Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 09, 2018 | Jun. 30, 2017 | |
Document And Entity Information | |||
Entity Registrant Name | Eagle Bulk Shipping Inc. | ||
Entity Central Index Key | 1,322,439 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 73,090,233 | ||
Entity Public Float | $ 178,082,636 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 56,251,044 | $ 76,516,110 |
Accounts receivable | 17,246,540 | 5,089,708 |
Prepaid expenses | 3,010,766 | 3,093,962 |
Short-term investment | 4,500,000 | 0 |
Inventories | 14,113,079 | 10,876,713 |
Vessel held for sale | 9,316,095 | 8,688,601 |
Other current assets | 785,027 | 22 |
Total current assets | 105,222,551 | 104,265,116 |
Noncurrent assets: | ||
Vessels and vessel improvements, at cost, net of accumulated depreciation of $99,910,416 and $76,463,743, respectively | 690,236,419 | 567,592,950 |
Advance for vessel purchase | 2,201,773 | 1,926,886 |
Other fixed assets, net of accumulated amortization of $343,799 and $307,880, respectively | 617,343 | 632,805 |
Restricted cash | 74,917 | 74,917 |
Deferred financing costs - Super Senior Revolver Facility | 190,000 | 0 |
Deferred drydock costs, net | 9,749,751 | 11,507,309 |
Other assets | 57,181 | 381,634 |
Total noncurrent assets | 703,127,384 | 582,116,501 |
Total assets | 808,349,935 | 686,381,617 |
Current liabilities: | ||
Accounts payable | 7,470,844 | 7,135,156 |
Accrued interest | 1,790,315 | 28,872 |
Other accrued liabilities | 11,810,366 | 11,545,447 |
Fair value of derivatives | 73,170 | 0 |
Fair value below contract value of time charters acquired | 0 | 820,313 |
Unearned charter hire revenue | 5,678,673 | 6,046,032 |
Current portion of long-term debt - Norwegian Bond Debt | 4,000,000 | 0 |
Total current liabilities | 30,823,368 | 25,575,820 |
Noncurrent liabilities: | ||
Debt, net of debt discount and debt issuance costs | 313,683,676 | 255,943,544 |
Other liabilities | 177,846 | 483,132 |
Fair value below contract value of time charters acquired | 2,500,012 | 3,896,482 |
Total noncurrent liabilities | 316,361,534 | 260,323,158 |
Total liabilities | 347,184,902 | 285,898,978 |
Commitment and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $.01 par value, 25,000,000 shares authorized, none issued as of December 31, 2017 and 2016 | 0 | 0 |
Common stock, $.01 par value, 700,000,000 shares authorized, 70,394,307 and 48,106,827 shares issued and outstanding as of December 31, 2017 and 2016, respectively | 703,944 | 481,069 |
Additional paid-in capital | 887,625,902 | 783,369,698 |
Accumulated deficit | (427,164,813) | (383,368,128) |
Total stockholders' equity | 461,165,033 | 400,482,639 |
Total liabilities and stockholders' equity | 808,349,935 | 686,381,617 |
First Lien Facility | ||
Noncurrent liabilities: | ||
Debt, net of debt discount and debt issuance costs | 0 | 204,352,318 |
Second Lien Facility | ||
Noncurrent liabilities: | ||
Debt, net of debt discount and debt issuance costs | 0 | 51,591,226 |
Norwegian Bond Debt | ||
Noncurrent liabilities: | ||
Debt, net of debt discount and debt issuance costs | 189,950,329 | 0 |
New First Lien Facility | ||
Noncurrent liabilities: | ||
Debt, net of debt discount and debt issuance costs | 63,758,185 | 0 |
Ultraco Debt Facility | ||
Noncurrent liabilities: | ||
Debt, net of debt discount and debt issuance costs | $ 59,975,162 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Accumulated depreciation, vessels | $ 99,910,416 | $ 76,463,743 |
Accumulated amortization, other fixed assets | $ 343,799 | $ 307,880 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 700,000,000 | 700,000,000 |
Common stock, issued (in shares) | 70,394,307 | 48,106,827 |
Common stock, outstanding (in shares) | 70,394,307 | 48,106,827 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||
Revenues, net | $ 236,784,625 | $ 124,492,844 | $ 103,856,876 |
Voyage expenses | 62,351,252 | 42,093,714 | 23,832,457 |
Vessel expenses | 78,607,244 | 74,016,763 | 86,329,060 |
Charter hire expenses | 31,283,956 | 12,845,468 | 4,125,766 |
Depreciation and amortization | 33,690,686 | 38,884,322 | 43,000,741 |
General and administrative expenses | 33,126,310 | 22,905,802 | 25,537,007 |
Restructuring charges | 0 | 5,869,025 | 0 |
(Gain)/loss on sale of vessels | (2,134,767) | 101,860 | 5,696,675 |
Vessel impairment | 0 | 129,027,862 | 50,872,734 |
Total operating expenses | 236,924,681 | 325,744,816 | 239,394,440 |
Operating loss | (140,056) | (201,251,972) | (135,537,564) |
Interest expense | 29,376,994 | 21,799,146 | 11,927,422 |
Interest expense | (651,069) | (215,433) | (6,222) |
Other (income)/expense | (37,905) | 686,750 | 838,201 |
Loss on debt extinguishment | 14,968,609 | 0 | 0 |
Total other expense (income), net | 43,656,629 | 22,270,463 | 12,759,401 |
Net loss | $ (43,796,685) | $ (223,522,435) | $ (148,296,965) |
Weighted average shares outstanding: | |||
Basic (in shares) | 69,182,302 | 20,565,652 | 1,880,116 |
Diluted (in shares) | 69,182,302 | 20,565,652 | 1,880,116 |
Per share amounts: | |||
Basic net loss (in dollars per share) | $ (0.63) | $ (10.87) | $ (78.88) |
Diluted net loss (in dollars per share) | $ (0.63) | $ (10.87) | $ (78.88) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (43,796,685) | $ (223,522,435) | $ (148,296,965) |
Total other comprehensive income/(loss) | 0 | 0 | 0 |
Comprehensive loss | $ (43,796,685) | $ (223,522,435) | $ (148,296,965) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Total | Common Stock | Additional paid-in Capital | Accumulated Deficit |
Balance (in shares) at Dec. 31, 2014 | 1,875,227 | |||
Balance at Dec. 31, 2014 | $ 664,090,666 | $ 18,752 | $ 675,620,642 | $ (11,548,728) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net loss | (148,296,965) | (148,296,965) | ||
Vesting of restricted shares withheld for employee tax (in shares) | 8,076 | |||
Vesting of restricted shares withheld for employee tax | (1,419,228) | $ 81 | (1,419,309) | |
Stock-based compensation | 3,969,989 | 3,969,989 | ||
Balance (in shares) at Dec. 31, 2015 | 1,883,303 | |||
Balance at Dec. 31, 2015 | 518,344,462 | $ 18,833 | 678,171,322 | (159,845,693) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net loss | (223,522,435) | (223,522,435) | ||
Vesting of restricted shares withheld for employee tax (in shares) | 410 | |||
Vesting of restricted shares withheld for employee tax | (2,938) | $ 4 | (2,942) | |
Issuance of shares in connection with Second Lien Loan Agreement (in shares) | 16,889,828 | |||
Issuance of shares in connection with Second Lien Loan Agreement | 17,756,325 | $ 168,899 | 17,587,426 | |
Issuance of shares for private placement, net of issuance costs (in shares) | 29,333,318 | |||
Issuance of shares for private placement, net of issuance costs | 85,700,535 | $ 293,333 | 85,407,202 | |
Reverse stock split adjustment (in shares) | (32) | |||
Stock-based compensation | 2,206,690 | 2,206,690 | ||
Balance (in shares) at Dec. 31, 2016 | 48,106,827 | |||
Balance at Dec. 31, 2016 | 400,482,639 | $ 481,069 | 783,369,698 | (383,368,128) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net loss | (43,796,685) | (43,796,685) | ||
Vesting of restricted shares withheld for employee tax (in shares) | 65,257 | |||
Vesting of restricted shares withheld for employee tax | (289,539) | $ 653 | (290,192) | |
Issuance of shares for private placement, net of issuance costs (in shares) | 22,222,223 | |||
Issuance of shares for private placement, net of issuance costs | 96,030,003 | $ 222,222 | 95,807,781 | |
Stock-based compensation | 8,738,615 | 8,738,615 | ||
Balance (in shares) at Dec. 31, 2017 | 70,394,307 | |||
Balance at Dec. 31, 2017 | $ 461,165,033 | $ 703,944 | $ 887,625,902 | $ (427,164,813) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net loss | $ (43,796,685) | $ (223,522,435) | $ (148,296,965) |
Adjustments to reconcile net loss to net cash provided by/(used in) operating activities: | |||
Depreciation | 29,354,017 | 35,556,911 | 41,044,397 |
Amortization of deferred drydocking costs | 4,336,669 | 3,327,411 | 1,956,344 |
Amortization of debt discount and debt issuance costs | 5,927,984 | 4,532,481 | 2,146,316 |
Loss on debt extinguishment | 14,968,609 | 0 | 0 |
Amortization of fair value below contract value of time charter acquired | (716,783) | (661,253) | (948,741) |
Payment-in-kind interest on debt | 10,098,401 | 7,327,843 | 0 |
(Gain)/loss on sale of vessels, net | (2,134,767) | 101,860 | 5,696,675 |
Vessel impairment | 0 | 129,027,862 | 50,872,734 |
Realized loss from sale of investment | 0 | 0 | 462,394 |
Net unrealized loss on fair value of derivatives | (55,675) | 0 | 0 |
Fess paid on termination of time charter contract | (1,500,000) | 0 | 0 |
Stock-based compensation expense | 8,738,615 | 2,206,690 | 3,969,989 |
Drydocking expenditures | (2,579,111) | (3,688,711) | (11,141,561) |
Changes in operating assets and liabilities: | |||
Accounts receivable | (12,156,832) | 1,986,820 | 7,654,773 |
Other current and non-current assets | (331,707) | (26,799) | 4,691,158 |
Prepaid expenses | 83,196 | 138,801 | (19,833) |
Inventories | (3,236,366) | (5,302,307) | 174,867 |
Accounts payable | 335,688 | (1,081,317) | (3,447,224) |
Accrued interest | 1,761,443 | (372,360) | (130,686) |
Other accrued and non-current liabilities | (1,340,366) | 528,563 | 2,357,787 |
Unearned revenue | (367,359) | 4,485,630 | (829,193) |
Net cash provided by/(used in) operating activities | 7,388,971 | (45,434,310) | (43,786,769) |
Cash flows from investing activities: | |||
Vessel purchases and improvements | (174,400,746) | (19,860,401) | (1,747,099) |
Advance for vessel purchase | (2,201,773) | (1,926,886) | 0 |
Proceeds from sale of investment | 0 | 0 | 7,838,346 |
Purchase of short-term investment | (4,500,000) | 0 | 0 |
Proceeds from sale of vessels | 26,042,000 | 13,001,000 | 4,235,542 |
Purchase of other fixed assets | (189,120) | (560,348) | 0 |
Changes in restricted cash | 0 | 66,244 | (74,918) |
Net cash provided by/(used in) investing activities | (155,249,639) | (9,280,391) | 10,251,871 |
Cash flows from financing activities: | |||
Proceeds from common stock placement, net of issuance costs | 96,030,003 | 85,700,535 | 0 |
Financing costs paid to lenders | (2,025,514) | 0 | (500,000) |
Other financing costs | (3,886,104) | (3,086,947) | 0 |
Cash used to settle net share equity awards | (289,539) | (2,938) | (1,419,228) |
Net cash provided by financing activities | 127,595,602 | 106,334,650 | 18,455,772 |
Net increase/(decrease) in cash and cash equivalents | (20,265,066) | 51,619,949 | (15,079,126) |
Cash and cash equivalents at beginning of period | 76,516,110 | 24,896,161 | 39,975,287 |
Cash and cash equivalents at end of period | 56,251,044 | 76,516,110 | 24,896,161 |
Supplemental cash flow information: | |||
Cash paid during the period for interest excluding payment of accumulated payment-in-kind interest on the Second Lien Facility paid on December 8, 2017 of $17.7 million. | 11,589,192 | 10,257,766 | 9,911,793 |
Revolver Loan | |||
Cash flows from financing activities: | |||
Repayments of lines of credit | (25,000,000) | (30,158,500) | 0 |
Proceeds from Revolver Loan facility under Exit Financing Facility | 0 | 15,158,500 | 40,000,000 |
Term Loan | |||
Adjustments to reconcile net loss to net cash provided by/(used in) operating activities: | |||
Amortization of debt discount and debt issuance costs | 1,558,333 | 0 | 0 |
Cash flows from financing activities: | |||
Proceeds from Revolver Loan facility under Exit Financing Facility | 0 | 60,000,000 | 0 |
First Lien Facility | |||
Cash flows from financing activities: | |||
Repayments of lines of credit | (184,099,000) | (21,276,000) | (19,625,000) |
Second Lien Facility | |||
Cash flows from financing activities: | |||
Repayments of lines of credit | (77,426,244) | 0 | 0 |
Norwegian Bond Debt | |||
Cash flows from financing activities: | |||
Proceeds from long term debt | 198,092,000 | 0 | 0 |
New First Lien Facility | |||
Cash flows from financing activities: | |||
Proceeds from long term debt | 65,000,000 | 0 | 0 |
Ultraco Debt Facility | |||
Cash flows from financing activities: | |||
Proceeds from long term debt | $ 61,200,000 | $ 0 | $ 0 |
Consolidated Statements of Cas8
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) | Dec. 08, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Payment-in-kind interest on debt | $ 10,098,401 | $ 7,327,843 | $ 0 | |
Second Lien Facility | ||||
Payment-in-kind interest on debt | $ 17,700,000 |
General Information
General Information | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General Information | General Information: The accompanying consolidated financial statements include the accounts of Eagle Bulk Shipping Inc. and its wholly-owned subsidiaries (collectively, the "Company,” “we” or “our” or similar terms). The Company is engaged in the ocean transportation of dry bulk cargoes worldwide through the ownership, charter and operation of dry bulk vessels. The Company's fleet is comprised of Supramax and Ultramax bulk carriers which are considered to be Handymax class of vessels and the Company operates its business in one business segment. Each of the Company’s vessels serve the same type of customer, have similar operation and maintenance requirements, operate in the same regulatory environment, and are subject to similar economic characteristics. Based on this, the Company has determined that it operates in one reportable segment, which is engaged in the ocean transportation of dry bulk cargoes worldwide through the ownership and operation of dry bulk carrier vessels. The Company is a holding company incorporated in 2005, under the laws of the Republic of the Marshall Islands and is the sole owner of all of the outstanding shares of its wholly-owned subsidiaries formed in the Republic of the Marshall Islands. The primary activity of each of the subsidiaries is the ownership of a vessel. The operations of the vessels are managed by an indirectly wholly-owned subsidiary of the Company, Eagle Bulk Management LLC, a Republic of the Marshall Islands limited liability company. As of December 31, 2017 , the Company owned and operated a modern fleet of 47 oceangoing vessels, 36 Supramax and 11 Ultramax with a combined carrying capacity of 2,683,751 dwt and an average age of approximately 8.2 years. Additionally, the Company chartered in a 61,400 dwt, 2013 built Japanese vessel for approximately four years with an option for an additional two years. The following table represents certain information about the Company's charterers, which individually accounted for more than 10% of the Company's gross charter revenue during the periods indicated: Percentage of Consolidated Charter Revenue For the Years Ended December 31, 2017 December 31, 2016 December 31, 2015 Charterer Charterer A* — — 17.2 % *Relates to charter revenue from a pool in which the Company participated. |
Equity Offerings
Equity Offerings | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Equity Offerings | Equity Offerings On December 13, 2016, the Company entered into a Stock Purchase Agreement with certain investors (the “Investors”), pursuant to which the Company agreed to issue to the Investors in a private placement (the “December Private Placement”) approximately 22.2 million shares of the Company’s common stock, par value $0.01 per share, at an initial purchase price of $4.50 per share, for aggregate gross proceeds of $100.0 million . On January 20, 2017, the Company closed its previously announced December Private Placement for aggregate net proceeds of $96 million . The Company principally used the proceeds to acquire two Ultramax vessels and for a portion of the payments required to acquire the Greenship Vessels (as defined in "Note 4. Vessels and vessel improvements" to the consolidated financial statements). On July 1, 2016 and July 10, 2016, respectively, the Company entered into Common Stock Purchase Agreements (collectively, the “Common Stock Purchase Agreements”), with certain purchasers (the “Common Stock Purchasers”). The Common Stock Purchasers include certain of our existing shareholders, who held approximately 70% of our outstanding equity prior to entry into the Common Stock Purchase Agreements and prior to giving effect to the delivery of all of the shares of common stock issued in connection with the Second Lien Loan Agreement, as well as our Chairman and Chief Executive Officer. The Common Stock Purchase Agreements provided for the issuance and sale by the Company to the Common Stock Purchasers of an aggregate amount of $88 million of common stock, at an initial price per share of $3.00 . On August 10, 2016, the Company closed the transactions contemplated by the Common Stock Purchase Agreements for aggregate proceeds of $85.7 million net of fees and legal expenses. After giving effect to the Company’s previously announced reverse stock split of its issued and outstanding shares of common stock, including the rounding down of fractional shares pursuant to such split, the private placement included the issuance of 29,333,318 shares of the Company’s common stock. The Company used the proceeds of the private placement for the acquisition of dry bulk vessels and general corporate purposes. In 2016, the Company issued 16,889,828 shares of common stock to the lenders of the Second Lien Facility (defined herein) pro rata based on their participation in the Second Lien Facility. The Company has proportionately allocated the proceeds from the Second Lien Loan Agreement based on the relative fair values of the Second Lien Facility and the common stock issued to the Second Lien Lenders. The difference between the $60 million principal value of the Second Lien Facility and its relative fair value, amounting to approximately $17.8 million , was allocated to the issued shares. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies: (a) Principles of Consolidation: The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and include the accounts of Eagle Bulk Shipping Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions were eliminated upon consolidation. (b) Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include vessel valuations, residual value of vessels, the useful lives of vessels, the value of stock-based compensation and the fair value of derivatives. Actual results could differ from those estimates. (c) Other Comprehensive loss: The Company records the fair value of interest rate swaps and foreign currency swaps designated as hedges as an asset or liability on the balance sheet. The effective portion of the swap is recorded in accumulated other comprehensive loss. Historically, the Company also recorded the unrealized gains and losses on its available for sale investments in accumulated other comprehensive loss. The Company did not have any swaps or available for sale investments as of December 31, 2017 and 2016 . (d) Cash, Cash Equivalents and Restricted Cash: The Company considers liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less at the time of purchase to be cash equivalents. Restricted Cash amounting to $ 74,917 is collateralizing a letter of credit as of December 31, 2017 and December 31, 2016 , respectively. (e) Accounts Receivable: Accounts receivable includes receivables from charterers for hire and voyage charterers. At each balance sheet date, all potentially uncollectible accounts are assessed for purposes of determining the appropriate provision for doubtful accounts. (f) Insurance Claims: Insurance claims are recorded as incurred and represent the claimable expenses, net of deductibles, incurred through each balance sheet date, which are expected to be recovered from insurance companies. (g) Inventories: Inventories, which consist of bunkers, are stated at the lower of cost and net realizable value. Cost is determined on a first-in, first-out method. Lubes and spares are expensed as incurred. We adopted Accounting Standard Update No. 2015-11, “Simplifying the Measurement of Inventory” prospectively effective January 1, 2017 that requires the inventory to be measured at the lower of cost and net realizable value. There was no impact on the consolidated financial statements as a result of the adoption of the new accounting standard. (h) Short-term Investments: The Company considers liquid investments such as certificate of deposits with an original maturity of greater than three months as investments. As of December 31, 2017, the Company had $4.5 million in a certificate of deposit with an original maturity of one year. Prior to December 2016 , the Company held an investment in the capital stock of Korea Line Corporation (“KLC”). This investment was designated as Available For Sale (“AFS”) and reported at fair value, with unrealized gains and losses recorded in stockholders’ equity as a component of accumulated other comprehensive loss. (i) Vessels and vessel improvements, at cost: Vessels are stated at cost, which consists of the contract price, and other direct costs relating to acquiring and placing the vessels in service. Major vessel improvements are capitalized and depreciated over the remaining useful lives of the vessels. Depreciation is calculated on a straight-line basis over the estimated useful lives of the vessels based on the cost of the vessels reduced by the estimated scrap value of the vessels as discussed below. (j) Vessel lives and Impairment of Long-Lived Assets: The Company estimates the useful life of the Company's vessels to be 25 years from the date of initial delivery from the shipyard to the original owner. The useful lives of the Company's vessels are evaluated to determine if events have occurred which would require modification to their useful lives. In addition, the Company estimates the scrap value of the vessels to be $300 per light weight ton ("lwt") based on the 15 -year average scrap value of steel. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company will evaluate the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset as provided by third parties or discounted cash flow analysis. In this respect, management regularly reviews the carrying amount of the vessels in connection with the estimated recoverable amount for each of the Company's vessels. We did no t recognize a vessel impairment charge for the year ended December 31, 2017. For the years ended December 31, 2016 and 2015, we recognized impairment charges of $129.0 million and $50.9 million , respectively. Refer to Note 4 - Vessels and vessel improvements for further discussion. (k) Accounting for Drydocking Costs: The Company follows the deferral method of accounting for drydocking costs whereby actual costs incurred are deferred and are amortized on a straight-line basis over the period through the date the next drydocking is required to become due, generally 30 months if the vessels are 15 years old or more and 60 months for the vessels younger than 15 years . Costs deferred as part of the drydocking include direct costs that are incurred as part of the drydocking to meet regulatory requirements. Certain costs are capitalized during drydocking if they are expenditures that add economic life to the vessel, increase the vessel’s earnings capacity or improve the vessel’s efficiency. Direct costs that are deferred include the shipyard costs, parts, inspection fees, steel, blasting and painting. Expenditures for normal maintenance and repairs, whether incurred as part of the drydocking or not, are expensed as incurred. Unamortized drydocking costs of vessels that are sold are written off and included in the calculation of the resulting gain or loss in the year of the vessels’ sale. Unamortized drydocking costs are written off as drydocking expense if the vessels are drydocked before the expiration of the applicable amortization period. (l) Deferred Financing Costs: Fees incurred for obtaining new loans or refinancing existing ones are deferred and amortized to interest expense over the life of the related debt using the effective interest method. Unamortized deferred financing costs are written off when the related debt is repaid or refinanced and such amounts are expensed in the period the repayment or refinancing is made. Such amounts are classified as a reduction of the long-term debt balance on the consolidated balance sheets. For our Super Senior Revolver Facility, as no amounts have been drawn, deferred financing fees of $190,000 have been classified as a non-current asset on the Consolidated Balance Sheet. (m) Other fixed assets: Other fixed assets are stated at cost less accumulated depreciation. Depreciation is based on a straight-line basis over the estimated useful life of the asset. Other fixed assets consist principally of leasehold improvements, computers and software and are depreciated over 3 - 10 years . (n) Accounting for Revenues and Expenses : Revenues generated from time charters and/or revenues generated from profit sharing arrangements are recognized on a straight-line basis over the term of the respective time charter agreements as service is provided and the profit sharing is fixed and determinable. Revenues generated from time charters linked to the Baltic Supramax index and/or revenues generated from profit sharing arrangements are recognized over the term of the respective time charter agreements as service is provided and the profit sharing is fixed and determinable. Under voyage charters, voyage revenues for cargo transportation are recognized ratably over the estimated relative transit time of each voyage. Voyage revenue is deemed to commence upon the completion of discharge of the previous charterer’s cargo and is deemed to end upon the completion of discharge of the current cargo, provided an agreed non-cancellable charter between the Company and the charterer is in existence, the charter rate is fixed and determinable, and collectability is reasonably assured. Revenue under voyage charters will not be recognized until a charter has been agreed even if the vessel has discharged its previous cargo and is proceeding to an anticipated port of loading. Under voyage charters, voyage expenses such as bunkers, port charges, canal tolls, cargo handling operations and brokerage commissions are paid by the Company whereas, under time charters, such voyage costs are paid by the Company's customers. Vessel operating costs include crewing, vessel maintenance and vessel insurance. All voyage and vessel operating expenses are expensed as incurred on an accrual basis, except for commissions. Commissions are recognized over the related time or voyage charter period since commissions are earned as the Company's revenues are earned. Probable losses on voyages are provided for in full at the time such loss can be estimated. For the Company’s vessels operating in a pool, revenues and voyage expenses are pooled and allocated to each pool participant under a time charter agreement basis in accordance with an agreed-upon formula. The formula in the pool agreement for allocating gross shipping revenues net of voyage expenses is based on points allocated to participants’ vessels based on cargo carrying capacity and other technical characteristics, such as speed and fuel consumption. The selection of charterers, negotiation of rates and collection of related receivables and the payment of voyage expenses, which include the cost of bunkers and port expenses, are the responsibility of the pool. The operating costs including crews, maintenance and insurance are typically paid by the owner of the vessel. The pool may enter into contracts that earn either voyage charter revenue or time charter revenue. Since the members of the pool share in the revenue less voyage expenses generated by the entire group of vessels in the pool, and the pool operates in the spot market, the revenue earned by these vessels is subject to the fluctuations of the spot market. The Company recognizes revenue from this pool arrangement based on its portion of the net distributions reported by the pool, which represents the net voyage revenue of the pool after voyage expenses and pool manager fees. The Company had one vessel operating in a pool in 2017 until April 2017. The Company had one vessel operating in a pool in 2016 and thirteen vessels in 2015. (o) Unearned Charter Hire Revenue: Unearned charter hire revenue represents cash received from charterers prior to the time such amounts are earned. These amounts are recognized as revenue as services are provided in future periods. (p) Repairs and Maintenance: All repair and maintenance expenses are expensed as incurred and are recorded in Vessel Expenses. (q) Protection and Indemnity Insurance: The Company’s Protection and Indemnity Insurance is subject to additional premiums referred to as "back calls" or "supplemental calls" which are accounted for on an accrual basis and are recorded in Vessel Expenses. (r) Earnings Per Share: Basic earnings per share is computed by dividing the net income or loss by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects the impact of stock options, warrants and restricted stock under the treasury stock method unless their impact is anti-dilutive. (s) Interest Rate Risk Management: The