Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 21, 2018 | Jun. 30, 2017 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
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 | $ 3,068,581 | ||
Entity Common Stock, Shares Outstanding | 43,794,526 | 44,096,911 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Current Assets | ||
Cash and cash equivalents | $ 34,531,812 | $ 22,322,949 |
Accounts receivable (net of allowance of $2,135,877 and $4,752,265 at December 31, 2017 and 2016, respectively) | 21,089,425 | 15,990,219 |
Bunker inventory | 15,356,712 | 13,202,937 |
Advance hire, prepaid expenses and other current assets | 12,032,272 | 10,928,161 |
Total current assets | 83,010,221 | 62,444,266 |
Restricted Cash and Investments, Noncurrent | 4,000,000 | 6,100,000 |
Fixed assets, net | 306,292,655 | 275,265,672 |
Investment in newbuildings in-process | 0 | 18,383,964 |
Capital lease asset, net | 29,994,212 | 0 |
Total assets | 423,297,088 | 362,193,902 |
Current liabilities | ||
Accounts payable accrued expenses and other current liabilities | 29,181,276 | 23,231,179 |
Related party debt | 7,009,597 | 15,972,147 |
Deferred revenue | 5,815,924 | 6,422,982 |
Current portion long-term debt | 18,979,335 | 19,627,846 |
Capital Lease Obligations, Current | 1,785,620 | 0 |
Dividend payable | 7,238,401 | 12,624,825 |
Total current liabilties | 70,010,153 | 77,878,979 |
Secured long-term debt, net | 117,615,634 | 107,637,851 |
Capital Lease Obligations, Noncurrent | 25,015,659 | |
Stockholders' equity: | ||
Preferred stock, $0.0001 par value, 1,000,000 shares authorized and no shares issued or outstanding | 0 | 0 |
Common stock, $0.0001 par value, 100,000,000 shares authorized, 43,794,526 and 36,590,417 shares issued and outstanding at December 31, 2017 and 2016, respectively | 4,379 | 3,659 |
Additional paid-in capital | 154,943,728 | 133,677,321 |
Accumulated deficit | (9,596,785) | (17,409,579) |
Total Pangaea Logistics Solutions Ltd. equity (deficit) | 145,351,322 | 116,271,401 |
Non-controlling interests | 65,304,320 | 60,405,671 |
Total stockholders' equity | 210,655,642 | 176,677,072 |
Total liabilities, convertible reemable preferred stock and stockholders' equity | $ 423,297,088 | $ 362,193,902 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Allowance for Doubtful Accounts Receivable | $ 2,135,877 | $ 4,752,265 |
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 | 43,794,526 | 36,590,417 |
Common stock, shares outstanding | 43,794,526 | 36,590,417 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues: | ||||||||||
Voyage revenue | $ 86,100,000 | $ 93,700,000 | $ 80,200,000 | $ 77,700,000 | $ 60,600,000 | $ 66,000,000 | $ 53,500,000 | $ 42,000,000 | $ 337,683,383 | $ 222,116,152 |
Charter revenue | 16,100,000 | 13,300,000 | 11,200,000 | 6,800,000 | 5,700,000 | 4,800,000 | 3,400,000 | 2,000,000 | 47,404,826 | 15,900,346 |
Revenues | 102,200,000 | 107,000,000 | 91,400,000 | 84,500,000 | 66,300,000 | 70,800,000 | 57,000,000 | 43,900,000 | 385,088,209 | 238,016,498 |
Expenses: | ||||||||||
Voyage Expense | 39,200,000 | 44,300,000 | 38,600,000 | 41,300,000 | 29,200,000 | 29,200,000 | 26,800,000 | 18,500,000 | 160,577,816 | 103,647,127 |
Charter Hire Expense | 38,900,000 | 34,800,000 | 33,200,000 | 23,200,000 | 20,500,000 | 19,700,000 | 15,000,000 | 8,500,000 | 132,852,712 | 63,691,892 |
Vessel operating expenses | 9,600,000 | 9,100,000 | 9,100,000 | 8,600,000 | 8,600,000 | 7,500,000 | 7,900,000 | 6,900,000 | 36,435,959 | 30,904,039 |
General and administrative | 3,700,000 | 4,800,000 | 3,100,000 | 3,500,000 | 3,600,000 | 3,200,000 | 2,900,000 | 3,000,000 | 15,163,352 | 12,773,781 |
Depreciation and amortization | 4,000,000 | 3,900,000 | 3,700,000 | 3,900,000 | 3,500,000 | 3,500,000 | 3,500,000 | 3,500,000 | 15,614,571 | 14,107,822 |
Loss on impairment of vessels | 0 | 100,000 | 4,900,000 | 4,300,000 | 0 | 0 | 0 | 0 | ||
Gain on sale of vessels | 9,275,042 | 0 | ||||||||
Total expenses | 95,400,000 | 97,000,000 | 92,600,000 | 84,800,000 | 65,500,000 | 63,000,000 | 56,200,000 | 40,400,000 | 369,919,452 | 225,124,661 |
(Loss) income from operations | 6,800,000 | 10,000,000 | (1,200,000) | (300,000) | 800,000 | 7,800,000 | 800,000 | 3,500,000 | 15,168,757 | 12,891,837 |
Other income (expense): | ||||||||||
Interest expense, net | (2,000,000) | (2,100,000) | (2,200,000) | (1,600,000) | (1,300,000) | (1,300,000) | (1,500,000) | (1,400,000) | (7,954,126) | (5,423,057) |
Interest expense related party debt | (100,000) | (100,000) | (100,000) | (100,000) | (100,000) | (100,000) | (100,000) | (100,000) | (316,250) | (314,925) |
Unrealized (loss) gain on derivative instruments | 100,000 | 100,000 | 1,500,000 | (2,000,000) | (1,000,000) | (200,000) | (1,400,000) | 300,000 | (360,316) | (2,163,484) |
Other (expense) income | 0 | (1,000,000) | (800,000) | (100,000) | 100,000 | 0 | (100,000) | 100,000 | (1,841,958) | 158,528 |
Total other expense, net | (2,200,000) | (1,300,000) | (3,000,000) | 400,000 | (500,000) | (1,200,000) | (200,000) | (1,900,000) | (6,068,102) | (3,733,026) |
Net income | 4,600,000 | 8,700,000 | (4,200,000) | 100,000 | 300,000 | 6,600,000 | 600,000 | 1,600,000 | 9,100,655 | 9,158,811 |
Loss (income) attributable to noncontrolling interests | 500,000 | 1,600,000 | 600,000 | (1,400,000) | 300,000 | 500,000 | 500,000 | 400,000 | (1,287,861) | (1,701,856) |
Net (loss) income attributable to Pangaea Logistics Solutions Ltd. | $ 4,100,000 | $ 7,100,000 | $ (4,800,000) | $ 1,500,000 | $ 100,000 | $ 6,100,000 | $ 100,000 | $ 1,200,000 | $ 7,812,794 | $ 7,456,955 |
(Loss) earnings per common share: | ||||||||||
Basic (in dollars per share) | $ 0.10 | $ 0.18 | $ (0.13) | $ 0.04 | $ 0 | $ 0.17 | $ 0 | $ 0.03 | $ 0.20 | $ 0.21 |
Diluted (in dollars per share) | $ 0.09 | $ 0.17 | $ (0.13) | $ 0.04 | $ 0 | $ 0.17 | $ 0 | $ 0.03 | $ 0.21 | |
weighted average shares used to compute earnings per common share | ||||||||||
Weighted Average Number of Shares Outstanding, Basic | 41,941,300 | 40,796,867 | 35,539,186 | 35,280,806 | 35,189,068 | 35,165,532 | 35,150,453 | 35,130,211 | 38,414,383 | 35,158,917 |
Weighted Average Number of Shares Outstanding, Diluted | 42,619,933 | 41,074,592 | 35,539,186 | 35,805,205 | 35,581,897 | 35,347,403 | 35,337,290 | 35,201,307 | 38,925,745 | 35,376,950 |
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, 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 cost for restricted stock issued as compensation | 601,921 | (601,921) | (601,921) | ||||
Recognized cost for restricted stock issued as compensation | (1,600,000) | 1,600,000 | |||||
Issuance of restricted shares, net of forfeitures | $ 9 | (9) | |||||
Issuance of restricted shares (in shares) | 86,580 | ||||||
Net 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 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Acquisition of noncontrolling interest | (830,906) | 6,197,096 | 7,028,002 | ||||
Recognized cost for restricted stock issued as compensation | (1,074,038) | (1,074,038) | |||||
Issuance of convertible redeemable preferred stock for cash, net of issuance costs of $273,740 (in shares) | 6,533,443 | ||||||
Conversion of related party long-term debt to noncontrolling interest | 9,278,800 | ||||||
Issuance of common shares, net of fees | 13,995,993 | $ 654 | 13,995,993 | 13,995,339 | |||
Issuance of restricted shares, net of forfeitures | 0 | $ 66 | 0 | (66) | |||
Issuance of restricted shares (in shares) | 670,666 | ||||||
Noncontrolling Interest, Increase from Business Combination | 6,197,096 | ||||||
Net income | 9,100,655 | 7,812,794 | 7,812,794 | 1,287,861 | |||
Balance at Dec. 31, 2017 | $ 210,655,642 | $ 0 | $ 4,379 | $ 145,351,322 | $ 154,943,728 | $ (9,596,785) | $ 65,304,320 |
Balance (in shares) at Dec. 31, 2017 | 0 | 43,794,526 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Operating activities | ||
Net income | $ 9,100,655 | $ 9,158,811 |
Adjustments to reconcile net (loss) income to net cash provided by operations: | ||
Depreciation and amortization expense | 15,614,571 | 14,107,822 |
Amortization of deferred financing costs | 681,279 | 662,724 |
Amortization of prepaid rent | 121,938 | 0 |
Unrealized loss (gain) on derivative instruments | (360,316) | (2,163,484) |
Loss (income) from equity method investee | (256,478) | 0 |
Provision for doubtful accounts | 543,621 | 922,414 |
Gain on sales of vessels | 9,275,042 | 0 |
Drydocking costs | (3,775,393) | (42,478) |
Share-based compensation | (1,074,038) | (601,921) |
Change in operating assets and liabilities: | ||
Increase (Decrease) in Restricted Cash for Operating Activities | 0 | 1,503,341 |
Accounts receivable | (5,642,755) | (1,781,268) |
Bunker inventory | (2,153,775) | (5,712,347) |
Advance hire, prepaid expenses and other current assets | (1,368,584) | (3,708,549) |
Account payable, accrued expenses and other current liabilities | 6,976,446 | 3,690,569 |
Deferred revenue | (607,058) | 1,974,187 |
Net cash provided by operating activities | 29,223,231 | 19,213,663 |
Investing activites | ||
Purchase of vessels | (64,029,798) | (319,433) |
Deposits on newbuildings in-process | 0 | (9,618,964) |
Purchase of building and equipment | 0 | (315,918) |
Proceeds from Sale of Property, Plant, and Equipment | 306,968 | 0 |
Purchase from noncontrolling interest | (830,906) | 0 |
Net cash used in investing activities | (64,553,736) | (10,254,315) |
Financing activities | ||
Proceeds of related party debt | 0 | (4,836,300) |
Payments on related party debt | 0 | (2,500,497) |
Proceeds from long-term debt | 35,000,000 | 1,375,971 |
Payments of financing and issuance costs | (1,022,549) | (45,755) |
Payments on long-term debt | (25,329,458) | (23,722,658) |
Sale Leaseback Transaction, Net Proceeds, Financing Activities | 28,000,000 | 0 |
Repayments of Long-term Capital Lease Obligations | (1,198,721) | 0 |
Common stock dividends paid | (1,001,424) | (100,000) |
Proceeds from (Repayments of) Restricted Cash, Financing Activities | 2,100,000 | (5,600,000) |
Proceeds from (Payments to) Noncontrolling Interests | 1,359,990 | 1,600,000 |
Proceeds from Issuance of Common Stock | 9,631,530 | |
Distributions to non-controlling interest | 0 | |
Net cash provided by financing activities | 47,539,368 | (24,156,639) |
Net increase (decrease) in cash and cash equivalents | 12,208,863 | (15,197,291) |
Cash and cash equivalents at beginning of period | 22,322,949 | |
Cash and cash equivalents at end of period | 34,531,812 | 22,322,949 |
Disclosure of noncash items | ||
Issuance of subsidiary common shares as settlement of related party debt | 4,285,000 | 0 |
Cash paid for interest | $ 6,978,754 | $ 4,659,015 |
GENERAL INFORMATION
GENERAL INFORMATION | 12 Months Ended |
Dec. 31, 2017 | |
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”) provides seaborne drybulk logistics and 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 logistics 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 owns two Panamax, two Ultramax Ice Class 1C, six Supramax, and two Handymax Ice Class 1A drybulk vessels, which includes two vessels financed under capital lease obligations. The Company also owns one-third of Nordic Bulk Holding Company Ltd. (“NBHC”), a consolidated joint venture with a fleet of six Panamax Ice Class 1A drybulk vessels which are time-chartered to the Company for operations. The Company acquired a 50% interest in a deck barge in November 2017. The Company operates two Supramax drybulk vessels under five-year bareboat charters that commenced on July 13, 2016. On January 27, 2017, the Company acquired its consolidated joint venture partner's interest in Nordic Bulk Ventures Holding Company Ltd. (“BVH”). BVH owns m/v Bulk Destiny and m/v Bulk Endurance through wholly-owned subsidiaries. BVH is wholly-owned by the Company after the acquisition. On March 21, 2017, the Company's Board of Directors (the “ Board ”) approved, and on June 27, 2017 the shareholders holding a majority of the issued and outstanding shares of our Common Stock approved, by unanimous written consent, the issuance of shares of our Common Stock in connection with two stock purchase agreements, both dated as of June 15, 2017 , (the “ Agreements ”). Shares of common stock sold under the Agreements totaled 6,533,443 . These shares were issued on June 29, 2017 and August 9, 2017 for aggregate net proceeds of $14.1 million of which approximately $4.3 million was issued as in-kind payment of accrued dividends. |
NATURE OF ORGANIZATION
NATURE OF ORGANIZATION | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 , 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. • Nordic Bulk Ventures Holding Company Ltd. (“BVH”) – a corporation that was duly organized under the laws of Bermuda. BVH was established in August 2013 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. The Company acquired its joint venture partner's 50% interest in January 2017 for $0.8 million after which BVH is a wholly-owned subsidiary of the Company. • Bulk Freedom Corp. (“Bulk Freedom”) – a corporation that was duly organized under the laws of the Marshall Islands. Bulk Freedom was established in May 2017 for the purpose of acquiring the m/v Bulk Freedom. • Bulk Pride Corp. (“Bulk Pride”) – a corporation that was duly organized under the laws of the Marshall Islands. Bulk Pride was established in October 2017 for the purpose of acquiring the m/v Bulk Pride. • Flintstone Ventures Limited ("FVL") - a corporation that was duly organized under the laws of the Province of Nova Scotia on March 17, 2017. FVL specializes in carriage of specialized cargo. At December 31, 2017 and 2016 , 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, 2017 and 2016 the Company had one-third ownership interest in NBHC, the remainder of which is owned by third-parties. 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, 2017 and 2016 . 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. • Venture Barge (US) Corp. ("VBC") - a corporation that was duly organized in the State of Delaware, USA on October 26, 2017. VBC was established for the purpose of owning and operating a deck barge. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2017 | |
