Document_And_Entity_Informatio
Document And Entity Information | 12 Months Ended |
Dec. 31, 2014 | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | EUROSEAS LTD. |
Document Type | 20-F |
Current Fiscal Year End Date | -19 |
Entity Common Stock, Shares Outstanding | 57,157,313 |
Amendment Flag | FALSE |
Entity Central Index Key | 1341170 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Non-accelerated Filer |
Entity Well-known Seasoned Issuer | No |
Document Period End Date | 31-Dec-14 |
Document Fiscal Year Focus | 2014 |
Document Fiscal Period Focus | FY |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Current assets | ||
Cash and cash equivalents | $25,411,420 | $11,400,237 |
Trade accounts receivable, net | 2,189,986 | 1,879,151 |
Other receivables | 844,720 | 1,440,833 |
Inventories | 1,758,930 | 1,474,114 |
Restricted cash | 294,093 | 462,415 |
Prepaid expenses | 348,231 | 295,248 |
Total current assets | 30,847,380 | 16,951,998 |
Fixed assets | ||
Vessels, net | 111,150,227 | 105,463,737 |
Advances for vessels under construction | 15,687,490 | 50,122 |
Long-term assets | ||
Restricted cash | 7,700,000 | 7,400,000 |
Deferred charges, net | 335,621 | 338,431 |
Other investments | 6,183,800 | 5,196,196 |
Investment in joint venture | 18,674,094 | 21,215,870 |
Total long-term assets | 159,731,232 | 139,664,356 |
Total assets | 190,578,612 | 156,616,354 |
Current liabilities | ||
Long-term debt, current portion | 19,512,000 | 12,862,000 |
Trade accounts payable | 2,369,983 | 2,336,952 |
Accrued expenses | 1,060,797 | 1,002,445 |
Accrued dividends | 13,050 | |
Deferred revenues | 803,649 | 996,599 |
Due to related company | 1,145,808 | 903,478 |
Derivatives | 297,992 | 697,889 |
Total current liabilities | 25,190,229 | 18,812,413 |
Long-term liabilities | ||
Long-term debt, net of current portion | 34,745,000 | 32,782,000 |
Derivatives | 779 | 319,859 |
Total long-term liabilities | 34,745,779 | 33,101,859 |
Total liabilities | 59,936,008 | 51,914,272 |
Commitments and contingencies | ||
Mezzanine Equity | ||
Preferred shares (redemption of $0 and $32,140,100, respectively) | 30,440,100 | |
Shareholders’ equity | ||
Common stock (par value $0.03, 200,000,000 shares authorized, 45,723,255 and 57,157,313 issued and outstanding) | 1,714,720 | 1,371,698 |
Additional paid-in capital | 266,831,088 | 252,314,683 |
Accumulated deficit | -168,343,304 | -148,984,299 |
Total shareholders’ equity | 100,202,504 | 104,702,082 |
Total liabilities and shareholders’ equity | $190,578,612 | $156,616,354 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Preferred shares, redemption amount (in Dollars) | $32,140,100 | $0 |
Common stock, par value (in Dollars per share) | $0.03 | $0.03 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 57,157,313 | 45,723,255 |
Common stock, shares outstanding | 57,157,313 | 45,723,255 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Revenues | |||
Voyage revenue | $42,586,963 | $40,850,051 | $54,921,697 |
Related party revenue | 240,000 | 240,000 | 240,000 |
Commissions (including $641,104, $474,466 and $517,828, respectively, to related party) | -2,192,626 | -1,936,381 | -2,673,703 |
Net revenue | 40,634,337 | 39,153,670 | 52,487,994 |
Operating expenses | |||
Voyage expenses | 3,963,181 | 1,537,898 | 1,329,668 |
Vessel operating expenses (including $347,840, $399,665, and $347,363, respectively, to related party) | 25,279,087 | 25,191,250 | 25,075,139 |
Dry-docking expenses | 1,975,590 | 3,816,699 | 1,616,425 |
Vessel depreciation | 12,137,445 | 19,983,772 | 17,385,608 |
Related party management fees | 4,894,559 | 4,891,024 | 4,984,098 |
Other general and administrative expenses (including $1,850,000, $1,900,000, and $2,000,000, respectively, to related party) | 3,514,636 | 3,542,619 | 3,661,426 |
Net loss on sale of vessels (including $43,823 and$76,183 to related party) | 1,935,019 | 8,568,234 | |
Impairment loss | 3,500,000 | 78,207,462 | |
Other operating income | -254,604 | ||
Total operating expenses | 55,264,498 | 139,105,743 | 62,365,994 |
Operating loss | -14,630,161 | -99,952,073 | -9,878,000 |
Other income/(expenses) | |||
Interest and other financing costs | -2,152,187 | -1,845,776 | -1,977,226 |
Loss on derivatives, net | -44,648 | -177,132 | -637,403 |
Foreign exchange gain / (loss) | 40,022 | -10,143 | 8,321 |
Gain on trading securities | 20,373 | ||
Investment income | 987,604 | 196,196 | |
Interest income | 422,240 | 387,292 | 484,886 |
Other expenses, net | -746,969 | -1,449,563 | -2,101,049 |
Equity loss in joint venture | -2,541,775 | -2,023,191 | -1,219,692 |
Net loss | -17,918,905 | -103,424,827 | -13,198,741 |
Dividends to Series B preferred shares | -1,440,100 | ||
Net loss attributable to common shareholders | ($19,359,005) | ($103,424,827) | ($13,198,741) |
Loss per share attributable to common shareholders - basic (in Dollars per share) | ($0.35) | ($2.28) | ($0.34) |
Weighted average number of shares outstanding during the year, basic and diluted (in Shares) | 54,794,181 | 45,442,841 | 38,950,100 |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Parentheticals) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Commissions | $517,828 | $474,466 | $641,104 |
Vessel operating expenses | 347,363 | 399,665 | 347,840 |
Other general and administrative expenses | 2,000,000 | 1,900,000 | 1,850,000 |
Net loss on sale of vessels | $76,183 | $43,823 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance, January 1, 2012 at Dec. 31, 2011 | $935,017 | $236,843,470 | ($25,856,739) | $211,921,748 |
Balance, January 1, 2012 (in Shares) at Dec. 31, 2011 | 31,167,211 | |||
Net loss | -13,198,741 | -13,198,741 | ||
Issuance of shares in Rights Offering Program, net of issuance costs | 415,562 | 14,252,617 | 14,668,179 | |
Issuance of shares in Rights Offering Program, net of issuance costs (in Shares) | 13,852,094 | |||
Issuance of restricted shares for stock incentive award and share-based compensation | 9,009 | 662,372 | 671,381 | |
Issuance of restricted shares for stock incentive award and share-based compensation (in Shares) | 300,300 | |||
Dividends declared | -4,436,421 | -4,436,421 | ||
Balance at Dec. 31, 2012 | 1,359,588 | 251,758,459 | -43,491,901 | 209,626,146 |
Balance,shares (in Shares) at Dec. 31, 2012 | 45,319,605 | |||
Net loss | -103,424,827 | -103,424,827 | ||
Issuance of restricted shares for stock incentive award and share-based compensation | 12,110 | 556,224 | 568,333 | |
Issuance of restricted shares for stock incentive award and share-based compensation (in Shares) | 403,650 | |||
Dividends declared | -2,067,571 | -2,067,570 | ||
Balance at Dec. 31, 2013 | 1,371,698 | 252,314,683 | -148,984,299 | 104,702,082 |
Balance,shares (in Shares) at Dec. 31, 2013 | 45,723,255 | |||
Net loss | -19,359,005 | -19,359,005 | ||
