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 vessel and its eventual disposition is less than the vessel’s carrying amount. This assessment is made at the asset 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, age and classification. At December 31, 2016 and 2015 , the Company identified a potential impairment indicator based on the estimated market value of its vessels. As a result, the Company evaluated each asset group for impairment by estimating the total undiscounted cash flows expected to result from the use of the asset group and its eventual disposal. The significant factors and assumptions used in the undiscounted projected net operating cash flow analysis include: the Company’s estimate of future time charter equivalent (“TCE”) rates based on current rates under existing charters and contracts. The Company applies a multiple to account for expected growth or decline in TCE rates due to market conditions for periods beyond those for which rates are available. Projected net operating cash flows are net of brokerage and address commissions and exclude revenue on scheduled off-hire days. The Company uses current vessel operating expense amounts, 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. At December 31, 2016, the estimated undiscounted future cash flows were higher than the carrying amount of the vessels in the Company's fleet and as such, no loss on impairment was recognized. At December 31, 2015, the carrying amounts 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 , which is equal to the excess of the carrying amount of the assets over their fair value, is included in the consolidated statements of operations. |
Deferred Charges, Policy [Policy Text Block] | Debt Issuance Costs, Bank Fees and Amortization Qualifying expenses associated with commercial financing and fees paid to financial institutions to obtain financing are carried as a reduction of the outstanding debt and amortized over the term of the arrangement using the effective interest method. The unamortized portion is included as a reduction of secured long-term debt on the consolidated balance sheets. In connection with the Company’s new and amended secured term loans executed in 2016, the Company incurred financing costs of approximately $46,000 . In connection with the Company’s new and amended secured term loans executed in 2015, the Company incurred bank fees and financing costs of approximately $1,178,000 . Amortization of the debt issuance costs is included as a component of interest expense in the consolidated statements of income. Unamortized debt issuance costs of approximately $37,000 were written off in conjunction with the the repayment of the loan by Bulk Discovery in 2015. The components of net debt issuance costs and bank fees, which are included in secured long-term debt on the consolidated balance sheets are as follows: December 31, 2016 2015 Debt issuance costs and bank fees paid to financial institutions $ 5,321,206 $ 5,275,238 Less: accumulated amortization (3,792,695 ) (3,129,972 ) Unamortized debt issuance costs and bank fees $ 1,528,511 $ 2,145,266 Amortization included in interest expense $ 662,724 $ 745,522 |
Accounts Payable and Accrued Expenses [Policy Text Block] | Accounts Payable and Accrued Expenses The components of accounts payable and accrued expenses are as follows: December 31, 2016 2015 Accounts payable $ 15,435,179 $ 14,064,870 Accrued expenses 6,955,389 5,232,864 Accrued interest 412,984 455,818 Other accrued liabilities 427,627 2,402,650 Total $ 23,231,179 $ 22,156,202 |
Income Tax, Policy [Policy Text Block] | Taxation The Company is not subject to corporate income taxes on its profits in Bermuda because Bermuda does not impose an income tax. NBC, a wholly-owned subsidiary of the Company, is subject to a Danish tonnage tax. NBC is not taxed on the basis of their actual income derived from their business but on an alternative income determination based on the net tons carrying capability of their fleet. As the tax is not determined based on taxable income, NBC’s tax expense of approximately $198,000 (net of prior year adjustment of $79,000 ) and $373,000 is included within voyage expenses in the accompanying consolidated statements of operations as of December 31, 2016 and 2015 , respectively. Shipping income derived from sources outside the United States is not subject to any United States federal income tax. The Company is exempt from U.S. federal income taxation on its U.S. source shipping income if the Company’s Common Stock meets either the “Controlled Foreign Corporation Test” or the “Publicly-Traded Test” under Section 883 of the Code. To the extent the Company is unable to qualify for exemption from tax under Section 883, and the U.S. source shipping income is considered to be effectively connected with the conduct of a U.S. trade or business, as defined in the Code, the Company will be subject to U.S. federal income taxation of 4% of its U.S. source shipping income on a gross basis without the benefit of deductions. If certain other conditions are present, as defined in the Code, U.S. source shipping income, net of applicable deductions, may be subject to a U.S. federal corporate income tax of up to 35% and a 30% branch profits tax. The Company believes that none of its U.S. source shipping income will be effectively connected with the conduct of a U.S. trade or business. Since earnings from shipping operations of the Company are not subject to U.S. or foreign income taxation, the Company has not recorded income tax expense, deferred tax assets or liabilities for the years ending December 31, 2016 and 2015 . Under ASC 740-10, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The Company has determined that it has no uncertain tax positions as of December 31, 2016 and 2015 . Additionally, the Company accrues interest and penalties, if any, related to unrecognized tax benefits as a component of income tax expense. Where required, the Company complies with income tax filings in its various jurisdictions of operations. As of December 31, 2016 and 2015 , the Company is not subject to U.S. federal or foreign examinations by tax authorities for years before 2013. |
Dividends on Stock [Policy Text Block] | Dividends Dividends on common stock are recorded when declared by the Board of Directors. Refer to Note10 for a discussion regarding common stock dividends. |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Common Share Basic earnings per share ("EPS") is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted EPS is computed using the treasury stock method. Under this method, the amount of unrecognized compensation cost related to future services by employees who were awarded restricted shares is assumed to be used to repurchase common stock at the average market price during the period. The incremental shares (nonvested less repurchased) are considered to be outstanding for diluted EPS. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Exchange The Company conducts all of its business in U.S. dollars; accordingly, there are no foreign exchange transaction gains or losses reflected in the consolidated statements of income. |
Derivatives, Policy [Policy Text Block] | Derivatives and Hedging Activities The Company accounts for derivatives in accordance with the provisions of ASC 815, Derivatives and Hedging. The Company uses interest rate swaps to reduce market risks associated with its operations, principally changes in variable interest rates on its bank debt. Additionally, the Company uses forward freight agreements to protect against changes in charter rates and bunker (fuel) swaps to protect against changes in fuel prices. Derivative instruments are measured at fair value and are recorded as assets or liabilities. The Company is exposed to credit loss in the event of nonperformance by the counterparty to the interest rate swaps, forward freight agreements and bunker hedges. |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting Operating segments are components of a business that are evaluated regularly by the chief operating decision maker ("CODM") for the purpose of assessing performance and allocating resources. Based on the information that the CODM uses, including consideration of whether discrete financial information is available for the business activities, the Company has identified multiple operating segments which have been aggregated based on considerations such as the nature of its services, customers and operations. The Company has determined that it operates under one reportable segment. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and short-term debt approximate fair value due to the short-term maturities of these instruments. The carrying amount of a portion of the Company’s long-term debt approximates fair value due to the variable interest rates associated with the related credit facilities. At December 31, 2016 , the Company has nine fully fixed rate debt facilities and one facility of which fifty percent is fixed. At December 31, 2015 , the Company had six fixed rate debt facilities. The aggregate carrying amounts and fair values of the long-term debt associated with the fixed rate borrowing arrangements are as follows: December 31, 2016 2015 Carrying amount of long-term debt $ 82,001,821 $ 28,320,101 Fair value of long-term debt $ 82,224,170 $ 28,960,879 Fair values of these debt obligations were estimated based on quoted market prices for the same or similar issues of debt with the same remaining maturities, which is considered Level 2 in the fair value hierarchy established by ASC 820. |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain prior year amounts in the consolidated financial statements have been reclassified to conform to the current year’s presentation. These reclassifications had no effect on the Company’s previously reported consolidated operations or shareholders’ equity. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In November 2016, the FASB issued ASU 2016-18, Accounting Standards Update for Statement of Cash Flows. This update requires entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. As a result, entities will no longer be required to present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. When cash, cash equivalents, restricted cash and restricted cash equivalents are presented in more than one line item on the balance sheet, the new guidance requires a reconciliation of the totals in the statement of cash flows to the related captions in the balance sheet. Entities will also have to disclose the nature of their restricted cash and restricted cash equivalent balances. The guidance is effective for fiscal years beginning after December 15, 2017 and interim periods within those years. Early adoption is permitted. Entities are required to apply the guidance retrospectively. The Company is currently evaluating the effect of adopting this new accounting guidance. In February 2016, the FASB issued an ASU 2016-02, Accounting Standards Update for Leases. The update is intended to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. The Company does not typically enter into contracts with terms exceeding six months. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. Accordingly, the Company does not expect adoption of this guidance to have a material impact on its financial statements. In August 2014, the FASB issued ASU 2014-15, Accounting Standards Update for Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. Under this guidance, if conditions or events raise substantial doubt about an entity’s ability to continue as a going concern, but the substantial doubt is alleviated as a result of consideration of management’s plans, the entity should disclose information that enables users of the financial statements to understand all of the following: a. Principal conditions or events that raised substantial doubt about the entity’s ability to continue as a going concern (before consideration of management’s plans) b. Management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations c. Management’s plans that alleviated substantial doubt about the entity’s ability to continue as a going concern. The new standard was effective for annual periods ending after December 15, 2016. Implementation of this guidance did not have a material impact on its consolidated financial statements. In May 2014, the FASB issued an ASU 2014-09, Accounting Standards Update for Revenue from Contracts with Customers. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2017. While we are continuing to assess all potential impacts of the standard, we expect that revenue from vessels operating on time charter will continue to be recognized under current revenue recognition policies because the services being provided to its customers currently reflect the consideration to which the entity expects to be entitled in exchange for those services, and because these arrangements qualify as single performance obligations that meet the criteria to recognize revenue over time, as the customer is simultaneously receiving and consuming the benefits of these services. The performance obligation in a voyage charter is also the transportation service provided and also meets the criteria to recognize revenue over time. However, under the new standard, we expect revenue for these voyages to be recognized over the period between load port and discharge port in contrast to the current recognition policy to recognize revenue from discharge port to discharge port. The Company also believes that under the new standard, it will recognize an asset from certain costs incurred to fulfill contracts that have not begun to load if they meet the criteria outlined in this Update. Such assets will be amortized pro rata over the period of the contract. Neither of these changes is expected to have a material impact on the consolidated financial statements because the number of open voyages at any point in time are not a significant portion of the annual total and the difference in revenue is expected to be only a percentage of such voyage revenue. The new revenue standards may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect adjustment to opening retained earnings in the period of initial period of adoption and we have not yet selected which transition method we will apply. In addition, we are evaluating recently issued guidance on practical expedients as part of our transition decision. |
SUMMARY OF SIGNIFICANT ACCOUN21
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Cash and Cash Equivalents [Table Text Block] | Cash and cash equivalents include short-term deposits with an original maturity of less than three months. Cash and cash equivalents by type were as follows: December 31, 2016 2015 Money market accounts – cash equivalents $ 6,540,489 $ 28,491,872 Cash (1) 15,782,460 9,028,368 Total $ 22,322,949 $ 37,520,240 (1) Consists of cash deposits at various major banks. |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | At December 31, advance hire, prepaid expenses and other current assets were comprised of the following: 2016 2015 Advance hire $ 2,232,444 $ 1,138,300 Prepaid expenses 1,844,522 537,192 Other current assets 2,364,617 1,003,800 Total $ 6,441,583 $ 2,679,292 |
Schedule Of Bank Fees [Table Text Block] | The components of net debt issuance costs and bank fees, which are included in secured long-term debt on the consolidated balance sheets are as follows: December 31, 2016 2015 Debt issuance costs and bank fees paid to financial institutions $ 5,321,206 $ 5,275,238 Less: accumulated amortization (3,792,695 ) (3,129,972 ) Unamortized debt issuance costs and bank fees $ 1,528,511 $ 2,145,266 Amortization included in interest expense $ 662,724 $ 745,522 |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | The components of accounts payable and accrued expenses are as follows: December 31, 2016 2015 Accounts payable $ 15,435,179 $ 14,064,870 Accrued expenses 6,955,389 5,232,864 Accrued interest 412,984 455,818 Other accrued liabilities 427,627 2,402,650 Total $ 23,231,179 $ 22,156,202 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | At December 31, 2016 , the Company has nine fully fixed rate debt facilities and one facility of which fifty percent is fixed. At December 31, 2015 , the Company had six fixed rate debt facilities. The aggregate carrying amounts and fair values of the long-term debt associated with the fixed rate borrowing arrangements are as follows: December 31, 2016 2015 Carrying amount of long-term debt $ 82,001,821 $ 28,320,101 Fair value of long-term debt $ 82,224,170 $ 28,960,879 |
FIXED ASSETS (Tables)
FIXED ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | At December 31, fixed assets consisted of the following: 2016 2015 Vessels and vessel upgrades $ 313,102,479 $ 279,042,265 Capitalized dry docking 7,142,445 7,238,119 320,244,924 286,280,384 Accumulated depreciation and amortization (47,862,126 ) (33,963,405 ) Vessels, vessel upgrades and capitalized dry docking, net 272,382,798 252,316,979 Land and building 2,541,085 2,541,085 Internal use software 268,313 268,313 Computers and equipment 1,250,096 934,178 4,059,494 3,743,576 Accumulated depreciation (1,176,620 ) (914,748 ) Other fixed assets, net 2,882,874 2,828,828 Total fixed assets, net $ 275,265,672 $ 255,145,807 |
Property Plant and Equipment Schedule of Significant Acquisitions [Table Text Block] | The net carrying value of the Company’s fleet consists of the following: December 31, Vessel 2016 2015 m/v BULK PANGAEA $ 17,879,380 $ 19,555,658 m/v BULK PATRIOT 12,391,724 13,732,984 m/v BULK JULIANA 12,252,733 13,096,232 m/v NORDIC ODYSSEY 27,021,211 28,537,024 m/v NORDIC ORION 27,874,584 29,242,572 m/v BULK TRIDENT 14,962,163 15,696,689 m/v BULK BEOTHUK 12,006,270 12,653,475 m/v BULK NEWPORT 13,473,429 14,109,300 m/v NORDIC BOTHNIA 3,517,151 3,700,000 m/v NORDIC BARENTS 3,520,616 3,700,000 m/v NORDIC OSHIMA 31,346,414 32,540,468 m/v NORDIC OLYMPIC 31,560,965 32,780,722 m/v NORDIC ODIN 31,741,658 32,971,855 m/v NORDIC OASIS (1) 32,834,500 — $ 272,382,798 $ 252,316,979 (1) The m/v Nordic Oasis was delivered to the Company on January 5, 2016. |
DERIVATIVES AND FAIR VALUE ME23
