Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 05, 2021 | |
Document And Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-33831 | |
Entity Registrant Name | EAGLE BULK SHIPPING INC. | |
Entity Incorporation, State or Country Code | 1T | |
Entity Tax Identification Number | 98-0453513 | |
Entity Address, Address Line One | 300 First Stamford Place | |
Entity Address, Address Line Two | 5th floor | |
Entity Address, City or Town | Stamford | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06902 | |
City Area Code | 203 | |
Local Phone Number | 276-8100 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | EGLE | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 13,590,961 | |
Entity Central Index Key | 0001322439 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 100,011,694 | $ 69,927,594 |
Restricted cash - current | 25,557,674 | 18,846,177 |
Accounts receivable, net of a reserve of $2,169,958 and $2,357,191, respectively | 24,243,815 | 13,843,480 |
Prepaid expenses | 4,638,401 | 3,182,815 |
Inventories | 17,091,901 | 11,624,833 |
Collateral on derivatives | 31,369,664 | 0 |
Other current assets | 1,689,972 | 839,881 |
Total current assets | 204,603,121 | 118,264,780 |
Noncurrent assets: | ||
Vessel and vessel improvements, at cost, net of accumulated depreciation | 898,405,068 | 810,713,959 |
Advance for vessel purchase | 2,200,000 | 3,250,000 |
Operating lease right-of-use assets | 22,845,697 | 7,540,871 |
Other fixed assets, net of accumulated depreciation | 309,625 | 489,179 |
Restricted cash - noncurrent | 75,000 | 75,000 |
Deferred drydock costs, net | 28,343,436 | 24,153,776 |
Advances for ballast water systems and other assets | 5,875,314 | 2,639,491 |
Total noncurrent assets | 958,054,140 | 848,862,276 |
Total assets | 1,162,657,261 | 967,127,056 |
Current liabilities: | ||
Accounts payable | 15,169,624 | 10,589,970 |
Accrued interest | 7,075,532 | 4,690,135 |
Other accrued liabilities | 14,660,495 | 11,747,064 |
Fair value of derivatives - current | 24,381,090 | 481,791 |
Current portion of operating lease liabilities | 21,094,309 | 7,615,371 |
Unearned charter hire revenue | 17,045,647 | 8,072,295 |
Holdco Revolving Credit Facility, net of debt issuance costs | 23,821,677 | 0 |
Current portion of long-term debt | 42,666,521 | 39,244,297 |
Total current liabilities | 165,914,895 | 82,440,923 |
Noncurrent liabilities: | ||
Total debt | 387,347,001 | 412,931,021 |
Fair value of derivatives - noncurrent | 0 | 650,607 |
Noncurrent portion of operating lease liabilities | 1,744,619 | 686,422 |
Total noncurrent liabilities | 389,091,620 | 414,268,050 |
Total liabilities | 555,006,515 | 496,708,973 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock | 0 | 0 |
Common stock | 128,640 | 116,618 |
Additional paid-in capital | 982,652,311 | 943,571,685 |
Accumulated deficit | (374,722,217) | (472,137,822) |
Accumulated other comprehensive loss | (407,988) | (1,132,398) |
Total stockholders' equity | 607,650,746 | 470,418,083 |
Total liabilities and stockholders' equity | 1,162,657,261 | 967,127,056 |
Norwegian Bond Debt Facility | ||
Noncurrent liabilities: | ||
Total debt | 166,351,589 | 169,290,230 |
Super Senior Facility | ||
Noncurrent liabilities: | ||
Total debt | 0 | 14,896,357 |
New Ultraco Debt Facility | ||
Noncurrent liabilities: | ||
Total debt | 121,182,097 | 132,083,949 |
Convertible Bond Debt | ||
Noncurrent liabilities: | ||
Total debt | $ 99,813,315 | $ 96,660,485 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, reserve | $ 2,169,958 | $ 2,357,191 |
Vessels and vessel improvements, accumulated depreciation | 206,815,553 | 177,771,755 |
Other fixed assets, accumulated depreciation | $ 1,346,243 | $ 1,137,562 |
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) | 12,863,998 | 11,661,797 |
Common stock outstanding (in shares) | 12,863,998 | 11,661,797 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenues, net | $ 183,392,700 | $ 68,182,301 | $ 409,815,454 | $ 199,952,404 |
Voyage expenses | 30,272,949 | 19,627,919 | 81,410,602 | 69,960,025 |
Vessel operating expenses | 28,125,682 | 21,748,531 | 73,323,785 | 65,680,913 |
Charter hire expenses | 10,723,737 | 5,060,503 | 25,373,501 | 15,820,809 |
Depreciation and amortization | 13,570,361 | 12,617,803 | 39,187,344 | 37,587,477 |
General and administrative expenses | 7,948,037 | 7,995,715 | 23,559,217 | 22,724,190 |
Other operating expense | 791,572 | 0 | 2,311,816 | 0 |
Operating lease impairment | 0 | 0 | 0 | 352,368 |
(Gain)/loss on sale of vessel | (3,962,093) | 389,207 | (3,962,093) | 389,207 |
Total operating expenses | 87,470,245 | 67,439,678 | 241,204,172 | 212,514,989 |
Operating income/(loss) | 95,922,455 | 742,623 | 168,611,282 | (12,562,585) |
Interest expense | 8,511,117 | 8,954,200 | 25,561,676 | 26,883,094 |
Interest income | (19,533) | (23,644) | (52,831) | (236,633) |
Loss on debt extinguishment | 99,033 | 0 | 99,033 | 0 |
Realized and unrealized loss/(gain) on derivative instruments, net | 8,990,568 | 2,971,353 | 45,587,799 | (4,030,674) |
Total other expense, net | 17,581,185 | 11,901,909 | 71,195,677 | 22,615,787 |
Net income/(loss) | $ 78,341,270 | $ (11,159,286) | $ 97,415,605 | $ (35,178,372) |
Weighted average shares outstanding | ||||
Basic (in shares) | 12,802,401 | 10,279,698 | 12,237,288 | 10,274,906 |
Diluted (in shares) | 15,936,374 | 10,279,698 | 15,354,481 | 10,274,906 |
Per share amounts | ||||
Basic income/(loss) (in usd per share) | $ 6.12 | $ (1.09) | $ 7.96 | $ (3.42) |
Diluted income/(loss) (in usd per share) | $ 4.92 | $ (1.09) | $ 6.34 | $ (3.42) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations (Parenthetical) | 9 Months Ended |
Sep. 30, 2021 | |
Income Statement [Abstract] | |
Reverse stock split ratio | 0.1429 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive income/(loss) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income/(loss) | $ 78,341,270 | $ (11,159,286) | $ 97,415,605 | $ (35,178,372) |
Other comprehensive income/(loss): | ||||
Net unrealized gain/(loss) on cash flow hedges | 80,206 | (203,590) | (1,124,745) | |
Comprehensive income/(loss) | $ 78,421,476 | $ (11,362,876) | $ 98,140,015 | $ (36,303,117) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity - USD ($) | Total | Convertible Senior Notes due 2024Convertible Debt | Warrant Issued For Vessel Consideration | [2] | Common Stock | Common StockConvertible Senior Notes due 2024Convertible Debt | Common StockWarrant Issued For Vessel Consideration | [2] | Additional Paid-in Capital | Additional Paid-in CapitalConvertible Senior Notes due 2024Convertible Debt | Additional Paid-in CapitalWarrant Issued For Vessel Consideration | [2] | Accumulated Deficit | Accumulated other comprehensive loss | |||
Beginning balance (in shares) at Dec. 31, 2019 | [1] | 10,214,600 | |||||||||||||||
Beginning balance at Dec. 31, 2019 | $ 481,502,937 | $ 102,146 | [1] | $ 918,475,145 | [1] | $ (437,074,354) | $ 0 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Net income/(loss) | (3,527,759) | (3,527,759) | |||||||||||||||
Issuance of shares due to vesting of restricted shares (in shares) | [1] | 62,526 | |||||||||||||||
Issuance of shares due to vesting of restricted shares | [1] | $ 626 | (626) | ||||||||||||||
Net unrealized gain/(loss) on cash flow hedges | (271,868) | (271,868) | |||||||||||||||
Cash used to settle net share equity awards | (1,161,301) | (1,161,301) | [1] | ||||||||||||||
Stock-based compensation | 836,200 | 836,200 | [1] | ||||||||||||||
Ending balance (in shares) at Mar. 31, 2020 | [1] | 10,277,126 | |||||||||||||||
Ending balance at Mar. 31, 2020 | 477,378,209 | $ 102,772 | [1] | 918,149,418 | [1] | (440,602,113) | (271,868) | ||||||||||
Beginning balance (in shares) at Dec. 31, 2019 | [1] | 10,214,600 | |||||||||||||||
Beginning balance at Dec. 31, 2019 | 481,502,937 | $ 102,146 | [1] | 918,475,145 | [1] | (437,074,354) | 0 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Net income/(loss) | (35,178,372) | ||||||||||||||||
Net unrealized gain/(loss) on cash flow hedges | (1,124,745) | ||||||||||||||||
Ending balance (in shares) at Sep. 30, 2020 | [1] | 10,279,698 | |||||||||||||||
Ending balance at Sep. 30, 2020 | 446,326,450 | $ 102,798 | [1] | 919,601,123 | [1] | (472,252,726) | (1,124,745) | ||||||||||
Beginning balance (in shares) at Mar. 31, 2020 | [1] | 10,277,126 | |||||||||||||||
Beginning balance at Mar. 31, 2020 | 477,378,209 | $ 102,772 | [1] | 918,149,418 | [1] | (440,602,113) | (271,868) | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Net income/(loss) | (20,491,327) | (20,491,327) | |||||||||||||||
Issuance of shares due to vesting of restricted shares (in shares) | [1] | 2,572 | |||||||||||||||
Issuance of shares due to vesting of restricted shares | [1] | $ 26 | (26) | ||||||||||||||
Net unrealized gain/(loss) on cash flow hedges | (649,287) | (649,287) | |||||||||||||||
Stock-based compensation | 723,223 | 723,223 | [1] | ||||||||||||||
Ending balance (in shares) at Jun. 30, 2020 | [1] | 10,279,698 | |||||||||||||||
Ending balance at Jun. 30, 2020 | 456,960,818 | $ 102,798 | [1] | 918,872,615 | [1] | (461,093,440) | (921,155) | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Net income/(loss) | (11,159,286) | (11,159,286) | |||||||||||||||
Net unrealized gain/(loss) on cash flow hedges | (203,590) | (203,590) | |||||||||||||||
Cash used to settle fractional shares in the Reverse Stock Split | (12,513) | (12,513) | [1] | ||||||||||||||
Stock-based compensation | 741,021 | 741,021 | [1] | ||||||||||||||
Ending balance (in shares) at Sep. 30, 2020 | [1] | 10,279,698 | |||||||||||||||
Ending balance at Sep. 30, 2020 | 446,326,450 | $ 102,798 | [1] | 919,601,123 | [1] | (472,252,726) | (1,124,745) | ||||||||||
Beginning balance (in shares) at Dec. 31, 2020 | 11,661,797 | ||||||||||||||||
Beginning balance at Dec. 31, 2020 | 470,418,083 | $ 116,618 | 943,571,685 | (472,137,822) | (1,132,398) | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Net income/(loss) | 9,849,310 | 9,849,310 | |||||||||||||||
Issuance of shares due to vesting of restricted shares (in shares) | 71,146 | ||||||||||||||||
Issuance of shares due to vesting of restricted shares | $ 711 | (711) | |||||||||||||||
Net unrealized gain/(loss) on cash flow hedges | 599,884 | 599,884 | |||||||||||||||
Fees for equity offerings | (31,830) | (31,830) | |||||||||||||||
Cash used to settle net share equity awards | (811,456) | (811,456) | |||||||||||||||
Stock-based compensation | 871,943 | 871,943 | |||||||||||||||
Ending balance (in shares) at Mar. 31, 2021 | 11,732,943 | ||||||||||||||||
Ending balance at Mar. 31, 2021 | 480,895,934 | $ 117,329 | 943,599,631 | (462,288,512) | (532,514) | ||||||||||||
Beginning balance (in shares) at Dec. 31, 2020 | 11,661,797 | ||||||||||||||||
Beginning balance at Dec. 31, 2020 | 470,418,083 | $ 116,618 | 943,571,685 | (472,137,822) | (1,132,398) | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Net income/(loss) | 97,415,605 | ||||||||||||||||
Net unrealized gain/(loss) on cash flow hedges | 724,410 | ||||||||||||||||
Ending balance (in shares) at Sep. 30, 2021 | 12,863,998 | ||||||||||||||||
Ending balance at Sep. 30, 2021 | 607,650,746 | $ 128,640 | 982,652,311 | (374,722,217) | (407,988) | ||||||||||||
Beginning balance (in shares) at Mar. 31, 2021 | 11,732,943 | ||||||||||||||||
Beginning balance at Mar. 31, 2021 | 480,895,934 | $ 117,329 | 943,599,631 | (462,288,512) | (532,514) | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Net income/(loss) | $ 9,225,025 | 9,225,025 | |||||||||||||||
Issuance of shares due to vesting of restricted shares (in shares) | 2,773 | ||||||||||||||||
Issuance of shares due to vesting of restricted shares | $ 27 | (27) | |||||||||||||||
Issuance of shares upon conversion of warrants (in shares) | 541,898 | 432,037 | [2] | ||||||||||||||
Issuance of shares upon conversion of warrants | [2] | $ 8,375,298 | $ 4,322 | 8,370,976 | |||||||||||||
Issuance of shares from ATM Offering, net of commissions and issuance costs (in shares) | 581,385 | ||||||||||||||||
Issuance of shares from ATM Offering, net of commissions and issuance costs | 27,283,917 | $ 5,814 | 27,278,103 | ||||||||||||||
Issuance of shares upon exercise of stock options (in shares) | 4,117 | ||||||||||||||||
Issuance of shares upon exercise of stock options | 22,224 | $ 41 | 22,183 | ||||||||||||||
Net unrealized gain/(loss) on cash flow hedges | 44,320 | 44,320 | |||||||||||||||
Cash used to settle net share equity awards | (174,230) | (174,230) | |||||||||||||||
Stock-based compensation | 585,868 | 585,868 | |||||||||||||||
Ending balance (in shares) at Jun. 30, 2021 | 12,753,255 | ||||||||||||||||
Ending balance at Jun. 30, 2021 | 526,258,356 | $ 127,533 | 979,682,504 | (453,063,487) | (488,194) | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Net income/(loss) | 78,341,270 | 78,341,270 | |||||||||||||||
Issuance of shares upon conversion of warrants (in shares) | 25 | 109,861 | |||||||||||||||
Issuance of shares upon conversion of warrants | $ 982 | $ 2,304,690 | $ 1,099 | $ 982 | $ 2,303,591 | ||||||||||||
Issuance of shares upon exercise of stock options (in shares) | 857 | ||||||||||||||||
Issuance of shares upon exercise of stock options | 33,354 | $ 8 | 33,346 | ||||||||||||||
Net unrealized gain/(loss) on cash flow hedges | 80,206 | 80,206 | |||||||||||||||
Issuance costs for ATM Offering | (145,580) | (145,580) | |||||||||||||||
Stock-based compensation | 777,468 | 777,468 | |||||||||||||||
Ending balance (in shares) at Sep. 30, 2021 | 12,863,998 | ||||||||||||||||
Ending balance at Sep. 30, 2021 | $ 607,650,746 | $ 128,640 | $ 982,652,311 | $ (374,722,217) | $ (407,988) | ||||||||||||
[1] | Adjusted to give effect for the 1-for-7 reverse stock split that became effective as of September 15, 2020. | ||||||||||||||||
[2] | Please see Note 3 Vessels for additional information. |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) | 9 Months Ended |
Sep. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | |
Reverse stock split ratio | 0.1429 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net income/(loss) | $ 97,415,605 | $ (35,178,372) |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | ||
Depreciation | 32,951,082 | 32,085,266 |
Amortization of operating lease right-of-use assets | 10,535,980 | 9,388,238 |
Amortization of deferred drydocking costs | 6,236,262 | 5,502,211 |
Amortization of debt discount and debt issuance costs | 5,442,978 | 4,654,871 |
Loss on debt extinguishment | 99,033 | 0 |
(Gain)/loss on sale of vessel | (3,962,093) | 389,207 |
Operating lease impairment | 0 | 352,368 |
Net unrealized loss on fair value of derivatives | 24,193,472 | 2,677,003 |
Stock-based compensation expense | 2,235,279 | 2,300,444 |
Drydocking expenditures | (10,736,908) | (10,830,172) |
Changes in operating assets and liabilities: | ||
Accounts payable | 4,638,944 | (4,135,537) |
Accounts receivable | (10,645,335) | 2,956,653 |
Accrued interest | 2,385,397 | 1,850,383 |
Inventories | (5,467,068) | 4,130,347 |
Operating lease liabilities current and noncurrent | (11,303,671) | (9,915,541) |
Collateral on derivatives | (31,369,664) | 0 |
Fair value of derivatives, other current and noncurrent assets | (1,149,973) | (5,905,400) |
Other accrued liabilities | 1,897,863 | (5,872,683) |
Prepaid expenses | (1,455,586) | 1,906,748 |
Unearned charter hire revenue | 8,973,352 | 1,296,976 |
Net cash provided by/(used in) operating activities | 120,914,949 | (2,346,990) |
Cash flows from investing activities: | ||
Purchase of vessels and vessel improvements | (109,384,938) | (605,660) |
Advance for vessel purchase | (2,200,000) | 0 |
Purchase of scrubbers and ballast water systems | (4,557,463) | (25,224,068) |
Proceeds from hull and machinery insurance claims | 245,000 | 3,749,779 |
Proceeds from sale of vessel | 9,159,077 | 4,594,081 |
Purchase of other fixed assets | (29,127) | (43,659) |
Net cash used in investing activities | (106,767,451) | (17,529,527) |
Cash flows from financing activities: | ||
Net proceeds from issuance of stock | 27,242,417 | 0 |
Cash received from exercise of stock options | 55,578 | 0 |
Cash used to settle net share equity awards | (985,686) | (1,161,301) |
Equity offerings issuance costs | (291,830) | 0 |
Cash used to settle fractional shares | 0 | (12,513) |
Cash paid to bondholder upon conversion of Convertible Bond Debt | (23) | 0 |
Other financing costs | 0 | (44,104) |
Net cash provided by financing activities | 22,648,099 | 46,027,292 |
Net increase in cash, cash equivalents and restricted cash | 36,795,597 | 26,150,775 |
Cash, cash equivalents and restricted cash at beginning of period | 88,848,771 | 59,130,285 |
Cash, cash equivalents and restricted cash at end of period | 125,644,368 | 85,281,060 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Cash paid during the period for interest | 17,462,440 | 20,377,697 |
Accruals for vessel purchases and vessel improvements included in Other accrued liabilities | 499,578 | 0 |
Accruals for scrubbers and ballast water treatment systems included in Accounts payable and Other accrued liabilities | 3,258,545 | 5,915,948 |
Accrual for issuance costs for ATM Offering included in Other accrued liabilities | 104,080 | 0 |
Accruals for debt issuance costs included in Accounts payable and Other accrued liabilities | 508,768 | 200,000 |
New Ultraco Debt Facility | ||
Cash flows from financing activities: | ||
Debt issuance costs paid to lenders | (328,241) | (381,471) |
New Ultraco Debt Facility | Term Loan | ||
Cash flows from financing activities: | ||
Repayments of long-term debt | (24,258,223) | (20,923,319) |
New Ultraco Debt Facility | Revolver Loan | ||
Cash flows from financing activities: | ||
Proceeds from debt | 55,000,000 | 55,000,000 |
Repayments of long-term debt | (55,000,000) | (20,000,000) |
New Ultraco Debt Facility | Secured Debt | Line of Credit | ||
Cash flows from financing activities: | ||
Proceeds from debt | 16,500,000 | 22,550,000 |
Norwegian Bond Debt Facility | ||
Cash flows from financing activities: | ||
Repayments of long-term debt | (4,000,000) | (4,000,000) |
Super Senior Facility | Line of Credit | ||
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | ||
Loss on debt extinguishment | 100,000 | |
Super Senior Facility | Revolver Loan | ||
Cash flows from financing activities: | ||
Proceeds from debt | 0 | 15,000,000 |
Repayments of long-term debt | (15,000,000) | 0 |
Holdco Revolving Facility | ||
Cash flows from financing activities: | ||
Debt issuance costs paid to lenders | (285,893) | 0 |
Holdco Revolving Facility | Revolver Loan | ||
Cash flows from financing activities: | ||
