Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document And Entity Information [Abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2018 |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | FY |
Trading Symbol | GASS |
Entity Registrant Name | STEALTHGAS INC. |
Entity Central Index Key | 0001328919 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 40,125,184 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Current Assets | ||
Cash and cash equivalents | $ 64,498,442 | $ 51,754,131 |
Trade and other receivables | 2,888,496 | 3,853,992 |
Other current assets | 134,301 | |
Claims receivable | 15,951 | |
Inventories | 2,346,723 | 2,762,299 |
Advances and prepayments | 1,089,539 | 1,221,029 |
Restricted cash | 3,002,490 | 3,231,323 |
Assets held for sale | 64,906,448 | |
Total current assets | 138,866,439 | 62,838,725 |
Non current assets | ||
Advances for vessels under construction and acquisitions | 61,577,818 | |
Vessels, net | 884,748,691 | 862,061,906 |
Other receivables | 108,930 | 243,075 |
Restricted cash | 11,930,059 | 7,917,738 |
Deferred finance charges | 0 | 941,760 |
Fair value of derivatives | 1,068,369 | 645,169 |
Total non current assets | 897,856,049 | 933,387,466 |
Total assets | 1,036,722,488 | 996,226,191 |
Current liabilities | ||
Payable to related party | 7,930,642 | 14,209,624 |
Trade accounts payable | 10,349,358 | 10,509,465 |
Accrued liabilities | 6,879,488 | 5,880,479 |
Customer deposits | 1,336,000 | 1,820,700 |
Deferred income | 5,191,654 | 4,362,056 |
Current portion of long-term debt | 41,726,837 | 41,966,607 |
Current portion of long-term debt associated with vessels held for sale | 30,076,356 | |
Total current liabilities | 103,490,335 | 78,748,931 |
Non current liabilities | ||
Fair value of derivatives | 465,389 | 126,525 |
Customer deposits | 736,000 | |
Deferred gain on sale and leaseback of vessels | 190,087 | |
Deferred income | 4,035 | |
Long-term debt | 371,514,253 | 342,941,841 |
Total noncurrent liabilities | 371,979,642 | 343,998,488 |
Total liabilities | 475,469,977 | 422,747,419 |
Commitments and contingencies | ||
Stockholders' equity | ||
Capital stock | 445,496 | 442,850 |
Treasury stock, 4,424,545 shares at December 31, 2017 and 2018 with a par value of $0.01 per share | (22,523,528) | (22,523,528) |
Additional paid-incapital | 501,807,478 | 501,471,768 |
Retained earnings | 80,849,086 | 93,469,787 |
Accumulated other comprehensive income | 673,979 | 617,895 |
Total stockholders' equity | 561,252,511 | 573,478,772 |
Total liabilities and stockholders' equity | $ 1,036,722,488 | $ 996,226,191 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 44,549,729 | 44,285,108 |
Common stock, shares outstanding | 40,125,184 | 39,860,563 |
Common stock,par value | $ 0.01 | $ 0.01 |
Treasury stock, shares | 4,424,545 | 4,424,545 |
Treasury stock, par value | $ 0.01 | $ 0.01 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues | |||
Revenues | $ 164,330,202 | $ 152,338,278 | $ 136,539,399 |
Revenues - related party | 1,973,643 | 7,592,784 | |
Total revenues | 164,330,202 | 154,311,921 | 144,132,183 |
Expenses | |||
Voyage expenses | 18,649,258 | 13,804,032 | 13,618,025 |
Voyage expenses - related party | 2,037,917 | 1,912,505 | 1,772,240 |
Charter hire expenses | 6,150,780 | 3,524,770 | 4,054,387 |
Vessels' operating expenses | 59,920,278 | 58,618,526 | 55,680,993 |
Vessels' operating expenses - related party | 514,500 | 800,908 | 3,141,843 |
Dry-docking costs | 3,617,577 | 3,529,047 | 3,613,230 |
Management fees - related party | 7,027,195 | 7,205,490 | 7,346,180 |
General and administrative expenses (including $1,187,037, $1,209,499, and $1,294,722 to related party) | 3,046,962 | 2,898,958 | 3,110,409 |
Depreciation | 41,258,142 | 38,921,672 | 39,096,589 |
Impairment loss | 11,351,821 | 6,461,273 | 5,735,086 |
Net (gain)/loss on sale of vessels | 763,925 | 77,314 | (118,427) |
Other operating costs/(income) | (549,804) | 1,058,863 | |
Total expenses | 153,788,551 | 138,813,358 | 137,050,555 |
Income from operations | 10,541,651 | 15,498,563 | 7,081,628 |
Other (expenses)/income | |||
Interest and finance costs | (23,286,547) | (16,661,464) | (14,268,148) |
Loss on derivatives | (11,982) | (403,943) | (767,196) |
Interest income and other income | 587,477 | 322,868 | 454,472 |
Foreign exchange (loss)/gain | (107,119) | 25,739 | (299,056) |
Other expenses, net | (22,818,171) | (16,716,800) | (14,879,928) |
Net loss | $ (12,276,520) | $ (1,218,237) | $ (7,798,300) |
Loss per share | |||
- Basic and diluted | $ (0.31) | $ (0.03) | $ (0.20) |
Weighted average number of shares | |||
- Basic and diluted | 39,860,563 | 39,809,364 | 39,824,038 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
General and administrative expenses, related party | $ 1,294,722 | $ 1,209,499 | $ 1,187,037 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (12,276,520) | $ (1,218,237) | $ (7,798,300) |
Other comprehensive income | |||
Effective portion of changes in fair value of interest swap contracts | 56,084 | 592,460 | 418,723 |
Total other comprehensive income | 56,084 | 592,460 | 418,723 |
Total comprehensive loss | $ (12,220,436) | $ (625,777) | $ (7,379,577) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Total | Capital Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss)/Income [Member] | |
Beginning balance at Dec. 31, 2015 | $ 583,051,160 | $ 442,850 | $ (20,486,872) | $ 501,002,146 | $ 102,486,324 | $ (393,288) | |
Balance (in shares) at Dec. 31, 2015 | 44,285,108 | (3,767,432) | |||||
Stock based compensation | 340,377 | 340,377 | |||||
Stock repurchase | (2,036,656) | $ (2,036,656) | |||||
Stock repurchase (in shares) | (657,113) | ||||||
Comprehensive loss for the year | (7,379,577) | (7,798,300) | 418,723 | ||||
Ending balance at Dec. 31, 2016 | 573,975,304 | $ 442,850 | $ (22,523,528) | 501,342,523 | 94,688,024 | 25,435 | |
Ending Balance, (in shares) at Dec. 31, 2016 | 44,285,108 | (4,424,545) | |||||
Stock based compensation | 129,245 | 129,245 | |||||
Comprehensive loss for the year | (625,777) | (1,218,237) | 592,460 | ||||
Ending balance at Dec. 31, 2017 | 573,478,772 | $ 442,850 | $ (22,523,528) | 501,471,768 | 93,469,787 | 617,895 | |
Ending Balance, (in shares) at Dec. 31, 2017 | 44,285,108 | (4,424,545) | |||||
Issuance of restricted shares and stock based compensation | 338,356 | $ 2,646 | 335,710 | ||||
Issuance of restricted shares and stock based compensation (in shares) | 264,621 | ||||||
Cumulative effect of accounting change | [1] | (344,181) | (344,181) | ||||
Comprehensive loss for the year | (12,220,436) | (12,276,520) | 56,084 | ||||
Ending balance at Dec. 31, 2018 | $ 561,252,511 | $ 445,496 | $ (22,523,528) | $ 501,807,478 | $ 80,849,086 | $ 673,979 | |
Ending Balance, (in shares) at Dec. 31, 2018 | 44,549,729 | (4,424,545) | |||||
[1] | Opening retained earnings have been adjusted on January 1, 2018 in connection with the adoption of Accounting Standard ASC 606. Please refer to Note 2 Significant Accounting Policies to the consolidated financial statements. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities | |||
Net loss for the year | $ (12,276,520) | $ (1,218,237) | $ (7,798,300) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation | 41,258,142 | 38,921,672 | 39,096,589 |
Amortization of deferred finance charges | 858,582 | 690,842 | 715,587 |
Amortization of deferred gain on sale and leaseback of vessels | (190,087) | (195,040) | (195,574) |
Share based compensation | 338,356 | 129,245 | 340,377 |
Change in fair value of derivatives | (28,252) | (27,372) | (331,387) |
Impairment loss | 11,351,821 | 6,461,273 | 5,735,086 |
(Gain)/loss on sale of vessels | 763,925 | 77,314 | (118,427) |
(Increase)/decrease in | |||
Trade and other receivables | 531,796 | (179,036) | 825,838 |
Other current assets | 159,363 | ||
Claims receivable | 15,951 | (235,705) | (610,810) |
Inventories | (302,873) | 46,824 | 117,744 |
Advances and prepayments | 131,490 | 57,328 | (28,955) |
Increase/(decrease) in | |||
Balances with related parties | (6,278,982) | 6,434,290 | (1,185,024) |
Trade accounts payable | 381,941 | 1,299,686 | 462,215 |
Accrued liabilities | 339,009 | 581,000 | (303,460) |
Deferred income | 755,563 | (490,031) | (567,411) |
Net cash provided by operating activities | 37,809,225 | 52,354,053 | 36,154,088 |
Cash flows from investing activities | |||
Insurance proceeds | 219,754 | 610,810 | |
Vessels' acquisitions and advances for vessels under construction | (108,295,690) | (60,612,867) | (56,215,758) |
Proceeds from sale of vessels, net | 29,742,788 | 11,479,936 | 1,530,177 |
Net cash used in investing activities | (78,552,902) | (48,913,177) | (54,074,771) |
Cash flows from financing activities | |||
Stock repurchase | (2,070,306) | ||
Deferred finance charges paid | (503,265) | (815,256) | (712,614) |
Customer deposits paid | (1,220,700) | ||
Loan repayments | (56,717,059) | (56,254,073) | (55,630,352) |
Proceeds from long-term debt | 115,712,500 | 43,000,000 | 31,200,000 |
Net cash (used in)/provided by financing activities | 57,271,476 | (14,069,329) | (27,213,272) |
Net (decrease)/increase in cash and cash equivalents | 16,527,799 | (10,628,453) | (45,133,955) |
Cash and cash equivalents at beginning of year | 62,903,192 | 73,531,645 | 118,665,600 |
Cash and cash equivalents at end of year | 79,430,991 | 62,903,192 | 73,531,645 |
Cash breakdown | |||
Cash and cash equivalents | 64,498,442 | 51,754,131 | 64,993,923 |
Restricted cash, current | 3,002,490 | 3,231,323 | 3,363,012 |
Restricted cash, non-current | 11,930,059 | 7,917,738 | 5,174,710 |
Cash and cash equivalents at end of year | 79,430,991 | 62,903,192 | 73,531,645 |
Supplemental Cash Flow Information: | |||
Cash paid during the year for interest, net of amounts capitalized | 21,087,903 | 14,643,885 | 12,429,729 |
Non cash investing activity - Vessels under construction | $ 63,752 | $ 605,800 | $ 124,288 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and General Information | 1. Basis of Presentation and General Information The accompanying consolidated financial statements include the accounts of StealthGas Inc. and its wholly owned subsidiaries (collectively, the “Company”) which, as of December 31, 2018 owned a fleet of forty four liquefied petroleum gas (LPG) carriers, three medium range (M.R.) type product carriers and one Aframax tanker providing worldwide marine transportation services under long, medium or short-term charters. StealthGas Inc. was formed under the laws of Marshall Islands on December 22, 2004. The Company’s vessels are managed by Stealth Maritime Corporation S.A. (the “Manager”), a related party. The Manager is a company incorporated in Liberia and registered in Greece on May 17, 1999 under the provisions of law 89/1967, 378/1968 and article 25 of law 27/75 as amended by article 4 of law 2234/94. (See Note 3). During 2016, 2017 and 2018, no charterer accounted for 10% or more of the Company’s revenues. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies Principles of Consolidation: Use of Estimates: Other Comprehensive Income: Foreign Currency Translation: Cash and Cash Equivalents: Restricted Cash: non-current Trade Receivables: un-collectible Claims Receivable: Inventories: first-in, first-out Advances for vessels under construction: on-site Vessels Acquisitions: Impairment or Disposal of Long-lived Assets: 360-10, 360-10”), dry-docking Vessels’ Depreciation: Assets Held for Sale: 360-10, Segment Reporting: Accounting for Special Survey and Dry-docking dry-docking Deferred Finance Charges: non-current Accounting for Revenue and Related Expenses: A time charter is a contract for the use of a vessel for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. Operating costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubricants are paid for by the Company under time charter agreements. A time charter generally provides typical warranties and owner protective restrictions. The performance obligations in a time charter are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to the owner of the vessel. Some of the Company’s time charters may also contain profit sharing provisions, under which the Company can realize additional revenues in the event that spot rates are higher than the base rates in these time charters. A bareboat charter is a contract in which the vessel owner provides the vessel to the charterer for a fixed period of time at a specified daily rate, which is generally payable in advance, and the charterer generally assumes all risk and costs of operation during the bareboat charter period. The time charter and bareboat contracts are considered either operating or finance leases and therefore do not fall under the scope of Accounting Standards Codification (“ASC”) 606 because (i) the vessel is an identifiable asset (ii) the owner of the vessel 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. Revenues from time and bareboat charters are recognized ratably on a straight line basis over the period of the respective charter. Revenues from profit sharing arrangements in time charters are recognized in the period earned. Under time and bareboat charter agreements, all voyages expenses, except commissions are assumed by the charterer. A voyage charter is a contract, in which the vessel owner undertakes to transport a specific amount and type of cargo on a load port-to-discharge lay-time Deferred revenue represents cash received for undelivered performance obligations and deferred revenue resulting from straight-line revenue recognition in respect of charter agreements that provide for varying charter rates. The portion of the deferred revenue that will be earned within the next twelve months is classified as current liability and the remaining as long-term liability. Vessel voyage expenses are direct expenses to voyage revenues and primarily consist of brokerage commissions, port expenses, canal dues and bunkers. Brokerage commissions are paid to shipbrokers for their time and efforts for negotiating and arranging charter party agreements on behalf of the Company and expensed over the related charter period and all the other voyage expenses are expensed as incurred except for expenses during the ballast portion of the voyage. Any expenses incurred during the ballast portion of the voyage (period between the contract date and the date of the vessel’s arrival to the load port) such as bunker expenses, canal tolls and port expenses are deferred and are recognized on a straight-line basis, in voyage expenses, over the voyage duration as the Company satisfies the performance obligations under the contract because these costs are (1) incurred to fulfill a contract that we can specifically identify, (2) able to generate or enhance resources of the company that will be used to satisfy performance of the terms of the contract, and (3) expected to be recovered from the charterer. These costs are considered ‘contract fulfillment costs’ and are included in ‘prepayments and other assets’ in the accompanying consolidated balance sheets. Vessel operating expenses comprise all expenses relating to the operation of the vessel, including crewing, repairs and maintenance, insurance, stores, lubricants and other operating expenses. Vessel operating expenses are expensed as incurred. Under a bareboat charter, the charterer assumes responsibility for all voyage and vessel operating expenses, dry-docking Leasing: Equity Compensation Plan: non-vested non-employee non-vested Earnings/(Loss) per Share: two-class Derivatives (i) Hedge Accounting Contracts which meet the strict criteria for hedge accounting are accounted for as cash flow hedges. A cash flow hedge is a hedge of the exposure to variability in cash flows that is attributable to a particular risk associated with a recognized asset or liability, or a highly probable forecasted transaction that could affect profit or loss. The effective portion of the gain or loss on the hedging instrument is recognized directly as a component of “Accumulated other comprehensive income” in equity, while the ineffective portion, if any, is recognized immediately in current period earnings. The Company discontinues cash flow hedge accounting if the hedging instrument expires and it no longer meets the criteria for hedge accounting or designation is revoked by the Company. At that time, any cumulative gain or loss on the hedging instrument recognized in equity is kept in equity until the forecasted transaction occurs. When the forecasted transaction occurs, any cumulative gain or loss on the hedging instrument is recognized in the statement of income. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in equity is transferred to net profit or loss for the year as a component of “Loss on derivatives”. (ii) Other Derivatives Recent Accounting Pronouncements 2014-09 2014-09, 2014-09 The Company adopted the provisions of ASC 606 for the reporting period commencing on January 1, 2018 and has elected to use the modified retrospective transition method for the implementation of this standard. The Company applied the provisions of ASC 606 to all contracts that were not completed at the date of initial application. As such, the comparative information has not been restated and continues to be reported under the accounting standards in effect for periods prior to January 1, 2018. An adjustment amounting to $0.3 million was posted in the Company’s opening retained earnings as of January 1, 2018. Since the Company’s performance obligation under each voyage contract is met evenly as the voyage progresses, the revenue is recognized on a straight-line basis over the voyage days from the date the vessel is ready to load the cargo to completion of its discharge and is not related to the timing of payment received from its customers. Payment terms under voyage charters are disclosed in the relevant voyage charter agreements. Based on these terms, freight is mainly paid after the completion of the discharge of the cargo. Prior to the adoption of this standard, revenues generated under voyage charter agreements were recognized on a pro-rata Further, the adoption of ASC 606 impacted the accounts receivable, other assets, payables to related parties and accrued and other liabilities on our consolidated balance sheet as of December 31, 2018. Under ASC 606, receivables represent an entity’s unconditional right to consideration, billed or unbilled. As of December 31, 2018, other current assets include bunker and port expenses of $0.1 million incurred between the contract date and the date of the vessel’s arrival to the load port. As of January 1, 2018 there was $0.3 million relating to contract fulfillment costs. As of December 31, 2018 and 2017 the unearned revenue related to undelivered performance obligations amounted to nil and $0.07 million, respectively and has been included in “Deferred income” in the accompanying consolidated balance sheet. The Company recognized as revenue the $0.07 million in the first quarter of 2018. The following table presents the impact of the adoption of ASU 2014-09 As at December 31, 2018 As reported Balances without adoption of 2014-09 Effect of change Assets Current Assets Trade and other receivables $ 2,888,496 $ 2,941,191 $ (52,695 ) Other current assets 134,301 — 134,301 Liabilities Payable to related party 7,930,642 7,931,297 (655 ) Accrued and other liabilities 6,879,488 6,880,536 (1,048 ) The following table presents the impact of the adoption of ASU 2014-09 For the year ended December 31, 2018 As reported Balances without adoption of 2014-09 Effect of change Total revenues $ 164,330,202 $ 163,744,736 $ (585,466 ) Voyage expenses 18,649,258 18,498,600 150,658 Voyage expenses—related party 2,037,917 2,030,599 7,318 Net loss (12,276,520 ) (12,704,010 ) (427,490 ) Basic earnings per share $ (0.31 ) $ (0.32 ) $ (0.01 ) Diluted earnings per share $ (0.31 ) $ (0.32 ) $ (0.01 ) The cumulative effect of changes made to our opening Consolidated Balance Sheet on January 1, 2018 for the adoption of ASC 606: December 31, 2017 Effect of adoption of January 1, 2018 Assets Current Assets Trade and other receivables 3,853,992 (567,845 ) 3,286,147 Other current assets — 293,664 293,664 Liabilities Deferred income 4,362,056 70,000 4,432,056 Stockholders’ Equity Retained earnings 93,469,787 (344,181 ) 93,125,606 The adoption of ASC 606 had no impact on net cash provided by operating activities, investing activities and financing activities for the year ended December 31, 2018. In February 2016, the FASB issued ASU 2016-02, On July 30, 2018, the FASB issued ASU 2018-11 2016-02 2018-11: (a) Entities may elect not to recast the comparative periods presented when transitioning to ASC 842; and (b) Lessors may elect not to separate lease and nonlease components when the following criteria are met: Criterion A—the timing and pattern of transfer for the lease component are the same as those for the nonlease components associated with that lease component and Criterion B—the lease component, if accounted for separately, would be classified as an operating lease. The transition relief amendments in the ASU apply to entities that have not yet adopted ASC 842. The effective date and transition requirements for the amendments in this update for entities that have not adopted Topic 842 before the issuance of this update are the same as the effective date and transition requirements in Update 2016-02. In December 2018, the FASB issued ASU 2018-20 non-lease non-lease 2016-02. 2018-11 2016-02 2018-11. non-lease right-of-use right-of-use In August 2016, the FASB issued the ASU 2016-15—classification In August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities 2017-12”) . 2017-12 |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | 3. Transactions with Related Parties The Manager provides the vessels with a wide range of shipping services such as chartering, technical support and maintenance, insurance, consulting, financial and accounting services, for a fixed daily fee of $440 per vessel operating under a voyage or time charter or $125 per vessel operating under a bareboat charter and a brokerage commission of 1.25% on freight, hire and demurrage per vessel, as per the management agreement between the Manager and the Company. The Manager has subcontracted the technical management of some of the vessels to an affiliated ship-management company, Brave Maritime Corp. Inc. (“Brave”). This company provides technical management to the Company’s vessels for a fixed annual fee per vessel which is paid by the Manager. For the years ended December 31, 2016, 2017 and 2018, total brokerage commissions of 1.25% amounted to $1,772,240, $1,912,505 and $2,037,917, respectively, and are included in “Voyage expenses – related party” in the consolidated statements of operations. For the years ended December 31, 2016, 2017 and 2018, the management fees were $7,346,180, $7,205,490 and $7,027,195, respectively and are included in “Management fees – related party” in the consolidated statements of operations. In addition, the Manager arranges for supervision onboard the vessels, when required, by superintendent engineers and when such visits exceed a period of five days in a twelve month period, an amount of $500 is charged for each additional day. For the years ended December 31, 2016, 2017 and 2018, the superintendent fees amounted to $172,000, $125,500 and $137,000, respectively, and are included in “Vessels’ operating expenses – related party” in the consolidated statements of operations. Effective from 2018, the Manager provides crew management services to some of the Company’s vessels. These services have been subcontracted by the Manager to an affiliated ship-management company, Navis Maritime Services Inc. The Company pays to the Manager a fixed monthly fee of $2,500 per vessel. For the year ended December 31, 2018, the crew management fees amounted to $377,500, and are included in “Vessels’ operating expenses – related party” in the consolidated statements of operations. The Manager also acts as a sales and purchase broker for the Company in exchange for a commission fee equal to 1% of the gross sale or purchase price of vessels or companies. For the years ended December 31, 2016, 2017 and 2018 commission fees relating to vessels purchased of $421,639, $525,978 and $1,598,858, respectively, were incurred and capitalized to the cost of the vessels. For the years ended December 31, 2016, 2017 and 2018 the amounts of $13,711, $119,900 and $184,000 were recognized as commission expenses relating to the sale of vessels and are included in the consolidated statements of operations under the caption “Net (gain)/loss on sale of vessels”. For the year ended December 31, 2018, commission expenses relating to the sale of vessels of $212,650 are included in the consolidated statements of operations under the caption “Impairment loss”. In addition to management services, the Company reimburses the Manager for compensation of its Chief Executive Officer, its Chief Financial Officer, its Internal Auditor, its Chief Technical Officer, its Finance Manager and its Deputy Chairman and Executive Director, which reimbursements were in the amounts of $1,114,130, $1,127,307 and $1,210,036, for the years ended December 31, 2016, 2017 and 2018, respectively, and are included in the consolidated statements of operations under the caption “General and administrative expenses”. The current account balance with the Manager at December 31, 2017 and at December 31, 2018 was a liability of $14,209,624 and $7,930,642, respectively. The liability represents payments made by the Manager on behalf of the ship-owning companies. The Company rents office space that is owned by an affiliated company of the Manager. Rental expense for the years ended December 31, 2016, 2017 and 2018 amounted to $72,907, $82,192 and $84,686, respectively, and is included in the consolidated statements of operations under the caption “General and administrative expenses”. In April 2012, the Company entered into time charter agreements for two of the Company’s vessels with Emihar Petroleum Inc., a company affiliated with members of the Vafias family incorporated in the Marshall Islands. The above time charter agreements expired in August 2016 and June 2017. Revenue from the related party amounted to $7,592,784, $1,973,643 and nil for each of the years ended December 31, 2016, 2017 and 2018, respectively, and are included in the consolidated statements of operations under the caption “Revenues – related party”. In accordance with the time charter agreements for these vessels’ operating expenses, the Company paid to the Manager amounts of $2,969,843, $675,408 and nil for the years ended December 31, 2016, 2017 and 2018, respectively, which are included in the consolidated statements of operations under the caption “Vessels’ operating expenses – related party”. On May 26, 2014, the Company entered into an agreement with Brave for the supervision of the construction of eight of its vessels for a fixed fee of Euro 390,000 per vessel. On January 25, 2016, the Company entered into a new supervision agreement with Brave for the supervision of the construction of four of its newbuilding vessels for a fixed fee of Euro 490,000 per vessel. For the years ended December 31, 2016, 2017 and 2018, the supervision fees amounted to $854,022, $535,864, and $1,790,789, respectively, and were capitalized to the cost of the respective vessels. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories The amounts shown in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2017 2018 Bunkers 1,312,116 1,082,384 Lubricants 1,450,183 1,264,339 Total 2,762,299 2,346,723 |
Advances for Vessels Under Cons
Advances for Vessels Under Construction and Acquisitions | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Advances for Vessels Under Construction and Acquisitions | 5. Advances for Vessels Under Construction and Acquisitions The amount shown in the accompanying consolidated balance sheet as of December 31, 2017 of $61,577,818 mainly represents advance payments to ship-builders for three LPG carriers under construction contracted in 2014. On November 17, 2016 and on July 18, 2017, the Company agreed with the shipbuilder the postponement of the delivery dates of the four newbuildings for an additional charge. For the year ended December 31, 2018, these charges of $146,667 (2017: $863,333) were included in the accompanying consolidated statement of operations under the caption “Other operating costs/(income)”. For the years ended December 31, 2017 and 2018, the movement of the account, advances for vessels under construction and acquisitions was as follows: Balance, December 31, 2016 55,785,801 Advances for vessels under construction and acquisitions 57,805,820 Capitalized interest 813,423 Capitalized expenses 2,475,138 Vessels delivered (55,302,364 ) Balance, December 31, 2017 61,577,818 Advances for vessels under construction and acquisitions 102,597,821 Capitalized expenses 5,155,821 Vessels delivered (169,331,460 ) Balance, December 31, 2018 — |
Vessels, net
Vessels, net | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Vessels, net | 6. Vessels, net The amounts shown in the accompanying consolidated balance sheets are analyzed as follows: Vessel cost Accumulated Net Book Balance, December 31, 2016 1,075,613,321 (211,913,582 ) 863,699,739 Acquisitions (transfer from Advances for Vessels under Construction and Acquisitions) 55,302,364 — 55,302,364 Disposals (11,557,252 ) — (11,557,252 ) Impairment loss (29,222,564 ) 22,761,291 (6,461,273 ) Depreciation for the year — (38,921,672 ) (38,921,672 ) Balance, December 31, 2017 1,090,135,869 (228,073,963 ) 862,061,906 Acquisitions (transfer from Advances for Vessels under Construction and Acquisitions) 169,331,460 — 169,331,460 Vessels held for sale (64,188,000 ) — (64,188,000 ) Impairment loss (60,018,802 ) 48,666,981 (11,351,821 ) Disposal (29,846,712 ) — (29,846,712 ) Depreciation for the year — (41,258,142 ) (41,258,142 ) Balance, December 31, 2018 1,105,413,815 (220,665,124 ) 884,748,691 The additions in 2017 relate to the acquisition of vessel “Eco Frost”. In April 2017, the Company entered into a memorandum of agreement for the disposal of the vessel “Gas Icon”, to an unaffiliated third party for $2,900,000. The vessel, including her inventories on board, was classified as assets held for sale in the second quarter of 2017. As a result, the Company measured the vessel at the lower of its carrying amount and fair value less the cost associated with the sale and recognized an impairment charge of $1,747,923 in its consolidated statement of operations for the year ended December 31, 2017. The vessel was delivered to her new owners on July 20, 2017. In May 2017, the Company entered into a memorandum of agreement for the disposal of the vessel “Gas Emperor”, to an unaffiliated third party for $2,900,000. The vessel, including her inventories on board, was classified as assets held for sale in the second quarter of 2017. As a result, the Company measured the vessel at the lower of its carrying amount and fair value less the cost associated with the sale and recognized an impairment charge of $580,004 in its consolidated statement of operations for the year ended December 31, 2017. The vessel was delivered to her new owners on September 2, 2017. In August 2017, the Company entered into a memorandum of agreement for the disposal of the vessel “Gas Moxie”, to an unaffiliated third party for $2,575,000. The vessel, including her inventories on board, was classified as assets held for sale in the third quarter of 2017. As a result, the Company measured the vessel at the lower of its carrying amount and fair value less the cost associated with the sale and recognized an impairment charge of $570,626 in its consolidated statement of operations for the year ended December 31, 2017. The vessel was delivered to her new owners on November 7, 2017. In September 2017, the Company entered into a memorandum of agreement for the disposal of the vessel “Gas Nirvana”, to an unaffiliated third party for $3,675,000. The vessel, including her inventories on board, was classified as assets held for sale in the third quarter of 2017. As a result, the Company measured the vessel at the lower of its carrying amount and fair value less the cost associated with the sale and recognized an impairment charge of $1,406,718 in its consolidated statement of operations for the year ended December 31, 2017. The vessel was delivered to her new owners on November 17, 2017. The Company decided to dispose the vessels “Gas Icon”, “Gas Emperor”, “Gas Moxie” and “Gas Nirvana” as the agreed selling price was a suitable opportunity for the Company and realized an aggregate loss from the sale of these vessels of $77,314 which is included in the Company’s consolidated statement of operations under the caption “Net (gain)/loss on sale of vessels” for the year ended December 31, 2017. As a result of the impairment analysis performed for the year ended December 31, 2017, due to the prevailing conditions in the shipping industry, undiscounted net operating cash flows exceeded each vessel’s carrying value with the exception of three vessels and therefore the Company identified and recorded an impairment loss of $2,156,002 which is presented under the caption “Impairment loss” in its consolidated statement of operations. The additions in 2018 relate to the acquisition of vessels “Eco Arctic”, “Eco Ice” and “Eco Freeze”. In March 2018, the Company entered into a memorandum of agreement for the disposal of the vessel “Gas Legacy”, to an unaffiliated third party for $4,990,000. The vessel, including her inventories on board, was classified as assets held for sale in the first quarter of 2018. As a result, the Company measured the vessel at the lower of its carrying amount and fair value less the cost associated with the sale and recognized an impairment charge of $1,418,672 in its consolidated statement of operations for the year ended December 31, 2018. The vessel was delivered to her new owners on August 31, 2018. At March 31, 2018, the Company decided to seek to dispose of the vessel “Gas Enchanted”. As a result of this decision, the undiscounted net operating cash flows of this vessel did not exceed its carrying value and the Company identified and recognized an impairment charge of $1,937,822 in its consolidated statement of operations for the year ended December 31, 2018. In April 2018, the Company concluded a memorandum of agreement for the disposal of this vessel, to an unaffiliated third party for $8,950,000. The vessel was delivered to her new owners on May 7, 2018. In April 2018, the Company