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. Costs incurred in fulfillment of a contract that meet certain criteria are deferred and recognized when or as the related performance obligations are satisfied. 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 twelve 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, 2017 , two customers accounted for 32% of the Company’s trade accounts receivable. At December 31, 2016 , there were two customers that accounted for 29% of the Company’s trade accounts receivable. At December 31, 2017 , fourteen customers in the United States and five customers in Canada accounted for 26% of accounts receivable. At December 31, 2016 , customers in each of the following countries accounted for at least 10% of the Company’s accounts receivable; the United States (eleven representing 30% ), Canada (four representing 20% ) and Switzerland (seven representing 11% ). For the year ended December 31, 2017 , revenue from customers in each of the following countries accounted for at least 10% of total revenue; the United States (eighteen representing 20% ) and Canada (four representing 20% ). 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 (sixteen representing 21% ) and Canada (four representing 21% ). For the year ended December 31, 2017 one customer accounted for 12% of total revenue. For the year ended December 31, 2016 , two customers accounted for 22% 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, 2017 2016 Money market accounts – cash equivalents $ 21,009,821 $ 6,540,489 Cash (1) 13,521,991 15,782,460 Total $ 34,531,812 $ 22,322,949 (1) Consists of cash deposits at various major banks. Restricted Cash Restricted cash at December 31, 2017 consists of $1.5 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 8). 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 8). 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, 2017 and 2016 , the Company has provided an allowance for doubtful accounts of $2,135,877 and $4,752,265 respectively, for amounts that are not expected to be fully collected. The provision for doubtful accounts was approximately $544,000 in 2017 and $922,000 in 2016 . The Company wrote off approximately $3,160,000 and $1,237,000 during 2017 and 2016 , 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: 2017 2016 Advance hire $ 3,628,417 $ 2,232,444 Prepaid expenses 460,445 1,844,522 Accrued receivables 6,153,212 5,805,798 Other current assets 1,790,198 1,045,397 Total $ 12,032,272 $ 10,928,161 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 3 - 24 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, 2017 , the Company did not identify any potential impairment indicator. At June 30, 2017, March 31, 2017 and December 31, 2016 , 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 June 30, 2017, March 31, 2017 and 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. 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 2017, the Company incurred financing costs of approximately $1,022,500 . In connection with the Company’s new and amended secured term loans executed in 2016, the Company incurred financing costs of approximately $46,000 . 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 $274,000 were written off in conjunction with the the repayment of the loan by Bulk Beothuk in June 2017, when the ship was sold and leased back from the buyer. 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, 2017 2016 Debt issuance costs and bank fees paid to financial institutions $ 6,068,806 $ 5,321,206 Less: accumulated amortization (4,199,026 ) (3,792,695 ) Unamortized debt issuance costs and bank fees $ 1,869,780 $ 1,528,511 Amortization included in interest expense $ 681,279 $ 662,724 Accounts Payable and Accrued Expenses The components of accounts payable and accrued expenses are as follows: December 31, 2017 2016 Accounts payable $ 15,686,235 $ 15,435,179 Accrued expenses 11,923,445 6,955,389 Accrued interest 611,406 412,984 Other accrued liabilities 960,190 427,627 Total $ 29,181,276 $ 23,231,179 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 $428,000 and $198,000 is included within voyage expenses in the accompanying consolidated statements of operations as of December 31, 2017 and 2016 , respectively. Shipping income derived from sources outside the United States is not subject to any Unites States federal income tax. U.S. sourced income from the international operation of ships that is considered qualified income and earned by a qualified foreign corporation can also be considered exempt from U.S. federal income taxation. The exemption requires a number of tests be met including qualifying income earned subject to an equivalent exemption in a qualified country and a qualified foreign corporation meeting the qualified foreign country, qualified income, stock ownership tests and substantiation requirements. The Company believes it meets all of the tests to qualified for an exemption from income under Internal Revenue Code section 883. To the extent the Company is unable to qualify for the exemption, the Company would be subject to U.S. federal income taxation of 4% of its U.S. shipping income on a gross basis without 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 federal income tax of up to 35% and a 30% branch profits tax. The company believes that none of its U.S. source shipping income is 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, 2017 and 2016 . On December 22, 2017, the Tax Cuts and Jobs Act was passed which, among other things, reduces the federal corporate tax rate to 21.0% effective January 1, 2018. Recent guidance allows for a measurement period approach for the income tax effects of tax reform for which the accounting is incomplete, but the Company is able to provide a provisional estimate for various changes in the law. As a result of the Company’s income qualifying for exemption from US taxation under Internal Revenue Code section 883, there was no federal income tax impact to the year ended December 31, 2017. As long as the Company continues to meet the exemption for its qualifying income and the U.S. and foreign laws do not change regarding the application of this exemption, the Company does not believe the impact for tax reform to have a material impact on the company. The Company will continue to monitor guidance regarding these changes for how it may impact the financial statements in later periods. Where required, the Company complies with income tax filings in its various jurisdictions of operations. As of December 31, 2017 and 2016 , 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, 2017 and 2016 is approximately $1,074,038 and $601,921 , 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 Note 9 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, operations and economic characteristics. 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 the Company’s floating rate long-term debt approximates its fair value due to the variable interest rates associated with these related credit facilities. At December 31, 2017 , the Company has seven fully fixed rate debt facilities and three facilities of which fifty percent are fixed. At December 31, 2016 , the Company had nine fully fixed rate debt facilities and one facility of which fifty percent is fixed. The aggregate carrying amounts and fair values of the long-term debt associated with the fixed rate borrowing arrangements are as follows: December 31, 2017 2016 Carrying amount of fixed rate long-term debt $ 92,096,979 $ 82,001,821 Fair value of fixed rate long-term debt $ 93,417,008 $ 82,224,170 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 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 charters for 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. The Company does not expect adoption of this guidance to have a material impact on its 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. The Company analyzed its contracts with customers covering each significant revenue stream, applying the provisions of the new standard. The Company determined that revenue from vessels operating on time charter will continue to be recognized under current revenue recognition policy 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. Under the new standard, revenue for these voyages will 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 will also recognize an asset representing certain costs 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. The Company will expense costs to obtain a contract as incurred, as provided by the practical expedient, since all such costs are expected to be amortized over less than one year. The Company will apply the new revenue standard on a modified retrospective basis with a cumulative effect adjustment reducing retained earnings by approximately $2.6 million on January 1, 2018. Prior periods will not be adjusted. The Company has modified its accounting information system, financial close process and internal controls in order to make the adjustments necessary to report under the new standard. In November 2016, the FASB issued an ASU 2016-18 Accounting Standards Update for Statement of Cash Flows. The amendments in this Update provide guidance on the presentation of restricted cash or restricted cash equivalents in the statement of cash flows, thereby reducing the diversity in practice. Specifically, this Update addresses how to classify and present changes in restricted cash or restricted cash equivalents that occur when there are transfers between cash, cash equivalents, and restricted cash or restricted cash equivalents and when there are direct cash receipts into restricted cash or restricted cash equivalents or direct cash payments made from restricted cash or restricted cash equivalents The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The amendments in this Update should be applied using a retrospective transition method to each period presented. The Company does not expect adoption of this guidance to have a material impact on its financial statements. In August 2017, the FASB issued an ASU 2017-12 Accounting Standards Update for Derivatives and Hedging. The amendments in this Update better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. To meet that objective, the amendments expand and refine hedge accounting for both nonfinancial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The amendments in this Update are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early application is permitted in any interim period after issuance of the Update. All transition requirements and elections should be applied to hedging relationships existing on the date of adoption. The effect of adoption should be reflected as of the beginning of the fiscal year of adoption. For cash flow and net investment hedges existing at the date of adoption, an entity should apply a cumulative-effect adjustment related to eliminating the separate measurement of ineffectiveness to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that an entity adopts |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 12 Months Ended |
Dec. 31, 2017 | |
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, Bulk Freedom, Bulk Pride, NBH, Long Wharf, NBHC, BVH, FVL and VBC should be consolidated as VIEs at December 31, 2017 and 2016 . Bulk Pangaea, Bulk Patriot, Bulk Juliana, Bulk Atlantic, Bulk Trident, Bulk Phoenix, Bulk Barents, Bulk Bothnia, BVH, Bulk Freedom and Bulk Pride are wholly-owned subsidiaries that were established for the purpose of acquiring bulk carriers. The Company has concluded that these entities are VIEs due to the existence of corporate guarantees and to the cross-collateralization on 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, 2017 and 2016 . The consolidation of all of these entities increased total assets by approximately $50.4 million and increased total liabilities by approximately $47.7 million at December 31, 2017 . Total shareholders’ equity increased by approximately $2.7 million . 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 . NBH is a wholly-owned subsidiary of the Company. 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 the power to direct the activities of the entity. Accordingly, the Company has consolidated NBH for the years ended December 31, 2017 and 2016 . The consolidation of NBH increased total assets by approximately $22.6 million and $5.5 million and increased total liabilities by approximately $21.3 million and $5.1 million at December 31, 2017 and 2016 , respectively. Total shareholders’ equity increased by approximately $1.3 million and $0.4 million at December 31, 2017 and 2016 , respectively. 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, 2017 and 2016 . The consolidation of Long Wharf increased total assets by approximately $2.2 million and $0.7 million and increased total liabilities by approximately $2.4 million and $1.0 million at December 31, 2017 and 2016 , respectively. Total shareholders’ equity decreased by approximately $0.2 million and $0.3 million at December 31, 2017 and 2016 , 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 is chartered to NBC under fixed price, time charter arrangements. 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, 2017 and 2016 . The consolidation of NBHC increased total assets by approximately $154.6 million and $161.3 million and increased total liabilities by approximately $86.2 million and $98.1 million at December 31, 2017 and 2016 , respectively. Total shareholders’ equity increased by approximately $4.5 million and $2.8 million at December 31, 2017 and 2016 . 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 $63.9 million and $60.4 million at December 31, 2017 and 2016 . 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 that were delivered in January 2017 at which time the Company acquired its joint venture partner's 50% interest in BVH. 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, 2017 and 2016 . The consolidation of BVH increased total assets by approximately $42.6 million and $9.5 million and increased total liabilities by approximately $38.0 million and $9.6 million at December 31, 2017 and 2016 , respectively. Total shareholders’ equity increased by approximately $4.6 million at December 31, 2017 and decreased by approximately $47,000 at December 31, 2016 . The Company acquired the remaining 50% of BVH from its joint venture partner in January 2017. Prior to the acquisition, amounts pertaining to the non-controlling ownership interest held by third parties in the financial position and operating results of BVH were reported as non-controlling interest in the accompanying consolidated balance sheets. The non-controlling ownership interest attributable to BVH was an accumulated deficit of approximately $42,000 at December 31, 2016 . FVL and VBC are VIEs due to the fact that the Company has the power to direct the activities of these entities, neither of which had any revenue in 2017. The consolidation of these entities increased assets by approximately $1.4 million , increased shareholders' equity by $1.3 million and increased non-controlling interest by approximately $1.4 million at December 31, 2017. |