Issuance of shares from private placement, net of issuance costs | 334,946 | 14,165,054 | 14,500,000 | |
Issuance of shares from private placement, net of issuance costs (in Shares) | 11,164,868 | |||
Issuance of restricted shares for stock incentive award and share-based compensation | 13,118 | 496,996 | 510,114 | |
Issuance of restricted shares for stock incentive award and share-based compensation (in Shares) | 437,250 | |||
Canceled shares due to repurchase program | -5,042 | -145,645 | -150,687 | |
Canceled shares due to repurchase program (in Shares) | -168,060 | |||
Balance at Dec. 31, 2014 | $1,714,720 | $266,831,088 | ($168,343,304) | $100,202,504 |
Balance,shares (in Shares) at Dec. 31, 2014 | 57,157,313 |
Consolidated_Statements_of_Sha1
Consolidated Statements of Shareholders' Equity (Parentheticals) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Dividends declared, per share | $0.05 | $0.13 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cash flows from operating activities: | |||
Net loss | ($17,918,905) | ($103,424,827) | ($13,198,741) |
Depreciation of vessels | 12,137,445 | 19,983,772 | 17,385,608 |
Impairment loss | 3,500,000 | 78,207,462 | |
Amortization of deferred charges | 137,032 | 145,825 | 135,981 |
Loss on sale of vessels | 1,935,019 | 8,568,234 | |
Share-based compensation | 510,114 | 568,334 | 671,381 |
Gain on trading securities | -20,373 | ||
Proceeds from the sale of trading securities | 47,846 | ||
Unrealized gain on derivatives | -718,977 | -1,375,820 | -1,057,929 |
Investment income accrued | -987,604 | -196,196 | |
Loss in investment in joint venture | 2,541,775 | 2,023,191 | 1,219,692 |
Trade accounts receivable | -316,841 | -453,980 | -54,285 |
Prepaid expenses | -52,983 | -22,168 | -8,196 |
Other receivables | 596,113 | 869,278 | 14,020 |
Inventories | -284,816 | 338,522 | 793,899 |
Due from related company | 4,948,443 | -4,739,739 | |
Due to related company | 242,330 | 903,478 | |
Trade accounts payable | 466,139 | -101,764 | 476,397 |
Accrued expenses | -394,155 | -219,962 | -545,968 |
Deferred revenue | -186,944 | -96,718 | -1,174,721 |
Net cash provided by / (used in) operating activities | -730,277 | 4,031,889 | 8,513,106 |
Cash flows from investing activities: | |||
Advances for vessels under construction | -15,637,368 | -37,820 | |
Contributions to joint venture | -6,250,000 | -3,750,000 | |
Purchase of a vessel | -21,323,935 | -5,978,062 | |
Other investments | -5,000,000 | ||
Change in retention accounts | 168,322 | 463,596 | -55,900 |
Change in restricted cash | -300,000 | 1,600,000 | -3,950,000 |
Proceeds from sale of vessels | 7,322,818 | 4,250,843 | |
Net cash used in investing activities | -37,092,981 | -7,879,468 | -3,505,057 |
Cash flows from financing activities: | |||
Proceeds from issuance of preferred stock, net of commissions paid | 29,700,000 | ||
Proceeds from issuance of common stock, net of commissions paid | 14,550,000 | 15,237,303 | |
Funds used for common stock buyback | -150,687 | ||
Offering expenses paid | -564,922 | -99,200 | -295,733 |
Dividends paid | -13,050 | -2,090,944 | -4,447,522 |
Loan arrangement fees paid | -299,900 | ||
Proceeds from long-term debt | 23,300,000 | ||
Repayment of long-term debt | -14,687,000 | -15,937,000 | -13,332,000 |
Net cash (used in) / provided by financing activities | 51,834,441 | -18,127,144 | -2,837,952 |
Net increase / (decrease) in cash and cash equivalents | 14,011,183 | -21,974,723 | 2,170,097 |
Cash and cash equivalents at beginning of year | 11,400,237 | 33,374,960 | 31,204,863 |
Cash and cash equivalents at end of year | 25,411,420 | 11,400,237 | 33,374,960 |
Supplemental cash flow information | |||
Cash paid for interest | 2,000,850 | 1,734,967 | 1,839,322 |
Non cash financing and investing activities : | |||
Offering expenses accrued | 452,708 | 66,478 | 30,000 |
“Payment-in-kind†dividends | $1,440,100 |
Note_1_Basis_of_Presentation_a
Note 1 - Basis of Presentation and General Information | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||
Business Description and Basis of Presentation [Text Block] | 1. Basis of Presentation and General Information | ||||||||||||
Euroseas Ltd. (the “Company”) was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the beneficial owners of certain ship-owning companies. On June 28, 2005, the beneficial owners exchanged all their shares in the ship-owning companies for shares in Friends Investment Company Inc., a newly formed Marshall Islands company. On June 29, 2005, Friends Investment Company Inc. then exchanged all the shares in the ship-owning companies for shares in Euroseas Ltd., thus, becoming the sole shareholder of Euroseas Ltd. | |||||||||||||
The operations of the vessels are managed by Eurobulk Ltd. (the “Manager” or “Management Company”), a corporation controlled by members of the Pittas family. The Pittas family is the controlling shareholders of Friends Investment Company Inc. which owns 28.0% of the Company’s shares. | |||||||||||||
The Manager has an office in Greece located at 4, Messogiou & Evropis Street, Maroussi, Athens, Greece. The Manager provides the Company with a wide range of shipping services such as technical support and maintenance, insurance consulting, chartering, financial and accounting services, as well as executive management services, in consideration for fixed and variable fees (see Note 8). | |||||||||||||
The Company is engaged in the ocean transportation of dry bulk and containers through ownership and operation of dry bulk and container carrier ship-owning companies. For the periods under review the Company’s wholly owned subsidiaries are set out below: | |||||||||||||
· | Allendale Investment S.A. incorporated in Panama on January 22, 2002, owner of the Panama flag 18,154 deadweight tons (“DWT”) / 1,169 twenty-foot equivalent (“TEU” – a measure of carrying capacity in containers) container carrier M/V “Kuo Hsiung”, which was built in 1993 and acquired on May 13, 2002. | ||||||||||||
· | Alterwall Business Inc. incorporated in Panama on January 15, 2001, owner of the Panama flag 18,253 DWT / 1,169 TEU container carrier M/V “Ninos” (previously named M/V “Quingdao I”) which was built in 1990 and acquired on February 16, 2001. | ||||||||||||
· | Diana Trading Ltd. incorporated in the Marshall Islands on September 25, 2002, owner of the Marshall Islands flag 69,734 DWT bulk carrier M/V “Irini”, which was built in 1988 and acquired on October 15, 2002. M/V “Irini” was sold on July 10, 2013. | ||||||||||||
· | Xenia International Corp., incorporated in the Marshall Islands on April 6, 2006, owner of the Marshall Islands flag 22,568 DWT / 950 TEU multipurpose M/V “Tasman Trader”, which was built in 1990 and acquired on April 27, 2006. On March 7, 2012, the vessel was renamed M/V “Anking”. On June 4, 2013 the vessel was sold. | ||||||||||||