Proceeds from debt | $ 24,000,000 | $ 0 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and General Information | Basis of Presentation and General Information The accompanying condensed consolidated financial statements include the accounts of Eagle Bulk Shipping Inc. and its wholly-owned subsidiaries (collectively, the “Company,” “we,” “our” or similar terms). The Company is engaged in the ocean transportation of drybulk cargoes worldwide through the ownership, charter and operation of drybulk vessels. The Company’s fleet is comprised of Supramax and Ultramax drybulk carriers and the Company operates its business in one business segment. As of September 30, 2021, the Company owned and operated a modern fleet of 52 oceangoing vessels, including 27 Supramax and 25 Ultramax vessels with a combined carrying capacity of 3,128,107 deadweight tonnage ("dwt") and an average age of approximately 9.1 years. Additionally, the Company charters-in four Ultramax vessels on a long term basis with remaining lease term of approximately one year each and also charters-in vessels on a short term basis for a period less than one year. For the three and nine months ended September 30, 2021 and 2020, the Company’s charterers did not individually account for more than 10% of the Company’s gross charter revenue during those periods. The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), and the rules and regulations of the SEC that apply to interim financial statements and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes normally included in consolidated financial statements prepared in conformity with U.S. GAAP. They should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2020 Annual Report on Form 10-K, filed with the SEC on March 12, 2021. The accompanying condensed consolidated financial statements are unaudited and include all adjustments (consisting of normal recurring adjustments) that management considers necessary for a fair presentation of its condensed consolidated financial position and results of operations for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the entire year. In March 2021, the Company entered into an at market issuance sales agreement with B. Riley Securities, Inc., BTIG, LLC and Fearnley Securities, Inc., as sales agents (each, a “Sales Agent” and collectively, the “Sales Agents”), to sell shares of common stock, par value $0.01 per share, of the Company with aggregate gross sales proceeds of up to $50.0 million, from time to time through an “at-the-market” offering program (the “ATM Offering”). During the second quarter of 2021, the Company sold and issued an aggregate of 581,385 shares at a weighted-average sales price of $47.97 per share under the ATM Offering for aggregate net proceeds of $27.2 million after deducting sales agent commissions and other offering costs. The proceeds were used for partial financing of vessel acquisitions and other corporate purposes. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates and assumptions of the Company are residual value of vessels, the useful lives of vessels, the value of stock-based compensation, estimated losses on our trade receivables, fair value of Convertible Bond Debt (as defined below) and its equity component, fair value of operating lease right-of-use assets and operating lease liabilities and the fair value of derivatives. Actual results could differ from those estimates. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Leases The following are the type of contracts that fall under ASC 842: Time charter-out contracts In a time charter contract, the vessel is hired by the charterer for a specified period of time in exchange for consideration which is based on a daily hire rate. The charterer has the full discretion over the ports visited, shipping routes and vessel speed. The contract/charter party generally provides typical warranties regarding the speed and performance of the vessel. The charter party generally has some owner protective restrictions such that the vessel is sent only to safe ports by the charterer, subject always to compliance with applicable sanction laws, and carry only lawful or non-hazardous cargo. In a time charter contract, the Company is responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubes. The charterer bears the voyage related costs such as bunker expenses, port charges and canal tolls during the hire period. The performance obligations in a time charter contract are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to the Company. The charterer generally pays the charter hire in advance of the upcoming contract period. The Company determined that all time charter contracts are considered operating leases and therefore fall under the scope of ASC 842 because: (i) the vessel is an identifiable asset; (ii) the Company does not have substantive substitution rights; and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. The transition guidance associated with ASC 842 allows for certain practical expedients to the lessors. The Company elected not to separate the lease and non-lease components included in the time charter revenue because the pattern of revenue recognition for the lease and non-lease components (included in the daily hire rate) is the same. The daily hire rate represents the hire rate for a bare boat charter as well as the compensation for expenses incurred running the vessel such as crewing expense, repairs, insurance, maintenance and lubes. Both the lease and non-lease components are earned by passage of time. The adoption of ASC 842 did not materially impact our accounting for time charter-out contracts. The revenue generated from time charter out contracts is recognized on a straight-line basis over the term of the respective time charter agreements, which are recorded as part of Revenues, net in our Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020. Time charter-in contracts The Company charters in vessels to supplement our own fleet and employs them both on time charters and voyage charters. The time charter-in contracts range in lease terms from 30 days to 1 year. The Company elected the practical expedient of ASC 842 that allows for time charter-in contracts with an initial lease term of less than 12 months to be excluded from the operating lease right-of-use assets and lease liabilities recognized on our Condensed Consolidated Balance Sheet as of January 1, 2019. The Company recognized the operating lease right-of-use assets and the corresponding lease liabilities on the Condensed Consolidated Balance Sheet for time charter-in contracts greater than 12 months on the date of adoption of ASC 842. The Company will continue to recognize the lease payments for all operating leases as charter hire expenses on the condensed consolidated statements of operations on a straight-line basis over the lease term. Under ASC 842, leases are classified as either finance or operating arrangements, with such classification affecting the pattern and classification of expense recognition in an entity's income statement. For operating leases, ASC 842 requires recognition in an entity’s income statement of a single lease expense, calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. Right-of-use assets represent a right to use an underlying asset for the lease term and the related lease liability represents an obligation to make lease payments pursuant to the contractual terms of the lease agreement. At lease commencement, a lessee must develop a discount rate to calculate the present value of the lease payments so that it can determine lease classification and measure the lease liability. When determining the discount rate to be used at lease commencement, a lessee must use the rate implicit in the lease unless that rate cannot be readily determined. When the rate implicit in the lease cannot be readily determined, the lessee should use its incremental borrowing rate. The incremental borrowing rate is the rate that reflects the interest a lessee would have to pay to borrow funds on a collateralized basis over a similar term and in a similar economic environment. The Company determined that the time charter-in contracts do not contain an implicit borrowing rate. Therefore, the Company arrived at the incremental borrowing rate by determining the Company's implied credit rating and the yield curve for debt as of January 1, 2019. The Company then interpolated the yield curve to determine the incremental borrowing rate for each lease based on the remaining lease term on the specific lease. Based on the above methodology, the Company's incremental borrowing rates ranged from 5.05% to 6.08% for the five lease contracts for which the Company recorded operating lease right-of-use assets and corresponding lease liabilities. As of September 30, 2021, the Company had time charter-in contracts for four Ultramax vessels which are greater than 12 months. A brief description of each of these contracts is below: (i) The Company entered into an agreement effective April 28, 2017, to charter-in a 61,400 dwt, 2013 built Japanese vessel for approximately four years with options for two (ii) On May 4, 2018, the Company entered into an agreement to charter-in a 61,425 dwt 2013 built Ultramax vessel for three years with an option for an additional two years. The hire rate for the first three years is $12,700 per day and $13,750 per day for the first year option and $14,750 per day for the second year option. The Company took delivery of the vessel in the third quarter of 2018. During the second quarter of 2021, the Company decided to extend the lease term to its maximum redelivery date allowed under the charter party. Additionally, on June 28, 2021, the Company exercised its option to extend the charter for another year until October 19, 2022 at a hire rate of $13,750 per day. The Company has increased the lease liability and the corresponding right-of-use asset by $5.8 million to reflect the extended lease term in its Condensed Consolidated Balance Sheet as of September 30, 2021. The discount rate utilized in the measurement of lease liability and the corresponding right-of-use asset based on the Company's implied credit rating and the yield curve for debt as of June 28, 2021 was 1.34%. (iii) On December 9, 2018, the Company entered into an agreement to charter-in a 62,487 dwt 2016 built Ultramax vessel for two years. The hire rate for the vessel until March 2020 was $14,250 per day and $15,250 per day thereafter. The Company took delivery of the vessel in the fourth quarter of 2018. On December 25, 2019, the Company renegotiated the lease terms for another year at a hire rate of $11,600 per day. The Company accounted for this as a lease modification on December 25, 2019 and increased its lease liability and right-of-use asset on its consolidated balance sheet as of December 31, 2019 by $4.5 million. During the first quarter of 2021, the Company decided to extend the lease term to its maximum redelivery date allowed under the charter party. Therefore, the lease liability and the corresponding right-of-use asset as of March 31, 2021 have been increased by $1.0 million to reflect the change in lease term from minimum redelivery date to maximum redelivery date allowed under the charter party. On May 4, 2021, the Company exercised its option to extend the charter for another year until July 31, 2022 at a hire rate of $12,600 per day. The Company has increased the lease liability and the corresponding right-of-use asset by $4.3 million to reflect the extended lease term in its Condensed Consolidated Balance Sheet as of September 30, 2021. The discount rate utilized in the measurement of lease liability and the corresponding right-of-use asset based on the Company's implied credit rating and the yield curve for debt as of May 4, 2021 was 1.38%. (iv) On December 22, 2020, the Company entered into an agreement to charter-in a 63,634 dwt 2021 built Ultramax vessel for twelve months with an option for an additional three months at a hire rate of $5,900 per day plus 57% of the Baltic Supramax Index ("BSI") 58 average of 10 time charter routes as published by the Baltic Exchange each business day. Additionally, following the initial fifteen eleven Office leases On October 15, 2015, the Company entered into a commercial lease agreement as a sublessee for office space in Stamford, Connecticut. The lease is effective from January 2016 through June 2023, with an average annual rent of $0.4 million. The lease is secured by cash collateral of $0.1 million which is recorded as Restricted cash - noncurrent in the accompanying Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020. In November 2018, the Company entered into an office lease agreement in Singapore, which was initially set to expire in October 2021, with an average annual rent of $0.3 million. On August 17, 2021, the Company renewed the lease on the existing office space for an additional 5 years with an average annual rent of $0.4 million. The Company increased the lease liability and the corresponding right-of-use asset by $1.3 million in its Condensed Consolidated Balance Sheet as of September 30, 2021. The discount rate utilized in the measurement of lease liability and the corresponding right-of-use asset based on the Company's implied credit rating as of August 17, 2021 was 3.09%. Additionally, the Company entered into a new lease agreement for an additional office space in Singapore for 4.9 years beginning in the second quarter of 2022 with an average annual rent of $0.2 million. The Company is expected to take possession in the second quarter of 2022. No right-of-use asset or corresponding liability has been recognized in the Consolidated Balance Sheet as of September 30, 2021 since the Company did not take the possession of the office space and the lease term has not begun yet. The Company determined the two office leases which terms have begun to be operating leases and recorded the lease expense as part of General and administrative expenses in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020. Lease Disclosures Under ASC 842 The objective of the disclosure requirements under ASC 842 is to enable users of an entity’s financial statements to assess the amount, timing, and uncertainty of cash flows arising from lease arrangements. In addition to the supplemental qualitative leasing disclosures included above, below are quantitative disclosures that are intended to meet the stated objective of ASC 842. Operating lease right-of-use assets and lease liabilities as of September 30, 2021 and December 31, 2020 are as follows: Description Location in Balance Sheet September 30, 2021 (1) December 31, 2020 (1) Noncurrent assets: Chartered-in contracts greater than 12 months Operating lease right-of-use assets $ 20,712,287 $ 6,207,253 Office leases Operating lease right-of-use assets 2,133,410 1,333,618 Operating lease right-of-use assets $ 22,845,697 $ 7,540,871 Liabilities: Chartered-in contracts greater than 12 months Current portion of operating lease liabilities $ 20,451,549 $ 6,974,943 Office leases Current portion of operating lease liabilities 642,760 640,428 Lease liabilities - current portion $ 21,094,309 $ 7,615,371 Chartered-in contracts greater than 12 months Noncurrent portion of operating lease liabilities $ 253,970 $ — Office leases Noncurrent portion of operating lease liabilities $ 1,490,649 $ 686,422 Lease liabilities - noncurrent portion $ 1,744,619 $ 686,422 (1) The Operating lease right-of-use assets and Operating lease liabilities represent the present value of lease payments for the remaining term of the lease. The discount rate used ranged from 1.33% to 6.08%. The weighted average discount rate used to calculate the lease liability was 1.67%. The table below presents the components of the Company’s lease expenses and sublease income on a gross basis earned from chartered-in contracts greater than 12 months for the three and nine months ended September 30, 2021 and 2020. Three Months Ended Nine Months Ended Description Location in Statement of Operations September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Lease expense for chartered-in contracts less than 12 months Charter hire expenses $ 5,856,694 $ 2,560,224 $ 13,511,509 $ 6,348,081 Lease expense for chartered-in contracts greater than 12 months Charter hire expenses 4,867,043 2,500,279 11,861,992 9,472,728 Total charter hire expenses $ 10,723,737 $ 5,060,503 $ 25,373,501 $ 15,820,809 Lease expense for office leases General and administrative expenses 188,880 185,525 465,269 548,349 Sublease income from chartered-in contracts greater than 12 months * Revenues, net $ 7,550,105 $ 1,308,833 $ 14,303,242 $ 6,598,871 * The sublease income represents only time charter revenue earned on the chartered-in contracts with terms more than 12 months. There is additional revenue earned from voyage charters on the same chartered-in contracts which is recorded in Revenues, net in our Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020. The cash paid for operating leases with terms greater than 12 months is $5.4 million and $12.2 million for the three and nine months ended September 30, 2021, respectively. The cash paid for operating leases with terms greater than 12 months is $2.9 million and $9.9 million for the three and nine months ended September 30, 2020, respectively. On September 6, 2021, the Company entered into an agreement to charter-in a 2021 built Ultramax vessel for a period of a minimum of twelve months and a maximum of fifteen months at a hire rate of $11,250 per day plus 57.5% of the BSI 58 average of 10 time charter routes published by the Baltic Exchange each business day. The Company has the option to extend the lease term for another year, during which time the fixed hire rate decreases to $10,750 per day with no change to the remaining terms. The vessel is expected to be delivered to the Company in the second quarter of 2022. The weighted average remaining lease term on our operating lease contracts greater than 12 months is 14.84 months. The table below provides the total amount of remaining lease payments on an undiscounted basis on our chartered-in contracts and office leases greater than 12 months as of September 30, 2021: Year Chartered-in contracts greater than 12 months Office leases Total Operating leases Discount rate upon adoption 5.37 % 5.80 % 5.48 % Three months ending December 31, 2021 $ 5,675,982 $ 176,751 $ 5,852,733 2022 15,096,117 748,243 15,844,360 2023 — 510,074 510,074 2024 — 265,922 265,922 2025 — 265,195 265,195 2026 — 265,195 265,195 2027 — 53,766 53,766 $ 20,772,099 $ 2,285,146 $ 23,057,245 Present value of lease liability Lease liabilities - short term $ 20,451,549 $ 642,760 $ 21,094,309 Lease liabilities - long term 253,970 1,490,649 1,744,619 Total lease liabilities $ 20,705,519 $ 2,133,409 $ 22,838,928 Discount based on incremental borrowing rate $ 66,580 $ 151,737 $ 218,317 Revenue recognition Voyage charters In a voyage charter contract, the charterer hires the vessel to transport a specific agreed-upon cargo for a single voyage, which may contain multiple load ports and discharge ports. The consideration in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The charter party generally has a minimum amount of cargo. The charterer is liable for any short loading of cargo or "dead" freight. The voyage contract generally has standard payment terms of 95% freight paid within three days after completion of loading. The voyage charter party generally has a "demurrage" or "despatch" clause. As per this clause, the charterer reimburses the Company for any delays that exceed the agreed to laytime at the ports visited, with the amounts recorded as demurrage revenue. Conversely, the charterer is given credit if the loading/discharging activities happen within the allowed laytime which is known as despatch and results in a reduction of revenue. In a voyage charter contract, the performance obligations begin to be satisfied once the vessel begins loading the cargo. The Company determined that its voyage charter contracts consist of a single performance obligation of transporting the cargo within a specified time period. Therefore, the performance obligation is met evenly as the voyage progresses, and the revenue is recognized on a straight-line basis over the voyage days from the commencement of the loading of cargo to completion of discharge. The voyage contracts are considered service contracts which fall under the provisions of ASC 606 because the Company, as the shipowner, retains control over the operations of the vessel such as directing the routes taken or the vessel speed. The voyage contracts generally have variable consideration in the form of demurrage or despatch. The amount of revenue earned as demurrage or despatch paid by the Company for the three and nine months ended September 30, 2021 was $8.6 million and $16.8 million, respectively. The amount of revenue earned as demurrage or despatch paid by the Company for the three and nine months ended September 30, 2020 was $0.6 million and $4.6 million, respectively. The following table shows the revenues earned from time charters and voyage charters for the three and nine months ended September 30, 2021 and 2020: Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Time charters $ 91,652,577 $ 25,279,434 $ 180,385,272 $ 73,798,878 Voyage charters 91,740,123 42,902,867 229,430,182 126,153,526 $ 183,392,700 $ 68,182,301 $ 409,815,454 $ 199,952,404 Contract costs In a voyage charter contract, the Company bears all voyage related costs such as fuel costs, port charges and canal tolls. These costs are considered contract fulfillment costs because the costs are direct costs related to the performance of the contract and are expected to be recovered. The costs incurred during the period prior to commencement of loading the cargo, primarily bunkers, are deferred as they represent setup costs and recorded as a Current asset and are amortized on a straight-line basis as the related performance obligations are satisfied. As of September 30, 2021 and December 31, 2020, the Company recognized $0.5 million of deferred costs which represents bunker expenses and charter-hire expenses incurred prior to commencement of loading. These costs are recorded in Other current assets on the Condensed Consolidated Balance Sheets. Financial Instruments - Credit Losses On January 1, 2020, the Company adopted ASC 2016-13, "Financial Instruments - Credit Losses" ("ASC 326"). The adoption of ASC 326 primarily impacted our trade receivables recorded on our Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020. The Company maintains an allowance for credit losses for expected uncollectible accounts receivable, which is recorded as an offset to accounts receivable and changes in such are classified as voyage expense in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021 and 2020. Upon adoption of ASC 326, the Company assessed collectability by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when we identify specific customers with known disputes or collectability issues. In determining the amount of the allowance for credit losses, the Company considered historical collectability based on past due status and made judgments about the creditworthiness of customers based on ongoing credit evaluations. The Company also considered customer-specific information, current market conditions and reasonable and supportable forecasts of future economic conditions to inform adjustments to historical loss data. For the three and nine months ended September 30, 2021, our assessment considered estimates of expected emerging credit and collectability trends. The continued volatility in market conditions and evolving shifts in credit trends are difficult to predict causing variability and volatility that may have a material impact on our allowance for credit losses in future periods. The allowance for credit losses on accounts receivable was $2.2 million as of September 30, 2021 and $2.4 million as of December 31, 2020. |