Company is exposed to the impact of interest rate changes for outstanding debt under the New First Lien Facility and the Ultraco Debt Facility. The Company's objective is to manage the impact of interest rate changes on earnings and cash flows of its borrowings. The Company may use interest rate swaps to manage net exposure to interest rate changes related to its borrowings. (t) Federal Taxes: The Company is a Republic of the Marshall Islands Corporation. For the years ended December 31, 2017 and 2016, the Company believes that its operations qualify for Internal Revenue Code Section 883 exemption and therefore are not subject to United States federal taxes on United States source shipping income. The Company recorded $0.6 million in such taxes as component of voyage expenses for the year ended December 31, 2016 which were reversed in second quarter of 2017 upon the determination that the Company qualified for Internal Revenue Code Section 883 exemption. For the year ended December 31, 2015, the Company did not qualify for the Section 883 exemption and therefore incurred taxes of $0.3 million on United States source shipping income which was included in voyage expenses in the consolidated statements of operations. (u) Restructuring charges : Restructuring charges consist of professional fees for advisors and attorneys who assisted the Company in the debt restructuring relative to the First Lien Facility in 2016 . ( v) Stock-based compensation: The Company issues stock-based compensation utilizing both stock options and stock grants. Stock-based compensation is recognized using the fair value of the award at the date of grant over the period of vesting on a straight-line basis using the graded vesting method. Forfeitures are recognized as they occur. Impact of Recently Issued Accounting Standards In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging ("ASU-2017-12"), which is intended to align the results of the cash flow and fair value hedge accounting with the risk management activities of an entity. The amendments expand the hedge accounting for both financial and non-financial risk components and they reduce the operational burden of applying hedge accounting. The amendment enables the financial statements to reflect accurately the intent and outcome of its hedging strategies. ASU 2017-12 requires a modified retrospective transition method in which the Company will recognize the cumulative effect of the change on the opening balance of each affected component of equity in the consolidated balance sheet as of the date of adoption. The Standard is effective for fiscal years beginning after December 15, 2018, and interim periods with those fiscal years. The Company is evaluating the potential impact of the adoption of this standard on its consolidated financial statements. In July 2017, the FASB issued ASU No. 2017-11, Earnings per share ("ASU 2017-11), which changes the classification of certain equity-linked financial instruments with down round features. As a result, a free standing equity-linked financial instrument or an embedded conversion option would not be accounted for as a derivative liability at fair value as a result of existence of down round feature. For freestanding equity classified financial instruments, the amendment requires the entities to recognize the effect of the downround feature when triggered in its earnings per share calculations. The standard is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2018. The Company currently is not expecting any impact as a result of adoption of this accounting standard on its consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, Compensation-Stock Compensation ("ASU 2017-09"), which provides guidance about what changes to the terms and conditions of a stock award require an entity to apply modification accounting as per ASC 718. An entity should account for effects of modification unless (i) the fair value of the modified award is the same as the fair value of the original award (ii) the vesting conditions of the modified award are the same as the vesting conditions of the original award (iii) the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award. The standard is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2017. The Company is currently not expecting any impact as a result of adoption of this accounting standard on its consolidated financial statements. In January 2017, the FASB issued Accounting Standards Update No. 2017-1, “Business Combinations (Topic 805).” The amendments in this update are intended to clarify the definition of business. The current guidance specifies three elements of a business – inputs, processes, and outputs. The new guidance provides a screen to determine when a set (defined as an integrated set of assets and activities) is not a business. The ASU requires that, to be a business, the set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The screen requires that when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. This screen reduces the number of transactions that need to be further evaluated. The standard is effective to annual periods beginning after December 15, 2017, including interim periods within those periods. The Company is evaluating the potential impact of the adoption of this standard on its consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, and shall be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers. This update provides further guidance on applying collectability criterion to assess whether the contract is valid and represents a substantive transaction on the basis whether a customer has the ability and intention to pay the promised consideration. The requirements of this standard include an increase in required disclosures. Management has assembled an internal project team and is currently analyzing contracts with our customers covering the significant streams of the Company's annual revenues under the provisions of the new standard as well as changes necessary to information technology systems, processes and internal controls to capture new data and address changes in financial reporting. Management will apply the modified retrospective transition method and will recognize the cumulative effect of adopting this standard as an adjustment to the opening balance of retained earnings as of January 1, 2018. Prior periods will not be retrospectively adjusted. The Company continues to make progress in its implementation and assessment of the new revenue standard. While the assessment is still ongoing, based on the progress made to date, the Company expects that the timing of recognition of revenue for certain ongoing charter contracts will be impacted as well as the timing of recognition of certain voyage related costs. While the assessment of certain effects of the adoption of the ASU 2014-09 are ongoing, the timing of recognition will primarily impact spot voyage charters. Under ASU 2014-09, revenue will be recognized from when the vessel arrives at the load port until the completion of discharge at the discharge port instead of recognizing revenue from the discharge of the previous voyage provided an agreed non-cancellable charter between the Company and the charterer is in existence, the charter rate is fixed and determinable, and collectability is reasonably assured. The financial impact of adoption will depend on the number of spot voyages and time charter arrangements as well as their percentage of completion at January 1, 2018. The Company expects that the adoption of ASU 2014-09 will result in an increase in the opening Accumulated Deficit balance as of January 1, 2018 in the Consolidated Balance Sheet of approximately $0.5 million to $1.3 million as a result of the adjustment of Revenue and Voyage expenses. The above estimate could potentially change upon further evaluation. Additionally, the Company is currently evaluating the adjustment, if any, to other expenses such as Vessel expenses in the Consolidated Statement of Operations and the additional presentation and disclosure requirements of ASU 2014-09 on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases ("ASU 2016-02"). ASU 2016-02 is intended to increase the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. In order to meet that objective, the new standard requires recognition of the assets and liabilities that arise from leases. A lessee will be required to recognize on the balance sheet the assets and liabilities for leases with lease terms of more than 12 months. Accounting by lessors will remain largely unchanged from current U.S. GAAP. The requirements of this standard include an increase in required disclosures. The new standard is effective for public companies for fiscal years beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. The Company is currently evaluating the effect that adopting this standard will have on our financial statements and related disclosures. Management expects that the Company will recognize increases in reported amounts for vessel and other fixed assets and related lease liabilities upon adoption of the new standard. The impact to the Company’s financial statements will depend upon the amount of vessels the Company has chartered in, as well as the length and nature of such charters. Refer to “Note 10. Commitments and Contingencies” to the consolidated financial statements for disclosure about the Company’s time charter and lease commitments as of December 31, 2017. In August 2016, the FASB issued Accounting Standards Update No. 2016-15, “Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments.” The new guidance is intended to provide specific guidance on cash flow classification issues such as debt prepayment or debt extinguishment costs, settlement of zero coupon debt instruments or cases where the coupon interest rate is insignificant compared to the effective interest rate of the borrowing, contingent consideration payments in a business combination, proceeds from insurance claim settlements and distributions received by equity method investees. The standard is effective for annual periods beginning after December 15, 2017 and interim periods within those annual periods. The amendments should be applied using a retrospective transition method to each period presented. At this time, the Company expects to reclassify $17.7 million of accumulated payment-in-kind interest paid upon the discharge of the Second Lien Facility (defined herein) currently recorded as a use of cash from financing activities, as a use of cash from operating activities in the fourth quarter of 2018 upon adoption of this accounting standard. In November 2016, the FASB issued Accounting Standards Update No. 2016-18, “Statement of Cash Flows- Restricted Cash”. The amendments in this Update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts described as restricted cash and restricted cash equivalents. Therefore, the restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this update are effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The Company will include $74,917 of restricted cash within cash and cash equivalents when reconciling the beginning-of-period and end-of-period totals shown on the consolidated statement of cash flows upon adoption of this standard. |
Vessels and vessel improvements
Vessels and vessel improvements | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Vessels and vessel improvements | Vessels and vessel improvements As of December 31, 2017 , the Company’s operating fleet consisted of 47 dry bulk vessels. As of December 31, 2015, the Company identified six vessels which it was probable that the Company was going to sell, and recognized an impairment charge in 2015 of $50,872,734 . The carrying value of these vessels prior to impairment in 2015 was $76,332,734 . As the value of such vessels further declined in the first quarter of 2016, the Company recorded an additional impairment charge of $6,167,262 in that quarter. Out of the six vessels initially identified in 2015, all vessels have been sold as of December 31, 2017. As of December 31, 2016, as part of our fleet renewal program, management considered it probable that we would divest some of our older vessels as well as certain less efficient vessels from its fleet to achieve operating cost savings. The Company identified two groups of vessels. Group 1 vessels were selected based on the shipyard they were built and their technical specifications. The group consisted of five sister ships constructed in Dayang shipyard with 53,000 dwt. These vessels were identified by management as having poorer fuel efficiency, among other reasons, compared to their peers. The second group of 11 vessels were older than 13 years and less than 53,000 dwt. As vessels get older, they become more expensive to maintain and drydock. Additionally, management’s strategy entails moving to larger Ultramax vessels as the Company renews its fleet. For those sixteen vessels, management believed that it is probable that such vessels will be sold within the next two years. Based on management’s projected undiscounted cash flows prior to sale, factoring the probability of sale, such vessels were determined to be impaired, and written down to their current fair value as of December 31, 2016, which was determined by obtaining broker quotes from two unaffiliated shipbrokers. As a result, the Company recorded an impairment charge of $122,860,600 in the fourth quarter of 2016. The carrying value of these vessels prior to impairment was $234,860,600 . Out of the vessels impaired as of December 31, 2016, the Company sold two vessels during 2017 and signed a memorandum of sale on the third vessel. For non recurring fair value disclosure, please refer to "Note. 9 Derivative instruments and Fair value measurements" to the consolidated financial statements. On November 14, 2016, the Company, through its subsidiary Eagle Bulk Shipco LLC, signed a memorandum of agreement to acquire a 2017 built 64,000 dwt SDARI-64 Ultramax dry bulk vessel constructed at Chengxi Shipyard Co., Ltd for $17.9 million . The Company took delivery of the vessel, the Singapore Eagle, on January 11, 2017. On February 28, 2017, Ultraco, a wholly-owned subsidiary of the Company, entered into a framework agreement with Greenship Bulk Manager Pte. Ltd., as Trustee-Manager of Greenship Bulk Trust, a Norwegian OTC-listed entity (the "Greenship Sellers"), for the purchase of nine modern sister vessels (the "Greenship Vessels") built between 2012 and 2015, (the "Greenship Purchase Agreement"). The aggregate purchase price for the nine Greenship Vessels is $153.0 million . The allocated purchase price for each Greenship Vessel is $17.0 million . The Company took delivery of all nine Greenship Vessels prior to December 31, 2017. For the year ended December 31, 2017, the Company sold four vessels (Redwing, Sparrow, Woodstar and Wren) for total net proceeds of $26.0 million after brokerage commissions and associated selling expenses and recorded a net gain of $2.1 million . A portion of the proceeds was used toward repayment of the term loan under the First Lien Facility. Please refer to "Note 8 Debt - First Lien Facility" to the consolidated financial statements. On August 30, 2017, the Company signed a memorandum of agreement to sell the vessel Avocet for $9.6 million after brokerage commissions and associated selling expenses. The vessel is expected to be delivered to the buyers in the second quarter of 2018. The Company expects to recognize a gain of $0.3 million . As of December 31, 2017, the Company reported the carrying amount of the vessel as a vessel held for sale in its Consolidated Balance Sheet. On December 19, 2017, the Company signed a memorandum of agreement to purchase a 2015 built Ultramax vessel for $21.275 million . As of December 31, 2017, the Company paid a deposit of $2.2 million . The Company took delivery of the vessel in the first quarter of 2018. December 31, 2017 December 31, 2016 Vessel and vessel improvements at the beginning of the year $ 567,592,950 $ 733,960,731 Advance paid for purchase of Singapore Eagle at December 31, 2016 1,926,886 — Purchase of Vessels and vessel improvements 174,400,746 19,860,401 Disposal of Vessels (15,218,633 ) (13,102,860 ) Reclassification to vessels held for sale (9,316,095 ) (8,688,601 ) Depreciation Expense (29,149,435 ) (35,408,859 ) Vessel impairment charge $ — $ (129,027,862 ) Vessels and Vessel Improvements, at December 31, 2017 $ 690,236,419 $ 567,592,950 |
Short-term investment
Short-term investment | 12 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Short-term investment | Short-term investment As of December 31, 2017, the Company held a certificate of deposit of $4,500,000 , with an original maturity at the date of purchase of one year. It is classified as Level 2 security in the fair value hierarchy. |
Deferred Drydock Costs
Deferred Drydock Costs | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Drydock Costs | Deferred Drydock Costs Drydocking activity is summarized as follows: December 31, 2017 December 31, 2016 December 31, 2015 Beginning Balance $ 11,507,309 $ 11,146,009 $ 1,960,792 Drydocking costs 2,579,111 3,688,711 11,141,561 Drydock amortization (4,336,669 ) (3,327,411 ) (1,956,344 ) Ending Balance $ 9,749,751 $ 11,507,309 $ 11,146,009 |
Other Accrued Liabilities
Other Accrued Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Other Accrued Liabilities | Other Accrued Liabilities Other accrued liabilities consist of: December 31, 2017 December 31, 2016 Vessel and voyage expenses $ 5,373,389 $ 6,986,486 General and administrative expenses 6,050,078 3,446,113 Other expenses 386,899 1,112,848 Balance $ 11,810,366 $ 11,545,447 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt Long-term debt consists of the following: December 31, 2017 December 31, 2016 First Lien Facility / Exit Financing Facility* $ — $ 209,099,000 Debt issuance costs - First Lien / Exit Financing Facility — (4,746,682 ) First Lien Facility / Exit Financing Facility net of debt issuance costs — 204,352,318 Second Lien Facility — 67,327,843 Debt discount and Debt issuance costs - Second Lien Facility — (15,736,617 ) Second Lien Facility, net of debt discount and debt issuance costs — 51,591,226 Norwegian Bond Debt 200,000,000 — Debt discount and debt issuance costs - Norwegian Bond Debt (6,049,671 ) — Norwegian Bond Debt, net of debt discount and debt issuance costs 193,950,329 — New First Lien Facility * 65,000,000 — Debt discount and debt issuance costs - New First Lien Facility (1,241,815 ) — New First Lien Facility, net of debt discount and debt issuance costs 63,758,185 — Ultraco Debt Facility 61,200,000 — Debt discount and debt issuance costs - Ultraco Debt Facility (1,224,838 ) — Ultraco Debt Facility, net of debt discount and debt issuance costs 59,975,162 — Less: Current Portion - Norwegian Bond Debt (4,000,000 ) — Total long-term debt $ 313,683,676 $ 255,943,544 *Includes loan balances on term loan and revolver loan facility under the New First Lien Facility and First Lien Facility as of December 31, 2017 and December 31, 2016 . On December 8, 2017, the Company, through certain of its wholly-owned subsidiaries, completed a refinancing of approximately $265,000,000 that paid off the Company's First Lien Facility and Second Lien Facility (both described elsewhere herein) through (a) a new credit facility comprised of a term loan and revolver of $65,000,000 (the “New First Lien Facility”), by and among Eagle Shipping, as borrower, certain wholly-owned vessel-owning subsidiaries of Eagle Shipping, as guarantors (the “Guarantors”), the lenders thereunder (the “Lenders”), the swap banks party thereto, and ABN AMRO Capital USA LLC, as facility agent and security trustee for the Lenders and (b) the issuance by Eagle Bulk Shipco LLC (“Shipco”), a wholly-owned subsidiary of the Company, of $200,000,000 in aggregate principal amount of 8.25% Senior Secured Bonds (the “Norwegian Bond Debt”), as described below. In addition, Shipco entered into a $15,000,000 Super Senior Revolving Facility Agreement (the “Super Senior Facility”), by and among Shipco, as borrower, and ABN AMRO Capital USA LLC, as original lender, mandated lead arranger and agent. The Company incurred $5.1 million in other financing costs in connection with the transaction out of which $1.3 million is accrued and outstanding as of December 31, 2017. Norwegian Bond Debt On November 28, 2017, Shipco issued into escrow $200,000,000 in aggregate principal amount of 8.250% Senior Secured Bonds, pursuant to the Bond Terms, dated as of November 22, 2017, by and between the Issuer and Nordic Trustee AS, as the Bond Trustee. After giving effect to an original issue discount of approximately 1% and deducting offering expenses of $3.1 million , the net proceeds from the issuance of the Bonds are approximately $195.0 million . These net proceeds from the Bonds, together with the proceeds from the New First Lien Facility and cash on hand, were used to repay all amounts outstanding including accrued interest under the First Lien Facility, which was approximately $193.0 million , and the Second Lien Facility, which was approximately $77.4 million , and to pay expenses associated with the refinancing transactions. Shipco incurred $1.2 million in other financing costs in connection with the transaction. The Norwegian Bond Debt is guaranteed by the limited liability companies that are subsidiaries of the Issuer and the legal and beneficial owners of 28 security vessels (the "Shipco Vessels) in the Company’s fleet, and will be secured by mortgages over such security vessels, a pledge granted by the Company over all of the shares of the Issuer, a pledge granted by the Issuer over all the shares in the Vessel Owners, certain charter contract assignments, certain assignments of earnings, a pledge over certain accounts, an assignment of insurances covering security vessels, and assignments of intra-group debt between the Company and the Issuer or its subsidiaries. Pursuant to the Bond Terms, interest on the Bonds will accrue at a rate of 8.250% per annum on the nominal amount of each of the Bonds from November 28, 2017, payable semi-annually on May 29 and November 29 of each year (each, an “Interest Payment Date”), commencing May 29, 2018. Furthermore, if Shipco fails to have the Norwegian Bonds listed for trading within twelve months of the issue date, the rate on the Norwegian Bonds will increase by 0.5% . The Bonds will mature on November 28, 2022. On each Interest Payment Date from and including November 29, 2018, the Issuer must repay an amount of $4,000,000 , plus accrued interest thereon. Any outstanding Bonds must be repaid in full on the Maturity Date at a price equal to 100% of the nominal amount, plus accrued interest thereon. The Issuer may redeem some or all of the outstanding Bonds at any time on or after the Interest Payment Date in May 2020 (the “First Call Date”), at the following redemption prices (expressed as a percentage of the nominal amount), plus accrued interest on the redeemed amount, on any business day from and including: Period Redemption Price First Call Date to, but not including, the Interest Payment Date in November 2020 104.125% Interest Payment Date in November 2020 to but not including, the Interest Payment Date in May 2021 103.3% Interest Payment Date in May 2021 to, but not including, the Interest Payment Date in November 2021 102.475% Interest Payment Date in November 2021 to, but not including, the Interest Payment Date in May 2022 101.65% Interest Payment Date in May 2022 to, but not including, the Maturity Date 100% Prior to the First Call Date, the Issuer may redeem some or all of the outstanding Bonds at a price equal to 100% of the nominal amount of the Bonds plus a “make-whole” premium and accrued and unpaid interest to the redemption date. If the Company experiences a change of control, each holder of the Bonds will have the right to require that the Issuer purchase all or some of the Bonds held by such holder at a price equal to 101% of the nominal amount, plus accrued interest. The Bond Terms contain certain financial covenants that the Issuer’s leverage ratio defined as the ratio of outstanding bond amount and any drawn amounts under the Super Senior Facility less consolidated cash balance to the aggregate book value of the Shipco Vessels must not exceed 75% and its and its subsidiaries’ free liquidity must at all times be at least $12,500,000 . The Company is in compliance with its financial covenants as of December 31, 2017. The Bond Terms also contain certain events of default customary for transactions of this type, including, but not limited to, those relating to: a failure to pay principal or interest; a breach of covenants, representation or warranty; a cross default to other indebtedness; the occurrence of certain bankruptcy and insolvency events; and the impossibility or unlawfulness of performance of the finance documents. The Bond terms also contain certain exceptions and qualifications, among other things, limit the Company’s and the Issuer’s ability and the ability of the Issuer’s subsidiaries to do the following: make distributions; carry out any merger, other business combination, demerger or corporate reorganization; make substantial changes to the general nature of their respective businesses; incur certain indebtedness; incur liens; make loans or guarantees; make certain investments; transact with affiliates; enter into sale and leaseback transactions; engage in certain chartering-in of vessels; dispose of shares of Vessel Owners; or acquire the Bonds. New First Lien Facility On December 8, 2017, Eagle Shipping entered into the New First Lien Facility, which provides for (i) a term loan facility in an aggregate principal amount of up to $60,000,000 (the “Term Loan”) and (ii) a revolving credit facility in an aggregate principal amount of up to $5,000,000 (the “Revolving Loan”). Outstanding borrowings under the New First Lien Facility bear interest at LIBOR plus 3.50% per annum. Eagle Shipping paid $975,000 to the lenders and incurred $283,355 of other financing costs in connection with the transaction. The New First Lien Facility matures on the earlier of (i) five years from the initial borrowing date under the Credit Agreement and (ii) December 8, 2022. With respect to the Term Loan, Eagle Shipping is required to make quarterly repayments of principal of $2.15 million beginning January 15, 2019, with a final balloon payment to be made at maturity. With respect to the Revolving Loan, Eagle Shipping must repay the aggregate principal amount of all borrowings outstanding on the maturity date. Accrued interest on amounts outstanding under the Term Loan and the Revolving Loan must be paid on the last day of each applicable interest period. Interest periods are for three months, six months or any other period agreed between Eagle Shipping and the Lenders. Finally, Eagle Shipping must prepay certain specified amounts outstanding under the New First Lien Facility if an Eagle Shipping Vessel (as defined below) is sold or becomes a total loss or if there is a change of control with respect to the Company, Eagle Shipping or any Guarantor. Eagle Shipping’s obligations under the New First Lien Facility are secured by, among other items, a first priority mortgage on the nine vessels in Eagle Shipping’s fleet as identified in the Credit Agreement and such other vessels that it may from time to time include with the approval of the Lenders (the “Eagle Shipping Vessels”), an assignment of certain accounts, an assignment of certain charters with terms that may exceed 12 months, an assignment of insurances, an assignment of certain master agreements, and a pledge of the membership interests of each of Eagle Shipping’s vessel-owning subsidiaries. In the future, Eagle Shipping may grant additional security to the Lenders from time to time. The New First Lien Facility contains financial covenants requiring Eagle Shipping to maintain minimum liquidity of $500,000 in respect of each Eagle Shipping Vessel and to maintain a consolidated interest coverage ratio beginning for the fiscal quarter ending on June 30, 2019, of not less than a range varying from 1.50 to 1.00 to 2.50 to 1.00. In addition, the New First Lien Facility also imposes operating restrictions on Eagle Shipping and the Guarantors, including limiting Eagle Shipping’s and the Guarantors’ ability to, among other things: pay dividends; incur additional indebtedness; create liens on assets; sell assets; dissolve or liquidate; merge or consolidate with another person; make investments; engage in transactions with affiliates; and allow certain changes of control to occur. The Company is in compliance with its financial covenants as of December 31, 2017. The New First Lien Facility also includes customary events of default, including those relating to: a failure to pay principal or interest; a breach of covenant, representation or warranty; a cross-default to other indebtedness; the occurrence of certain bankruptcy and insolvency events; the occurrence of certain ERISA events; a judgment default; the cessation