· | Prospero Maritime Inc., incorporated in the Marshall Islands on July 21, 2006, owner of the Marshall Islands flag 69,268 DWT dry bulk M/V “Aristides N.P.”, which was built in 1993 and acquired on September 21, 2006. | ||||||||||||
· | Xingang Shipping Ltd., incorporated in Liberia on October 16, 2006, owner of the Liberian flag 23,596 DWT / 1,599 TEU container carrier M/V “YM Xingang I” , which was built in February 1993 and acquired on November 15, 2006. On July 11, 2009, the vessel was renamed M/V “Mastro Nicos” and on November 5, 2009, it was renamed M/V “YM Port Kelang”. On October 25, 2011 the vessel was renamed M/V “Marinos”. | ||||||||||||
· | Manolis Shipping Ltd., incorporated in the Marshall Islands on March 16, 2007, owner of the Marshall Islands flag 20,346 DWT / 1,452 TEU container carrier M/V “Manolis P”, which was built in 1995 and acquired on April 12, 2007. | ||||||||||||
· | Eternity Shipping Company, incorporated in the Marshall Islands on May 17, 2007, owner of the Marshall Islands flag 30,007 DWT / 1,742 TEU container carrier M/V “Clan Gladiator”, which was built in 1992 and acquired on June 13, 2007. On May 9, 2008, M/V “Clan Gladiator” was renamed M/V “OEL Transworld” and on August 31, 2009 the vessel was renamed M/V “Captain Costas”. | ||||||||||||
· | Emmentaly Business Inc., incorporated in Panama on July 4, 2007, owner of the Panamanian flag 33,667 DWT / 1,932 TEU container carrier M/V “Jonathan P”, which was built in 1990 and acquired on August 7, 2007. On April 16, 2008, M/V “Jonathan P” was renamed M/V “OEL Integrity”; on March 5, 2009, the vessel was renamed again M/V “Jonathan P” upon the expiration of its charter with Orient Express Lines. M/V “Jonathan P” was sold on March 16, 2012. | ||||||||||||
· | Pilory Associates Corp., incorporated in Panama on July 4, 2007, owner of the Panamanian flag 33,667 DWT / 1,932 TEU container carrier M/V “Despina P”, which was built in 1990 and acquired on August 13, 2007. | ||||||||||||
· | Tiger Navigation Corp., incorporated in Marshall Islands on August 29, 2007, owner of the Marshall Islands flag 31,627 DWT / 2,228 TEU container carrier M/V “Tiger Bridge”, which was built in 1990 and acquired on October 4, 2007. | ||||||||||||
· | Noumea Shipping Ltd, incorporated in Marshall Islands on May 14, 2008, owner of the Marshall Islands flag 34,677 DWT / 2,556 TEU container carrier M/V “Maersk Noumea”, which was built in 2001 and acquired on May 22, 2008. | ||||||||||||
· | Saf-Concord Shipping Ltd., incorporated in Liberia on June 8, 2008, owner of the Liberian flag 46,667 DWT bulk carrier M/V “Monica P”, which was built in 1998 and acquired on January 19, 2009. | ||||||||||||
· | Eleni Shipping Ltd., incorporated in Liberia on February 11, 2009, owner of the Liberian flag 72,119 DWT bulk carrier M/V “Eleni P”, which was built in 1997 and acquired on March 6, 2009. | ||||||||||||
· | Pantelis Shipping Ltd., incorporated in the Republic of Malta on July 2, 2009, owner of the Maltese flag 74,020 DWT bulk carrier M/V “Pantelis” which was built in 2000 and acquired on July 23, 2009. On December 15, 2009, ownership of the vessel was transferred to Pantelis Shipping Corp., incorporated in Liberia, and the vessel changed its flag to the Liberian flag. | ||||||||||||
· | Aggeliki Shipping Ltd., incorporated in the Republic of Liberia on May 21, 2010, owner of the Liberian flag 30,306 DWT / 2008 TEU container carrier M/V “Aggeliki P” which was built in 1998 and acquired on June 21, 2010. | ||||||||||||
· | Joanna Maritime Ltd., incorporated in Liberia on June 10, 2013, owner of the Liberian flag 22,301 DWT / 1,732 TEU container carrier M/V “Joanna” which was built in 1999 and acquired on July 4, 2013. | ||||||||||||
· | Eirini Shipping Ltd., incorporated in the Republic of Liberia on February 2, 2014, owner of the Liberian flag 76,466 DWT bulk carrier M/V “Eirini P” which was built in 2004 and acquired on May 26, 2014. | ||||||||||||
· | Ultra One Shipping Ltd., incorporated in the Republic of Liberia on November 21, 2013, entered on November 29, 2013, into a shipbuilding contract with Yangzhou Dayang Shipbuilding Co., Ltd. and Sumec Marine Co., Ltd., for the construction of a 63,500 DWT bulk carrier (Hull No. DY160). The vessel is expected to be delivered at the end of November, 2015. | ||||||||||||
· | Ultra Two Shipping Ltd., incorporated in the Republic of Liberia on November 21, 2013, entered on November 29, 2013, into a shipbuilding contract with Yangzhou Dayang Shipbuilding Co., Ltd. and Sumec Marine Co., Ltd., for the construction of a 63,500 DWT bulk carrier (Hull No. DY161). The vessel is expected to be delivered at the end of January, 2016. | ||||||||||||
· | Kamsarmax One Shipping Ltd., incorporated in the Republic of the Marshall Islands on April 4, 2014, agreed to acquire from Klaveness Bulk AS, the 82,000 DWT bulk carrier Hull No. YZJ2013-1116. The vessel is a new-building to be delivered at the end of December, 2015. | ||||||||||||
· | Kamsarmax Two Shipping Ltd., incorporated in the Republic of the Marshall Islands on April 4, 2014, entered on April 4, 2014, into a shipbuilding contract with Jiangsu Tianyuan Marine Import & Export Co., Ltd., and Jiangsu Yangzijiang Shipbuilding Co., Ltd. and Jiangsu New Yangzi Shipbuilding Co., Ltd., for the construction of a 82,000 DWT bulk carrier (Hull No. YZJ2013-1153). The vessel is expected to be delivered on October, 2016. | ||||||||||||
During the years ended December 31, 2012, 2013 and 2014, the following charterers individually accounted for more than 10% of the Company’s voyage and time charter revenues as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
Charterer | 2012 | 2013 | 2014 | ||||||||||
A | 4.23 | % | 7.13 | % | 12.61 | % | |||||||
B | 4.42 | % | 10.16 | % | 10.62 | % | |||||||
C | 9.32 | % | 5.52 | % | 10.36 | % | |||||||
D | 7.63 | % | 9.7 | % | 10.32 | % | |||||||
E | 9.45 | % | 10.5 | % | - | ||||||||
F | 10.71 | % | 8.54 | % | - | ||||||||
G | 11.75 | % | 5.89 | % | - | ||||||||
Note_2_Significant_Accounting_
Note 2 - Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 2. Significant Accounting Policies |
The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America. The following are the significant accounting policies adopted by the Company: | |
Principles of consolidation | |
The accompanying consolidated financial statements include the accounts of Euroseas Ltd. and its subsidiaries. Inter-company transactions are eliminated on consolidation. | |
Use of estimates | |
The preparation of the accompanying consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the stated amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Other comprehensive income / (loss) | |