Vessels
Vessels | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Vessels | Vessels Vessel and Vessel Improvements As of September 30, 2021, the Company’s owned operating fleet consisted of 52 drybulk vessels. During the fourth quarter of 2020, the Company entered into a series of memorandum of agreements to purchase three high specification scrubber-fitted Ultramax bulkcarriers for a total purchase price of $51.5 million including direct expenses of acquisition. The Company took delivery of the vessels during the first quarter of 2021. During the first quarter of 2021, the Company entered into another series of memorandum of agreements to purchase four vessels. The first vessel is a high-specification scrubber-fitted Ultramax bulkcarrier for a total purchase price of $15.3 million and warrant for 212,315 common shares of the Company. The remaining three vessels are 2011-built Crown-58 Supramax bulkcarriers that were purchased for a total purchase price of $22.4 million and warrants for 329,583 common shares of the Company. The above mentioned prices include direct expenses of acquisition. Common shares were issuable upon exercise of warrants on a pro-rata basis in connection with each vessel delivery. The warrants were measured at fair value on the date of the memorandum of agreement and recorded as Vessel and vessel improvements on the Condensed Consolidated Balance Sheets when the Company took delivery of the vessels. The fair value of the warrants for the total of 541,898 common shares was approximately $10.7 million as of the date of the memorandum of agreements for each vessel. The Company took delivery of the four vessels during the second and third quarters of 2021 and issued 541,898 shares of common stock upon conversion of outstanding warrants. During the second quarter of 2021, the Company entered into memorandum of agreements to acquire two high-specification 2015-built scrubber-fitted Ultramax bulkcarriers for a total consideration of $44.0 million. This acquisition was partially financed with cash on hand, which included proceeds raised from equity issued under the Company's ATM Offering. The Company took delivery of one vessel in the third quarter of 2021 for a total purchase price of $22.2 million including direct expenses of acquisition. The remaining vessel was delivered in October 2021. On June 1, 2021, the Company signed a memorandum of agreement to sell the vessel Tern for a total net consideration of $9.2 million after commissions and associated selling expenses. The vessel was delivered to the buyer during the third quarter of 2021. The Company recorded a gain of $4.0 million in its Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021. Additionally, the Company wrote off $0.3 million of unamortized drydock costs upon sale of the vessel. During the third quarter of 2018, the Company entered into a contract for the installation of ballast water treatment systems ("BWTS") on 39 of our owned vessels. The projected cost, including installation, is approximately $0.5 million per BWTS. The Company intends to complete the installations during scheduled drydockings. The Company completed installation of BWTS on 17 vessels and recorded $8.5 million in Vessels and vessel improvements in the Condensed Consolidated Balance Sheets as of September 30, 2021. Additionally, the Company recorded $5.3 million as advances paid towards installation of BWTS on the remaining vessels as a Noncurrent asset in its Condensed Consolidated Balance Sheets as of September 30, 2021. The Vessels and vessel improvements activity for the nine months ended September 30, 2021 is below: Vessels and vessel improvements, at December 31, 2020 $ 810,713,959 Purchase of vessels and vessel improvements 109,884,516 Advances paid for vessel purchases as of December 31, 2020 3,250,000 Fair value of warrants issued as consideration for vessel purchases 10,679,988 Sale of vessel (4,885,998) Scrubbers and BWTS 1,505,004 Depreciation expense (32,742,401) Vessels and vessel improvements, at September 30, 2021 $ 898,405,068 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt September 30, 2021 December 31, 2020 Convertible Bond Debt $ 114,119,000 $ 114,120,000 Debt discount and debt issuance costs - Convertible Bond Debt (14,305,685) (17,459,515) Convertible Bond Debt, net of debt discount and debt issuance costs 99,813,315 96,660,485 Norwegian Bond Debt 176,000,000 180,000,000 Debt discount and debt issuance costs - Norwegian Bond Debt (1,648,411) (2,709,770) Less: Current portion - Norwegian Bond Debt (8,000,000) (8,000,000) Norwegian Bond Debt, net of debt discount and debt issuance costs 166,351,589 169,290,230 New Ultraco Debt Facility 158,671,371 166,429,594 Debt discount and Debt issuance costs - New Ultraco Debt Facility (2,822,753) (3,101,348) Less: Current portion - New Ultraco Debt Facility (34,666,521) (31,244,297) New Ultraco Debt Facility, net of debt discount and debt issuance costs 121,182,097 132,083,949 Holdco Revolving Credit Facility 24,000,000 — Debt issuance costs - Holdco Revolving Credit Facility (178,323) — Less: Current portion - Holdco Revolving Credit Facility (23,821,677) — Holdco Revolving Credit Facility, net of debt issuance costs — — Super Senior Facility — 15,000,000 Debt issuance costs - Super Senior Facility — (103,643) Super Senior Facility, net of debt issuance costs — 14,896,357 Total long-term debt $ 387,347,001 $ 412,931,021 Convertible Bond Debt On July 29, 2019, the Company issued $114.1 million in aggregate principal amount of 5.00% Convertible Senior Notes due 2024 (the “Convertible Bond Debt”). After deducting debt discount of $1.6 million, the Company received net proceeds of approximately $112.5 million. Additionally, the Company incurred $1.0 million of debt issuance costs relating to this transaction. The Company used the proceeds to partially finance the purchase of six Ultramax vessels and for general corporate purposes, including working capital. The Convertible Bond Debt bears interest at a rate of 5.00% per annum on the outstanding principal amount thereof, payable semi-annually in arrears on February 1 and August 1 of each year, commencing on February 1, 2020. The Convertible Bond Debt may bear additional interest upon certain events, as set forth in the indenture governing the Convertible Bond Debt (the "Indenture"). The Convertible Bond Debt will mature on August 1, 2024 (the “Maturity Date”), unless earlier repurchased, redeemed or converted pursuant to its terms. The Company may not otherwise redeem the Convertible Bond Debt prior to the Maturity Date. Each holder has the right to convert any portion of the Convertible Bond Debt, provided such portion is of $1,000 or a multiple thereof, at any time prior to the close of business on the business day immediately preceding the Maturity Date. The conversion rate of the Convertible Bond Debt after adjusting for the Reverse Stock Split effected on September 15, 2020 is 25.453 shares of the Company's common stock per $1,000 principal amount of Convertible Bond Debt (which is equivalent to a conversion price of approximately $39.29 per share of its common stock). During the three months ended September 30, 2021, the Company received a request for conversion of one $1,000 bond and elected to settle by issuance of 25 shares of common stock and $23 cash to the bondholder. Upon conversion of the remaining bonds, the Company will pay or deliver, as the case may be, either cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company’s election, to the holder, subject to shareholder approval requirements in accordance with the listing standards of the Nasdaq Global Select Market. If the Company undergoes a fundamental change, as set forth in the Indenture, each holder may require the Company to repurchase all or part of their Convertible Bond Debt for cash in principal amounts of $1,000 or a multiple thereof. The fundamental change repurchase price will be equal to 100% of the principal amount of the Convertible Bond Debt to be repurchased, plus accrued and unpaid interest. If, however, the holders instead elect to convert their Convertible Bond Debt in connection with the fundamental change, the Company will be required to increase the conversion rate of the Convertible Bond Debt at a rate determined by a combination of the date the fundamental change occurs and the stock price of the Company's common stock on such date. The Convertible Bond Debt is the general, unsecured senior obligations of the Company. It ranks: (i) senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the Convertible Bond Debt; (ii) equal in right of payment to any of the Company’s unsecured indebtedness that is not so subordinated; (iii) effectively junior in right of payment to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and (iv) structurally junior to all indebtedness and other liabilities of current or future subsidiaries of the Company. The Indenture also provides for customary events of default. Generally, if an event of default occurs and is continuing, then the trustee or the holders of at least 25% in aggregate principal amount of the Convertible Bond Debt then outstanding may declare 100% of the principal of and accrued and unpaid interest, if any, on all the Convertible Bond Debt then outstanding to be due and payable. Share Lending Agreement In connection with the issuance of the Convertible Bond Debt, certain persons entered into an arrangement (the "Share Lending Agreement") to borrow up to 511,840 shares of the Company’s common stock through share lending arrangements from Jefferies LLC (“JCS”), an initial purchaser of the Convertible Bond Debt, which in turn entered into an arrangement to borrow the shares from an entity affiliated with Oaktree Capital Management, LP, one of the Company’s shareholders. The number of shares under the Share Lending Agreement have been adjusted for the Reverse Stock Split. As of September 30, 2021, the fair value of the 0.5 million outstanding loaned shares was $25.8 million based on the closing price of the common stock on September 30, 2021. In connection with the Share Lending Agreement, JCS paid $0.03 million representing a nominal fee per borrowed share, equal to the par value of the Company’s common stock. While the Share Lending Agreement does not require cash payment upon return of the shares, physical settlement is required (i.e., the loaned shares must be returned at the end of the arrangement). In view of this share return provision and other contractual undertakings of JCS in the share lending agreement, which have the effect of substantially eliminating the economic dilution that otherwise would result from the issuance of borrowed shares, the loaned shares are not considered issued and outstanding for the purpose of computing and reporting the Company's basic and diluted weighted average shares or earnings per share. If JCS were to file bankruptcy or commence similar administrative, liquidating or restructuring proceedings, the Company will have to consider 0.5 million shares lent to JCS as issued and outstanding for the purposes of calculating earnings per share. New Ultraco Debt Facility On January 25, 2019, Ultraco Shipping LLC ("Ultraco"), a wholly-owned subsidiary of the Company, entered into a senior secured credit facility, (the "New Ultraco Debt Facility"), which provides for an aggregate principal amount of $208.4 million, which consists of (i) a term loan facility of $153.4 million (the "Term Facility Loan") and (ii) a revolving credit facility of $55.0 million, of which $55.0 million was available as of September 30, 2021. Subject to certain conditions set forth in the New Ultraco Debt Facility, Ultraco may request an increase of up to $60.0 million in the aggregate principal amount of the Term Facility Loan. Outstanding borrowings under the New Ultraco Debt Facility bear interest at LIBOR plus 2.50% per annum. The Company paid $3.1 million as debt issuance costs to the lenders. On October 1, 2019, Ultraco, the Company, and certain initial and additional guarantors entered into a first amendment to the New Ultraco Debt Facility (the "First Amendment") to provide for incremental commitments and pursuant to which on October 4, 2019, Ultraco borrowed $34.3 million for general corporate purposes, including capital expenditures relating to the installation of scrubbers. The Company paid $0.4 million as debt issuance costs to the lenders. On April 20, 2020, Ultraco, the Company, and certain initial and additional guarantors entered into a second amendment to the New Ultraco Debt Facility (the "Second Amendment") to provide for certain amendments to definitions of consolidated interest coverage ratio and consolidated earnings before interest, taxes and depreciation and amortization ("EBITDA"). The amendment provides that the calculation interest coverage ratio does not include amortization of debt discount, debt issuance costs and non-cash interest income. The definition of EBITDA has been updated to exclude stock-based compensation from net income/(loss). On June 9, 2020, Ultraco, the Company, and certain initial and additional guarantors entered into the Third Amendment (the "Third Amendment") to the New Ultraco Debt Facility to provide for incremental commitments and pursuant to which on June 12, 2020, Ultraco borrowed $22.6 million for general corporate purposes which was secured by two Ultramaxes already owned by the Company, the M/V Hong Kong Eagle and M/V Santos Eagle. The Company paid $0.4 million as debt issuance costs to the lenders. The Company incurred an additional $0.2 million as deferred financing costs in relation to the transaction. On April 5, 2021, Ultraco entered into an Agency Resignation and Appointment Agreement pursuant to which Crédit Agricole Corporate and Investment Bank was appointed as facility agent and security trustee under the New Ultraco Debt Facility and ABN AMRO Capital USA LLC resigned its role as facility agent and security trustee. Additionally, the facility was amended in order to increase the commitments under the existing term loan facility by an amount equal to the lesser of (i) $16,500,000 and (ii) 50% of the aggregate fair market value of any Additional Vessel (as defined under the New Ultraco Debt Facility) and in any case in a maximum borrowed amount of $5,500,000 per Additional Vessel (the “Amendment”). The incremental commitments were secured by acquisitions of M/V Sankaty Eagle, M/V Newport Eagle and M/V Montauk Eagle. In connection with the Amendment, a fee of $0.2 million was paid to the lenders of the New Ultraco Debt Facility. The Company borrowed $16.5 million under the New Ultraco Debt Facility during the second and third quarters of 2021 upon delivery of Sankaty Eagle, Montauk Eagle and Newport Eagle. The New Ultraco Debt Facility, which was refinanced on October 1, 2021, would have matured on January 25, 2024 (the “New Ultraco Maturity Date”). Pursuant to the terms of the facility, Ultraco was required to repay the aggregate principal amount of $5.1 million in quarterly installments for the first year and $8.7 million in quarterly installments from the second year until the New Ultraco Maturity Date. Additionally, there were semi-annual catch up amortization payments from excess cash flow with a maximum cumulative payable of $4.6 million, with a final balloon payment of all remaining outstanding debt to be made on the New Ultraco Maturity Date. Ultraco’s obligations under the New Ultraco Debt Facility were secured by, among other items, a first priority mortgage on 29 vessels owned by the Guarantors as identified in the New Ultraco Debt Facility and such other vessels that it may from time to time include with the approval of the Lenders (the “Ultraco Vessels”). The New Ultraco Debt Facility contained financial covenants requiring the Company, on a consolidated basis excluding Shipco (as defined below) and any of Shipco’s subsidiaries (each, a “Restricted Subsidiary”) and any of the vessels owned by any Restricted Subsidiary, to maintain a minimum amount of free cash or cash equivalents in an amount not less than the greater of (i) $0.6 million per owned vessel and (ii) 7.5% of the total consolidated debt of the Company and its subsidiaries, excluding any Restricted Subsidiary, which currently consists of amounts outstanding under the New Ultraco Debt Facility. The New Ultraco Debt Facility also required the Company to maintain a liquidity reserve of $0.6 million per Ultraco Vessel in an unblocked account. Additionally, the New Ultraco Debt Facility required the Company, on a consolidated basis, excluding any Restricted Subsidiary and the vessels owned by any Restricted Subsidiary, to maintain (i) a ratio of minimum value adjusted tangible equity to total assets ratio of not less than 0.30:1, (ii) a consolidated interest coverage ratio of not less than a range varying from 1.50 to 1.00 to 2.50 to 1.00, and (iii) a positive working capital. The New Ultraco Debt Facility also imposed operating restrictions on Ultraco and the Guarantors. The Company was in compliance with its financial covenants under the New Ultraco Debt Facility as of September 30, 2021. As noted above, the New Ultraco Debt Facility was refinanced on October 1, 2021. Please see Note 11 Subsequent Events for additional information. Norwegian Bond Debt On November 28, 2017, Eagle Bulk Shipco LLC, a wholly-owned subsidiary of the Company ("Shipco" or "Issuer") issued $200,000,000 in aggregate principal amount of 8.25% Senior Secured Bonds (the "Bonds" or the "Norwegian Bond Debt"). 