DERIVATIVES AND FAIR VALUE MEASUREMENT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments, Gain (Loss) [Table Text Block] | Derivative instruments are as follows: December 31, 2016 2015 Interest rate swap agreement on: Long Wharf Construction to Term Loan: Notional amount $ — $ 976,500 Effective dates 2/1/11-1/24/21 Fair value at year-end — (103,783 ) |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Balance at December 31, 2016 Level 1 Level 2 Level 3 Margin accounts $ 488,084 $ 488,084 $ — $ — Fuel swap contracts $ 303,675 $ — $ 303,675 $ — Forward freight agreements $ (20,950 ) $ — $ (20,950 ) $ — 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) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | Amounts and notes payable to related parties consist of the following: December 31, 2015 Activity December 31, 2016 Included in accounts payable and accrued expenses on the consolidated balance sheets: Affiliated companies (trade payables) $ 1,254,985 $ (145,415 ) $ 1,109,570 Included in current related party debt on the consolidated balance sheets: Loan payable – 2011 Founders Note $ 4,325,000 $ — $ 4,325,000 Interest payable – 2011 Founders Note (i) 553,919 (185,572 ) 368,347 Promissory Note 4,000,000 (2,000,000 ) 2,000,000 Loan payable – BVH shareholder (STST) (ii) 4,442,500 4,836,300 9,278,800 Total current related party debt $ 13,321,419 $ 2,650,728 $ 15,972,147 i. Paid in cash ii. ST Shipping and Transport Pte. Ltd. ("STST") |
SECURED LONG-TERM DEBT (Tables)
SECURED LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt consists of the following: December 31, 2016 December 31, 2015 Bulk Pangaea Secured Note (1) $ 1,040,625 $ 1,734,375 Bulk Patriot Secured Note (1) 1,087,500 2,312,500 Bulk Trident Secured Note (1) 5,737,500 6,375,000 Bulk Juliana Secured Note (1) 3,042,186 3,718,229 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 (2) 77,325,001 89,625,000 Bulk Atlantic Secured Note 5,350,000 6,530,000 Bulk Phoenix Secured Note (1) 6,816,685 7,649,997 Term Loan Facility of USD 13,000,000 (Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.) 7,097,820 10,717,370 Bulk Nordic Oasis Ltd. Loan Agreement (2) 20,000,000 21,500,000 109 Long Wharf Commercial Term Loan 1,032,067 978,210 Phoenix Bulk Carriers (US) LLC Automobile Loan 28,582 — Phoenix Bulk Carriers (US) LLC Master Loan 236,242 — Total 128,794,208 151,140,681 Less: current portion (19,627,846 ) (19,499,262 ) Less: unamortized bank fees (1,528,511 ) (2,145,266 ) Secured long-term debt $ 107,637,851 $ 129,496,153 (1) The Bulk Pangaea Secured Note, the Bulk Patriot Secured Note, the Bulk Trident Secured Note, the Bulk Juliana Secured Note, and the Bulk Phoenix Secured Note are cross-collateralized by the vessels m/v Bulk Pangaea, m/v Bulk Patriot, m/v Bulk Trident, m/v Bulk Juliana, and m/v Bulk Newport and are guaranteed by the Company. (2) 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 [Table Text Block] | The future minimum annual payments under the debt agreements are as follows: Years ending December 31, 2017 $ 19,627,846 2018 21,704,371 2019 16,371,749 2020 19,021,179 2021 16,618,718 Thereafter 35,450,345 $ 128,794,208 |
COMMON STOCK AND NON-CONTROLL26
COMMON STOCK AND NON-CONTROLLING INTEREST (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Noncontrolling Interest [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Restricted share awards pursuant to the Amended Plan Shares Weighted-Average Grant-Date Fair Value Per Share Nonvested shares at December 31, 2015 1,376,857 $ 2.45 Granted 146,364 2.66 Vested (102,088 ) 3.29 Forfeited (59,784 ) 2.39 Nonvested at December 31, 2016 1,361,349 $ 2.46 Fiscal Years Ended December 31, 2016 2015 Fair value of restricted shares vested $ 336,364 $ 142,500 Unrecognized compensation cost for restricted shares $ 2,768,484 $ 3,120,082 Weighted average remaining period to expense for restricted shares (years) 3.30 3.33 |
Schedule of Dividends Payable [Table Text Block] | Dividends payable consist of the following, all of which are payable to related parties: 2008 common stock dividend 2012 common stock special dividend 2013 common stock dividend 2013 Odyssey and Orion dividend Total Balance at December 31, 2014 $ 2,574,125 $ 2,934,357 $ 6,411,540 $ 904,803 $ 12,824,825 Paid in cash (100,000 ) — — — (100,000 ) Balance at December 31, 2015 2,474,125 2,934,357 6,411,540 904,803 12,724,825 Paid in cash (100,000 ) — — — (100,000 ) Balance at December 31, 2016 $ 2,374,125 $ 2,934,357 $ 6,411,540 $ 904,803 $ 12,624,825 |
COMMITMENTS AND CONTINGENCIES S
COMMITMENTS AND CONTINGENCIES Schedule of Future Minimum Operating Lease Payments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Operating Lease Payments [Table Text Block] | Obligations under Operating Leases: Years ending December 31, 2017 581,008 2018 581,008 2019 365,000 2020 365,000 2021 193,000 2,085,016 |
Quarterly Data Quarterly Data (
Quarterly Data Quarterly Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | (Unaudited) 2016 2015 (Dollars in millions, except per share amounts. Figures may not foot due to rounding) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Revenues: Voyage revenue $ 42.0 $ 53.5 $ 66.0 $ 60.6 $ 90.6 $ 60.9 $ 64.6 $ 50.6 Charter revenue 2.0 3.4 4.8 5.7 4.5 4.2 6.6 5.3 43.9 57.0 70.8 66.3 95.1 65.1 71.2 55.9 Expenses: Voyage expense 18.5 26.8 29.2 29.2 45.3 28.1 30.4 21.8 Charter hire expense 8.5 15.0 19.7 20.5 24.7 15.2 20.6 15.5 Vessel operating expenses 6.9 7.9 7.5 8.6 7.8 7.1 8.5 8.2 General and administrative 3.0 2.9 3.2 3.6 4.3 3.9 3.6 3.1 Depreciation and amortization 3.5 3.5 3.5 3.5 3.0 3.3 3.2 3.3 Loss on impairment of vessels — — — — — — — 5.4 Loss on sale of vessels — — — — 0.1 0.5 0.1 — Total expenses 40.4 56.2 63.0 65.5 85.2 58.1 66.3 57.2 Income (loss) from operations 3.5 0.8 7.8 0.8 9.9 7.0 4.9 (1.3 ) Other income (expense): Interest expense, net (1.4 ) (1.5 ) (1.3 ) (1.3 ) (1.4 ) (1.3 ) (1.5 ) (1.2 ) Interest expense related party debt (0.1 ) (0.1 ) (0.1 ) (0.1 ) (0.1 ) (0.1 ) (0.1 ) (0.1 ) Unrealized (loss) gain on derivative instruments (0.3 ) 1.4 0.2 1.0 0.8 0.4 (0.5 ) (1.1 ) Other expense (0.1 ) 0.1 — (0.1 ) 0.1 0.1 — (1.1 ) Total other expense, net (1.9 ) (0.2 ) (1.2 ) (0.5 ) (0.6 ) (1.0 ) (2.1 ) (3.5 ) Net income (loss) 1.6 0.6 6.6 0.3 9.3 6.0 2.8 (4.8 ) (Income) loss attributable to noncontrolling interests (0.4 ) (0.5 ) (0.5 ) (0.3 ) (1.7 ) (0.6 ) 0.2 — Net income (loss) attributable to Pangaea Logistics Solutions Ltd. $ 1.2 $ 0.1 $ 6.1 $ 0.1 $ 7.6 $ 5.5 $ 3.0 $ (4.8 ) Quarterly Data (continued) (Unaudited) 2016 2015 (Dollars in millions, except per share amounts) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Earnings (loss) per common share: Basic $ 0.03 $ — $ 0.17 $ 0.002 $ 0.22 $ 0.16 $ 0.09 $ (0.14 ) Diluted $ 0.03 $ — $ 0.17 $ 0.002 $ 0.22 $ 0.16 $ 0.09 $ (0.14 ) Weighted average shares used to compute earnings per common share Basic 35,130,211 35,150,453 35,165,532 35,189,068 34,696,980 34,696,980 34,696,980 35,045,132 Diluted 35,201,307 35,337,290 35,347,403 35,581,897 34,695,930 34,887,177 35,004,808 35,382,734 Common Stock Information: Price Range: High 3.53 2.74 2.92 2.69 4.70 3.77 3.68 3.65 Low 2.46 2.29 2.25 2.12 2.70 2.22 2.72 2.57 |
GENERAL INFORMATION General Inf
GENERAL INFORMATION General Information (Details Textual) - shares | Dec. 31, 2016 | Dec. 31, 2015 |
General Information [Abstract] | ||
Common Stock, Shares, Outstanding | 36,590,417 | 36,503,837 |
Common Stock, Shares, Issued | 36,590,417 | 36,503,837 |
Founders share of common stock issued/outstanding, percentage | 47.20% |
COMPLETED MERGERS (Details Text
COMPLETED MERGERS (Details Textual) - shares | Dec. 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Shares, Issued | 36,590,417 | 36,503,837 |
Common Stock, Shares, Outstanding | 36,590,417 | 36,503,837 |
NATURE OF ORGANIZATION (Details
NATURE OF ORGANIZATION (Details Textual) | Dec. 31, 2016 | Dec. 31, 2015 |
BVH [Member] | ||
Nature Of Organization [Line Items] | ||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% |
SUMMARY OF SIGNIFICANT ACCOUN32
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Accounting Policies [Abstract] | |||
Money market accounts - cash equivalents | $ 6,540,489 | $ 28,491,872 | |
Cash | 15,782,460 | 9,028,368 | |
Total | $ 22,322,949 | $ 37,520,240 | $ 29,817,507 |
SUMMARY OF SIGNIFICANT ACCOUN33
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Basis Of Presentation And General Information [Line Items] | ||
Advance hire | $ 2,232,444 | $ 1,138,300 |
Prepaid expenses | 1,844,522 | 537,192 |
Other current assets | 2,364,617 | 1,003,800 |
Total | $ 6,441,583 | $ 2,679,292 |
SUMMARY OF SIGNIFICANT ACCOUN34
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | ||
Deferred financing costs | $ 5,321,206 | $ 5,275,238 |
Less: accumulated amortization | (3,792,695) | (3,129,972) |
Unamortized bank fees | 1,528,511 | 2,145,266 |
Amortization of deferred financing costs | $ 662,724 | $ 745,522 |
SUMMARY OF SIGNIFICANT ACCOUN35
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 4) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Accounting Policies [Line Items] | ||
Accounts payable | $ 15,435,179 | $ 14,064,870 |
Accrued expenses | 6,955,389 | 5,232,864 |