The Company has no other comprehensive income / (loss) and accordingly comprehensive income / (loss) equals net income / (loss) for all periods presented. As such, no statement of comprehensive income / (loss) has been presented. | |
Foreign currency translation | |
The Company’s functional currency as well as the functional currency of all its subsidiaries is the U.S. dollar. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the balance sheet date. Income and expenses denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the date of the transaction. The resulting exchange gains and/or losses on settlement or translation are included in the accompanying consolidated statements of operations. | |
Cash equivalents | |
Cash equivalents are time deposits or other certificates purchased with an original maturity of three months or less. | |
Restricted cash | |
Restricted cash reflects deposits with certain banks that can only be used to pay the current loan installments or are required to be maintained as a certain minimum cash balance per mortgaged vessel. | |
Trade accounts receivable | |
The amount shown as trade accounts receivable, at each balance sheet date, includes estimated recoveries from each voyage or time charter. At each balance sheet date, the Company provides for doubtful accounts on the basis of specific identified doubtful receivables. No allowance for doubtful accounts was recorded for any of the periods presented. | |
Inventories | |
Inventories are stated at the lower of cost and market value. Inventories are valued using the FIFO (First-In First-Out) method. | |
Vessels | |
Vessels are stated at cost, which comprises the vessel contract price, costs of major repairs and improvements upon acquisition, direct delivery and other acquisition expenses, less accumulated depreciation and impairment, if any. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise these amounts are charged to expense as incurred. Vessels under construction are presented at cost, which includes shipyard installment payments and other vessel costs incurred during the construction period that are directly attributable to the construction of the vessels, including borrowing costs incurred during the construction period. | |
Expenditures for vessel repair and maintenance are charged against income in the period incurred. | |
Depreciation | |
Depreciation is calculated on a straight line basis over the estimated useful life of the vessel with reference to the cost of the vessel, and estimated scrap value. Remaining useful lives of vessels are periodically reviewed and revised to recognize changes in conditions and such revisions, if any, are recognized over current and future periods. The Company estimates that its vessels have a useful life of 25 years from the completion of its construction (see Note 5). | |
Insurance claims and insurance proceeds | |
Claims receivable are recorded on the accrual basis and represent the amounts to be received, net of deductibles, incurred through each balance sheet date, for which recovery from insurance companies is probable and the claim is not subject to litigation. Any remaining costs to complete the claims are included in accrued liabilities. Insurance proceeds are recorded according to type of claim that gives rise to the proceeds in the consolidated statements of operations and the consolidated statements of cash flow. | |
Revenue and expense recognition | |
Revenues are generated from voyage charters, time charters and chartering pool arrangements. If a charter agreement exists, the price is fixed, service is provided and the collection of the related revenue is reasonably assured, revenues are recorded over the term of the charter as service is provided and recognized on a pro-rata basis over the duration of the voyage or time charter adjusted for the off-hire days that a vessel spends undergoing repairs, maintenance or upgrade work. A voyage is deemed to commence upon the later of the completion of discharge of the vessel’s previous cargo or the time it receives a contract that is not cancelable and is deemed to end upon the completion of discharge of the current cargo. A time charter contract is deemed to commence from the time of the delivery of the vessel to an agreed port and is deemed to end upon the re-delivery of the vessel at an agreed port. Demurrage income, which is included in voyage revenues, represents revenue earned from the charterer when loading or discharging time exceeded the stipulated time in the voyage charter and is recognized when earned. | |
For the Company’s vessels operating in chartering pools, pool profits are allocated to each pool participant on a time charter equivalent basis in accordance with an agreed-upon formula, which is determined by points awarded to each vessel in the pool based on the vessel’s age, design and other performance characteristics. Pool income is recognized during the period services are performed, the collectability is reasonably assured, an agreement with the pool exists and price is determinable. Pool income may be subject to future adjustments by the pool however, the effect on the Company’s income resulting from a subsequent reallocation of pool income on the results for the year historically has not been significant. | |
Charter fees received in advance are recorded as a liability (deferred revenue) until charter services are rendered. | |
Vessel operating expenses are comprised of all expenses relating to the operation of the vessels, including crewing, insurance, repairs and maintenance, stores, lubricants, spares and consumables, professional and legal fees and miscellaneous expenses. Vessel operating expenses are recognized as incurred; payments in advance of services or use are recorded as prepaid expenses. Voyage expenses relate to bunkers, port charges, canal tolls, and agency fees which are incurred when the vessel is chartered under a voyage charter or during off-hire or idle periods. Voyage expenses are expensed as incurred. | |
Dry-docking and special survey expenses | |
Dry-docking and special survey expenses are expensed as incurred. | |
Pension and retirement benefit obligations – crew | |
The ship-owning companies contract the crews on board the vessels under short-term contracts (usually up to 9 months). Accordingly, they are not liable for any pension or post-retirement benefits. | |
Financing costs | |
Loan arrangement fees are deferred and amortized to interest expense over the duration of the underlying loan using the effective interest method. Unamortized fees relating to loans repaid or refinanced are expensed in the period the repayment or refinancing occurs. | |
Fair value of time charter acquired | |