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 were 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 various debt facilities outstanding at that time and to pay expenses associated with the refinancing transactions. Shipco incurred $1.3 million in other financing costs in connection with the transaction. The Norwegian Bond Debt was repaid in full on October 18, 2021. Prior to being repaid, interest on the Bonds accrued at a rate of 8.25% per annum and the Bonds were set to mature on November 28, 2022. The Norwegian Bond Debt was guaranteed by the Issuer's subsidiaries and secured by mortgages over 19 vessels (the "Shipco Vessels"), pledges of the equity of the Issuer and its subsidiaries and certain assignments. The Issuer was permitted to redeem some or all of the outstanding Bonds on the terms and conditions and prices set forth in the bond terms. Upon a change of control of the Company, each holder of the Bonds had 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 contained 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 have exceeded 75%, and its subsidiaries’ free liquidity must at all times have been at least $12.5 million. Shipco was in compliance with its financial covenants under the bond terms as of September 30, 2021. The bond terms also contained certain customary events of default and negative covenants that restricted the Company's and the Issuer's ability to take certain actions. During the year ended December 31, 2020, the Company sold five vessels, Goldeneye, Skua, Osprey, Hawk and Shrike for combined net proceeds of $23.2 million. During the years ended December 31, 2019 and 2018, the Company sold five vessels, Kestrel, Thrasher, Condor, Merlin and Thrush for combined net proceeds of $40.4 million. During 2021, the Company sold one vessel for net proceeds of $9.2 million. Pursuant to the bond terms governing the Norwegian Bond Debt, the proceeds from the sale of vessels are to be held in a restricted account to be used for the financing of the acquisition of additional vessels by Shipco and for partial funding of scrubbers. The proceeds were used to purchase two Ultramax vessels for $36.1 million and partial financing of scrubbers for $23.6 million. During the third quarter of 2021, the Company transferred the remaining proceeds from sale of vessels of $13.8 million along with cash on hand of $11.8 million into a Shipco defeasance account to be used towards redemption of the bonds in October 2021. The aggregate amount of $25.6 million was recorded as Restricted cash - current on its Condensed Consolidated Balance Sheet as of September 30, 2021. As noted above, the Norwegian Bond Debt was repaid in full on October 18, 2021 after the expiry of the requisite notice period. Please see Note 11 Subsequent Events for additional information. Super Senior Facility On December 8, 2017, Shipco entered into the Super Senior Revolving Facility Agreement (the "Super Senior Facility"), which provides for a revolving credit facility in an aggregate amount of up to $15.0 million. The proceeds of the Super Senior Facility are expected 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 incurred $0.3 million as other financing costs in connection with the transaction. During the third quarter, the Company cancelled the Super Senior Revolving Facility. There were no outstanding amounts under the facility and the Company recorded $0.1 million as a Loss on debt extinguishment in its Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021. Holdco Revolving Credit Facility On March 26, 2021, Eagle Bulk Holdco LLC (“Holdco”), a wholly-owned subsidiary of the Company entered into a Credit Agreement (Holdco Revolving Credit Facility”) made by and among (i) Holdco, as borrower, (ii) the Company and certain wholly-owned vessel-owning subsidiaries of Holdco, as joint and several guarantors, (iii) the banks and financial institutions named therein as lenders (together with their successors and assigns, the “RCF Lenders”), (iv) Crédit Agricole Corporate and Investment Bank and Nordea Bank ABP, New York Branch, as mandated lead arrangers, (v) Crédit Agricole Corporate and Investment Bank, as arranger, facility agent and security trustee for the RCF Lenders. Pursuant to the Holdco Revolving Credit Facility, the RCF lenders agreed to make available an aggregate principal amount of up to the lesser of (a) $35,000,000 and (b) 65% of the Fair Market Value of the Initial Vessels (as defined below). Borrowings under the Holdco Revolving Credit Facility, which were repaid in full on October 1, 2021, bore interest at a rate of 2.4% plus LIBOR for the relevant interest period. Borrowings under the Holdco Revolving Credit Facility were secured by three Ultramaxes - the M/V Helsinki Eagle and the M/V Stockholm Eagle and the M/V Rotterdam Eagle (collectively, the “Initial Vessels”). A fee of $0.2 million was paid to the RCF Lenders. The maturity date for the Holdco Revolving Credit Facility was December 31, 2021 on which day the aggregate principal outstanding amount of all loans outstanding would have been required to be paid in full. The Holdco Revolving Credit Facility included affirmative and negative covenants and events of default that are customary for transactions of this kind. Additionally, the Holdco Revolving Credit Facility included a minimum consolidated liquidity covenant that requires the Company on a consolidated basis (but excluding Shipco and its subsidiaries (the “Restricted Subsidiaries”)) to maintain cash equivalents in an amount not less than the greater of (i) $600,000 per vessel owned directly or indirectly by the Company and its subsidiaries and (ii) 7.5% of the consolidated total debt of the Company. The Holdco Revolving Credit Facility also required the Company, on a consolidated basis (but excluding the Restricted Subsidiaries) to maintain, at all times, the ratio of its minimum value adjusted tangible equity of total assets of not less than 0.30 to 1. Finally, the Holdco Revolving Credit Facility required the Company, on a consolidated basis (but excluding the Restricted Subsidiaries) to maintain, at all times, positive working capital. The Company was in compliance with its financial covenants under the Holdco Revolving Credit Facility as of September 30, 2021. As noted above, the Holdco Revolving Credit Facility was refinanced on October 1, 2021. Please see Note 11 Subsequent Events for additional information. Interest Rates 2021 For the three and nine months ended September 30, 2021, the interest rate on the Convertible Bond Debt was 5.00%. The weighted average effective interest rate including the amortization of debt discount and debt issuance costs for these periods was 10.14%. For the three months ended September 30, 2021, the interest rate on the New Ultraco Debt Facility ranged from 2.61% to 2.68%, including a margin over LIBOR applicable under the terms of the New Ultraco Debt Facility and commitment fees of 40% of the margin on the undrawn portion of the revolver credit facility of the New Ultraco Debt Facility. The weighted average effective interest rate including the amortization of debt discount and debt issuance costs for this period was 3.39%. For the nine months ended September 30, 2021, the interest rate on the New Ultraco Debt Facility ranged from 2.60% to 2.72%, including a margin over LIBOR applicable under the terms of the New Ultraco Debt Facility and commitment fees of 40% of the margin on the undrawn portion of the revolver credit facility of the New Ultraco Debt Facility. The weighted average effective interest rate including the amortization of debt discount and debt issuance costs for this period was 3.28%. For the three and nine months ended September 30, 2021, the interest rate on our outstanding debt under the Norwegian Bond Debt was 8.25%. The weighted average effective interest rate including the amortization of debt discount and debt issuance costs for these periods was 9.05% and 9.02%, respectively. For the nine months ended September 30, 2021, the interest rate on our outstanding debt under the Super Senior Facility was 2.24%. The weighted average effective interest rate including the amortization of debt issuance costs for this period was 2.58%. The outstanding revolver loan under the Super Senior Facility was repaid in the first quarter of 2021. The facility was cancelled during the third quarter of 2021. For the three months ended September 30, 2021, the interest rate on our outstanding debt under the Holdco Revolving Credit Facility was 2.55%. The weighted average effective interest rate including the amortization of debt issuance costs for this period was 6.15%. Additionally, we pay commitment fees of 40% of the margin on the undrawn portion of the Holdco Revolving Credit Facility. For the nine months ended September 30, 2021, the interest rate on our outstanding debt under the Holdco Revolving Credit Facility ranged from 2.55% to 2.60%. The weighted average effective interest rate including the amortization of debt issuance costs for this period was 5.61%. Additionally, we pay commitment fees of 40% of the margin on the undrawn portion of the Holdco Revolving Credit Facility. 2020 For the three and nine months ended September 30, 2020, the interest rate on the Convertible Bond Debt was 5.00%. The weighted average effective interest rate including the amortization of debt discount and debt issuance costs for these periods was 10.14%. For the three months ended September 30, 2020, the interest rate on the New Ultraco Debt Facility ranged from 2.73% to 4.28% including a margin over LIBOR applicable under the terms of the New Ultraco Debt Facility and commitment fees of 40% of the margin on the undrawn portion of the revolver credit facility of the New Ultraco Debt Facility. The weighted average effective interest rate including the amortization of debt discount for this period was 3.56%. For the nine months ended September 30, 2020, the interest rate on the New Ultraco Debt Facility ranged from 2.73% to 4.68%, including a margin over LIBOR applicable under the terms of the New Ultraco Debt Facility and commitment fees of 40% of the margin on the undrawn portion of the revolver credit facility of the New Ultraco Debt Facility. The weighted average effective interest rate including the amortization of debt discount and debt issuance costs for this period was 4.23%. For the three and nine months ended September 30, 2020, the interest rate on the Norwegian Bond Debt was 8.25%. The weighted average effective interest rate including the amortization of debt discount and debt issuance costs for these periods was 9.01% and 8.96%, respectively. For the three and nine months ended September 30, 2020, the interest rate on our outstanding debt under the Super Senior Facility ranged between 2.43% and 2.89%. The weighted average effective interest rate including the amortization of debt issuance costs for these periods was 2.79% and 3.19%, respectively. Additionally, we pay commitment fees of 40% of the margin on the undrawn portion of the Super Senior Revolver Facility. The following table summarizes the Company’s total interest expense for: Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Convertible Bond Debt interest $ 1,426,467 $ 1,426,500 $ 4,279,467 $ 4,279,450 Holdco Revolving Credit Facility interest 156,086 — 313,918 — New Ultraco Debt Facility interest 1,063,230 1,946,446 4,068,481 6,052,556 Norwegian Bond Debt interest 3,710,667 3,879,333 11,065,084 11,575,667 Super Senior Facility interest — 93,121 29,818 123,727 Amortization of debt discount and debt issuance costs 1,975,792 1,608,800 5,442,978 4,654,871 Commitment fees on revolving credit facilities 178,875 — 361,930 196,823 Total Interest expense $ 8,511,117 $ 8,954,200 $ 25,561,676 $ 26,883,094 Scheduled Debt Maturities The following table presents the scheduled maturities of principal amounts of our debt obligations as of September 30, 2021, which does not give effect to the debt refinancing concluded subsequent to September 30, 2021 (see Note 11 Subsequent Events for additional information): Norwegian Bond Debt New Ultraco Debt Facility Convertible Bond Debt Holdco Revolving Credit Facility Total Three months ending December 31, 2021 $ 4,000,000 $ 8,666,630 $ — $ 24,000,000 $ 36,666,630 2022 172,000,000 34,666,521 — — 206,666,521 2023 — 34,666,521 — — 34,666,521 2024 — 80,671,699 114,119,000 — 194,790,699 $ 176,000,000 $ 158,671,371 $ 114,119,000 $ 24,000,000 $ 472,790,371 |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives Instruments | Derivative Instruments Interest rate swaps During 2020, the Company entered into a series of interest rate swap agreements ("IRS") to effectively convert a portion of its debt under the New Ultraco Debt Facility excluding any amounts outstanding under the revolving credit facility as well as any new term loan borrowings from a floating to a fixed-rate basis. The IRS was designated and qualified as a cash flow hedge. The Company uses the IRS for the management of interest rate risk exposure, as the IRS effectively converts a portion of the Company’s debt from a floating to a fixed rate. The IRS is an agreement between the Company and counterparties to pay, in the future, a fixed-rate payment in exchange for the counterparties paying the Company a variable payment. The amount of the net payment obligation is based on the notional amount of the IRS and the prevailing market interest rates. The Company may terminate the IRS prior to their expiration dates, at which point a realized gain or loss may be recognized, or may be amortized over the original life of the IRS if the hedged debt remains outstanding. The value of the Company’s commitment would increase or decrease based primarily on the extent to which interest rates move away from the rate fixed for each swap. Tabular disclosure of derivatives location The following table summarizes the interest rate swaps in place as of September 30, 2021 and December 31, 2020. Interest Rate Swap detail Notional Amount outstanding Trade date Fixed rate Start date End date September 30, 2021 (1) December 31, 2020 March 31, 2020 0.64 % July 27, 2020 January 26, 2024 $ — $ 72,452,297 April 15, 2020 0.58 % July 27, 2020 January 26, 2024 — 36,226,149 June 25, 2020 0.50 % July 27, 2020 January 26, 2024 — 57,751,148 $ — $ 166,429,594 (1) In August 2021, the Company cancelled the interest rate swaps with a notional amount of $150.8 million and incurred $0.2 million loss which will be amortized as interest expense over the original life of the cancelled swaps. Concurrent with the cancellation, the Company entered into an interest rate swap with a notional amount of $143.0 million which was subsequently cancelled on September 30, 2021. The Company incurred an additional $0.2 million loss which will be amortized as interest expense over the original life of the cancelled swaps. The Company records the fair value of the interest rate swap as an asset or liability on its balance sheet. The effective portion of the swap is recorded in Accumulated other comprehensive loss. The estimated loss that is currently recorded in Accumulated other comprehensive loss as of September 30, 2021 that is expected to be reclassified into the earnings within the next twelve months is $0.2 million. No portion of the cash flow hedges was ineffective during the three and nine months ended September 30, 2021. The effect of derivative instruments on the Statement of Operations for the three and nine months ended September 30, 2021 and 2020 is below: Derivatives designated as hedging instruments Location of loss in Statements of Operations Effective portion of loss reclassified from Accumulated other comprehensive income/(loss) Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Interest rate swaps Interest expense $ (150,585) $ 105,114 $ (446,549) $ 105,114 The following table shows the interest rate swap asset and liabilities as of September 30, 2021 and December 31, 2020: Derivatives designated as hedging instruments Balance Sheet location September 30, 2021 December 31, 2020 Interest rate swap Fair value of derivatives - current/Current liabilities $ — $ 481,791 Interest rate swap Fair value of derivatives - noncurrent/Noncurrent liabilities $ — $ 650,607 Forward freight agreements and bunker swaps 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, net in the condensed consolidated statement of operations and Other current assets and Fair value of derivatives in the Condensed Consolidated Balance Sheets. Derivatives are considered to be Level 2 instruments in the fair value hierarchy. For our bunker swaps, the Company may enter into master netting, collateral and offset agreements with counterparties. As of September 30, 2021, the Company has International Swaps and Derivatives Association ("ISDA") agreements with two applicable banks and financial institutions, which contain netting provisions. In addition to a master agreement with the Company supported by a primary parent guarantee on either side, the Company also has associated credit support agreements in place with the two counterparties which, among other things, provide the circumstances under which either party is required to post eligible collateral, when the market value of transactions covered by these agreements exceeds specified thresholds. The Company does not anticipate non-performance by any of the counterparties. As of September 30, 2021, the Company had outstanding bunker swap agreements to purchase 10,750 metric tons of high and low sulfur fuel oil with prices ranging between $272 and $453 that are expiring at December 31, 2021. The volume represents less than 10% of our estimated consumption on our fleet for the year. The following table shows our open positions on FFAs as of September 30, 2021: FFA Period Average FFA Contract Price Number of Days Hedged Quarter ending December 31, 2021 $ 18,689 1260 Quarter ending March 31, 2022 22,407 315 Quarter ending June 30, 2022 22,086 315 Quarter ending September 30, 2022 21,735 315 Quarter ending December 31, 2022 21,486 315 The Company will realize a gain or loss on these FFAs based on the price differential between the average daily BSI rate and the FFA contract price. The gains or losses are recorded in Other expense, net in the condensed consolidated statements of operations. The effect of non-designated derivative instruments on the Condensed Consolidated Statements of Operations and Balance Sheets is as follows: For the Three Months Ended For the Nine Months Ended Derivatives not designated as hedging instruments Location of loss/(gain) in Statements of Operations September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 FFAs - realized loss Realized and unrealized loss/(gain) on derivative instruments, net $ 16,138,822 $ 2,088,537 $ 23,493,503 $ 1,404,060 FFAs - unrealized (gain)/loss Realized and unrealized loss/(gain) on derivative instruments, net (6,787,069) 1,230,727 24,381,810 3,327,509 Bunker swaps - realized gain Realized and unrealized loss/(gain) on derivative instruments, net (800,807) (1,059,570) (2,099,177) (8,295,136) Bunker swaps - unrealized loss/(gain) Realized and unrealized loss/(gain) on derivative instruments, net 439,622 711,659 (188,337) (467,107) Total $ 8,990,568 $ 2,971,353 $ 45,587,799 $ (4,030,674) Derivatives not designated as hedging instruments Balance Sheet location September 30, 2021 December 31, 2020 FFAs - Unrealized loss Fair value of derivatives - current/Current liabilities 24,381,091 — Bunker swaps - Unrealized gain Other current assets 1,097,484 352,399 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 agreements executed with counterparties or exchanges and is required when agreed upon threshold limits are exceeded. As of September 30, 2021 and December 31, 2020, the Company posted cash collateral related to derivative instruments under its collateral security arrangements of $31.4 million and $0.1 million, respectively, which is recorded as a Current asset in the Condensed Consolidated Balance Sheets. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 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 Condensed Consolidated Balance Sheets for interest-bearing deposits approximate their fair value due to the short-term nature thereof. Debt —the carrying values approximates fair values for bonds issued under the Norwegian Bond Debt and the Convertible Bond Debt, which are traded on the Oslo Stock Exchange and NASDAQ, respectively. The carrying amounts of our term loan and revolver loan under the New Ultraco Debt Facility and revolver loan under Holdco Revolving Credit Facility approximate their fair value, due to their variable interest rates. All the credit facilities except the Convertible Bond Debt were refinanced on October 1, 2021 at their carrying values. 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 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 debt balances under the Convertible Bond Debt, Holdco Revolving Credit Facility, Norwegian Bond Debt and the New Ultraco Debt Facility. Freight forward agreements, bunker swaps and interest rate swaps are considered to be a Level 2 item as the Company, using the income approach to value the derivatives, uses observable Level 2 market inputs at measurement date and standard valuation techniques to convert future amounts to a single present amount assuming that participants are motivated, but not compelled to transact. See Note 5 Derivative Instruments. Level 3 – Inputs that are unobservable (for example cash flow modeling inputs based on assumptions) September 30, 2021 Fair Value Carrying Value (7) Level 1 Level 2 Assets Cash and cash equivalents (1) $ 125,644,368 $ 125,644,368 $ — Collateral on derivatives 31,369,664 31,369,664 — Other current assets (2) 1,097,484 — 1,097,484 Liabilities Norwegian Bond Debt (3) 176,000,000 — 179,960,000 New Ultraco Debt Facility (4) 158,671,371 — 158,671,371 Holdco Revolving Credit Facility (4) 24,000,000 — 24,000,000 Convertible Bond Debt (5) 114,119,000 — 171,178,500 Fair value of Derivatives - current (6) 24,381,091 — 24,381,091 December 31, 2020 Fair Value Carrying Value (7) Level 1 Level 2 Assets Cash and cash equivalents (1) $ 88,848,771 $ 88,848,771 $ — Other current assets (2) 483,739 131,340 352,399 Liabilities Norwegian Bond Debt (3) 180,000,000 — 173,250,000 New Ultraco Debt Facility (4) 166,429,594 — 166,429,594 Super Senior Facility (4) 15,000,000 — 15,000,000 Convertible Bond Debt (5) 114,120,000 — 92,748,748 Fair value of Derivatives - current and noncurrent (6) 1,132,398 — 1,132,398 (1) Includes restricted cash (current and noncurrent) of $25.6 million at September 30, 2021 and $18.9 million at December 31, 2020. (2) Relates to unrealized mark-to-market gains on bunker swaps as of September 30, 2021 and December 31, 2020. Includes $0.1 million of collateral on derivatives as of December 31, 2020. (3) The fair value of the bond is based on the last trades on September 20, 2021 and December 14, 2020 on Bloomberg.com. (4) The fair value of the liabilities is based on the required repayment to the lenders if the debt was discharged in full on September 30, 2021. (5) The fair value of the Convertible Bond Debt is based on the last trade on September 28, 2021 and December 21, 2020 on Bloomberg.com. (6) Includes $24.4 million of unrealized mark-to-market losses on FFAs as of September 30, 2021 and $1.1 million of unrealized losses on our interest swaps as of December 31, 2020. (7) The outstanding debt balances represent the face value of the debt excluding debt discount and debt issuance costs. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings The Company is involved in legal proceedings and may become involved in other legal matters arising in the ordinary course of its business. The Company evaluates these legal matters on a case-by-case basis to make a determination as to the impact, if any, on its business, liquidity, results of operations, financial condition or cash flows. In March 2021, the U.S. government began investigating an allegation that one of our vessels may have improperly disposed of ballast water that entered the engine room bilges during a repair. The investigation of this alleged violation of environmental laws is in its early stages and is ongoing, and, although at this time we do not believe that this matter will have a material impact on our company, our financial condition or results of operations, we cannot determine what penalties, if any, will be imposed. We have posted a surety bond as security for any fines or penalties that may be issued, and the Company is cooperating fully with the U.S. government in its investigation of this matter. For the three and nine months ended September 30, 2021, the Company incurred and recorded $0.8 million and $2.3 million, respectively, as Other operating expense relating to this incident, which include legal fees, surety bond expenses, vessel offhire, crew changes and travel costs. |