FIXED ASSETS
FIXED ASSETS | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment Disclosure [Text Block] | FIXED ASSETS At December 31, fixed assets consisted of the following: 2017 2016 Vessels and vessel upgrades $ 352,874,660 $ 313,102,479 Capitalized dry docking 10,230,173 7,142,445 363,104,833 320,244,924 Accumulated depreciation and amortization (59,893,556 ) (47,862,126 ) Vessels, vessel upgrades and capitalized dry docking, net 303,211,277 272,382,798 Land and building 2,541,085 2,541,085 Internal use software 1,922,140 1,518,409 Other fixed assets 4,463,225 4,059,494 Accumulated depreciation (1,381,847 ) (1,176,620 ) Other fixed assets, net 3,081,378 2,882,874 Total fixed assets, net $ 306,292,655 $ 275,265,672 The net carrying value of the Company’s fleet consists of the following: December 31, 2017 2016 Owned vessels m/v BULK PANGAEA $ 16,398,650 $17,879,380 m/v BULK PATRIOT 11,111,437 12,391,724 m/v BULK JULIANA 11,411,052 12,252,733 m/v NORDIC ODYSSEY 25,634,743 27,021,211 m/v NORDIC ORION 26,467,928 27,874,584 m/v BULK TRIDENT 14,195,098 14,962,163 m/v BULK BEOTHUK (1) — 12,006,270 m/v BULK NEWPORT 13,139,242 13,473,429 m/v NORDIC BARENTS 4,846,522 3,517,151 m/v NORDIC BOTHNIA 4,787,388 3,520,616 m/v NORDIC OSHIMA 30,122,172 31,346,414 m/v NORDIC OLYMPIC 30,371,285 31,560,965 m/v NORDIC ODIN 30,548,435 31,741,658 m/v NORDIC OASIS 31,608,785 32,834,500 m/v BULK ENDURANCE (2) 27,030,918 — m/v BULK FREEDOM (3) 8,834,746 — m/v BULK PRIDE (4) 14,007,731 — MISS NORA G. PEARL (5) 2,695,145 — 303,211,277 272,382,798 Other fixed assets, net 3,081,378 2,882,874 Total fixed assets, net $ 306,292,655 $ 275,265,672 Vessels under capital lease m/v BULK DESTINY (6) $ 23,153,850 $ — m/v BULK BEOTHUK (1) $ 6,840,362 $ — $ 29,994,212 $ — (1) The m/v Bulk Beothuk was sold on June 15, 2017 and simultaneously chartered back under a bareboat charter accounted for as a capital lease, the terms of which are discussed in Note 10. (2) The m/v Bulk Endurance was delivered to the Company on January 7, 2017. (3) The Company acquired the m/v Bulk Freedom on June 14, 2017. (4) The Company acquired the m/v Bulk Pride on December 21, 2017. (5) The Company acquired the deck barge Miss Nora G. Pearl on November 3, 2017 through its 50% owned joint venture VBC. (6) The Company took delivery of the m/v Bulk Destiny on January 7, 2017 and simultaneously entered into a sale and leaseback financing agreement, the terms of which are discussed in Note 10. At December 31, 2016, BVH had deposits on the Ultramax Ice Class 1C 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 minimum rent expense under these bareboat charters (which are classified as operating leases) totals approximately $365,000 per annum. The Company capitalized dry-docking costs on three vessels in 2017. The 5 year amortization period of the capitalized dry docking costs is within the remaining useful life of these vessels. The Company did not capitalize any dry-docking costs in 2016. |
DERIVATIVES AND FAIR VALUE MEAS
DERIVATIVES AND FAIR VALUE MEASUREMENT | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Fair Value [Text Block] | DERIVATIVES AND FAIR VALUE MEASURES Margin Accounts During December 31, 2017 and 2016 , 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 $913,000 on deposit in one margin account at December 31, 2017 due to the decline in market value of its FFAs. The Company had $488,000 on deposit in one margin account at December 31, 2016 , 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, 2017 and 2016 . 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 2017 and 2016 , 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, 2017 and 2016 are assets of approximately $377,000 and $304,000 , respectively, which are included in other current assets on the consolidated balance sheets. The change in the aggregate fair value of the fuel swaps during the years ended December 31, 2017 and 2016 resulted in gains of approximately $74,000 and $2,081,000 , which are included in unrealized gain on derivative instruments in the accompanying consolidated statements of income. Forward Freight Agreements The Company assesses risk associated with fluctuating future freight rates and, when appropriate, 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, 2017 and 2016, the Company entered into FFAs that were not designated for hedge accounting. The aggregate fair value of these FFAs at December 31, 2017 were assets of approximately $266,000 . The aggregate fair value of these FFAs at December 31, 2016 were liabilities of approximately $21,000 . The change in the aggregate fair value of the FFAs during the years ended December 31, 2017 and 2016 resulted in a gain of approximately $287,000 and a loss of approximately $21,000 , respectively, which are included in unrealized gain on derivative instruments in the accompanying consolidated statements of income. 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, 2017 Level 1 Level 2 Level 3 Margin accounts $ 912,981 $ 912,981 $ — $ — Fuel swap contracts $ 377,273 $ — $ 377,273 $ — Forward freight agreements $ 265,768 $ — $ 265,768 $ — 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 ) — 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, 2017 | |
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, 2016 Activity December 31, 2017 Included in accounts payable and accrued expenses on the consolidated balance sheets: Trade payables due to Seamar (iii) $ 1,254,985 $ 166,935 $ 1,421,920 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) 368,347 316,250 684,597 Promissory Note 2,000,000 — 2,000,000 Loan payable – BVH shareholder (STST) (ii) 9,278,800 (9,278,800 ) — Total current related party debt $ 15,972,147 $ (8,962,550 ) $ 7,009,597 i. Paid in cash ii. ST Shipping and Transport Pte. Ltd. ("STST") iii. Seamar Management S.A. ("Seamar") In November 2014, the Company entered into a $5 million Promissory Note (the “Note”) with Bulk Invest Ltd., a company controlled by shareholders collectively referred to as 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, 2017 and 2016 was $2 million . BVH entered into an agreement for the construction of two new Ultramax newbuildings in 2013. STST has provided loans totaling $9,278,800 used to make deposits on the contracts. The loans were extinguished in conjunction with the acquisition of the noncontrolling interest in BVH on January 27, 2017. BVH is a wholly-owned subsidiary of the Company after the acquisition. 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, 2017 and 2016 . Dividends payable, all of which are currently payable to related parties, are shown in Note 9. 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, 2017 and 2016 , the Company incurred technical management fees of $2,746,200 and $1,963,200 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, 2017 and 2016 , (including amounts due for vessel operating expenses), were $1,421,920 and $1,254,985 , respectively. |
SECURED LONG-TERM DEBT
SECURED LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-term Debt [Text Block] | SECURED LONG-TERM DEBT Long-term debt consists of the following: December 31, 2017 2016 Bulk Pangaea Secured Note $ — $ 1,040,625 Bulk Patriot Secured Note — 1,087,500 Bulk Trident Secured Note (1) 3,452,500 5,737,500 Bulk Juliana Secured Note (1) 1,521,095 3,042,186 Bulk Phoenix Secured Note (1) 4,473,805 6,816,685 Bulk Atlantic Secured Note — 5,350,000 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) 69,825,000 77,325,001 Term Loan Facility of USD 13,000,000 (Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.) 5,793,460 7,097,820 Bulk Nordic Oasis Ltd. Loan Agreement (2) 18,500,000 20,000,000 The Amended Senior Facility - Dated December 21, 2017 (3) 28,803,333 — Bulk Freedom Loan Agreement 5,150,000 — 109 Long Wharf Commercial Term Loan 922,466 1,032,067 Phoenix Bulk Carriers (US) LLC Automobile Loan 23,090 28,582 Phoenix Bulk Carriers (US) LLC Master Loan — 236,242 Total 138,464,749 128,794,208 Less: unamortized bank fees (1,869,780 ) (1,528,511 ) 136,594,969 127,265,697 Less: current portion (18,979,335 ) (19,627,846 ) Secured long-term debt, net $ 117,615,634 $ 107,637,851 (1) 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 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. (3) Bulk Nordic Six Ltd. Loan Agreement was amended to support the financing of the m/v Bulk Pride. The facility is cross-collateralized by the vessels m/v Bulk Endurance and m/v Bulk Pride, and is guaranteed by the Company. The Senior Secured Post-Delivery Term Loan Facility On April 14, 2017, the Company, through its wholly owned subsidiaries, Bulk Pangaea, Bulk Patriot, Bulk Juliana, Bulk Trident and Bulk Phoenix, entered into the Fourth Amendatory Agreement, (the "Fourth Amendment"), amending and supplementing the Loan Agreement dated April 15, 2013, as amended by a First Amendatory Agreement dated May 16, 2013, the Second Amendatory Agreement dated August 28, 2013 and the Third Amendatory Agreement dated July 14, 2016. The Fourth Amendment advanced the final repayment dates for Bulk Pangaea and Bulk Patriot and extended the final maturity date and modified the repayment schedules, 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 Fourth Amendment advanced the final installment to April 18, 2017, thereby increasing the amount to $1,040,625 , which was paid on the maturity date. 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 Fourth Amendment advanced the final installment to April 18, 2017, thereby increasing the amount to $1,087,500 , which was paid on the maturity date. 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 Fourth Amendment extends the final maturity date and modifies the repayment schedule. The first and second quarterly installments following the amendment were increased to $650,000 and the third and fourth installments were increased to $435,000 . These are followed by two installments of $327,500 and three of $300,000 . A balloon payment of $1,462,500 is payable on July 19, 2019. The interest rate was fixed at 4.29% through April 19, 2017 and is floating at LIBOR plus 3.50% ( 5.19% at December 31, 2017 ), since April 19, 2017. 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 Fourth Amendment did not change this tranche, the balance of which is payable in six quarterly installments of $507,031 . The final payment is due on 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 Fourth Amendment did not change this tranche, the balance of which is payable in two installments 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 agreement 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, 2017 and December 31, 2016, the Company was in compliance with these 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 required 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. The loan was repaid in conjunction with the sale of the vessel on June 6, 2017. 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 was fixed at 4.24% in March 2017. Interest on the remaining advances to Odyssey and Orion is floating at LIBOR plus 2.40% ( 4.09% at December 31, 2017 ). 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 was floating at LIBOR plus 2.0% and was fixed at 4.07% on April 27, 2017. 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% (3.94% at December 31, 2017 ). 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, 2017 and December 31, 2016, the Company was in compliance with this clause. 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% ( 4.19% at December 31, 2017 ). 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"). The Company was in compliance with this covenant at December 31, 2017 and December 31, 2016. 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, 2017 and December 31, 2016, the Company was in compliance with this covenant. The Amended Senior Facility - Dated December 21, 2017 (previously identified as 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, divided into two tranches. The agreement requires repayment of Tranche A, totaling $16,000,000 , in three 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 was fixed at 4.74% on March 27, 2017. The agreement also advanced $3,500,000 under Tranche B, which is payable 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% ( 7.69% at December 31, 2017 ). The amended agreement advanced $10,000,000 in respect of the m/v Bulk Pride on December 21, 2017, which was divided into two additional tranches. The agreement requires repayment of Tranche C, totaling $8,500,000 , in 16 equal quarterly installments of $275,000 beginning in March 2018 and a balloon payment of $4,100,000 due with the final installment in December 2021. Interest on this advance is floating at LIBOR plus 2.75% ( 4.44% at December 31, 2017). The agreement also advanced $1,500,000 under Tranche D, which is payable in 4 equal quarterly installments of $375,000 beginning on August 21, 2018. Interest on this advance is floating at LIBOR plus 6.00% ( 7.69% at December 31, 2017). The loan is secured by a first preferred mortgages on the m/v Bulk Endurance and the m/v Bulk Pride, 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. At December 31, 2017 , the Company was in compliance with these covenants. At September 30, 2017, the lender provided a waiver for non-compliance with the minimum liquidity requirement. The Bulk Freedom Corp. Loan Agreement -- Dated June 14, 2017 The agreement advanced $5,500,000 in respect of the m/v Bulk Freedom on June 14, 2017. The agreement requires repayment of the loan in 8 quarterly installments of $175,000 and 12 quarterly installments of $150,000 beginning on September 14, 2017. A balloon payment of $2,300,000 is due with the final installment. Interest is floating at LIBOR plus 3.75% ( 5.44% at December 31, 2017 ). The loan is secured by a first preferred mortgage on the m/v Bulk Freedom, 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. At December 31, 2017 , the Company was in compliance with these covenants. 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% ( 3.69% at December 31, 2017 ). 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, 2017 and December 31, 2016, the Company was in compliance with these covenants. Phoenix Bulk Carriers (US) LLC Automobile Loan In September 2016, the Company purchased a commercial vehicle for use at the site of a port on the United States' East Coast. The total loan amount of $29,435 is payable in 60 equal monthly installments of $539 . Interest is fixed at 3.74% . The vehicle was sold in the first quarter of 2018 after the project was completed. Phoenix Bulk Carriers (US) LLC Master Equipment Loan In September 2016, the Company purchased commercial equipment for use at the site of a port on the United States' East Coast. The total loan amount of $250,536 is payable in 48 equal monthly installments of $5,741 . Interest is fixed at 4.75% . This equipment was sold in the fourth quarter of 2017 after the project was completed. The future minimum annual payments under the debt agreements are as follows: Years ending December 31, 2018 18,979,335 2019 22,196,164 2020 21,996,837 2021 37,242,047 2022 37,675,900 Thereafter 374,466 $ 138,464,749 |