The Company records all identified tangible and intangible assets or any liabilities associated with the acquisition of a vessel at fair value. Where vessels are acquired with existing time charters, the Company determines the present value of the difference between: (i) the contractual charter rate and (ii) the prevailing market rate for a charter of equivalent duration. In discounting the charter rate differences in future periods, the Company uses its Weighted Average Cost of Capital (WACC) adjusted to account for the credit quality of the charterer. The capitalized above-market (assets) and below-market (liabilities) charters are amortized as a reduction and increase, respectively, to voyage revenues over the remaining term of the charter. | |
Stock incentive plan awards | |
Share-based compensation represents vested and non-vested restricted shares granted to employees and directors as well as to non-employees and are included in “Other general and administrative expenses” in the “Consolidated statements of operations.” The shares to employees and directors are measured at their fair value equal to the market value of the Company's common stock on the grant date. The shares that do not contain any future service vesting conditions are considered vested shares and a total fair value of such shares is expensed on the grant date. The shares that contain a time-based service vesting condition are considered non-vested shares on the grant date and the total fair value of such shares is recognized on a straight-line basis over the requisite service period. In addition, non-vested awards granted to non-employees are recognized on a straight-line basis over the remaining period service is provided. The fair value of the awards granted to non-employees are measured at the fair value at each reporting period until the non-vested shares vest and performance is complete. | |
Investment in Joint Venture | |
Investments in companies over which the Company believes it exercises significant influence over operating and financial policies, are accounted for using the equity method. Under this method the investment is carried at cost, and is adjusted to recognize the investor’s share of the earnings or losses of the investee after the date of acquisition and is adjusted for impairment whenever facts and circumstances determine that a decline in fair value below the cost basis is other than temporary. The amount of the adjustment is included in the determination of net income. The investment is also adjusted to reflect the Company’s share of changes in the investee’s capital. | |
Impairment of long-lived assets | |
The Company reviews its long-lived assets “held and used” for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When the estimate of future undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company evaluates the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset. In this respect, management regularly reviews the carrying amount of the vessels in connection with the estimated recoverable amount for each of the Company’s vessels. | |
Other investments | |
Investments over which the Company believes it does not exercise any influence are carried at the book value and are adjusted to recognize accrued income and are adjusted for impairment whenever facts and circumstances determine that they are not recoverable. The amount of the adjustment is included in the determination of net income (Note 17). | |
Derivative financial instruments | |
Derivative instruments are recorded in the balance sheet as either an asset or liability measured at its fair value with changes in the instruments' fair value recognized as either a component in other comprehensive income if specific hedge accounting criteria are met in accordance with guidance relating to “Derivatives and Hedging” or in earnings if hedging criteria are not met. | |
Preferred shares | |
Preferred shares are recorded at the initial consideration received less offering expenses and adjusted by the fair value of dividends. The Company recognizes changes in the redemption value of the preferred shares immediately as they occur and adjusts the carrying amount of the preferred shares to equal the redemption value at the end of each reporting period to that effect. | |
Earnings/(loss) per common share | |
Basic earnings/(loss) per share is computed by dividing net income/(loss) attributable to common shareholders by the weighted-average number of common shares outstanding during the period using the two-class method of computing earnings per share. The weighted-average number of common shares outstanding does not include any potentially dilutive securities or any non-vested restricted shares of common stock. These non-vested restricted shares, although classified as issued and outstanding as of December 31, 2013 and 2014, are considered contingently returnable until the restrictions lapse and will not be included in the basic net income per share calculation until the shares are vested. | |
Diluted earnings/(loss) per share gives effect to all potentially dilutive securities to the extent that they are dilutive, using the treasury stock method. The Company uses the treasury stock method for non-vested restricted shares, while for the preferred shares issued the Company uses the if-converted method to assess the dilutive effect. | |
Segment reporting | |
The Company reports financial information and evaluates its operations by charter revenue and not by the length of ship employment for its customers, i.e. voyage or time charters. The Company does not use discrete financial information to evaluate the operating results for each such type of charter. Although revenue can be identified for these types of charters, management cannot and does not identify expenses, profitability or other financial information for these charters. As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet and thus the Company has determined that it operates under one reporting segment. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographical information is impracticable. | |
Recent accounting pronouncements | |
On May 28, 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No 2014-09, Revenue From Contracts With Customers, which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This standard is effective for public entities with reporting periods beginning after December 15, 2016. Early adoption is not permitted. The Company has not yet evaluated the impact, if any, of the adoption of this new standard. | |
On April 8, 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No 2015-03, Simplifying the Presentation of Debt Issuance Costs, which outlines a simplified approach to present debt issuance costs and debt discount and premium. This standard is effective for public entities with reporting periods beginning after December 15, 2016. Early adoption is permitted for financial statements that have not been previously issued. The Company has not yet evaluated the impact, if any, of the adoption of this new standard. | |