Net income_(loss) per Common Sh
Net income/(loss) per Common Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net income/(loss) per Common Share | Net income/(loss) per Common Share The computation of basic net income/(loss) per share is based on the weighted average number of common stock outstanding for the three and nine months ended September 30, 2021 and 2020. Diluted net income/(loss) per share gives effect to restricted stock awards and stock options using the treasury stock method, unless the impact is anti-dilutive. Diluted net income per share for three and nine months ended September 30, 2021 does not include 21,718 warrants and 28,046 restricted shares, as their effect was anti-dilutive. Additionally, the Convertible Bond Debt is not considered a participating security and therefore not included in the computation of the Basic net income per share for the three and nine months ended September 30, 2021. The Company determined that it does not overcome the presumption of share settlement of outstanding debt and therefore the Company applied the if-converted method and included the potential shares to be issued upon conversion of Convertible Bond Debt in the calculation of Diluted income per share for the three and nine months ended September 30, 2021 as their effect was Dilutive. Diluted net loss per share for the three and nine months ended September 30, 2020 does not include 222,775 stock awards, 326,024 stock options and 21,752 warrants, as their effect was anti-dilutive. The following table summarizes the calculation of basic and diluted income/(loss) per share: Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Net income/(loss) $ 78,341,270 $ (11,159,286) $ 97,415,605 $ (35,178,372) Weighted Average Shares - Basic 12,802,401 10,279,698 12,237,288 10,274,906 Dilutive effect of stock options, shares issuable under Convertible Bond Debt and restricted stock awards 3,133,973 — 3,117,193 — Weighted Average Shares - Diluted 15,936,374 10,279,698 15,354,481 10,274,906 Basic income/(loss) per share $ 6.12 $ (1.09) $ 7.96 $ (3.42) Diluted income/(loss) per share $ 4.92 $ (1.09) $ 6.34 $ (3.42) |
Stock Incentive Plans
Stock Incentive Plans | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock Incentive Plans | Stock Incentive PlansOn December 15, 2016, the Company’s shareholders approved the 2016 Equity Compensation Plan (the “2016 Plan”) and the Company registered 764,087 shares of common stock adjusted for the Reverse Stock Split, which may be issued under the 2016 Plan. On June 7, 2019, the Company's shareholders approved an amendment and restatement of the 2016 Plan, which increased the number of shares reserved under the 2016 Plan by an additional 357,142 shares to a maximum of 1,121,229 shares of common stock. 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 Company withheld shares related to restricted stock awards that vested in 2021 at the fair market value equivalent to the maximum statutory withholding obligation and remitted that amount in cash to the appropriate taxation authorities. On February 19, 2021, the Company granted 92,327 restricted shares as a company-wide grant under the 2016 Plan. The fair value of the grant based on the closing share price on February 19, 2021 was $2.8 million. The shares will vest in equal installments over a three-year term. Additionally, the Company granted 4,341 shares of fully vested common stock to its board of directors. The fair value of the director grant based on the closing share price of February 19, 2021 was $0.1 million. The amortization of the above grants is $0.4 million and $1.3 million for the three and nine months ended September 30, 2021, which is included in General and administrative expenses in the Condensed Consolidated Statements of Operations. On September 3, 2021, the Company granted 17,727 shares of time-based awards to certain members of its senior management team under the 2016 Plan. The awards vest in three Also on September 3, 2021, the Company granted performance based restricted stock grants to certain members of its senior management team under the 2016 Plan which are contingent on certain performance criteria. The maximum number of performance-based stock awards that can be issued are 53,182. Of the maximum 53,182 performance-based stock awards granted, 35,454 shares at maximum were granted based on earnings per share ("EPS performance") for the year ending December 31, 2021 (with targets set forth earlier in the year). Restricted shares which will vest in three Of the maximum 53,182 performance-based stock awards granted, 17,728 shares at maximum were granted based on relative total shareholder return ("TSR performance") for the year ending December 31, 2021. Restricted shares which will vest in three As of September 30, 2021 and December 31, 2020, stock awards covering a total of 209,772 and 218,013 shares of the Company’s common stock, respectively, are outstanding under the 2016 Plan. The vesting terms range between one As of September 30, 2021 and December 31, 2020, vested options covering 309,163 and 312,591 shares of the Company’s common stock, respectively, are outstanding with exercise prices ranging from $29.96 to $38.92 per share. In the nine months ended September 30, 2021, 16,428 stock options were exercised. In connection with the exercise, 4,974 shares of common stock were issued and 11,454 stock options were cancelled as a settlement for the liability relating to tax withholding as well as the exercise price owed to the Company. As of September 30, 2021 there were no unvested options outstanding. As of December 31, 2020, there were 13,000 unvested options outstanding. All options expire within five years from the effective date. Stock-based compensation expense for all stock awards and options included in General and administrative expenses: Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Stock awards/Stock Option Plans $ 777,468 $ 741,021 $ 2,235,279 $ 2,300,444 The future compensation to be recognized for all the grants for the three months ending December 31, 2021, and the years ending December 31, 2022 and 2023 will be $1.1 million, $2.6 million and $1.0 million, respectively. |
Cash, cash equivalents, and Res
Cash, cash equivalents, and Restricted cash | 9 Months Ended |
Sep. 30, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Cash, cash equivalents, and Restricted cash | Cash, cash equivalents, and restricted cash The following table provides a reconciliation of Cash and cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the amounts shown in the Condensed Consolidated Statements of Cash Flows: September 30, 2021 December 31, 2020 September 30, 2020 December 31, 2019 Cash and cash equivalents $ 100,011,694 $ 69,927,594 $ 83,408,816 $ 53,583,898 Restricted cash - current * 25,557,674 18,846,177 1,872,244 5,471,470 Restricted cash - noncurrent * 75,000 75,000 — 74,917 Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows $ 125,644,368 $ 88,848,771 $ 85,281,060 $ 59,130,285 *Amounts included in restricted cash posted to secure the letter of credit on our office leases and the cash posted to a defeasance account as of September 30, 2021 to be utilized for redemption of the Norwegian Bond Debt. The cash was used in redemption of the Norwegian Bond Debt which was repaid on October 18, 2021. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On October 1, 2021, Eagle Bulk Ultraco LLC (“Eagle Ultraco”), a wholly-owned subsidiary of the Company, along with certain of its vessel-owning subsidiaries, as guarantors, entered into a new senior secured credit facility (the “Credit Agreement”) with the lenders party thereto (the “Lenders”), the swap banks party thereto, Credit Agricole Corporate and Investment Bank (“Credit Agricole”), Skandinaviska Enskilda Banken AB (PUBL), Danish Ship Finance A/S, Nordea Bank ABP, Filial I Norge and DNB Markets Inc. The Credit Agreement provides for an aggregate principal amount of $400.0 million, which consists of (i) a term loan facility in an aggregate principal amount of $300.0 million (the “Term Facility”) and (ii) a revolving credit facility in an aggregate principal amount of $100.0 million (the “Revolving Facility”) to be used for refinancing the outstanding debt including accrued interest and commitment fees under the Norwegian Bond Debt, New Ultraco Debt Facility and Holdco Revolving Credit Facility ("Existing Facilities") and for general corporate purposes. The Company paid fees of $5.8 million to the lenders in connection with the transaction. Pursuant to the Credit Agreement, the Company borrowed $350.0 million and together with cash on hand repaid the outstanding debt, accrued interest and commitment fees under the Existing Facilities. Concurrently, the Company issued a ten day call notice to redeem the outstanding bonds under the Norwegian Bond Debt at a redemption price of 102.475% of the nominal amount of each bond. Pursuant to the bond terms, the Company paid $185.6 million consisting of $176.0 million par value of the outstanding bonds, accrued interest of $5.2 million and $4.4 million of call premium into a defeasance account to be further credited to the bondholders upon expiry of notice period. Out of the $185.6 million, the Company funded $25.6 million to the defeasance account as of September 30, 2021. The remaining $160.0 million was funded on October 1, 2021. The bonds outstanding under the Norwegian Bond Debt were repaid in full on October 18, 2021 after the expiry of the requisite notice period. Additionally, the Company entered into four interest rate swaps for the notional amount of $300.0 million of the term loan under the Credit Agreement at a fixed interest rate ranging between 0.83% and 0.94% to hedge the LIBOR based floating interest rate. On October 28, 2021, the Company's Board of Directors declared a cash dividend of $2.00 per share to be paid on or about November 24, 2021 to shareholders of record at the close of business on November 15, 2021. The aggregate amount of the dividend is expected to be approximately $27.2 million, which the Company anticipates will be funded from cash on hand at the time the payment is to be made. |
Basis of Presentation and Gen_2
Basis of Presentation and General Information (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting | The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), and the rules and regulations of the SEC that apply to interim financial statements and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes normally included in consolidated financial statements prepared in conformity with U.S. GAAP. They should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2020 Annual Report on Form 10-K, filed with the SEC on March 12, 2021. |
Use of Estimates | The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates and assumptions of the Company are residual value of vessels, the useful lives of vessels, the value of stock-based compensation, estimated losses on our trade receivables, fair value of Convertible Bond Debt (as defined below) and its equity component, fair value of operating lease right-of-use assets and operating lease liabilities and the fair value of derivatives. Actual results could differ from those estimates. |
Fair Value Measurements | Cash, cash equivalents and restricted cash— the carrying amounts reported in the Condensed Consolidated Balance Sheets for interest-bearing deposits approximate their fair value due to the short-term nature thereof. Debt —the carrying values approximates fair values for bonds issued under the Norwegian Bond Debt and the Convertible Bond Debt, which are traded on the Oslo Stock Exchange and NASDAQ, respectively. The carrying amounts of our term loan and revolver loan under the New Ultraco Debt Facility and revolver loan under Holdco Revolving Credit Facility approximate their fair value, due to their variable interest rates. All the credit facilities except the Convertible Bond Debt were refinanced on October 1, 2021 at their carrying values. 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 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 debt balances under the Convertible Bond Debt, Holdco Revolving Credit Facility, Norwegian Bond Debt and the New Ultraco Debt Facility. Freight forward agreements, bunker swaps and interest rate swaps are considered to be a Level 2 item as the Company, using the income approach to value the derivatives, uses observable Level 2 market inputs at measurement date and standard valuation techniques to convert future amounts to a single present amount assuming that participants are motivated, but not compelled to transact. See Note 5 Derivative Instruments. Level 3 – Inputs that are unobservable (for example cash flow modeling inputs based on assumptions) |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Assets and Liabilities, Lease | Operating lease right-of-use assets and lease liabilities as of September 30, 2021 and December 31, 2020 are as follows: Description Location in Balance Sheet September 30, 2021 (1) December 31, 2020 (1) Noncurrent assets: Chartered-in contracts greater than 12 months Operating lease right-of-use assets $ 20,712,287 $ 6,207,253 Office leases Operating lease right-of-use assets 2,133,410 1,333,618 Operating lease right-of-use assets $ 22,845,697 $ 7,540,871 Liabilities: Chartered-in contracts greater than 12 months Current portion of operating lease liabilities $ 20,451,549 $ 6,974,943 Office leases Current portion of operating lease liabilities 642,760 640,428 Lease liabilities - current portion $ 21,094,309 $ 7,615,371 Chartered-in contracts greater than 12 months Noncurrent portion of operating lease liabilities $ 253,970 $ — Office leases Noncurrent portion of operating lease liabilities $ 1,490,649 $ 686,422 Lease liabilities - noncurrent portion $ 1,744,619 $ 686,422 (1) The Operating lease right-of-use assets and Operating lease liabilities represent the present value of lease payments for the remaining term of the lease. The discount rate used ranged from 1.33% to 6.08%. The weighted average discount rate used to calculate the lease liability was 1.67%. |
Charter Hire Expense | The table below presents the components of the Company’s lease expenses and sublease income on a gross basis earned from chartered-in contracts greater than 12 months for the three and nine months ended September 30, 2021 and 2020. Three Months Ended Nine Months Ended Description Location in Statement of Operations September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Lease expense for chartered-in contracts less than 12 months Charter hire expenses $ 5,856,694 $ 2,560,224 $ 13,511,509 $ 6,348,081 Lease expense for chartered-in contracts greater than 12 months Charter hire expenses 4,867,043 2,500,279 11,861,992 9,472,728 Total charter hire expenses $ 10,723,737 $ 5,060,503 $ 25,373,501 $ 15,820,809 Lease expense for office leases General and administrative expenses 188,880 185,525 465,269 548,349 Sublease income from chartered-in contracts greater than 12 months * Revenues, net $ 7,550,105 $ 1,308,833 $ 14,303,242 $ 6,598,871 |
Future Minimum Lease Payments | The table below provides the total amount of remaining lease payments on an undiscounted basis on our chartered-in contracts and office leases greater than 12 months as of September 30, 2021: Year Chartered-in contracts greater than 12 months Office leases Total Operating leases Discount rate upon adoption 5.37 % 5.80 % 5.48 % Three months ending December 31, 2021 $ 5,675,982 $ 176,751 $ 5,852,733 2022 15,096,117 748,243 15,844,360 2023 — 510,074 510,074 2024 — 265,922 265,922 2025 — 265,195 265,195 2026 — 265,195 265,195 2027 — 53,766 53,766 $ 20,772,099 $ 2,285,146 $ 23,057,245 Present value of lease liability Lease liabilities - short term $ 20,451,549 $ 642,760 $ 21,094,309 Lease liabilities - long term 253,970 1,490,649 1,744,619 Total lease liabilities $ 20,705,519 $ 2,133,409 $ 22,838,928 Discount based on incremental borrowing rate $ 66,580 $ 151,737 $ 218,317 |
Disaggregation of Revenue | The following table shows the revenues earned from time charters and voyage charters for the three and nine months ended September 30, 2021 and 2020: Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Time charters $ 91,652,577 $ 25,279,434 $ 180,385,272 $ 73,798,878 Voyage charters 91,740,123 42,902,867 229,430,182 126,153,526 $ 183,392,700 $ 68,182,301 $ 409,815,454 $ 199,952,404 |
Vessels (Tables)
Vessels (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of vessel and vessel improvements | The Vessels and vessel improvements activity for the nine months ended September 30, 2021 is below: Vessels and vessel improvements, at December 31, 2020 $ 810,713,959 Purchase of vessels and vessel improvements 109,884,516 Advances paid for vessel purchases as of December 31, 2020 3,250,000 Fair value of warrants issued as consideration for vessel purchases 10,679,988 Sale of vessel (4,885,998) Scrubbers and BWTS 1,505,004 Depreciation expense (32,742,401) Vessels and vessel improvements, at September 30, 2021 $ 898,405,068 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | September 30, 2021 December 31, 2020 Convertible Bond Debt $ 114,119,000 $ 114,120,000 Debt discount and debt issuance costs - Convertible Bond Debt (14,305,685) (17,459,515) Convertible Bond Debt, net of debt discount and debt issuance costs 99,813,315 96,660,485 Norwegian Bond Debt 176,000,000 180,000,000 Debt discount and debt issuance costs - Norwegian Bond Debt (1,648,411) (2,709,770) Less: Current portion - Norwegian Bond Debt (8,000,000) (8,000,000) Norwegian Bond Debt, net of debt discount and debt issuance costs 166,351,589 169,290,230 New Ultraco Debt Facility 158,671,371 166,429,594 Debt discount and Debt issuance costs - New Ultraco Debt Facility (2,822,753) (3,101,348) Less: Current portion - New Ultraco Debt Facility (34,666,521) (31,244,297) New Ultraco Debt Facility, net of debt discount and debt issuance costs 121,182,097 132,083,949 Holdco Revolving Credit Facility 24,000,000 — Debt issuance costs - Holdco Revolving Credit Facility (178,323) — Less: Current portion - Holdco Revolving Credit Facility (23,821,677) — Holdco Revolving Credit Facility, net of debt issuance costs — — Super Senior Facility — 15,000,000 Debt issuance costs - Super Senior Facility — (103,643) Super Senior Facility, net of debt issuance costs — 14,896,357 Total long-term debt $ 387,347,001 $ 412,931,021 |
Schedule Of Interest Expense | The following table summarizes the Company’s total interest expense for: Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Convertible Bond Debt interest $ 1,426,467 $ 1,426,500 $ 4,279,467 $ 4,279,450 Holdco Revolving Credit Facility interest 156,086 — 313,918 — New Ultraco Debt Facility interest 1,063,230 1,946,446 4,068,481 6,052,556 Norwegian Bond Debt interest 3,710,667 3,879,333 11,065,084 11,575,667 Super Senior Facility interest — 93,121 29,818 123,727 Amortization of debt discount and debt issuance costs 1,975,792 1,608,800 5,442,978 4,654,871 Commitment fees on revolving credit facilities 178,875 — 361,930 196,823 Total Interest expense $ 8,511,117 $ 8,954,200 $ 25,561,676 $ 26,883,094 |