Accrued interest | 412,984 | 455,818 |
Other accrued liabilities | 427,627 | 2,402,650 |
Total | $ 23,231,179 | $ 22,156,202 |
SUMMARY OF SIGNIFICANT ACCOUN36
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 5) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Accounting Policies [Line Items] | ||
Carrying amount of long-term debt | $ 82,001,821 | $ 28,320,101 |
Fair value of long-term debt | $ 82,224,170 | $ 28,960,879 |
SUMMARY OF SIGNIFICANT ACCOUN37
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Line Items] | ||||||||||
Share-based Compensation | $ 601,921 | $ 457,068 | ||||||||
Vessels Salvage Value Per Lightweight Ton | $ 300 | 300 | ||||||||
Allowance for Doubtful Accounts Receivable | 4,752,265 | $ 5,067,194 | 4,752,265 | 5,067,194 | ||||||
Provision for Doubtful Accounts | 922,414 | 974,952 | ||||||||
Allowance for Doubtful Accounts Receivable, Write-offs | 1,237,000 | 157,000 | ||||||||
Deferred Finance Costs, Net | 1,528,511 | 2,145,266 | 1,528,511 | 2,145,266 | ||||||
Income Tax Expense (Benefit) | 198,000 | 373,000 | ||||||||
Nonoperating Income (Expense) | (100,000) | $ 0 | $ 100,000 | $ (100,000) | (1,100,843) | $ 30,000 | $ 60,935 | $ 83,149 | (158,528) | (926,759) |
Loss on impairment of vessels | 0 | $ 0 | $ 0 | $ 0 | 5,354,023 | $ 0 | $ 0 | $ 0 | 0 | 5,354,023 |
Write off of Deferred Debt Issuance Cost | 37,000 | |||||||||
Other Assets, Current | 2,364,617 | 1,003,800 | 2,364,617 | 1,003,800 | ||||||
Restricted Cash and Cash Equivalents, Current | 6,100,000 | 2,003,341 | 6,100,000 | 2,003,341 | ||||||
Bulk Atlantic Secured Note [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Restricted Cash and Cash Equivalents, Current | 1,100,000 | 500,000 | 1,100,000 | 500,000 | ||||||
Senior Secured Post-Delivery Term Loan Facility [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Restricted Cash and Cash Equivalents, Current | 2,500,000 | 2,500,000 | ||||||||
Bulk Nordic Odin, Bulk Nordic Olympic, Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement [Member] [Domain] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Restricted Cash and Cash Equivalents, Current | 2,500,000 | 2,500,000 | ||||||||
Bank of America Letter of Credit [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Restricted Cash and Cash Equivalents, Current | 500,000 | 500,000 | ||||||||
Secured Term Loan Obtained In 2015 [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Deferred Finance Costs, Net | $ 46,000 | 1,178,000 | $ 46,000 | 1,178,000 | ||||||
Nordic Bothnia And Nordic Barents [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Loss on impairment of vessels | $ 5,400,000 | |||||||||
Maximum [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
U.S. Federal Corporate Income Tax Rate Gross | 35.00% | 35.00% | ||||||||
Maximum [Member] | Vessels [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Property, Plant and Equipment, Useful Life | 30 years | |||||||||
Maximum [Member] | Current Fleet [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Property, Plant and Equipment, Useful Life | 25 years | |||||||||
Minimum [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
U.S. Federal Corporate Income Tax Rate Gross | 30.00% | 30.00% | ||||||||
Minimum [Member] | Vessels [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Property, Plant and Equipment, Useful Life | 25 years | |||||||||
Minimum [Member] | Current Fleet [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Property, Plant and Equipment, Useful Life | 4 years | |||||||||
Sales Revenue, Net [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Concentration Risk, Percentage | 22.00% | 13.00% | ||||||||
Concentration Risk, Geographic | 0.1 | 0.1 | ||||||||
Concentration Risk, Customer | 2 | 1 | ||||||||
Sales Revenue, Net [Member] | UNITED STATES | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Concentration Risk, Percentage | 21.00% | 29.00% | ||||||||
Sales Revenue, Net [Member] | SWITZERLAND | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Concentration Risk, Percentage | 13.00% | |||||||||
Sales Revenue, Net [Member] | CANADA | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Concentration Risk, Percentage | 21.00% | 15.00% | ||||||||
Trade Accounts Receivable [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Concentration Risk, Percentage | 29.00% | 59.00% | ||||||||
Concentration Risk, Customer | 2 | 2 | ||||||||
Accounts Receivable [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Concentration Risk, Geographic | 0.1 | 0.1 | ||||||||
Accounts Receivable [Member] | UNITED STATES | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Concentration Risk, Percentage | 30.00% | 35.00% | ||||||||
Accounts Receivable [Member] | SWITZERLAND | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Concentration Risk, Percentage | 11.00% | |||||||||
Accounts Receivable [Member] | CANADA | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Concentration Risk, Percentage | 20.00% | 41.00% | ||||||||
shareholder lawsuit [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Restricted Cash and Cash Equivalents, Current | $ 1,000,000 | $ 1,000,000 | ||||||||
prior year refund [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Income Tax Expense (Benefit) | $ 79,000 |
LOSS PER SHARE (Details)
LOSS PER SHARE (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Numerator: | ||||||||||
Net (loss) income attributable to Pangaea Logistics Solutions Ltd. | $ 100,000 | $ 6,100,000 | $ 100,000 | $ 1,200,000 | $ (4,787,042) | $ 3,002,669 | $ 5,460,637 | $ 7,599,929 | $ 7,456,955 | $ 11,276,193 |
Denominator: | ||||||||||
Weighted Average Number of Shares Outstanding, Basic | 35,189,068 | 35,165,532 | 35,150,453 | 35,130,211 | 35,045,132 | 34,696,980 | 34,696,980 | 34,696,980 | 35,158,917 | 34,784,733 |
Weighted Average Number of Shares Outstanding, Diluted | 35,581,897 | 35,347,403 | 35,337,290 | 35,201,307 | 35,382,734 | 35,004,808 | 34,887,177 | 34,695,930 | 35,376,950 | 34,957,542 |
Earnings Per Share, Basic | $ 0.002 | $ 0.17 | $ 0 | $ 0.03 | $ (0.14) | $ 0.09 | $ 0.16 | $ 0.22 | $ 0.21 | $ 0.32 |
Earnings Per Share, Diluted | $ 0.002 | $ 0.17 | $ 0 | $ 0.03 | $ (0.14) | $ 0.09 | $ 0.16 | $ 0.22 | $ 0.21 | $ 0.32 |
VARIABLE INTEREST ENTITIES (Det
VARIABLE INTEREST ENTITIES (Details Textual) - USD ($) | Jan. 31, 2017 | Oct. 13, 2015 | Jun. 22, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Variable Interest Entity [Line Items] | ||||||
Retained Earnings (Accumulated Deficit), Total | $ (17,409,579) | $ (24,866,534) | ||||
Long Wharf [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 700,000 | 800,000 | ||||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 1,000,000 | 1,189,000 | ||||
Variable Interest Entity Consolidated Carrying Amount Stockholders Equity | (400,000) | (264,000) | ||||
Nordic Bulk Ventures Holding Company Ltd and ST Shipping and Transport Ltd [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 161,300,000 | 171,000,000 | ||||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 98,100,000 | 112,000,000 | ||||
Variable Interest Entity Consolidated Carrying Amount Stockholders Equity | (2,800,000) | (1,900,000) | ||||
Noncontrolling Interest in Variable Interest Entity | 60,400,000 | 57,100,000 | ||||
Nordic Bulk Ventures Holding Company Ltd, Bulk Nordic Five Ltd and Bulk Nordic Six Ltd [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 9,500,000 | 4,402,000 | ||||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 9,600,000 | 4,500,000 | ||||
Variable Interest Entity Consolidated Carrying Amount Stockholders Equity | 47,000 | 33,000 | ||||
Retained Earnings (Accumulated Deficit), Total | 42,000 | 28,000 | ||||
Nordic Bulk Holding [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 5,500,000 | 6,100,000 | ||||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 5,100,000 | 7,600,000 | ||||
Variable Interest Entity Consolidated Carrying Amount Stockholders Equity | (500,000) | 1,500,000 | ||||
mv BULK CAJUN [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 46,200,000 | 53,000,000 | ||||
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 46,000,000 | 54,100,000 | ||||
Variable Interest Entity Consolidated Carrying Amount Stockholders Equity | $ (200,000) | $ 1,100,000 | ||||
Nordic Bulk Ventures (Cyprus) Limited (NBV) [Member] | Nordic Bulk Holdings ApS (NBH) [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 24.50% | 24.50% | ||||
Business Combination, Consideration Transferred | $ 400,000 | $ 250,000 | ||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 51.00% | |||||
Conversion of Intercompany Debt to Additional Shares in Subsidiary of Acquiree [Member] | Nordic Bulk Ventures (Cyprus) Limited (NBV) [Member] | Nordic Bulk Holdings ApS (NBH) [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Debt Conversion, Original Debt, Amount | $ 4,000,000 | |||||
Subsequent Event [Member] | BVH [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% | |||||
Business Combination, Consideration Transferred | $ 800,000 | |||||
Nordic Bulk Carriers AS (NBC) [Member] | Nordic Bulk Holdings ApS (NBH) [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% |
FIXED ASSETS (Details)