entered into a memorandum of agreement for the disposal of the vessel “Gas Evoluzione”, to an unaffiliated third party for $3,575,000. The vessel, including her inventories on board, was classified as assets held for sale in the second quarter of 2018. The total impairment charge recognized in the Company’s consolidated statements of operations for the year ended December 31, 2018 amounted to $604,774. The vessel was delivered to her new owners on August 28, 2018. At June 30, 2018, the Company decided to seek to dispose of the vessel “Gas Sikousis”. As a result of this decision, the undiscounted net operating cash flows of this vessel did not exceed its carrying value and the Company identified and recognized an impairment charge of $842,332 in its consolidated statement of operations for the year ended December 31, 2018. In July 2018, the Company concluded a memorandum of agreement for the disposal of this vessel, to an unaffiliated third party for $9,450,000. The vessel was delivered to her new owners on September 27, 2018. In July 2018, the Company entered into three separate memoranda of agreement for the disposal of the vessels “Gas Marathon”, “Gas Sincerity and “Gas Texiana” to unaffiliated third parties for a total of $12,700,000. The vessels, including their inventories on board, were classified as vessels held for sale in the third quarter of 2018. The total impairment charge recognized in the Company’s consolidated statements of operations for the year ended December 31, 2018 amounted to $3,358,363. The vessels were delivered to their new owners on October 13, 2018, January 28, 2019 and February 13, 2019, respectively. The Company decided to dispose the above mentioned vessels as the agreed selling price was a suitable opportunity for the Company and realized an aggregate loss from the sale of these vessels of $763,925 which is included in the Company’s consolidated statement of operations under the caption “Net (gain)/loss on sale of vessels” for the year ended December 31, 2018. During the first quarter of 2019, the Company entered into four joint venture agreements with a third party investor based on which the third party investor acquired a 49.9% equity interest in four vessel owning companies of the Company and therefore gained co-ownership As of December 31, 2018, six vessels, together with their inventories on board amounting to $718,448, were classified as assets held for sale in the accompanying consolidated balance sheet. As of December 31, 2018 and 2017, 40 vessels with a carrying value of $891,758,621 (2017: $762,159,589) have been provided as collateral to secure the Company’s bank loans as discussed in Note 11. |
Deferred Finance Charges
Deferred Finance Charges | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Deferred Finance Charges | 7. Deferred Finance Charges Deferred finance charges amounting to $941,760 and nil as of December 31, 2017 and December 31, 2018, respectively, represent fees paid to the lenders for undrawn facilities, and are presented on the balance sheet under non-current |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | 8. Accrued Liabilities The amounts shown in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2017 2018 Interest on long-term debt 2,839,121 3,656,811 Administrative expenses 204,472 251,257 Other operating costs 563,333 660,000 Vessel operating and voyage expenses 2,273,553 2,311,420 Total 5,880,479 6,879,488 |
Deferred Income
Deferred Income | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Deferred Income | 9. Deferred Income The amounts shown in the accompanying consolidated balance sheets amounting to $4,366,091 and $5,191,654 represent cash related to time and bareboat charter revenues received in advance as of December 31, 2017 and as of December 31, 2018, respectively. |
Customer Deposits
Customer Deposits | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Customer Deposits | 10. Customer Deposits These amounts represent deposits received from charterers as guarantees and are comprised as follows: (a) On October 12, 2015 an amount of $736,000 was received from the bareboat charterer of Product carrier “Stealth Falcon” (ex. “Navig8 Faith”) which is equal to three-months hire. (b) On February 24, 2015 an amount of $1,820,700 was received from the bareboat charterer of Aframax tanker “Stealth Berana” (ex. “Spike”) which is equal to five-months hire. An amount of $1,220,700 was returned to the charterer at the end of the bareboat charter on March 7, 2018. The remaining amount of $600,000 was kept as guarantee for the new bareboat charter commenced on March 7, 2018. |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-term Debt | 11. Long-term Debt Term Loans Drawn Amount December 31, 2017 Movement in 2018 December 31, 2018 Issue Date Maturity Date Additions Repayments February 12, 2008 February 19, 2020 40,250,000 14,375,000 — (2,500,000 ) 11,875,000 July 30, 2008 November 4, 2020 33,240,000 15,789,000 — (1,939,000 ) 13,850,000 October 9, 2008 October 9, 2020 29,437,000 6,310,000 — (6,310,000 ) — December 14, 2018 December 18, 2023 14,094,184 17,114,365 — (3,020,181 ) 14,094,184 April 14, 2014 April 14, 2020 20,400,000 13,100,000 — (1,400,000 ) 11,700,000 March 27, 2018 March 1, 2024 27,675,000 27,950,000 — (2,750,000 ) 25,200,000 March 1, 2011 June 20, 2020 43,250,000 26,375,000 — (3,000,000 ) 23,375,000 September 23, 2013 September 30, 2020 45,212,500 23,739,007 — (8,494,310 ) 15,244,697 March 24, 2014 July 31, 2022 50,225,000 39,235,000 — (3,605,000 ) 35,630,000 April 16, 2014 April 16, 2020 30,000,000 19,005,000 — (2,705,000 ) 16,300,000 December 14, 2018 December 18, 2023 9,480,000 10,360,000 — (880,000 ) 9,480,000 June 20, 2014 January 8, 2023 20,925,000 17,020,000 — (1,420,000 ) 15,600,000 December 20, 2013 June 30, 2023 67,200,000 55,515,000 — (3,960,000 ) 51,555,000 December 24, 2015 December 14, 2022 22,400,000 19,413,344 — (1,493,328 ) 17,920,016 July 4, 2014 September 3, 2021 22,750,000 19,093,750 — (1,625,000 ) 17,468,750 July 29, 2014 July 7, 2023 25,350,000 20,596,875 — (2,112,500 ) 18,484,375 December 7, 2017 December 11, 2022 22,275,000 10,500,000 11,775,000 (2,755,000 ) 19,520,000 May 18, 2016 December 31, 2025 65,650,000 31,484,500 33,150,000 (3,585,240 ) 61,049,260 March 1, 2017 April 17, 2026 70,787,500 — 70,787,500 (3,162,501 ) 67,624,999 Total 386,975,841 115,712,500 (56,717,060 ) 445,971,281 Current portion of long-term debt 42,580,323 42,433,562 Current portion of long-term debt associated with vessels held for sale — 30,150,000 Long term debt 344,395,518 373,387,719 Total debt 386,975,841 445,971,281 Current portion of deferred finance charges 613,716 706,725 Current portion of deferred finance charges associated with vessels held for sale — 73,644 Deferred finance charges non-current 1,453,677 1,873,466 Total deferred finance charges 2,067,393 2,653,835 Total debt 386,975,841 445,971,281 Less: Total deferred finance charges 2,067,393 2,653,835 Total debt, net of deferred finance charges 384,908,448 443,317,446 Less: Current portion of long-term debt, net of current portion of deferred finance charges 41,966,607 41,726,837 Less: Current portion of long-term debt associated with vessels held for sale, net of current portion of deferred finance charges — 30,076,356 342,941,841 371,514,253 The below are changes in term loans during the years ended December 31, 2017 and 2018. On May 18, 2016 the Company entered into a term loan with a bank to partially finance the acquisition of two LPG carriers under construction, by two of the Company’s wholly owned subsidiaries. The term loan is up to $74,480,000 and was drawn down in two tranches upon the delivery of each vessel. The first tranche amounting to $32,500,000 was drawn down on May 16, 2017 and the second tranche amounting to $33,150,000 was drawn down on January 10, 2018. On March 1, 2017 the Company, entered into a term loan with the bank to partially finance the acquisition of two LPG carriers on their delivery. The aggregate term loan is up to $76,020,000 and was drawn down in two tranches upon the delivery of each vessel. The first tranche amounting to $35,525,000 was drawn down on January 4, 2018 and on January 10, 2018 and the second tranche amounting to $35,262,500 was drawn down on April 13, 2018 and on April 17, 2018. On December 7, 2017, the Company entered into a term loan with a bank to repay amounts outstanding under existing loan and to refinance the cost of acquisition of one product carrier. The term loan is up to $22,500,000 and was drawn down in two tranches. The first tranche amounting to $10,500,000 was drawn down on December 11, 2017 and the second tranche amounting to $11,775,000 was drawn down on February 8, 2018. On March 27, 2018, the Company entered into a term loan amounting to $27,675,000 with the same bank to refinance the existing term loan dated February 1, 2011. An installment amounting to $275,000 was paid on January 22, 2018 relating to the existing term loan dated February 1, 2011. On August 17, 2018, the Company voluntary repaid the outstanding balance of the term loan dated October 9, 2008, amounting to $5,920,000. On December 14, 2018, the Company entered into a term loan with the same bank to refinance the existing term loans dated June 12, 2014 and September 15, 2016. The aggregate committed term loan is up to $23,574,184 and was drawn down in two tranches at the signing date of the term loan. On March 29, 2019, the Company entered into a term loan with a bank to refinance the existing term loans dated February 12, 2008 and September 23, 2013. Two installments amounting to $625,000 and $1,036,265 were paid on February 19, 2019 and on March 29, 2019, respectively, relating to the existing term loans. The new term loan is $25,458,432 and will be repayable, with the first installment commencing three months after the drawdown, in fifteen consecutive quarterly installments. An amount of $4,001,898 is repayable in 2019. Obligations with a maturity of less than one year amounting to $981,895 have been presented as long-term in accordance with US GAAP as the Company refinanced these obligations on a long-term basis through the term loan that the Company has entered on March 29, 2019 discussed above. On April 27, 2018, the Company voluntary repaid $4,122,370 being part of the outstanding balance of the term loan dated September 23, 2013. On April 15, 2019, the Company signed a commitment letter with the same bank to refinance the existing term loan dated April 14, 2014. Two installments amounting to $700,000 were paid on January 16, 2019 and April 16, 2019 relating to the existing term loan. The new term loan is up to $11,000,000 and will be repayable, with the first installment commencing three months after the drawdown, in twenty consecutive quarterly installments plus a balloon payment payable together with the last installment. An amount of $640,000 is repayable in 2019. Obligations with a maturity of less than one year amounting to $60,000 have been presented as long-term in accordance with US GAAP as the Company had the intent and ability to refinance the obligation, on a long term basis through the commitment letter that the Company has entered on April 15, 2019 discussed above. The above loans are generally repayable in quarterly or semi-annual installments and a balloon payment at maturity and are secured by first priority mortgages over the vessels involved, plus the assignment of the vessels’ insurances, earnings and operating and retention accounts with the lenders, and the guarantee of ship-owning companies, as owners of the vessels. The term loans contain financial covenants requiring the Company to ensure that: • the aggregate market value of the mortgaged vessels at all times exceeds a certain percentage of the amounts outstanding as defined in the term loans, ranging from 125% to 130%, • the leverage of the Company defined as Total Debt net of Cash should not exceed 80% of total market value adjusted assets, • the Interest Coverage Ratio of the Company which is EBITDA (as defined in the loan agreements) to interest expense to be at all times greater than 2.5:1, • at least a certain percentage of the Company is to always be owned by members of the Vafias family, • the Company should maintain on a monthly basis a cash balance amounting to $3,002,490 representing a proportionate amount of the next installment and relevant interest plus a minimum aggregate cash balance amounting to $11,930,059 in the earnings account with the relevant banks, • dividends paid by the borrower will not exceed 50% of the Company’s free cash flow in any rolling 12 month period. Gross deferred finance charges amounting to $7,871,170 and $8,374,435 as of December 31, 2017 and December 31, 2018, respectively, represent fees paid to the lenders for obtaining the related loans, and are presented on the balance sheet as a direct deduction from the carrying amount of the related loan and credit facility net of accumulated amortization. For the years ended December 31, 2016, 2017 and 2018, the amortization of deferred financing charges amounted to $715,587, $690,841 and $858,582, respectively, and is included in interest and finance costs in the consolidated statements of operations. The interest rates on the outstanding loans as of December 31, 2018 are based on Libor plus a margin which varies from 0.80% to 3.00%. The average interest rates (including the margin) on the above outstanding loans for the applicable periods were: Year ended December 31, 2016: 3.43% Year ended December 31, 2017: 3.97% Year ended December 31, 2018: 5.34% Bank loan interest expense for the above loans for the years ended December 31, 2016, 2017 and 2018 amounted to $14,149,326, $15,640,377 and $22,150,386, respectively. Of these amounts, for the years ended December 31, 2016, 2017 and 2018, the amounts of $1,660,802, $813,423 and nil, respectively, were capitalized as part of advances paid for vessels under construction. Interest expense, net of interest capitalized, is included in interest and finance costs in the consolidated statements of operations. At December 31, 2018, the Company was in compliance with all of its debt financial covenants. The annual principal payments to be made, for the abovementioned loans, after December 31, 2018 are as follows: December 31, Amount 2019 72,583,562 2020 59,421,264 2021 67,040,014 2022 86,626,911 2023 63,483,131 Thereafter 96,816,399 Total 445,971,281 |
Derivatives and Fair Value Disc
Derivatives and Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Derivatives and Fair Value Disclosures | 12. Derivatives and Fair Value Disclosures The Company uses interest rate swaps for the management of interest rate risk exposure. The interest rate swaps effectively convert a portion of the Company’s debt from a floating to a fixed rate. The Company is a party to nine floating-to-fixed On June 2, 2017, the Company as a condition of its term loan dated May 18, 2016, entered into an amortizing interest rate swap agreement for a notional amount of $15,996,125. The agreement is effective from August 16, 2017 and expires on May 16, 2025; under this agreement the Company receives each quarter interest on the notional amount based on the three month LIBOR rate and pays interest based on a fixed interest rate of 2.12%. On February 1, 2018, the Company as a condition of its term loan dated May 18, 2016, entered into an amortizing interest rate swap agreement for a notional amount of $32,632,000. The agreement is effective from April 10, 2018 and expires on December 31, 2025; under this agreement the Company receives each quarter interest on the notional amount based on the three month LIBOR rate and pays interest based on a fixed interest rate of 2.74%. On February 28, 2018, the Company as a condition of its term loan dated December 7, 2017, entered into an amortizing interest rate swap agreement for a notional amount of $21,586,250. The agreement is effective from March 12, 2018 and expires on December 11, 2022; under this agreement the Company receives each quarter interest on the notional amount based on the three month LIBOR rate and pays interest based on a fixed interest rate of 2.74%. On December 10, 2018, the Company as a condition of its term loan dated May 18, 2016, entered into an amortizing interest rate swap agreement for a notional amount of $14,472,875. The agreement is effective from February 16, 2019 and expires on February 16, 2024; under this agreement the Company receives each quarter interest on the notional amount based on the three month LIBOR rate and pays interest based on a fixed interest rate of 2.89%. The following tables present information on the location and amounts of derivatives’ fair values reflected in the consolidated balance sheets and with respect to gains and losses on derivative positions reflected in the consolidated statements of operations or in the consolidated balance sheets, as a component of accumulated other comprehensive income. Tabular disclosure of financial instruments is as follows: December 31, 2017 2018 Derivatives designated as hedging instruments Balance Sheet Location Asset Liability Asset Liability Interest Rate Swap Agreements Non current assets — Fair value of derivatives 645,169 — 1,068,369 — Interest Rate Swap Agreements Non current liabilities — Fair value of derivatives — 