Schedule of Debt Maturities | The following table presents the scheduled maturities of principal amounts of our debt obligations as of September 30, 2021, which does not give effect to the debt refinancing concluded subsequent to September 30, 2021 (see Note 11 Subsequent Events for additional information): Norwegian Bond Debt New Ultraco Debt Facility Convertible Bond Debt Holdco Revolving Credit Facility Total Three months ending December 31, 2021 $ 4,000,000 $ 8,666,630 $ — $ 24,000,000 $ 36,666,630 2022 172,000,000 34,666,521 — — 206,666,521 2023 — 34,666,521 — — 34,666,521 2024 — 80,671,699 114,119,000 — 194,790,699 $ 176,000,000 $ 158,671,371 $ 114,119,000 $ 24,000,000 $ 472,790,371 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Interest Rate Swap Agreements | The following table summarizes the interest rate swaps in place as of September 30, 2021 and December 31, 2020. Interest Rate Swap detail Notional Amount outstanding Trade date Fixed rate Start date End date September 30, 2021 (1) December 31, 2020 March 31, 2020 0.64 % July 27, 2020 January 26, 2024 $ — $ 72,452,297 April 15, 2020 0.58 % July 27, 2020 January 26, 2024 — 36,226,149 June 25, 2020 0.50 % July 27, 2020 January 26, 2024 — 57,751,148 $ — $ 166,429,594 (1) In August 2021, the Company cancelled the interest rate swaps with a notional amount of $150.8 million and incurred $0.2 million loss which will be amortized as interest expense over the original life of the cancelled swaps. Concurrent with the cancellation, the Company entered into an interest rate swap with a notional amount of $143.0 million which was subsequently cancelled on September 30, 2021. The Company incurred an additional $0.2 million loss which will be amortized as interest expense over the original life of the cancelled swaps. The effect of derivative instruments on the Statement of Operations for the three and nine months ended September 30, 2021 and 2020 is below: Derivatives designated as hedging instruments Location of loss in Statements of Operations Effective portion of loss reclassified from Accumulated other comprehensive income/(loss) Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Interest rate swaps Interest expense $ (150,585) $ 105,114 $ (446,549) $ 105,114 The following table shows the interest rate swap asset and liabilities as of September 30, 2021 and December 31, 2020: Derivatives designated as hedging instruments Balance Sheet location September 30, 2021 December 31, 2020 Interest rate swap Fair value of derivatives - current/Current liabilities $ — $ 481,791 Interest rate swap Fair value of derivatives - noncurrent/Noncurrent liabilities $ — $ 650,607 The following table shows our open positions on FFAs as of September 30, 2021: FFA Period Average FFA Contract Price Number of Days Hedged Quarter ending December 31, 2021 $ 18,689 1260 Quarter ending March 31, 2022 22,407 315 Quarter ending June 30, 2022 22,086 315 Quarter ending September 30, 2022 21,735 315 Quarter ending December 31, 2022 21,486 315 |
Schedule of Non-Designated Derivative Instruments Effect on Statement of Operations | The effect of non-designated derivative instruments on the Condensed Consolidated Statements of Operations and Balance Sheets is as follows: For the Three Months Ended For the Nine Months Ended Derivatives not designated as hedging instruments Location of loss/(gain) in Statements of Operations September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 FFAs - realized loss Realized and unrealized loss/(gain) on derivative instruments, net $ 16,138,822 $ 2,088,537 $ 23,493,503 $ 1,404,060 FFAs - unrealized (gain)/loss Realized and unrealized loss/(gain) on derivative instruments, net (6,787,069) 1,230,727 24,381,810 3,327,509 Bunker swaps - realized gain Realized and unrealized loss/(gain) on derivative instruments, net (800,807) (1,059,570) (2,099,177) (8,295,136) Bunker swaps - unrealized loss/(gain) Realized and unrealized loss/(gain) on derivative instruments, net 439,622 711,659 (188,337) (467,107) Total $ 8,990,568 $ 2,971,353 $ 45,587,799 $ (4,030,674) Derivatives not designated as hedging instruments Balance Sheet location September 30, 2021 December 31, 2020 FFAs - Unrealized loss Fair value of derivatives - current/Current liabilities 24,381,091 — Bunker swaps - Unrealized gain Other current assets 1,097,484 352,399 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping | September 30, 2021 Fair Value Carrying Value (7) Level 1 Level 2 Assets Cash and cash equivalents (1) $ 125,644,368 $ 125,644,368 $ — Collateral on derivatives 31,369,664 31,369,664 — Other current assets (2) 1,097,484 — 1,097,484 Liabilities Norwegian Bond Debt (3) 176,000,000 — 179,960,000 New Ultraco Debt Facility (4) 158,671,371 — 158,671,371 Holdco Revolving Credit Facility (4) 24,000,000 — 24,000,000 Convertible Bond Debt (5) 114,119,000 — 171,178,500 Fair value of Derivatives - current (6) 24,381,091 — 24,381,091 December 31, 2020 Fair Value Carrying Value (7) Level 1 Level 2 Assets Cash and cash equivalents (1) $ 88,848,771 $ 88,848,771 $ — Other current assets (2) 483,739 131,340 352,399 Liabilities Norwegian Bond Debt (3) 180,000,000 — 173,250,000 New Ultraco Debt Facility (4) 166,429,594 — 166,429,594 Super Senior Facility (4) 15,000,000 — 15,000,000 Convertible Bond Debt (5) 114,120,000 — 92,748,748 Fair value of Derivatives - current and noncurrent (6) 1,132,398 — 1,132,398 (1) Includes restricted cash (current and noncurrent) of $25.6 million at September 30, 2021 and $18.9 million at December 31, 2020. (2) Relates to unrealized mark-to-market gains on bunker swaps as of September 30, 2021 and December 31, 2020. Includes $0.1 million of collateral on derivatives as of December 31, 2020. (3) The fair value of the bond is based on the last trades on September 20, 2021 and December 14, 2020 on Bloomberg.com. (4) The fair value of the liabilities is based on the required repayment to the lenders if the debt was discharged in full on September 30, 2021. (5) The fair value of the Convertible Bond Debt is based on the last trade on September 28, 2021 and December 21, 2020 on Bloomberg.com. (6) Includes $24.4 million of unrealized mark-to-market losses on FFAs as of September 30, 2021 and $1.1 million of unrealized losses on our interest swaps as of December 31, 2020. (7) The outstanding debt balances represent the face value of the debt excluding debt discount and debt issuance costs. |
Net income_(loss) per Common _2
Net income/(loss) per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table summarizes the calculation of basic and diluted income/(loss) per share: Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Net income/(loss) $ 78,341,270 $ (11,159,286) $ 97,415,605 $ (35,178,372) Weighted Average Shares - Basic 12,802,401 10,279,698 12,237,288 10,274,906 Dilutive effect of stock options, shares issuable under Convertible Bond Debt and restricted stock awards 3,133,973 — 3,117,193 — Weighted Average Shares - Diluted 15,936,374 10,279,698 15,354,481 10,274,906 Basic income/(loss) per share $ 6.12 $ (1.09) $ 7.96 $ (3.42) Diluted income/(loss) per share $ 4.92 $ (1.09) $ 6.34 $ (3.42) |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Non-Cash Compensation Expense for Stock Awards and Options Included in G&A | Stock-based compensation expense for all stock awards and options included in General and administrative expenses: Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Stock awards/Stock Option Plans $ 777,468 $ 741,021 $ 2,235,279 $ 2,300,444 |
Cash, cash equivalents, and R_2
Cash, cash equivalents, and Restricted cash (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of Cash and cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the amounts shown in the Condensed Consolidated Statements of Cash Flows: September 30, 2021 December 31, 2020 September 30, 2020 December 31, 2019 Cash and cash equivalents $ 100,011,694 $ 69,927,594 $ 83,408,816 $ 53,583,898 Restricted cash - current * 25,557,674 18,846,177 1,872,244 5,471,470 Restricted cash - noncurrent * 75,000 75,000 — 74,917 Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows $ 125,644,368 $ 88,848,771 $ 85,281,060 $ 59,130,285 *Amounts included in restricted cash posted to secure the letter of credit on our office leases and the cash posted to a defeasance account as of September 30, 2021 to be utilized for redemption of the Norwegian Bond Debt. The cash was used in redemption of the Norwegian Bond Debt which was repaid on October 18, 2021. |
Basis of Presentation and Gen_3
Basis of Presentation and General Information (Details) | 3 Months Ended | 9 Months Ended | ||||
Jun. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2021USD ($)banksegmentvesselt$ / shares | Sep. 30, 2020USD ($) | Mar. 31, 2021USD ($)$ / shares | Dec. 31, 2020$ / shares | May 04, 2018t | |
Property, Plant and Equipment [Line Items] | ||||||
Number of business segments | segment | 1 | |||||
Number of vessels | vessel | 52 | |||||
Dead weight tonnage of operating fleet | t | 3,128,107 | |||||
Average age of operating fleet | 9 years 1 month 6 days | |||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||||
Net proceeds from issuance of stock | $ | $ 27,200,000 | $ 27,242,417 | $ 0 | |||
ATM Offering | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Common stock, par value (in dollars per share) | $ 0.01 | |||||
Consideration authorized | $ | $ 50,000,000 | |||||
Shares issued (in shares) | shares | 581,385 | |||||
Weighted-average sales price (in dollars per share) | $ 47.97 | |||||
2013 Built Ultramax Vessel | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Dead weight tonnage of operating fleet | t | 61,425 | |||||
Number of vessels charted-in | vessel | 4 | |||||
Remaining lease term | 1 year | |||||
Supramax Vessels | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Vessels in operation | bank | 27 | |||||
Ultramax Vessels | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Vessels in operation | bank | 25 |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements - Time In Charter Contracts (Details) | Sep. 06, 2021$ / d | Jul. 08, 2021$ / d | Jun. 28, 2021$ / d | May 04, 2021$ / d | Dec. 22, 2020routet$ / d | Dec. 25, 2019$ / d | Dec. 09, 2018t$ / d | May 04, 2018t$ / d | Apr. 28, 2017t$ / d | Sep. 30, 2021USD ($)contractt | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Lessee, Lease, Description [Line Items] | ||||||||||||||
Number of contracts | contract | 5 | |||||||||||||
Dead weight tonnage of operating fleet | t | 3,128,107 | |||||||||||||
Fair value below contract value of time charters acquired | $ | $ 1,800,000 | |||||||||||||
Increase to lease modification right-of-use asset | $ | $ 1,000,000 | $ 4,500,000 | ||||||||||||
Increase to lease modification liability | $ | $ 1,000,000 | $ 4,500,000 | ||||||||||||
Operating lease right-of-use assets | $ | $ 22,845,697 | $ 7,540,871 | ||||||||||||
Operating lease, liability | $ | $ 22,838,928 | |||||||||||||
Minimum | ||||||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||||||
Operating lease, term of contract | 30 days | |||||||||||||
Incremental borrowing rate | 5.05% | |||||||||||||
Charters agreement term, extension option | 11 months | |||||||||||||
Maximum | ||||||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||||||
Operating lease, term of contract | 1 year | |||||||||||||
Incremental borrowing rate | 6.08% | |||||||||||||
Charters agreement term, extension option | 13 months | |||||||||||||
2013 Built Japanese Vessel | ||||||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||||||
Dead weight tonnage of operating fleet | t | 61,400 | |||||||||||||
Charters agreement term | 4 years | |||||||||||||
Charters agreement term, extension option | 2 years | |||||||||||||
Increase to lease liability and the corresponding right-of-use asset | $ | $ 5,000,000 | |||||||||||||
Discount rate | 1.36% | |||||||||||||
2013 Built Japanese Vessel | First Four Years | ||||||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||||||
Vessel hiring rate (in dollars per day) | $ / d | 12,800 | |||||||||||||
2013 Built Japanese Vessel | First Optional Year | ||||||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||||||
Vessel hiring rate (in dollars per day) | $ / d | 13,800 | 13,800 | ||||||||||||
2013 Built Japanese Vessel | Second Optional Year | ||||||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||||||
Vessel hiring rate (in dollars per day) | $ / d | 14,300 | |||||||||||||
2013 Built Ultramax Vessel | ||||||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||||||
Dead weight tonnage of operating fleet | t | 61,425 | |||||||||||||
Charters agreement term | 3 years | |||||||||||||
Charters agreement term, extension option | 2 years | |||||||||||||
Increase to lease liability and the corresponding right-of-use asset | $ | 5,800,000 | |||||||||||||
2013 Built Ultramax Vessel | First Optional Year | ||||||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||||||
Vessel hiring rate (in dollars per day) | $ / d | 13,750 | |||||||||||||
2013 Built Ultramax Vessel | Second Optional Year | ||||||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||||||
Vessel hiring rate (in dollars per day) | $ / d | 13,750 | 14,750 | ||||||||||||
Discount rate | 1.34% | |||||||||||||
2013 Built Ultramax Vessel | First Three Years | ||||||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||||||
Vessel hiring rate (in dollars per day) | $ / d | 12,700 | |||||||||||||
2016 Built Ultramax Vessel | ||||||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||||||
Dead weight tonnage of operating fleet | t | 62,487 | |||||||||||||
Charters agreement term | 2 years | |||||||||||||
2016 Built Ultramax Vessel | First Two Years | ||||||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||||||
Vessel hiring rate (in dollars per day) | $ / d | 11,600 | 14,250 | ||||||||||||
2016 Built Ultramax Vessel | Third Year Option | ||||||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||||||
Vessel hiring rate (in dollars per day) | $ / d | 15,250 | |||||||||||||
2016 Built Ultramax Vessel | Additional Year Option | ||||||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||||||
Vessel hiring rate (in dollars per day) | $ / d | 12,600 | |||||||||||||
Increase to lease liability and the corresponding right-of-use asset | $ | 4,300,000 | |||||||||||||
Discount rate | 1.38% | |||||||||||||
2021 Built Ultramax Vessel | ||||||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||||||
Dead weight tonnage of operating fleet | t | 63,634 | |||||||||||||
Charters agreement term | 12 months | |||||||||||||
Charters agreement term, extension option | 3 months | |||||||||||||
Discount rate | 1.33% | |||||||||||||
Charter agreement term, initial period | 15 months | |||||||||||||
Operating lease right-of-use assets | $ | 9,100,000 | |||||||||||||
Operating lease, liability | $ | $ 9,100,000 | |||||||||||||
2021 Built Ultramax Vessel | Minimum | ||||||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||||||
Charters agreement term | 12 months | |||||||||||||
2021 Built Ultramax Vessel | Maximum | ||||||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||||||
Charters agreement term | 15 months | |||||||||||||
2021 Built Ultramax Vessel | Additional Year Option | ||||||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||||||
Vessel hiring rate (in dollars per day) | $ / d | 10,750 | |||||||||||||
2021 Built Ultramax Vessel | Twelve Month Option | ||||||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||||||
Vessel hiring rate (in dollars per day) | $ / d | 5,900 | |||||||||||||
Vessel hire rate (usd per day) | 57.00% | |||||||||||||
Number of routes | route | 10 | |||||||||||||
2021 Built Ultramax Vessel | Three Month Option | ||||||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||||||
Vessel hiring rate (in dollars per day) | $ / d | 6,500 | |||||||||||||
Shared scrubber benefit | 50.00% | |||||||||||||
Chartered-in contracts greater than 12 months | ||||||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||||||
Number of contracts | contract | 4 | |||||||||||||
Operating lease right-of-use assets | $ | $ 20,712,287 | $ 6,207,253 | ||||||||||||
Operating lease, liability | $ | $ 20,705,519 |
Recent Accounting Pronounceme_4
Recent Accounting Pronouncements - Office Leases (Details) | Aug. 17, 2021USD ($) | Oct. 15, 2015USD ($) | Nov. 30, 2018USD ($) | Sep. 30, 2021USD ($)contract | Sep. 30, 2020contract | Sep. 30, 2021USD ($)contract | Sep. 30, 2020USD ($)contract | Dec. 31, 2020USD ($) |
Lessee, Lease, Description [Line Items] | ||||||||
Number of contracts | contract | 5 | |||||||
Operating lease liabilities current and noncurrent | $ (11,303,671) | $ (9,915,541) | ||||||
Letter of Credit | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Restricted cash, cash equivalents | $ 100,000 | $ 100,000 | $ 100,000 | |||||
Office leases | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Number of contracts | contract | 2 | 2 | 2 | 2 | ||||
Lease Agreement for Office Space in Stamford | Office leases | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Average annual rent expense | $ 400,000 | |||||||
Singapore Lease Arrangement | Office leases | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Average annual rent expense | $ 400,000 | $ 300,000 | ||||||
Office lease, renewal term | 5 years | |||||||
Increase to lease liability and the corresponding right-of-use asset | $ 1,300,000 | |||||||
Discount rate | 3.09% | |||||||
Additional Singapore Lease Arrangement | Office leases | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Average annual rent expense | $ 200,000 | |||||||
Office lease, renewal term | 4 years 10 months 24 days |
Recent Accounting Pronounceme_5
Recent Accounting Pronouncements - Operating Lease Assets and Liabilities (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Lessee, Lease, Description [Line Items] | |||
Operating lease right-of-use assets | $ 22,845,697 | $ 7,540,871 | |
Current portion of operating lease liabilities | 21,094,309 | 7,615,371 | |
Lease liabilities - long term | $ 1,744,619 | 686,422 | |
Discount rate | 5.48% | ||
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Discount rate | 1.33% | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Discount rate | 6.08% | ||
Weighted Average | |||
Lessee, Lease, Description [Line Items] | |||
Discount rate | 1.67% | ||
Chartered-in contracts greater than 12 months | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease right-of-use assets | $ 20,712,287 | 6,207,253 | |
Current portion of operating lease liabilities | 20,451,549 | 6,974,943 | |
Lease liabilities - long term | $ 253,970 | 0 | |
Discount rate | 5.37% | ||
Office leases | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease right-of-use assets | $ 2,133,410 | 1,333,618 | |
Current portion of operating lease liabilities | 642,760 | 640,428 | |
Lease liabilities - long term | $ 1,490,649 | $ 686,422 | |
Discount rate | 5.80% |
Recent Accounting Pronounceme_6
Recent Accounting Pronouncements - Lease Expense (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Lessee, Lease, Description [Line Items] | ||||
Sublease income from chartered-in contracts greater than 12 months * | $ 7,550,105 | $ 1,308,833 | $ 14,303,242 | $ 6,598,871 |
Charter hire expenses | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease expense for chartered-in contracts less than 12 months | 5,856,694 | 2,560,224 | 13,511,509 | 6,348,081 |
Operating lease, expense | 4,867,043 | 2,500,279 | 11,861,992 | 9,472,728 |
Lease cost | 10,723,737 | 5,060,503 | 25,373,501 | 15,820,809 |
General and administrative expenses | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease, expense | $ 188,880 | $ 185,525 | $ 465,269 | $ 548,349 |
Recent Accounting Pronounceme_7
Recent Accounting Pronouncements - Additional Information (Details) | Sep. 06, 2021route$ / d | Dec. 22, 2020 | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) |
Lessee, Lease, Description [Line Items] | |||||||
Cash paid on operating leases | $ 5,400,000 | $ 2,900,000 | $ 12,200,000 | $ 9,900,000 | |||
Weighted average remaining lease term | 1 year 2 months 27 days | 1 year 2 months 27 days | |||||
Revenues, net | $ 183,392,700 | 68,182,301 | $ 409,815,454 | 199,952,404 | |||
Deferred costs | 500,000 | 500,000 | $ 500,000 | ||||
Accounts receivable, reserve | 2,169,958 | 2,169,958 | $ 2,357,191 | ||||
Voyage In Progress | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Revenues, net | $ 8,600,000 | $ 600,000 | $ 16,800,000 | $ 4,600,000 | |||
2021 Built Ultramax Vessel | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Charters agreement term | 12 months | ||||||
2021 Built Ultramax Vessel | Twelve To Fifteen Month Option | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Vessel hiring rate (in dollars per day) | $ / d | 11,250 | ||||||
Vessel hire rate (usd per day) | 57.50% | ||||||
Number of routes | route | 10 | ||||||