COMMON STOCK AND NON-CONTROLLIN
COMMON STOCK AND NON-CONTROLLING INTEREST | 12 Months Ended |
Dec. 31, 2017 | |
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 43,794,526 were issued as of December 31, 2017 . 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 was a net increase of 1,500,000 new shares. At December 31, 2017, shares issued to members of our board of directors who are not our employees totaled 312,540 restricted and 68,598 unrestricted shares of our common stock pursuant to the Amended Plan. The restricted shares vest at the rate of 50% after one year and the remaining 50% after two years. Vested shares at December 31, 2017 total 242,358 . There were 86,088 shares vested at December 31, 2016. At December 31, 2017 , shares issued to employees under the Amended Plan totaled 1,782,965 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, 2017 and 2016 totaled 16,000 . Total non-cash compensation cost recognized during the years ended December 31, 2017 and 2016 is approximately $1,074,038 and $601,921 , respectively, which is included in general and administrative expenses in the consolidated statements of operations. Shares awarded pursuant to the Amended Plan Shares Weighted-Average Grant-Date Fair Value Per Share Nonvested shares at December 31, 2016 1,361,349 $ 2.46 Granted 693,489 3.33 Vested (194,868 ) 2.93 Forfeited (22,823 ) 2.39 Nonvested at December 31, 2017 1,837,147 $ 2.74 Fiscal Years Ended December 31, 2017 2016 Fair value of restricted shares vested $ 570,011 $ 336,364 Unrecognized compensation cost for restricted shares $ 3,909,212 $ 2,768,484 Weighted average remaining period to expense for restricted shares (years) 3.03 3.30 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, 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 Converted to common shares (1,372,701 ) (2,834,357 ) (77,942 ) — (4,285,000 ) Paid in cash (1,001,424 ) (100,000 ) — — (1,101,424 ) Balance at December 31, 2017 $ — $ — $ 6,333,598 $ 904,803 $ 7,238,401 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 $63,953,000 and $60,449,000 at December 31, 2017 and 2016 , respectively. Non-controlling interest attributable to BVH was approximately $(42,000) at December 31, 2016. The Company acquired the 50% non-controlling interest in BVH in January 2017. The transaction resulted in a $6,197,096 increase in additional paid-in capital and a $7,028,002 reduction in non-controlling interest. Non-controlling interest attributable to VBC was approximately $1,352,000 at December 31, 2017 . |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2017 | |
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 Sales and Leasebacks Accounted for as Capital Leases The Company's fleet includes one vessel financed under a sale and leaseback financing arrangement accounted for as a capital lease. The selling price of the vessel to the new owner (lessor) was $21.0 million and the fair value of the vessel at the inception of the lease was $24.0 million . The difference between the selling price and the fair value of the vessel was recorded as prepaid rent and is being amortized over the 25 year estimated useful life of the vessel. Prepaid rent is included in vessel under capital lease on the consolidated balance sheet at December 31, 2017 . The difference between the carrying amount of the deposit on newbuildings in process and the fair value of the vessel of $4.3 million was recorded as loss on sale and leaseback of vessel in the consolidated statements of income at December 31, 2017. Minimum lease payments fluctuate based on three-month LIBOR and are payable quarterly over the seven year lease term , with a balloon payment of $11,200,000 due with the final lease payment in January 2024. Interest is floating at LIBOR plus 2.75% ( 4.44% including the margin, at December 31, 2017 ). The Company will own this vessel at the end of the lease term. The Company's fleet also includes one vessel financed under a sale and leaseback (bareboat charter) accounted for as a capital lease. The selling price was $7,000,000 and the fair value is estimated to be the same. The difference between the selling price and the vessels carrying amount of $4.9 million was recorded as loss on sale and leaseback of vessels in the consolidated statements of income at December 31, 2017. The lease is payable at $3,500 per day every fifteen days over the five year lease term , and a balloon payment of $4,000,000 is due with the final lease payment in June 2022. Interest is fixed at 11.83% . The Company will own this vessel at the end of the lease term. Long-term Contracts Accounted for as Operating Leases 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 is 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. The Company leases office space for its Copenhagen operations. The lease can be terminated with six months prior notice after June 30, 2018. Future minimum lease payments under capital leases and operating leases with initial or remaining terms in excess of one year at December 31, 2017 were: Capital Lease Operating Leases 2018 $ 3,278,295 $ 585,717 2019 3,278,295 365,446 2020 3,278,295 365,446 2021 3,330,795 193,236 2022 6,490,795 — Thereafter 13,722,868 — Total minimum lease payments $ 33,379,343 $ 1,509,845 Less amount representing interest 6,578,064 Present value of minimum lease payments 26,801,279 Less current portion 1,785,620 Long-term portion $ 25,015,659 |
Quarterly Data (Notes)
Quarterly Data (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | (Unaudited) 2017 2016 (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 $ 77.7 $ 80.2 $ 93.7 $ 86.1 $ 42.0 $ 53.5 $ 66.0 $ 60.6 Charter revenue 6.8 11.2 13.3 16.1 2.0 3.4 4.8 5.7 84.5 91.4 107.0 102.2 43.9 57.0 70.8 66.3 Expenses: Voyage expense 41.3 38.6 44.3 39.2 18.5 26.8 29.2 29.2 Charter hire expense 23.2 33.2 34.8 38.9 8.5 15.0 19.7 20.5 Vessel operating expenses 8.6 9.1 9.1 9.6 6.9 7.9 7.5 8.6 General and administrative 3.5 3.1 4.8 3.7 3.0 2.9 3.2 3.6 Depreciation and amortization 3.9 3.7 3.9 4.0 3.5 3.5 3.5 3.5 Loss on sale and leaseback of vessels 4.3 4.9 0.1 — — — — — Total expenses 84.8 92.6 97.0 95.4 40.4 56.2 63.0 65.5 Income from operations (0.3 ) (1.2 ) 10.0 6.8 3.5 0.8 7.8 0.8 Other income (expense): Interest expense, net (1.6 ) (2.2 ) (2.1 ) (2.0 ) (1.4 ) (1.5 ) (1.3 ) (1.3 ) 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 2.0 (1.5 ) (0.1 ) (0.1 ) (0.3 ) 1.4 0.2 1.0 Other expense 0.1 0.8 1.0 — (0.1 ) 0.1 — (0.1 ) Total other expense, net 0.4 (3.0 ) (1.3 ) (2.2 ) (1.9 ) (0.2 ) (1.2 ) (0.5 ) Net income 0.1 (4.2 ) 8.7 4.6 1.6 0.6 6.6 0.3 (Income) loss attributable to noncontrolling interests 1.4 (0.6 ) (1.6 ) (0.5 ) (0.4 ) (0.5 ) (0.5 ) (0.3 ) Net income attributable to Pangaea Logistics Solutions Ltd. $ 1.5 $ (4.8 ) $ 7.1 $ 4.1 $ 1.2 $ 0.1 $ 6.1 $ 0.1 Quarterly Data (continued) (Unaudited) 2017 2016 (Dollars in millions, except per share amounts) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Earnings (loss) per common share: Basic $ 0.04 $ (0.13 ) $ 0.18 $ 0.10 $ 0.03 $ — $ 0.17 $ 0.002 Diluted $ 0.04 $ (0.13 ) $ 0.17 $ 0.09 $ 0.03 $ — $ 0.17 $ 0.002 Weighted average shares used to compute earnings per common share Basic 35,280,806 35,539,186 40,796,867 41,941,300 35,130,211 35,150,453 35,165,532 35,189,068 Diluted 35,805,205 35,539,186 41,074,592 42,619,933 35,201,307 35,337,290 35,347,403 35,581,897 |
SUMMARY OF SIGNIFICANT ACCOUN18
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 is approximately $1,074,038 and $601,921 , 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, |
Business Combinations 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. Costs incurred in fulfillment of a contract that meet certain criteria are deferred and recognized when or as the related performance obligations are satisfied. |
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 twelve 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, 2017 , two customers accounted for 32% of the Company’s trade accounts receivable. At December 31, 2016 , there were two customers that accounted for 29% of the Company’s trade accounts receivable. At December 31, 2017 , fourteen customers in the United States and five customers in Canada accounted for 26% of accounts receivable. At December 31, 2016 , customers in each of the following countries accounted for at least 10% of the Company’s accounts receivable; the United States (eleven representing 30% ), Canada (four representing 20% ) and Switzerland (seven representing 11% ). For the year ended December 31, 2017 , revenue from customers in each of the following countries accounted for at least 10% of total revenue; the United States (eighteen representing 20% ) and Canada (four representing 20% ). 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 (sixteen representing 21% ) and Canada (four representing 21% ). For the year ended December 31, 2017 one customer accounted for 12% of total revenue. For the year ended December 31, 2016 , two customers accounted for 22% 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, 2017 2016 Money market accounts – cash equivalents $ 21,009,821 $ 6,540,489 Cash (1) 13,521,991 15,782,460 Total $ 34,531,812 $ 22,322,949 (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, 2017 consists of $1.5 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 8). 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 8). |
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, 2017 and 2016 , the Company has provided an allowance for doubtful accounts of $2,135,877 and $4,752,265 respectively, for amounts that are not expected to be fully collected. The provision for doubtful accounts was approximately $544,000 in 2017 and $922,000 in 2016 . The Company wrote off approximately $3,160,000 and $1,237,000 during 2017 and 2016 , 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: 2017 2016 Advance hire $ 3,628,417 $ 2,232,444 Prepaid expenses 460,445 1,844,522 Accrued receivables 6,153,212 5,805,798 Other current assets 1,790,198 1,045,397 Total $ 12,032,272 $ 10,928,161 |
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 3 - 24 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, 2017 , the Company did not identify any potential impairment indicator. At June 30, 2017, March 31, 2017 and December 31, 2016 , 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 June 30, 2017, March 31, 2017 and 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. |
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 2017, the Company incurred financing costs of approximately $1,022,500 . In connection with the Company’s new and amended secured term loans executed in 2016, the Company incurred financing costs of approximately $46,000 . 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 $274,000 were written off in conjunction with the the repayment of the loan by Bulk Beothuk in June 2017, when the ship was sold and leased back from the buyer. 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, 2017 2016 Debt issuance costs and bank fees paid to financial institutions $ 6,068,806 $ 5,321,206 Less: accumulated amortization (4,199,026 ) (3,792,695 ) Unamortized debt issuance costs and bank fees $ 1,869,780 $ 1,528,511 Amortization included in interest expense $ 681,279 $ 662,724 |
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, 2017 2016 Accounts payable $ 15,686,235 $ 15,435,179 Accrued expenses 11,923,445 6,955,389 Accrued interest 611,406 412,984 Other accrued liabilities 960,190 427,627 Total $ 29,181,276 $ 23,231,179 |