126,525 — 465,389 Total derivatives designated as hedging instruments 645,169 126,525 1,068,369 465,389 The effect of derivative instruments on the consolidated statements of operations for the years ended December 31, 2016, 2017 and 2018 is as follows: Derivatives not designated as hedging instruments Location of Gain/(Loss) Recognized Year Ended December 31, 2016 2017 2018 Interest Rate Swap — Change in Fair Value Loss on derivatives 297,656 — — Interest Rate Swap — Realized loss Loss on derivatives (297,954 ) — — Total loss on derivatives (298 ) — — Derivatives designated as hedging instruments Location of Loss Recognized Year Ended December 31, 2016 2017 2018 Interest Rate Swap — Loss reclassified from OCI (Effective portion) Loss on derivatives (766,898 ) (403,943 ) (11,982 ) Total loss on derivatives (766,898 ) (403,943 ) (11,982 ) The components of accumulated other comprehensive income included in the accompanying consolidated balance sheets consist of unrealized gain / (loss) on cash flow hedges and are analyzed as follows: Unrealized Gain / Balance, January 1, 2016 (393,288 ) Effective portion of changes in fair value of interest swap contracts 418,723 Balance, December 31, 2016 25,435 Effective portion of changes in fair value of interest swap contracts 592,460 Balance, December 31, 2017 617,895 Effective portion of changes in fair value of interest swap contracts 56,084 Balance, December 31, 2018 673,979 Fair Value of Financial Instruments and Concentration of Credit Risk: non-performance Fair Value Disclosures: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. The following table presents the fair values for assets and liabilities measured on a recurring basis categorized into a Level based upon the lowest level of significant input to the valuations as of December 31, 2017: Fair Value Measurements Using Description Fair Value Quoted Prices Significant Significant Assets/(Liabilities): Interest Rate Swap Agreements 645,169 — 645,169 — Interest Rate Swap Agreements (126,525 ) — (126,525 ) — Total 518,644 — 518,644 — The following table presents the fair values for assets and liabilities measured on a recurring basis categorized into a Level based upon the lowest level of significant input to the valuations as of December 31, 2018: Fair Value Measurements Using Description Fair Value as of Quoted Prices (Level 1) Significant Significant Assets/(Liabilities): Interest Rate Swap Agreements 1,068,369 — 1,068,369 — Interest Rate Swap Agreements (465,389 ) — (465,389 ) — Total 602,980 — 602,980 — The following tables present the fair values for assets measured on a non-recurring Fair Value Measurements Using Description Fair Value Quoted Prices Significant Significant Long-lived assets held and used 6,000,000 — 6,000,000 — (897,965 ) Total 6,000,000 — 6,000,000 — (897,965 ) The vessel Gas Monarch was recorded at its fair value of $6,000,000 as of June 30, 2017. Depreciation amounting to $255,015 was recorded in the period from July 1, 2017 to December 31, 2017 and the vessel was presented at its new deemed cost less depreciation of $5,744,985 in the accompanying consolidated balance sheet as of December 31, 2017. Fair Value Measurements Using Description Fair Value Quoted Prices Significant Significant Long-lived assets held and used 8,000,000 — 8,000,000 — (1,258,037 ) Total 8,000,000 — 8,000,000 — (1,258,037 ) The vessels Gas Pasha and Gas Evoluzione were recorded at their fair value of $8,000,000 as of September 30, 2017. Depreciation amounting to $200,130 was recorded in the period from October 1, 2017 to December 31, 2017 and the vessels were presented at their new deemed cost less depreciation of $7,799,870 in the accompanying consolidated balance sheet as of December 31, 2017. As a result of the impairment analyses performed for the year ended December 31, 2017, three of the Company’s vessels (held and used) were written down to their estimated fair value as determined by the Company based on vessel valuations, obtained from independent third party shipbrokers, which are mainly based on recent sales and purchase transactions of similar vessels, resulting in an impairment charge of $2,156,002. Furthermore, four of the Company’s vessels were classified as held for sale during 2017 and were delivered to their new owners during 2017 resulting in an impairment charge of $4,305,271 as their carrying amount exceeded their fair value which was determined based on their transaction price, as the sale price was agreed with unaffiliated third parties. These impairment charges were included in the accompanying consolidated statement of operations under the caption “Impairment loss” for the year ended December 31, 2017. Fair Value Measurements Using Description Fair Value Quoted Prices Significant Significant Long-lived assets held and used 9,400,000 — 9,400,000 — (1,531,130 ) Total 9,400,000 — 9,400,000 — (1,531,130 ) The vessels Gas Sincerity and Gas Texiana were recorded at their fair value of $9,400,000 as of June 30, 2018. Following the memorandum of agreement for the disposal of these vessels in July 2018, Gas Sincerity and Gas Texiana were classified as held for sale as of September 30, 2018 and were recognized at their fair value less costs to sell. Fair value amounted to $9,400,000 and costs to sell amounted to $442,000. The vessels are classified as held for sale as of December 31, 2018 at fair value less costs to sell of $8,958,000 in the accompanying consolidated balance sheet as of December 31, 2018. Fair Value Measurements Using Description Fair Value Quoted Prices Significant Significant Long-lived assets held for sale 55,230,000 — 55,230,000 — (3,189,858 ) Total 55,230,000 — 55,230,000 — (3,189,858 ) The vessels Gas Defiance, Gas Shuriken, Gas Haralambos and Eco Lucidity were classified as held for sale as of December 31, 2018 and were recognized at their fair value of $55,230,000 less costs to sell. Costs to sell amounted to nil. During 2018, the Company recognized for eleven of its vessels an aggregate impairment charge of $11,351,821. Seven of the Company’s vessels were written down to their fair value as determined by the Company based on their transaction price, as the sale price was agreed with unaffiliated third parties. Remaining four vessels were written down to their estimated fair value as their carrying amount exceeded their fair value which was determined based on vessel valuations, obtained from independent third party shipbrokers, which are mainly based on recent sales and purchase transactions of similar vessels. |
Capital Stock, Treasury Stock a
Capital Stock, Treasury Stock and Additional Paid-in Capital | 12 Months Ended |
Dec. 31, 2018 | |
Federal Home Loan Banks [Abstract] | |
Capital Stock, Treasury Stock and Additional Paid-in Capital | 13. Capital Stock, Treasury Stock and Additional Paid-in The amounts shown in the accompanying consolidated balance sheets as additional paid-in On March 22, 2010, the Company’s Board of Directors adopted a new stock repurchase plan for up to $15,000,000 to be used for repurchasing the Company’s common shares. For the year ended December 31, 2010, the Company completed the repurchase of 1,205,229 shares paying an average price per share of $5.21. These shares were cancelled and removed from the Company’s capital stock. During the year ended December 31, 2011, the Company completed the repurchase of additional 551,646 shares paying an average price per share of $4.05. These shares are held as treasury stock by the Company. No shares were repurchased during the years ended December 31, 2012 and 2013. On April 30, 2013, the Company completed a follow-on On February 14, 2014, the Company completed an underwritten registered offering of 3,398,558 shares of common stock, par value of $0.01, for $9.71 per share. The gross proceeds from the offering amounted to $32,999,998, while the net proceeds after the underwriters’ discounts and commissions and other related expenses amounted to $31,937,044. On May 7, 2014, the Company completed an underwritten registered offering of 4,476,195 shares of common stock, par value of $0.01, for $10.50 per share. The gross proceeds from the offering amounted to $47,000,047, while the net proceeds after the underwriters’ discounts and commissions and other related expenses amounted to $46,294,133. On August 12, 2014, the Company completed an underwritten registered offering of 3,500,000 shares of common stock, par value of $0.01, for $10.00 per share. The gross proceeds from the offering amounted to $35,000,000, while the net proceeds after the underwriters’ discounts and commissions and other related expenses amounted to $34,071,501. On November 26, 2014, the Company’s Board of Directors adopted a new stock repurchase plan for up to $10,000,000 to be used for repurchasing the Company’s common shares. For the year ended December 31, 2014, the Company completed the repurchase of 843,022 shares paying an average price per share of $6.30. These shares are held as treasury stock by the Company. On February 26, 2015, the Company’s Board of Directors approved the extension of the existing stock repurchase plan for an additional amount of $20,000,000 to be used for repurchasing the Company’s common shares. For the year ended December 31, 2015, the Company completed the repurchase of 2,372,097 shares paying an average price per share of $5.46. For the year ended December 31, 2016, the Company completed the repurchase of an additional 657,113 shares paying an average price per share of $3.10. These shares are held as treasury stock by the Company. For the years ended December 31, 2017 and 2018, the Company has not made any repurchase of its common shares. |
Equity Compensation Plan
Equity Compensation Plan | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Compensation Plan | 14. Equity Compensation Plan In 2015 the Company’s shareholders and board of directors adopted an Equity Compensation Plan (“the Plan”), which replaced the Company’s previous equity compensation plan which was adopted in 2007 and expired in 2015 (the “2007 Plan”) under which the Company’s employees, directors or other persons or entities providing significant services to the Company or its subsidiaries are eligible to receive stock-based awards including restricted stock, restricted stock units, unrestricted stock, bonus stock, performance stock and stock appreciation rights. The Plan is administered by the Compensation Committee of the Company’s board of directors and the aggregate number of shares of common stock reserved under this plan cannot exceed 10% of the number of shares of Company’s common stock issued and outstanding at the time any award is granted. The Company’s Board of Directors may terminate the Plan at any time. As of December 31, 2018, a total of 555,479 restricted shares had been granted under the 2007 Plan since the first grant in the third quarter of 2007 and 264,621 awards have been granted under the Plan. On November 22, 2012, the Company granted 74,761 non-vested non-executive On November 20, 2014, the Company granted 230,713 of non-vested non-executive On August 23, 2018, the Company granted 264,621 of non-vested non-executive All unvested restricted shares are conditional upon the option holder’s continued service as an employee of the Company, or as a director until the applicable vesting date. Until the forfeiture of any restricted shares, the grantee has the right to vote such restricted shares, to receive and retain all regular cash dividends paid on such restricted shares and to exercise all other rights provided that the Company will retain custody of all distributions other than regular cash dividends made or declared with respect to the restricted shares. The Company pays dividends on all restricted shares regardless of whether they have vested and there is no obligation of the employee to return the dividend when employment ceases. The Company did not pay any dividends in the years ended December 31, 2016, 2017 and 2018. The Company accounts for forfeitures as they occur. Management has selected the accelerated method allowed by the guidance with respect to recognizing stock based compensation expense for restricted share awards with graded vesting because it considers this method to better match expense with benefits received. The stock based compensation expense for the vested and non-vested A summary of the status of the Company’s non-vested Number of Weighted average grant non-vested Non-vested, — — Granted 264,621 3.59 Non-vested, 264,621 3.59 The total fair value of shares vested during the years ended December 31, 2016, 2017 and 2018 was $210,525, $220,907 and nil, respectively, based on the closing share price at each vesting date. The remaining unrecognized compensation cost amounting to $611,644 as of December 31, 2018, is expected to be recognized over the remaining period of 0.64 years, according to the contractual terms of those non-vested |
Earnings_(loss) per share
Earnings/(loss) per share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings/(loss) per share | 15. Earnings/(loss) per share Basic earnings per share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share give effect to all potentially dilutive securities. All of the Company’s shares (including non-vested The Company applies the two-class non-vested non-vested two-class non-vested For purposes of calculating diluted earnings per share, dividends declared during the period for non-vested non-vested non-vested The Company calculates basic and diluted earnings per share as follows: Year Ended December 31, 2016 2017 2018 Numerator Net loss (7,798,300 ) (1,218,237 ) (12,276,520 ) Less: Undistributed earnings allocated to non-vested — — — Net loss attributable to common shareholders, basic (7,798,300 ) (1,218,237 ) (12,276,520 ) Denominator Weighted average number of shares outstanding, basic and diluted 39,824,038 39,809,364 39,860,563 Loss per share, basic and diluted (0.20 ) (0.03 ) (0.31 ) Non-vested, The Company excluded the dilutive effect of 264,621 (2017: nil, 2016:57,678) non-vested |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | 16. Revenues The amounts in the accompanying consolidated statements of operations are analyzed as follows: Year ended December 31, 2016 2017 2018 Time charter revenues 81,621,851 96,339,915 104,099,818 Time charter revenues – related party 7,592,784 1,973,643 — Bareboat revenues 29,422,512 27,647,268 24,646,311 Voyage charter revenues 23,210,618 26,924,708 34,266,082 Other income 2,284,418 1,426,387 1,317,991 Total 144,132,183 154,311,921 164,330,202 |
Voyage Expenses and Vessel Oper
Voyage Expenses and Vessel Operating Expenses | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Voyage Expenses and Vessel Operating Expenses | 17. Voyage Expenses and Vessel Operating Expenses The amounts in the accompanying consolidated statements of operations are analyzed as follows: Year ended December 31, Voyage Expenses 2016 2017 2018 Port expenses 3,306,157 2,546,926 2,841,661 Bunkers 6,117,326 6,668,126 11,641,615 Commissions 4,259,812 4,584,612 4,796,483 Other voyage expenses 1,706, 970 1,916,873 1,407,416 Total 15,390,265 15,716,537 20,687,175 Year ended December 31, Vessels’ Operating Expenses 2016 2017 2018 Crew wages and related costs 36,821,527 37,345,800 36,628,082 Insurance 2,421,948 2,016,647 2,068,485 Repairs and maintenance 5,724,148 6,424,557 7,359,816 Spares and consumable stores 8,514,293 8,508,276 8,907,211 Miscellaneous expenses 5,340,920 5,124,154 5,471,184 Total 58,822,836 59,419,434 60,434,778 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 18. Income Taxes Under the laws of the countries of the companies’ incorporation and/or vessels’ registration, the companies are not subject to tax on international shipping income, however, they are subject to registration and tonnage taxes, which have been included in Vessel operating expenses in the consolidated statements of operations. Pursuant to the Internal Revenue Code of the United States (the “Code”), U.S. source income from the international operations of ships is generally exempt from U.S. tax if the Company operating the ships meets certain requirements. Among other things, in order to qualify for this exemption, the Company operating the ships must be incorporated in a country which grants an equivalent exemption from income taxes to U.S. corporations. All the Company’s ship-operating subsidiaries satisfy these initial criteria. In addition, these companies must be more than 50% owned by individuals who are residents, as defined, in the country of incorporation or another foreign country that grants an equivalent exemption to U.S. corporations. These companies also currently satisfy the more than 50% beneficial ownership requirement. In addition, the management of the Company believes that by virtue of a special rule applicable to situations where the ship-operating companies are beneficially owned by a publicly traded company like the Company, the more than 50% beneficial ownership requirement can also be satisfied based on the trading volume and the anticipated widely-held ownership of the Company’s shares, but no assurance can be given that this will remain so in the future, since continued compliance with this rule is subject to factors outside the Company’s control. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 19. Commitments and Contingencies • Future minimum contractual charter revenues, gross of commissions, based on vessels committed to non-cancellable, • In March and December 2018, the Company chartered in the vessels Astrid and Kazak. The Company entered into time charter agreements to lease the vessels for a period of twelve months. Lease payments relating to the time charters of the vessels Astrid and Kazak, amounted to $2,906,617 for the year ended December 31, 2018 and are included in Charter hire expenses in the consolidated statements of operations. Future lease payments as of December 31, 2018, until the expiry of the charter back agreements, amount to $4,703,679 during 2019. |