of business; the impossibility or unlawfulness of performance of the loan documents; the ineffectiveness of any material provision of any loan document; the occurrence of a material adverse effect; and the occurrence of certain swap terminations. Super Senior Facility On December 8, 2017, Shipco entered into the Super Senior Facility, which provides for a revolving credit facility in an aggregate amount of up to $15,000,000 . The proceeds of the Super Senior Facility, which are currently undrawn, are expected, pursuant to the terms of the Super Senior Facility, to be used (i) to acquire additional vessels or vessel owners and (ii) for general corporate and working capital purposes of Shipco and its subsidiaries. The Super Senior Facility matures on August 28, 2022. Shipco paid $190,000 as other financing costs in connection with the transaction. As of December 31, 2017, the availability under the Super Senior Facility is $15,000,000 . As of December 31, 2017, Shipco is utilizing $4.8 million of the undrawn Super Senior Facility towards its minimum liquidity covenant under the Norwegian Bond Debt. The outstanding borrowings under the Super Senior Facility will bear interest at LIBOR plus 2.00% per annum and commitment fees of 40% of the applicable margin on the undrawn portion of the facility. For each loan that is requested under the Super Senior Facility, Eagle Shipco must repay such loan along with accrued interest on the last day of each interest period relating to the loan. Interest periods are for three months, six months or any other period agreed between Shipco and the Super Senior Facility Agent. Additionally, subject to the other terms of the Super Senior Facility, amounts repaid on the last day of each interest period may be re-borrowed. Shipco’s obligations under the Super Senior Facility are guaranteed by the limited liability companies that are subsidiaries of Shipco and the legal and beneficial owners of 28 vessels in the Company’s fleet (the “Eagle Shipco Vessel Owners”), and will be secured by mortgages over such vessels, a pledge granted by the Company over all of the shares of Eagle Shipco, a pledge granted by Eagle Shipco over all the shares in the Eagle Shipco Vessel Owners, certain charter contract assignments, certain assignments of earnings, a pledge over certain accounts, an assignment of insurances covering security vessels, and assignments of intra-group debt between the Company and Shipco or its subsidiaries. The Super Senior Facility ranks super senior to the Bonds with respect to any proceeds from any enforcement action relating to security or guarantees for both the Super Senior Facility and the Bonds. The Super Senior Facility contains certain covenants that, subject to certain exceptions and qualifications, among other things, limit Eagle Shipco’s and its subsidiaries’ ability to do the following: make distributions; carry out any merger, other business combination, or corporate reorganization; make substantial changes to the general nature of their respective businesses; incur certain indebtedness; incur liens; make loans or guarantees; make certain investments; transact other than on arm’s-length terms; enter into sale and leaseback transactions; engage in certain chartering-in of vessels; or dispose of shares of Eagle Shipco Vessel Owners. Additionally, Shipco’s leverage ratio must not exceed 75% and its and its subsidiaries’ free liquidity must at all times be at least $12,500,000 . Also, the total commitments under the Super Senior Facility will be cancelled if (i) at any time the aggregate market value of the security vessels for the Super Senior Facility is less than 300% of the total commitments under the Super Senior Facility or (ii) if Shipco or any of its subsidiaries redeems or otherwise repays the Bonds so that less than $100,000,000 is outstanding under the Bond Terms. The Company is in compliance with its financial covenants as of December 31, 2017. The Super Senior Facility also contains certain events of default customary for transactions of this type, including, but not limited to, those relating to: a failure to pay principal or interest; a breach of covenants, representation or warranty; a cross default to other indebtedness; the occurrence of certain bankruptcy and insolvency events; the cessation of business; the impossibility or unlawfulness of performance of the finance documents for the Super Senior Facility; and the occurrence of a material adverse effect. Ultraco Debt Facility On June 28, 2017, Ultraco, a wholly-owned subsidiary of the Company, entered into a credit agreement (the “Ultraco Debt Facility”), by and among Ultraco, as borrower, certain wholly-owned vessel-owning subsidiaries of Ultraco, as guarantors (the “Ultraco Guarantors”), the lenders thereunder (the “Ultraco Lenders”), the swap banks party thereto, ABN AMRO Capital USA LLC, as facility agent and security trustee for the Ultraco Lenders, ABN AMRO Capital USA LLC, DVB Bank SE and Skandinaviska Enskilda Banken AB (publ), as mandated lead arrangers, and ABN AMRO Capital USA LLC, as arranger and bookrunner. The Ultraco Debt Facility provides for a multi-draw senior secured term loan facility in an aggregate principal amount of up to the lesser of (i) $61,200,000 and (ii) 40% of the lesser of (1) the purchase price of the nine Greenship Vessels to be acquired by Ultraco and the Ultraco Guarantors pursuant to a previously disclosed framework agreement, dated as of February 28, 2017, with Greenship Bulk Manager Pte. Ltd., as Trustee-Manager of Greenship Bulk Trust, and (2) the fair market value of the Greenship Vessels. The proceeds of the Ultraco Debt Facility were used for the purpose of financing, refinancing or reimbursing a part of the acquisition cost of the Greenship Vessels. The outstanding borrowings under the Ultraco Debt Facility bear interest at LIBOR plus 2.95% per annum. The Ultraco Debt Facility also provides for the payment of certain other fees and expenses by Ultraco. Ultraco paid $918,000 to the lenders and $459,735 as deferred financing costs in connection with the transaction. As of December 31, 2017, the Company has drawn $61,200,000 of the credit facility relating to the acquisition of the nine Greenship Vessels. The Ultraco Debt Facility matures on the earlier of (i) five years after the delivery of the last remaining Greenship Vessel to occur and (ii) October 31, 2022. There are no fixed repayments until January 2019 (the "First Repayment Date"). Ultraco is required to make quarterly repayments of principal in an amount of $1,602,270 beginning in the first quarter of 2019 with a final balloon payment to be made at maturity. The Ultraco Debt Facility allows for increased commitments, subject to the satisfaction of certain conditions and the obtaining of certain approvals, in an aggregate principal amount of up to the lesser of (i) $38,800,000 and (ii) 40% of the aggregate fair market value of any additional vessels to be financed with such incremental commitment. Ultraco’s obligations under the Ultraco Debt Facility are secured by, among other items, a first priority mortgage on each of the Greenship Vessels and such other vessels that it may from time to time include with the approval of the Ultraco Lenders, an assignment of earnings of the Greenship Vessels, an assignment of all charters with terms that may exceed 12 months, an assignment of insurances, an assignment of certain master agreements, and a pledge of the membership interests of each of Ultraco’s vessel-owning subsidiaries. In the future, Ultraco may grant additional security to the Ultraco Lenders from time to time. The Ultraco Debt Facility contains financial covenants requiring Ultraco, among other things: (1) to ensure that the aggregate market value of the Greenship Vessels (plus the value of certain additional collateral) is at all times not less than 150% of the aggregate principal amount of debt outstanding (subject to certain adjustments); (2) to maintain cash or cash equivalents not less than (a) a liquidity reserve of $600,000 in respect of each Greenship Vessel and (b) a debt service reserve of $600,000 in respect of each Greenship Vessel, a portion of which may be utilized to satisfy the obligations under the Ultraco Debt Facility upon satisfaction of certain conditions; however, taking into account the requirements of 2(a) and 2(b), the cash or cash equivalents cannot be less than the greater of (i) $7.5 million or (ii) 12% of the consolidated total debt of Ultraco and its subsidiaries; (3) to maintain at all times a ratio of consolidated tangible net worth to consolidated total assets of not less than 0.35 to 1.00; (4) to maintain a consolidated interest coverage ratio beginning after the second anniversary of June 28, 2017, of not less than a range varying from 2.00 to 1.00 to 2.50 to 1.00; and (5) to maintain a ballast water treatment systems reserve of $4,550,000 , which may be released upon the satisfaction of certain conditions. In addition, the Ultraco Debt Facility also imposes operating restrictions on Ultraco and the Ultraco Guarantors, including limiting Ultraco’s and the Ultraco Guarantors’ ability to, among other things: pay dividends; incur additional indebtedness; create liens on assets; sell assets; dissolve or liquidate; merge or consolidate with another person; make investments; engage in transactions with affiliates; and allow certain changes of control to occur. As a result of the receipt of extensions from the United States Coast Guard (the "USCG") regarding compliance with a USCG approved ballast water treatment systems ("BWMS"), the funds held in the ballast water treatment system reserve account have been released for Ultraco's use in the third quarter of 2017. The Ultraco Debt Facility also includes customary events of default, including those relating to: a failure to pay principal or interest; a breach of covenant, representation or warranty; a cross-default to other indebtedness; the occurrence of certain bankruptcy and insolvency events; the occurrence of certain ERISA events; a judgment default; the cessation of business; the impossibility or unlawfulness of performance of the loan documents; the ineffectiveness of any material provision of any loan document; the occurrence of a material adverse effect; and the occurrence of certain swap terminations. On December 29, 2017, Ultraco, a wholly-owned subsidiary of the Company entered into a First Amendment (the “First Amendment”) to the Ultraco Debt Facility to increase the commitments for the purpose of financing the acquisition of an additional vessel by New London Eagle LLC, a wholly owned subsidiary of Ultraco and additional guarantor under the Ultraco Debt Facility. The increase in the commitments was $8,600,000 . Ultraco took delivery of the vessel in January 2018 and drew down $8.6 million . The Company paid a deposit of $2.2 million for the purchase of the vessel as of December 31, 2017. Interest rates For the year ended December 31, 2017, interest rates on our outstanding debt under the First Lien Facility ranged from 4.77% to 5.35% , including a margin over LIBOR and commitment fees of 40% of the margin on the undrawn portion of the facility. The weighted average effective interest rate was 6.18% . The interest rates on our outstanding debt under the Ultraco Debt Facility ranged from 4.19% to 4.28% , including a margin over LIBOR applicable under the terms of the Ultraco Debt Facility which was entered into on June 28, 2017. The weighted average effective interest rate was 4.71% . The Norwegian Bond debt carries an interest rate of 8.25% . The weighted average effective interest rate on the same was 8.84% . The interest rate on our outstanding debt under the New First Lien Facility was 4.83% including a margin over LIBOR applicable under the terms of the New First Lien Facility which was entered into on December 8, 2017. The weighted average effective interest rate was 5.21% . For 2016, interest rates on our outstanding debt ranged from 3.86% to 4.99% , including a margin over LIBOR applicable under the terms of the First Lien Facility/Exit Financing Facility. The weighted average effective interest rate including the amortization of debt discount for this period was 6.83% . For 2015, interest rates on our outstanding debt ranged from 3.696% to 4.08% , including a margin over LIBOR applicable under the terms of the Exit Financing Facility. The weighted average effective interest rate including the amortization of debt discount for this period was 5.06% . For 2017 and 2016, the payment-in-kind interest rate on our Second Lien Facility was 15% including a margin over LIBOR. The weighted average effective interest rate on our Second Lien Facility including the amortization of debt discount was 17.05% . Interest Expense consisted of: For the Years Ended December 31, 2017 December 31, 2016 December 31, 2015 First Lien Facility / Exit Financing Facility interest $ 10,305,275 $ 9,938,822 $ 9,781,106 Amortization of debt discount and debt issuance costs 5,927,984 4,532,481 2,146,316 Payment in kind interest on Second Lien Facility 10,098,401 7,327,843 — Ultraco Debt Facility interest 1,269,581 — — Norwegian Bond Debt interest 1,558,333 — — New First Lien Facility interest 209,420 — — Commitment fees - Super Senior Revolver Facility 8,000 — — Total Interest Expense $ 29,376,994 $ 21,799,146 $ 11,927,422 First Lien Facility On March 30, 2016, Eagle Shipping as borrower, and certain of its subsidiaries that were guarantors of the Company’s obligations under the Company’s senior secured credit facility (the “Exit Financing Facility”), as guarantors, entered into the “First Lien Facility with the lenders thereunder (the “First Lien Lenders”) and ABN AMRO Capital USA LLC, as agent and security trustee for the lenders. The First Lien Facility amended and restated the Exit Financing Facility in its entirety, provided for Eagle Shipping to be the borrower in the place of the Company, and further provided for a waiver of any and all events of default occurring as a result of the voluntary OFAC Disclosure (as defined in “Note 10. Commitments and Contingencies - Legal Proceedings” to the consolidated financial statements). The First Lien Facility provided for a term loan in the amount of $201,468,750 after giving effect to the entry into the First Lien Facility and the Second Lien Facility as well as a $50,000,000 revolving credit facility (the "First Lien Facility"). The outstanding borrowings under the First Lien Facility bore interest at LIBOR plus 4.0% per annum. Eagle Shipping prepaid $5,651,000 of the term loan during the year ended December 31, 2016 and $13,021,000 of the term loan for the year ended December 31, 2017 pursuant to the terms of the First Lien Facility relating to mandatory prepayments upon sales of vessels. Additionally, Eagle Shipping also repaid $5,000,000 of the revolving credit facility in the third quarter of 2017. On December 8, 2017, Eagle Shipping repaid the outstanding balance of the term loan of $171,078,000 and the outstanding balance of the revolver loan of $20,000,000 and discharged the debt under the First Lien Facility in full. As a result, Eagle Shipping recorded a loss, representing the difference between settlement price and the net carrying value of the debt amounting to $3.2 million which is included in loss on debt extinguishment in the Consolidated Statement of Operations. Second Lien Facility On March 30, 2016, Eagle Shipping, as borrower, and certain of its subsidiaries that were guarantors of the Company’s obligations under the Exit Financing Facility, as guarantors, entered into a Second Lien Facility with certain lenders (the “Second Lien Lenders”) and Wilmington Savings Fund Society, FSB as agent for the Second Lien Lenders (the “Second Lien Agent”). The Second Lien Facility provided for a term loan in the amount of $60,000,000 (the “Second Lien Facility”), and scheduled to mature on January 14, 2020. The term loan under the Second Lien Facility bore interest at a rate of LIBOR plus 14.00% per annum with a 1.0% LIBOR floor paid in kind quarterly in arrears. The payment-in-kind interest represents a non-cash operating and financing activity on the consolidated statements of cash flows for the years ended December 31, 2017 and 2016. On December 8, 2017, in connection with the refinancing defined above, Eagle Shipping repaid the outstanding debt and accumulated payment-in-kind interest aggregating $77.4 million , and discharged the debt under the Second Lien Facility in full. Eagle Shipping recorded the difference between the settlement price and the net carrying value of the debt amounting to $11.8 million , as loss on debt extinguishment in the Consolidated Statement of Operations. Exit Financing Facility On October 9, 2014, the Company entered into the Exit Financing Facility with the Exit Lenders. The Exit Financing Facility was in the amount of $275 million , including a $50 million revolving credit facility out of which $40 million was drawn as of December 31, 2015, and had a maturity date of on October 15, 2019. Amounts drawn under the Exit Financing Facility bore interest at a rate of LIBOR plus margin ranging between 3.50% and 4.00% per annum. The revolving credit facility was subject to an annual commitment fee of 40% of the margin. The Exit Financing Facility was amended and restated in its entirety by Eagle Shipping on March 30, 2016 and succeeded by the First Lien Facility described above. Scheduled Debt Maturities The following table presents the scheduled maturities of principal amounts of our debt obligations for the next five years. Norwegian Bond Debt New First Lien Facility Ultraco Debt Facility Total 2018 $ 4,000,000 $ — $ — $ 4,000,000 2019 8,000,000 10,750,000 8,011,350 26,761,350 2020 8,000,000 8,600,000 6,409,080 23,009,080 2021 8,000,000 8,600,000 6,409,080 23,009,080 2022 172,000,000 37,050,000 40,370,490 249,420,490 $ 200,000,000 $ 65,000,000 $ 61,200,000 $ 326,200,000 ` |
Derivative Instruments and Fair
Derivative Instruments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Derivative Instruments and Fair Value Measurements | Derivative Instruments and Fair Value Measurements Forward freight agreements, bunker swaps and freight derivatives The Company trades in forward freight agreements (“FFAs”) and bunker swaps, with the objective of utilizing this market as economic hedging instruments that reduce the risk of specific vessels to changes in the freight market. The Company’s FFAs and bunker swaps have not qualified for hedge accounting treatment. As such, unrealized and realized gains are recognized as a component of other expense in the Consolidated Statement of Operations and Other current assets and Fair value of derivatives in the Consolidated Balance Sheets. Derivatives are considered to be Level 2 instruments in the fair value hierarchy. The effect of non-designated derivative instruments on the consolidated statements of operations: Amount of gain/(loss) For the Years Ended Derivatives not designated as hedging instruments Location of gain/(loss) recognized December 31, 2017 December 31, 2016 December 31, 2015 FFAs Other income/(expense) $ (284,097 ) $ (541,677 ) $ — Bunker swaps Other income/(expense) 413,577 — — Commissions Other income/(expense) (91,575 ) (19,818 ) — Total $ 37,905 $ (561,495 ) $ — Derivatives not designated as hedging instruments Balance Sheet Location Fair value of derivatives December 31, 2017 December 31, 2016 FFAs - Unrealized loss Fair value of Derivatives $ (73,170 ) $ — Bunker Swaps - Unrealized gain Other current assets 128,845 — $ 55,675 $ — Cash Collateral Disclosures The Company does not offset fair value amounts recognized for derivatives by the right to reclaim cash collateral or the obligation to return cash collateral. The amount of collateral to be posted is defined in the terms of respective master agreement executed with counterparties or exchanges and is required when agreed upon threshold limits are exceeded. As of December 31, 2017 and December 31, 2016, the Company posted cash collateral related to derivative instruments under its collateral security arrangements of $178,836 and zero , respectively, which is recorded within other current assets in the consolidated balance sheets. Fair Value Measurements The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash, cash equivalents and restricted cash— the carrying amounts reported in the consolidated balance sheets for interest-bearing deposits approximate their fair value due to their short-term nature thereof. Debt —the carrying amounts of borrowings under the Norwegian Bond Debt, New First Lien Facility and Ultraco Debt Facility (prior to application of the discount and debt issuance costs) including the revolving credit agreement approximate their fair value, due to the variable interest rate nature thereof. The Company defines fair value, establishes a framework for measuring fair value and provides disclosures about fair value measurements. The fair value hierarchy for disclosure of fair value measurements is as follows: Level 1 – Quoted prices in active markets for identical assets or liabilities. Our Level 1 non-derivatives include cash, money-market accounts, certain short-term investments and restricted cash accounts. Level 2 – Quoted prices for similar assets and liabilities in active markets or inputs that are observable. Our Level 2 non-derivatives include our short-term investments and debt balances under the Norwegian Bond Debt, New First Lien Facility and Ultraco Debt Facility. Non recurring fair value measurements include vessel impairment assessments which is determined based on the average of two independent third party quotes which are Level 2 inputs. As of December 31, 2017, the Company performed an impairment test on 22 vessels for whom the vessel prices based on valuations received from third party brokers were lower than their carrying values. Based on our impairment analysis, we determined that as of December 31, 2017, the future cash flows expected to be earned by the 22 vessels on an undiscounted basis would exceed their carrying value and therefore no impairment charges were recorded in the consolidated financial statements. As of December 31, 2016, the Company determined that it intended to divest some of the older and less efficient vessels. As a result, the Company recorded an impairment charge of $122,860,600 in the fourth quarter of 2016. The carrying value of these vessels prior to impairment was $234,860,600 . Additionally, the Company recorded an impairment charge of $6.2 million in the first quarter of 2016 on a group of six vessels which have all been sold subsequently. Level 3 – Inputs that are unobservable (for example cash flow modeling inputs based on assumptions). Assets and liabilities measured at fair value: Fair Value Carrying Value Level 1 Level 2 December 31, 2017 Assets Cash and cash equivalents (1) $ 56,325,961 $ 56,325,961 — Short-term investment $ 4,500,000 — $ 4,500,000 Liabilities Norwegian Bond Debt * $ 189,950,329 — $ 200,990,000 New First Lien Facility ** $ 63,758,185 — $ 65,000,000 Ultraco Debt Facility ** $ 59,975,162 — $ 61,200,000 * The fair value of the bonds is based on the last trade on December 21, 2017 on Bloomberg.com. ** The fair value of the New First Lien Facility and the Ultraco Debt Facility is based on the required repayment to the lenders if the debt was discharged in full on December 31, 2017. Fair Value Carrying Value Level 1 Level 2 December 31, 2016 Assets Cash and cash equivalents (1) $ 76,591,027 76,591,027 — Liabilities First Lien Facility $ 204,352,318 — $ 209,099,000 Second Lien Facility $ 51,591,226 — $ 67,327,843 (1) Includes non-current restricted cash of 74,917 at December 31, 2017 and December 31, 2016. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Operating Lease On October 15, 2015, the Company entered into a new commercial lease agreement as a subtenant for office space in Stamford, Connecticut. The lease is effective from January 1, 2016 through June 29, 2023, with an average annual rent of $419,536 . The lease is secured by a letter of credit backed by cash collateral of $74,917 which amount is recorded as restricted cash in the accompanying consolidated balance sheets. Rent expense for all of our global locations recorded for the years ended December 31, 2017 , 2016 , and 2015 was $666,320 , $840,303 and $2,591,489 , respectively. The rent expense for 2015 includes lease termination fees of $1,334,301 on its prior office space in New York, New York. In November 2017, the Company entered into a lease office agreement in Singapore which expires in October 2018. The future minimum commitments under the leases for office space as of December 31, 2017 are as follows: (In thousands of U.S. dollars) 2018 $ 576 2019 420 2020 420 2021 420 2022 420 Thereafter 209 Total $ 2,465 Legal Proceedings The Company is involved in legal proceedings and may become involved in other legal matters arising in the ordinary course of its business. The Company evaluates these legal matters on a case-by-case basis to make a determination as to the impact, if any, on its business, liquidity, results of operations, financial condition or cash flows. In November 2015, the Company filed a voluntary self-disclosure report regarding certain apparent violations of U.S. sanctions regulations in the provision of shipping services for third party charterers with respect to the transportation of cargo to or from Myanmar. At the time of such apparent violations, the Company had a different senior operational management team. There can be no assurance that Office of Foreign Assets Control (“OFAC”) will not conclude that these past actions warrant the imposition of civil penalties and/or referral for further investigation by the U.S. Department of Justice. The report was provided to OFAC for the agency’s review, consideration and determination regarding what action, if any, may be taken in resolution of this matter. The Company will continue to cooperate with the agency regarding this matter and cannot estimate when such review will be concluded. While the ultimate impact of these matters cannot be determined, there can be no assurance that the impact will not be material to the Company’s financial condition or results of operations. Other Commitments On July 28, 2011, the Company entered into an agreement to charter in a 37,000 dwt newbuilding Japanese vessel that was delivered in October 2014 for seven years with an option for an additional one year. The hire rate for the first to seventh year is $13,500 per day and $13,750 per day for the eighth year option. On May 10, 2017, the Company signed an agreement to cancel this existing time charter contract. The Company agreed to pay a lump sum termination fee of $1.5 million relating to the cancellation. At the same time, the Company entered into an agreement with the same lessor, effective April 28, 2017 to charter in a 61,400 dwt, 2013 built Japanese vessel for approximately four years (having the same redelivery dates as the aforementioned cancelled charter) with options for two additional years. The hire rate for the first four years is $12,800 per day and the hire rate for the first optional year is $13,800 per day and $14,300 per day for the second optional year. On December 19, 2017, the Company signed a memorandum of agreement to purchase a 2015 built Ultramax vessel for $21.275 million . As of December 31, 2017, the Company paid a deposit of $2.2 million . The Company took delivery of the vessel in the first quarter of 2018. On December 29, 2017, Ultraco, a wholly-owned subsidiary of the Company entered into a First Amendment (the “First Amendment”) to the Ultraco Debt Facility to increase the commitments for the purpose of financing the acquisition of the vessel. The increase in the commitments was $8,600,000 . Ultraco took delivery of the vessel in January 2018 and drew down $8.6 million . |
Transactions with related party
Transactions with related party | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Transactions with related party | Transactions with related party On October 15, 2014, the Company entered into a Management Agreement (the “Management Agreement”) with Delphin Shipping LLC (“Delphin”). As per the Management Agreement, the technical management fee was $700 per vessel per day. The commercial management fee was 1.25% of charter hire; provided, however, that no commercial management fee shall be payable with respect to a charter hire that is earned while a vessel is a member of a pool and with respect to which a fee is paid to the pool manager. The former Chief Executive Officer of the Company was one of the investors in Delphin. On May 22, 2015, the Company received a termination notice to the Amended Management Agreement from Delphin. The notice of termination was given pursuant to the terms of the Amended Management Agreement and became effective as of August 22, 2015. Total management fees for the year ended December 31, 2015 amounted to $2,379,787 . The total reimbursable expenses amounted to $227,105 . |
Loss per Common Share