Note_3_Inventories
Note 3 - Inventories | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventory Disclosure [Text Block] | 3 | Inventories | |||||||
Inventories consisted of the following: | |||||||||
2013 | 2014 | ||||||||
Lubricants | 1,293,780 | 1,226,172 | |||||||
Victualing | 180,334 | 186,188 | |||||||
Bunkers | - | 346,570 | |||||||
Total | 1,474,114 | 1,758,930 | |||||||
Note_4_Advances_for_Vessels_un
Note 4 - Advances for Vessels under Construction | 12 Months Ended | |
Dec. 31, 2014 | ||
Advances For Vessels Under Construction [Abstract] | ||
Advances For Vessels Under Construction [Text Block] | 4 | Advances for Vessels under Construction |
On November 29, 2013, the Company concluded an agreement with an established Chinese shipyard for the construction of two Ultramax fuel efficient drybulk carriers. The vessels will have a carrying capacity of 63,500 dwt each and will be built at Yangzhou Dayang Shipbuilding Co., Ltd., member of Sinopacific Shipbuilding Group. Delivery of the vessels is scheduled during the fourth quarter of 2015 and the first quarter of 2016, respectively. The aggregate purchase price of the two newbuilding vessels is approximately $54.4 million. See Note 11 for schedule of payments to the yard. | ||
On April, 2014, the Company concluded an agreement with an established Chinese shipyard for the resale and construction of two Kamsarmax fuel efficient drybulk carriers. The vessels will have a carrying capacity of 82,000 dwt each and will be built at Jiangsu Yangzijiang Shipbuilding Co., Ltd. Delivery of the vessels is scheduled during the fourth quarter of 2015 and the fourth quarter of 2016, respectively. The aggregate purchase price of the two newbuilding vessels is approximately $59.2 million. See Note 11for schedule of payments to the yard. | ||
As of December 31, 2014 the amount of the advances for vessels under construction amounts to $15,687,490 and mainly represents progress payments according to the agreement entered into with the shipyard as well as legal and other costs related to the construction. | ||
Note_5_Vessels_Net
Note 5 - Vessels, Net | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||
Property, Plant and Equipment Disclosure [Text Block] | 5 | Vessels, net | |||||||||||
The amounts in the accompanying consolidated balance sheets are as follows: | |||||||||||||
Accumulated | Net Book | ||||||||||||
Costs | Depreciation | Value | |||||||||||
Balance, January 1, 2013 | 307,131,051 | (100,196,305 | ) | 206,934,746 | |||||||||
- Depreciation for the year | - | (19,983,772 | ) | (19,983,772 | ) | ||||||||
- Sale of vessels | (20,272,071 | ) | 11,014,234 | (9,257,837 | ) | ||||||||
- Purchase of vessel | 5,978,062 | - | 5,978,062 | ||||||||||
- Impairment loss | (154,876,848 | ) | 76,669,386 | (78,207,462 | ) | ||||||||
Balance, December 31, 2013 | 137,960,194 | (32,496,457 | ) | 105,463,737 | |||||||||
- Depreciation for the year | - | (12,137,445 | ) | (12,137,445 | ) | ||||||||
- Purchase of vessel | 21,323,935 | - | 21,323,935 | ||||||||||
- Impairment loss | (18,894,213 | ) | 15,394,213 | (3,500,000 | ) | ||||||||
Balance, December 31, 2014 | 140,389,916 | (29,239,689 | ) | 111,150,227 | |||||||||
In June and July 2013, the Company sold for scrap two of its vessels, M/V Anking and M/V Irini, for a net price of $3,569,277 and $3,753,541 respectively. After sales commissions of 4%, which includes the 1% payable to Eurochart, and other sales expenses, the Company recorded a loss of $3,191,678 and a gain of $1,256,659, respectively, from the sale of the two vessels. During 2013 the Company acquired one vessel. M/V “Joanna” was acquired in July 2013 for a purchase price plus costs required to make the vessel available for use of $5,978,062. During 2014 the Company acquired one bulk carrier vessel. M/V “Eirini P” was acquired on May 26, 2014 for a purchase price plus costs required to make the vessel available for use of $21,323,935. | |||||||||||||
In the fourth quarter of 2013, management reassessed the estimated useful life of its container vessels based on the further decrease in charter rates and the decrease in the age of vessels scrapped including the container vessels the Company scraped in the second quarter of 2013. Market reports indicated that from 2000 till 2011 the scrapping age of containerships was close to thirty years while during 2012 and 2013, when charter rates and secondhand values of the containership market remain at the bottom of the market cycle, the average scrapping age of containership carriers scrapped was approximately 24 and 22 years, respectively. Based on the latter data, the Company decided to revise its estimate of the useful life of its containerships from 30 years to 25 years to reflect mid-cycle conditions effective October 1, 2013. The effect of this change of estimate on the depreciation of the Company's vessels increased depreciation charge by $3.4 million or $0.08 loss per share, basic and diluted for the year ended December 31, 2013, and by $2.5 million or 0.05 loss per share, basic and diluted for the year ended December 31, 2014. | |||||||||||||
As a result of the reduction in the estimated useful life as of December 31, 2013, the Company performed the undiscounted cash flow test and determined that the book values of nine of its containerships were not recoverable and thus, a non-cash impairment loss of $78.2 million, or $1.72 loss per share basic and diluted, was recorded in its books. The Company performed the undiscounted cash flow test as of December 31, 2014 and determined that the book value of one of its bulk-carriers (M/V Aristides NP) was not recoverable and thus, a non-cash impairment loss of $3.5 million, or $0.06 loss per share basic and diluted, was recorded in its books (please see Note 15). The Company believes that the book values of its ships, following the impairment charge, provide a better estimation of the current values of its vessels. This amount is presented in the "Impairment loss" line in the "Operating Expenses" section of the "Consolidated Statements of Operations". | |||||||||||||
Note_6_Deferred_Charges_Net
Note 6 - Deferred Charges, Net | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Deferred Charges [Abstract] | |||||||||
Deferred Charges [Text Block] | 6 | Deferred Charges, net | |||||||