Sale and Leaseback of Vessels
Sale and Leaseback of Vessels | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Sale and Leaseback of Vessels | 20. Sale and Leaseback of Vessels In November and December 2014, the Company sold the vessels Gas Premiership and Gas Cathar and realized a total gain of $780,695. The Company entered into bareboat charter agreements to leaseback the vessels for a period of four years. The charter back agreements are accounted for as operating leases and the gain on the sale was deferred and is being amortized to income over the four-year lease period. On December 16, 2016, the bareboat charter agreement for Gas Cathar was amended resulting in the extension of the charter period to five years and three months from the delivery date and to the reduction of monthly charter hire. For the years ended December 31, 2016, 2017 and 2018, the amortization amounted to $195,574, $195,040 and $190,087, respectively, and is included in Charter hire expenses in the consolidated statements of operations. Lease payments relating to the bareboat charters of the vessels amounted to $4,249,961, $3,719,810 and $3,434,250 for the years ended December 31, 2016, 2017 and 2018 and are included in Charter hire expenses in the consolidated statements of operations. Future lease payments as of December 31, 2018, until the expiry of the charter back agreements, amount to $1,560,000 during 2019 and $390,000 during 2020. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 21. Subsequent Events (a) On March 27, 2019, the Company voluntary repaid the outstanding balance of the term loan with dated April 16, 2014, amounting to $15,780,000. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation: |
Use of Estimates | Use of Estimates: |
Other Comprehensive Income | Other Comprehensive Income: |
Foreign Currency Translation | Foreign Currency Translation: |
Cash and Cash Equivalents | Cash and Cash Equivalents: |
Restricted Cash | Restricted Cash: non-current |
Trade Receivables | Trade Receivables: un-collectible |
Claims Receivable | Claims Receivable: |
Inventories | Inventories: first-in, first-out |
Advances for vessels under construction | Advances for vessels under construction: on-site |
Vessels Acquisitions | Vessels Acquisitions: |
Impairment or Disposal of Long-lived Assets | Impairment or Disposal of Long-lived Assets: 360-10, 360-10”), dry-docking |
Vessels' Depreciation | Vessels’ Depreciation: |
Assets Held for Sale | Assets Held for Sale: 360-10, |
Segment Reporting | Segment Reporting: |
Accounting for Special Survey and Dry-docking Costs | Accounting for Special Survey and Dry-docking dry-docking |
Deferred Finance Charges | Deferred Finance Charges: non-current |
Accounting for Revenue and Related Expenses | Accounting for Revenue and Related Expenses: A time charter is a contract for the use of a vessel for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. Operating costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubricants are paid for by the Company under time charter agreements. A time charter generally provides typical warranties and owner protective restrictions. The performance obligations in a time charter are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to the owner of the vessel. Some of the Company’s time charters may also contain profit sharing provisions, under which the Company can realize additional revenues in the event that spot rates are higher than the base rates in these time charters. A bareboat charter is a contract in which the vessel owner provides the vessel to the charterer for a fixed period of time at a specified daily rate, which is generally payable in advance, and the charterer generally assumes all risk and costs of operation during the bareboat charter period. The time charter and bareboat contracts are considered either operating or finance leases and therefore do not fall under the scope of Accounting Standards Codification (“ASC”) 606 because (i) the vessel is an identifiable asset (ii) the owner of the vessel 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. Revenues from time and bareboat charters are recognized ratably on a straight line basis over the period of the respective charter. Revenues from profit sharing arrangements in time charters are recognized in the period earned. Under time and bareboat charter agreements, all voyages expenses, except commissions are assumed by the charterer. A voyage charter is a contract, in which the vessel owner undertakes to transport a specific amount and type of cargo on a load port-to-discharge lay-time Deferred revenue represents cash received for undelivered performance obligations and deferred revenue resulting from straight-line revenue recognition in respect of charter agreements that provide for varying charter rates. The portion of the deferred revenue that will be earned within the next twelve months is classified as current liability and the remaining as long-term liability. Vessel voyage expenses are direct expenses to voyage revenues and primarily consist of brokerage commissions, port expenses, canal dues and bunkers. Brokerage commissions are paid to shipbrokers for their time and efforts for negotiating and arranging charter party agreements on behalf of the Company and expensed over the related charter period and all the other voyage expenses are expensed as incurred except for expenses during the ballast portion of the voyage. Any expenses incurred during the ballast portion of the voyage (period between the contract date and the date of the vessel’s arrival to the load port) such as bunker expenses, canal tolls and port expenses are deferred and are recognized on a straight-line basis, in voyage expenses, over the voyage duration as the Company satisfies the performance obligations under the contract because these costs are (1) incurred to fulfill a contract that we can specifically identify, (2) able to generate or enhance resources of the company that will be used to satisfy performance of the terms of the contract, and (3) expected to be recovered from the charterer. These costs are considered ‘contract fulfillment costs’ and are included in ‘prepayments and other assets’ in the accompanying consolidated balance sheets. Vessel operating expenses comprise all expenses relating to the operation of the vessel, including crewing, repairs and maintenance, insurance, stores, lubricants and other operating expenses. Vessel operating expenses are expensed as incurred. Under a bareboat charter, the charterer assumes responsibility for all voyage and vessel operating expenses, dry-docking |
Leasing | Leasing: |
Equity Compensation Plan | Equity Compensation Plan: non-vested non-employee non-vested |
Earnings/(Loss) per Share | Earnings/(Loss) per Share: two-class |
Derivatives | Derivatives (i) Hedge Accounting Contracts which meet the strict criteria for hedge accounting are accounted for as cash flow hedges. A cash flow hedge is a hedge of the exposure to variability in cash flows that is attributable to a particular risk associated with a recognized asset or liability, or a highly probable forecasted transaction that could affect profit or loss. The effective portion of the gain or loss on the hedging instrument is recognized directly as a component of “Accumulated other comprehensive income” in equity, while the ineffective portion, if any, is recognized immediately in current period earnings. The Company discontinues cash flow hedge accounting if the hedging instrument expires and it no longer meets the criteria for hedge accounting or designation is revoked by the Company. At that time, any cumulative gain or loss on the hedging instrument recognized in equity is kept in equity until the forecasted transaction occurs. When the forecasted transaction occurs, any cumulative gain or loss on the hedging instrument is recognized in the statement of income. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in equity is transferred to net profit or loss for the year as a component of “Loss on derivatives”. (ii) Other Derivatives |
Recent Accounting Pronouncements | Recent Accounting Pronouncements On May 28, 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No 2014-09 2014-09, 2014-09 The Company adopted the provisions of ASC 606 for the reporting period commencing on January 1, 2018 and has elected to use the modified retrospective transition method for the implementation of this standard. The Company applied the provisions of ASC 606 to all contracts that were not completed at the date of initial application. As such, the comparative information has not been restated and continues to be reported under the accounting standards in effect for periods prior to January 1, 2018. An adjustment amounting to $0.3 million was posted in the Company’s opening retained earnings as of January 1, 2018. Since the Company’s performance obligation under each voyage contract is met evenly as the voyage progresses, the revenue is recognized on a straight-line basis over the voyage days from the date the vessel is ready to load the cargo to completion of its discharge and is not related to the timing of payment received from its customers. Payment terms under voyage charters are disclosed in the relevant voyage charter agreements. Based on these terms, freight is mainly paid after the completion of the discharge of the cargo. Prior to the adoption of this standard, revenues generated under voyage charter agreements were recognized on a pro-rata Further, the adoption of ASC 606 impacted the accounts receivable, other assets, payables to related parties and accrued and other liabilities on our consolidated balance sheet as of December 31, 2018. Under ASC 606, receivables represent an entity’s unconditional right to consideration, billed or unbilled. As of December 31, 2018, other current assets include bunker and port expenses of $0.1 million incurred between the contract date and the date of the vessel’s arrival to the load port. As of January 1, 2018 there was $0.3 million relating to contract fulfillment costs. As of December 31, 2018 and 2017 the unearned revenue related to undelivered performance obligations amounted to nil and $0.07 million, respectively and has been included in “Deferred income” in the accompanying consolidated balance sheet. The Company recognized as revenue the $0.07 million in the first quarter of 2018. The following table presents the impact of the adoption of ASU 2014-09 As at December 31, 2018 As reported Balances without adoption of 2014-09 Effect of change Assets Current Assets Trade and other receivables $ 2,888,496 $ 2,941,191 $ (52,695 ) Other current assets 134,301 — 134,301 Liabilities Payable to related parties 7,930,642 7,931,297 (655 ) Accrued and other liabilities 6,879,488 6,880,536 (1,048 ) The following table presents the impact of the adoption of ASU 2014-09 For the year ended December 31, 2018 As reported Balances without adoption of 2014-09 Effect of change Total revenues $ 164,330,202 $ 163,744,736 $ (585,466 ) Voyage expenses 18,649,258 18,498,600 150,658 Voyage expenses – related party 2,037,917 2,030,599 7,318 Net loss (12,276,520 ) (12,704,010 ) (427,490 ) Basic earnings per share $ (0.31 ) $ (0.32 ) $ (0.01 ) Diluted earnings per share $ (0.31 ) $ (0.32 ) $ (0.01 ) The cumulative effect of changes made to our opening Consolidated Balance Sheet on January 1, 2018 for the adoption of ASC 606: December 31, 2017 Effect of adoption of January 1, 2018 Assets Current Assets Trade and other receivables 3,853,992 (567,845 ) 3,286,147 Other current assets — 293,664 293,664 Liabilities Deferred income 4,362,056 70,000 4,432,056 Stockholders’ Equity Retained earnings 93,469,787 (344,181 ) 93,125,606 The adoption of ASC 606 had no impact on net cash provided by operating activities, investing activities and financing activities for the year ended December 31, 2018. In February 2016, the FASB issued ASU 2016-02, On July 30, 2018, the FASB issued ASU 2018-11 2016-02 2018-11: (a) Entities may elect not to recast the comparative periods presented when transitioning to ASC 842; and (b) Lessors may elect not to separate lease and nonlease components when the following criteria are met: Criterion A — the timing and pattern of transfer for the lease component are the same as those for the nonlease components associated with that lease component and Criterion B — the lease component, if accounted for separately, would be classified as an operating lease. The transition relief amendments in the ASU apply to entities that have not yet adopted ASC 842. The effective date and transition requirements for the amendments in this update for entities that have not adopted Topic 842 before the issuance of this update are the same as the effective date and transition requirements in Update 2016-02. In December 2018, the FASB issued ASU 2018-20 non-lease non-lease 2016-02. 2018-11 2016-02 2018-11. non-lease right-of-use right-of-use In August 2016, the FASB issued the ASU 2016-15 In August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities 2017-12”) . 2017-12 |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) - Accounting Standards Update 2014-09 [Member] | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Impact of Adoption of ASU 2014-09 on Consolidated Balance Sheet and Consolidated Statement of Operations | The following table presents the impact of the adoption of ASU 2014-09 As at December 31, 2018 As reported Balances without adoption of 2014-09 Effect of change Assets Current Assets Trade and other receivables $ 2,888,496 $ 2,941,191 $ (52,695 ) Other current assets 134,301 — 134,301 Liabilities Payable to related party 7,930,642 7,931,297 (655 ) Accrued and other liabilities 6,879,488 6,880,536 (1,048 ) The following table presents the impact of the adoption of ASU 2014-09 For the year ended December 31, 2018 As reported Balances without adoption of 2014-09 Effect of change Total revenues $ 164,330,202 $ 163,744,736 $ (585,466 ) Voyage expenses 18,649,258 18,498,600 150,658 Voyage expenses – related party 2,037,917 2,030,599 7,318 Net loss (12,276,520 ) (12,704,010 ) (427,490 ) Basic earnings per share $ (0.31 ) $ (0.32 ) $ (0.01 ) Diluted earnings per share $ (0.31 ) $ (0.32 ) $ (0.01 ) |
Schedule of Cumulative Effect of Changes on Consolidated Balance Sheet for Adoption of ASC 606 | The cumulative effect of changes made to our opening Consolidated Balance Sheet on January 1, 2018 for the adoption of ASC 606: December 31, 2017 Effect of adoption of January 1, 2018 Assets Current Assets Trade and other receivables 3,853,992 (567,845 ) 3,286,147 Other current assets — 293,664 293,664 Liabilities Deferred income 4,362,056 70,000 4,432,056 Stockholders’ Equity Retained earnings 93,469,787 (344,181 ) 93,125,606 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | The amounts shown in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2017 2018 Bunkers 1,312,116 1,082,384 Lubricants 1,450,183 1,264,339 Total 2,762,299 2,346,723 |
Advances for Vessels Under Co_2
Advances for Vessels Under Construction and Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Summary of Advances for vessels under construction and acquisitions | For the years ended December 31, 2017 and 2018, the movement of the account, advances for vessels under construction and acquisitions was as follows: Balance, December 31, 2016 55,785,801 Advances for vessels under construction and acquisitions 57,805,820 Capitalized interest 813,423 Capitalized expenses 2,475,138 Vessels delivered (55,302,364 ) Balance, December 31, 2017 61,577,818 Advances for vessels under construction and acquisitions 102,597,821 Capitalized expenses 5,155,821 Vessels delivered (169,331,460 ) Balance, December 31, 2018 — |
Vessels, net (Tables)