Loss per Common Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Loss per Common Share | Loss per Common Share The computation of basic net loss per share is based on the weighted average number of common shares outstanding for the years ended December 31, 2017 , 2016 and 2015 . The Company also had 3,040,540 outstanding warrants convertible to 152,027 shares of the Company's common stock with an exercise price of $556.4 0 per share. The warrants have a 7 year term and will expire on October 15, 2021. Diluted net loss per share gives effect to stock awards, stock options and restricted stock units using the treasury stock method, unless the impact is anti-dilutive. Diluted net loss per share for the year ended December 31, 2017 does not include 1,716,928 unvested stock awards, 2,301,046 stock options and outstanding warrants convertible to 152,027 shares of common stock as their effect was anti-dilutive. Diluted net loss per share for the year ended December 31, 2016 does not include 1,413,461 unvested stock awards, 1,942,909 stock options and outstanding warrants convertible into 152,027 shares of common stock as their effect was anti-dilutive. Diluted net loss per share for the year ended December 31, 2015 does not include 39,231 stock awards, 68,867 stock options and outstanding warrants convertible into 152,027 shares of common stock, as their effect was anti-dilutive. For the Years Ended December 31, 2017 December 31, 2016 December 31, 2015 Net loss $ (43,796,685 ) $ (223,522,435 ) $ (148,296,965 ) Weighted Average Shares-Basic 69,182,302 20,565,652 1,880,116 Dilutive effect of stock options, warrants and restricted stock units — — — Weighted Average Shares - Diluted 69,182,302 20,565,652 1,880,116 Basic loss per share $ (0.63 ) $ (10.87 ) $ (78.88 ) Diluted loss per share $ (0.63 ) $ (10.87 ) $ (78.88 ) |
Stock Incentive Plans
Stock Incentive Plans | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Incentive Plans | Stock Incentive Plans 2014 Management Incentive Plan On October 15, 2014, in accordance with the Plan, the Company adopted the post-emergence Management Incentive Program (the “2014 Plan”), which provided for the distribution of New Eagle MIP Primary Equity in the form of shares of New Eagle Common Stock, and New Eagle MIP Options, to the participating senior management and other employees of the reorganized Company with 2% of the New Eagle Common Stock (on a fully diluted basis) on the Effective Date, and two tiers of options to acquire 5.5% of the New Eagle Common Stock (on a fully diluted basis) with different strike prices based on the equity value for the reorganized Company and a premium to the equity value, each of the foregoing to vest generally over a four year schedule through 25% annual installments commencing on the first anniversary of the Effective Date. The New Eagle MIP Primary Equity is subject to vesting, but the holder thereof is entitled to receive all dividends paid with respect to such shares as if such New Eagle MIP Primary Equity had vested on the grant date (subject to forfeiture by the holder in the event that such grant is terminated prior to vesting unless the administrator of the 2014 Plan determines otherwise). The New Eagle MIP Options contain adjustment provisions to reflect any transaction involving shares of New Eagle Common Stock, including as a result of any dividend, recapitalization, or stock split, to prevent any diminution or enlargement of the holder’s rights under the award. The following schedule shows the stock awards granted under the 2014 Plan: Restricted shares 1 Price on grant date Aggregate fair value (in millions) Vesting Terms Balance outstanding as of January 1, 2015 45,045 $ 308.58 $ 13.9 25% annually over four year term Granted on June 12, 2015 2,750 $ 179.60 $ 0.5 25% annually over four year term Granted on June 12, 2015 16,250 $ 117.40 $ 1.9 100% on third anniversary date Granted on November 13, 2015 5,000 $ 78.40 $ 0.4 100% on third anniversary date Vested during 2015 (2,433 ) Forfeited during 2015 (35,457 ) $ (11.2 ) Balance outstanding as of December 31, 2015 31,155 $ 174.48 $ 5.5 Granted on November 7, 2016 2 131,197 $ 4.24 $ 0.6 100% on first anniversary date Granted on December 15, 2016 2 50,000 $ 5.90 $ 0.3 100% on third anniversary date Issued on June 12, 2016 (688 ) Cancelled on December 15, 2016 3 (21,250 ) $ (1.4 ) Forfeited during 2016 (4,741 ) $ (1.4 ) Balance outstanding as of December 31, 2016 185,673 $ 19.58 $ 3.6 Vested during 2017 (133,452 ) Forfeitures during 2017 (81 ) Balance outstanding as of December 31, 2017 52,140 $ 42.19 $ 2.2 1. Amortization of all restricted shares unless otherwise stated were calculated using the graded method vesting and included in General and administrative expenses. 2. Amortization of above stock awards were calculated using the cliff method of vesting and included in General and administrative expenses. 3. The above stock awards were cancelled and concurrently new grants under the 2016 Plan (as defined herein) were issued. Therefore, the transaction was accounted for as a modification as per ASC 718 “Compensation-Stock Compensation.” The incremental compensation cost was calculated as the excess of the fair value of the replacement award over the fair value of the cancelled award at the cancellation date. Options Weighted Average Exercise Price Expiration Risk free interest rate Volatility Dividend % Fair Value of Options on grant date Aggregate fair value (in millions) Expected Term and vesting conditions Balance outstanding as of January 1, 2015 123,874 $ 439.09 5 1.4% 44 % — % $ 87.02 $ 10.78 4.75 years and 25% vesting annually over four year term Granted on September 29, 2015** 16,250 $ 117.40 5 1.09% 42 % 0 % $ 38.38 $ 0.63 3.75 years and 25% vesting annually over four year term Granted on September 29, 2015** 16,250 $ 260.00 5 1.09% 42 % 0 % $ 12.32 $ 0.20 3.75 years and 25% vesting annually over four year term Granted on November 15, 2015** 5,000 $ 78.40 5 1.37 % 43 % 0 % $ 26.49 $ 0.10 3.75 years and 25% vesting annually over four year term Granted on November 15, 2015** 5,000 $ 260.00 5 1.37 % 43 % 0 % $ 4.05 $ 0.02 3.75 years and 25% vesting annually over four year term Forfeited during 2015 (97,507 ) $ (8.89 ) Vested during 2015 (6,591 ) $ (0.47 ) Balance outstanding as of December 31, 2015 62,276 $ 2.37 3.75 years and 25% vesting annually over four year term Forfeited during 2016 (13,038 ) $ (0.92 ) Cancelled on December 15, 2016** (42,500 ) $ (0.67 ) Balance outstanding as of December 31, 2016 6,738 $ 0.78 Vested during 2017 (3,369 ) $ (0.39 ) Forfeited during 2017 (454 ) $ (0.05 ) Balance outstanding as of December 31, 2017 2,915 $ 116.64 $ 0.34 * For the purposes of determining the stock-based compensation cost for the Company's stock option plan using the fair value method of ASC 718 "Compensation-Stock Compensation,” the fair value of the New Eagle MIP Options was estimated on the date of grant using the Black-Scholes option pricing model. The volatility was calculated by comparing the Company’s share price movement since emergence from bankruptcy on October 14, 2014 and its peers’ share price movement for the past five years. Amortization of above stock options for the 2014 Plan was calculated using the graded method of vesting and included in General and administrative expenses ** The above stock options were cancelled and concurrently new grants under the 2017 Plan was issued. Therefore, the transaction was accounted for as a modification as per ASC 718 “Compensation-Stock Compensation”. The incremental compensation cost was calculated as the excess of the fair value of the replacement award over the fair value of the cancelled award at the cancellation date. There are 9,960 options vested but not exercised as of December 31, 2017 and 2,915 options that are not vested but are expected to vest. The fair value of vested options is insignificant. On November 7, 2016, the Company granted 233,863 shares of restricted common stock and options to purchase 280,000 shares of the Company’s common stock in connection with the appointment of a new member to the senior management team. The restricted stock and option were not granted under, but are subject to, the terms of the Company’s 2014 Plan. The details of the grant are below: Restricted shares * Fair value on grant date Aggregate fair value (in millions) Vesting Terms Granted on November 7, 2016 233,863 $ 4.24 $ 1.0 100% vesting on third anniversary date Balance outstanding as of December 31, 2017 (Successor)* 233,863 $ 4.24 $ 1.0 * Amortization of the above stock awards was calculated using the cliff method of vesting and included in general and administrative expenses. Options** Weighted Average Exercise Price ** Expiration Risk free interest rate Volatility Dividend % Fair Value of Options on grant date Aggregate fair value (in millions) Expected Term and vesting conditions Granted on November 7, 2016 280,000 $ 4.28 5 1.10 % 61 % — % $ 1.91 $ 0.53 3.75 years and 25% vesting annually over four year term Vested during 2017 (70,000 ) $ (0.13 ) Balance outstanding as of December 31, 2017 210,000 $ 4.28 $ 1.91 $ 0.40 * For the purposes of determining the stock-based compensation cost for the Company's stock option plan using the fair value method of ASC 718 "Compensation-Stock Compensation,” the fair value of the New Eagle MIP Options was estimated on the date of grant using the Black-Scholes option pricing model. The volatility was calculated by comparing the Company’s share price movement since emergence from bankruptcy on October 14, 2014 and its peers’ share price movement for the past five years. The amortization of the above stock options was calculated using the graded method of vesting and included in general and administrative expenses. There are 70,000 options vested but not exercised as of December 31, 2017 and 210,000 options expected to vest. 2016 Equity Compensation Plan On December 15, 2016, the Company’s shareholders approved the 2016 Equity Compensation Plan (the “ 2016 Plan”) and the Company registered 5,348,613 shares of common stock which may be issued under the 2016 Plan. The 2016 Plan replaced the 2014 Plan and no other awards will be granted under the 2014 Plan. Outstanding awards under the 2014 Plan will continue to be governed by the terms of the 2014 Plan until exercised, expired, otherwise terminated, or canceled. As of December 31, 2017 , 24,644 shares of common stock were subject to outstanding awards under the 2014 Plan. Under the terms of the 2016 Plan, awards for up to a maximum of 3,000,000 shares may be granted under the 2016 Plan to any one employee of the Company and its subsidiaries during any one calendar year, and awards in the form of options and stock appreciation rights for up to a maximum of 3,000,000 shares may be granted under the 2016 Plan. The total number of shares of common stock with respect to which awards may be granted under the 2016 Plan to any non-employee director during any one calendar year shall not exceed 500,000 , subject to adjustment as provided in the 2016 Plan. Any Director, officer, employee or consultant of the Company or any of its subsidiaries (including any prospective officer or employee) is eligible to be designated to participate in the 2016 Plan. The following schedule represents outstanding stock awards and options granted under the 2016 Plan. Restricted shares * Weighted Average Fair value on grant date Aggregate fair value (in millions) Vesting Terms Granted on December 15, 2016 760,056 $ 5.90 $ 4.40 100% on September 1, 2018 Granted on December 15, 2016 233,869 5.90 1.38 100% on October 14, 2018 Balance outstanding as of December 31, 2016 993,925 5.78 Issued on March 1, 2017 429,750 5.47 2.35 33% vesting annually over three year term Issued on June 1, 2017 18,000 4.64 0.08 100% vesting on third anniversary date Forfeited during 2017 (10,750 ) Balance outstanding as of December 31, 2017 1,430,925 5.73 $ 8.20 *The above stock awards were issued concurrently with the cancellation of outstanding stock awards and options under the 2014 Plan. Therefore, the issuance was accounted for as a modification as per ASC 718 “Compensation-Stock Compensation.” The fair value is the incremental compensation cost, which was calculated as the excess of the fair value of the replacement award over the fair value of the cancelled award at the cancellation date. The amortization of the above stock awards was calculated using the graded method of vesting and included in general and administrative expenses. Options* Weighted AverageExercise Price Expiration Risk free interest rate Volatility Dividend % Fair Value of Options on grant date Aggregate fair value (in millions) Expected Term and Vesting conditions Granted on December 15, 2016 ** 1,266,476 $ 4.28 5 1.79 % 62 % — % $ 3.12 $ 3.96 3.15 years and 25% vesting annually Granted on December 15, 2016 ** 389,695 $ 4.28 5 1.79 % 62 % — % $ 3.14 $ 1.21 3.15 years and 25% vesting annually Balance outstanding as of December 31, 2016 1,656,171 $ 4.28 $ 5.17 Issued on March 1, 2017 337,000 $ 5.56 5 1.72 % 63.5 % — % $ 2.60 $ 0.90 3.75 years and 25% vesting annually over four year term Issued on June 1, 2017 18,000 $ 4.71 5 1.56 % 64.7 % — % $ 2.23 $ 0.04 3.75 years and 25% vesting annually over four year term Vested during 2017 (828,085 ) $ 4.28 $ 3.12 $ (2.60 ) Forfeitures during 2017 (3,000 ) $ 5.56 $ 2.60 $ (0.08 ) Balance outstanding as of December 31, 2017 1,180,086 $ 4.65 $ 2.91 $ 3.43 *For the purposes of determining the stock-based compensation cost for the Company's stock option plan using the fair value method of ASC 718 "Compensation-Stock Compensation,” the fair value of the New Eagle MIP Options was estimated on the date of grant using the Black-Scholes option pricing model. The volatility was calculated by comparing the Company’s share price movement since emergence from bankruptcy on October 14, 2014 and its peers’ share price movement for the past five years. **The above stock options were issued concurrently with cancellation of outstanding stock awards and options under the 2014 Equity Incentive Plan. Therefore, the transaction was accounted for as a modification as per ASC 718 “Compensation-Stock Compensation.” The fair value is the incremental compensation cost, which was calculated as the excess of the fair value of the replacement award over the fair value of the cancelled award at the cancellation date. The amortization of the above stock options was calculated using the graded method of vesting and included in general and administrative expenses. There are 828,085 options vested but not exercised as of December 31, 2017 and 1,180,086 options expected to vest. The stock-based compensation expense for the above stock awards and options under the 2016 Plan and 2014 Plan included in General and administrative expenses: For the Years Ended December 31, 2017 December 31, 2016 December 31, 2015 Stock awards /stock option plans $ 8,738,615 $ 2,206,690 $ 3,969,989 Total stock-based compensation expense $ 8,738,615 $ 2,206,690 $ 3,969,989 The future compensation to be recognized for all the grants issued for the years ending December 31, 2018 , 2019 and 2020 will be $6,194,924 , $1,481,876 and $152,621 , respectively. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2017 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plan | Employee Benefit Plan In October 2010, the Company established a safe harbor 401(k) plan, which is available to full-time office employees who meet the plan’s eligibility requirements. The plan allows participants to contribute to the plan a percentage of pre-tax compensation, but not in excess of the maximum allowed under the Internal Revenue Code. The Company is matching contributions amounting to 100% of the first 3% and 50% of the next 2% of each employee’s salary. The matching contribution vests immediately. The total matching contribution incurred by the Company and included in general and administrative expenses for the years ended December 31, 2017 , 2016 and 2015 was $240,888 , $167,778 and $212,223 , respectively. The Company has a discretionary profit sharing contribution program under which employees may receive profit sharing contributions based on the Company’s annual operating performance. For the years ended December 31, 2017 , 2016 and 2015 , the Company did no t make a profit sharing contribution. |
2017 and 2016 Quarterly Results
2017 and 2016 Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
2017 and 2016 Quarterly Results of Operations (Unaudited) | 2017 and 2016 Quarterly Results of Operations (Unaudited) We have presented the unaudited quarterly results of operations for the fiscal years ended December 31, 2017 and December 31, 2016 . Consolidated Statement of Operations (Unaudited) 2017 Three Months ended March 31 Three Months ended June 30 Three Months ended September 30 Three Months ended December 31, Revenues $ 45,855,057 $ 53,631,224 $ 62,710,903 $ 74,587,441 Total Operating expenses 50,361,713 53,938,837 64,624,733 67,999,398 Operating (loss) income (4,506,656 ) (307,613 ) (1,913,830 ) 6,588,043 Net loss * (11,068,448 ) (5,888,466 ) (10,255,346 ) (16,584,425 ) Basic Loss Per Share $ (0.17 ) $ (0.08 ) $ (0.15 ) $ (0.24 ) Diluted Loss Per Share $ (0.17 ) $ (0.08 ) $ (0.15 ) $ (0.24 ) * Net loss for the three months ended December 31, 2017 includes $15.0 million of loss on debt extinguishment. (Unaudited) 2016 Three Months ended March 31 Three Months ended June 30 Three Months ended September 30 Three Months ended December 31, Revenues $ 21,278,288 $ 25,590,434 $ 35,788,181 $ 41,835,941 Total Operating Expenses 57,742,766 (a) 42,882,423 47,512,409 177,607,218 (b) Operating Loss (36,464,478 ) (17,291,989 ) (11,724,228 ) (135,771,277 ) Net Loss (39,278,670 ) (22,495,573 ) (19,359,044 ) (142,389,148 ) Basic Loss Per Share $ (20.77 ) $ (9.98 ) $ (0.65 ) $ (2.96 ) Diluted Loss Per Share $ (20.77 ) $ (9.98 ) $ (0.65 ) $ (2.96 ) a. Includes impairment charge of $6,167,262. b. Includes impairment charge of $122,860,600. |
Condensed Financial Information
Condensed Financial Information for Eagle Bulk Shipping Inc. (Parent Company Only) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information for Eagle Bulk Shipping Inc. (Parent Company Only) | Condensed Financial Information for Eagle Bulk Shipping Inc. (Parent Company Only) There are significant restrictions over the Company’s ability to obtain funds from its subsidiaries through dividends, loans or advances as contained in our debt facilities. For a discussion of some of these restrictions, see “Note 8 - Debt.” These condensed parent company financial statements have been prepared in accordance with Rule 12-04 of Regulation S-X, as the restricted net assets of the Company’s subsidiaries under each of the debt arrangements previously noted exceeds 25 percent of the consolidated net assets of the Company. Condensed Balance Sheets (Parent Company Only) December 31, 2017 December 31, 2016 ASSETS: Current assets: Cash and cash equivalents $ 17,583,085 $ 62,326,786 Prepaid expenses 13,758 376,215 Total current assets 17,596,843 62,703,001 Noncurrent assets: Investment in subsidiaries* 444,908,264 338,340,211 Other assets — 310,000 Total noncurrent assets 444,908,264 338,650,211 Total assets $ 462,505,107 $ 401,353,212 LIABILITIES & STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 50,894 $ 189,039 Other accrued liabilities 1,289,180 681,534 Total current liabilities 1,340,074 870,573 Noncurrent liabilities : Total liabilities 1,340,074 870,573 Commitment and contingencies Stockholders' equity: Preferred stock, $.01 par value, 25,000,000 shares authorized, none issued as of December 31, 2017 and 2016 — — Common stock, $.01 par value, 700,000,000 shares authorized, 70,394,307 and 48,106,827 shares issued and outstanding as of December 31, 2017 and 2016, respectively 703,944 481,069 Additional paid-in capital 887,625,902 783,369,698 Accumulated deficit (427,164,813 ) (383,368,128 ) Total stockholders' equity 461,165,033 400,482,639 Total liabilities and stockholders' equity $ 462,505,107 $ 401,353,212 * Eliminated in the consolidated financial statements. Condensed Statements of Operations (Parent Company Only) For the Years Ended December 31, 2017 December 31, 2016 December 31, 2015 General and administrative expenses $ 2,693,520 $ 2,101,094 $ 2,554,795 Total operating expenses 2,693,520 2,101,094 2,554,795 Operating loss (2,693,520 ) (2,101,094 ) (2,554,795 ) Interest expense — 2,817,646 11,927,422 Interest income (379,374 ) (215,433 ) (6,222 ) Other expense — 125,255 — Total other expense (income), net (379,374 ) 2,727,468 11,921,200 Equity in net loss of subsidiaries* (41,482,539 ) (218,693,873 ) (133,820,970 ) Net loss $ (43,796,685 ) $ (223,522,435 ) $ (148,296,965 ) Weighted average shares outstanding: Basic 69,182,302 20,565,652 1,880,116 Diluted 69,182,302 20,565,652 1,880,116 Per share amounts: Basic net loss $ (0.63 ) $ (10.87 ) $ (78.88 ) Diluted net loss $ (0.63 ) $ (10.87 ) $ (78.88 ) * Eliminated in the consolidated financial statements. Condensed Statements of Cash Flows (Parent Company Only) For the Years Ended December 31, 2017 December 31, 2016 December 31, 2015 Net cash used in operating activities $ (2,245,856 ) (4,715,072 ) $ (18,496,422 ) Cash flows from investing activities: Cash distributed to wholly-owned subsidiaries (138,238,309 ) (36,853,951 ) (4,762,134 ) Net cash used in investing activities (138,238,309 ) (36,853,951 ) (4,762,134 ) Cash flows from financing activities: Repayment of Term Loan — (3,906,250 ) (19,625,000 ) Proceeds from Revolver Loan facility under Exit Financing Facility — 40,000,000 Proceeds from common stock placement, net of issuance costs 96,030,003 85,700,535 — Financing costs paid to lenders — — (500,000 ) Cash used to settle net share equity awards (289,539 ) (2,938 ) (1,419,229 ) Net cash provided by financing activities 95,740,464 81,791,347 18,455,771 Net increase/(decrease) in cash and cash equivalents (44,743,701 ) 40,222,324 (4,802,785 ) Cash and cash equivalents at beginning of year 62,326,786 22,104,462 26,907,247 Cash and cash equivalents at end of year $ 17,583,085 $ 62,326,786 $ 22,104,462 Supplemental cash flow information: Cash paid during the period for interest $ — $ 2,529,674 $ 9,911,793 Notes to the Condensed Financial Statements Basis of Presentation In the parent-company-only condensed financial statements, Eagle Bulk Shipping Inc. (the “Parent Company”) investment in subsidiaries is accounted for under the equity method of accounting. The Parent Company did no t receive cash dividends from its subsidiaries for the years ended December 31, 2017 , 2016 and 2015. The parent-company-only condensed financial statements should be read in conjunction with the Company's consolidated financial statements. There are legal or regulatory restrictions on the Parent Company's ability to obtain funds from its subsidiaries through dividends, loans or advances sufficient to satisfy the obligations that may come due. Equity Offerings On December 13, 2016, the Parent Company entered into a Stock Purchase Agreement (the “Purchase Agreement”) with certain investors (the “Investors”), pursuant to which the Parent Company agreed to issue to the Investors in a private placement (the “December Private Placement”) approximately 22.2 million shares of the Parent Company’s common stock, par value $0.01 per share, at an initial purchase price of $4.50 per share, for aggregate gross proceeds of $100.0 million . On January 20, 2017, the Parent Company closed its previously announced December Private Placement for aggregate net proceeds of $96 million . The Parent Company used the proceeds from the December Private Placement for the acquisition of Greenship Vessels by Ultraco. Non Cash Investing and Financing Activities The Parent Company issued equity instruments to the employees of the subsidiary companies increasing its investment in subsidiaries by approximately $8.7 million . For the year ended December 31, 2016 , there was approximately $2 million of equity issued by the Parent Company granted to employees of the wholly-owned subsidiaries of the Parent Company, which increased the Parent Company’s investment in subsidiaries. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Ultraco took delivery of an additional vessel acquired by New London Eagle LLC, a wholly owned subsidiary of Ultraco, in January 2018 and drew down $8.6 million under the Ultraco Debt Facility. On January 4, 2018, the Company granted 948,500 restricted shares as a company wide grant under the 2016 Plan. The fair value of the grant based on the closing share price on January 4, 2017 was $4.5 million . The shares will vest in equal installments over a three year term. |
Significant Accounting Polici26
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation: The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and include the accounts of Eagle Bulk Shipping Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions were eliminated upon consolidation. |
Use of Estimates | Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include vessel valuations, residual value of vessels, the useful lives of vessels, the value of stock-based compensation and the fair value of derivatives. Actual results could differ from those estimates. |
Other Comprehensive loss | Other Comprehensive loss: The Company records the fair value of interest rate swaps and foreign currency swaps designated as hedges as an asset or liability on the balance sheet. The effective portion of the swap is recorded in accumulated other comprehensive loss. Historically, the Company also recorded the unrealized gains and losses on its available for sale investments in accumulated other comprehensive loss. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash: The Company considers liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less at the time of purchase to be cash equivalents |
Accounts Receivable | Accounts Receivable: Accounts receivable includes receivables from charterers for hire and voyage charterers. At each balance sheet date, all potentially uncollectible accounts are assessed for purposes of determining the appropriate provision for doubtful accounts. |
Insurance Claims | Insurance Claims: Insurance claims are recorded as incurred and represent the claimable expenses, net of deductibles, incurred through each balance sheet date, which are expected to be recovered from insurance companies. |
Inventories | Inventories: Inventories, which consist of bunkers, are stated at the lower of cost and net realizable value. Cost is determined on a first-in, first-out method. Lubes and spares are expensed as incurred. We adopted Accounting Standard Update No. 2015-11, “Simplifying the Measurement of Inventory” prospectively effective January 1, 2017 that requires the inventory to be measured at the lower of cost and net realizable value. |
Short-term Investments | Investments: The Company considers liquid investments such as certificate of deposits with an original maturity of greater than three months as investments. As of December 31, 2017, the Company had $4.5 million in a certificate of deposit with an original maturity of one year. Prior to December 2016 , the Company held an investment in the capital stock of Korea Line Corporation (“KLC”). This investment was designated as Available For Sale (“AFS”) and reported at fair value, with unrealized gains and losses recorded in stockholders’ equity as a component of accumulated other comprehensive loss. |
Vessels and vessel improvements, at cost | Vessels and vessel improvements, at cost: Vessels are stated at cost, which consists of the contract price, and other direct costs relating to acquiring and placing the vessels in service. Major vessel improvements are capitalized and depreciated over the remaining useful lives of the vessels. Depreciation is calculated on a straight-line basis over the estimated useful lives of the vessels based on the cost of the vessels reduced by the estimated scrap value of the vessels as discussed below. |
Vessel lives | Vessel lives and Impairment of Long-Lived Assets: The Company estimates the useful life of the Company's vessels to be 25 years from the date of initial delivery from the shipyard to the original owner. The useful lives of the Company's vessels are evaluated to determine if events have occurred which would require modification to their useful lives. In addition, the Company estimates the scrap value of the vessels to be $300 per light weight ton ("lwt") based on the 15 -year average scrap value of steel. |
Impairment of Long-Lived Assets | The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company will evaluate the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset as provided by third parties or discounted cash flow analysis. In this respect, management regularly reviews the carrying amount of the vessels in connection with the estimated recoverable amount for each of the Company's vessels. |