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 $428,000 and $198,000 is included within voyage expenses in the accompanying consolidated statements of operations as of December 31, 2017 and 2016 , respectively. Shipping income derived from sources outside the United States is not subject to any Unites States federal income tax. U.S. sourced income from the international operation of ships that is considered qualified income and earned by a qualified foreign corporation can also be considered exempt from U.S. federal income taxation. The exemption requires a number of tests be met including qualifying income earned subject to an equivalent exemption in a qualified country and a qualified foreign corporation meeting the qualified foreign country, qualified income, stock ownership tests and substantiation requirements. The Company believes it meets all of the tests to qualified for an exemption from income under Internal Revenue Code section 883. To the extent the Company is unable to qualify for the exemption, the Company would be subject to U.S. federal income taxation of 4% of its U.S. shipping income on a gross basis without 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 federal income tax of up to 35% and a 30% branch profits tax. The company believes that none of its U.S. source shipping income is 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, 2017 and 2016 . On December 22, 2017, the Tax Cuts and Jobs Act was passed which, among other things, reduces the federal corporate tax rate to 21.0% effective January 1, 2018. Recent guidance allows for a measurement period approach for the income tax effects of tax reform for which the accounting is incomplete, but the Company is able to provide a provisional estimate for various changes in the law. As a result of the Company’s income qualifying for exemption from US taxation under Internal Revenue Code section 883, there was no federal income tax impact to the year ended December 31, 2017. As long as the Company continues to meet the exemption for its qualifying income and the U.S. and foreign laws do not change regarding the application of this exemption, the Company does not believe the impact for tax reform to have a material impact on the company. The Company will continue to monitor guidance regarding these changes for how it may impact the financial statements in later periods. Where required, the Company complies with income tax filings in its various jurisdictions of operations. As of December 31, 2017 and 2016 , 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 Note 9 for a discussion regarding common stock dividends. |
Earnings Per Share, Policy [Policy Text Block] | 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, operations and economic characteristics. 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 the Company’s floating rate long-term debt approximates its fair value due to the variable interest rates associated with these related credit facilities. At December 31, 2017 , the Company has seven fully fixed rate debt facilities and three facilities of which fifty percent are fixed. At December 31, 2016 , the Company had nine fully fixed rate debt facilities and one facility of which fifty percent is fixed. The aggregate carrying amounts and fair values of the long-term debt associated with the fixed rate borrowing arrangements are as follows: December 31, 2017 2016 Carrying amount of fixed rate long-term debt $ 92,096,979 $ 82,001,821 Fair value of fixed rate long-term debt $ 93,417,008 $ 82,224,170 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 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 charters for 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. The Company does not expect adoption of this guidance to have a material impact on its 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. The Company analyzed its contracts with customers covering each significant revenue stream, applying the provisions of the new standard. The Company determined that revenue from vessels operating on time charter will continue to be recognized under current revenue recognition policy 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. Under the new standard, revenue for these voyages will 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 will also recognize an asset representing certain costs 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. The Company will expense costs to obtain a contract as incurred, as provided by the practical expedient, since all such costs are expected to be amortized over less than one year. The Company will apply the new revenue standard on a modified retrospective basis with a cumulative effect adjustment reducing retained earnings by approximately $2.6 million on January 1, 2018. Prior periods will not be adjusted. The Company has modified its accounting information system, financial close process and internal controls in order to make the adjustments necessary to report under the new standard. In November 2016, the FASB issued an ASU 2016-18 Accounting Standards Update for Statement of Cash Flows. The amendments in this Update provide guidance on the presentation of restricted cash or restricted cash equivalents in the statement of cash flows, thereby reducing the diversity in practice. Specifically, this Update addresses how to classify and present changes in restricted cash or restricted cash equivalents that occur when there are transfers between cash, cash equivalents, and restricted cash or restricted cash equivalents and when there are direct cash receipts into restricted cash or restricted cash equivalents or direct cash payments made from restricted cash or restricted cash equivalents The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The amendments in this Update should be applied using a retrospective transition method to each period presented. The Company does not expect adoption of this guidance to have a material impact on its financial statements. In August 2017, the FASB issued an ASU 2017-12 Accounting Standards Update for Derivatives and Hedging. The amendments in this Update better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. To meet that objective, the amendments expand and refine hedge accounting for both nonfinancial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The amendments in this Update are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early application is permitted in any interim period after issuance of the Update. All transition requirements and elections should be applied to hedging relationships existing on the date of adoption. The effect of adoption should be reflected as of the beginning of the fiscal year of adoption. For cash flow and net investment hedges existing at the date of adoption, an entity should apply a cumulative-effect adjustment related to eliminating the separate measurement of ineffectiveness to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that an entity adopts the amendments in this Update. The amended presentation and disclosure guidance is required only prospectively. The Company does not expect adoption of this guidance to have a material impact on its financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN19
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 Money market accounts – cash equivalents $ 21,009,821 $ 6,540,489 Cash (1) 13,521,991 15,782,460 Total $ 34,531,812 $ 22,322,949 (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: 2017 2016 Advance hire $ 3,628,417 $ 2,232,444 Prepaid expenses 460,445 1,844,522 Accrued receivables 6,153,212 5,805,798 Other current assets 1,790,198 1,045,397 Total $ 12,032,272 $ 10,928,161 |
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, 2017 2016 Debt issuance costs and bank fees paid to financial institutions $ 6,068,806 $ 5,321,206 Less: accumulated amortization (4,199,026 ) (3,792,695 ) Unamortized debt issuance costs and bank fees $ 1,869,780 $ 1,528,511 Amortization included in interest expense $ 681,279 $ 662,724 |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | The components of accounts payable and accrued expenses are as follows: December 31, 2017 2016 Accounts payable $ 15,686,235 $ 15,435,179 Accrued expenses 11,923,445 6,955,389 Accrued interest 611,406 412,984 Other accrued liabilities 960,190 427,627 Total $ 29,181,276 $ 23,231,179 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | At December 31, 2017 , the Company has seven fully fixed rate debt facilities and three facilities of which fifty percent are fixed. At December 31, 2016 , the Company had nine fully fixed rate debt facilities and one facility of which fifty percent is fixed. The aggregate carrying amounts and fair values of the long-term debt associated with the fixed rate borrowing arrangements are as follows: December 31, 2017 2016 Carrying amount of fixed rate long-term debt $ 92,096,979 $ 82,001,821 Fair value of fixed rate long-term debt $ 93,417,008 $ 82,224,170 |
FIXED ASSETS (Tables)
FIXED ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | At December 31, fixed assets consisted of the following: 2017 2016 Vessels and vessel upgrades $ 352,874,660 $ 313,102,479 Capitalized dry docking 10,230,173 7,142,445 363,104,833 320,244,924 Accumulated depreciation and amortization (59,893,556 ) (47,862,126 ) Vessels, vessel upgrades and capitalized dry docking, net 303,211,277 272,382,798 Land and building 2,541,085 2,541,085 Internal use software 1,922,140 1,518,409 Other fixed assets 4,463,225 4,059,494 Accumulated depreciation (1,381,847 ) (1,176,620 ) Other fixed assets, net 3,081,378 2,882,874 Total fixed assets, net $ 306,292,655 $ 275,265,672 |
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, 2017 2016 Owned vessels m/v BULK PANGAEA $ 16,398,650 $17,879,380 m/v BULK PATRIOT 11,111,437 12,391,724 m/v BULK JULIANA 11,411,052 12,252,733 m/v NORDIC ODYSSEY 25,634,743 27,021,211 m/v NORDIC ORION 26,467,928 27,874,584 m/v BULK TRIDENT 14,195,098 14,962,163 m/v BULK BEOTHUK (1) — 12,006,270 m/v BULK NEWPORT 13,139,242 13,473,429 m/v NORDIC BARENTS 4,846,522 3,517,151 m/v NORDIC BOTHNIA 4,787,388 3,520,616 m/v NORDIC OSHIMA 30,122,172 31,346,414 m/v NORDIC OLYMPIC 30,371,285 31,560,965 m/v NORDIC ODIN 30,548,435 31,741,658 m/v NORDIC OASIS 31,608,785 32,834,500 m/v BULK ENDURANCE (2) 27,030,918 — m/v BULK FREEDOM (3) 8,834,746 — m/v BULK PRIDE (4) 14,007,731 — MISS NORA G. PEARL (5) 2,695,145 — 303,211,277 272,382,798 Other fixed assets, net 3,081,378 2,882,874 Total fixed assets, net $ 306,292,655 $ 275,265,672 Vessels under capital lease m/v BULK DESTINY (6) $ 23,153,850 $ — m/v BULK BEOTHUK (1) $ 6,840,362 $ — $ 29,994,212 $ — |
DERIVATIVES AND FAIR VALUE ME21
DERIVATIVES AND FAIR VALUE MEASUREMENT (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments, Gain (Loss) [Table Text Block] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Balance at December 31, 2017 Level 1 Level 2 Level 3 Margin accounts $ 912,981 $ 912,981 $ — $ — Fuel swap contracts $ 377,273 $ — $ 377,273 $ — Forward freight agreements $ 265,768 $ — $ 265,768 $ — 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 ) — |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2016 Activity December 31, 2017 Included in accounts payable and accrued expenses on the consolidated balance sheets: Trade payables due to Seamar (iii) $ 1,254,985 $ 166,935 $ 1,421,920 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) 368,347 316,250 684,597 Promissory Note 2,000,000 — 2,000,000 Loan payable – BVH shareholder (STST) (ii) 9,278,800 (9,278,800 ) — Total current related party debt $ 15,972,147 $ (8,962,550 ) $ 7,009,597 i. Paid in cash ii. ST Shipping and Transport Pte. Ltd. ("STST") iii. Seamar Management S.A. ("Seamar") |
SECURED LONG-TERM DEBT (Tables)
SECURED LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt consists of the following: December 31, 2017 2016 Bulk Pangaea Secured Note $ — $ 1,040,625 Bulk Patriot Secured Note — 1,087,500 Bulk Trident Secured Note (1) 3,452,500 5,737,500 Bulk Juliana Secured Note (1) 1,521,095 3,042,186 Bulk Phoenix Secured Note (1) 4,473,805 6,816,685 Bulk Atlantic Secured Note — 5,350,000 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) 69,825,000 77,325,001 Term Loan Facility of USD 13,000,000 (Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.) 5,793,460 7,097,820 Bulk Nordic Oasis Ltd. Loan Agreement (2) 18,500,000 20,000,000 The Amended Senior Facility - Dated December 21, 2017 (3) 28,803,333 — Bulk Freedom Loan Agreement 5,150,000 — 109 Long Wharf Commercial Term Loan 922,466 1,032,067 Phoenix Bulk Carriers (US) LLC Automobile Loan 23,090 28,582 Phoenix Bulk Carriers (US) LLC Master Loan — 236,242 Total 138,464,749 128,794,208 Less: unamortized bank fees (1,869,780 ) (1,528,511 ) 136,594,969 127,265,697 Less: current portion (18,979,335 ) (19,627,846 ) Secured long-term debt, net $ 117,615,634 $ 107,637,851 (1) 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 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. (3) Bulk Nordic Six Ltd. Loan Agreement was amended to support the financing of the m/v Bulk Pride. The facility is cross-collateralized by the vessels m/v Bulk Endurance and m/v Bulk Pride, and is guaranteed by the Company. |
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, 2018 18,979,335 2019 22,196,164 2020 21,996,837 2021 37,242,047 2022 37,675,900 Thereafter 374,466 $ 138,464,749 |
COMMON STOCK AND NON-CONTROLL24
COMMON STOCK AND NON-CONTROLLING INTEREST (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Noncontrolling Interest [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Shares awarded pursuant to the Amended Plan Shares Weighted-Average Grant-Date Fair Value Per Share Nonvested shares at December 31, 2016 1,361,349 $ 2.46 Granted 693,489 3.33 Vested (194,868 ) 2.93 Forfeited (22,823 ) 2.39 Nonvested at December 31, 2017 1,837,147 $ 2.74 Fiscal Years Ended December 31, 2017 2016 Fair value of restricted shares vested $ 570,011 $ 336,364 Unrecognized compensation cost for restricted shares $ 3,909,212 $ 2,768,484 Weighted average remaining period to expense for restricted shares (years) 3.03 3.30 |
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, 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 Converted to common shares (1,372,701 ) (2,834,357 ) (77,942 ) — (4,285,000 ) Paid in cash (1,001,424 ) (100,000 ) — — (1,101,424 ) Balance at December 31, 2017 $ — $ — $ 6,333,598 $ 904,803 $ 7,238,401 |
COMMITMENTS AND CONTINGENCIES L
COMMITMENTS AND CONTINGENCIES Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Capital Lease Operating Leases 2018 $ 3,278,295 $ 585,717 2019 3,278,295 365,446 2020 3,278,295 365,446 2021 3,330,795 193,236 2022 6,490,795 — Thereafter 13,722,868 — Total minimum lease payments $ 33,379,343 $ 1,509,845 Less amount representing interest 6,578,064 Present value of minimum lease payments 26,801,279 Less current portion 1,785,620 Long-term portion $ 25,015,659 |
Quarterly Data Quarterly Data (