Vessels, net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Summary of Vessels, Net | The amounts shown in the accompanying consolidated balance sheets are analyzed as follows: Vessel cost Accumulated Net Book Balance, December 31, 2016 1,075,613,321 (211,913,582 ) 863,699,739 Acquisitions (transfer from Advances for Vessels under Construction and Acquisitions) 55,302,364 — 55,302,364 Disposals (11,557,252 ) — (11,557,252 ) Impairment loss (29,222,564 ) 22,761,291 (6,461,273 ) Depreciation for the year — (38,921,672 ) (38,921,672 ) Balance, December 31, 2017 1,090,135,869 (228,073,963 ) 862,061,906 Acquisitions (transfer from Advances for Vessels under Construction and Acquisitions) 169,331,460 — 169,331,460 Vessels held for sale (64,188,000 ) — (64,188,000 ) Impairment loss (60,018,802 ) 48,666,981 (11,351,821 ) Disposal (29,846,712 ) — (29,846,712 ) Depreciation for the year — (41,258,142 ) (41,258,142 ) Balance, December 31, 2018 1,105,413,815 (220,665,124 ) 884,748,691 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | The amounts shown in the accompanying consolidated balance sheets are analyzed as follows: December 31, 2017 2018 Interest on long-term debt 2,839,121 3,656,811 Administrative expenses 204,472 251,257 Other operating costs 563,333 660,000 Vessel operating and voyage expenses 2,273,553 2,311,420 Total 5,880,479 6,879,488 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Term Loans Drawn December 31, Movement in 2018 December 31, Issue Date Maturity Date Amount 2017 Additions Repayments 2018 February 12, 2008 February 19, 2020 40,250,000 14,375,000 — (2,500,000 ) 11,875,000 July 30, 2008 November 4, 2020 33,240,000 15,789,000 — (1,939,000 ) 13,850,000 October 9, 2008 October 9, 2020 29,437,000 6,310,000 — (6,310,000 ) — December 14, 2018 December 18, 2023 14,094,184 17,114,365 — (3,020,181 ) 14,094,184 April 14, 2014 April 14, 2020 20,400,000 13,100,000 — (1,400,000 ) 11,700,000 March 27, 2018 March 1, 2024 27,675,000 27,950,000 — (2,750,000 ) 25,200,000 March 1, 2011 June 20, 2020 43,250,000 26,375,000 — (3,000,000 ) 23,375,000 September 23, 2013 September 30, 2020 45,212,500 23,739,007 — (8,494,310 ) 15,244,697 March 24, 2014 July 31, 2022 50,225,000 39,235,000 — (3,605,000 ) 35,630,000 April 16, 2014 April 16, 2020 30,000,000 19,005,000 — (2,705,000 ) 16,300,000 December 14, 2018 December 18, 2023 9,480,000 10,360,000 — (880,000 ) 9,480,000 June 20, 2014 January 8, 2023 20,925,000 17,020,000 — (1,420,000 ) 15,600,000 December 20, 2013 June 30, 2023 67,200,000 55,515,000 — (3,960,000 ) 51,555,000 December 24, 2015 December 14, 2022 22,400,000 19,413,344 — (1,493,328 ) 17,920,016 July 4, 2014 September 3, 2021 22,750,000 19,093,750 — (1,625,000 ) 17,468,750 July 29, 2014 July 7, 2023 25,350,000 20,596,875 — (2,112,500 ) 18,484,375 December 7, 2017 December 11, 2022 22,275,000 10,500,000 11,775,000 (2,755,000 ) 19,520,000 May 18, 2016 December 31, 2025 65,650,000 31,484,500 33,150,000 (3,585,240 ) 61,049,260 March 1, 2017 April 17, 2026 70,787,500 — 70,787,500 (3,162,501 ) 67,624,999 Total 386,975,841 115,712,500 (56,717,060 ) 445,971,281 Current portion of long-term debt 42,580,323 42,433,562 Current portion of long-term debt associated with vessels held for sale — 30,150,000 Long term debt 344,395,518 373,387,719 Total debt 386,975,841 445,971,281 Current portion of deferred finance charges 613,716 706,725 Current portion of deferred finance charges associated with vessels held for sale — 73,644 Deferred finance charges non-current 1,453,677 1,873,466 Total deferred finance charges 2,067,393 2,653,835 Total debt 386,975,841 445,971,281 Less: Total deferred finance charges 2,067,393 2,653,835 Total debt, net of deferred finance charges 384,908,448 443,317,446 Less: Current portion of long-term debt, net of current portion of deferred finance charges 41,966,607 41,726,837 Less: Current portion of long-term debt associated with vessels held for sale, net of current portion of deferred finance charges — 30,076,356 342,941,841 371,514,253 |
Schedule of Maturities of Long-term Debt | The annual principal payments to be made, for the abovementioned loans, after December 31, 2018 are as follows: December 31, Amount 2019 72,583,562 2020 59,421,264 2021 67,040,014 2022 86,626,911 2023 63,483,131 Thereafter 96,816,399 Total 445,971,281 |
Derivatives and Fair Value Di_2
Derivatives and Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | Tabular disclosure of financial instruments is as follows: December 31, 2017 2018 Derivatives designated as hedging instruments Balance Sheet Location Asset Liability Asset Liability Interest Rate Swap Agreements Non current assets — Fair value of derivatives 645,169 — 1,068,369 — Interest Rate Swap Agreements Non current liabilities — Fair value of derivatives — 126,525 — 465,389 Total derivatives designated as hedging instruments 645,169 126,525 1,068,369 465,389 |
Schedule of Derivative Instruments, Gain (Loss) | The effect of derivative instruments on the consolidated statements of operations for the years ended December 31, 2016, 2017 and 2018 is as follows: Derivatives not designated as hedging instruments Location of Gain/(Loss) Recognized Year Ended December 31, 2016 2017 2018 Interest Rate Swap — Change in Fair Value Loss on derivatives 297,656 — — Interest Rate Swap — Realized loss Loss on derivatives (297,954 ) — — Total loss on derivatives (298 ) — — Derivatives designated as hedging instruments Location of Loss Recognized Year Ended December 31, 2016 2017 2018 Interest Rate Swap — Loss reclassified from OCI (Effective portion) Loss on derivatives (766,898 ) (403,943 ) (11,982 ) Total loss on derivatives (766,898 ) (403,943 ) (11,982 ) |
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income included in the accompanying consolidated balance sheets consist of unrealized gain / (loss) on cash flow hedges and are analyzed as follows: Unrealized Gain / Balance, January 1, 2016 (393,288 ) Effective portion of changes in fair value of interest swap contracts 418,723 Balance, December 31, 2016 25,435 Effective portion of changes in fair value of interest swap contracts 592,460 Balance, December 31, 2017 617,895 Effective portion of changes in fair value of interest swap contracts 56,084 Balance, December 31, 2018 673,979 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents the fair values for assets and liabilities measured on a recurring basis categorized into a Level based upon the lowest level of significant input to the valuations as of December 31, 2017: Fair Value Measurements Using Description Fair Value Quoted Prices Significant Significant Assets/(Liabilities): Interest Rate Swap Agreements 645,169 — 645,169 — Interest Rate Swap Agreements (126,525 ) — (126,525 ) — Total 518,644 — 518,644 — The following table presents the fair values for assets and liabilities measured on a recurring basis categorized into a Level based upon the lowest level of significant input to the valuations as of December 31, 2018: Fair Value Measurements Using Description Fair Value as of Quoted Prices (Level 1) Significant Significant Assets/(Liabilities): Interest Rate Swap Agreements 1,068,369 — 1,068,369 — Interest Rate Swap Agreements (465,389 ) — (465,389 ) — Total 602,980 — 602,980 — |
Schedule of Fair Value, Assets and Liabilities Measured on Non-Recurring Basis | The following tables present the fair values for assets measured on a non-recurring Fair Value Measurements Using Description Fair Value Quoted Prices Significant Significant Long-lived assets held and used 6,000,000 — 6,000,000 — (897,965 ) Total 6,000,000 — 6,000,000 — (897,965 ) Fair Value Measurements Using Description Fair Value Quoted Prices Significant Significant Long-lived assets held and used 8,000,000 — 8,000,000 — (1,258,037 ) Total 8,000,000 — 8,000,000 — (1,258,037 ) Fair Value Measurements Using Description Fair Value Quoted Prices Significant Significant Long-lived assets held and used 9,400,000 — 9,400,000 — (1,531,130 ) Total 9,400,000 — 9,400,000 — (1,531,130 ) Fair Value Measurements Using Description Fair Value Quoted Prices Significant Significant Long-lived assets held for sale 55,230,000 — 55,230,000 — (3,189,858 ) Total 55,230,000 — 55,230,000 — (3,189,858 ) |
Equity Compensation Plan (Table
Equity Compensation Plan (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Nonvested Restricted Shares | A summary of the status of the Company’s non-vested Number of Weighted average grant non-vested Non-vested, — — Granted 264,621 3.59 Non-vested, 264,621 3.59 |
Earnings_(loss) per share (Tabl
Earnings/(loss) per share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings Per Share Calculation | The Company calculates basic and diluted earnings per share as follows: Year Ended December 31, 2016 2017 2018 Numerator Net loss (7,798,300 ) (1,218,237 ) (12,276,520 ) Less: Undistributed earnings allocated to non-vested — — — Net loss attributable to common shareholders, basic (7,798,300 ) (1,218,237 ) (12,276,520 ) Denominator Weighted average number of shares outstanding, basic and diluted 39,824,038 39,809,364 39,860,563 Loss per share, basic and diluted (0.20 ) (0.03 ) (0.31 ) |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Analysis of Consolidated Statements of Operations | The amounts in the accompanying consolidated statements of operations are analyzed as follows: Year ended December 31, 2016 2017 2018 Time charter revenues 81,621,851 96,339,915 104,099,818 Time charter revenues – related party 7,592,784 1,973,643 — Bareboat revenues 29,422,512 27,647,268 24,646,311 Voyage charter revenues 23,210,618 26,924,708 34,266,082 Other income 2,284,418 1,426,387 1,317,991 Total 144,132,183 154,311,921 164,330,202 |
Voyage Expenses and Vessel Op_2
Voyage Expenses and Vessel Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Voyage Expenses | The amounts in the accompanying consolidated statements of operations are analyzed as follows: Year ended December 31, Voyage Expenses 2016 2017 2018 Port expenses 3,306,157 2,546,926 2,841,661 Bunkers 6,117,326 6,668,126 11,641,615 Commissions 4,259,812 4,584,612 4,796,483 Other voyage expenses 1,706, 970 1,916,873 1,407,416 Total 15,390,265 15,716,537 20,687,175 |
Vessel Operating Expenses | Year ended December 31, Vessels’ Operating Expenses 2016 2017 2018 Crew wages and related costs 36,821,527 37,345,800 36,628,082 Insurance 2,421,948 2,016,647 2,068,485 Repairs and maintenance 5,724,148 6,424,557 7,359,816 Spares and consumable stores 8,514,293 8,508,276 8,907,211 Miscellaneous expenses 5,340,920 5,124,154 5,471,184 Total 58,822,836 59,419,434 60,434,778 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Detail) | Jan. 01, 2018USD ($) | Dec. 31, 2018USD ($)Segment | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Significant Accounting Policies [Line Items] | ||||
Allowance for doubtful accounts receivable | $ 0 | $ 0 | ||
Impairment of assets, annual increase in undiscounted cash flows to determine fair value | 1.00% | |||
Impairment of assets, inflation rate for operating expenses used to determine fair value | 1.50% | |||
Disposal group, including discontinued operation | $ 0 | 0 | ||
Number of reportable segments | Segment | 1 | |||
Number of operating segments | Segment | 1 | |||
Company's opening retained earnings | $ 93,125,606 | $ 80,849,086 | 93,469,787 | |
Unearned revenue | 0 | $ 70,000 | 70,000 | |
Other Current Assets [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Other current assets | $ 100,000 | |||
Accounting Standards Update 2014-09 [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Company's opening retained earnings | $ (344,181) | |||
Contract fulfilment cost | 300,000 | |||
Effect of change [Member] | Accounting Standards Update 2014-09 [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Company's opening retained earnings | $ 300,000 | |||
LPG [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, useful life | 30 years | |||
Product carriers [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, useful life | 25 years |
Significant Accounting Polici_5
Significant Accounting Policies - Schedule of Impact of Adoption of ASU 2014-09 on Consolidated Balance Sheet and Consolidated Statement of Operations (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | |
Current Assets | ||||
Trade and other receivables | $ 2,888,496 | $ 3,853,992 | $ 3,286,147 | |
Other current assets | 134,301 | $ 293,664 | ||
Liabilities | ||||
Payable to related party | 7,930,642 | 14,209,624 | ||
Accrued and other liabilities | 6,879,488 | 5,880,479 | ||
Total revenues | 164,330,202 | 152,338,278 | $ 136,539,399 | |
Voyage expenses | 18,649,258 | 13,804,032 | 13,618,025 | |
Voyage expenses - related party | 2,037,917 | 1,912,505 | 1,772,240 | |
Net loss | $ (12,276,520) | (1,218,237) | $ (7,798,300) | |
Basic earnings per share | $ (0.31) | |||
Diluted earnings per share | $ (0.31) | |||
Accounting Standards Update 2014-09 [Member] | ||||
Current Assets | ||||
Trade and other receivables | (567,845) | |||
Other current assets | $ 293,664 | |||
Accounting Standards Update 2014-09 [Member] | Balances without adoption of ASU 2014-09 [Member] | ||||
Current Assets | ||||
Trade and other receivables | $ 2,941,191 | |||
Liabilities | ||||
Payable to related party | 7,931,297 | |||
Accrued and other liabilities | 6,880,536 | |||
Total revenues | 163,744,736 | |||
Voyage expenses | 18,498,600 | |||
Voyage expenses - related party | 2,030,599 | |||
Net loss | $ (12,704,010) | |||
Basic earnings per share | $ (0.32) | |||
Diluted earnings per share | $ (0.32) | |||
Accounting Standards Update 2014-09 [Member] | Effect of change [Member] | ||||
Current Assets | ||||
Trade and other receivables | $ (52,695) | |||
Other current assets | 134,301 | |||
Liabilities | ||||
Payable to related party | (655) | |||
Accrued and other liabilities | (1,048) | |||
Total revenues | (585,466) | |||
Voyage expenses | 150,658 | |||
Voyage expenses - related party | 7,318 | |||
Net loss | $ (427,490) | |||
Basic earnings per share | $ (0.01) | |||
Diluted earnings per share | $ (0.01) |
Significant Accounting Polici_6
Significant Accounting Policies - Schedule of Cumulative Effect of Changes on Consolidated Balance Sheet for Adoption of ASC 606 (Detail) - USD ($) | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Current Assets | |||
Trade and other receivables | $ 2,888,496 | $ 3,286,147 | $ 3,853,992 |
Other current assets | 134,301 | 293,664 | |
Liabilities | |||
Deferred income | 5,191,654 | 4,432,056 | 4,362,056 |
Stockholders' equity | |||
Retained earnings | $ 80,849,086 | $ 93,125,606 | 93,469,787 |
Accounting Standards Update 2014-09 [Member] | |||
Current Assets | |||
Trade and other receivables | (567,845) | ||
Other current assets | 293,664 | ||
Liabilities | |||
Deferred income | 70,000 | ||
Stockholders' equity | |||
Retained earnings | $ (344,181) |
Transactions With Related Par_2
Transactions With Related Parties - Additional Information (Detail) - USD ($) | Jan. 25, 2016 | May 26, 2014 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 12, 2017 | Dec. 31, 2016 |
Related Party Transaction [Line Items] | ||||||
Due to related parties, current, total | $ 7,930,642 | $ 14,209,624 | ||||
Revenue from related parties | $ 1,973,643 | $ 7,592,784 | ||||
The Manager [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Management fee, per day, per vessel | 440 | |||||
Management fee, per day, per vessel, under bareboat charter | $ 125 | |||||
Vessel brokerage commission percentage | 1.25% | 1.25% | 1.25% | |||
Crew management fee, per month, per vessel | $ 2,500 | |||||
Sales and purchase broker commission fee, percentage | 1.00% | |||||
Due to related parties, current, total | $ 7,930,642 | $ 14,209,624 | ||||
The Manager [Member] | Additional Charge Per Day When Visits Exceed Five Days In Twelve Month Period [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, expenses from transactions with related party | 500 | |||||
The Manager [Member] | Commission Fees Incurred And Capitalized To The Cost Of Vessels [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, expenses from transactions with related party | 1,598,858 | 525,978 | $ 421,639 | |||
The Manager [Member] | Voyage Expenses Related Party [Member] | Brokerage Commission Fees [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, expenses from transactions with related party | 2,037,917 | $ 1,912,505 | 1,772,240 | |||
The Manager [Member] | Management Fees Related Party [Member] | Management Fees [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, expenses from transactions with related party | 7,027,195 | 7,205,490 | 7,346,180 | |||
The Manager [Member] | Vessels Operating Expenses Related Party [Member] | Superintendent Fees [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, expenses from transactions with related party | 137,000 | 125,500 | 172,000 | |||
The Manager [Member] | Vessels Operating Expenses Related Party [Member] | Amounts Paid in Connection to Charter Agreements for the Vessels Operating Expense [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, expenses from transactions with related party | 0 | 675,408 | 2,969,843 | |||
The Manager [Member] | Vessels Operating Expenses Related Party [Member] | Crew Management Fees [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, expenses from transactions with related party | 377,500 | |||||
The Manager [Member] | Net Gain on Sale of Vessels [Member] | Commission Expense Related to the Sale and Leaseback of Vessels [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, expenses from transactions with related party | 184,000 | 119,900 | 13,711 | |||
The Manager [Member] | General and Administrative Expense [Member] | Reimbursed Compensation [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, expenses from transactions with related party | 1,210,036 | 1,127,307 | 1,114,130 | |||
The Manager [Member] | General and Administrative Expense [Member] | Office Space Rent [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, expenses from transactions with related party | 84,686 | 82,192 | 72,907 | |||
The Manager [Member] | Impairment Loss [Member] | Commission Expense Related to the Sale and Leaseback of Vessels [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, expenses from transactions with related party | 212,650 | |||||