Accounting For Drydocking Costs | Accounting for Drydocking Costs: The Company follows the deferral method of accounting for drydocking costs whereby actual costs incurred are deferred and are amortized on a straight-line basis over the period through the date the next drydocking is required to become due, generally 30 months if the vessels are 15 years old or more and 60 months for the vessels younger than 15 years . Costs deferred as part of the drydocking include direct costs that are incurred as part of the drydocking to meet regulatory requirements. Certain costs are capitalized during drydocking if they are expenditures that add economic life to the vessel, increase the vessel’s earnings capacity or improve the vessel’s efficiency. Direct costs that are deferred include the shipyard costs, parts, inspection fees, steel, blasting and painting. Expenditures for normal maintenance and repairs, whether incurred as part of the drydocking or not, are expensed as incurred. Unamortized drydocking costs of vessels that are sold are written off and included in the calculation of the resulting gain or loss in the year of the vessels’ sale. Unamortized drydocking costs are written off as drydocking expense if the vessels are drydocked before the expiration of the applicable amortization period. |
Deferred Financing Costs | Deferred Financing Costs: Fees incurred for obtaining new loans or refinancing existing ones are deferred and amortized to interest expense over the life of the related debt using the effective interest method. Unamortized deferred financing costs are written off when the related debt is repaid or refinanced and such amounts are expensed in the period the repayment or refinancing is made. Such amounts are classified as a reduction of the long-term debt balance on the consolidated balance sheets. |
Other fixed assets | Other fixed assets: Other fixed assets are stated at cost less accumulated depreciation. Depreciation is based on a straight-line basis over the estimated useful life of the asset. Other fixed assets consist principally of leasehold improvements, computers and software and are depreciated over 3 - 10 years . |
Accounting For Revenues And Expense | Accounting for Revenues and Expenses : Revenues generated from time charters and/or revenues generated from profit sharing arrangements are recognized on a straight-line basis over the term of the respective time charter agreements as service is provided and the profit sharing is fixed and determinable. Revenues generated from time charters linked to the Baltic Supramax index and/or revenues generated from profit sharing arrangements are recognized over the term of the respective time charter agreements as service is provided and the profit sharing is fixed and determinable. Under voyage charters, voyage revenues for cargo transportation are recognized ratably over the estimated relative transit time of each voyage. Voyage revenue is deemed to commence upon the completion of discharge of the previous charterer’s cargo and is deemed to end upon the completion of discharge of the current cargo, provided an agreed non-cancellable charter between the Company and the charterer is in existence, the charter rate is fixed and determinable, and collectability is reasonably assured. Revenue under voyage charters will not be recognized until a charter has been agreed even if the vessel has discharged its previous cargo and is proceeding to an anticipated port of loading. Under voyage charters, voyage expenses such as bunkers, port charges, canal tolls, cargo handling operations and brokerage commissions are paid by the Company whereas, under time charters, such voyage costs are paid by the Company's customers. Vessel operating costs include crewing, vessel maintenance and vessel insurance. All voyage and vessel operating expenses are expensed as incurred on an accrual basis, except for commissions. Commissions are recognized over the related time or voyage charter period since commissions are earned as the Company's revenues are earned. Probable losses on voyages are provided for in full at the time such loss can be estimated. For the Company’s vessels operating in a pool, revenues and voyage expenses are pooled and allocated to each pool participant under a time charter agreement basis in accordance with an agreed-upon formula. The formula in the pool agreement for allocating gross shipping revenues net of voyage expenses is based on points allocated to participants’ vessels based on cargo carrying capacity and other technical characteristics, such as speed and fuel consumption. The selection of charterers, negotiation of rates and collection of related receivables and the payment of voyage expenses, which include the cost of bunkers and port expenses, are the responsibility of the pool. The operating costs including crews, maintenance and insurance are typically paid by the owner of the vessel. The pool may enter into contracts that earn either voyage charter revenue or time charter revenue. Since the members of the pool share in the revenue less voyage expenses generated by the entire group of vessels in the pool, and the pool operates in the spot market, the revenue earned by these vessels is subject to the fluctuations of the spot market. The Company recognizes revenue from this pool arrangement based on its portion of the net distributions reported by the pool, which represents the net voyage revenue of the pool after voyage expenses and pool manager fees. |
Unearned Charter Hire Revenue | Unearned Charter Hire Revenue: Unearned charter hire revenue represents cash received from charterers prior to the time such amounts are earned. These amounts are recognized as revenue as services are provided in future periods. |
Repairs and Maintenance | Repairs and Maintenance: All repair and maintenance expenses are expensed as incurred and are recorded in Vessel Expenses. |
Protection and Indemnity Insurance | Protection and Indemnity Insurance: The Company’s Protection and Indemnity Insurance is subject to additional premiums referred to as "back calls" or "supplemental calls" which are accounted for on an accrual basis and are recorded in Vessel Expenses. |
Earnings Per Share | Earnings Per Share: Basic earnings per share is computed by dividing the net income or loss by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects the impact of stock options, warrants and restricted stock under the treasury stock method unless their impact is anti-dilutive. |
Interest Rate Risk Management | Interest Rate Risk Management: The Company is exposed to the impact of interest rate changes for outstanding debt under the New First Lien Facility and the Ultraco Debt Facility. The Company's objective is to manage the impact of interest rate changes on earnings and cash flows of its borrowings. The Company may use interest rate swaps to manage net exposure to interest rate changes related to its borrowings. |
Federal Taxes | Federal Taxes: The Company is a Republic of the Marshall Islands Corporation. For the years ended December 31, 2017 and 2016, the Company believes that its operations qualify for Internal Revenue Code Section 883 exemption and therefore are not subject to United States federal taxes on United States source shipping income. |
Restructuring charges | Restructuring charges : Restructuring charges consist of professional fees for advisors and attorneys who assisted the Company in the debt restructuring relative to the First Lien Facility in 2016 . |
Share-based compensation | Stock-based compensation: The Company issues stock-based compensation utilizing both stock options and stock grants. Stock-based compensation is recognized using the fair value of the award at the date of grant over the period of vesting on a straight-line basis using the graded vesting method. Forfeitures are recognized as they occur. |
Impact of Recently Issued Accounting Standards | Impact of Recently Issued Accounting Standards In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging ("ASU-2017-12"), which is intended to align the results of the cash flow and fair value hedge accounting with the risk management activities of an entity. The amendments expand the hedge accounting for both financial and non-financial risk components and they reduce the operational burden of applying hedge accounting. The amendment enables the financial statements to reflect accurately the intent and outcome of its hedging strategies. ASU 2017-12 requires a modified retrospective transition method in which the Company will recognize the cumulative effect of the change on the opening balance of each affected component of equity in the consolidated balance sheet as of the date of adoption. The Standard is effective for fiscal years beginning after December 15, 2018, and interim periods with those fiscal years. The Company is evaluating the potential impact of the adoption of this standard on its consolidated financial statements. In July 2017, the FASB issued ASU No. 2017-11, Earnings per share ("ASU 2017-11), which changes the classification of certain equity-linked financial instruments with down round features. As a result, a free standing equity-linked financial instrument or an embedded conversion option would not be accounted for as a derivative liability at fair value as a result of existence of down round feature. For freestanding equity classified financial instruments, the amendment requires the entities to recognize the effect of the downround feature when triggered in its earnings per share calculations. The standard is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2018. The Company currently is not expecting any impact as a result of adoption of this accounting standard on its consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, Compensation-Stock Compensation ("ASU 2017-09"), which provides guidance about what changes to the terms and conditions of a stock award require an entity to apply modification accounting as per ASC 718. An entity should account for effects of modification unless (i) the fair value of the modified award is the same as the fair value of the original award (ii) the vesting conditions of the modified award are the same as the vesting conditions of the original award (iii) the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award. The standard is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2017. The Company is currently not expecting any impact as a result of adoption of this accounting standard on its consolidated financial statements. In January 2017, the FASB issued Accounting Standards Update No. 2017-1, “Business Combinations (Topic 805).” The amendments in this update are intended to clarify the definition of business. The current guidance specifies three elements of a business – inputs, processes, and outputs. The new guidance provides a screen to determine when a set (defined as an integrated set of assets and activities) is not a business. The ASU requires that, to be a business, the set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The screen requires that when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. This screen reduces the number of transactions that need to be further evaluated. The standard is effective to annual periods beginning after December 15, 2017, including interim periods within those periods. The Company is evaluating the potential impact of the adoption of this standard on its consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, and shall be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers. This update provides further guidance on applying collectability criterion to assess whether the contract is valid and represents a substantive transaction on the basis whether a customer has the ability and intention to pay the promised consideration. The requirements of this standard include an increase in required disclosures. Management has assembled an internal project team and is currently analyzing contracts with our customers covering the significant streams of the Company's annual revenues under the provisions of the new standard as well as changes necessary to information technology systems, processes and internal controls to capture new data and address changes in financial reporting. Management will apply the modified retrospective transition method and will recognize the cumulative effect of adopting this standard as an adjustment to the opening balance of retained earnings as of January 1, 2018. Prior periods will not be retrospectively adjusted. The Company continues to make progress in its implementation and assessment of the new revenue standard. While the assessment is still ongoing, based on the progress made to date, the Company expects that the timing of recognition of revenue for certain ongoing charter contracts will be impacted as well as the timing of recognition of certain voyage related costs. While the assessment of certain effects of the adoption of the ASU 2014-09 are ongoing, the timing of recognition will primarily impact spot voyage charters. Under ASU 2014-09, revenue will be recognized from when the vessel arrives at the load port until the completion of discharge at the discharge port instead of recognizing revenue from the discharge of the previous voyage provided an agreed non-cancellable charter between the Company and the charterer is in existence, the charter rate is fixed and determinable, and collectability is reasonably assured. The financial impact of adoption will depend on the number of spot voyages and time charter arrangements as well as their percentage of completion at January 1, 2018. The Company expects that the adoption of ASU 2014-09 will result in an increase in the opening Accumulated Deficit balance as of January 1, 2018 in the Consolidated Balance Sheet of approximately $0.5 million to $1.3 million as a result of the adjustment of Revenue and Voyage expenses. The above estimate could potentially change upon further evaluation. Additionally, the Company is currently evaluating the adjustment, if any, to other expenses such as Vessel expenses in the Consolidated Statement of Operations and the additional presentation and disclosure requirements of ASU 2014-09 on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases ("ASU 2016-02"). ASU 2016-02 is intended to increase the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. In order to meet that objective, the new standard requires recognition of the assets and liabilities that arise from leases. A lessee will be required to recognize on the balance sheet the assets and liabilities for leases with lease terms of more than 12 months. Accounting by lessors will remain largely unchanged from current U.S. GAAP. The requirements of this standard include an increase in required disclosures. The new standard is effective for public companies for fiscal years beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. The Company is currently evaluating the effect that adopting this standard will have on our financial statements and related disclosures. Management expects that the Company will recognize increases in reported amounts for vessel and other fixed assets and related lease liabilities upon adoption of the new standard. The impact to the Company’s financial statements will depend upon the amount of vessels the Company has chartered in, as well as the length and nature of such charters. Refer to “Note 10. Commitments and Contingencies” to the consolidated financial statements for disclosure about the Company’s time charter and lease commitments as of December 31, 2017. In August 2016, the FASB issued Accounting Standards Update No. 2016-15, “Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments.” The new guidance is intended to provide specific guidance on cash flow classification issues such as debt prepayment or debt extinguishment costs, settlement of zero coupon debt instruments or cases where the coupon interest rate is insignificant compared to the effective interest rate of the borrowing, contingent consideration payments in a business combination, proceeds from insurance claim settlements and distributions received by equity method investees. The standard is effective for annual periods beginning after December 15, 2017 and interim periods within those annual periods. The amendments should be applied using a retrospective transition method to each period presented. At this time, the Company expects to reclassify $17.7 million of accumulated payment-in-kind interest paid upon the discharge of the Second Lien Facility (defined herein) currently recorded as a use of cash from financing activities, as a use of cash from operating activities in the fourth quarter of 2018 upon adoption of this accounting standard. In November 2016, the FASB issued Accounting Standards Update No. 2016-18, “Statement of Cash Flows- Restricted Cash”. The amendments in this Update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts described as restricted cash and restricted cash equivalents. Therefore, the restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this update are effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The Company will include $74,917 of restricted cash within cash and cash equivalents when reconciling the beginning-of-period and end-of-period totals shown on the consolidated statement of cash flows upon adoption of this standard. |
General Information (Tables)
General Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Percentage of Consolidated Charter Revenue | The following table represents certain information about the Company's charterers, which individually accounted for more than 10% of the Company's gross charter revenue during the periods indicated: Percentage of Consolidated Charter Revenue For the Years Ended December 31, 2017 December 31, 2016 December 31, 2015 Charterer Charterer A* — — 17.2 % *Relates to charter revenue from a pool in which the Company participated. |
Vessels and vessel improvemen28
Vessels and vessel improvements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule Of Vessel And Vessel Improvements | December 31, 2017 December 31, 2016 Vessel and vessel improvements at the beginning of the year $ 567,592,950 $ 733,960,731 Advance paid for purchase of Singapore Eagle at December 31, 2016 1,926,886 — Purchase of Vessels and vessel improvements 174,400,746 19,860,401 Disposal of Vessels (15,218,633 ) (13,102,860 ) Reclassification to vessels held for sale (9,316,095 ) (8,688,601 ) Depreciation Expense (29,149,435 ) (35,408,859 ) Vessel impairment charge $ — $ (129,027,862 ) Vessels and Vessel Improvements, at December 31, 2017 $ 690,236,419 $ 567,592,950 |
Deferred Drydock Costs (Tables)
Deferred Drydock Costs (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule Of Dry Docking Activity | Drydocking activity is summarized as follows: December 31, 2017 December 31, 2016 December 31, 2015 Beginning Balance $ 11,507,309 $ 11,146,009 $ 1,960,792 Drydocking costs 2,579,111 3,688,711 11,141,561 Drydock amortization (4,336,669 ) (3,327,411 ) (1,956,344 ) Ending Balance $ 9,749,751 $ 11,507,309 $ 11,146,009 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Accrued Liabilities | Other accrued liabilities consist of: December 31, 2017 December 31, 2016 Vessel and voyage expenses $ 5,373,389 $ 6,986,486 General and administrative expenses 6,050,078 3,446,113 Other expenses 386,899 1,112,848 Balance $ 11,810,366 $ 11,545,447 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt consists of the following: December 31, 2017 December 31, 2016 First Lien Facility / Exit Financing Facility* $ — $ 209,099,000 Debt issuance costs - First Lien / Exit Financing Facility — (4,746,682 ) First Lien Facility / Exit Financing Facility net of debt issuance costs — 204,352,318 Second Lien Facility — 67,327,843 Debt discount and Debt issuance costs - Second Lien Facility — (15,736,617 ) Second Lien Facility, net of debt discount and debt issuance costs — 51,591,226 Norwegian Bond Debt 200,000,000 — Debt discount and debt issuance costs - Norwegian Bond Debt (6,049,671 ) — Norwegian Bond Debt, net of debt discount and debt issuance costs 193,950,329 — New First Lien Facility * 65,000,000 — Debt discount and debt issuance costs - New First Lien Facility (1,241,815 ) — New First Lien Facility, net of debt discount and debt issuance costs 63,758,185 — Ultraco Debt Facility 61,200,000 — Debt discount and debt issuance costs - Ultraco Debt Facility (1,224,838 ) — Ultraco Debt Facility, net of debt discount and debt issuance costs 59,975,162 — Less: Current Portion - Norwegian Bond Debt (4,000,000 ) — Total long-term debt $ 313,683,676 $ 255,943,544 *Includes loan balances on term loan and revolver loan facility under the New First Lien Facility and First Lien Facility as of December 31, 2017 and December 31, 2016 |
Debt Instrument Redemption | The Issuer may redeem some or all of the outstanding Bonds at any time on or after the Interest Payment Date in May 2020 (the “First Call Date”), at the following redemption prices (expressed as a percentage of the nominal amount), plus accrued interest on the redeemed amount, on any business day from and including: Period Redemption Price First Call Date to, but not including, the Interest Payment Date in November 2020 104.125% Interest Payment Date in November 2020 to but not including, the Interest Payment Date in May 2021 103.3% Interest Payment Date in May 2021 to, but not including, the Interest Payment Date in November 2021 102.475% Interest Payment Date in November 2021 to, but not including, the Interest Payment Date in May 2022 101.65% Interest Payment Date in May 2022 to, but not including, the Maturity Date 100% |
Schedule Of Interest Expense | Interest Expense consisted of: For the Years Ended December 31, 2017 December 31, 2016 December 31, 2015 First Lien Facility / Exit Financing Facility interest $ 10,305,275 $ 9,938,822 $ 9,781,106 Amortization of debt discount and debt issuance costs 5,927,984 4,532,481 2,146,316 Payment in kind interest on Second Lien Facility 10,098,401 7,327,843 — Ultraco Debt Facility interest 1,269,581 — — Norwegian Bond Debt interest 1,558,333 — — New First Lien Facility interest 209,420 — — Commitment fees - Super Senior Revolver Facility 8,000 — — Total Interest Expense $ 29,376,994 $ 21,799,146 $ 11,927,422 |
Schedule of Maturities of Long-term Debt | The following table presents the scheduled maturities of principal amounts of our debt obligations for the next five years. Norwegian Bond Debt New First Lien Facility Ultraco Debt Facility Total 2018 $ 4,000,000 $ — $ — $ 4,000,000 2019 8,000,000 10,750,000 8,011,350 26,761,350 2020 8,000,000 8,600,000 6,409,080 23,009,080 2021 8,000,000 8,600,000 6,409,080 23,009,080 2022 172,000,000 37,050,000 40,370,490 249,420,490 $ 200,000,000 $ 65,000,000 $ 61,200,000 $ 326,200,000 ` |
Derivative Instruments and Fa32
Derivative Instruments and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Non-Designated Derivative Instruments Effect on Statement of Operations | The effect of non-designated derivative instruments on the consolidated statements of operations: Amount of gain/(loss) For the Years Ended Derivatives not designated as hedging instruments Location of gain/(loss) recognized December 31, 2017 December 31, 2016 December 31, 2015 FFAs Other income/(expense) $ (284,097 ) $ (541,677 ) $ — Bunker swaps Other income/(expense) 413,577 — — Commissions Other income/(expense) (91,575 ) (19,818 ) — Total $ 37,905 $ (561,495 ) $ — Derivatives not designated as hedging instruments Balance Sheet Location Fair value of derivatives December 31, 2017 December 31, 2016 FFAs - Unrealized loss Fair value of Derivatives $ (73,170 ) $ — Bunker Swaps - Unrealized gain Other current assets 128,845 — $ 55,675 $ — |
Fair Value, by Balance Sheet Grouping | Assets and liabilities measured at fair value: Fair Value Carrying Value Level 1 Level 2 December 31, 2017 Assets Cash and cash equivalents (1) $ 56,325,961 $ 56,325,961 — Short-term investment $ 4,500,000 — $ 4,500,000 Liabilities Norwegian Bond Debt * $ 189,950,329 — $ 200,990,000 New First Lien Facility ** $ 63,758,185 — $ 65,000,000 Ultraco Debt Facility ** $ 59,975,162 — $ 61,200,000 * The fair value of the bonds is based on the last trade on December 21, 2017 on Bloomberg.com. ** The fair value of the New First Lien Facility and the Ultraco Debt Facility is based on the required repayment to the lenders if the debt was discharged in full on December 31, 2017. Fair Value Carrying Value Level 1 Level 2 December 31, 2016 Assets Cash and cash equivalents (1) $ 76,591,027 76,591,027 — Liabilities First Lien Facility $ 204,352,318 — $ 209,099,000 Second Lien Facility $ 51,591,226 — $ 67,327,843 (1) Includes non-current restricted cash of 74,917 at December 31, 2017 and December 31, 2016. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Commitments | The future minimum commitments under the leases for office space as of December 31, 2017 are as follows: (In thousands of U.S. dollars) 2018 $ 576 2019 420 2020 420 2021 420 2022 420 Thereafter 209 Total $ 2,465 |
Loss per Common Share (Tables)
Loss per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | For the Years Ended December 31, 2017 December 31, 2016 December 31, 2015 Net loss $ (43,796,685 ) $ (223,522,435 ) $ (148,296,965 ) Weighted Average Shares-Basic 69,182,302 20,565,652 1,880,116 Dilutive effect of stock options, warrants and restricted stock units — — — Weighted Average Shares - Diluted 69,182,302 20,565,652 1,880,116 Basic loss per share $ (0.63 ) $ (10.87 ) $ (78.88 ) Diluted loss per share $ (0.63 ) $ (10.87 ) $ (78.88 ) |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Restricted Stock Award Activity | The following schedule shows the stock awards granted under the 2014 Plan: Restricted shares 1 Price on grant date Aggregate fair value (in millions) Vesting Terms Balance outstanding as of January 1, 2015 45,045 $ 308.58 $ 13.9 25% annually over four year term Granted on June 12, 2015 2,750 $ 179.60 $ 0.5 25% annually over four year term Granted on June 12, 2015 16,250 $ 117.40 $ 1.9 100% on third anniversary date Granted on November 13, 2015 5,000 $ 78.40 $ 0.4 100% on third anniversary date Vested during 2015 (2,433 ) Forfeited during 2015 (35,457 ) $ (11.2 ) Balance outstanding as of December 31, 2015 31,155 $ 174.48 $ 5.5 Granted on November 7, 2016 2 131,197 $ 4.24 $ 0.6 100% on first anniversary date Granted on December 15, 2016 2 50,000 $ 5.90 $ 0.3 100% on third anniversary date Issued on June 12, 2016 (688 ) Cancelled on December 15, 2016 3 (21,250 ) $ (1.4 ) Forfeited during 2016 (4,741 ) $ (1.4 ) Balance outstanding as of December 31, 2016 185,673 $ 19.58 $ 3.6 Vested during 2017 (133,452 ) Forfeitures during 2017 (81 ) Balance outstanding as of December 31, 2017 52,140 $ 42.19 $ 2.2 1. Amortization of all restricted shares unless otherwise stated were calculated using the graded method vesting and included in General and administrative expenses. 2. Amortization of above stock awards were calculated using the cliff method of vesting and included in General and administrative expenses. 3. The above stock awards were cancelled and concurrently new grants under the 2016 Plan (as defined herein) were issued. Therefore, the transaction was accounted for as a modification as per ASC 718 “Compensation-Stock Compensation.” The incremental compensation cost was calculated as the excess of the fair value of the replacement award over the fair value of the cancelled award at the cancellation date The restricted stock and option were not granted under, but are subject to, the terms of the Company’s 2014 Plan. The details of the grant are below: Restricted shares * Fair value on grant date Aggregate fair value (in millions) Vesting Terms Granted on November 7, 2016 233,863 $ 4.24 $ 1.0 100% vesting on third anniversary date Balance outstanding as of December 31, 2017 (Successor)* 233,863 $ 4.24 $ 1.0 * Amortization of the above stock awards was calculated using the cliff method of vesting and included in general and administrative expenses. The following schedule represents outstanding stock awards and options granted under the 2016 Plan. Restricted shares * Weighted Average Fair value on grant date Aggregate fair value (in millions) Vesting Terms Granted on December 15, 2016 760,056 $ 5.90 $ 4.40 100% on September 1, 2018 Granted on December 15, 2016 233,869 5.90 1.38 100% on October 14, 2018 Balance outstanding as of December 31, 2016 993,925 5.78 Issued on March 1, 2017 429,750 5.47 2.35 33% vesting annually over three year term Issued on June 1, 2017 18,000 4.64 0.08 100% vesting on third anniversary date Forfeited during 2017 (10,750 ) Balance outstanding as of December 31, 2017 1,430,925 5.73 $ 8.20 *The above stock awards were issued concurrently with the cancellation of outstanding stock awards and options under the 2014 Plan. Therefore, the issuance was accounted for as a modification as per ASC 718 “Compensation-Stock Compensation.” The fair value is the incremental compensation cost, which was calculated as the excess of the fair value of the replacement award over the fair value of the cancelled award at the cancellation date. The amortization of the above stock awards was calculated using the graded method of vesting and included in general and administrative expenses. |