2021 Built Ultramax Vessel | Additional Year Option | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Vessel hiring rate (in dollars per day) | $ / d | 10,750 | ||||||
Minimum | 2021 Built Ultramax Vessel | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Charters agreement term | 12 months | ||||||
Maximum | 2021 Built Ultramax Vessel | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Charters agreement term | 15 months |
Recent Accounting Pronounceme_8
Recent Accounting Pronouncements - Future Minimum Lease Payments (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Lessee, Lease, Description [Line Items] | ||
Discount rate upon adoption | 5.48% | |
Three months ending December 31, 2021 | $ 5,852,733 | |
2022 | 15,844,360 | |
2023 | 510,074 | |
2024 | 265,922 | |
2025 | 265,195 | |
2026 | 265,195 | |
2027 | 53,766 | |
Operating lease payments | 23,057,245 | |
Lease liabilities - short term | 21,094,309 | $ 7,615,371 |
Lease liabilities - long term | 1,744,619 | 686,422 |
Total lease liabilities | 22,838,928 | |
Discount based on incremental borrowing rate | $ 218,317 | |
Chartered-in contracts greater than 12 months | ||
Lessee, Lease, Description [Line Items] | ||
Discount rate upon adoption | 5.37% | |
Three months ending December 31, 2021 | $ 5,675,982 | |
2022 | 15,096,117 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
Operating lease payments | 20,772,099 | |
Lease liabilities - short term | 20,451,549 | 6,974,943 |
Lease liabilities - long term | 253,970 | 0 |
Total lease liabilities | 20,705,519 | |
Discount based on incremental borrowing rate | $ 66,580 | |
Office leases | ||
Lessee, Lease, Description [Line Items] | ||
Discount rate upon adoption | 5.80% | |
Three months ending December 31, 2021 | $ 176,751 | |
2022 | 748,243 | |
2023 | 510,074 | |
2024 | 265,922 | |
2025 | 265,195 | |
2026 | 265,195 | |
2027 | 53,766 | |
Operating lease payments | 2,285,146 | |
Lease liabilities - short term | 642,760 | 640,428 |
Lease liabilities - long term | 1,490,649 | $ 686,422 |
Total lease liabilities | 2,133,409 | |
Discount based on incremental borrowing rate | $ 151,737 |
Recent Accounting Pronounceme_9
Recent Accounting Pronouncements - Revenue Earned (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues, net | $ 183,392,700 | $ 68,182,301 | $ 409,815,454 | $ 199,952,404 |
Time charters | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues, net | 91,652,577 | 25,279,434 | 180,385,272 | 73,798,878 |
Voyage charters | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues, net | $ 91,740,123 | $ 42,902,867 | $ 229,430,182 | $ 126,153,526 |
Vessels - Additional Informatio
Vessels - Additional Information (Details) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2021USD ($)vessel | Jun. 30, 2021USD ($)vesselshares | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)vessel | Sep. 30, 2021USD ($)vessel | Sep. 30, 2020USD ($) | Jun. 01, 2021USD ($) | Mar. 31, 2021USD ($)vesselshares | Dec. 31, 2020USD ($)vessel | Sep. 30, 2018USD ($)vessel | |
Property, Plant and Equipment [Line Items] | ||||||||||
Number of vessels | vessel | 52 | 52 | 52 | |||||||
Number of vessels acquired | vessel | 4 | |||||||||
Issuance of shares upon conversion of warrants (in shares) | shares | 541,898 | |||||||||
(Gain)/loss on sale of vessel | $ 3,962,093 | $ (389,207) | $ 3,962,093 | $ (389,207) | ||||||
Amount of unamortized drydock cost options written off | 300,000 | 300,000 | ||||||||
Amount recorded in balance sheet | 2,200,000 | $ 0 | ||||||||
Warrants Issued For Consideration | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Warrant for common stock (in shares) | shares | 541,898 | |||||||||
Fair value of warrants issued as consideration for vessel purchases | $ 10,700,000 | |||||||||
High-Specification Scrubber-Fitted Ultramax Bulkcarriers | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Number of vessels acquired | vessel | 2 | 3 | ||||||||
Vessel purchase price | $ 22,200,000 | $ 44,000,000 | $ 22,200,000 | $ 22,200,000 | $ 15,300,000 | $ 51,500,000 | ||||
Number of vessels delivered | vessel | 1 | |||||||||
High-Specification Scrubber-Fitted Ultramax Bulkcarriers | Warrants Issued For Consideration | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Warrant for common stock (in shares) | shares | 212,315 | |||||||||
Crown-58 Supramax Bulkcarriers | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Number of vessels acquired | vessel | 3 | |||||||||
Vessel purchase price | $ 22,400,000 | |||||||||
Number of vessels delivered | vessel | 4 | |||||||||
Crown-58 Supramax Bulkcarriers | Warrants Issued For Consideration | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Warrant for common stock (in shares) | shares | 329,583 | |||||||||
Ballast Water Treatment System | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Number of vessels | vessel | 39 | |||||||||
Projected project costs | $ 500,000 | |||||||||
Number of vessels, installation completed | vessel | 17 | 17 | 17 | |||||||
Amount recorded in balance sheet | $ 8,500,000 | |||||||||
Scrubbers and BWTS reclassified | 5,300,000 | |||||||||
Vessel Tern | ||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||
Total consideration for vessel purchase | $ 9,200,000 | |||||||||
(Gain)/loss on sale of vessel | $ 4,000,000 | $ 4,000,000 |
Vessels - Vessel and Vessel Imp
Vessels - Vessel and Vessel Improvements (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Movement in Property, Plant and Equipment [Roll Forward] | ||
Advances paid for vessel purchases as of December 31, 2020 | $ 2,200,000 | $ 0 |
Vessels and Vessel Improvements | ||
Movement in Property, Plant and Equipment [Roll Forward] | ||
Vessels and vessel improvements, beginning balance | 810,713,959 | |
Purchase of vessels and vessel improvements | 109,884,516 | |
Advances paid for vessel purchases as of December 31, 2020 | 3,250,000 | |
Fair value of warrants issued as consideration for vessel purchases | 10,679,988 | |
Sale of vessel | (4,885,998) | |
Scrubbers and BWTS | 1,505,004 | |
Depreciation expense | (32,742,401) | |
Vessels and vessel improvements, ending balance | $ 898,405,068 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||
Long-term debt | $ 472,790,371 | ||
Current portion of long-term debt | $ (42,666,521) | $ (39,244,297) | |
Total long-term debt | 387,347,001 | 412,931,021 | |
Norwegian Bond Debt Facility | |||
Debt Instrument [Line Items] | |||
Long-term debt | 176,000,000 | ||
Total long-term debt | 166,351,589 | 169,290,230 | |
New Ultraco Debt Facility | |||
Debt Instrument [Line Items] | |||
Long-term debt | 158,671,371 | ||
Total long-term debt | 121,182,097 | 132,083,949 | |
Holdco Revolving Facility | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 24,000,000 | ||
Super Senior Facility | |||
Debt Instrument [Line Items] | |||
Total long-term debt | 0 | 14,896,357 | |
Convertible Debt | Convertible Bond Debt | |||
Debt Instrument [Line Items] | |||
Long-term debt | 114,119,000 | 114,120,000 | |
Debt discount and debt issuance costs | (14,305,685) | (17,459,515) | |
Long-term debt, net of debt discount and debt issuance costs | 99,813,315 | 96,660,485 | |
Senior Subordinated Notes | Norwegian Bond Debt Facility | |||
Debt Instrument [Line Items] | |||
Long-term debt | 176,000,000 | 180,000,000 | |
Debt discount and debt issuance costs | (1,648,411) | (2,709,770) | |
Current portion of long-term debt | (8,000,000) | (8,000,000) | |
Long-term debt, net of debt discount and debt issuance costs | 166,351,589 | 169,290,230 | |
Term Loan | New Ultraco Debt Facility | |||
Debt Instrument [Line Items] | |||
Long-term debt | 158,671,371 | 166,429,594 | |
Debt discount and debt issuance costs | (2,822,753) | (3,101,348) | |
Current portion of long-term debt | (34,666,521) | (31,244,297) | |
Long-term debt, net of debt discount and debt issuance costs | 121,182,097 | 132,083,949 | |
Term Loan | Holdco Revolving Facility | |||
Debt Instrument [Line Items] | |||
Long-term debt | 24,000,000 | 0 | |
Debt discount and debt issuance costs | (178,323) | 0 | |
Current portion of long-term debt | (23,821,677) | 0 | |
Long-term debt, net of debt discount and debt issuance costs | 0 | 0 | |
Line of Credit | Super Senior Facility | |||
Debt Instrument [Line Items] | |||
Long-term debt | 0 | 15,000,000 | |
Debt discount and debt issuance costs | 0 | (103,643) | |
Long-term debt, net of debt discount and debt issuance costs | $ 0 | $ 14,896,357 |
Debt - Convertible Bond Debt (D
Debt - Convertible Bond Debt (Details) | Jul. 29, 2019USD ($)vessel$ / sharesshares | Sep. 30, 2021USD ($)numberOfBondsshares | Sep. 30, 2021USD ($)numberOfBonds | Sep. 30, 2020USD ($) |
Debt Instrument [Line Items] | ||||
Number of vessels acquired | vessel | 6 | |||
Cash paid to bondholder upon conversion of Convertible Bond Debt | $ 23 | $ 0 | ||
Convertible Senior Notes due 2024 | Convertible Debt | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 114,100,000 | |||
Interest Rate Swap detail | 5.00% | |||
Debt issuance costs | $ 1,600,000 | |||
Conversion premium (in shares) | shares | 25.453 | |||
Conversion price (in dollars per share) | $ / shares | $ 39.29 | |||
Convertible Senior Notes due 2024 | Convertible Debt | Debt Instrument, Redemption, Period Two | ||||
Debt Instrument [Line Items] | ||||
Redemption price percentage | 100.00% | |||
Convertible Senior Notes due 2024 | Convertible Debt | Other Liabilities | ||||
Debt Instrument [Line Items] | ||||
Debt issuance costs | $ 1,000,000 | |||
Convertible Bond Debt | ||||
Debt Instrument [Line Items] | ||||
Net proceeds | 112,500,000 | |||
Conversion premium per principal amount of notes | $ 1,000 | |||
Number of bonds converted | numberOfBonds | 1 | 1 | ||
Amount of converted bond | $ 1,000 | |||
Shares issued to settle conversion (in shares) | shares | 25 | |||
Credit Default Option | Unsecured Debt | ||||
Debt Instrument [Line Items] | ||||
Amount of principal amount eligible for declaration in case of default | 25.00% | |||
Amount of notes to be due and payable | 100.00% | |||
Convertible Bond Debt | ||||
Debt Instrument [Line Items] | ||||
Cash paid to bondholder upon conversion of Convertible Bond Debt | $ 23 |
Debt - Share Lending Agreement
Debt - Share Lending Agreement (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2020 | Jul. 29, 2019 | |
Debt Instrument [Line Items] | |||
Common stock outstanding (in shares) | 12,863,998 | 11,661,797 | |
Affiliated Entity | Jefferies Capital Services LLC | |||
Debt Instrument [Line Items] | |||
Commons stock available to affiliate (in shares) | 511,840 | ||
Common stock outstanding (in shares) | 500,000 | ||
Outstanding loaned shares | $ 25,800 | ||
Nominal fee per borrowed share | $ 30 | ||
Shares subject to become issued and outstanding in case of restructuring proceedings (in shares) | 500,000 |
Debt - New Ultraco Debt Facilit
Debt - New Ultraco Debt Facility (Details) - New Ultraco Debt Facility | Apr. 05, 2021USD ($) | Jan. 25, 2019USD ($)vessel | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Jun. 09, 2020USD ($)vessel | Oct. 04, 2019USD ($) |
Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Proceeds from debt | $ 55,000,000 | $ 55,000,000 | ||||||
Line of Credit | Secured Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Increase to borrowing capacity | $ 16,500,000 | |||||||
Increase to borrowing capacity based on market fair value | 50.00% | |||||||
Increase to borrowing amount, per additional vessel | $ 5,500,000 | |||||||
Fee related to amendment | $ 200,000 | |||||||
Proceeds from debt | $ 16,500,000 | $ 16,500,000 | $ 16,500,000 | $ 22,550,000 | ||||
Line of Credit | Eagle Bulk Ultraco LLC | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 208,400,000 | $ 22,600,000 | $ 34,300,000 | |||||
Potential increase in maximum principal amount | 60,000,000 | |||||||
Debt issuance costs | 3,100,000 | $ 400,000 | $ 400,000 | |||||
Number of vessels secured | vessel | 2 | |||||||
Deferred financing costs | $ 200,000 | |||||||
Maximum cumulative payable | $ 4,600,000 | |||||||
Line of Credit | Eagle Bulk Ultraco LLC | Ultraco Lenders | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of vessels secured by first priority mortgage | vessel | 29 | |||||||
Minimum liquidity threshold | $ 600,000 | |||||||
Debt instrument, covenant, percentage of consolidated total debt minimum threshold | 7.50% | |||||||
Minimum ratio of consolidated tangible assets to consolidated total assets covenant | 0.30 | |||||||
Line of Credit | Eagle Bulk Ultraco LLC | Ultraco Lenders | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest coverage ratio | 1.50 | |||||||
Line of Credit | Eagle Bulk Ultraco LLC | Ultraco Lenders | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest coverage ratio | 2.50 | |||||||
Line of Credit | Eagle Bulk Ultraco LLC | Effective Date, First Year | Ultraco Lenders | ||||||||
Debt Instrument [Line Items] | ||||||||
Periodic principal payment | $ 5,100,000 | |||||||
Line of Credit | Eagle Bulk Ultraco LLC | Effective Date, Second Year To Maturity | Ultraco Lenders | ||||||||
Debt Instrument [Line Items] | ||||||||
Periodic principal payment | $ 8,700,000 | |||||||
Line of Credit | Eagle Bulk Ultraco LLC | LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 2.50% | |||||||
Line of Credit | Eagle Bulk Ultraco LLC | Secured Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 153,400,000 | |||||||
Line of Credit | Eagle Bulk Ultraco LLC | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Revolving credit facility amount | 55,000,000 | |||||||
Total availability in the revolving credit facility | $ 55,000,000 |
Debt - Norwegian Bond Debt (Det
Debt - Norwegian Bond Debt (Details) | Nov. 28, 2017USD ($)vessel | Sep. 30, 2021USD ($)vessel | Sep. 30, 2021USD ($)vessel | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($)vessel | Dec. 31, 2019USD ($)vessel | Jul. 29, 2019vessel | Dec. 31, 2018vessel |
Debt Instrument [Line Items] | ||||||||
Number of vessels sold | vessel | 1 | 1 | ||||||
Proceeds from sale of vessel | $ 9,159,077 | $ 4,594,081 | ||||||
Number of vessels acquired | vessel | 6 | |||||||
Proceeds transferred to defeasance account | 13,800,000 | |||||||
Restricted cash - current | $ 25,557,674 | 25,557,674 | $ 1,872,244 | $ 18,846,177 | $ 5,471,470 | |||
Defeasance Deposit | ||||||||
Debt Instrument [Line Items] | ||||||||
Cash transferred to defeasance account | 11,800,000 | |||||||
Restricted cash - current | $ 25,600,000 | $ 25,600,000 | ||||||
Vessel Goldeneye, Skua, Osprey, Hawk and Shrike | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of vessels sold | vessel | 5 | |||||||
Proceeds from sale of vessel | $ 23,200,000 | |||||||
Vessels Kestrel, Thrasher, Condor, Merlin And Thrush | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of vessels sold | vessel | 5 | 5 | ||||||
Proceeds from sale of vessel | $ 40,400,000 | |||||||
Ultramax Vessels | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of vessels acquired | vessel | 2 | 2 | ||||||
Payments to acquire vessels | $ 36,100,000 | |||||||
Shipco Vessels | ||||||||
Debt Instrument [Line Items] | ||||||||
Proceeds from sale of vessel | $ 23,600,000 | |||||||
Eagle Bulk Shipco LLC | ||||||||
Debt Instrument [Line Items] | ||||||||
Payments of financing costs | $ 1,300,000 | |||||||
Norwegian Bond Debt Facility | Senior Subordinated Notes | Eagle Bulk Shipco LLC | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | $ 200,000,000 | |||||||
Interest Rate Swap detail | 8.25% | |||||||
Original issue discount rate | 1.00% | |||||||
Debt issuance costs, gross | $ 3,100,000 | |||||||
Proceeds from issuance of senior long-term debt | $ 195,000,000 | |||||||
Number of vessels secured | vessel | 19 | |||||||
Maximum leverage ratio | 75.00% | |||||||
Minimum liquidity threshold | $ 12,500,000 | $ 12,500,000 | ||||||
Norwegian Bond Debt Facility | Senior Subordinated Notes | Eagle Bulk Shipco LLC | Debt Instrument, Redemption, Period Two | ||||||||
Debt Instrument [Line Items] | ||||||||
Redemption price percentage | 101.00% |
Debt - Super Senior Facility (D
Debt - Super Senior Facility (Details) - USD ($) | Dec. 08, 2017 | Nov. 28, 2017 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Debt Instrument [Line Items] | ||||||
Loss on debt extinguishment | $ 99,033 | $ 0 | $ 99,033 | $ 0 | ||
Eagle Bulk Shipco LLC | ||||||
Debt Instrument [Line Items] | ||||||
Payments of financing costs | $ 1,300,000 | |||||
Super Senior Facility | Line of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Loss on debt extinguishment | $ 100,000 | $ 100,000 | ||||
Revolving Credit Facility | Super Senior Facility | Line of Credit | Eagle Bulk Shipco LLC | ||||||
Debt Instrument [Line Items] | ||||||
Revolving credit facility amount | $ 15,000,000 | |||||
Payments of financing costs | $ 300,000 |
Debt - Holdco RCF Credit Agreem
Debt - Holdco RCF Credit Agreement (Details) - Eagle Bulk Shipco LLC | Mar. 26, 2021USD ($)vessel | Nov. 28, 2017USD ($) |
Debt Instrument [Line Items] | ||
Payments of financing costs | $ 1,300,000 | |
Holdco RCF Credit Agreement | Line of Credit | Ultramax Vessels Owned | ||
Debt Instrument [Line Items] | ||
Number of vessels secured | vessel | 3 | |
Revolving Credit Facility | Holdco RCF Credit Agreement | Line of Credit | ||
Debt Instrument [Line Items] | ||
Revolving credit facility amount | $ 35,000,000 | |
Revolving credit facility amount based on fair market value | 65.00% | |
Payments of financing costs | $ 200,000 | |
Debt covenant, cash threshold per vessel | $ 600,000 | |
Debt covenant, consolidated debt of the company | 7.50% | |
Debt covenant, minimum value adjusted tangible equity of total assets | 30.00% | |
Revolving Credit Facility | Holdco RCF Credit Agreement | Line of Credit | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.40% |
Debt - Interest Rates (Details)
Debt - Interest Rates (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
New Ultraco Debt Facility | ||||
Debt Instrument [Line Items] | ||||
Commitment fee percentage | 40.00% | 40.00% | 40.00% | 40.00% |
Norwegian Bond Debt Facility | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 8.25% | 8.25% | ||
Norwegian Bond Debt Facility | Senior Subordinated Notes | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 8.25% | 8.25% | ||
Super Senior Facility | ||||
Debt Instrument [Line Items] | ||||
Commitment fee percentage | 40.00% | 40.00% | ||
Super Senior Facility | Senior Subordinated Notes | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.79% | 2.58% | 3.19% | |
Holdco Revolving Facility | ||||
Debt Instrument [Line Items] | ||||
Commitment fee percentage | 40.00% | 40.00% | ||
Holdco Revolving Facility | Senior Subordinated Notes | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.55% | |||
Minimum | Convertible Bond Debt | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.00% | 500.00% | 5.00% | 500.00% |
Minimum | New Ultraco Debt Facility | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.61% | 2.73% | 2.60% | 2.73% |
Minimum | Super Senior Facility | Senior Subordinated Notes | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.43% | 2.24% | 2.89% | |
Minimum | Holdco Revolving Facility | Senior Subordinated Notes | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.55% | |||
Weighted Average | Convertible Bond Debt | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 10.14% | 10.14% | 10.14% | 10.14% |
Weighted Average | New Ultraco Debt Facility | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.56% | 4.23% | ||
Weighted Average | New Ultraco Debt Facility | Senior Subordinated Notes | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.39% | 3.28% | ||
Weighted Average | Norwegian Bond Debt Facility | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 9.01% | 8.96% | ||
Weighted Average | Norwegian Bond Debt Facility | Senior Subordinated Notes | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 9.05% | 9.02% | ||
Weighted Average | Holdco Revolving Facility | Senior Subordinated Notes | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 6.15% | 5.61% | ||
Maximum | New Ultraco Debt Facility | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.68% | 4.28% | 2.72% | 4.68% |
Maximum | Holdco Revolving Facility | Senior Subordinated Notes | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 2.60% |
Debt - Schedule of Interest Exp
Debt - Schedule of Interest Expense (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Debt Instrument [Line Items] | ||||
Amortization of debt discount and debt issuance costs | $ 1,975,792 | $ 1,608,800 | $ 5,442,978 | $ 4,654,871 |
Commitment fees on revolving credit facilities | 178,875 | 0 | 361,930 | 196,823 |
Total Interest expense | 8,511,117 | 8,954,200 | 25,561,676 | 26,883,094 |
Convertible Debt | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, interest | 1,426,467 | 1,426,500 | 4,279,467 | 4,279,450 |
Holdco Revolving Facility | ||||
Debt Instrument [Line Items] | ||||
Debt, interest expense | 156,086 | 0 | 313,918 | 0 |