FIXED ASSETS (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Vessels And Vessel Improvements Property Plant And Equipment Gross | $ 320,244,924 | $ 286,280,384 |
Accumulated depreciation and amortization | (47,862,126) | (33,963,405) |
Vessels, vessel upgrades and capitalized dry docking, net | 272,382,798 | 252,316,979 |
Property, Plant and Equipment, Gross | 4,059,494 | 3,743,576 |
Accumulated depreciation | (1,176,620) | (914,748) |
Other fixed assets, net | 2,882,874 | 2,828,828 |
Total fixed assets, net | 275,265,672 | 255,145,807 |
Vessels and Vessel upgrades [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Vessels And Vessel Improvements Property Plant And Equipment Gross | 313,102,479 | 279,042,265 |
Capitalized Dry Docking [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Vessels And Vessel Improvements Property Plant And Equipment Gross | 7,142,445 | 7,238,119 |
Land and Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 2,541,085 | 2,541,085 |
Internal Use Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 268,313 | 268,313 |
Computers and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 1,250,096 | $ 934,178 |
FIXED ASSETS (Details 1)
FIXED ASSETS (Details 1) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Vessels And Vessel Improvements Property Plant And Equipment Net | $ 272,382,798 | $ 252,316,979 |
mv BULK PANGAEA [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Vessels And Vessel Improvements Property Plant And Equipment Net | 17,879,380 | 19,555,658 |
mv BULK PATRIOT [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Vessels And Vessel Improvements Property Plant And Equipment Net | 12,391,724 | 13,732,984 |
mv Nordic Bulk Oasis [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Vessels And Vessel Improvements Property Plant And Equipment Net | 32,834,500 | 0 |
mv BULK JULIANA [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Vessels And Vessel Improvements Property Plant And Equipment Net | 12,252,733 | 13,096,232 |
mv NORDIC ODYSSEY [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Vessels And Vessel Improvements Property Plant And Equipment Net | 27,021,211 | 28,537,024 |
Bulk Nordic Orion Ltd [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Vessels And Vessel Improvements Property Plant And Equipment Net | 27,874,584 | 29,242,572 |
mv BULK TRIDENT [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Vessels And Vessel Improvements Property Plant And Equipment Net | 14,962,163 | 15,696,689 |
mv BULK BEOTHUK [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Vessels And Vessel Improvements Property Plant And Equipment Net | 12,006,270 | 12,653,475 |
mv BULK NEWPORT [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Vessels And Vessel Improvements Property Plant And Equipment Net | 13,473,429 | 14,109,300 |
mv NORDIC BOTHNIA [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Vessels And Vessel Improvements Property Plant And Equipment Net | 3,517,151 | 3,700,000 |
mv NORDIC BARENTS [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Vessels And Vessel Improvements Property Plant And Equipment Net | 3,520,616 | 3,700,000 |
mv NORDIC OSHIMA [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Vessels And Vessel Improvements Property Plant And Equipment Net | 31,346,414 | 32,540,468 |
mv NORDIC OLYMPIC [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Vessels And Vessel Improvements Property Plant And Equipment Net | 31,560,965 | 32,780,722 |
mv NORDIC ODIN [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Vessels And Vessel Improvements Property Plant And Equipment Net | $ 31,741,658 | $ 32,971,855 |
FIXED ASSETS (Details Textual)
FIXED ASSETS (Details Textual) - USD ($) | Jul. 05, 2016 | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | |||
rental expense per year under bareboat charter, next 5 years | $ 365,000 | ||
Purchase of vessels | $ 319,433 | $ 44,799,563 | |
Payments to Acquire Buildings | 9,618,964 | 27,209,306 | |
mv NORDIC ODIN [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Purchase of vessels | 33,800,000 | ||
Panamax Vessels [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Payments to Acquire Buildings | $ 18,400,000 | $ 33,800,000 |
MARGIN ACCOUNTS (Details Textua
MARGIN ACCOUNTS (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Forward Contracts [Member] | ||
Margin Accounts [Line Items] | ||
Margin Deposit Assets | $ 488 | $ 433 |
DERIVATIVES AND FAIR VALUE ME44
DERIVATIVES AND FAIR VALUE MEASUREMENT (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Inception Date | Feb. 1, 2011 | |
Derivative, Maturity Date | Jan. 24, 2021 | |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | $ 976,500 | $ 0 |
Fair Value, Net Asset (Liability) | $ 103,783 |
DERIVATIVES AND FAIR VALUE ME45
DERIVATIVES AND FAIR VALUE MEASUREMENT (Details 1) - Fair Value, Measurements, Recurring [Member] - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Margin Accounts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Net Asset (Liability) | $ 488,084 | $ (433,000) |
Margin Accounts [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Net Asset (Liability) | 488,084 | 433,000 |
Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Net Asset (Liability) | 0 | (103,783) |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Net Asset (Liability) | (103,783) | |
Forward Freight Agreements [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Net Asset (Liability) | (20,950) | |
Forward Freight Agreements [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Net Asset (Liability) | 20,950 | |
Fuel Swap Contracts [Member] | Fuel [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Net Asset (Liability) | 303,675 | 1,776,975 |
Fuel Swap Contracts [Member] | Fuel [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Net Asset (Liability) | $ 303,675 | $ 1,776,975 |
DERIVATIVES AND FAIR VALUE ME46
DERIVATIVES AND FAIR VALUE MEASUREMENT (Details Textual) | 12 Months Ended | |
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)swap | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Number of Instruments Held | swap | 1 | |
Swap [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | $ (2,081,000) | $ 386,000 |
Interest Rate Swap [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Fixed Interest Rate | 6.63% | |
Derivative, Gain (Loss) on Derivative, Net | (104,000) | $ 9,000 |
Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair Value, Net Asset (Liability) | (20,950) | |
Fair Value, Measurements, Recurring [Member] | Swap [Member] | Fuel [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair Value, Net Asset (Liability) | 303,675 | 1,776,975 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair Value, Net Asset (Liability) | $ 0 | (103,783) |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair Value, Net Asset (Liability) | $ 103,783 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | ||
Related party debt | $ 15,972,147 | $ 13,321,419 |
Related Party Debt Current [Member] | ||
Related Party Transaction [Line Items] | ||
Related party debt | 15,972,147 | 13,321,419 |
Proceeds from (Repayments of) Related Party Debt | 2,650,728 | |
Loan Payable 2011 Founders Note [Member] | Related Party Debt Current [Member] | Loans Payable [Member] | ||
Related Party Transaction [Line Items] | ||
Related party debt | 4,325,000 | 4,325,000 |
Proceeds from (Repayments of) Related Party Debt | 0 | |
Interest Payable 2011 Founders Note [Member] | Related Party Debt Current [Member] | Loans Payable [Member] | ||
Related Party Transaction [Line Items] | ||
Related party debt | 368,347 | 553,919 |
Proceeds from (Repayments of) Related Party Debt | (185,572) | |
Loan Payable BVH shareholder STST [Member] | Related Party Debt Current [Member] | Loans Payable [Member] | ||
Related Party Transaction [Line Items] | ||
Related party debt | 9,278,800 | 4,442,500 |
Proceeds from (Repayments of) Related Party Debt | 4,836,300 | |
Affiliated Companies [Member] | Accounts Payable and Accrued Liabilities [Member] | ||
Related Party Transaction [Line Items] | ||
Related party debt | 1,254,985 | |
Proceeds from (Repayments of) Related Party Debt | (145,415) | |
Loan Payable To Founders [Member] | Related Party Debt Current [Member] | Loans Payable [Member] | ||
Related Party Transaction [Line Items] | ||
Related party debt | 2,000,000 | $ 4,000,000 |
Proceeds from (Repayments of) Related Party Debt | $ (2,000,000) |
RELATED PARTY TRANSACTIONS (D48
RELATED PARTY TRANSACTIONS (Details Textual) - USD ($) | Oct. 01, 2011 | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 30, 2014 |
Related Party Transaction [Line Items] | ||||
Repayments of Related Party Debt | $ 2,500,497 | $ 1,216,250 | ||
Proceeds from Related Party Debt | 4,836,300 | 6,853,336 | ||
Due to Related Parties, Current | 15,972,147 | 13,321,419 | ||
Founder [Member] | ||||
Related Party Transaction [Line Items] | ||||
Proceeds from Related Party Debt | $ 10,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |||
Notes Payable, Related Parties, Current | 4,325,000 | 4,325,000 | ||
Bulk Invest, Ltd. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |||
Debt Instrument, Face Amount | $ 5,000,000 | |||