Quarterly Data Quarterly Data (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Table Text Block] | (Unaudited) 2017 2016 (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 $ 77.7 $ 80.2 $ 93.7 $ 86.1 $ 42.0 $ 53.5 $ 66.0 $ 60.6 Charter revenue 6.8 11.2 13.3 16.1 2.0 3.4 4.8 5.7 84.5 91.4 107.0 102.2 43.9 57.0 70.8 66.3 Expenses: Voyage expense 41.3 38.6 44.3 39.2 18.5 26.8 29.2 29.2 Charter hire expense 23.2 33.2 34.8 38.9 8.5 15.0 19.7 20.5 Vessel operating expenses 8.6 9.1 9.1 9.6 6.9 7.9 7.5 8.6 General and administrative 3.5 3.1 4.8 3.7 3.0 2.9 3.2 3.6 Depreciation and amortization 3.9 3.7 3.9 4.0 3.5 3.5 3.5 3.5 Loss on sale and leaseback of vessels 4.3 4.9 0.1 — — — — — Total expenses 84.8 92.6 97.0 95.4 40.4 56.2 63.0 65.5 Income from operations (0.3 ) (1.2 ) 10.0 6.8 3.5 0.8 7.8 0.8 Other income (expense): Interest expense, net (1.6 ) (2.2 ) (2.1 ) (2.0 ) (1.4 ) (1.5 ) (1.3 ) (1.3 ) 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 2.0 (1.5 ) (0.1 ) (0.1 ) (0.3 ) 1.4 0.2 1.0 Other expense 0.1 0.8 1.0 — (0.1 ) 0.1 — (0.1 ) Total other expense, net 0.4 (3.0 ) (1.3 ) (2.2 ) (1.9 ) (0.2 ) (1.2 ) (0.5 ) Net income 0.1 (4.2 ) 8.7 4.6 1.6 0.6 6.6 0.3 (Income) loss attributable to noncontrolling interests 1.4 (0.6 ) (1.6 ) (0.5 ) (0.4 ) (0.5 ) (0.5 ) (0.3 ) Net income attributable to Pangaea Logistics Solutions Ltd. $ 1.5 $ (4.8 ) $ 7.1 $ 4.1 $ 1.2 $ 0.1 $ 6.1 $ 0.1 Quarterly Data (continued) (Unaudited) 2017 2016 (Dollars in millions, except per share amounts) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Earnings (loss) per common share: Basic $ 0.04 $ (0.13 ) $ 0.18 $ 0.10 $ 0.03 $ — $ 0.17 $ 0.002 Diluted $ 0.04 $ (0.13 ) $ 0.17 $ 0.09 $ 0.03 $ — $ 0.17 $ 0.002 Weighted average shares used to compute earnings per common share Basic 35,280,806 35,539,186 40,796,867 41,941,300 35,130,211 35,150,453 35,165,532 35,189,068 Diluted 35,805,205 35,539,186 41,074,592 42,619,933 35,201,307 35,337,290 35,347,403 35,581,897 |
GENERAL INFORMATION General Inf
GENERAL INFORMATION General Information (Details) | Dec. 31, 2017vessel |
Ultramax Ice Class 1C [Member] | |
Property, Plant and Equipment [Line Items] | |
Number of Vessels | 2 |
Supramax [Member] | |
Property, Plant and Equipment [Line Items] | |
Number of Vessels | 6 |
Handymax Ice Class 1A [Member] | |
Property, Plant and Equipment [Line Items] | |
Number of Vessels | 2 |
Panamax [Member] | |
Property, Plant and Equipment [Line Items] | |
Number of Vessels | 2 |
Panamax Ice Class 1A [Member] | |
Property, Plant and Equipment [Line Items] | |
Number of Vessels | 6 |
bareboat charter [Member] | Supramax [Member] | |
Property, Plant and Equipment [Line Items] | |
Number of Vessels | 2 |
GENERAL INFORMATION Stock Issua
GENERAL INFORMATION Stock Issuance (Details) - USD ($) | Aug. 09, 2017 | Mar. 21, 2018 | Dec. 31, 2017 | Jun. 29, 2017 | Dec. 31, 2016 |
Class of Stock [Line Items] | |||||
Common Stock, Shares, Issued | 43,794,526 | 36,590,417 | |||
Common Stock, Value, Issued | $ 4,379 | $ 3,659 | |||
Entity Common Stock, Shares Outstanding | 44,096,911 | 43,794,526 | |||
Stock Purchase Agreement [Member] | |||||
Class of Stock [Line Items] | |||||
Stock issued during period, value, issuance of common stock as settlement of accrued dividends | $ 4,300,000 | ||||
Common Stock, Shares, Issued | 6,533,443 | ||||
Common Stock, Value, Issued | $ 14,100,000 |
COMPLETED MERGERS (Details Text
COMPLETED MERGERS (Details Textual) - shares | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Shares, Issued | 43,794,526 | 36,590,417 |
Common Stock, Shares, Outstanding | 43,794,526 | 36,590,417 |
Cash and Cash Equivelants
Cash and Cash Equivelants - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2013 |
Accounting Policies [Abstract] | |||
Money market accounts - cash equivalents | $ 21,009,821 | $ 6,540,489 | |
Cash | 13,521,991 | 15,782,460 | |
Total | $ 34,531,812 | $ 22,322,949 | $ 37,520,240 |
SUMMARY OF SIGNIFICANT ACCOUN31
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Basis Of Presentation And General Information [Line Items] | ||
Advance hire | $ 3,628,417 | $ 2,232,444 |
Prepaid expenses | 460,445 | 1,844,522 |
Accrued receivables | 6,153,212 | 5,805,798 |
Other current assets | 1,790,198 | 1,045,397 |
Total | $ 12,032,272 | $ 10,928,161 |
SUMMARY OF SIGNIFICANT ACCOUN32
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Accounting Policies [Abstract] | ||
Deferred financing costs | $ 6,068,806 | $ 5,321,206 |
Less: accumulated amortization | (4,199,026) | (3,792,695) |
Unamortized bank fees | 1,869,780 | 1,528,511 |
Amortization of deferred financing costs | $ 657,600 | $ 662,724 |
SUMMARY OF SIGNIFICANT ACCOUN33
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 4) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Accounting Policies [Line Items] | ||
Accounts payable | $ 15,686,235 | $ 15,435,179 |
Accrued expenses | 11,923,445 | 6,955,389 |
Accrued interest | 611,406 | 412,984 |
Other accrued liabilities | 960,190 | 427,627 |
Total | $ 29,181,276 | $ 23,231,179 |
SUMMARY OF SIGNIFICANT ACCOUN34
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 5) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Accounting Policies [Line Items] | ||
Carrying amount of long-term debt | $ 92,096,979 | $ 82,001,821 |
Fair value of long-term debt | $ 93,417,008 | $ 82,224,170 |
SUMMARY OF SIGNIFICANT ACCOUN35
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | |
Accounting Policies [Line Items] | |||||||||||
Accumulated deficit | $ 9,596,785 | $ 17,409,579 | $ 9,596,785 | $ 17,409,579 | |||||||
Share-based Compensation | 1,074,038 | 601,921 | |||||||||
Vessels Salvage Value Per Lightweight Ton | 300 | 300 | |||||||||
Allowance for Doubtful Accounts Receivable | 2,135,877 | 4,752,265 | 2,135,877 | 4,752,265 | |||||||
Provision for Doubtful Accounts | 543,621 | 922,414 | |||||||||
Allowance for Doubtful Accounts Receivable, Write-offs | 3,160,000 | 1,237,000 | |||||||||
Debt Issuance Costs, Net | 1,869,780 | 1,528,511 | 1,869,780 | 1,528,511 | |||||||
Income Tax Expense (Benefit) | 428,000 | 198,000 | |||||||||
Nonoperating Income (Expense) | 0 | $ 1,000,000 | $ 800,000 | $ 100,000 | (100,000) | $ 0 | $ 100,000 | $ (100,000) | 1,841,958 | (158,528) | |
Loss on impairment of vessels | 0 | $ 100,000 | $ 4,900,000 | $ 4,300,000 | 0 | $ 0 | $ 0 | $ 0 | |||
Write off of Deferred Debt Issuance Cost | 274,000 | ||||||||||
Other Assets, Current | 1,790,198 | 1,045,397 | 1,790,198 | 1,045,397 | |||||||
Senior Secured Post-Delivery Term Loan Facility [Member] | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Restricted Cash and Cash Equivalents, Current | 1,500,000 | 2,500,000 | 1,500,000 | 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 | |||||||||
Secured Term Loan Obtained In 2014 [Member] | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Debt Issuance Costs, Net | 46,000 | 46,000 | |||||||||
Bulk Atlantic Secured Note [Member] | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Restricted Cash and Cash Equivalents, Current | $ 1,100,000 | $ 1,100,000 | |||||||||
Secured Term Loan Obtained In 2015 [Member] | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Debt Issuance Costs, Net | $ 1,023,000 | $ 1,023,000 | |||||||||
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 | 24 years | ||||||||||
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 | 3 years | ||||||||||
Accounting Standards Update 2014-09 [Member] | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Accumulated deficit | $ 2,600,000 | ||||||||||
Sales Revenue, Net [Member] | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Concentration Risk, Percentage | 12.00% | 22.00% | |||||||||
Concentration Risk, Geographic | 0.1 | 0.1 | |||||||||
Concentration Risk, Customer | 1 | 2 | |||||||||
Sales Revenue, Net [Member] | UNITED STATES | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Concentration Risk, Percentage | 20.00% | 21.00% | |||||||||
Sales Revenue, Net [Member] | SWITZERLAND | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Concentration Risk, Percentage | 21.00% | ||||||||||
Sales Revenue, Net [Member] | CANADA | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Concentration Risk, Percentage | 20.00% | ||||||||||
Trade Accounts Receivable [Member] | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Concentration Risk, Percentage | 32.00% | 29.00% | |||||||||
Concentration Risk, Customer | 2 | 2 | |||||||||
Accounts Receivable [Member] | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Concentration Risk, Geographic | 0.26 | 0.1 | |||||||||
Accounts Receivable [Member] | UNITED STATES | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Concentration Risk, Percentage | 20.00% | ||||||||||
Accounts Receivable [Member] | SWITZERLAND | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Concentration Risk, Percentage | 11.00% | ||||||||||
Accounts Receivable [Member] | CANADA | |||||||||||
Accounting Policies [Line Items] | |||||||||||
Concentration Risk, Percentage | 30.00% |
LOSS PER SHARE (Details)
LOSS PER SHARE (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator: | ||||||||||
Net loss attributable to Pangaea Logistics Solutions Ltd. | $ 4,100,000 | $ 7,100,000 | $ (4,800,000) | $ 1,500,000 | $ 100,000 | $ 6,100,000 | $ 100,000 | $ 1,200,000 | $ 7,812,794 | $ 7,456,955 |
Denominator: | ||||||||||
Weighted Average Number of Shares Outstanding, Basic | 41,941,300 | 40,796,867 | 35,539,186 | 35,280,806 | 35,189,068 | 35,165,532 | 35,150,453 | 35,130,211 | 38,414,383 | 35,158,917 |
Weighted Average Number of Shares Outstanding, Diluted | 42,619,933 | 41,074,592 | 35,539,186 | 35,805,205 | 35,581,897 | 35,347,403 | 35,337,290 | 35,201,307 | 38,925,745 | 35,376,950 |
Earnings Per Share, Basic | $ 0.10 | $ 0.18 | $ (0.13) | $ 0.04 | $ 0 | $ 0.17 | $ 0 | $ 0.03 | $ 0.20 | $ 0.21 |
Earnings Per Share, Diluted | $ 0.09 | $ 0.17 | $ (0.13) | $ 0.04 | $ 0 | $ 0.17 | $ 0 | $ 0.03 | $ 0.21 |
VARIABLE INTEREST ENTITIES (Det
VARIABLE INTEREST ENTITIES (Details Textual) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Variable Interest Entity [Line Items] | ||
Retained Earnings (Accumulated Deficit), Total | $ (9,596,785) | $ (17,409,579) |
Long Wharf [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 2,180,000 | 700,000 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 2,419,000 | 1,000,000 |
Variable Interest Entity Consolidated Carrying Amount Stockholders Equity | 239,000 | 300,000 |
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 | 154,600,000 | 161,300,000 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 86,200,000 | 98,100,000 |
Variable Interest Entity Consolidated Carrying Amount Stockholders Equity | 4,500,000 | 2,800,000 |
Noncontrolling Interest in Variable Interest Entity | 63,900,000 | 60,400,000 |
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 | 42,600,000 | 9,500,000 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 38,000,000 | 9,600,000 |
Variable Interest Entity Consolidated Carrying Amount Stockholders Equity | 4,600,000 | 47,000 |
Retained Earnings (Accumulated Deficit), Total | 42,000 | |
Nordic Bulk Holding [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 22,600,000 | 5,500,000 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 21,336,000 | 5,100,000 |
Variable Interest Entity Consolidated Carrying Amount Stockholders Equity | 1,317,000 | 400,000 |
Venture Barge Corp and Flintstone Ventures Ltd [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 1,400,000 | |
Variable Interest Entity Consolidated Carrying Amount Stockholders Equity | 1,300,000 | |
Noncontrolling Interest in Variable Interest Entity | 1,400,000 | |
mv BULK CAJUN [Member] | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 50,400,000 | 46,200,000 |
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities | 47,700,000 | 46,000,000 |
Variable Interest Entity Consolidated Carrying Amount Stockholders Equity | $ 2,700,000 | $ 200,000 |
FIXED ASSETS (Details)
FIXED ASSETS (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Vessels And Vessel Improvements Property Plant And Equipment Gross | $ 363,104,833 | $ 320,244,924 |
Accumulated depreciation and amortization | (59,893,556) | (47,862,126) |
Vessels, vessel upgrades and capitalized dry docking, net | 303,211,277 | 272,382,798 |
Property, Plant and Equipment, Gross | 4,463,225 | 4,059,494 |
Accumulated depreciation | (1,381,847) | (1,176,620) |
Other fixed assets, net | 3,081,378 | 2,882,874 |
Total fixed assets, net | 306,292,655 | 275,265,672 |
Vessels and Vessel upgrades [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Vessels And Vessel Improvements Property Plant And Equipment Gross | 352,874,660 | 313,102,479 |
Capitalized Dry Docking [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Vessels And Vessel Improvements Property Plant And Equipment Gross | 10,230,173 | 7,142,445 |
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 | $ 1,922,140 | $ 1,518,409 |
FIXED ASSETS (Details 1)
FIXED ASSETS (Details 1) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Vessels And Vessel Improvements Property Plant And Equipement Gross | $ 363,104,833 | $ 320,244,924 |
Vessels And Vessel Improvements Property Plant And Equipment Net | 303,211,277 | 272,382,798 |
Property, Plant and Equipment, Other, Net | 3,081,378 | 2,882,874 |
Property, Plant and Equipment, Net | 306,292,655 | 275,265,672 |
Capital lease asset, net | 29,994,212 | 0 |
m/v Bulk Destiny [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Capital lease asset, net | 23,153,850 | |
mv BULK PANGAEA [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Vessels And Vessel Improvements Property Plant And Equipement Gross | 16,398,650 | 17,879,380 |
mv BULK PATRIOT [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Vessels And Vessel Improvements Property Plant And Equipement Gross | 11,111,437 | 12,391,724 |
mv BULK JULIANA [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Vessels And Vessel Improvements Property Plant And Equipement Gross | 11,411,052 | 12,252,733 |
mv NORDIC ODYSSEY [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Vessels And Vessel Improvements Property Plant And Equipement Gross | 25,634,743 | 27,021,211 |
mv Nordic Orion [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Vessels And Vessel Improvements Property Plant And Equipement Gross | 26,467,928 | 27,874,584 |
mv BULK TRIDENT [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Vessels And Vessel Improvements Property Plant And Equipement Gross | 14,195,098 | 14,962,163 |
mv NORDIC OLYMPIC [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Vessels And Vessel Improvements Property Plant And Equipement Gross | 30,371,285 | 31,560,965 |
mv NORDIC ODIN [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Vessels And Vessel Improvements Property Plant And Equipement Gross | 30,548,435 | 31,741,658 |