Emihar Petroleum Inc [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Revenue from related parties | 0 | 1,973,643 | 7,592,784 | |||
Brave [Member] | Vessel Construction Fee Per Vessel [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, expenses from transactions with related party | $ 490,000 | $ 390,000 | ||||
Brave [Member] | Capitalized Construction Supervision Fees [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related party transaction, expenses from transactions with related party | $ 1,790,789 | $ 535,864 | $ 854,022 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventory, Current (Detail) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Bunkers | $ 1,082,384 | $ 1,312,116 |
Lubricants | 1,264,339 | 1,450,183 |
Total | $ 2,346,723 | $ 2,762,299 |
Advances for Vessels Under Co_3
Advances for Vessels Under Construction and Acquisitions - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Investments in and Advances to Affiliates [Line Items] | |||
Advances for vessels under construction and acquisitions | $ 61,577,818 | $ 55,785,801 | |
Other Operating Income (Expense) [Member] | |||
Investments in and Advances to Affiliates [Line Items] | |||
Charges for postponement of vessel delivery | $ 146,667 | $ 863,333 |
Advances for Vessels Under Co_4
Advances for Vessels Under Construction and Acquisitions - Summary of Advances for Vessels Under Construction and Acquisitions (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |||
Beginning balance | $ 61,577,818 | $ 55,785,801 | |
Advances for vessels under construction and acquisitions | 102,597,821 | 57,805,820 | |
Capitalized interest | 0 | 813,423 | $ 1,660,802 |
Capitalized expenses | 5,155,821 | 2,475,138 | |
Vessels delivered | $ (169,331,460) | (55,302,364) | |
Ending balance | $ 61,577,818 | $ 55,785,801 |
Vessels, Net - Summary of Vesse
Vessels, Net - Summary of Vessels, Net (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |||||
Vessel cost, Balance | $ 1,090,135,869 | $ 1,075,613,321 | |||
Vessel cost, Acquisitions (transfer from Advances for Vessels under Construction and Acquisitions) | 169,331,460 | 55,302,364 | |||
Vessel cost, Disposal | (29,846,712) | (11,557,252) | |||
Vessel cost, Vessels held for sale | $ (64,188,000) | ||||
Vessel cost, Impairment loss | (60,018,802) | (29,222,564) | |||
Vessel cost, Depreciation for the year | (228,073,963) | (211,913,582) | $ (211,913,582) | (220,665,124) | $ (228,073,963) |
Vessel cost, Balance | 1,105,413,815 | 1,090,135,869 | 1,075,613,321 | ||
Accumulated Depreciation, Balance | (228,073,963) | (211,913,582) | |||
Accumulated Depreciation, Acquisitions (transfer from Advances for Vessels under Construction and Acquisitions) | 0 | 0 | |||
Accumulated Depreciation, Disposal | 0 | 0 | |||
Accumulated Depreciation, Vessels held for sale | 0 | ||||
Accumulated Depreciation, Impairment loss | 48,666,981 | 22,761,291 | |||
Accumulated Depreciation, Depreciation for the year | (41,258,142) | (38,921,672) | (39,096,589) | ||
Accumulated Depreciation, Balance | (220,665,124) | (228,073,963) | (211,913,582) | ||
Net Book Value, Balance | 862,061,906 | 863,699,739 | |||
Net Book Value, Acquisitions (transfer from Advances for Vessels under Construction and Acquisitions) | 169,331,460 | 55,302,364 | |||
Net Book Value, Disposal | (29,846,712) | (11,557,252) | |||
Net Book Value, Vessels held for sale | (64,188,000) | ||||
Net Book Value, Impairment loss | (11,351,821) | (6,461,273) | (5,735,086) | ||
Net Book Value, Depreciation for the year | $ (41,258,142) | $ (38,921,672) | |||
Net Book Value, Balance | $ 884,748,691 | $ 862,061,906 | $ 863,699,739 |
Vessels, Net - Additional Infor
Vessels, Net - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2019VesselAgreement | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jul. 31, 2018USD ($) | Apr. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Sep. 30, 2017USD ($) | Aug. 31, 2017USD ($) | May 31, 2017USD ($) | Apr. 30, 2017USD ($) | |
Property, Plant and Equipment [Line Items] | |||||||||||
Impairment of long-lived assets to be disposed of | $ 11,351,821 | $ 4,305,271 | |||||||||
Impairment of long-lived assets held-for-use | 2,156,002 | ||||||||||
Net (gain)/loss on sale of vessels | 763,925 | 77,314 | $ (118,427) | ||||||||
Disposal group, including discontinued operation | 0 | 0 | |||||||||
40 Vessels [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Debt instrument, collateral amount | 891,758,621 | 762,159,589 | |||||||||
Six Vessels [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Disposal group, including discontinued operation | 718,448 | ||||||||||
Impairment Loss [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Impairment of long-lived assets held-for-use | 2,156,002 | ||||||||||
Gas Icon [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Impairment of long-lived assets to be disposed of | 1,747,923 | ||||||||||
Disposal group, including discontinued operation, consideration | $ 2,900,000 | ||||||||||
Gas Emperor [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Impairment of long-lived assets to be disposed of | 580,004 | ||||||||||
Disposal group, including discontinued operation, consideration | $ 2,900,000 | ||||||||||
Gas Moxie [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Impairment of long-lived assets to be disposed of | 570,626 | ||||||||||
Disposal group, including discontinued operation, consideration | $ 2,575,000 | ||||||||||
Gas Nirvana [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Disposal group, including discontinued operation, consideration | $ 3,675,000 | ||||||||||
Impairment of long-lived assets held-for-use | 1,406,718 | ||||||||||
Gas Icon Gas Emperor Gax Moxie Gas Nirvana [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Net (gain)/loss on sale of vessels | $ 77,314 | ||||||||||
Gas Enchanted [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Disposal group, including discontinued operation, consideration | $ 8,950,000 | ||||||||||
Impairment of long-lived assets held-for-use | 1,937,822 | ||||||||||
Gas Legacy [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Disposal group, including discontinued operation, consideration | $ 4,990,000 | ||||||||||
Impairment of long-lived assets held-for-use | 1,418,672 | ||||||||||
Gas Evoluzione [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Disposal group, including discontinued operation, consideration | $ 3,575,000 | ||||||||||
Impairment of long-lived assets held-for-use | 604,774 | ||||||||||
Gas Sikousis [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Disposal group, including discontinued operation, consideration | $ 9,450,000 | ||||||||||
Impairment of long-lived assets held-for-use | 842,332 | ||||||||||
Gas Marathon, Gas Sincerity and Gas Texiana [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Disposal group, including discontinued operation, consideration | $ 12,700,000 | ||||||||||
Impairment of long-lived assets held-for-use | 3,358,363 | ||||||||||
Gas Defiance, Gas Shuriken, Gas Haralambos and Eco Lucidity [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Impairment of long-lived assets held-for-use | $ 3,189,858 | ||||||||||
Gas Defiance, Gas Shuriken, Gas Haralambos and Eco Lucidity [Member] | Subsequent Event [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Number of joint venture agreements | Agreement | 4 | ||||||||||
Interest acquired on joint venture agreements | 49.90% | ||||||||||
Number of vessel owning companies | Vessel | 4 |
Deferred Finance Charges - Addi
Deferred Finance Charges - Additional Information (Detail) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Issuance Costs, Noncurrent, Net [Abstract] | ||
Debt issuance costs, noncurrent, net, total | $ 0 | $ 941,760 |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of Accrued Liabilities (Detail) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule Of Accrued Liabilities [Abstract] | ||
Interest on long-term debt | $ 3,656,811 | $ 2,839,121 |
Administrative expenses | 251,257 | 204,472 |
Other operating costs | 660,000 | 563,333 |
Vessel operating and voyage expenses | 2,311,420 | 2,273,553 |
Total | $ 6,879,488 | $ 5,880,479 |
Deferred Income - Additional In
Deferred Income - Additional Information (Detail) - USD ($) | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Deferred Revenue Arrangement [Line Items] | |||
Deferred revenue, current | $ 5,191,654 | $ 4,432,056 | $ 4,362,056 |
Time and Bareboat Deferred Revenue [Member] | |||
Deferred Revenue Arrangement [Line Items] | |||
Deferred revenue, current | $ 5,191,654 | $ 4,366,091 |
Customer Deposits - Additional
Customer Deposits - Additional Information (Detail) - USD ($) | Mar. 07, 2018 | Oct. 12, 2015 | Feb. 24, 2015 | Dec. 31, 2018 |
Spike [Member] | ||||
Deposits [Line Items] | ||||
Proceeds from deposits from customers | $ 1,820,700 | |||
Repayment of deposits from customers | $ 1,220,700 | |||
Deposits from customers kept as guarantee | $ 600,000 | |||
Navig8 Faith [Member] | ||||
Deposits [Line Items] | ||||
Proceeds from deposits from customers | $ 736,000 |
Long-term Debt - Schedule of De
Long-term Debt - Schedule of Debt (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
Movement Additions | $ 115,712,500 | ||
Repayments | (56,717,059) | $ (56,254,073) | $ (55,630,352) |
Term Loans | 445,971,281 | 386,975,841 | |
Current portion of long-term debt | 42,433,562 | 42,580,323 | |
Current portion of long-term debt associated with vessels held for sale | 30,150,000 | ||
Long term debt | 373,387,719 | 344,395,518 | |
Total debt | 445,971,281 | 386,975,841 | |
Current portion of deferred finance charges | 706,725 | 613,716 | |
Current portion of deferred finance charges associated with vessels held for sale | 73,644 | ||
Deferred finance charges non-current | 1,873,466 | 1,453,677 | |
Total deferred finance charges | 2,653,835 | 2,067,393 | |
Total debt | 445,971,281 | 386,975,841 | |
Less: Total deferred finance charges | 2,653,835 | 2,067,393 | |
Total debt, net of deferred finance charges | 443,317,446 | 384,908,448 | |
Less: Current portion of long-term debt, net of current portion of deferred finance charges | 41,726,837 | 41,966,607 | |
Less: Current portion of long-term debt associated with vessels held for sale, net of current portion of deferred finance charges | 30,076,356 | ||
Long term debt, net of deferred finance charges | $ 371,514,253 | 342,941,841 | |
Term Loan 1 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Feb. 19, 2020 | ||
Drawn Amount | $ 40,250,000 | ||
Repayments | (2,500,000) | ||
Term Loans | $ 11,875,000 | 14,375,000 | |
Term Loan 4 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Nov. 4, 2020 | ||
Drawn Amount | $ 33,240,000 | ||
Repayments | (1,939,000) | ||
Term Loans | $ 13,850,000 | 15,789,000 | |
Term Loan 2 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Oct. 9, 2020 | ||
Drawn Amount | $ 29,437,000 | ||
Repayments | $ (6,310,000) | ||
Term Loans | 6,310,000 | ||
Term Loan 3 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Dec. 18, 2023 | ||
Drawn Amount | $ 14,094,184 | ||
Repayments | (3,020,181) | ||
Term Loans | $ 14,094,184 | 17,114,365 | |
Term Loan 5 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Apr. 14, 2020 | ||
Drawn Amount | $ 20,400,000 | ||
Repayments | (1,400,000) | ||
Term Loans | $ 11,700,000 | 13,100,000 | |
Term Loan 6 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Mar. 1, 2024 | ||
Drawn Amount | $ 27,675,000 | ||
Repayments | (2,750,000) | ||
Term Loans | $ 25,200,000 | 27,950,000 | |
Term Loan 10 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Jun. 20, 2020 | ||
Drawn Amount | $ 43,250,000 | ||
Repayments | (3,000,000) | ||
Term Loans | $ 23,375,000 | 26,375,000 | |
Term Loan 7 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Sep. 30, 2020 | ||
Drawn Amount | $ 45,212,500 | ||
Repayments | (8,494,310) | ||
Term Loans | $ 15,244,697 | 23,739,007 | |
Term Loan 8 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Jul. 31, 2022 | ||
Drawn Amount | $ 50,225,000 | ||
Repayments | (3,605,000) | ||
Term Loans | $ 35,630,000 | 39,235,000 | |
Term Loan 9 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Apr. 16, 2020 | ||
Drawn Amount | $ 30,000,000 | ||
Repayments | (2,705,000) | ||
Term Loans | $ 16,300,000 | 19,005,000 | |
Term Loan 11 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Dec. 18, 2023 | ||
Drawn Amount | $ 9,480,000 | ||
Repayments | (880,000) | ||
Term Loans | $ 9,480,000 | 10,360,000 | |
Term Loan 12 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Jan. 8, 2023 | ||
Drawn Amount | $ 20,925,000 | ||
Repayments | (1,420,000) | ||
Term Loans | $ 15,600,000 | 17,020,000 | |
Term Loan 13 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Jun. 30, 2023 | ||
Drawn Amount | $ 67,200,000 | ||
Repayments | (3,960,000) | ||
Term Loans | $ 51,555,000 | 55,515,000 | |
Term Loan 14 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Dec. 14, 2022 | ||
Drawn Amount | $ 22,400,000 | ||
Repayments | (1,493,328) | ||
Term Loans | $ 17,920,016 | 19,413,344 | |
Term Loan 15 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Sep. 3, 2021 | ||
Drawn Amount | $ 22,750,000 | ||
Repayments | (1,625,000) | ||
Term Loans | $ 17,468,750 | 19,093,750 | |
Term Loan 16 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Jul. 7, 2023 | ||
Drawn Amount | $ 25,350,000 | ||
Repayments | (2,112,500) | ||
Term Loans | $ 18,484,375 | 20,596,875 | |
Term Loan 17 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Dec. 11, 2022 | ||
Drawn Amount | $ 22,275,000 | ||
Movement Additions | 11,775,000 | ||
Repayments | (2,755,000) | ||
Term Loans | $ 19,520,000 | 10,500,000 | |
Term Loan 18 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Dec. 31, 2025 | ||
Drawn Amount | $ 65,650,000 | ||
Movement Additions | 33,150,000 | ||
Repayments | (3,585,240) | ||
Term Loans | $ 61,049,260 | $ 31,484,500 | |
Term Loan 19 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Apr. 17, 2026 | ||
Drawn Amount | $ 70,787,500 | ||
Movement Additions | 70,787,500 | ||
Repayments | (3,162,501) | ||
Term Loans | $ 67,624,999 |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Detail) - USD ($) | Dec. 31, 2019 | Apr. 16, 2019 | Mar. 29, 2019 | Feb. 19, 2019 | Jan. 16, 2019 | Aug. 17, 2018 | Apr. 27, 2018 | Apr. 17, 2018 | Mar. 27, 2018 | Feb. 08, 2018 | Jan. 10, 2018 | Dec. 11, 2017 | May 16, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 14, 2018 | Dec. 07, 2017 | Mar. 01, 2017 | May 18, 2016 |
Debt Instrument [Line Items] | |||||||||||||||||||||
Proceeds from issuance of debt | $ 115,712,500 | ||||||||||||||||||||
Long-term debt, total | 445,971,281 | $ 386,975,841 | |||||||||||||||||||
Repayments of debt | 56,717,059 | 56,254,073 | $ 55,630,352 | ||||||||||||||||||
Term loan financial covenants, cash requirement | 11,930,059 | ||||||||||||||||||||
Restricted cash | 3,002,490 | 3,231,323 | 3,363,012 | ||||||||||||||||||
Debt issuance costs, gross | 8,374,435 | 7,871,170 | |||||||||||||||||||
Amortization of debt issuance costs | $ 858,582 | $ 690,842 | $ 715,587 | ||||||||||||||||||
Debt,weighted average interest rate | 5.34% | 3.97% | 3.43% | ||||||||||||||||||
Interest expense, debt, total | $ 22,150,386 | $ 15,640,377 | $ 14,149,326 | ||||||||||||||||||
Interest costs capitalized | $ 0 | $ 813,423 | $ 1,660,802 | ||||||||||||||||||
Term Loan Entered into on October 9, 2008 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Repayments of debt | $ 5,920,000 | ||||||||||||||||||||
Term Loan Entered into on September 23, 2013 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Repayments of debt | $ 4,122,370 | ||||||||||||||||||||
Maximum [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Value to term loan ratio | 130.00% | ||||||||||||||||||||
Percentage of total debt to total market value adjusted assets | 80.00% | ||||||||||||||||||||
Percentage of dividends paid to free cash flow | 50.00% | ||||||||||||||||||||
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument, basis spread on variable rate | 3.00% | ||||||||||||||||||||
Minimum [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Value to term loan ratio | 125.00% | ||||||||||||||||||||
EBITDA to interest expense ratio | 2.51 | ||||||||||||||||||||
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt instrument, basis spread on variable rate | 0.80% | ||||||||||||||||||||
Term Loan Entered Into On May 18, 2016 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt Instrument, maximum borrowing capacity | $ 74,480,000 | ||||||||||||||||||||
Proceeds from issuance of debt | $ 33,150,000 | $ 32,500,000 | |||||||||||||||||||
Term Loan Entered into on March 27, 2019 [Member] | Subsequent Event [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Repayments of debt | $ 1,036,265 | $ 625,000 | |||||||||||||||||||
Term Loan Refinanced On A Long Term Basis [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Long-term debt, total | $ 27,675,000 | ||||||||||||||||||||
Repayments of debt | $ 275,000 | ||||||||||||||||||||
Term Loan Entered into on June 12, 2014 and September 15, 2016 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt Instrument, maximum borrowing capacity | $ 23,574,184 | ||||||||||||||||||||
Term Loan Entered Into March 1, 2017 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt Instrument, maximum borrowing capacity | $ 76,020,000 | ||||||||||||||||||||