Stock Options Activity | Options Weighted Average Exercise Price Expiration Risk free interest rate Volatility Dividend % Fair Value of Options on grant date Aggregate fair value (in millions) Expected Term and vesting conditions Balance outstanding as of January 1, 2015 123,874 $ 439.09 5 1.4% 44 % — % $ 87.02 $ 10.78 4.75 years and 25% vesting annually over four year term Granted on September 29, 2015** 16,250 $ 117.40 5 1.09% 42 % 0 % $ 38.38 $ 0.63 3.75 years and 25% vesting annually over four year term Granted on September 29, 2015** 16,250 $ 260.00 5 1.09% 42 % 0 % $ 12.32 $ 0.20 3.75 years and 25% vesting annually over four year term Granted on November 15, 2015** 5,000 $ 78.40 5 1.37 % 43 % 0 % $ 26.49 $ 0.10 3.75 years and 25% vesting annually over four year term Granted on November 15, 2015** 5,000 $ 260.00 5 1.37 % 43 % 0 % $ 4.05 $ 0.02 3.75 years and 25% vesting annually over four year term Forfeited during 2015 (97,507 ) $ (8.89 ) Vested during 2015 (6,591 ) $ (0.47 ) Balance outstanding as of December 31, 2015 62,276 $ 2.37 3.75 years and 25% vesting annually over four year term Forfeited during 2016 (13,038 ) $ (0.92 ) Cancelled on December 15, 2016** (42,500 ) $ (0.67 ) Balance outstanding as of December 31, 2016 6,738 $ 0.78 Vested during 2017 (3,369 ) $ (0.39 ) Forfeited during 2017 (454 ) $ (0.05 ) Balance outstanding as of December 31, 2017 2,915 $ 116.64 $ 0.34 * For the purposes of determining the stock-based compensation cost for the Company's stock option plan using the fair value method of ASC 718 "Compensation-Stock Compensation,” the fair value of the New Eagle MIP Options was estimated on the date of grant using the Black-Scholes option pricing model. The volatility was calculated by comparing the Company’s share price movement since emergence from bankruptcy on October 14, 2014 and its peers’ share price movement for the past five years. Amortization of above stock options for the 2014 Plan was calculated using the graded method of vesting and included in General and administrative expenses ** The above stock options were cancelled and concurrently new grants under the 2017 Plan was issued. Therefore, the transaction was accounted for as a modification as per ASC 718 “Compensation-Stock Compensation”. The incremental compensation cost was calculated as the excess of the fair value of the replacement award over the fair value of the cancelled award at the cancellation date. Options** Weighted Average Exercise Price ** Expiration Risk free interest rate Volatility Dividend % Fair Value of Options on grant date Aggregate fair value (in millions) Expected Term and vesting conditions Granted on November 7, 2016 280,000 $ 4.28 5 1.10 % 61 % — % $ 1.91 $ 0.53 3.75 years and 25% vesting annually over four year term Vested during 2017 (70,000 ) $ (0.13 ) Balance outstanding as of December 31, 2017 210,000 $ 4.28 $ 1.91 $ 0.40 * For the purposes of determining the stock-based compensation cost for the Company's stock option plan using the fair value method of ASC 718 "Compensation-Stock Compensation,” the fair value of the New Eagle MIP Options was estimated on the date of grant using the Black-Scholes option pricing model. The volatility was calculated by comparing the Company’s share price movement since emergence from bankruptcy on October 14, 2014 and its peers’ share price movement for the past five years. The amortization of the above stock options was calculated using the graded method of vesting and included in general and administrative expenses. Options* Weighted AverageExercise Price Expiration Risk free interest rate Volatility Dividend % Fair Value of Options on grant date Aggregate fair value (in millions) Expected Term and Vesting conditions Granted on December 15, 2016 ** 1,266,476 $ 4.28 5 1.79 % 62 % — % $ 3.12 $ 3.96 3.15 years and 25% vesting annually Granted on December 15, 2016 ** 389,695 $ 4.28 5 1.79 % 62 % — % $ 3.14 $ 1.21 3.15 years and 25% vesting annually Balance outstanding as of December 31, 2016 1,656,171 $ 4.28 $ 5.17 Issued on March 1, 2017 337,000 $ 5.56 5 1.72 % 63.5 % — % $ 2.60 $ 0.90 3.75 years and 25% vesting annually over four year term Issued on June 1, 2017 18,000 $ 4.71 5 1.56 % 64.7 % — % $ 2.23 $ 0.04 3.75 years and 25% vesting annually over four year term Vested during 2017 (828,085 ) $ 4.28 $ 3.12 $ (2.60 ) Forfeitures during 2017 (3,000 ) $ 5.56 $ 2.60 $ (0.08 ) Balance outstanding as of December 31, 2017 1,180,086 $ 4.65 $ 2.91 $ 3.43 *For the purposes of determining the stock-based compensation cost for the Company's stock option plan using the fair value method of ASC 718 "Compensation-Stock Compensation,” the fair value of the New Eagle MIP Options was estimated on the date of grant using the Black-Scholes option pricing model. The volatility was calculated by comparing the Company’s share price movement since emergence from bankruptcy on October 14, 2014 and its peers’ share price movement for the past five years. **The above stock options were issued concurrently with cancellation of outstanding stock awards and options under the 2014 Equity Incentive Plan. Therefore, the transaction was accounted for as a modification as per ASC 718 “Compensation-Stock Compensation.” The fair value is the incremental compensation cost, which was calculated as the excess of the fair value of the replacement award over the fair value of the cancelled award at the cancellation date. The amortization of the above stock options was calculated using the graded method of vesting and included in general and administrative expenses. |
Schedule Of Noncash Compensation Expenses | The stock-based compensation expense for the above stock awards and options under the 2016 Plan and 2014 Plan included in General and administrative expenses: For the Years Ended December 31, 2017 December 31, 2016 December 31, 2015 Stock awards /stock option plans $ 8,738,615 $ 2,206,690 $ 3,969,989 Total stock-based compensation expense $ 8,738,615 $ 2,206,690 $ 3,969,989 |
2017 and 2016 Quarterly Resul36
2017 and 2016 Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Information | 2016 Three Months ended March 31 Three Months ended June 30 Three Months ended September 30 Three Months ended December 31, Revenues $ 21,278,288 $ 25,590,434 $ 35,788,181 $ 41,835,941 Total Operating Expenses 57,742,766 (a) 42,882,423 47,512,409 177,607,218 (b) Operating Loss (36,464,478 ) (17,291,989 ) (11,724,228 ) (135,771,277 ) Net Loss (39,278,670 ) (22,495,573 ) (19,359,044 ) (142,389,148 ) Basic Loss Per Share $ (20.77 ) $ (9.98 ) $ (0.65 ) $ (2.96 ) Diluted Loss Per Share $ (20.77 ) $ (9.98 ) $ (0.65 ) $ (2.96 ) a. Includes impairment charge of $6,167,262. b. Includes impairment charge of $122,860,600. 2017 Three Months ended March 31 Three Months ended June 30 Three Months ended September 30 Three Months ended December 31, Revenues $ 45,855,057 $ 53,631,224 $ 62,710,903 $ 74,587,441 Total Operating expenses 50,361,713 53,938,837 64,624,733 67,999,398 Operating (loss) income (4,506,656 ) (307,613 ) (1,913,830 ) 6,588,043 Net loss * (11,068,448 ) (5,888,466 ) (10,255,346 ) (16,584,425 ) Basic Loss Per Share $ (0.17 ) $ (0.08 ) $ (0.15 ) $ (0.24 ) Diluted Loss Per Share $ (0.17 ) $ (0.08 ) $ (0.15 ) $ (0.24 ) * Net loss for the three months ended December 31, 2017 includes $15.0 million of loss on debt extinguishment. |
Condensed Financial Informati37
Condensed Financial Information for Eagle Bulk Shipping Inc. (Parent Company Only) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheet | Condensed Balance Sheets (Parent Company Only) December 31, 2017 December 31, 2016 ASSETS: Current assets: Cash and cash equivalents $ 17,583,085 $ 62,326,786 Prepaid expenses 13,758 376,215 Total current assets 17,596,843 62,703,001 Noncurrent assets: Investment in subsidiaries* 444,908,264 338,340,211 Other assets — 310,000 Total noncurrent assets 444,908,264 338,650,211 Total assets $ 462,505,107 $ 401,353,212 LIABILITIES & STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 50,894 $ 189,039 Other accrued liabilities 1,289,180 681,534 Total current liabilities 1,340,074 870,573 Noncurrent liabilities : Total liabilities 1,340,074 870,573 Commitment and contingencies Stockholders' equity: Preferred stock, $.01 par value, 25,000,000 shares authorized, none issued as of December 31, 2017 and 2016 — — Common stock, $.01 par value, 700,000,000 shares authorized, 70,394,307 and 48,106,827 shares issued and outstanding as of December 31, 2017 and 2016, respectively 703,944 481,069 Additional paid-in capital 887,625,902 783,369,698 Accumulated deficit (427,164,813 ) (383,368,128 ) Total stockholders' equity 461,165,033 400,482,639 Total liabilities and stockholders' equity $ 462,505,107 $ 401,353,212 * Eliminated in the consolidated financial statements. |
Condensed Income Statement | Condensed Statements of Operations (Parent Company Only) For the Years Ended December 31, 2017 December 31, 2016 December 31, 2015 General and administrative expenses $ 2,693,520 $ 2,101,094 $ 2,554,795 Total operating expenses 2,693,520 2,101,094 2,554,795 Operating loss (2,693,520 ) (2,101,094 ) (2,554,795 ) Interest expense — 2,817,646 11,927,422 Interest income (379,374 ) (215,433 ) (6,222 ) Other expense — 125,255 — Total other expense (income), net (379,374 ) 2,727,468 11,921,200 Equity in net loss of subsidiaries* (41,482,539 ) (218,693,873 ) (133,820,970 ) Net loss $ (43,796,685 ) $ (223,522,435 ) $ (148,296,965 ) Weighted average shares outstanding: Basic 69,182,302 20,565,652 1,880,116 Diluted 69,182,302 20,565,652 1,880,116 Per share amounts: Basic net loss $ (0.63 ) $ (10.87 ) $ (78.88 ) Diluted net loss $ (0.63 ) $ (10.87 ) $ (78.88 ) * Eliminated in the consolidated financial statements. |
Condensed Cash Flow Statement | Condensed Statements of Cash Flows (Parent Company Only) For the Years Ended December 31, 2017 December 31, 2016 December 31, 2015 Net cash used in operating activities $ (2,245,856 ) (4,715,072 ) $ (18,496,422 ) Cash flows from investing activities: Cash distributed to wholly-owned subsidiaries (138,238,309 ) (36,853,951 ) (4,762,134 ) Net cash used in investing activities (138,238,309 ) (36,853,951 ) (4,762,134 ) Cash flows from financing activities: Repayment of Term Loan — (3,906,250 ) (19,625,000 ) Proceeds from Revolver Loan facility under Exit Financing Facility — 40,000,000 Proceeds from common stock placement, net of issuance costs 96,030,003 85,700,535 — Financing costs paid to lenders — — (500,000 ) Cash used to settle net share equity awards (289,539 ) (2,938 ) (1,419,229 ) Net cash provided by financing activities 95,740,464 81,791,347 18,455,771 Net increase/(decrease) in cash and cash equivalents (44,743,701 ) 40,222,324 (4,802,785 ) Cash and cash equivalents at beginning of year 62,326,786 22,104,462 26,907,247 Cash and cash equivalents at end of year $ 17,583,085 $ 62,326,786 $ 22,104,462 Supplemental cash flow information: Cash paid during the period for interest $ — $ 2,529,674 $ 9,911,793 |
General Information - Narrative
General Information - Narrative (Details) | May 10, 2017t | Dec. 31, 2017segmentvesselt | Apr. 28, 2017t | Mar. 31, 2017vessel | Dec. 31, 2016vessel | Dec. 31, 2015vessel |
Property, Plant and Equipment [Line Items] | ||||||
Number of operating segments | segment | 1 | |||||
Number of reportable segments | segment | 1 | |||||
Number of vessels | 47 | 16 | ||||
Vessels owned and operated | 1 | 1 | 13 | |||
Carrying capacity (in dead weight tonnage) | t | 2,683,751 | |||||
Average age of operating fleet | 8 years 2 months 12 days | |||||
2013 Built Japanese Vessel | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Carrying capacity (in dead weight tonnage) | t | 61,400 | 61,400 | ||||
Term of charter agreement | 4 years | 4 years | ||||
Charters agreement extension option | 2 years | 2 years | ||||
Supramax Vessels | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Vessels owned and operated | 36 | |||||
Ultramax Vessels | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Vessels owned and operated | 11 |
General Information - Percentag
General Information - Percentage of Consolidated Charter Revenue (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Customer Concentration Risk | Sales Revenue, Net | |||
Revenue, Major Customer [Line Items] | |||
Percentage of consolidated charter revenue | 0.00% | 0.00% | 17.20% |
Equity Offerings (Details)
Equity Offerings (Details) | Jan. 20, 2017USD ($)vessel | Dec. 13, 2016USD ($)$ / sharesshares | Aug. 10, 2016USD ($)shares | Jul. 10, 2016USD ($)$ / shares | Jun. 30, 2016 | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($) |
Class of Stock [Line Items] | ||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||||
Proceeds from common stock placement, net of issuance costs | $ 96,030,003 | $ 85,700,535 | $ 0 | |||||
Issuance of shares in connection with Second Lien Loan Agreement | 17,756,325 | |||||||
Second Lien Lenders | Second Lien Facility | ||||||||
Class of Stock [Line Items] | ||||||||
Aggregate principal amount | $ 60,000,000 | |||||||
Common Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Shares issued for private placement (in shares) | shares | 22,222,223 | 29,333,318 | ||||||
Issuance of shares in connection with the entry into the Second Lien Loan Agreement (in shares) | shares | 16,889,828 | |||||||
Issuance of shares in connection with Second Lien Loan Agreement | $ 168,899 | |||||||
Ultramax Vessels | ||||||||
Class of Stock [Line Items] | ||||||||
Number of vessels acquired | vessel | 2 | |||||||
December Private Placement | ||||||||
Class of Stock [Line Items] | ||||||||
Shares issued for private placement (in shares) | shares | 22,200,000 | |||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | |||||||
Initial price per share of common stock issued (in dollars per share) | $ / shares | $ 4.50 | |||||||
Gross proceeds from issuance of common stock | $ 100,000,000 | |||||||
Proceeds from common stock placement, net of issuance costs | $ 96,000,000 | |||||||
Common Stock Purchase Agreements | ||||||||
Class of Stock [Line Items] | ||||||||
Shares issued for private placement (in shares) | shares | 29,333,318 | |||||||
Initial price per share of common stock issued (in dollars per share) | $ / shares | $ 3 | |||||||
Gross proceeds from issuance of common stock | $ 88,000,000 | |||||||
Proceeds from common stock placement, net of issuance costs | $ 85,700,000 | |||||||
Ownership percentage before transaction | 70.00% |
Significant Accounting Polici41
Significant Accounting Policies (Details) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2018USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($)t | Dec. 31, 2016USD ($)vessel | Dec. 31, 2015USD ($)vessel | Mar. 31, 2017vessel | |
Property, Plant and Equipment [Line Items] | ||||||
Restricted cash | $ 74,917 | $ 74,917 | ||||
Certificates of deposit | $ 4,500,000 | |||||
Average scrap value | 15 years | |||||
Asset impairment charges | $ 0 | 129,000,000 | $ 50,900,000 | |||
Amortization period for vessels over fifteen years old | 30 months | |||||
Age of vessels | 15 years | |||||
Amortization period for vessels less than fifteen years old | 60 months | |||||
Deferred financing costs - Super Senior Revolver Facility | $ 190,000 | $ 0 | ||||
Vessels in operation | vessel | 1 | 13 | 1 | |||
Tax expense | $ (600,000) | $ 600,000 | $ 300,000 | |||
Accumulated deficit related to ASU 2014-09 | 427,164,813 | 383,368,128 | ||||
Decrease in financing cash flows used | 127,595,602 | 106,334,650 | 18,455,772 | |||
Increase in operating cash flows used | $ (7,388,971) | $ 45,434,310 | $ 43,786,769 | |||
Minimum | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Vessel useful lives | 3 years | |||||
Maximum | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Vessel useful lives | 10 years | |||||
Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606 | Minimum | Pro Forma | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Accumulated deficit related to ASU 2014-09 | $ 500,000 | |||||
Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606 | Maximum | Pro Forma | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Accumulated deficit related to ASU 2014-09 | 1,300,000 | |||||
Accounting Standards Update 2016-15 | Scenario, Forecast | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Decrease in financing cash flows used | $ 17,700,000 | |||||
Increase in operating cash flows used | $ 17,700,000 | |||||
Accounting Standards Update 2016-18 | Pro Forma | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Prior period reclassified costs | 74,917 | |||||
Super Senior Revolver Facility | Revolving Credit Facility | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Proceeds from lines of credit | $ 0 | |||||
Vessels | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Vessel useful lives | 25 years | |||||
Scrap value of vessels | t | 300 |
Vessels and vessel improvemen42
Vessels and vessel improvements - Narrative (Details) | Aug. 30, 2017USD ($) | Feb. 28, 2017USD ($)vessel | Dec. 31, 2016USD ($)vesselgroupt | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)vesselt | Dec. 31, 2016USD ($)vesselgroupt | Dec. 31, 2015USD ($)vessel | Dec. 19, 2017USD ($) | Nov. 14, 2016USD ($)t |
Property, Plant and Equipment [Line Items] | |||||||||
Number of vessels | vessel | 16 | 47 | 16 | ||||||
Number of vessels expected to be sold | vessel | 6 | ||||||||
Impairment of assets to be sold | $ 122,860,600 | $ 6,167,262 | $ 50,872,734 | ||||||
Carrying value of assets to be sold | $ 234,860,600 | $ 234,860,600 | 76,332,734 | ||||||
Number of groups of vessels | group | 2 | 2 | |||||||
Number of vessels in group one | vessel | 5 | 5 | |||||||
Dead weight tonnage of fleet to be divested | t | 53,000 | 53,000 | |||||||
Number of vessels in group two | vessel | 11 | 11 | |||||||
Age of vessel | 13 years | ||||||||
Period of time vessels are to be sold | 2 years | ||||||||
Number of vessels sold | vessel | 2 | ||||||||
Carrying capacity (in dead weight tonnage) | t | 2,683,751 | ||||||||
Proceeds from sale of vessels | $ 26,042,000 | $ 13,001,000 | 4,235,542 | ||||||
Gain on sale of vessel | $ 2,134,767 | $ (101,860) | $ (5,696,675) | ||||||
SDARI-64 Ultramax Dry Bulk Vessel | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Carrying capacity (in dead weight tonnage) | t | 64,000 | ||||||||
Vessel purchase price | $ 17,900,000 | ||||||||
Vessels Redwing, Sparrow, Woodstar and Wren | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Number of vessels sold | vessel | 4 | ||||||||
Proceeds from sale of vessels | $ 26,000,000 | ||||||||
Gain on sale of vessel | 2,100,000 | ||||||||
Vessel Avocet | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Proceeds from sale of vessels | $ 9,600,000 | ||||||||
Gain on sale of vessel | $ 300,000 | ||||||||
2015 Built Ultramax Vessel | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Vessel purchase price | $ 21,275,000 | ||||||||
Deposit paid on purchase of vessel | $ 2,200,000 | ||||||||
Eagle Bulk Ultraco LLC | Greenship Vessels | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Number of vessels to be purchased | vessel | 9 | ||||||||
Number of vessels delivered | vessel | 9 | 9 | |||||||
Vessel agreement, aggregate purchase price | $ 153,000,000 | ||||||||
Vessel agreement, purchase price per vessel | $ 17,000,000 |
Vessels and vessel improvemen43
Vessels and vessel improvements - Schedule of Vessels and vessel improvements (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Movement in Property, Plant and Equipment [Roll Forward] | ||
Vessel and vessel improvements at the beginning of the year | $ 567,592,950 | |
Vessels and Vessel Improvements, at December 31, 2017 | 690,236,419 | $ 567,592,950 |
Vessels and Vessel Improvements | ||
Movement in Property, Plant and Equipment [Roll Forward] | ||
Vessel and vessel improvements at the beginning of the year | 567,592,950 | 733,960,731 |
Advance paid for purchase of Singapore Eagle at December 31, 2016 | 1,926,886 | 0 |
Purchase of Vessels and vessel improvements | 174,400,746 | 19,860,401 |
Disposal of Vessels | (15,218,633) | (13,102,860) |
Reclassification to vessels held for sale | (9,316,095) | (8,688,601) |
Depreciation Expense | (29,149,435) | (35,408,859) |
Vessel impairment charge | 0 | (129,027,862) |
Vessels and Vessel Improvements, at December 31, 2017 | $ 690,236,419 | $ 567,592,950 |
Short-term investment (Details)
Short-term investment (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Certificates of deposit | $ 4,500 |
Deferred Drydock Costs (Details
Deferred Drydock Costs (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Changes in Deferred Drydock Costs [Roll Forward] | |||
Beginning Balance | $ 11,507,309 | $ 11,146,009 | $ 1,960,792 |
Drydocking costs | 2,579,111 | 3,688,711 | 11,141,561 |
Drydock amortization | (4,336,669) | (3,327,411) | (1,956,344) |
Ending Balance | $ 9,749,751 | $ 11,507,309 | $ 11,146,009 |
Other Accrued Liabilities (Deta
Other Accrued Liabilities (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Other Accrued Liabilities [Line Items] | ||
Other accrued liabilities | $ 11,810,366 | $ 11,545,447 |
Vessel and voyage expenses | ||
Other Accrued Liabilities [Line Items] | ||
Other accrued liabilities | 5,373,389 | 6,986,486 |
General and administrative expenses | ||
Other Accrued Liabilities [Line Items] | ||
Other accrued liabilities | 6,050,078 | 3,446,113 |
Other expenses | ||
Other Accrued Liabilities [Line Items] | ||
Other accrued liabilities | $ 386,899 | $ 1,112,848 |
Debt - Summary of Debt (Details
Debt - Summary of Debt (Details) - USD ($) | Dec. 31, 2017 | Nov. 28, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 326,200,000 | ||
Less: Current Portion - Norwegian Bond Debt | (4,000,000) | $ 0 | |
Total long-term debt | 313,683,676 | 255,943,544 | |
First Lien Facility | |||
Debt Instrument [Line Items] | |||
Total long-term debt | 0 | 204,352,318 | |
Second Lien Facility | |||
Debt Instrument [Line Items] | |||
Total long-term debt | 0 | 51,591,226 | |
Norwegian Bond Debt | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 200,000,000 | ||
Total long-term debt | 189,950,329 | 0 | |
New First Lien Facility | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 65,000,000 | ||
Total long-term debt | 63,758,185 | 0 | |
Ultraco Debt Facility | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 61,200,000 | ||
Total long-term debt | 59,975,162 | 0 | |
Term Loan | First Lien Facility | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 0 | $ 193,000,000 | 209,099,000 |
Debt issuance costs | 0 | (4,746,682) | |
Long-term debt, net | 0 | 204,352,318 | |
Term Loan | Second Lien Facility | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 0 | $ 77,400,000 | 67,327,843 |
Debt issuance costs | 0 | (15,736,617) | |
Long-term debt, net | 0 | 51,591,226 | |
Term Loan | Ultraco Debt Facility | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 61,200,000 | 0 | |
Debt issuance costs | (1,224,838) | 0 | |
Long-term debt, net | 59,975,162 | 0 | |
Bond Debt | Norwegian Bond Debt | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 200,000,000 | 0 | |
Debt issuance costs | (6,049,671) | 0 | |
Long-term debt, net | 193,950,329 | 0 | |
Less: Current Portion - Norwegian Bond Debt | (4,000,000) | 0 | |
Line of Credit | New First Lien Facility | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 65,000,000 | 0 | |
Debt issuance costs | (1,241,815) | 0 | |
Long-term debt, net | $ 63,758,185 | $ 0 |
Debt - Long Term Debt (Details)
Debt - Long Term Debt (Details) - USD ($) | Dec. 08, 2017 | Nov. 28, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | |||||
Long term debt refinancing amount | $ 265,000,000 | ||||
Long-term debt, gross | $ 326,200,000 | ||||
Other financing costs | 2,025,514 | $ 0 | $ 500,000 | ||
New First Lien Facility | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | 65,000,000 | ||||
New First Lien Facility | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | 65,000,000 | 0 | |||
Other financing costs | 5,100,000 | ||||
Accrued financing costs | 1,300,000 | ||||
New First Lien Facility | Line of Credit | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | 65,000,000 | ||||
Norwegian Bond Debt | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | 200,000,000 | ||||
Norwegian Bond Debt | Bond Debt | |||||
Debt Instrument [Line Items] | |||||
Long-term debt, gross | $ 200,000,000 | $ 0 | |||
Eagle Bulk Shipco LLC | |||||
Debt Instrument [Line Items] | |||||
Other financing costs | $ 1,200,000 | ||||
Eagle Bulk Shipco LLC | Norwegian Bond Debt | Bond Debt | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 200,000,000 | ||||
Interest rate | 8.25% | ||||
Eagle Bulk Shipco LLC | Super Senior Revolver Facility | Line of Credit | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility | 15,000,000 | ||||
Other financing costs | $ 190,000 |
Debt - Norwegian Bond Debt (Det
Debt - Norwegian Bond Debt (Details) | Nov. 28, 2017USD ($)vessel | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 326,200,000 | |||
Other financing costs | 2,025,514 | $ 0 | $ 500,000 | |
Norwegian Bond Debt | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | 200,000,000 | |||
Bond Debt | Norwegian Bond Debt | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | 200,000,000 | 0 | ||
Term Loan | First Lien Facility | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 193,000,000 | 0 | 209,099,000 | |
Term Loan | Second Lien Facility | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | 77,400,000 | $ 0 | $ 67,327,843 | |
Eagle Bulk Shipco LLC | ||||
Debt Instrument [Line Items] | ||||
Other financing costs | 1,200,000 | |||
Eagle Bulk Shipco LLC | Bond Debt | Norwegian Bond Debt | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount | $ 200,000,000 | |||
Interest rate | 8.25% | |||
Original issue discount rate | 1.00% | |||
Debt issuance costs | $ 3,100,000 | |||
Proceeds from issuance of debt | $ 195,000,000 | |||
Number of vessels securing debt issuance | vessel | 28 | |||
Increase in stated interest rate if debt instrument isn't listed within twelve month | 0.50% | |||
Debt principal amount | $ 4,000,000 | |||
Redemption price percentage | 100.00% | 100.00% | ||
Leverage ratio | 75.00% | |||
Minimum liquidity threshold | $ 12,500,000 | |||
Change in control | Eagle Bulk Shipco LLC | Bond Debt | Norwegian Bond Debt | ||||
Debt Instrument [Line Items] | ||||
Redemption price percentage | 101.00% |
Debt - Schedule of Redemption P
Debt - Schedule of Redemption Price Percentages (Details) - Norwegian Bond Debt | 12 Months Ended |
Dec. 31, 2017 | |
First Call Date to, but not including, the Interest Payment Date in November 2020 | |
Debt Instrument, Redemption [Line Items] | |
Redemption price percentage | 104.125% |
Interest Payment Date in November 2020 to but not including, the Interest Payment Date in May 2021 | |
Debt Instrument, Redemption [Line Items] | |
Redemption price percentage | 103.30% |
Interest Payment Date in May 2021 to, but not including, the Interest Payment Date in November 2021 | |
Debt Instrument, Redemption [Line Items] | |
Redemption price percentage | 102.475% |
Interest Payment Date in November 2021 to, but not including, the Interest Payment Date in May 2022 | |
Debt Instrument, Redemption [Line Items] | |
Redemption price percentage | 101.65% |
Interest Payment Date in May 2022 to, but not including, the Maturity Date | |
Debt Instrument, Redemption [Line Items] | |
Redemption price percentage | 100.00% |
Debt - New First Lien Facility
Debt - New First Lien Facility (Details) | Dec. 08, 2017USD ($)vessel | Mar. 30, 2016 | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 4.00% | ||||
Repayments of loans | $ 13,021,000 | ||||
Other financing costs | 2,025,514 | $ 0 | $ 500,000 | ||
Eagle Shipping | New First Lien Facility | |||||
Debt Instrument [Line Items] | |||||
Repayments of loans | $ 975,000 | ||||
Other financing costs | $ 283,355 | ||||
Debt instrument term | 5 years | ||||
Debt principal amount | $ 2,150,000 | ||||
Number of vessels securing debt issuance | vessel | 9 | ||||
Minimum liquidity threshold | $ 500,000 | ||||
Eagle Shipping | New First Lien Facility | Minimum | |||||
Debt Instrument [Line Items] | |||||
Consolidated interest coverage ratio | 1.50 | ||||
Eagle Shipping | New First Lien Facility | Maximum | |||||
Debt Instrument [Line Items] | |||||
Consolidated interest coverage ratio | 2.50 | ||||
Eagle Shipping | New First Lien Facility | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable rate | 3.50% | ||||
Secured Debt | Eagle Shipping | New First Lien Facility | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 60,000,000 | ||||
Line of Credit | New First Lien Facility | |||||
Debt Instrument [Line Items] | |||||
Other financing costs | $ 5,100,000 | ||||
Line of Credit | Eagle Shipping | New First Lien Facility | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility | $ 5,000,000 |
Debt - Super Senior Facility (D
Debt - Super Senior Facility (Details) | Dec. 08, 2017USD ($)vessel | Nov. 28, 2017USD ($) | Mar. 30, 2016 | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | ||||||
Other financing costs | $ 2,025,514 | $ 0 | $ 500,000 | |||