“Deferred charges, net” consist of loan arrangement fees which are amortized over the duration of the loan and deferred offering expenses. The deferred offering expenses in 2012 related to the filing of the Company’s shelf registration which was charged against the proceeds of the offering of the Company’s securities completed in 2012. The deferred offering expense in 2013 reflect expenses incurred in the process of raising capital for the Company which was finalized in 2014 and reclassified to paid-in-capital. | |||||||||
2013 | 2014 | ||||||||
Balance, beginning of year | 318,578 | 338,431 | |||||||
Amortization of loan arrangement fees | (145,825 | ) | (137,032 | ) | |||||
Deferred offering expenses | 165,678 | (165,678 | ) | ||||||
Loan arrangement fees | - | 299,900 | |||||||
Balance, end of year | 338,431 | 335,621 | |||||||
Note_7_Accrued_Expenses
Note 7 - Accrued Expenses | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 7. Accrued Expenses | ||||||||
The accrued expenses consisted of: | |||||||||
As of December 31, 2013 | As of December 31, 2014 | ||||||||
Accrued payroll expenses | 224,396 | 218,887 | |||||||
Accrued interest | 82,589 | 96,894 | |||||||
Accrued general and administrative expenses | 167,485 | 181,593 | |||||||
Accrued commissions | 157,803 | 94,778 | |||||||
Other accrued expenses | 370,172 | 468,645 | |||||||
Total | 1,002,445 | 1,060,797 | |||||||
Note_8_Related_Party_Transacti
Note 8 - Related Party Transactions | 12 Months Ended | |
Dec. 31, 2014 | ||
Related Party Transactions [Abstract] | ||
Related Party Transactions Disclosure [Text Block] | 8 | Related Party Transactions |
The Company’s vessel owning companies are parties to management agreements with the Manager whereby the Manager provided technical and commercial vessel management for a fixed daily fee of an average of Euro 685 for 2012, 2013 and 2014, under the Company’s Master Management Agreement (see below). An additional fixed management fee (see below) is paid to the Manager for the provision of various management services. Vessel management fees paid to the Manager amounted to $4,984,098, $4,891,024 and $4,894,559 in 2012, 2013 and 2014, respectively. The fixed management fee paid to the Manager amounted to $1,850,000, $1,900,000 and $2,000,000 in 2012, 2013 and 2014, respectively. | ||
An annual adjustment of the daily management fee due to inflation as provided under the management agreement takes effect January 1 of each year. Laid-up vessels are billed for half of the daily fee for the period they are laid-up. The Company’s Master Management Agreement with the Manager - effective as of January 1, 2011 and with an initial term of five years until January 1, 2016. The amended and restated Master Management Agreement will automatically be extended after the initial period for an additional five year period unless terminated on or before the 90th day preceding the initial termination date. Pursuant to the Master Management Agreement, each ship owning company has signed – and each future ship owning company when a vessel is acquired will sign - with the Manager a management agreement with the rate and term of these agreements set in the Master Management Agreement effective at such time. The new agreement was further amended and restated as of January 1, 2012 to reflect a 5% discount of the daily vessel management fee for the period during which the number of the Euroseas owned vessels (including vessels in which Euroseas is a part owner) managed by the Manager is greater than 20 (“volume discount”). As of December 31, 2014, there are 15 vessels in the Company’s fleet and 11 vessels in the fleet of the Company’s Euromar LLC joint venture. Starting January 1, 2012, the management fee was adjusted to 720 Euros per vessel per day in operation and 360 Euros per vessel per day in lay-up before the 5% discount. The fee remained unchanged for the years starting January 1, 2013, January 1, 2014 and January 1, 2015. After the 5% discount, Euroseas pays to the Manager a fee of 685 Euros per vessel per day in operation and 342.5 Euros per vessel per day in lay-up, as the number of vessels wholly or partly owned by Euroseas and managed by the Manager has been in excess of 20. These fees are recorded under “Related party management fees” in the “Consolidated statements of operations”. | ||
In addition to the vessel management services, the Manager provides management services for the Company’s needs as a public company. In 2012, compensation for such services to the Company as a public company was $1,850,000. This fee was adjusted and agreed at $1,900,000 for 2013 and at $2,000,000 for 2014; the fee was agreed to remain at $2,000,000 for 2015. These amounts are recorded in “Other general and administrative expenses” in the “Consolidated statements of operations.” | ||
Amounts due to or from related company represent net disbursements and collections made on behalf of the vessel-owning companies by the Management Company during the normal course of operations for which a right of off-set exists. As of December 31, 2013, the amount due to related company was $903,478. As of December 31, 2014, the amount due to related company was $1,145,808. Based on the Master Management Agreement between Euroseas Ltd. and Euroseas’ ship owning subsidiaries and the Manager an estimate of the quarter’s operating expenses, expected dry-dock expenses, vessel management fee and fee for management executive services are to be advanced in the beginning of the quarter to the Manager. | ||
The Company uses brokers for various services, as is industry practice. Eurochart S.A., an affiliated company controlled by certain members of the Pittas family, provides vessel sale and purchase services, and chartering services to the Company whereby the Company pays commission of 1% of the vessel sales price and 1.25% of charter revenues. A commission of 1% of the purchase price is also paid to Eurochart S.A. by the seller of the vessel for the acquisitions the Company makes. Commission expenses for vessel sales and purchases for the year ended December 31, 2013 of $76,183 were recorded for the sale of M/V “Anking” and M/V “Irini” and $59,000 for the purchase of M/V “Joanna.” This commission expense was paid to Eurochart S.A. in 2013. Commission expenses for vessel purchases for the year ended December 31, 2014 of $204,500 were recorded for the acquisition of M/V “Eirini P.” This commission expense was paid to Eurochart S.A. in 2014. Eurochart S.A. also received 1% commission for vessel acquisitions from the sellers of the vessels that the Company acquired. Commissions to Eurochart S.A. for chartering services were $641,104, $474,466 and $517,828 in 2012, 2013 and 2014, respectively. | ||