Proceeds from issuance of debt | $ 35,262,500 | $ 35,525,000 | |||||||||||||||||||
Term Loan Entered December 7, 2017 [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt Instrument, maximum borrowing capacity | $ 22,500,000 | ||||||||||||||||||||
Proceeds from issuance of debt | $ 11,775,000 | $ 10,500,000 | |||||||||||||||||||
Term Loan Entered into on April 14, 2014 [Member] | Subsequent Event [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt Instrument, maximum borrowing capacity | $ 11,000,000 | $ 11,000,000 | |||||||||||||||||||
Long-term debt, total | 60,000 | 60,000 | |||||||||||||||||||
Repayments of debt | $ 700,000 | $ 700,000 | 640,000 | ||||||||||||||||||
Term Loan Entered into on March 29, 2019 [Member] | Subsequent Event [Member] | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Debt Instrument, maximum borrowing capacity | 25,458,432 | 25,458,432 | |||||||||||||||||||
Long-term debt, total | 981,895 | $ 981,895 | |||||||||||||||||||
Repayments of debt | $ 4,001,898 |
Long-term Debt - Schedule of Ma
Long-term Debt - Schedule of Maturities of Long-term Debt (Detail) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Maturities of Long-term Debt [Abstract] | ||
2019 | $ 72,583,562 | |
2020 | 59,421,264 | |
2021 | 67,040,014 | |
2022 | 86,626,911 | |
2023 | 63,483,131 | |
Thereafter | 96,816,399 | |
Total | $ 445,971,281 | $ 386,975,841 |
Derivatives and Fair Value Di_3
Derivatives and Fair Value Disclosures - Additional Information (Detail) - Interest Rate Swap [Member] | Dec. 10, 2018USD ($) | Feb. 28, 2018USD ($) | Feb. 01, 2018USD ($) | Jun. 02, 2017USD ($) | Dec. 31, 2018USD ($)DerivativeInstrument | Dec. 31, 2017USD ($)DerivativeInstrument |
Derivatives, Fair Value [Line Items] | ||||||
Derivative, notional amount | $ | $ 14,472,875 | $ 21,586,250 | $ 32,632,000 | $ 15,996,125 | $ 111,477,920 | $ 68,935,006 |
Number of instruments | DerivativeInstrument | 9 | 6 | ||||
Derivative, fixed interest rate | 2.89% | 2.74% | 2.74% | 2.12% | ||
Interest rate swap, floating rate, based on libor | 2.04% | |||||
Maturity date | Feb. 16, 2024 | Dec. 11, 2022 | Dec. 31, 2025 | May 16, 2025 | ||
Minimum [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, fixed interest rate | 1.52% | |||||
Maturity date | 2020-09 | |||||
Maximum [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, fixed interest rate | 2.89% | |||||
Maturity date | 2025-12 |
Derivatives and Fair Value Di_4
Derivatives and Fair Value Disclosures - Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Detail) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Derivatives | $ 1,068,369 | $ 645,169 |
Derivatives | 465,389 | 126,525 |
Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset | 1,068,369 | 645,169 |
Derivative Liability | 465,389 | 126,525 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives | 1,068,369 | 645,169 |
Derivatives | $ 465,389 | $ 126,525 |
Derivatives and Fair Value Di_5
Derivatives and Fair Value Disclosures - Schedule of Derivative Instruments, Gain (Loss) (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total loss on derivatives | $ (298) | ||
Total loss on derivatives | $ (11,982) | $ (403,943) | (766,898) |
Interest Rate Swap [Member] | Loss On Derivatives [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest Rate Swap - Change in Fair Value | 297,656 | ||
Interest Rate Swap - Realized loss | (297,954) | ||
Interest Rate Swap [Member] | Loss On Derivatives [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest Rate Swap - Loss reclassified from OCI (Effective portion) | $ (11,982) | $ (403,943) | $ (766,898) |
Derivatives and Fair Value Di_6
Derivatives and Fair Value Disclosures - Schedule of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | $ 617,895 | ||
Ending balance | 673,979 | $ 617,895 | |
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 617,895 | 25,435 | $ (393,288) |
Effective portion of changes in fair value of interest swap contracts | 56,084 | 592,460 | 418,723 |
Ending balance | $ 673,979 | $ 617,895 | $ 25,435 |
Derivatives and Fair Value Di_7
Derivatives and Fair Value Disclosures - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fail value measurement | $ 602,980 | $ 518,644 |
Interest Rate Swap 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fail value measurement | 1,068,369 | 645,169 |
Interest Rate Swap 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fail value measurement | (465,389) | (126,525) |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fail value measurement | 602,980 | 518,644 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fail value measurement | 1,068,369 | 645,169 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fail value measurement | $ (465,389) | $ (126,525) |
Derivatives and Fair Value Di_8
Derivatives and Fair Value Disclosures - Schedule of Fair Value, Assets and Liabilities Measured on Non-Recurring Basis (Detail) - USD ($) | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Long-lived assets held for sale | $ (11,351,821) | $ (4,305,271) | ||||
Long-lived assets held and used | (2,156,002) | |||||
Total | (11,351,821) | $ (6,461,273) | $ (5,735,086) | |||
Fair Value, Measurements, Nonrecurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Long-lived assets held and used | $ 9,400,000 | $ 6,000,000 | $ 8,000,000 | |||
Long-lived assets held for sale | 55,230,000 | |||||
Long-lived assets held for sale | (3,189,858) | |||||
Total | 9,400,000 | 6,000,000 | 8,000,000 | 55,230,000 | ||
Long-lived assets held and used | (1,531,130) | (897,965) | (1,258,037) | |||
Total | (1,531,130) | (897,965) | (1,258,037) | (3,189,858) | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Long-lived assets held and used | 9,400,000 | 6,000,000 | 8,000,000 | |||
Long-lived assets held for sale | 55,230,000 | |||||
Total | $ 9,400,000 | $ 6,000,000 | $ 8,000,000 | $ 55,230,000 |
Derivatives and Fair Value Di_9
Derivatives and Fair Value Disclosures - Additional Information - 2 (Detail) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Jun. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)Vessel | Dec. 31, 2016USD ($) | Jun. 30, 2018USD ($) | Sep. 30, 2017USD ($) | |
Derivatives, Fair Value [Line Items] | ||||||||
Depreciation, total | $ 41,258,142 | $ 38,921,672 | $ 39,096,589 | |||||
Impairment of long-lived assets held-for-use | $ 2,156,002 | |||||||
Number of vessels impaired during period | Vessel | 3 | |||||||
Impairment of long-lived assets to be disposed of | 11,351,821 | $ 4,305,271 | ||||||
Number of vessels classified as held for sale during period | Vessel | 4 | |||||||
Gas Monarch [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Long-lived assets held-for-use, fair value disclosure | $ 6,000,000 | |||||||
Depreciation, total | $ 255,015 | |||||||
Long-lived assets held-for-use, fair value disclosure, net | $ 5,744,985 | $ 5,744,985 | ||||||
Gas Pasha And Gas Evoluzione [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Long-lived assets held-for-use, fair value disclosure | $ 8,000,000 | |||||||
Depreciation, total | 200,130 | |||||||
Long-lived assets held-for-use, fair value disclosure, net | $ 7,799,870 | $ 7,799,870 | ||||||
Gas Sincerity and Gas Texiana [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Long-lived assets held-for-use, fair value disclosure, net | 8,958,000 | |||||||
Assets held-for-sale, long lived, fair value disclosure | $ 9,400,000 | $ 9,400,000 | ||||||
Assets held for sale, costs to sell | $ 442,000 | |||||||
Gas Defiance, Gas Shuriken, Gas Haralambos and Eco Lucidity [Member] | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Assets held-for-sale, long lived, fair value disclosure | 55,230,000 | |||||||
Assets held for sale, costs to sell | $ 0 |
Capital Stock, Treasury Stock_2
Capital Stock, Treasury Stock and Additional Paid-in Capital - Additional Information (Detail) - USD ($) | Dec. 31, 2014 | Aug. 12, 2014 | May 07, 2014 | Feb. 14, 2014 | Apr. 30, 2013 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Feb. 26, 2015 | Nov. 26, 2014 | Mar. 22, 2010 |
Stockholders' Equity Note [Abstract] | ||||||||||||||||
Stock repurchase program, authorized amount | $ 10,000,000 | $ 15,000,000 | ||||||||||||||
Stock repurchased during period, share | 1,205,229 | |||||||||||||||
Treasury stock acquired, average cost per share | $ 6.30 | $ 3.10 | $ 5.46 | $ 4.05 | $ 5.21 | |||||||||||
Treasury stock, shares, acquired | 843,022 | 0 | 0 | 657,113 | 2,372,097 | 0 | 0 | 551,646 | ||||||||
Stock issued during period, shares, new issues | 3,500,000 | 4,476,195 | 3,398,558 | 11,500,000 | ||||||||||||
Common stock, par or stated value per share | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||
Sale of stock, price per share | $ 10 | $ 10.50 | $ 9.71 | $ 10 | ||||||||||||
Proceeds from issuance or sale of equity, total | $ 35,000,000 | $ 47,000,047 | $ 32,999,998 | $ 115,000,000 | ||||||||||||
Proceeds from issuance of equity, net of issuance costs | $ 34,071,501 | $ 46,294,133 | $ 31,937,044 | $ 109,119,029 | ||||||||||||
Stock repurchase program, authorized amount, additional | $ 20,000,000 |
Equity Compensation Plan - Addi
Equity Compensation Plan - Additional Information (Detail) - USD ($) | Aug. 23, 2018 | Nov. 20, 2017 | Nov. 20, 2016 | Nov. 20, 2015 | Nov. 20, 2014 | Nov. 22, 2012 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2007 |
Share Based Compensation Arrangement By Share Based Payment Award Options [Line Items] | ||||||||||
Dividends, total | $ 0 | $ 0 | $ 0 | |||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested in period, fair value | 0 | 220,907 | 210,525 | |||||||
Employee service share-based compensation, non-vested awards, compensation cost not yet recognized | $ 611,644 | |||||||||
Employee service share-based compensation, non-vested awards, compensation cost not yet recognized period for recognition | 7 months 20 days | |||||||||
Non Vested Restricted Stock [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Options [Line Items] | ||||||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 264,621 | 230,713 | 74,761 | 264,621 | ||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value | $ 3.59 | $ 7.58 | $ 7.26 | $ 3.59 | ||||||
Share-based compensation arrangement by share-based payment award, award vesting period | 1 year | 3 years | ||||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested in period | 57,678 | 57,678 | 115,357 | |||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value | $ 3.59 | $ 7.58 | $ 7.26 | $ 3.59 | ||||||
Share-based compensation arrangement by share-based payment award, award vesting period | 1 year | 3 years | ||||||||
Restricted Stock [Member] | General and Administrative Expense [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Options [Line Items] | ||||||||||
Allocated share-based compensation expense, total | $ 338,356 | $ 129,245 | $ 340,377 | |||||||
The Plan Member | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Options [Line Items] | ||||||||||
Common stock, reserved percentage | 10.00% | |||||||||
The Plan Member | Restricted Stock [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Options [Line Items] | ||||||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 264,621 | |||||||||
2007 Plan [Member] | Restricted Stock [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Options [Line Items] | ||||||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | 555,479 |
Equity Compensation Plan - Summ
Equity Compensation Plan - Summary of Nonvested Restricted Shares (Detail) - Non Vested Restricted Stock [Member] - $ / shares | Aug. 23, 2018 | Nov. 20, 2014 | Nov. 22, 2012 | Dec. 31, 2018 |
Share Based Compensation Arrangement By Share Based Payment Award Options [Line Items] | ||||
Granted, Number of restricted shares | 264,621 | 230,713 | 74,761 | 264,621 |
Non-vested,December 31, 2018,Number of restricted shares | 264,621 | |||
Granted, Weighted average grant date fair value per non-vested share | $ 3.59 | $ 7.58 | $ 7.26 | $ 3.59 |
Non-vested,December 31, 2018, Weighted average grant date fair value per non-vested share | $ 3.59 |
Earnings_(loss) per share - Bas
Earnings/(loss) per share - Basic and Diluted Earnings Per Share Calculation (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Net loss | $ (12,276,520) | $ (1,218,237) | $ (7,798,300) |
Less: Undistributed earnings allocated to non-vested shares | 0 | 0 | 0 |
Net loss attributable to common shareholders, basic | $ (12,276,520) | $ (1,218,237) | $ (7,798,300) |
Weighted average number of shares outstanding, basic and diluted | 39,860,563 | 39,809,364 | 39,824,038 |
Loss per share, basic and diluted | $ (0.31) | $ (0.03) | $ (0.20) |
Earnings_(loss) per share - Add
Earnings/(loss) per share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Dilutive effect excluded from computation of earnings per share | 264,621 | 0 | 57,678 |
Revenues - Summary of Analysis
Revenues - Summary of Analysis of Consolidated Statements of Operations (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 164,330,202 | $ 152,338,278 | $ 136,539,399 |
Time charter revenues - related party | 1,973,643 | 7,592,784 | |
Total | 164,330,202 | 154,311,921 | 144,132,183 |
Time Charter [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 104,099,818 | 96,339,915 | 81,621,851 |
Bareboat [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 24,646,311 | 27,647,268 | 29,422,512 |
Voyage Charter [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 34,266,082 | 26,924,708 | 23,210,618 |
Other Income Revenues [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 1,317,991 | $ 1,426,387 | $ 2,284,418 |
Voyage Expenses and Vessel Op_3
Voyage Expenses and Vessel Operating Expenses - Voyage Expenses (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Voyage Expenses And Vessel Operating Expenses [Abstract] | |||
Port expenses | $ 2,841,661 | $ 2,546,926 | $ 3,306,157 |
Bunkers | 11,641,615 | 6,668,126 | 6,117,326 |
Commissions | 4,796,483 | 4,584,612 | 4,259,812 |
Other voyage expenses | 1,407,416 | 1,916,873 | 1,706,970 |
Total | $ 20,687,175 | $ 15,716,537 | $ 15,390,265 |
Voyage Expenses and Vessel Op_4
Voyage Expenses and Vessel Operating Expenses - Vessel Operating Expenses (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Voyage Expenses And Vessel Operating Expenses [Abstract] | |||
Crew wages and related costs | $ 36,628,082 | $ 37,345,800 | $ 36,821,527 |
Insurance | 2,068,485 | 2,016,647 | 2,421,948 |
Repairs and maintenance | 7,359,816 | 6,424,557 | 5,724,148 |
Spares and consumable stores | 8,907,211 | 8,508,276 | 8,514,293 |
Miscellaneous expenses | 5,471,184 | 5,124,154 | 5,340,920 |
Total | $ 60,434,778 | $ 59,419,434 | $ 58,822,836 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Line Items] | |||
Contract receivable, due in next twelve months | $ 91,040,878 | $ 91,040,878 | |
Contract receivable, due in year two | 22,782,759 | 22,782,759 | |
Contract receivable, due in year three | 10,970,170 | 10,970,170 | |
Contract receivable, due in year four | $ 3,519,740 | $ 3,519,740 | |
Astrid and Kazak [Member] | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Sale leaseback transaction, rent expense | 12 months | 12 months | 12 months |
Astrid and Kazak [Member] | Time Charters [Member] | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Minimum lease payments, sale leaseback transactions, next twelve months | $ 4,703,679 | $ 4,703,679 | |
Astrid and Kazak [Member] | Time Charters [Member] | Charter Hire Expenses [Member] | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Sale leaseback transaction, term of lease | $ 2,906,617 |
Sale and Leaseback of Vessels -
Sale and Leaseback of Vessels - Additional Information (Detail) - USD ($) | Dec. 16, 2016 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2014 |
Gas Premiership and Gas Cathar [Member] | |||||||
Sale Leaseback Transaction [Line Items] | |||||||
Sale leaseback transaction, term of lease | 5 years 3 months 18 days | 4 years | |||||
Sale leaseback transaction, deferred gain, gross | $ 780,695 | ||||||
Gas Premiership and Gas Cathar [Member] | Charter Hire Expenses [Member] | |||||||
Sale Leaseback Transaction [Line Items] | |||||||
Sale leaseback transaction, current period gain recognized | $ 190,087 | $ 195,040 | $ 195,574 | ||||
Astrid and Kazak [Member] | |||||||
Sale Leaseback Transaction [Line Items] | |||||||
Sale leaseback transaction, term of lease | 12 months | 12 months | 12 months | ||||
Astrid and Kazak [Member] | Bareboat Charters [Member] | |||||||
Sale Leaseback Transaction [Line Items] | |||||||
Minimum lease payments, sale leaseback transactions, next twelve months | $ 1,560,000 | $ 1,560,000 | |||||
Minimum lease payments, sale leaseback transactions, within two years | $ 390,000 | 390,000 | |||||
Astrid and Kazak [Member] | Charter Hire Expenses [Member] | Bareboat Charters [Member] | |||||||
Sale Leaseback Transaction [Line Items] | |||||||
Sale leaseback transaction, rent expense | $ 3,434,250 | $ 3,719,810 | $ 4,249,961 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | Mar. 27, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Subsequent Event [Line Items] | ||||
Repayments of debt | $ 56,717,059 | $ 56,254,073 | $ 55,630,352 | |
Subsequent Event [Member] | Term Loan Entered Into On April 16, 2014 [Member] | ||||
Subsequent Event [Line Items] | ||||
Repayments of debt | $ 15,780,000 |