Basis spread on variable rate | 4.00% | |||||
Eagle Bulk Shipco LLC | ||||||
Debt Instrument [Line Items] | ||||||
Other financing costs | $ 1,200,000 | |||||
Eagle Bulk Shipco LLC | Line of Credit | Super Senior Revolver Facility | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Revolving credit facility | $ 15,000,000 | |||||
Other financing costs | $ 190,000 | |||||
Total availability on revolving credit facility | 15,000,000 | |||||
Undrawn amount used towards debt covenants | $ 4,800,000 | |||||
Commitment fee percentage | 40.00% | |||||
Number of vessels securing debt issuance | vessel | 28 | |||||
Leverage ratio | 75.00% | |||||
Minimum liquidity threshold | $ 12,500,000 | |||||
Minimum market value to total commitments percentage | 300.00% | |||||
Minimum amount of bonds outstanding | $ 100,000,000 | |||||
Eagle Bulk Shipco LLC | Line of Credit | Super Senior Revolver Facility | Revolving Credit Facility | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 2.00% |
Debt - Ultraco Debt Facility (D
Debt - Ultraco Debt Facility (Details) | Jun. 28, 2017USD ($)vessel | Feb. 28, 2017USD ($) | Mar. 30, 2016 | Jan. 31, 2018USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2017USD ($)vessel | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 29, 2017USD ($) |
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 4.00% | ||||||||
Repayments of loans | $ 13,021,000 | ||||||||
Other financing costs | 2,025,514 | $ 0 | $ 500,000 | ||||||
Ultraco Debt Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Draw down amount | 61,200,000 | $ 0 | $ 0 | ||||||
Ultraco Lenders | Ultraco Debt Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Draw down amount | 61,200,000 | ||||||||
Deposit paid on purchase of vessel | $ 2,200,000 | ||||||||
Ultraco Lenders | Ultraco Debt Facility | Eagle Bulk Ultraco LLC | |||||||||
Debt Instrument [Line Items] | |||||||||
Loan facility aggregate principal amount | $ 61,200,000 | $ 8,600,000 | |||||||
Percentage of fair market value of additional vessel acquired | 40.00% | ||||||||
Number of vessels to be purchased | vessel | 9 | 9 | |||||||
Repayments of loans | $ 918,000 | ||||||||
Other financing costs | $ 459,735 | ||||||||
Debt instrument term | 5 years | ||||||||
Additional borrowing capacity | $ 38,800,000 | ||||||||
Maximum borrowing capacity fair market value of additional vessels to be financed | 40.00% | ||||||||
Aggregate market value minimum threshold | 150.00% | ||||||||
Liquidity reserve | $ 600,000 | ||||||||
Debt service reserve covenant | 600,000 | ||||||||
Minimum liquidity threshold | $ 7,500,000 | ||||||||
Percentage of consolidated total debt, minimum threshold | 12.00% | ||||||||
Minimum ratio of consolidated tangible assets to consolidated total assets covenant | 0.35 | ||||||||
Ballast water treatment system reserve covenant | $ 4,550,000 | ||||||||
Increase in capacity | $ 8,600,000 | ||||||||
Ultraco Lenders | Ultraco Debt Facility | Eagle Bulk Ultraco LLC | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Consolidated interest coverage ratio | 2 | ||||||||
Ultraco Lenders | Ultraco Debt Facility | Eagle Bulk Ultraco LLC | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Consolidated interest coverage ratio | 2.50 | ||||||||
Ultraco Lenders | Ultraco Debt Facility | Eagle Bulk Ultraco LLC | Scenario, Forecast | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt principal amount | $ 1,602,270 | ||||||||
Ultraco Lenders | Ultraco Debt Facility | Eagle Bulk Ultraco LLC | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 2.95% | ||||||||
Subsequent Event | Ultraco Lenders | Ultraco Debt Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Draw down amount | $ 8,600,000 |
Debt - Interest Rates (Details)
Debt - Interest Rates (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
First Lien Facility | |||
Debt Instrument [Line Items] | |||
Commitment fee percentage | 40.00% | ||
First Lien Facility | Minimum | |||
Debt Instrument [Line Items] | |||
Interest rate during period | 4.77% | 3.86% | 3.696% |
First Lien Facility | Maximum | |||
Debt Instrument [Line Items] | |||
Interest rate during period | 5.35% | 4.99% | 4.08% |
First Lien Facility | Weighted Average | |||
Debt Instrument [Line Items] | |||
Interest rate during period | 6.18% | 6.83% | 5.06% |
Ultraco Debt Facility | Minimum | |||
Debt Instrument [Line Items] | |||
Interest rate during period | 4.19% | ||
Ultraco Debt Facility | Maximum | |||
Debt Instrument [Line Items] | |||
Interest rate during period | 4.28% | ||
Ultraco Debt Facility | Weighted Average | |||
Debt Instrument [Line Items] | |||
Interest rate during period | 4.71% | ||
New First Lien Facility | |||
Debt Instrument [Line Items] | |||
Interest rate during period | 4.83% | ||
New First Lien Facility | Weighted Average | |||
Debt Instrument [Line Items] | |||
Interest rate during period | 5.21% | ||
Second Lien Facility | |||
Debt Instrument [Line Items] | |||
Interest rate during period | 15.00% | 15.00% | |
Second Lien Facility | Weighted Average | |||
Debt Instrument [Line Items] | |||
Interest rate during period | 17.05% | 17.05% | |
Bond Debt | Norwegian Bond Debt | |||
Debt Instrument [Line Items] | |||
Interest rate during period | 8.25% | ||
Bond Debt | Norwegian Bond Debt | Weighted Average | |||
Debt Instrument [Line Items] | |||
Interest rate during period | 8.84% |
Debt - Interest Expense (Detail
Debt - Interest Expense (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||
First Lien Facility / Exit Financing Facility interest | $ 10,305,275 | $ 9,938,822 | $ 9,781,106 |
Amortization of debt issuance costs and deferred financing costs | 5,927,984 | 4,532,481 | 2,146,316 |
Payment in kind interest on Second Lien Facility | 10,098,401 | 7,327,843 | 0 |
Ultraco Debt Facility interest | 1,269,581 | 0 | 0 |
New First Lien Facility interest | 209,420 | 0 | 0 |
Total Interest Expense | 29,376,994 | 21,799,146 | 11,927,422 |
Line of Credit | |||
Debt Instrument [Line Items] | |||
Amortization of debt issuance costs and deferred financing costs | 5,927,984 | 4,532,481 | 2,146,316 |
Payment in kind interest on Second Lien Facility | 10,098,401 | 7,327,843 | 0 |
Term Loan | |||
Debt Instrument [Line Items] | |||
Amortization of debt issuance costs and deferred financing costs | 1,558,333 | 0 | 0 |
DIP Financing | |||
Debt Instrument [Line Items] | |||
Amortization of debt issuance costs and deferred financing costs | $ 8,000 | $ 0 | $ 0 |
Debt - First Lien, Second Lien,
Debt - First Lien, Second Lien, and Exit Financing Facility (Details) - USD ($) | Dec. 08, 2017 | Mar. 30, 2016 | Oct. 09, 2014 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 4.00% | |||||||
Repayments of loans | $ 13,021,000 | |||||||
Loss on debt extinguishment | $ 11,800,000 | $ 15,000,000 | 14,968,609 | $ 0 | $ 0 | |||
Accumulated payment in kind interest | 77,400,000 | |||||||
Revolving Credit Facility | Restructuring Support Agreement and Plan of Reorganization | ||||||||
Debt Instrument [Line Items] | ||||||||
Revolving credit facility | $ 50,000,000 | |||||||
Long-term line of credit | 40,000,000 | |||||||
Commitment fee percentage | 40.00% | |||||||
Line of Credit | Restructuring Support Agreement and Plan of Reorganization | ||||||||
Debt Instrument [Line Items] | ||||||||
Revolving credit facility | $ 275,000,000 | |||||||
Line of Credit | LIBOR | Restructuring Support Agreement and Plan of Reorganization | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 3.50% | |||||||
Line of Credit | LIBOR | Restructuring Support Agreement and Plan of Reorganization | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 4.00% | |||||||
First Lien Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of lines of credit | 184,099,000 | 21,276,000 | 19,625,000 | |||||
First Lien Facility | First Lien Lenders | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 201,468,750 | |||||||
Repayments of loans | 171,078,000 | 5,651,000 | ||||||
Loss on debt extinguishment | 3,200,000 | |||||||
First Lien Facility | First Lien Lenders | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Revolving credit facility | 50,000,000 | |||||||
Repayments of lines of credit | $ 20,000,000 | $ 5,000,000 | ||||||
Second Lien Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of lines of credit | $ 77,426,244 | $ 0 | $ 0 | |||||
Second Lien Facility | Second Lien Lenders | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt | $ 60,000,000 | |||||||
Second Lien Facility | Second Lien Lenders | LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 14.00% | |||||||
LIBOR rate floor | 1.00% |
Debt - Scheduled Debt Maturitie
Debt - Scheduled Debt Maturities (Details) | Dec. 31, 2017USD ($) |
Debt Instrument [Line Items] | |
2,018 | $ 4,000,000 |
2,019 | 26,761,350 |
2,020 | 23,009,080 |
2,021 | 23,009,080 |
2,022 | 249,420,490 |
Long-term debt, gross | 326,200,000 |
Norwegian Bond Debt | |
Debt Instrument [Line Items] | |
2,018 | 4,000,000 |
2,019 | 8,000,000 |
2,020 | 8,000,000 |
2,021 | 8,000,000 |
2,022 | 172,000,000 |
Long-term debt, gross | 200,000,000 |
New First Lien Facility | |
Debt Instrument [Line Items] | |
2,018 | 0 |
2,019 | 10,750,000 |
2,020 | 8,600,000 |
2,021 | 8,600,000 |
2,022 | 37,050,000 |
Long-term debt, gross | 65,000,000 |
Ultraco Debt Facility | |
Debt Instrument [Line Items] | |
2,018 | 0 |
2,019 | 8,011,350 |
2,020 | 6,409,080 |
2,021 | 6,409,080 |
2,022 | 40,370,490 |
Long-term debt, gross | $ 61,200,000 |
Derivative Instruments and Fa58
Derivative Instruments and Fair Value Measurements - Effect of Non-designated Derivative Instruments (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Impairment of assets to be sold | $ 122,860,600 | $ 6,167,262 | $ 50,872,734 | ||
Derivatives not designated as hedging instruments | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Amount of gain/(loss) | $ 37,905 | $ (561,495) | 0 | ||
Fair value of derivatives | 0 | 55,675 | 0 | ||
Derivatives not designated as hedging instruments | FFAs | Fair value of Derivatives | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Derivative liability | 0 | (73,170) | 0 | ||
Derivatives not designated as hedging instruments | Bunker swaps | Other current assets | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Derivative asset | $ 0 | 128,845 | 0 | ||
Derivatives not designated as hedging instruments | Other income/(expense) | FFAs | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Amount of gain/(loss) | (284,097) | (541,677) | 0 | ||
Derivatives not designated as hedging instruments | Other income/(expense) | Bunker swaps | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Amount of gain/(loss) | 413,577 | 0 | 0 | ||
Derivatives not designated as hedging instruments | Other income/(expense) | Commissions | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Amount of gain/(loss) | $ (91,575) | $ (19,818) | $ 0 |
Derivative Instruments and Fa59
Derivative Instruments and Fair Value Measurements - Narrative (Details) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Mar. 31, 2016USD ($)vessel | Dec. 31, 2017USD ($)vessel | Dec. 31, 2015USD ($) | |
Property, Plant and Equipment [Line Items] | ||||
Vessels impaired | vessel | 6 | 22 | ||
Impairment of assets to be sold | $ 122,860,600 | $ 6,167,262 | $ 50,872,734 | |
Carrying value of assets to be sold | 234,860,600 | $ 76,332,734 | ||
FFAs | Other current assets | ||||
Property, Plant and Equipment [Line Items] | ||||
Cash collateral related to derivative instruments under its collateral security arrangements | $ 0 | $ 178,836 |
Derivative Instruments and Fa60
Derivative Instruments and Fair Value Measurements - Fair Value by Balance Sheet Grouping (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Restricted cash | $ 74,917 | $ 74,917 |
Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 56,325,961 | 76,591,027 |
Short-term investment | 4,500,000 | |
Recurring | Norwegian Bond Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 189,950,329 | |
Recurring | New First Lien Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 63,758,185 | |
Recurring | Ultraco Debt Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 59,975,162 | |
Recurring | First Lien Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 204,352,318 | |
Recurring | Second Lien Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 51,591,226 | |
Recurring | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 56,325,961 | 76,591,027 |
Short-term investment | 0 | |
Recurring | Level 1 | Norwegian Bond Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 0 | |
Recurring | Level 1 | New First Lien Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 0 | |
Recurring | Level 1 | Ultraco Debt Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 0 | |
Recurring | Level 1 | First Lien Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 0 | |
Recurring | Level 1 | Second Lien Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 0 | |
Recurring | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Short-term investment | 4,500,000 | |
Recurring | Level 2 | Norwegian Bond Debt | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 200,990,000 | |
Recurring | Level 2 | New First Lien Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 65,000,000 | |
Recurring | Level 2 | Ultraco Debt Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 61,200,000 | |
Recurring | Level 2 | First Lien Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 209,099,000 | |
Recurring | Level 2 | Second Lien Facility | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 67,327,843 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) | May 10, 2017USD ($)t$ / d | Oct. 15, 2015USD ($) | Jan. 31, 2018USD ($) | Oct. 31, 2014t$ / d | Dec. 31, 2017USD ($)t | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 29, 2017USD ($) | Dec. 19, 2017USD ($) | Jun. 28, 2017USD ($) | Apr. 28, 2017t |
Operating Leased Assets [Line Items] | |||||||||||
Rent expense | $ 666,320 | $ 840,303 | $ 2,591,489 | ||||||||
Restricted cash | $ 74,917 | 74,917 | |||||||||
Carrying capacity (in dead weight tonnage) | t | 2,683,751 | ||||||||||
Ultraco Debt Facility | |||||||||||
Operating Leased Assets [Line Items] | |||||||||||
Draw down amount | $ 61,200,000 | $ 0 | 0 | ||||||||
Ultraco Lenders | Ultraco Debt Facility | |||||||||||
Operating Leased Assets [Line Items] | |||||||||||
Deposit paid on purchase of vessel | 2,200,000 | ||||||||||
Draw down amount | $ 61,200,000 | ||||||||||
Ultraco Lenders | Ultraco Debt Facility | Eagle Bulk Ultraco LLC | |||||||||||
Operating Leased Assets [Line Items] | |||||||||||
Increase in commitments maximum amount | $ 8,600,000 | $ 61,200,000 | |||||||||
Japanese Vessel | |||||||||||
Operating Leased Assets [Line Items] | |||||||||||
Carrying capacity (in dead weight tonnage) | t | 37,000 | ||||||||||
Term of charter agreement | 7 years | ||||||||||
Charters agreement extension option | 1 year | ||||||||||
Vessel agreement termination fee | $ 1,500,000 | ||||||||||
Japanese Vessel | First Seven Years | |||||||||||
Operating Leased Assets [Line Items] | |||||||||||
Vessel hire rate | $ / d | 13,500 | ||||||||||
Japanese Vessel | Eighth Year Option | |||||||||||
Operating Leased Assets [Line Items] | |||||||||||
Vessel hire rate | $ / d | 13,750 | ||||||||||
2013 Built Japanese Vessel | |||||||||||
Operating Leased Assets [Line Items] | |||||||||||
Carrying capacity (in dead weight tonnage) | t | 61,400 | 61,400 | |||||||||
Term of charter agreement | 4 years | 4 years | |||||||||
Charters agreement extension option | 2 years | 2 years | |||||||||
2013 Built Japanese Vessel | First Four Years | |||||||||||
Operating Leased Assets [Line Items] | |||||||||||
Vessel hire rate | $ / d | 12,800 | ||||||||||
2013 Built Japanese Vessel | First Optional Year | |||||||||||
Operating Leased Assets [Line Items] | |||||||||||
Vessel hire rate | $ / d | 13,800 | ||||||||||
2013 Built Japanese Vessel | Second Optional Year | |||||||||||
Operating Leased Assets [Line Items] | |||||||||||
Vessel hire rate | $ / d | 14,300 | ||||||||||
2015 Built Ultramax Vessel | |||||||||||
Operating Leased Assets [Line Items] | |||||||||||
Vessel purchase price | $ 21,275,000 | ||||||||||
Deposit paid on purchase of vessel | $ 2,200,000 | ||||||||||
Letter of Credit | |||||||||||
Operating Leased Assets [Line Items] | |||||||||||
Restricted cash | $ 74,917 | ||||||||||
Subsequent Event | Ultraco Lenders | Ultraco Debt Facility | |||||||||||
Operating Leased Assets [Line Items] | |||||||||||
Draw down amount | $ 8,600,000 | ||||||||||
Lease Agreement for Office Space in Stamford | |||||||||||
Operating Leased Assets [Line Items] | |||||||||||
Average Annual Rent Expense | $ 419,536 | ||||||||||
Lease Agreement for New York Office Space | |||||||||||
Operating Leased Assets [Line Items] | |||||||||||
Early termination fee | $ 1,334,301 |
Commitments and Contingencies62
Commitments and Contingencies - Future Minimum Commitments Under Leases (Details) | Dec. 31, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,018 | $ 576 |
2,019 | 420 |
2,020 | 420 |
2,021 | 420 |
2,022 | 420 |
Thereafter | 209 |
Total | $ 2,465 |
Transactions With Former Relate
Transactions With Former Related Party (Details) - USD ($) | Oct. 15, 2014 | Dec. 31, 2015 |
Related Party Transaction [Line Items] | ||
Management fees | $ 2,379,787 | |
Reimbursable expenses | $ 227,105 | |
Delphin Shipping LLC | ||
Related Party Transaction [Line Items] | ||
Management fee per vessel per day | $ 700 | |
Commercial management fee percent of charter hire | 1.25% |
Loss per Common Share - Narrati
Loss per Common Share - Narrative (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Warrants outstanding (in shares) | 3,040,540 | ||
Number of securities called by warrants | 152,027 | 152,027 | 152,027 |
Minimum price per share to exercise for first half of warrants (in dollars per share) | $ 556.4 | ||
Term of warrants | 7 years | ||
Stock Compensation Plan | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 1,716,928 | 1,413,461 | 39,231 |
Employee Stock Option | |||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 2,301,046 | 1,942,909 | 68,867 |
Loss per Common Share - Basic a
Loss per Common Share - Basic and Diluted (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 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||||||||||
Net loss | $ (16,584,425) | $ (10,255,346) | $ (5,888,466) | $ (11,068,448) | $ (142,389,148) | $ (19,359,044) | $ (22,495,573) | $ (39,278,670) | $ (43,796,685) | $ (223,522,435) | $ (148,296,965) |
Weighted Average Shares-Basic (in shares) | 69,182,302 | 20,565,652 | 1,880,116 | ||||||||
Dilutive effect of stock options and restricted stock units (in shares) | 0 | 0 | 0 | ||||||||
Weighted Average Shares - Diluted (in shares) | 69,182,302 | 20,565,652 | 1,880,116 | ||||||||
Basic loss per share (in dollars per share) | $ (0.24) | $ (0.15) | $ (0.08) | $ (0.17) | $ (2.96) | $ (0.65) | $ (9.98) | $ (20.77) | $ (0.63) | $ (10.87) | $ (78.88) |
Diluted loss per share (in dollars per share) | $ (0.24) | $ (0.15) | $ (0.08) | $ (0.17) | $ (2.96) | $ (0.65) | $ (9.98) | $ (20.77) | $ (0.63) | $ (10.87) | $ (78.88) |
Stock Incentive Plans - Narrati
Stock Incentive Plans - Narrative (Details) - shares | Dec. 15, 2016 | Nov. 07, 2016 | Oct. 15, 2014 | Dec. 31, 2017 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options vested or expected to vest (in shares) | 9,960 | ||||
Nonvested shares (in shares) | 2,915 | ||||
Chief Financial Officer | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted, options (in shares) | 280,000 | ||||
Chief Financial Officer | Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted (in shares) | 233,863 | ||||
Management Incentive Plan 2014 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percent of common stock for distribution | 2.00% | ||||
Vesting period | 4 years | ||||
Vesting Year 1 | 25.00% | ||||
Common stock subject to outstanding awards (in shares) | 24,644 | ||||
Management Incentive Plan 2014 | Employee Stock Option | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options vested or expected to vest (in shares) | 210,000 | ||||
Vested, options (in shares) | 3,369 | 6,591 | |||
Management Incentive Plan 2014 | Chief Financial Officer | Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted (in shares) | 233,863 | ||||
Management Incentive Plan 2014 | Chief Financial Officer | Employee Stock Option | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted, options (in shares) | 280,000 | ||||
Vested, options (in shares) | 70,000 | 70,000 | |||
Management Incentive Plan 2014 | With Different Striking Prices | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percent of common stock for distribution | 5.50% | ||||
2016 Equity Compensation Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares authorized (in shares) | 5,348,613 | ||||
Shares that can be grated per employee (in shares) | 3,000,000 | ||||
Maximum number of options and stock appreciation rights that can be granted per employee in one year (in shares) | 3,000,000 | ||||
Maximum shares to be granted to non employee director in one year (in shares) | 500,000 | ||||
2016 Equity Compensation Plan | Employee Stock Option | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options vested or expected to vest (in shares) | 1,180,086 | ||||
Vested, options (in shares) | 828,085 |
Stock Incentive Plans - Restric
Stock Incentive Plans - Restricted Stock Units Award Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 07, 2016 | Jan. 01, 2015 | Oct. 15, 2014 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Management Incentive Plan 2014 | ||||||
Aggregate fair value (in millions) | ||||||
Vesting Year 1 | 25.00% | |||||
Restricted Stock | Chief Financial Officer | ||||||
Restricted Shares | ||||||
Granted (in shares) | 233,863 | |||||
Restricted Stock | Management Incentive Plan 2014 | ||||||
Restricted Shares | ||||||
Beginning balance (in shares) | 45,045 | 185,673 | 31,155 | 45,045 | ||
Vested (in shares) | (133,452) | (2,433) | ||||
Issued (in shares) | (688) | |||||
Cancelled (in shares) | (21,250) | |||||
Forfeited (in shares) | (81) | (4,741) | (35,457) | |||
Ending balance (in shares) | 52,140 | 185,673 | 31,155 | |||
Price on grant date | ||||||
Beginning balance (in dollars per share) | $ 308.58 | $ 19.58 | $ 174.48 | $ 308.58 | ||
Ending balance (in dollars per share) | $ 42.19 | $ 19.58 | $ 174.48 | |||
Aggregate fair value (in millions) | ||||||
Beginning balance, aggregate fair value | $ 13,900 | $ 3,600 | $ 5,500 | $ 13,900 | ||
Cancelled, aggregate fair value | (1,400) | |||||
Forfeited, aggregate fair value | (1,400) | (11,200) | ||||
Ending balance, aggregate fair value | $ 2,200 | $ 3,600 | $ 5,500 | |||
Term | 4 years | |||||
Restricted Stock | Management Incentive Plan 2014 | Chief Financial Officer | ||||||
Restricted Shares | ||||||
Granted (in shares) | 233,863 | |||||
Ending balance (in shares) | 233,863 | |||||
Price on grant date | ||||||
Granted, price on grant date (in dollars per share) | $ 4.24 | |||||
Ending balance (in dollars per share) | $ 4.24 | |||||
Aggregate fair value (in millions) | ||||||
Granted, aggregate fair value | $ 1,000 | |||||
Ending balance, aggregate fair value | $ 1,000 | |||||
Restricted Stock | Management Incentive Plan 2014 | Vesting Year 1 | ||||||
Aggregate fair value (in millions) | ||||||
Vesting Year 1 | 25.00% | |||||
Restricted Stock | Management Incentive Plan 2014 | Vesting Year 2 | ||||||
Aggregate fair value (in millions) | ||||||
Vesting Year 1 | 25.00% | |||||
Restricted Stock | Management Incentive Plan 2014 | Vesting Year 3 | ||||||
Aggregate fair value (in millions) | ||||||
Vesting Year 1 | 25.00% | |||||
Restricted Stock | Management Incentive Plan 2014 | Vesting Year 3 | Chief Financial Officer | ||||||
Aggregate fair value (in millions) | ||||||
Vesting Year 1 | 100.00% | |||||
Restricted Stock | Management Incentive Plan 2014 | Vesting Year 4 | ||||||
Aggregate fair value (in millions) | ||||||
Vesting Year 1 | 25.00% | |||||
Restricted Stock | Management Incentive Plan 2014 | June 12, 2015, Group 1 | ||||||
Restricted Shares | ||||||
Granted (in shares) | 2,750 | |||||
Price on grant date | ||||||
Granted, price on grant date (in dollars per share) | $ 179.60 | |||||
Aggregate fair value (in millions) | ||||||
Granted, aggregate fair value | $ 500 | |||||
Term | 4 years | |||||
Restricted Stock | Management Incentive Plan 2014 | June 12, 2015, Group 1 | Vesting Year 1 | ||||||
Aggregate fair value (in millions) | ||||||
Vesting Year 1 | 25.00% | |||||
Restricted Stock | Management Incentive Plan 2014 | June 12, 2015, Group 1 | Vesting Year 2 | ||||||
Aggregate fair value (in millions) | ||||||
Vesting Year 1 | 25.00% | |||||
Restricted Stock | Management Incentive Plan 2014 | June 12, 2015, Group 1 | Vesting Year 3 | ||||||
Aggregate fair value (in millions) | ||||||
Vesting Year 1 | 25.00% | |||||
Restricted Stock | Management Incentive Plan 2014 | June 12, 2015, Group 1 | Vesting Year 4 | ||||||
Aggregate fair value (in millions) | ||||||
Vesting Year 1 | 25.00% | |||||
Restricted Stock | Management Incentive Plan 2014 | June 12, 2015, Group 2 | ||||||
Restricted Shares | ||||||
Granted (in shares) | 16,250 | |||||
Price on grant date | ||||||
Granted, price on grant date (in dollars per share) | $ 117.40 | |||||
Aggregate fair value (in millions) | ||||||
Granted, aggregate fair value | $ 1,900 | |||||
Restricted Stock | Management Incentive Plan 2014 | June 12, 2015, Group 2 | Vesting Year 3 | ||||||
Aggregate fair value (in millions) | ||||||
Vesting Year 1 | 100.00% | |||||
Restricted Stock | Management Incentive Plan 2014 | November 13, 2015 | ||||||
Restricted Shares | ||||||
Granted (in shares) | 5,000 | |||||
Price on grant date | ||||||
Granted, price on grant date (in dollars per share) | $ 78.40 | |||||
Aggregate fair value (in millions) | ||||||
Granted, aggregate fair value | $ 400 | |||||
Restricted Stock | Management Incentive Plan 2014 | November 13, 2015 | Vesting Year 3 | ||||||
Aggregate fair value (in millions) | ||||||
Vesting Year 1 | 100.00% | |||||
Restricted Stock | Management Incentive Plan 2014 | November 7, 2016 | ||||||
Restricted Shares | ||||||
Granted (in shares) | 131,197 | |||||
Price on grant date | ||||||
Granted, price on grant date (in dollars per share) | $ 4.24 | |||||
Aggregate fair value (in millions) | ||||||
Granted, aggregate fair value | $ 600 | |||||
Restricted Stock | Management Incentive Plan 2014 | November 7, 2016 | Vesting Year 1 | ||||||
Aggregate fair value (in millions) | ||||||
Vesting Year 1 | 100.00% | |||||
Restricted Stock | Management Incentive Plan 2014 | December 15, 2016 | ||||||
Restricted Shares | ||||||
Granted (in shares) | 50,000 | |||||
Price on grant date | ||||||
Granted, price on grant date (in dollars per share) | $ 5.90 | |||||
Aggregate fair value (in millions) | ||||||
Granted, aggregate fair value | $ 300 | |||||
Restricted Stock | Management Incentive Plan 2014 | December 15, 2016 | Vesting Year 3 | ||||||
Aggregate fair value (in millions) | ||||||
Vesting Year 1 | 100.00% | |||||
Restricted Stock | 2016 Equity Compensation Plan | ||||||
Restricted Shares | ||||||
Beginning balance (in shares) | 993,925 | |||||
Forfeited (in shares) | (10,750) | |||||
Ending balance (in shares) | 1,430,925 | 993,925 | ||||
Price on grant date | ||||||
Ending balance (in dollars per share) | $ 5.73 | |||||
Aggregate fair value (in millions) | ||||||
Beginning balance, aggregate fair value | $ 5,780 | |||||
Ending balance, aggregate fair value | $ 8,200 | $ 5,780 | ||||
Restricted Stock | 2016 Equity Compensation Plan | December 15, 2016, Group 1 | ||||||
Restricted Shares | ||||||
Granted (in shares) | 760,056 | |||||
Price on grant date | ||||||
Granted, price on grant date (in dollars per share) | $ 5.90 | |||||
Aggregate fair value (in millions) | ||||||
Granted, aggregate fair value | $ 4,400 | |||||
Vesting Year 1 | 100.00% | |||||
Restricted Stock | 2016 Equity Compensation Plan | December 15, 2016, Group 2 | ||||||
Restricted Shares | ||||||
Granted (in shares) | 233,869 | |||||
Price on grant date | ||||||
Granted, price on grant date (in dollars per share) | $ 5.90 | |||||
Aggregate fair value (in millions) | ||||||
Granted, aggregate fair value | $ 1,380 | |||||
Vesting Year 1 | 100.00% | |||||
Restricted Stock | 2016 Equity Compensation Plan | March 1, 2017 | ||||||
Restricted Shares | ||||||
Issued (in shares) | 429,750 | |||||
Price on grant date | ||||||
Issued, price on grant date (in dollars per share) | $ 5.47 | |||||
Aggregate fair value (in millions) | ||||||
Issued, aggregate fair value | $ 2,350 | |||||
Term | 3 years | |||||
Restricted Stock | 2016 Equity Compensation Plan | March 1, 2017 | Vesting Year 1 | ||||||
Aggregate fair value (in millions) | ||||||
Vesting Year 1 | 33.00% | |||||
Restricted Stock | 2016 Equity Compensation Plan | March 1, 2017 | Vesting Year 2 | ||||||
Aggregate fair value (in millions) | ||||||
Vesting Year 1 | 33.00% | |||||
Restricted Stock | 2016 Equity Compensation Plan | March 1, 2017 | Vesting Year 3 | ||||||
Aggregate fair value (in millions) | ||||||
Vesting Year 1 | 33.00% | |||||
Restricted Stock | 2016 Equity Compensation Plan | June 1, 2017 | ||||||