mv Nordic Bulk Oasis [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Vessels And Vessel Improvements Property Plant And Equipement Gross | 31,608,785 | 32,834,500 |
m/v Bulk Endurance [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Vessels And Vessel Improvements Property Plant And Equipement Gross | 27,030,918 | |
mv Bulk Freedom [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Vessels And Vessel Improvements Property Plant And Equipement Gross | 8,834,746 | 0 |
m/v Bulk Pride [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Vessels And Vessel Improvements Property Plant And Equipement Gross | 14,007,731 | 0 |
Miss Nora G. Pearl [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Vessels And Vessel Improvements Property Plant And Equipement Gross | 2,695,145 | 0 |
mv BULK BEOTHUK [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Vessels And Vessel Improvements Property Plant And Equipement Gross | 0 | 12,006,270 |
Capital lease asset, net | 6,840,362 | |
mv BULK NEWPORT [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Vessels And Vessel Improvements Property Plant And Equipement Gross | 13,139,242 | 13,473,429 |
mv NORDIC BARENTS [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Vessels And Vessel Improvements Property Plant And Equipement Gross | 4,846,522 | 3,517,151 |
mv NORDIC BOTHNIA [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Vessels And Vessel Improvements Property Plant And Equipement Gross | 4,787,388 | 3,520,616 |
mv NORDIC OSHIMA [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Vessels And Vessel Improvements Property Plant And Equipement Gross | $ 30,122,172 | $ 31,346,414 |
FIXED ASSETS (Details Textual)
FIXED ASSETS (Details Textual) - USD ($) | Jul. 05, 2016 | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | |||
Purchase of vessels | $ 64,029,798 | $ 319,433 | |
Payments to Acquire Buildings | $ 0 | 9,618,964 | |
rental expense per year under bareboat charter, next 5 years | $ 365,000 | ||
Panamax Vessels [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Payments to Acquire Buildings | $ 18,400,000 |
MARGIN ACCOUNTS (Details Textua
MARGIN ACCOUNTS (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Swap [Member] | ||
Margin Accounts [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | $ 74,000 | $ 2,081,000 |
Forward Contracts [Member] | ||
Margin Accounts [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | 287,000 | 21,000 |
Forward Contracts [Member] | ||
Margin Accounts [Line Items] | ||
Margin Deposit Assets | 913,000 | 488,000 |
Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | ||
Margin Accounts [Line Items] | ||
Fair Value, Net Asset (Liability) | 265,768 | (20,950) |
Fair Value, Measurements, Recurring [Member] | Fuel [Member] | Swap [Member] | ||
Margin Accounts [Line Items] | ||
Fair Value, Net Asset (Liability) | $ 377,273 | $ 304,000 |
DERIVATIVES AND FAIR VALUE ME42
DERIVATIVES AND FAIR VALUE MEASUREMENT (Details 1) - Fair Value, Measurements, Recurring [Member] - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Margin Accounts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Net Asset (Liability) | $ 912,981 | $ 488,084 |
Margin Accounts [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Net Asset (Liability) | 912,981 | 488,084 |
Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Net Asset (Liability) | 303,675 | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Net Asset (Liability) | 303,675 | |
Forward Freight Agreements [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Net Asset (Liability) | 265,768 | (20,950) |
Forward Freight Agreements [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Net Asset (Liability) | 265,768 | (20,950) |
Fuel Swap Contracts [Member] | Fuel [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Net Asset (Liability) | 377,273 | $ 304,000 |
Fuel Swap Contracts [Member] | Fuel [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value, Net Asset (Liability) | $ 377,273 |
DERIVATIVES AND FAIR VALUE ME43
DERIVATIVES AND FAIR VALUE MEASUREMENT (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Forward Contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | $ 287,000 | $ 21,000 |
Swap [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | 74,000 | 2,081,000 |
Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair Value, Net Asset (Liability) | 265,768 | (20,950) |
Fair Value, Measurements, Recurring [Member] | Swap [Member] | Fuel [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair Value, Net Asset (Liability) | $ 377,273 | 304,000 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair Value, Net Asset (Liability) | $ 303,675 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | ||
Related party debt | $ 7,009,597 | $ 15,972,147 |
Notes Payable, Related Parties, Current | 1,421,920 | 1,254,985 |
Related Party Debt Current [Member] | ||
Related Party Transaction [Line Items] | ||
Related party debt | 7,009,597 | 15,972,147 |
Proceeds from (Repayments of) Related Party Debt | (8,962,550) | |
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 | 684,597 | 368,347 |
Proceeds from (Repayments of) Related Party Debt | 316,250 | |
Loan Payable BVH shareholder STST [Member] | Related Party Debt Current [Member] | Loans Payable [Member] | ||
Related Party Transaction [Line Items] | ||
Related party debt | 0 | 9,278,800 |
Proceeds from (Repayments of) Related Party Debt | (9,278,800) | |
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 | 166,935 | |
Loan Payable To Founders [Member] | Related Party Debt Current [Member] | Loans Payable [Member] | ||
Related Party Transaction [Line Items] | ||
Related party debt | 2,000,000 | $ 2,000,000 |
Proceeds from (Repayments of) Related Party Debt | $ 0 |
RELATED PARTY TRANSACTIONS (D45
RELATED PARTY TRANSACTIONS (Details Textual) - USD ($) | Oct. 01, 2011 | Dec. 31, 2017 | Dec. 31, 2016 | Nov. 30, 2014 |
Related Party Transaction [Line Items] | ||||
Repayments of Related Party Debt | $ 0 | $ 2,500,497 | ||
Proceeds from Related Party Debt | 0 | 4,836,300 | ||
Due to Related Parties, Current | 7,009,597 | 15,972,147 | ||
Notes Payable, Related Parties, Current | 1,421,920 | 1,254,985 | ||
Technical management fees | 2,746,200 | 1,963,200 | ||
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 | |||
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 | |||
Related Party Debt Current [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due to Related Parties, Current | 7,009,597 | 15,972,147 | ||
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 | 2,000,000 | ||
Accounts Payable and Accrued Liabilities [Member] | Affiliated Companies [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due to Related Parties, Current | $ 1,254,985 |
SECURED LONG-TERM DEBT (Details
SECURED LONG-TERM DEBT (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Long-term Debt [Line Items] | ||
Secured Debt | $ 138,464,749 | $ 128,794,208 |
Less: current portion | (18,979,335) | (19,627,846) |
Less: unamortized bank fees | (1,869,780) | (1,528,511) |
Secured long-term debt, net | 117,615,634 | 107,637,851 |
Bulk Pangaea Secured Note [Member] | ||
Long-term Debt [Line Items] | ||
Secured Debt | 0 | 1,040,625 |
Bulk Patriot Secured Note [Member] | ||
Long-term Debt [Line Items] | ||
Secured Debt | 0 | 1,087,500 |
Bulk Trident Secured Note [Member] | ||
Long-term Debt [Line Items] | ||
Secured Debt | 3,452,500 | 5,737,500 |
Bulk Juliana Secured Note [Member] | ||
Long-term Debt [Line Items] | ||
Secured Debt | 1,521,095 | 3,042,186 |
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 | 4,473,805 | 6,816,685 |
Bulk Atlantic Secured Note [Member] | ||
Long-term Debt [Line Items] | ||
Secured Debt | 0 | 5,350,000 |
Bulk Phoenix Secured Note [Member] | ||
Long-term Debt [Line Items] | ||
Secured Debt | 69,825,000 | 77,325,001 |
Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd. [Member] | ||
Long-term Debt [Line Items] | ||
Secured Debt | 5,793,460 | 7,097,820 |
Bulk Nordic Oasis Ltd. Loan Agreement [Member] | ||
Long-term Debt [Line Items] | ||
Secured Debt | 18,500,000 | 20,000,000 |
Long Wharf Construction to Term Loan [Member] | ||
Long-term Debt [Line Items] | ||
Secured Debt | 922,466 | 1,032,067 |
Bulk Nordic Six Ltd. Loan Agreement [Domain] | ||
Long-term Debt [Line Items] | ||
Secured Debt | 28,803,333 | 0 |
Bulk Freedom Loan Agreement [Member] | ||
Long-term Debt [Line Items] | ||
Secured Debt | 5,150,000 | 0 |
PBC US LLC Automobile Loan [Member] | ||
Long-term Debt [Line Items] | ||
Secured Debt | 23,090 | 28,582 |
PBC US LLC Master Loan [Member] | ||
Long-term Debt [Line Items] | ||
Secured Debt | $ 0 | $ 236,242 |
SECURED LONG-TERM DEBT (Detai47
SECURED LONG-TERM DEBT (Details 1) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Long-term Debt [Line Items] | ||
Secured Debt | $ 138,464,749 | $ 128,794,208 |
2,015 | 18,979,335 | |
2,016 | 22,196,164 | |
2,017 | 21,996,837 | |
2,018 | 37,242,047 | |
2,019 | 37,675,900 | |
Thereafter | 374,466 | |
Long-term Debt | $ 138,464,749 |
SECURED LONG-TERM DEBT (Detai48
SECURED LONG-TERM DEBT (Details Textual) - Secured Debt [Member] | Dec. 21, 2017USD ($) | Jun. 14, 2017USD ($) | Apr. 19, 2017 | Dec. 21, 2016USD ($) | Sep. 30, 2016USD ($) | Sep. 19, 2016USD ($)installment | May 27, 2016USD ($)installment | Dec. 11, 2015USD ($)installment | Sep. 28, 2015USD ($)installment | Mar. 07, 2014USD ($)trancheinstallment | May 31, 2013USD ($)installment | Feb. 18, 2013USD ($)installment | Apr. 30, 2012USD ($)installment | Feb. 18, 2015USD ($) | Dec. 31, 2017 | Apr. 27, 2017 | Mar. 31, 2017 | Mar. 27, 2017 | Jan. 31, 2017 | Dec. 28, 2016 | Jan. 23, 2014USD ($) | Apr. 30, 2013USD ($) | Sep. 30, 2011USD ($) | Dec. 31, 2009USD ($) |
Bulk Pangaea Secured Note [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 12,250,000 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 1,040,625 | |||||||||||||||||||||||
Bulk Patriot Secured Note [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 12,000,000 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 1,087,500 | |||||||||||||||||||||||
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 | 1,462,500 | |||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.19% | |||||||||||||||||||||||
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% | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 90,000 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 4,170,000 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
mv Nordic Bulk Oasis [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Number of Periodic Payments | installment | 24 | |||||||||||||||||||||||
Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 13,000,000 | |||||||||||||||||||||||
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 | 4.19% | |||||||||||||||||||||||
Nordic Bulk BothnIa Ltd. [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Long-term Line of Credit | $ 6,500,000 | |||||||||||||||||||||||
Nordic Bulk Barents Ltd. [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Long-term Line of Credit | $ 6,500,000 | |||||||||||||||||||||||
Bulk Nordic Six Ltd. Loan Agreement [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.74% | |||||||||||||||||||||||
Bulk Endurance Senior Tranche Loan [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 16,000,000 | |||||||||||||||||||||||
Bulk Freedom Loan Agreement [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 5,500,000 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 2,300,000 | |||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.44% | |||||||||||||||||||||||
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 | 3.69% | |||||||||||||||||||||||
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% | |||||||||||||||||||||||
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] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 21,750,000 | |||||||||||||||||||||||
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, Number of Periodic Payments | installment | 28 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 375,000 | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.07% | 3.95% | ||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 11,233,150 | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Portion Fixed | 50.00% | |||||||||||||||||||||||
m/v Nordic Odin and m/v Nordic Olympic [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% | |||||||||||||||||||||||
Odyssey And Orion [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 13,500,000 | |||||||||||||||||||||||
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, Number of Periodic Payments | installment | 20 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 5,677,203 | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.24% | |||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 375,000 | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Portion Fixed | 50.00% | |||||||||||||||||||||||
Odyssey And Orion [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 | 4.09% | |||||||||||||||||||||||
mv NORDIC OSHIMA [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 21,000,000 | |||||||||||||||||||||||
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, Interest Rate, Stated Percentage | 4.16% | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Portion Fixed | 50.00% | |||||||||||||||||||||||
Nordic Bulk 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, Number of Periodic Payments | installment | 28 | |||||||||||||||||||||||
Nordic Bulk Oshima [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% | |||||||||||||||||||||||
Eight Equal Quarterly Installments [Member] | Bulk Freedom Loan Agreement [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Number of Periodic Payments | 8 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 175,000 | |||||||||||||||||||||||
One Installment Per Borrower [Member] | Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 163,010 | |||||||||||||||||||||||
Twenty Two Equal Quarterly Installments Per Borrower [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 | |||||||||||||||||||||||
Twelve Equal Quarterly Installments [Member] | Bulk Atlantic Secured Note [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Number of Periodic Payments | installment | 12 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 295,000 | |||||||||||||||||||||||