New Ultraco Debt Facility | ||||
Debt Instrument [Line Items] | ||||
Debt, interest expense | 1,063,230 | 1,946,446 | 4,068,481 | 6,052,556 |
Norwegian Bond Debt Facility | ||||
Debt Instrument [Line Items] | ||||
Debt, interest expense | 3,710,667 | 3,879,333 | 11,065,084 | 11,575,667 |
Super Senior Facility | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, interest | $ 0 | $ 93,121 | $ 29,818 | $ 123,727 |
Debt - Schedule of Maturities o
Debt - Schedule of Maturities of Principal Amounts of Debt Obligations (Details) | Jun. 30, 2021USD ($) |
Debt Instrument [Line Items] | |
Three months ending December 31, 2021 | $ 36,666,630 |
2022 | 206,666,521 |
2023 | 34,666,521 |
2024 | 194,790,699 |
Long-term debt | 472,790,371 |
Norwegian Bond Debt Facility | |
Debt Instrument [Line Items] | |
Three months ending December 31, 2021 | 4,000,000 |
2022 | 172,000,000 |
2023 | 0 |
2024 | 0 |
Long-term debt | 176,000,000 |
New Ultraco Debt Facility | |
Debt Instrument [Line Items] | |
Three months ending December 31, 2021 | 8,666,630 |
2022 | 34,666,521 |
2023 | 34,666,521 |
2024 | 80,671,699 |
Long-term debt | 158,671,371 |
Convertible Senior Notes due 2024 | |
Debt Instrument [Line Items] | |
Three months ending December 31, 2021 | 0 |
2022 | 0 |
2023 | 0 |
2024 | 114,119,000 |
Long-term debt | 114,119,000 |
Holdco Revolving Facility | |
Debt Instrument [Line Items] | |
Three months ending December 31, 2021 | 24,000,000 |
2022 | 0 |
2023 | 0 |
2024 | 0 |
Long-term debt | $ 24,000,000 |
Derivative Instruments - Summar
Derivative Instruments - Summary of Interest Rate Swaps (Details) - Interest Rate Swap - USD ($) | Sep. 30, 2021 | Aug. 31, 2021 | Dec. 31, 2020 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Notional Amount outstanding | $ 0 | $ 166,429,594 | |
Amount of cancelled interest rate swap | 143,000,000 | $ 150,800,000 | |
Amount of loss incurred on canceled interest rate swap | $ 200,000 | $ 200,000 | |
March 31, 2020 | New Ultraco Debt Facility | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Fixed interest rate | 0.64% | ||
Notional Amount outstanding | $ 0 | 72,452,297 | |
April 15, 2020 | New Ultraco Debt Facility | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Fixed interest rate | 0.58% | ||
Notional Amount outstanding | $ 0 | 36,226,149 | |
June 25, 2020 | New Ultraco Debt Facility | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Fixed interest rate | 0.50% | ||
Notional Amount outstanding | $ 0 | $ 57,751,148 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Details) | 9 Months Ended | |
Sep. 30, 2021USD ($)bankt$ / T | Dec. 31, 2020USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) expected to be reclassified into the earnings within the next twelve months | $ (200,000) | |
Number of applicable banks and financial institutions company has agreements with | bank | 2 | |
Collateral related to derivative instruments under collateral security arrangements | $ 31,369,664 | $ 0 |
High Sulfur Fuel Cost Spread | Expiring In 2020 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative notional mass (metric tons) | t | 10,750 | |
High Sulfur Fuel Cost Spread | Expiring In 2020 | Minimum | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative contract price (usd per metric ton) | $ / T | 272 | |
High Sulfur Fuel Cost Spread | Expiring In 2020 | Maximum | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative contract price (usd per metric ton) | $ / T | 453 | |
FFAs - realized loss | Other current assets | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Collateral related to derivative instruments under collateral security arrangements | $ 31,400,000 | $ 100,000 |
Derivative Instruments - Effect
Derivative Instruments - Effect of Derivative Instruments on the Statement of Operations (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest Rate Swap | Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest expense | $ (150,585) | $ 105,114 | $ (446,549) | $ 105,114 |
Derivative Instruments - Intere
Derivative Instruments - Interest Rate Swap Asset and Liabilities (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Fair value of derivatives - current | $ 24,381,090 | $ 481,791 |
Fair value of derivatives - noncurrent | 0 | 650,607 |
Fair value of derivatives - current | Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Fair value of derivatives - current | 0 | 481,791 |
Fair value of derivatives - noncurrent | Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Fair value of derivatives - noncurrent | $ 0 | $ 650,607 |
Derivative Instruments - Open P
Derivative Instruments - Open Positions on Forward Freight Agreements (Details) - Forecast - Forward Freight Agreement - USD ($) | 3 Months Ended | ||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Average FFA Contract Price | $ 21,486 | $ 21,735 | $ 22,086 | $ 22,407 | $ 18,689 |
Number of Days Hedged | 315 days | 315 days | 315 days | 315 days | 1260 days |
Derivative Instruments - Effe_2
Derivative Instruments - Effect of Non-Designated Derivative Instruments on the Condensed Consolidated Statements of Operations and Balance Sheets (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative liability | $ 24,381,091 | $ 24,381,091 | $ 1,132,398 | ||
Level 2 | Not Designated as Hedging Instrument | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivatives not designated as hedging instruments, location of (gain)/loss recognized | 8,990,568 | $ 2,971,353 | 45,587,799 | $ (4,030,674) | |
FFAs - realized loss | Level 2 | Not Designated as Hedging Instrument | Other current assets | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative asset | 1,097,484 | 1,097,484 | 352,399 | ||
FFAs - realized loss | Level 2 | Not Designated as Hedging Instrument | Realized and unrealized loss/(gain) on derivative instruments, net | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivatives not designated as hedging instruments, location of (gain)/loss recognized | 16,138,822 | 2,088,537 | 23,493,503 | 1,404,060 | |
FFAs - unrealized (gain)/loss | Level 2 | Not Designated as Hedging Instrument | Realized and unrealized loss/(gain) on derivative instruments, net | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivatives not designated as hedging instruments, location of (gain)/loss recognized | (6,787,069) | 1,230,727 | 24,381,810 | 3,327,509 | |
Bunker swaps - realized gain | Level 2 | Not Designated as Hedging Instrument | Realized and unrealized loss/(gain) on derivative instruments, net | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivatives not designated as hedging instruments, location of (gain)/loss recognized | (800,807) | (1,059,570) | (2,099,177) | (8,295,136) | |
Bunker swaps - unrealized loss/(gain) | Level 2 | Not Designated as Hedging Instrument | Fair value of derivatives | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative liability | 24,381,091 | 24,381,091 | $ 0 | ||
Bunker swaps - unrealized loss/(gain) | Level 2 | Not Designated as Hedging Instrument | Realized and unrealized loss/(gain) on derivative instruments, net | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivatives not designated as hedging instruments, location of (gain)/loss recognized | $ 439,622 | $ 711,659 | $ (188,337) | $ (467,107) |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Assets | |||||
Cash and cash equivalents | $ 125,644,368 | $ 125,644,368 | $ 88,848,771 | ||
Collateral on derivatives | 31,369,664 | 31,369,664 | 0 | ||
Other current assets | 1,097,484 | 1,097,484 | 483,739 | ||
Liabilities | |||||
Fair value of Derivatives - current and noncurrent | 24,381,091 | 24,381,091 | 1,132,398 | ||
Restricted cash | 25,600,000 | 25,600,000 | 18,900,000 | ||
FFAs - realized loss | Other current assets | |||||
Assets | |||||
Collateral on derivatives | 31,400,000 | 31,400,000 | 100,000 | ||
Norwegian Bond Debt Facility | |||||
Liabilities | |||||
Debt instrument | 176,000,000 | 176,000,000 | 180,000,000 | ||
New Ultraco Debt Facility | |||||
Liabilities | |||||
Debt instrument | 158,671,371 | 158,671,371 | 166,429,594 | ||
Holdco Revolving Facility | |||||
Liabilities | |||||
Debt instrument | 24,000,000 | 24,000,000 | |||
Convertible Bond Debt | |||||
Liabilities | |||||
Debt instrument | 114,119,000 | 114,119,000 | 114,120,000 | ||
Super Senior Facility | |||||
Liabilities | |||||
Debt instrument | 15,000,000 | ||||
Level 2 | |||||
Assets | |||||
Other current assets | 352,399 | ||||
Level 2 | Not Designated as Hedging Instrument | |||||
Liabilities | |||||
Derivatives not designated as hedging instruments, location of (gain)/loss recognized | 8,990,568 | $ 2,971,353 | 45,587,799 | $ (4,030,674) | |
Level 2 | FFAs - realized loss | Not Designated as Hedging Instrument | Realized and unrealized loss/(gain) on derivative instruments, net | |||||
Liabilities | |||||
Derivatives not designated as hedging instruments, location of (gain)/loss recognized | 16,138,822 | 2,088,537 | 23,493,503 | 1,404,060 | |
Level 2 | FFAs - unrealized (gain)/loss | Not Designated as Hedging Instrument | Realized and unrealized loss/(gain) on derivative instruments, net | |||||
Liabilities | |||||
Derivatives not designated as hedging instruments, location of (gain)/loss recognized | (6,787,069) | $ 1,230,727 | 24,381,810 | $ 3,327,509 | |
Level 2 | Interest Rate Swap | Not Designated as Hedging Instrument | Realized and unrealized loss/(gain) on derivative instruments, net | |||||
Liabilities | |||||
Derivatives not designated as hedging instruments, location of (gain)/loss recognized | 1,100,000 | ||||
Recurring | Level 1 | |||||
Assets | |||||
Cash and cash equivalents | 125,644,368 | 125,644,368 | 88,848,771 | ||
Collateral on derivatives | 31,369,664 | 31,369,664 | |||
Other current assets | 0 | 0 | 131,340 | ||
Liabilities | |||||
Fair value of Derivatives - current and noncurrent | 0 | 0 | 0 | ||
Recurring | Level 1 | Norwegian Bond Debt Facility | |||||
Liabilities | |||||
Debt instrument | 0 | 0 | 0 | ||
Recurring | Level 1 | New Ultraco Debt Facility | |||||
Liabilities | |||||
Debt instrument | 0 | 0 | 0 | ||
Recurring | Level 1 | Holdco Revolving Facility | |||||
Liabilities | |||||
Debt instrument | 0 | 0 | |||
Recurring | Level 1 | Convertible Bond Debt | |||||
Liabilities | |||||
Debt instrument | 0 | 0 | 0 | ||
Recurring | Level 1 | Super Senior Facility | |||||
Liabilities | |||||
Debt instrument | 0 | ||||
Recurring | Level 2 | |||||
Assets | |||||
Cash and cash equivalents | 0 | 0 | 0 | ||
Collateral on derivatives | 0 | 0 | |||
Other current assets | 1,097,484 | 1,097,484 | |||
Liabilities | |||||
Fair value of Derivatives - current and noncurrent | 24,381,091 | 24,381,091 | 1,132,398 | ||
Recurring | Level 2 | Norwegian Bond Debt Facility | |||||
Liabilities | |||||
Debt instrument | 179,960,000 | 179,960,000 | 173,250,000 | ||
Recurring | Level 2 | New Ultraco Debt Facility | |||||
Liabilities | |||||
Debt instrument | 158,671,371 | 158,671,371 | 166,429,594 | ||
Recurring | Level 2 | Holdco Revolving Facility | |||||
Liabilities | |||||
Debt instrument | 24,000,000 | 24,000,000 | |||
Recurring | Level 2 | Convertible Bond Debt | |||||
Liabilities | |||||
Debt instrument | $ 171,178,500 | $ 171,178,500 | 92,748,748 | ||
Recurring | Level 2 | Super Senior Facility | |||||
Liabilities | |||||
Debt instrument | $ 15,000,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Other operating expense related to government investigation | $ 0.8 | $ 2.3 |
Net income_(loss) per Common _3
Net income/(loss) per Common Share - Additional Information (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Warrant | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from earnings per share computation (in shares) | 21,718 | 21,752 | 21,718 | 21,752 |
Restricted Shares | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from earnings per share computation (in shares) | 28,046 | 28,046 | ||
Stock Compensation Plan | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from earnings per share computation (in shares) | 222,775 | 222,775 | ||
Employee Stock Option | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from earnings per share computation (in shares) | 326,024 | 326,024 |
Net income_(loss) per Common _4
Net income/(loss) per Common Share - Loss Per Share, Basic and Diluted (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||||||
Net income/(loss) | $ 78,341,270 | $ 9,225,025 | $ 9,849,310 | $ (11,159,286) | $ (20,491,327) | $ (3,527,759) | $ 97,415,605 | $ (35,178,372) |
Weighted Average Shares - Basic (in shares) | 12,802,401 | 10,279,698 | 12,237,288 | 10,274,906 | ||||
Dilutive effect of stock options, shares issuable under Convertible Bond Debt and restricted stock awards (in shares) | 3,133,973 | 0 | 3,117,193 | 0 | ||||
Weighted Average Shares - Diluted (in shares) | 15,936,374 | 10,279,698 | 15,354,481 | 10,274,906 | ||||
Basic income/(loss) (in usd per share) | $ 6.12 | $ (1.09) | $ 7.96 | $ (3.42) | ||||
Diluted income/(loss) (in usd per share) | $ 4.92 | $ (1.09) | $ 6.34 | $ (3.42) |
Stock Incentive Plans - Additio
Stock Incentive Plans - Additional Information (Details) | Sep. 03, 2021USD ($)companyshares | Feb. 19, 2021USD ($)shares | Jun. 07, 2019shares | Dec. 31, 2021USD ($) | Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2020USD ($) | Dec. 31, 2023USD ($) | Dec. 31, 2022USD ($) | Dec. 31, 2020$ / sharesshares | Dec. 15, 2016shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Stock-based compensation expense | $ | $ 777,468 | $ 741,021 | $ 2,235,279 | $ 2,300,444 | ||||||||
Number of vested options (in shares) | 309,163 | 309,163 | 312,591 | |||||||||
Exercise price (in usd per share) | $ / shares | $ 38.92 | $ 38.92 | ||||||||||
Stock options exercised (in shares) | 16,428 | |||||||||||
Shares of common stock issued (in shares) | 4,974 | |||||||||||
Stock options cancelled (in shares) | 11,454 | |||||||||||
Forecast | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Allocated share based compensation expense | $ | $ 1,100,000 | $ 1,000,000 | $ 2,600,000 | |||||||||
Minimum | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Exercise price (in usd per share) | $ / shares | $ 29.96 | $ 29.96 | $ 29.96 | |||||||||
Maximum | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Exercise price (in usd per share) | $ / shares | $ 38.92 | |||||||||||
Restricted Stock | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Restricted shares granted (in shares) | 92,327 | |||||||||||
Restricted shares granted in period, aggregate fair value | $ | $ 2,800,000 | |||||||||||
Award vesting period | 3 years | |||||||||||
Restricted Stock | Director | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Stock options granted (in shares) | 4,341 | |||||||||||
Options granted, fair value | $ | $ 100,000 | |||||||||||
Stock-based compensation expense | $ | $ 400,000 | $ 1,300,000 | ||||||||||
Restricted Stock, Time Based Awards | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Restricted shares granted (in shares) | 17,727 | |||||||||||
Restricted Stock, Performance Based | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Equity compensation plan, shares authorized (in shares) | 53,182 | |||||||||||
Restricted Stock, EPS Performance | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Restricted shares granted (in shares) | 35,454 | |||||||||||
Restricted Stock, TSR Performance | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Restricted shares granted (in shares) | 17,728 | |||||||||||
2016 Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Equity compensation plan, shares authorized (in shares) | 1,121,229 | 764,087 | ||||||||||
Equity compensation plan, additional shares authorized (in shares) | 357,142 | |||||||||||
2016 Plan | Restricted Stock, Time Based Awards | Senior management | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Restricted shares granted in period, aggregate fair value | $ | $ 900,000 | |||||||||||
Award vesting period | 3 years | |||||||||||
Stock-based compensation expense | $ | 50,000 | 50,000 | ||||||||||
2016 Plan | Restricted Stock, EPS Performance | Senior management | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Restricted shares granted in period, aggregate fair value | $ | $ 1,800,000 | |||||||||||
Award vesting period | 3 years | |||||||||||
Stock-based compensation expense | $ | 100,000 | 100,000 | ||||||||||
2016 Plan | Restricted Stock, TSR Performance | Senior management | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Restricted shares granted in period, aggregate fair value | $ | $ 500,000 | |||||||||||
Award vesting period | 3 years | |||||||||||
Stock-based compensation expense | $ | $ 20,000 | $ 20,000 | ||||||||||
Holding period after vesting | 1 year | |||||||||||
Number of peer companies compared | company | 7 | |||||||||||
Trading day period used in TSR performance calculation | 20 days | |||||||||||
Risk free rate of return | 0.05% | |||||||||||
Risk free rate of return, treasury rate period used for measurement | 4 months | |||||||||||
Expected volatility | 55.66% | |||||||||||
Expected volatility, measurement period | 1 year | |||||||||||
Discount applied | 8.10% | |||||||||||
Discount applied, measurement period using Finnerty model | 1 year | |||||||||||
Management Incentive Plan and Equity Compensation Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Stock awards outstanding (in shares) | 209,772 | 209,772 | 218,013 | |||||||||
Number of unvested options (in shares) | 0 | 0 | 13,000 | |||||||||
Option expiration period | 5 years | |||||||||||
Management Incentive Plan and Equity Compensation Plan | Minimum | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Award vesting period | 1 year | |||||||||||
Management Incentive Plan and Equity Compensation Plan | Maximum | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Award vesting period | 3 years |
Cash, cash equivalents, and R_3
Cash, cash equivalents, and Restricted cash (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 100,011,694 | $ 69,927,594 | $ 83,408,816 | $ 53,583,898 |
Restricted cash - current | 25,557,674 | 18,846,177 | 1,872,244 | 5,471,470 |
Restricted cash - noncurrent | 75,000 | 75,000 | 0 | 74,917 |
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows | $ 125,644,368 | $ 88,848,771 | $ 85,281,060 | $ 59,130,285 |
Subsequent Events (Details)
Subsequent Events (Details) | Nov. 24, 2021USD ($) | Oct. 28, 2021$ / shares | Oct. 01, 2021USD ($)bank | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) |
Subsequent Event [Line Items] | ||||||
Accrued interest | $ 17,462,440 | $ 20,377,697 | ||||
Interest Rate Swap | ||||||
Subsequent Event [Line Items] | ||||||
Notional Amount outstanding | 0 | $ 166,429,594 | ||||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Cash dividend declared (in dollars per share) | $ / shares | $ 2 | |||||
Subsequent Event | Forecast | ||||||
Subsequent Event [Line Items] | ||||||
Aggregate amount of dividend | $ 27,200,000 | |||||
Credit Agreement | Line of Credit | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Fee related to transaction | $ 5,800,000 | |||||
Credit Agreement | Line of Credit | Eagle Bulk Ultraco LLC | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Revolving credit facility amount | 400,000,000 | |||||
Proceeds from draw down | 350,000,000 | |||||
Credit Agreement | Line of Credit | Eagle Bulk Ultraco LLC | Secured Debt | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Revolving credit facility amount | $ 300,000,000 | |||||
Number of interest rate swaps | bank | 4 | |||||
Notional Amount outstanding | $ 300,000,000 | |||||
Credit Agreement | Line of Credit | Eagle Bulk Ultraco LLC | Secured Debt | Subsequent Event | Minimum | ||||||
Subsequent Event [Line Items] | ||||||
Fixed interest rate | 0.83% | |||||
Credit Agreement | Line of Credit | Eagle Bulk Ultraco LLC | Secured Debt | Subsequent Event | Maximum | ||||||
Subsequent Event [Line Items] | ||||||
Fixed interest rate | 0.94% | |||||
Credit Agreement | Line of Credit | Eagle Bulk Ultraco LLC | Revolving Credit Facility | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Revolving credit facility amount | $ 100,000,000 | |||||
Norwegian Bond Debt Facility | ||||||
Subsequent Event [Line Items] | ||||||
Repayments of long-term debt | 4,000,000 | $ 4,000,000 | ||||
Norwegian Bond Debt Facility | Senior Subordinated Notes | ||||||
Subsequent Event [Line Items] | ||||||
Amount funded to defeasance account | $ 25,600,000 | |||||
Norwegian Bond Debt Facility | Senior Subordinated Notes | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Call notice to redeem outstanding bonds, period | 10 days | |||||
Redemption price percentage | 102.475% | |||||
Repayments of long-term debt | $ 185,600,000 | |||||
Repayments of long-term debt, par value | 176,000,000 | |||||
Accrued interest | 5,200,000 | |||||
Call premium | 4,400,000 | |||||
Amount funded to defeasance account | $ 160,000,000 |