Restricted Shares | ||||||
Issued (in shares) | 18,000 | |||||
Price on grant date | ||||||
Issued, price on grant date (in dollars per share) | $ 4.64 | |||||
Aggregate fair value (in millions) | ||||||
Issued, aggregate fair value | $ 80 | |||||
Restricted Stock | 2016 Equity Compensation Plan | June 1, 2017 | Vesting Year 3 | ||||||
Aggregate fair value (in millions) | ||||||
Vesting Year 1 | 100.00% |
Stock Incentive Plans - Stock O
Stock Incentive Plans - Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2017 | Nov. 07, 2016 | Jan. 01, 2015 | Oct. 15, 2014 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Chief Financial Officer | |||||||
Options | |||||||
Granted, options (in shares) | 280,000 | ||||||
Management Incentive Plan 2014 | |||||||
Aggregate fair value (in millions) | |||||||
Vesting Year 1 | 25.00% | ||||||
Employee Stock Option | Management Incentive Plan 2014 | |||||||
Options | |||||||
Balance outstanding beginning of period, options (in shares) | 123,874 | 6,738 | 62,276 | 123,874 | |||
Forfeited, options (in shares) | (454) | (13,038) | (97,507) | ||||
Vested, options (in shares) | (3,369) | (6,591) | |||||
Cancelled, options (in shares) | (42,500) | ||||||
Balance outstanding end of period, options (in shares) | 2,915 | 2,915 | 6,738 | 62,276 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||||||
Exercise Price (in dollars per share) | $ 439.09 | $ 439.09 | |||||
Exercise Price (in dollars per share) | $ 116.64 | $ 116.64 | |||||
Expiration | 5 years | ||||||
Risk free interest rate | 1.40% | ||||||
Volatility | 44.00% | ||||||
Dividend % | 0.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||||
Fair Value of Options on Grant Date (in dollars per share) | $ 87.02 | $ 87.02 | |||||
Aggregate fair value (in millions) | |||||||
Balance outstanding beginning of period, aggregate fair value | $ 10,780 | $ 780 | $ 2,370 | $ 10,780 | |||
Forfeited, aggregate fair value | (50) | (920) | (8,890) | ||||
Vested, aggregate fair value | (390) | (470) | |||||
Cancelled, aggregate fair value | (670) | ||||||
Balance outstanding end of period, aggregate fair value | $ 340 | $ 340 | $ 780 | $ 2,370 | |||
Expected Term | 4 years 9 months | 3 years 9 months | |||||
Term | 4 years | 4 years | |||||
Employee Stock Option | Management Incentive Plan 2014 | Chief Financial Officer | |||||||
Options | |||||||
Granted, options (in shares) | 280,000 | ||||||
Vested, options (in shares) | (70,000) | (70,000) | |||||
Balance outstanding end of period, options (in shares) | 210,000 | 210,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||||||
Granted, exercise price (in dollars per share) | $ 4.28 | $ 4.28 | |||||
Expiration | 5 years | ||||||
Risk free interest rate | 1.10% | ||||||
Volatility | 61.00% | ||||||
Dividend % | 0.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||||
Granted, fair value of options on grant date (in dollars per share) | $ 1.91 | $ 1.91 | |||||
Aggregate fair value (in millions) | |||||||
Granted, aggregate fair value | $ 530 | ||||||
Vested, aggregate fair value | $ (130) | ||||||
Balance outstanding end of period, aggregate fair value | $ 400 | $ 400 | |||||
Expected Term | 3 years 9 months | ||||||
Term | 4 years | ||||||
Employee Stock Option | Management Incentive Plan 2014 | Vesting Year 1 | |||||||
Aggregate fair value (in millions) | |||||||
Vesting Year 1 | 25.00% | 25.00% | |||||
Employee Stock Option | Management Incentive Plan 2014 | Vesting Year 1 | Chief Financial Officer | |||||||
Aggregate fair value (in millions) | |||||||
Vesting Year 1 | 25.00% | ||||||
Employee Stock Option | Management Incentive Plan 2014 | Vesting Year 2 | |||||||
Aggregate fair value (in millions) | |||||||
Vesting Year 1 | 25.00% | 25.00% | |||||
Employee Stock Option | Management Incentive Plan 2014 | Vesting Year 2 | Chief Financial Officer | |||||||
Aggregate fair value (in millions) | |||||||
Vesting Year 1 | 25.00% | ||||||
Employee Stock Option | Management Incentive Plan 2014 | Vesting Year 3 | |||||||
Aggregate fair value (in millions) | |||||||
Vesting Year 1 | 25.00% | 25.00% | |||||
Employee Stock Option | Management Incentive Plan 2014 | Vesting Year 3 | Chief Financial Officer | |||||||
Aggregate fair value (in millions) | |||||||
Vesting Year 1 | 25.00% | ||||||
Employee Stock Option | Management Incentive Plan 2014 | Vesting Year 4 | |||||||
Aggregate fair value (in millions) | |||||||
Vesting Year 1 | 25.00% | 25.00% | |||||
Employee Stock Option | Management Incentive Plan 2014 | Vesting Year 4 | Chief Financial Officer | |||||||
Aggregate fair value (in millions) | |||||||
Vesting Year 1 | 25.00% | ||||||
Employee Stock Option | Management Incentive Plan 2014 | September 29, 2015, Group 1 | |||||||
Options | |||||||
Granted, options (in shares) | 16,250 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||||||
Granted, exercise price (in dollars per share) | $ 117.40 | ||||||
Expiration | 5 years | ||||||
Risk free interest rate | 1.09% | ||||||
Volatility | 42.00% | ||||||
Dividend % | 0.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||||
Granted, fair value of options on grant date (in dollars per share) | $ 38.38 | ||||||
Aggregate fair value (in millions) | |||||||
Granted, aggregate fair value | $ 630 | ||||||
Expected Term | 3 years 9 months | ||||||
Term | 4 years | ||||||
Employee Stock Option | Management Incentive Plan 2014 | September 29, 2015, Group 1 | Vesting Year 1 | |||||||
Aggregate fair value (in millions) | |||||||
Vesting Year 1 | 25.00% | ||||||
Employee Stock Option | Management Incentive Plan 2014 | September 29, 2015, Group 1 | Vesting Year 2 | |||||||
Aggregate fair value (in millions) | |||||||
Vesting Year 1 | 25.00% | ||||||
Employee Stock Option | Management Incentive Plan 2014 | September 29, 2015, Group 1 | Vesting Year 3 | |||||||
Aggregate fair value (in millions) | |||||||
Vesting Year 1 | 25.00% | ||||||
Employee Stock Option | Management Incentive Plan 2014 | September 29, 2015, Group 1 | Vesting Year 4 | |||||||
Aggregate fair value (in millions) | |||||||
Vesting Year 1 | 25.00% | ||||||
Employee Stock Option | Management Incentive Plan 2014 | September 29, 2015, Group 2 | |||||||
Options | |||||||
Granted, options (in shares) | 16,250 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||||||
Granted, exercise price (in dollars per share) | $ 260 | ||||||
Expiration | 5 years | ||||||
Risk free interest rate | 1.09% | ||||||
Volatility | 42.00% | ||||||
Dividend % | 0.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||||
Granted, fair value of options on grant date (in dollars per share) | $ 12.32 | ||||||
Aggregate fair value (in millions) | |||||||
Granted, aggregate fair value | $ 200 | ||||||
Expected Term | 3 years 9 months | ||||||
Term | 4 years | ||||||
Employee Stock Option | Management Incentive Plan 2014 | September 29, 2015, Group 2 | Vesting Year 1 | |||||||
Aggregate fair value (in millions) | |||||||
Vesting Year 1 | 25.00% | ||||||
Employee Stock Option | Management Incentive Plan 2014 | September 29, 2015, Group 2 | Vesting Year 2 | |||||||
Aggregate fair value (in millions) | |||||||
Vesting Year 1 | 25.00% | ||||||
Employee Stock Option | Management Incentive Plan 2014 | September 29, 2015, Group 2 | Vesting Year 3 | |||||||
Aggregate fair value (in millions) | |||||||
Vesting Year 1 | 25.00% | ||||||
Employee Stock Option | Management Incentive Plan 2014 | September 29, 2015, Group 2 | Vesting Year 4 | |||||||
Aggregate fair value (in millions) | |||||||
Vesting Year 1 | 25.00% | ||||||
Employee Stock Option | Management Incentive Plan 2014 | November 15, 2015, Group 1 | |||||||
Options | |||||||
Granted, options (in shares) | 5,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||||||
Granted, exercise price (in dollars per share) | $ 78.40 | ||||||
Expiration | 5 years | ||||||
Risk free interest rate | 1.37% | ||||||
Volatility | 43.00% | ||||||
Dividend % | 0.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||||
Granted, fair value of options on grant date (in dollars per share) | $ 26.49 | ||||||
Aggregate fair value (in millions) | |||||||
Granted, aggregate fair value | $ 100 | ||||||
Expected Term | 3 years 9 months | ||||||
Term | 4 years | ||||||
Employee Stock Option | Management Incentive Plan 2014 | November 15, 2015, Group 1 | Vesting Year 1 | |||||||
Aggregate fair value (in millions) | |||||||
Vesting Year 1 | 25.00% | ||||||
Employee Stock Option | Management Incentive Plan 2014 | November 15, 2015, Group 1 | Vesting Year 2 | |||||||
Aggregate fair value (in millions) | |||||||
Vesting Year 1 | 25.00% | ||||||
Employee Stock Option | Management Incentive Plan 2014 | November 15, 2015, Group 1 | Vesting Year 3 | |||||||
Aggregate fair value (in millions) | |||||||
Vesting Year 1 | 25.00% | ||||||
Employee Stock Option | Management Incentive Plan 2014 | November 15, 2015, Group 1 | Vesting Year 4 | |||||||
Aggregate fair value (in millions) | |||||||
Vesting Year 1 | 25.00% | ||||||
Employee Stock Option | Management Incentive Plan 2014 | November 15, 2015, Group 2 | |||||||
Options | |||||||
Granted, options (in shares) | 5,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||||||
Granted, exercise price (in dollars per share) | $ 260 | ||||||
Expiration | 5 years | ||||||
Risk free interest rate | 1.37% | ||||||
Volatility | 43.00% | ||||||
Dividend % | 0.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||||
Granted, fair value of options on grant date (in dollars per share) | $ 4.05 | ||||||
Aggregate fair value (in millions) | |||||||
Granted, aggregate fair value | $ 20 | ||||||
Expected Term | 3 years 9 months | ||||||
Term | 4 years | ||||||
Employee Stock Option | Management Incentive Plan 2014 | November 15, 2015, Group 2 | Vesting Year 1 | |||||||
Aggregate fair value (in millions) | |||||||
Vesting Year 1 | 25.00% | ||||||
Employee Stock Option | Management Incentive Plan 2014 | November 15, 2015, Group 2 | Vesting Year 2 | |||||||
Aggregate fair value (in millions) | |||||||
Vesting Year 1 | 25.00% | ||||||
Employee Stock Option | Management Incentive Plan 2014 | November 15, 2015, Group 2 | Vesting Year 3 | |||||||
Aggregate fair value (in millions) | |||||||
Vesting Year 1 | 25.00% | ||||||
Employee Stock Option | Management Incentive Plan 2014 | November 15, 2015, Group 2 | Vesting Year 4 | |||||||
Aggregate fair value (in millions) | |||||||
Vesting Year 1 | 25.00% | ||||||
Employee Stock Option | 2016 Equity Compensation Plan | |||||||
Options | |||||||
Balance outstanding beginning of period, options (in shares) | 1,656,171 | ||||||
Forfeited, options (in shares) | (3,000) | ||||||
Vested, options (in shares) | (828,085) | ||||||
Balance outstanding end of period, options (in shares) | 1,180,086 | 1,180,086 | 1,656,171 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||||||
Exercise Price (in dollars per share) | $ 4.28 | ||||||
Granted, exercise price (in dollars per share) | 4.28 | ||||||
Forfeitures exercise price (in dollars per share) | 5.56 | ||||||
Exercise Price (in dollars per share) | $ 4.65 | 4.65 | $ 4.28 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||||
Vested, fair value of options on grant date (in dollars per share) | 3.12 | ||||||
Forfeitures, fair value of options on grant date (in dollars per share) | 2.60 | ||||||
Fair Value of Options on Grant Date (in dollars per share) | $ 2.91 | $ 2.91 | |||||
Aggregate fair value (in millions) | |||||||
Balance outstanding beginning of period, aggregate fair value | $ 5,170 | ||||||
Forfeited, aggregate fair value | (80) | ||||||
Vested, aggregate fair value | (2,600) | ||||||
Balance outstanding end of period, aggregate fair value | $ 3,430 | $ 3,430 | $ 5,170 | ||||
Employee Stock Option | 2016 Equity Compensation Plan | December 15, 2016, Group 1 | |||||||
Options | |||||||
Granted, options (in shares) | 1,266,476 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||||||
Granted, exercise price (in dollars per share) | $ 4.28 | ||||||
Expiration | 5 years | ||||||
Risk free interest rate | 1.79% | ||||||
Volatility | 62.00% | ||||||
Dividend % | 0.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||||
Granted, fair value of options on grant date (in dollars per share) | $ 3.12 | ||||||
Aggregate fair value (in millions) | |||||||
Granted, aggregate fair value | $ 3,960 | ||||||
Expected Term | 3 years 1 month 24 days | ||||||
Employee Stock Option | 2016 Equity Compensation Plan | December 15, 2016, Group 1 | Vesting Year 1 | |||||||
Aggregate fair value (in millions) | |||||||
Vesting Year 1 | 25.00% | ||||||
Employee Stock Option | 2016 Equity Compensation Plan | December 15, 2016, Group 1 | Vesting Year 2 | |||||||
Aggregate fair value (in millions) | |||||||
Vesting Year 1 | 25.00% | ||||||
Employee Stock Option | 2016 Equity Compensation Plan | December 15, 2016, Group 1 | Vesting Year 3 | |||||||
Aggregate fair value (in millions) | |||||||
Vesting Year 1 | 25.00% | ||||||
Employee Stock Option | 2016 Equity Compensation Plan | December 15, 2016, Group 1 | Vesting Year 4 | |||||||
Aggregate fair value (in millions) | |||||||
Vesting Year 1 | 25.00% | ||||||
Employee Stock Option | 2016 Equity Compensation Plan | December 15, 2016, Group 2 | |||||||
Options | |||||||
Granted, options (in shares) | 389,695 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||||||
Granted, exercise price (in dollars per share) | $ 4.28 | ||||||
Expiration | 5 years | ||||||
Risk free interest rate | 1.79% | ||||||
Volatility | 62.00% | ||||||
Dividend % | 0.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||||
Granted, fair value of options on grant date (in dollars per share) | $ 3.14 | ||||||
Aggregate fair value (in millions) | |||||||
Granted, aggregate fair value | $ 1,210 | ||||||
Expected Term | 3 years 1 month 24 days | ||||||
Employee Stock Option | 2016 Equity Compensation Plan | December 15, 2016, Group 2 | Vesting Year 1 | |||||||
Aggregate fair value (in millions) | |||||||
Vesting Year 1 | 25.00% | ||||||
Employee Stock Option | 2016 Equity Compensation Plan | December 15, 2016, Group 2 | Vesting Year 2 | |||||||
Aggregate fair value (in millions) | |||||||
Vesting Year 1 | 25.00% | ||||||
Employee Stock Option | 2016 Equity Compensation Plan | December 15, 2016, Group 2 | Vesting Year 3 | |||||||
Aggregate fair value (in millions) | |||||||
Vesting Year 1 | 25.00% | ||||||
Employee Stock Option | 2016 Equity Compensation Plan | December 15, 2016, Group 2 | Vesting Year 4 | |||||||
Aggregate fair value (in millions) | |||||||
Vesting Year 1 | 25.00% | ||||||
Employee Stock Option | 2016 Equity Compensation Plan | March 1, 2017 | |||||||
Options | |||||||
Issued, options (in shares) | 337,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||||||
Issued, exercise price (in dollars per share) | $ 5.56 | ||||||
Expiration | 5 years | ||||||
Risk free interest rate | 1.72% | ||||||
Volatility | 63.50% | ||||||
Dividend % | 0.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||||
Issued, fair value of options on grant date (in dollars per share) | $ 2.60 | ||||||
Aggregate fair value (in millions) | |||||||
Issued, aggregate fair value | $ 900 | ||||||
Expected Term | 3 years 9 months | ||||||
Vesting Year 1 | 25.00% | ||||||
Term | 4 years | ||||||
Employee Stock Option | 2016 Equity Compensation Plan | June 1, 2017 | |||||||
Options | |||||||
Issued, options (in shares) | 18,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||||||
Issued, exercise price (in dollars per share) | $ 4.71 | ||||||
Expiration | 5 years | ||||||
Risk free interest rate | 1.56% | ||||||
Volatility | 64.70% | ||||||
Dividend % | 0.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||||||
Issued, fair value of options on grant date (in dollars per share) | $ 2.23 | ||||||
Aggregate fair value (in millions) | |||||||
Issued, aggregate fair value | $ 40 | ||||||
Expected Term | 3 years 9 months | ||||||
Vesting Year 1 | 25.00% | ||||||
Term | 4 years |
Stock Incentive Plans - Non-cas
Stock Incentive Plans - Non-cash Compensation Expenses (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation expense | $ 8,738,615 | $ 2,206,690 | $ 3,969,989 | |||
Scenario, Forecast | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Non-cash compensation expense | $ 152,621 | $ 1,481,876 | $ 6,194,924 | |||
2016 Equity Compensation Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Non-cash compensation expense | $ 8,738,615 | $ 2,206,690 | $ 3,969,989 |
Employee Benefit Plan (Details)
Employee Benefit Plan (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2010 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Profit sharing contribution | $ 0 | $ 0 | $ 0 | |
General and administrative expenses | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Matching contribution incurred | $ 240,888 | $ 167,778 | $ 212,223 | |
First 3% of Employee's Salary | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Employer matching contribution percent | 100.00% | |||
Matched at 100% | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Employer matching contribution percent of employees gross pay | 3.00% | |||
Next 2% of Employee's Salary | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Employer matching contribution percent | 50.00% | |||
Matched at 50% | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Employer matching contribution percent of employees gross pay | 2.00% |
2017 and 2016 Quarterly Resul71
2017 and 2016 Quarterly Results of Operations (Unaudited) (Details) - USD ($) | Dec. 08, 2017 | 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 | Dec. 31, 2015 |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
Revenues | $ 74,587,441 | $ 62,710,903 | $ 53,631,224 | $ 45,855,057 | $ 41,835,941 | $ 35,788,181 | $ 25,590,434 | $ 21,278,288 | $ 236,784,625 | $ 124,492,844 | $ 103,856,876 | |
Total Operating expenses | 67,999,398 | 64,624,733 | 53,938,837 | 50,361,713 | 177,607,218 | 47,512,409 | 42,882,423 | 57,742,766 | 236,924,681 | 325,744,816 | 239,394,440 | |
Operating (loss) income | 6,588,043 | (1,913,830) | (307,613) | (4,506,656) | (135,771,277) | (11,724,228) | (17,291,989) | (36,464,478) | (140,056) | (201,251,972) | (135,537,564) | |
Net loss | $ (16,584,425) | $ (10,255,346) | $ (5,888,466) | $ (11,068,448) | $ (142,389,148) | $ (19,359,044) | $ (22,495,573) | $ (39,278,670) | $ (43,796,685) | $ (223,522,435) | $ (148,296,965) | |
Basic loss per share (in dollars per share) | $ (0.24) | $ (0.15) | $ (0.08) | $ (0.17) | $ (2.96) | $ (0.65) | $ (9.98) | $ (20.77) | $ (0.63) | $ (10.87) | $ (78.88) | |
Diluted loss per share (in dollars per share) | $ (0.24) | $ (0.15) | $ (0.08) | $ (0.17) | $ (2.96) | $ (0.65) | $ (9.98) | $ (20.77) | $ (0.63) | $ (10.87) | $ (78.88) | |
Loss on debt extinguishment | $ 11,800,000 | $ 15,000,000 | $ 14,968,609 | $ 0 | $ 0 | |||||||
Impairment charges | $ 122,860,600 | $ 6,167,262 | $ 0 | $ 129,027,862 | $ 50,872,734 |
Condensed Financial Informati72
Condensed Financial Information for Eagle Bulk Shipping Inc. (Parent Company Only) - Consolidated Balance Sheets (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||||
Cash and cash equivalents | $ 56,251,044 | $ 76,516,110 | $ 24,896,161 | $ 39,975,287 |
Prepaid expenses | 3,010,766 | 3,093,962 | ||
Total current assets | 105,222,551 | 104,265,116 | ||
Noncurrent assets: | ||||
Other assets | 57,181 | 381,634 | ||
Total noncurrent assets | 703,127,384 | 582,116,501 | ||
Total assets | 808,349,935 | 686,381,617 | ||
Current liabilities: | ||||
Accounts payable | 7,470,844 | 7,135,156 | ||
Other accrued liabilities | 11,810,366 | 11,545,447 | ||
Total current liabilities | 30,823,368 | 25,575,820 | ||
Total liabilities | 347,184,902 | 285,898,978 | ||
Commitment and contingencies | ||||
Stockholders' equity: | ||||
Preferred stock, $.01 par value, 25,000,000 shares authorized, none issued as of December 31, 2017 and 2016 | 0 | 0 | ||
Common stock, $.01 par value, 700,000,000 shares authorized, 70,394,307 and 48,106,827 shares issued and outstanding as of December 31, 2017 and 2016, respectively | 703,944 | 481,069 | ||
Additional paid-in capital | 887,625,902 | 783,369,698 | ||
Accumulated deficit | (427,164,813) | (383,368,128) | ||
Total stockholders' equity | 461,165,033 | 400,482,639 | 518,344,462 | 664,090,666 |
Total liabilities and stockholders' equity | 808,349,935 | 686,381,617 | ||
Parent Company | ||||
Current assets: | ||||
Cash and cash equivalents | 17,583,085 | 62,326,786 | $ 22,104,462 | $ 26,907,247 |
Prepaid expenses | 13,758 | 376,215 | ||
Total current assets | 17,596,843 | 62,703,001 | ||
Noncurrent assets: | ||||
Investment in subsidiaries | 444,908,264 | 338,340,211 | ||
Other assets | 0 | 310,000 | ||
Total noncurrent assets | 444,908,264 | 338,650,211 | ||
Total assets | 462,505,107 | 401,353,212 | ||
Current liabilities: | ||||
Accounts payable | 50,894 | 189,039 | ||
Other accrued liabilities | 1,289,180 | 681,534 | ||
Total current liabilities | 1,340,074 | 870,573 | ||
Total liabilities | 1,340,074 | 870,573 | ||
Commitment and contingencies | ||||
Stockholders' equity: | ||||
Preferred stock, $.01 par value, 25,000,000 shares authorized, none issued as of December 31, 2017 and 2016 | 0 | 0 | ||
Common stock, $.01 par value, 700,000,000 shares authorized, 70,394,307 and 48,106,827 shares issued and outstanding as of December 31, 2017 and 2016, respectively | 703,944 | 481,069 | ||
Additional paid-in capital | 887,625,902 | 783,369,698 | ||
Accumulated deficit | (427,164,813) | (383,368,128) | ||
Total stockholders' equity | 461,165,033 | 400,482,639 | ||
Total liabilities and stockholders' equity | $ 462,505,107 | $ 401,353,212 |
Condensed Financial Informati73
Condensed Financial Information for Eagle Bulk Shipping Inc. (Parent Company Only) - Consolidated Balance Sheets (Details) (Share Information) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 700,000,000 | 700,000,000 |
Common stock, shares issued (in shares) | 70,394,307 | 48,106,827 |
Common stock, shares outstanding (in shares) | 70,394,307 | 48,106,827 |
Parent Company | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 700,000,000 | 700,000,000 |
Common stock, shares issued (in shares) | 70,394,307 | 48,106,827 |
Common stock, shares outstanding (in shares) | 70,394,307 | 48,106,827 |
Condensed Financial Informati74
Condensed Financial Information for Eagle Bulk Shipping Inc. (Parent Company Only) - Consolidated Statement of Operations (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 | Dec. 31, 2015 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
General and administrative expenses | $ 33,126,310 | $ 22,905,802 | $ 25,537,007 | ||||||||
Total operating expenses | $ 67,999,398 | $ 64,624,733 | $ 53,938,837 | $ 50,361,713 | $ 177,607,218 | $ 47,512,409 | $ 42,882,423 | $ 57,742,766 | 236,924,681 | 325,744,816 | 239,394,440 |
Operating loss | 6,588,043 | (1,913,830) | (307,613) | (4,506,656) | (135,771,277) | (11,724,228) | (17,291,989) | (36,464,478) | (140,056) | (201,251,972) | (135,537,564) |
Interest expense | 29,376,994 | 21,799,146 | 11,927,422 | ||||||||
Interest expense | (651,069) | (215,433) | (6,222) | ||||||||
Total other expense (income), net | (37,905) | 686,750 | 838,201 | ||||||||
Net loss | $ (16,584,425) | $ (10,255,346) | $ (5,888,466) | $ (11,068,448) | $ (142,389,148) | $ (19,359,044) | $ (22,495,573) | $ (39,278,670) | $ (43,796,685) | $ (223,522,435) | $ (148,296,965) |
Weighted average shares outstanding: | |||||||||||
Basic (in shares) | 69,182,302 | 20,565,652 | 1,880,116 | ||||||||
Diluted (in shares) | 69,182,302 | 20,565,652 | 1,880,116 | ||||||||
Per share amounts: | |||||||||||
Basic net loss (in dollars per share) | $ (0.24) | $ (0.15) | $ (0.08) | $ (0.17) | $ (2.96) | $ (0.65) | $ (9.98) | $ (20.77) | $ (0.63) | $ (10.87) | $ (78.88) |
Diluted net loss (in dollars per share) | $ (0.24) | $ (0.15) | $ (0.08) | $ (0.17) | $ (2.96) | $ (0.65) | $ (9.98) | $ (20.77) | $ (0.63) | $ (10.87) | $ (78.88) |
Parent Company | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
General and administrative expenses | $ 2,693,520 | $ 2,101,094 | $ 2,554,795 | ||||||||
Total operating expenses | 2,693,520 | 2,101,094 | 2,554,795 | ||||||||
Operating loss | (2,693,520) | (2,101,094) | (2,554,795) | ||||||||
Interest expense | 0 | 2,817,646 | 11,927,422 | ||||||||
Interest expense | (379,374) | (215,433) | (6,222) | ||||||||
Other expense | 0 | 125,255 | 0 | ||||||||
Total other expense (income), net | (379,374) | 2,727,468 | 11,921,200 | ||||||||
Equity in net loss of subsidiaries | (41,482,539) | (218,693,873) | (133,820,970) | ||||||||
Net loss | $ (43,796,685) | $ (223,522,435) | $ (148,296,965) | ||||||||
Weighted average shares outstanding: | |||||||||||
Basic (in shares) | 69,182,302 | 20,565,652 | 1,880,116 | ||||||||
Diluted (in shares) | 69,182,302 | 20,565,652 | 1,880,116 | ||||||||
Per share amounts: | |||||||||||
Basic net loss (in dollars per share) | $ (0.63) | $ (10.87) | $ (78.88) | ||||||||
Diluted net loss (in dollars per share) | $ (0.63) | $ (10.87) | $ (78.88) |
Condensed Financial Informati75
Condensed Financial Information for Eagle Bulk Shipping Inc. (Parent Company Only) - Consolidated Statement of Cash Flows (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash used in operating activities | $ 7,388,971 | $ (45,434,310) | $ (43,786,769) |
Cash flows from investing activities: | |||
Net cash provided by/(used in) investing activities | (155,249,639) | (9,280,391) | 10,251,871 |
Cash flows from financing activities: | |||
Repayment of Term Loan | (13,021,000) | ||
Proceeds from common stock placement, net of issuance costs | 96,030,003 | 85,700,535 | 0 |
Financing costs paid to lenders | (3,886,104) | (3,086,947) | 0 |
Cash used to settle net share equity awards | (289,539) | (2,938) | (1,419,228) |
Net cash provided by financing activities | 127,595,602 | 106,334,650 | 18,455,772 |
Net increase/(decrease) in cash and cash equivalents | (20,265,066) | 51,619,949 | (15,079,126) |
Cash and cash equivalents at beginning of period | 76,516,110 | 24,896,161 | 39,975,287 |
Cash and cash equivalents at end of period | 56,251,044 | 76,516,110 | 24,896,161 |
Parent Company | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash used in operating activities | (2,245,856) | (4,715,072) | (18,496,422) |
Cash flows from investing activities: | |||
Cash distributed to wholly-owned subsidiaries | (138,238,309) | (36,853,951) | (4,762,134) |
Net cash provided by/(used in) investing activities | (138,238,309) | (36,853,951) | (4,762,134) |
Cash flows from financing activities: | |||
Repayment of Term Loan | 0 | (3,906,250) | (19,625,000) |
Proceeds from Revolver Loan facility under Exit Financing Facility | 0 | 40,000,000 | |
Proceeds from common stock placement, net of issuance costs | 96,030,003 | 85,700,535 | 0 |
Financing costs paid to lenders | 0 | 0 | (500,000) |
Cash used to settle net share equity awards | (289,539) | (2,938) | (1,419,229) |
Net cash provided by financing activities | 95,740,464 | 81,791,347 | 18,455,771 |
Net increase/(decrease) in cash and cash equivalents | (44,743,701) | 40,222,324 | (4,802,785) |
Cash and cash equivalents at beginning of period | 62,326,786 | 22,104,462 | 26,907,247 |
Cash and cash equivalents at end of period | 17,583,085 | 62,326,786 | 22,104,462 |
Supplemental cash flow information: | |||
Cash paid during the period for interest | $ 0 | $ 2,529,674 | $ 9,911,793 |
Condensed Financial Informati76
Condensed Financial Information for Eagle Bulk Shipping Inc. (Parent Company Only) - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions | Jan. 20, 2017 | Dec. 13, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Condensed Financial Statements, Captions [Line Items] | |||||
Cash dividends received from subsidiaries | $ 0 | $ 0 | $ 0 | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||
Proceeds from common stock placement, net of issuance costs | $ 96,030,003 | $ 85,700,535 | 0 | ||
December Private Placement | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Shares issued for private placement (in shares) | 22.2 | ||||
Common stock, par value (in dollars per share) | $ 0.01 | ||||
Initial price per share of common stock issued (in dollars per share) | $ 4.50 | ||||
Gross proceeds from issuance of common stock | $ 100,000,000 | ||||
Proceeds from common stock placement, net of issuance costs | $ 96,000,000 | ||||
Parent Company | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||
Proceeds from common stock placement, net of issuance costs | $ 96,030,003 | $ 85,700,535 | $ 0 | ||
Investment in subsidiaries | $ 8,700,000 | $ 2,000,000 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Jan. 04, 2018 | Jan. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Ultraco Debt Facility | |||||
Subsequent Event [Line Items] | |||||
Draw down amount | $ 61,200,000 | $ 0 | $ 0 | ||
Subsequent Event | Restricted Stock | |||||
Subsequent Event [Line Items] | |||||
Granted (in shares) | 948,500 | ||||
Restricted shares granted, value | $ 4,500,000 | ||||
Vesting period | 3 years | ||||
Subsequent Event | Ultraco Debt Facility | Ultraco | |||||
Subsequent Event [Line Items] | |||||
Draw down amount | $ 8,600,000 |