STST [Member] | ||||
Related Party Transaction [Line Items] | ||||
Proceeds from Related Party Debt | 9,278,800 | |||
Seamar [Member] | ||||
Related Party Transaction [Line Items] | ||||
Notes Payable, Related Parties, Current | 1,109,570 | 1,254,985 | ||
Technical management fees | 1,963,200 | 2,262,000 | ||
Related Party Debt Current [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due to Related Parties, Current | 15,972,147 | 13,321,419 | ||
Related Party Debt Current [Member] | Loans Payable [Member] | Loan Payable To Founders [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due to Related Parties, Current | $ 2,000,000 | 4,000,000 | ||
Accounts Payable and Accrued Liabilities [Member] | Affiliated Companies [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due to Related Parties, Current | $ 1,254,985 |
LINE OF CREDIT (Details Textual
LINE OF CREDIT (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Line of Credit Facility [Line Items] | ||
Repayments of Lines of Credit | $ 0 | $ 3,000,000 |
SECURED LONG-TERM DEBT (Details
SECURED LONG-TERM DEBT (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Long-term Debt [Line Items] | ||
Secured Debt | $ 128,794,208 | $ 151,140,681 |
Less: current portion | (19,627,846) | (19,499,262) |
Less: unamortized bank fees | (1,528,511) | (2,145,266) |
Secured long-term debt, net | 107,637,851 | 129,496,153 |
Bulk Pangaea Secured Note [Member] | ||
Long-term Debt [Line Items] | ||
Secured Debt | 1,040,625 | 1,734,375 |
Bulk Patriot Secured Note [Member] | ||
Long-term Debt [Line Items] | ||
Secured Debt | 1,087,500 | 2,312,500 |
Bulk Trident Secured Note [Member] | ||
Long-term Debt [Line Items] | ||
Secured Debt | 5,737,500 | 6,375,000 |
Bulk Juliana Secured Note [Member] | ||
Long-term Debt [Line Items] | ||
Secured Debt | 3,042,186 | 3,718,229 |
Bulk Nordic Odin, Bulk Nordic Olympic, Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement [Member] [Domain] | ||
Long-term Debt [Line Items] | ||
Secured Debt | 77,325,001 | 89,625,000 |
Bulk Atlantic Secured Note [Member] | ||
Long-term Debt [Line Items] | ||
Secured Debt | 5,350,000 | 6,530,000 |
Bulk Phoenix Secured Note [Member] | ||
Long-term Debt [Line Items] | ||
Secured Debt | 6,816,685 | 7,649,997 |
Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd. [Member] | ||
Long-term Debt [Line Items] | ||
Secured Debt | 7,097,820 | 10,717,370 |
Bulk Nordic Oasis Ltd. Loan Agreement [Member] | ||
Long-term Debt [Line Items] | ||
Secured Debt | 20,000,000 | 21,500,000 |
Long Wharf Construction to Term Loan [Member] | ||
Long-term Debt [Line Items] | ||
Secured Debt | 1,032,067 | 978,210 |
PBC US LLC Automobile Loan [Member] | ||
Long-term Debt [Line Items] | ||
Secured Debt | 28,582 | 0 |
PBC US LLC Master Loan [Member] | ||
Long-term Debt [Line Items] | ||
Secured Debt | $ 236,242 | $ 0 |
SECURED LONG-TERM DEBT (Detai51
SECURED LONG-TERM DEBT (Details 1) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Long-term Debt [Line Items] | ||
Secured Debt | $ 128,794,208 | $ 151,140,681 |
2,015 | 19,627,846 | |
2,016 | 21,704,371 | |
2,017 | 16,371,749 | |
2,018 | 19,021,179 | |
2,019 | 16,618,718 | |
Thereafter | 35,450,345 | |
Long-term Debt | $ 128,794,208 |
SECURED LONG-TERM DEBT (Detai52
SECURED LONG-TERM DEBT (Details Textual) | Dec. 21, 2016USD ($) | Sep. 30, 2016USD ($) | Sep. 19, 2016USD ($)installment | Aug. 08, 2016USD ($) | Jul. 14, 2016installment | May 27, 2016USD ($)installment | May 10, 2016USD ($) | May 05, 2016USD ($) | Mar. 15, 2016USD ($) | Dec. 11, 2015USD ($)installment | Sep. 28, 2015USD ($)installment | Mar. 07, 2014USD ($)trancheinstallment | May 31, 2013USD ($)installment | Apr. 30, 2013USD ($) | Feb. 18, 2013USD ($)installment | Apr. 30, 2012USD ($)installment | Feb. 18, 2015USD ($) | Mar. 31, 2017 | Jan. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 28, 2016 | Jan. 23, 2014USD ($) | Sep. 30, 2011USD ($) | Dec. 31, 2009USD ($) |
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Minimum Value Clause, Percent of Outstanding Indebtedness | 100.00% | |||||||||||||||||||||||
Letter of Credit [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Restricted Cash and Cash Equivalents | $ 1,100,000 | |||||||||||||||||||||||
Bulk Nordic Odin, Bulk Nordic Olympic, Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement [Member] [Domain] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Optional prepayment of debt principal | $ 4,800,000 | |||||||||||||||||||||||
Secured Debt [Member] | Bulk Pangaea Secured Note [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 12,250,000 | |||||||||||||||||||||||
Debt Instrument, Number of Periodic Payments | installment | 3 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 346,875 | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.96% | |||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||||||||||||||||||||||
Secured Debt [Member] | Bulk Patriot Secured Note [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 12,000,000 | |||||||||||||||||||||||
Debt Instrument, Number of Periodic Payments | installment | 2 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 543,750 | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.01% | |||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||||||||||||||||||||||
Secured Debt [Member] | Bulk Trident Secured Note [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 10,200,000 | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.29% | |||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 2,777,500 | |||||||||||||||||||||||
Secured Debt [Member] | Bulk Juliana Secured Note [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 8,112,500 | |||||||||||||||||||||||
Debt Instrument, Number of Periodic Payments | installment | 6 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 507,031 | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.38% | |||||||||||||||||||||||
Secured Debt [Member] | Bulk Phoenix Secured Note [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 10,000,000 | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.09% | |||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 1,816,659 | |||||||||||||||||||||||
Secured Debt [Member] | Bulk Atlantic Secured Note [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 8,520,000 | |||||||||||||||||||||||
Debt Instrument, Number of Periodic Payments | installment | 8 | 3 | ||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 550,000 | $ 90,000 | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.46% | |||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 4,170,000 | |||||||||||||||||||||||
Secured Debt [Member] | Bulk Atlantic Secured Note [Member] | Twelve Equal Quarterly Installments [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Number of Periodic Payments | installment | 12 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 295,000 | |||||||||||||||||||||||
Secured Debt [Member] | Bulk Nordic Oasis Ltd. Loan Agreement [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 21,500,000 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | 375,000 | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.30% | |||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 12,500,000 | |||||||||||||||||||||||
Secured Debt [Member] | mv Nordic Bulk Oasis [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Number of Periodic Payments | installment | 24 | |||||||||||||||||||||||
Secured Debt [Member] | Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 13,000,000 | |||||||||||||||||||||||
Debt Instrument, Cash Collateral Posted | $ 711,000 | $ 547,955 | $ 1,200,000 | |||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 1,755,415 | |||||||||||||||||||||||
Debt Instrument, Payment Terms | In addition, any cash in excess of $750,000 per borrower on any repayment date shall be applied toward prepayment of the relevant loan in inverse order, so the balloon payment is prepaid first. | |||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||||||||||||||||||||||
Debt Instrument, Number of Tranches | tranche | 2 | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.50% | |||||||||||||||||||||||
Secured Debt [Member] | Nordic Bulk BothnIa Ltd. [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Long-term Line of Credit | $ 6,500,000 | |||||||||||||||||||||||
Secured Debt [Member] | Nordic Bulk Barents Ltd. [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Long-term Line of Credit | $ 6,500,000 | |||||||||||||||||||||||
Secured Debt [Member] | 109 Long Wharf Commercial Term Loan [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 1,096,000 | |||||||||||||||||||||||
Debt Instrument, Number of Periodic Payments | installment | 120 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 9,133 | |||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.80% | |||||||||||||||||||||||
Secured Debt [Member] | PBC US LLC Automobile Loan [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 29,435 | |||||||||||||||||||||||
Debt Instrument, Number of Periodic Payments | installment | 60 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 539 | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.74% | |||||||||||||||||||||||