Twelve Equal Quarterly Installments [Member] | Bulk Freedom Loan Agreement [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Number of Periodic Payments | 12 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 150,000 | |||||||||||||||||||||||
first and second installment [Member] | Bulk Atlantic Secured Note [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | 650,000 | |||||||||||||||||||||||
Seven Equal Quarterly Installments [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 | |||||||||||||||||||||||
third and fourth installment [Member] | Bulk Atlantic Secured Note [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | 435,000 | |||||||||||||||||||||||
fifth and sixth installment [Member] | Bulk Atlantic Secured Note [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | 327,500 | |||||||||||||||||||||||
seventh, eighth, and ninth installment [Member] | Bulk Atlantic Secured Note [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 300,000 | |||||||||||||||||||||||
two quarterly installments [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 | |||||||||||||||||||||||
Tranche A [Member] | Bulk Nordic Six Ltd. Loan Agreement [Member] | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||
Tranche A [Member] | The Amended Senior Facility [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 10,000,000 | |||||||||||||||||||||||
Tranche A [Member] | three equal quarterly installments [Member] | Bulk Nordic Six Ltd. Loan Agreement [Member] | ||||||||||||||||||||||||
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] | Bulk Nordic Six Ltd. Loan Agreement [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Number of Periodic Payments | 17 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 266,667 | |||||||||||||||||||||||
Tranche B [Member] | Bulk Nordic Six Ltd. Loan Agreement [Member] | ||||||||||||||||||||||||
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 | 7.69% | |||||||||||||||||||||||
Tranche C [Member] | The Amended Senior Facility [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 8,500,000 | |||||||||||||||||||||||
Debt Instrument, Number of Periodic Payments | 16 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 275,000 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 4,100,000 | |||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.44% | |||||||||||||||||||||||
Tranche D [Member] | The Amended Senior Facility [Member] | ||||||||||||||||||||||||
Long-term Debt [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Face Amount | $ 1,500,000 | |||||||||||||||||||||||
Debt Instrument, Number of Periodic Payments | 4 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 375,000 | |||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 6.00% | |||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 7.69% |
COMMON STOCK AND NON-CONTROLL49
COMMON STOCK AND NON-CONTROLLING INTEREST RESTRICTED STOCK AWARDS (SCHEDULE OF ACTIVITY) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
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, Nonvested, Number | 1,837,147 | 1,361,349 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 2.93 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 2.74 | $ 2.46 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 693,489 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 3.33 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (194,868) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (22,823) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 2.39 |
COMMON STOCK AND NON-CONTROLL50
COMMON STOCK AND NON-CONTROLLING INTEREST COMMON STOCK AND NON-CONTROLLING INTEREST (SCHEDULE OF FAIR VALUE OF RESTRICTED STOCK) (Details) - Restricted Stock [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
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 | $ 570,011 | $ 336,364 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 3,909,212 | $ 2,768,484 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 3 years 12 days | 3 years 3 months 19 days |
COMMON STOCK AND NON-CONTROLL51
COMMON STOCK AND NON-CONTROLLING INTEREST (DIVIDENDS) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Noncontrolling Interest [Line Items] | ||
Dividends, Common Stock, Paid-in-kind | $ (4,285,000) | |
Beginning balance | 12,624,825 | $ 12,724,825 |
Paid in cash | (1,101,424) | (100,000) |
Ending balance | 7,238,401 | 12,624,825 |
Common Stock Dividend 2008 [Member] | ||
Noncontrolling Interest [Line Items] | ||
Dividends, Common Stock, Paid-in-kind | 1,372,701 | |
Beginning balance | 2,374,125 | 2,474,125 |
Paid in cash | (1,001,424) | (100,000) |
Ending balance | 0 | 2,374,125 |
Common Stock Special Dividend 2012 [Member] | ||
Noncontrolling Interest [Line Items] | ||
Dividends, Common Stock, Paid-in-kind | 2,834,357 | |
Beginning balance | 2,934,357 | 2,934,357 |
Paid in cash | (100,000) | 0 |
Ending balance | 0 | 2,934,357 |
Common Stock Dividend 2013 [Member] | ||
Noncontrolling Interest [Line Items] | ||
Dividends, Common Stock, Paid-in-kind | 77,942 | |
Beginning balance | 6,411,540 | 6,411,540 |
Paid in cash | 0 | 0 |
Ending balance | 6,333,598 | 6,411,540 |
Odyssey And Orion Dividend 2013 [Member] | ||
Noncontrolling Interest [Line Items] | ||
Dividends, Common Stock, Paid-in-kind | 0 | |
Beginning balance | 904,803 | 904,803 |
Paid in cash | 0 | 0 |
Ending balance | $ 904,803 | $ 904,803 |
COMMON STOCK AND NON-CONTROLL52
COMMON STOCK AND NON-CONTROLLING INTEREST(Details Textual) - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2015 | Mar. 21, 2018 | Jun. 15, 2017 | Aug. 09, 2016 | Dec. 31, 2015 | |
Noncontrolling Interest [Line Items] | |||||||
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | |||||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | |||||
Entity Common Stock, Shares Outstanding | 43,794,526 | 44,096,911 | |||||
Common Stock, Shares, Issued | 43,794,526 | 36,590,417 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,000,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 194,868 | ||||||
Share-based Compensation | $ 1,074,038 | $ 601,921 | |||||
Dividends Payable | 7,238,401 | 12,624,825 | $ 12,724,825 | ||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 830,906 | ||||||
Retained Earnings (Accumulated Deficit), Total | (9,596,785) | (17,409,579) | |||||
Allocated Share-based Compensation Expense | 601,921 | ||||||
NBHC [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Noncontrolling Interest in Variable Interest Entity | 63,953,000 | 60,449,000 | |||||
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 | 1,352,000 | ||||||
Noncontrolling Interest [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Noncontrolling Interest, Increase from Business Combination | 6,197,096 | ||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (7,028,002) | ||||||
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 | 1,782,965 | ||||||
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% | ||||||
mv BULK BEOTHUK [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Capital Leased Assets, Gross | $ 7,000,000 | ||||||
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% | ||||||
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% | ||||||
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 | 242,358 | 86,088 | |||||
Director [Member] | Common Stock [Member] | 2014 Share Incentive Plan [Member] | |||||||
Noncontrolling Interest [Line Items] | |||||||
Stock Issued During Period, Shares, Issued for Services | 68,598 | ||||||
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 |
COMMITMENTS AND CONTINGENCIES53
COMMITMENTS AND CONTINGENCIES Lease Commitments (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Lease Commitments [Abstract] | ||
Capital Leases, Future Minimum Payments Due, Next Twelve Months | $ 3,278,295 | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 585,717 | |
Capital Leases, Future Minimum Payments Due in Two Years | 3,278,295 | |
Operating Leases, Future Minimum Payments, Due in Two Years | 365,446 | |
Capital Leases, Future Minimum Payments Due in Three Years | 3,278,295 | |
Operating Leases, Future Minimum Payments, Due in Three Years | 365,446 | |
Capital Leases, Future Minimum Payments Due in Four Years | 3,330,795 | |
Operating Leases, Future Minimum Payments, Due in Four Years | 193,236 | |
Capital Leases, Future Minimum Payments Due in Five Years | 6,490,795 | |
Operating Leases, Future Minimum Payments, Due in Five Years | 0 | |
Capital Leases, Future Minimum Payments Due Thereafter | 13,722,868 | |
Operating Leases, Future Minimum Payments, Due Thereafter | 0 | |
Capital Leases, Future Minimum Payments Due | 33,379,343 | |
Operating Leases, Future Minimum Payments Due | 1,509,845 | |
Capital Leases, Future Minimum Payments, Interest Included in Payments | 6,578,064 | |
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments | 26,801,279 | |
Capital Lease Obligations, Current | 1,785,620 | $ 0 |
Capital Lease Obligations, Noncurrent | $ 25,015,659 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Textual) - USD ($) | Jun. 15, 2017 | Jan. 07, 2017 | Jul. 05, 2016 | Dec. 31, 2017 | Dec. 31, 2016 |
Commitments and Contingencies [Line Items] | |||||
Share-based Compensation | $ 1,074,038 | $ 601,921 | |||
Gain (Loss) on Sale of Properties | (9,275,042) | $ 0 | |||
rental expense per year under bareboat charter, next 5 years | $ 365,000 | ||||
m/v Bulk Destiny [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Sale Leaseback Transaction, Gross Proceeds, Financing Activities | $ 21,000,000 | ||||
Capital Leased Assets, Gross | $ 24,000,000 | ||||
Gain (Loss) on Sale of Properties | $ (4,300,000) | ||||
Sale Leaseback Transaction, Lease Terms | Minimum lease payments fluctuate based on three-month LIBOR and are payable quarterly over the seven year lease term | ||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 11,200,000 | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||
Debt Instrument, Interest Rate, Effective Percentage | 4.44% | ||||
mv BULK BEOTHUK [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Capital Leased Assets, Gross | $ 7,000,000 | ||||
Gain (Loss) on Sale of Properties | $ (4,900,000) | ||||
Sale Leaseback Transaction, Lease Terms | The lease is payable at $3,500 per day every fifteen days over the five year lease term | ||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 4,000,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 11.83% |
Quarterly Data Quarterly Data55
Quarterly Data Quarterly Data (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
quarterly financial data [Line Items] | ||||||||||
Voyage Revenue | $ 86,100,000 | $ 93,700,000 | $ 80,200,000 | $ 77,700,000 | $ 60,600,000 | $ 66,000,000 | $ 53,500,000 | $ 42,000,000 | $ 337,683,383 | $ 222,116,152 |
Charter Revenue | 16,100,000 | 13,300,000 | 11,200,000 | 6,800,000 | 5,700,000 | 4,800,000 | 3,400,000 | 2,000,000 | 47,404,826 | 15,900,346 |
Revenues | 102,200,000 | 107,000,000 | 91,400,000 | 84,500,000 | 66,300,000 | 70,800,000 | 57,000,000 | 43,900,000 | 385,088,209 | 238,016,498 |
Voyage Expense | 39,200,000 | 44,300,000 | 38,600,000 | 41,300,000 | 29,200,000 | 29,200,000 | 26,800,000 | 18,500,000 | 160,577,816 | 103,647,127 |
Charter Hire Expense | 38,900,000 | 34,800,000 | 33,200,000 | 23,200,000 | 20,500,000 | 19,700,000 | 15,000,000 | 8,500,000 | 132,852,712 | 63,691,892 |
Vessel Operating Expense | 9,600,000 | 9,100,000 | 9,100,000 | 8,600,000 | 8,600,000 | 7,500,000 | 7,900,000 | 6,900,000 | 36,435,959 | 30,904,039 |
General and Administrative Expense | 3,700,000 | 4,800,000 | 3,100,000 | 3,500,000 | 3,600,000 | 3,200,000 | 2,900,000 | 3,000,000 | 15,163,352 | 12,773,781 |
Cost of Services, Depreciation and Amortization | 4,000,000 | 3,900,000 | 3,700,000 | 3,900,000 | 3,500,000 | 3,500,000 | 3,500,000 | 3,500,000 | 15,614,571 | 14,107,822 |
Loss on impairment of vessels | 0 | 100,000 | 4,900,000 | 4,300,000 | 0 | 0 | 0 | 0 | ||
Gain (Loss) on Sale of Properties | (9,275,042) | 0 | ||||||||
Operating Expenses | 95,400,000 | 97,000,000 | 92,600,000 | 84,800,000 | 65,500,000 | 63,000,000 | 56,200,000 | 40,400,000 | 369,919,452 | 225,124,661 |
Operating Income (Loss) | 6,800,000 | 10,000,000 | (1,200,000) | (300,000) | 800,000 | 7,800,000 | 800,000 | 3,500,000 | 15,168,757 | 12,891,837 |
Interest Expense | (2,000,000) | (2,100,000) | (2,200,000) | (1,600,000) | (1,300,000) | (1,300,000) | (1,500,000) | (1,400,000) | (7,954,126) | (5,423,057) |
Interest Expense, Related Party | (100,000) | (100,000) | (100,000) | (100,000) | (100,000) | (100,000) | (100,000) | (100,000) | (316,250) | (314,925) |
Unrealized Gain (Loss) on Derivatives | (100,000) | (100,000) | (1,500,000) | 2,000,000 | 1,000,000 | 200,000 | 1,400,000 | (300,000) | 360,316 | 2,163,484 |
Nonoperating Income (Expense) | 0 | 1,000,000 | 800,000 | 100,000 | (100,000) | 0 | 100,000 | (100,000) | 1,841,958 | (158,528) |
Other Nonoperating Income (Expense) | (2,200,000) | (1,300,000) | (3,000,000) | 400,000 | (500,000) | (1,200,000) | (200,000) | (1,900,000) | (6,068,102) | (3,733,026) |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 4,600,000 | 8,700,000 | (4,200,000) | 100,000 | 300,000 | 6,600,000 | 600,000 | 1,600,000 | 9,100,655 | 9,158,811 |
Net Income (Loss) Attributable to Noncontrolling Interest | (500,000) | (1,600,000) | (600,000) | 1,400,000 | (300,000) | (500,000) | (500,000) | (400,000) | 1,287,861 | 1,701,856 |
Net Income (Loss) Attributable to Parent | $ 4,100,000 | $ 7,100,000 | $ (4,800,000) | $ 1,500,000 | $ 100,000 | $ 6,100,000 | $ 100,000 | $ 1,200,000 | $ 7,812,794 | $ 7,456,955 |
Earnings Per Share, Basic | $ 0.10 | $ 0.18 | $ (0.13) | $ 0.04 | $ 0 | $ 0.17 | $ 0 | $ 0.03 | $ 0.20 | $ 0.21 |
Earnings Per Share, Diluted | $ 0.09 | $ 0.17 | $ (0.13) | $ 0.04 | $ 0 | $ 0.17 | $ 0 | $ 0.03 | $ 0.21 | |
Weighted Average Number of Shares Outstanding, Basic | 41,941,300 | 40,796,867 | 35,539,186 | 35,280,806 | 35,189,068 | 35,165,532 | 35,150,453 | 35,130,211 | 38,414,383 | 35,158,917 |
Weighted Average Number of Shares Outstanding, Diluted | 42,619,933 | 41,074,592 | 35,539,186 | 35,805,205 | 35,581,897 | 35,347,403 | 35,337,290 | 35,201,307 | 38,925,745 | 35,376,950 |
Common Stock Price Range High | $ 4.88 | $ 2.86 | $ 3.52 | $ 3.43 | $ 2.69 | $ 2.92 | $ 2.74 | $ 3.53 | ||
Common Stock Price Range Low | $ 2.25 | $ 2.25 | $ 2.54 | $ 2.87 | $ 2.12 | $ 2.25 | $ 2.29 | $ 2.46 |