Secured Debt [Member] | PBC US LLC Master Loan [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 250,536 | |||||||||||||||||||||||
Debt Instrument, Number of Periodic Payments | 48 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 5,741 | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | |||||||||||||||||||||||
m/v Nordic Odin and m/v Nordic Olympic [Member] | Bulk Nordic Odin, Bulk Nordic Olympic, Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement [Member] [Domain] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Cash Collateral Posted | 1,141,850 | |||||||||||||||||||||||
m/v Nordic Odin and m/v Nordic Olympic [Member] | Secured Debt [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 21,750,000 | |||||||||||||||||||||||
m/v Nordic Odin and m/v Nordic Olympic [Member] | Secured Debt [Member] | Bulk Nordic Odin, Bulk Nordic Olympic, Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement [Member] [Domain] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Number of Periodic Payments | installment | 28 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 375,000 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 11,233,150 | |||||||||||||||||||||||
Odyssey And Orion [Member] | Bulk Nordic Odin, Bulk Nordic Olympic, Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement [Member] [Domain] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Cash Collateral Posted | 697,797 | |||||||||||||||||||||||
Odyssey And Orion [Member] | Secured Debt [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 13,500,000 | |||||||||||||||||||||||
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] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Number of Periodic Payments | installment | 20 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 5,677,203 | |||||||||||||||||||||||
Debt Instrument, 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] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.40% | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.40% | |||||||||||||||||||||||
mv NORDIC OSHIMA [Member] | Bulk Nordic Odin, Bulk Nordic Olympic, Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement [Member] [Domain] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Cash Collateral Posted | $ 1,120,705 | |||||||||||||||||||||||
mv NORDIC OSHIMA [Member] | Secured Debt [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 21,000,000 | |||||||||||||||||||||||
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] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.00% | |||||||||||||||||||||||
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] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, 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] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 375,000 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 11,254,295 | |||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.25% | |||||||||||||||||||||||
Subsequent Event [Member] | Secured Debt [Member] | Bulk Endurance Senior Tranche Loan [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 16,000,000 | |||||||||||||||||||||||
Subsequent Event [Member] | Secured Debt [Member] | Bulk Endurance Junior Tranche Loan [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 3,500,000 | |||||||||||||||||||||||
Subsequent Event [Member] | m/v Nordic Odin and m/v Nordic Olympic [Member] | Secured Debt [Member] | Bulk Nordic Odin, Bulk Nordic Olympic, Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement [Member] [Domain] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.95% | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Portion Fixed | 50.00% | |||||||||||||||||||||||
Subsequent Event [Member] | 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] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.24% | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Portion Fixed | 50.00% | |||||||||||||||||||||||
Subsequent Event [Member] | mv NORDIC 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] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.16% | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Portion Fixed | 50.00% | |||||||||||||||||||||||
Twenty Two Equal Quarterly Installments Per Borrower [Member] | Secured Debt [Member] | Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Number of Periodic Payments | installment | 22 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 163,045 | |||||||||||||||||||||||
two quarterly installments [Member] | Secured Debt [Member] | Bulk Phoenix Secured Note [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Number of Periodic Payments | installment | 2 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 700,000 | |||||||||||||||||||||||
four quarterly installments [Member] | Secured Debt [Member] | Bulk Atlantic Secured Note [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Number of Periodic Payments | installment | 4 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 327,500 | |||||||||||||||||||||||
Seven Equal Quarterly Installments [Member] | Secured Debt [Member] | Bulk Phoenix Secured Note [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Number of Periodic Payments | installment | 7 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 442,858 | |||||||||||||||||||||||
deferred quarterly debt payments [Member] | Secured Debt [Member] | Bulk Juliana Secured Note [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Number of Periodic Payments | installment | 3 | |||||||||||||||||||||||
deferred quarterly debt payments [Member] | Secured Debt [Member] | Bulk Phoenix Secured Note [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Number of Periodic Payments | installment | 2 | |||||||||||||||||||||||
deferred quarterly debt payments [Member] | Secured Debt [Member] | Bulk Atlantic Secured Note [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Number of Periodic Payments | installment | 2 | |||||||||||||||||||||||
One Installment Per Borrower [Member] | Secured Debt [Member] | Bulk Phoenix Secured Note [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Number of Periodic Payments | installment | 1 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 500,000 | |||||||||||||||||||||||
One Installment Per Borrower [Member] | Secured Debt [Member] | Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 163,010 | |||||||||||||||||||||||
Tranche A [Member] | Secured Debt [Member] | Bulk Nordic Six Ltd. Loan Agreement [Domain] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 19,500,000 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 11,667,667 | |||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.75% | |||||||||||||||||||||||
Tranche A [Member] | three equal quarterly installments [Member] | Secured Debt [Member] | Bulk Nordic Six Ltd. Loan Agreement [Domain] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Number of Periodic Payments | 3 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 100,000 | |||||||||||||||||||||||
Tranche A [Member] | seventeen equal quarterly installments [Member] | Secured Debt [Member] | Bulk Nordic Six Ltd. Loan Agreement [Domain] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Number of Periodic Payments | 17 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 266,667 | |||||||||||||||||||||||
Tranche B [Member] | Secured Debt [Member] | Bulk Nordic Six Ltd. Loan Agreement [Domain] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 3,500,000 | |||||||||||||||||||||||
Debt Instrument, Number of Periodic Payments | 18 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 65,000 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 2,330,000 | |||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 6.00% | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 7.00% |
COMMON STOCK AND NON-CONTROLL53
COMMON STOCK AND NON-CONTROLLING INTEREST RESTRICTED STOCK AWARDS (SCHEDULE OF ACTIVITY) (Details) | 12 Months Ended |
Dec. 31, 2016$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 3.29 |
COMMON STOCK AND NON-CONTROLL54
COMMON STOCK AND NON-CONTROLLING INTEREST COMMON STOCK AND NON-CONTROLLING INTEREST (SCHEDULE OF FAIR VALUE OF RESTRICTED STOCK) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,361,349 | 1,376,857 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 2.46 | $ 2.45 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 146,364 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 2.66 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (102,088) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 3.29 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (59,784) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 2.39 | |
Restricted Stock [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 336,364 | $ 142,500 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 2,768,484 | $ 3,120,082 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 3 years 3 months 19 days | 3 years 3 months 29 days |
COMMON STOCK AND NON-CONTROLL55
COMMON STOCK AND NON-CONTROLLING INTEREST (DIVIDENDS) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Noncontrolling Interest [Line Items] | ||
Beginning balance | $ 12,724,825 | $ 12,824,825 |
Paid in cash | (100,000) | (100,000) |
Ending balance | 12,624,825 | 12,724,825 |
Common Stock Dividend 2008 [Member] | ||
Noncontrolling Interest [Line Items] | ||
Beginning balance | 2,474,125 | 2,574,125 |
Paid in cash | (100,000) | (100,000) |
Ending balance | 2,374,125 | 2,474,125 |
Common Stock Special Dividend 2012 [Member] | ||
Noncontrolling Interest [Line Items] | ||
Beginning balance | 2,934,357 | 2,934,357 |
Paid in cash | 0 | 0 |
Ending balance | 2,934,357 | 2,934,357 |
Common Stock Dividend 2013 [Member] | ||
Noncontrolling Interest [Line Items] | ||
Beginning balance | 6,411,540 | 6,411,540 |
Paid in cash | 0 | 0 |
Ending balance | 6,411,540 | 6,411,540 |
Odyssey And Orion Dividend 2013 [Member] | ||
Noncontrolling Interest [Line Items] | ||
Beginning balance | 904,803 | 904,803 |
Paid in cash | 0 | 0 |
Ending balance | $ 904,803 | $ 904,803 |
COMMON STOCK AND NON-CONTROLL56
COMMON STOCK AND NON-CONTROLLING INTEREST(Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Aug. 09, 2016 | |
Noncontrolling Interest [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 2.66 | |||
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | ||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | ||
Common Stock, Shares, Issued | 36,590,417 | 36,503,837 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,500,000 | 3,000,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 102,088 | |||
Dividends Payable | $ 12,624,825 | $ 12,724,825 | $ 12,824,825 | |
Retained Earnings (Accumulated Deficit), Total | (17,409,579) | (24,866,534) | ||
Allocated Share-based Compensation Expense | 602,000 | 457,000 | ||
NBHC [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling Interest in Variable Interest Entity | 60,449,000 | 57,133,000 | ||
Nordic Bulk Ventures Holding Company Ltd, Bulk Nordic Five Ltd and Bulk Nordic Six Ltd [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Retained Earnings (Accumulated Deficit), Total | (42,000) | (28,000) | ||
Odyssey And Orion Dividend 2013 [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Dividends Payable | $ 904,803 | $ 904,803 | $ 904,803 | |
Restricted Stock [Member] | 2014 Share Incentive Plan [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Restricted Stock Units, Vesting Percentage, Year 4 | 33.30% | |||
Stock Issued During Period, Shares, Issued for Services | 1,180,897 | |||
Restricted stock units, vesting year 3 | 33.30% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 16,000 | |||
Restricted Stock Units, Vesting Percentage, Year 5 | 33.30% | |||
non-employee director [Member] | Restricted Stock [Member] | Share-based Compensation Award, Tranche One [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||
non-employee director [Member] | Restricted Stock [Member] | Share-based Compensation Award, Tranche Two [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||
non-employee director [Member] | Restricted Stock [Member] | 2014 Share Incentive Plan [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Stock Issued During Period, Shares, Issued for Services | 312,540 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 86,088 | 30,000 | ||
non-employee director [Member] | Maximum [Member] | 2014 Share Incentive Plan [Member] | ||||
Noncontrolling Interest [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | 150,000 | 10,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Textual) - USD ($) | Jan. 07, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2013 |
Shipbuilding Contracts [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
Purchase Obligation, Due in Next Twelve Months | $ 39,500,000 | |||
Two Ultramax Vessels [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
Contractual Obligation | $ 28,950,000 | |||
Bulk Ventures Holding Company Ltd [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
Time Deposits | $ 18,400,000 | |||
m/v Bulk Destiny [Member] | Subsequent Event [Member] | ||||
Commitments and Contingencies [Line Items] | ||||
Sale Leaseback Transaction, Gross Proceeds, Financing Activities | $ 21,000,000 | |||
Expected loss due to sale leaseback transaction | $ 5,000,000 |
COMMITMENTS AND CONTINGENCIES F
COMMITMENTS AND CONTINGENCIES Future Obligations under Operating Leases (Details) | Dec. 31, 2016USD ($) |
Obligations under Operating Leases [Abstract] | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 581,008 |
Operating Leases, Future Minimum Payments, Due in Two Years | 581,008 |
Operating Leases, Future Minimum Payments, Due in Three Years | 365,000 |
Operating Leases, Future Minimum Payments, Due in Four Years | 365,000 |
Operating Leases, Future Minimum Payments, Due in Five Years | 193,000 |
Operating Leases, Future Minimum Payments Due | $ 2,085,016 |
SUBSEQUENT EVENTS (Details Text
SUBSEQUENT EVENTS (Details Textual) - Bulk Nordic Five Ltd. Bareboat Charter Party [Member] | Apr. 06, 2017USD ($) | Oct. 27, 2016 |
Subsequent Event [Line Items] | ||
Bareboat Charter, future hire payments | 28 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Capital Leases, Future Minimum Payments Due | $ 11,200,000 |
Quarterly Data Quarterly Data60
Quarterly Data Quarterly Data (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
quarterly financial data [Line Items] | ||||||||||
Voyage Revenue | $ 60,600,000 | $ 66,000,000 | $ 53,500,000 | $ 42,000,000 | $ 50,591,815 | $ 64,599,552 | $ 60,902,796 | $ 90,578,942 | $ 222,116,152 | $ 266,673,105 |
Charter Revenue | 5,700,000 | 4,800,000 | 3,400,000 | 2,000,000 | 5,334,701 | 6,588,613 | 4,199,976 | 4,536,846 | 15,900,346 | 20,660,136 |
Revenues | 66,300,000 | 70,800,000 | 57,000,000 | 43,900,000 | 55,926,516 | 71,188,165 | 65,102,772 | 95,115,788 | 238,016,498 | 287,333,241 |
Voyage Expense | 29,200,000 | 29,200,000 | 26,800,000 | 18,500,000 | 21,788,872 | 30,392,418 | 28,129,297 | 45,324,119 | 103,647,127 | 125,634,706 |
Charter Hire Expense | 20,500,000 | 19,700,000 | 15,000,000 | 8,500,000 | 15,465,945 | 20,601,908 | 15,195,199 | 24,659,395 | 63,691,892 | 75,922,447 |
Vessel Operating Expense | 8,600,000 | 7,500,000 | 7,900,000 | 6,900,000 | 8,195,462 | 8,462,370 | 7,116,502 | 7,785,328 | 30,904,039 | 31,559,662 |
General and Administrative Expense | 3,600,000 | 3,200,000 | 2,900,000 | 3,000,000 | 3,136,254 | 3,595,398 | 3,916,119 | 4,318,692 | 12,773,781 | 14,966,463 |
Cost of Services, Depreciation and Amortization | 3,500,000 | 3,500,000 | 3,500,000 | 3,500,000 | 3,273,603 | 3,195,437 | 3,271,238 | 2,990,594 | 14,107,822 | 12,730,872 |
Loss on impairment of vessels | 0 | 0 | 0 | 0 | 5,354,023 | 0 | 0 | 0 | 0 | 5,354,023 |
Gain (Loss) on Sale of Properties | 0 | 0 | 0 | 0 | 0 | 71,882 | 477,888 | 88,868 | 0 | (638,638) |
Operating Expenses | 65,500,000 | 63,000,000 | 56,200,000 | 40,400,000 | 57,214,159 | 66,319,413 | 58,106,243 | 85,166,996 | 225,124,661 | 266,806,811 |
Operating Income (Loss) | 800,000 | 7,800,000 | 800,000 | 3,500,000 | (1,287,643) | 4,868,752 | 6,996,529 | 9,948,792 | 12,891,837 | 20,526,430 |
Interest Expense | (1,300,000) | (1,300,000) | (1,500,000) | (1,400,000) | (1,235,515) | (1,493,536) | (1,279,933) | (1,410,771) | (5,423,057) | (5,419,755) |
Interest Expense, Related Party | (100,000) | (100,000) | (100,000) | (100,000) | (99,072) | (110,764) | (110,763) | (114,966) | (314,925) | (435,565) |
Unrealized Gain (Loss) on Derivatives | 1,000,000 | 200,000 | 1,400,000 | (300,000) | (1,050,137) | (513,678) | 363,096 | 823,455 | 2,163,484 | (377,264) |
Nonoperating Income (Expense) | (100,000) | 0 | 100,000 | (100,000) | (1,100,843) | 30,000 | 60,935 | 83,149 | (158,528) | (926,759) |
Other Nonoperating Income (Expense) | (500,000) | (1,200,000) | (200,000) | (1,900,000) | (3,485,567) | (2,087,978) | (966,665) | (619,133) | (3,733,026) | (7,159,343) |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 300,000 | 6,600,000 | 600,000 | 1,600,000 | (4,773,210) | 2,780,774 | 6,029,864 | 9,329,659 | 9,158,811 | 13,367,087 |
Net Income (Loss) Attributable to Noncontrolling Interest | (300,000) | (500,000) | (500,000) | (400,000) | (13,832) | 221,895 | (569,227) | (1,729,730) | (1,701,856) | (2,090,894) |
Net (loss) income attributable to Pangaea Logistics Solutions Ltd. | $ 100,000 | $ 6,100,000 | $ 100,000 | $ 1,200,000 | $ (4,787,042) | $ 3,002,669 | $ 5,460,637 | $ 7,599,929 | $ 7,456,955 | $ 11,276,193 |
Earnings Per Share, Basic | $ 0.002 | $ 0.17 | $ 0 | $ 0.03 | $ (0.14) | $ 0.09 | $ 0.16 | $ 0.22 | $ 0.21 | $ 0.32 |
Earnings Per Share, Diluted | $ 0.002 | $ 0.17 | $ 0 | $ 0.03 | $ (0.14) | $ 0.09 | $ 0.16 | $ 0.22 | $ 0.21 | $ 0.32 |
Weighted Average Number of Shares Outstanding, Basic | 35,189,068 | 35,165,532 | 35,150,453 | 35,130,211 | 35,045,132 | 34,696,980 | 34,696,980 | 34,696,980 | 35,158,917 | 34,784,733 |
Weighted Average Number of Shares Outstanding, Diluted | 35,581,897 | 35,347,403 | 35,337,290 | 35,201,307 | 35,382,734 | 35,004,808 | 34,887,177 | 34,695,930 | 35,376,950 | 34,957,542 |
Common Stock Price Range High | $ 2.69 | $ 2.92 | $ 2.74 | $ 3.53 | $ 3.65 | $ 3.68 | $ 3.77 | $ 4.70 | ||
Common Stock Price Range Low | $ 2.12 | $ 2.25 | $ 2.29 | $ 2.46 | $ 2.57 | $ 2.72 | $ 2.22 | $ 2.70 |