Certain members of the Pittas family, together with another unrelated ship management company, have formed a joint venture with the insurance broker Sentinel Maritime Services Inc. (“Sentinel”); and with a crewing agent Technomar Crew Management Services Corp (“Technomar”). Technomar is a company owned by certain members of the Pittas family, together with two other unrelated ship management companies. Sentinel is paid a commission on premium not exceeding 5%; Technomar is paid a fee of about $50 per crew member per month. Total fees charged by Sentinel and Technomar were $130,699 and $217,141 in 2012, $128,742 and $270,923 in 2013 and $131,448 and $215,915 in 2014, respectively. These amounts are recorded in “Vessel operating expenses” in the “Consolidated statements of operations.” | ||
Note_9_Longterm_Debt
Note 9 - Long-term Debt | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Disclosure Text Block [Abstract] | ||||||||||
Long-term Debt [Text Block] | 9 | Long-Term Debt | ||||||||
This consists of bank loans of the ship-owning companies and is as follows: | ||||||||||
Borrower | December 31, | December 31, | ||||||||
2013 | 2014 | |||||||||
Xingang Shipping Ltd. / Alcinoe Shipping Ltd | (a) | 5,000,000 | 4,200,000 | |||||||
Manolis Shipping Ltd. | (b) | 5,840,000 | 5,200,000 | |||||||
Saf-Concord Shipping Ltd. | (c) | 5,250,000 | 4,250,000 | |||||||
Eleni Shipping Ltd. | (d) | 5,400,000 | - | |||||||
Pantelis Shipping Corp. | (e) | 7,360,000 | 6,240,000 | |||||||
Aggeliki Shipping Ltd. | (f) | 4,864,000 | 3,652,000 | |||||||
Noumea Shipping Ltd. | (g) | 11,930,000 | 9,240,000 | |||||||
Eirini Shipping Ltd. / Eleni Shipping Ltd. | (h) | - | 14,600,000 | |||||||
Euroseas Ltd. | (i) | - | 6,875,000 | |||||||
45,644,000 | 54,257,000 | |||||||||
Less: Current portion | (12,862,000 | ) | (19,512,000 | ) | ||||||
Long-term portion | 32,782,000 | 34,745,000 | ||||||||
None of the above loans is registered in the U.S. The future annual loan repayments are as follows: | ||||||||||
To December 31: | ||||||||||
2015 | 19,512,000 | |||||||||
2016 | 15,070,000 | |||||||||
2017 | 9,275,000 | |||||||||
2018 | 1,400,000 | |||||||||
Thereafter | 9,000,000 | |||||||||
Total | $ | 54,257,000 | ||||||||
(a) | This is a $20,000,000 loan drawn by Xingang Shipping Ltd. on November 15, 2006; Joanna Maritime Ltd, owner of M/V “Joanna” is a guarantor to this loan. The loan is payable in eight consecutive quarterly installments of $1.0 million each, the first of which was due in February 2007, followed by four consecutive quarterly installments of $750,000 each, followed by sixteen consecutive installments of $250,000 each and a balloon payment of $5.0 million payable with the final quarterly installment due in November 2013. The interest was based on LIBOR plus a margin of 0.935% initially; after Alcinoe Shipping Ltd. became a guarantor the rate became 0.90%. | |||||||||
On April 5, 2013, an Addendum was signed by which the balloon payment of $5.0 million will be repaid by eight consecutive quarterly instalments of $200,000 each starting in February 2014 plus a balloon payment of $3,400,000 payable with the final quarterly instalment on November 15, 2015. The interest is based on LIBOR plus a margin of 5.30%. As of the November 1, 2013 and thereafter at any time throughout the repayment of the loan a minimum deposit of $400,000 is to be maintained with the bank. The loan is secured with the following: (i) first priority mortgage over M/V “Marinos” owned by Xingang Shipping Ltd, (ii) first assignment of earnings and insurance, (iii) a corporate guarantee of Euroseas Ltd. and (iv) a mortgage on M/V “Joanna”. Other covenants and guarantees are similar to the rest of the loans of the Company. | ||||||||||
(b) | This is a $10,000,000 loan drawn by Manolis Shipping Ltd. on June 11, 2007. The loan is payable in thirty-two consecutive quarterly instalments of $160,000 each, the first of which was due in September 2007, plus a balloon payment of $4,880,000 payable with the final quarterly instalment in June 2015. The interest is based on LIBOR plus a margin of 0.80% if the ratio of the outstanding loan to the vessel value is below 55%, otherwise the margin is 0.90%. The loan is secured with the following: (i) first priority mortgage over M/V “Manolis P”, (ii) first assignment of earnings and insurance, (iii) a corporate guarantee of Euroseas Ltd. and (iv) a minimum cash balance equal to an amount of no less than $300,000 in an account Manolis Shipping Ltd. maintains with the bank. Other covenants and guarantees are similar to the rest of the loans of the Company. | |||||||||
On October 29, 2012, a supplemental agreement was signed under which Tiger Navigation Corp., owner of M/V Tiger Bridge, SAF-Concord Shipping Ltd., owner of M/V Monica P, and Alterwall Business Inc., owner of M/V Ninos, provided additional guarantees to this loan. | ||||||||||
(c) | This loan is a $10,000,000 loan drawn by SAF-Concord Shipping Ltd. on January 19, 2009. The loan was payable in twenty consecutive quarterly instalments of $250,000 each, the first of which was due in April 2009, plus a balloon payment of $5,000,000 payable with the final quarterly instalment in January 2014. The interest was based on LIBOR plus a margin of 2.50%. The loan was secured with the following: (i) first priority mortgage over M/V “Monica P”, (ii) first assignment of earnings and insurance, (iii) a corporate guarantee of Euroseas Ltd. and (iv) a minimum cash balance equal to an amount of no less than $300,000 in an account SAF-Concord Shipping Ltd. maintains with the bank. Other covenants and guarantees are similar to the rest of the loans of the Company. | |||||||||
On October 29, 2012, a supplemental agreement was signed that extended the loan by eight consecutive quarterly instalments of $250,000 each, plus a balloon payment of $3,000,000 payable with the final quarterly instalment on January, 15 2016. Under the same supplemental agreement, Tiger Navigation Corp., owner of M/V Tiger Bridge and Alterwall Business Inc., owner of M/V OEL Bengal, provided additional guarantees to this loan. The interest is based on LIBOR plus a margin of 5.00%. | ||||||||||
(d) | This loan is a $10,000,000 loan drawn by Eleni Shipping Ltd. on April 30, 2009. The loan is payable in 10 consecutive semi-annual instalments, two in the amount of $100,000, two in the amount of $400,000, two in the amount of $600,000 and four in the amount of $800,000, with a $4.6 million balloon payment to be paid together with the last instalment in April 2014. The margin of the loan is 2.50% above LIBOR for the $5.4 million repaid throughout the 5 years and 2.70% above LIBOR for the amount of the balloon payment. The loan is secured with the following: (i) first priority mortgage over M/V “Eleni P”, (ii) first assignment of earnings and insurance, (iii) a corporate guarantee of Euroseas Ltd. and (iv) a minimum cash balance equal to an amount of no less than $300,000 in an account Eleni Shipping Ltd. maintains with the bank. Other covenants and guarantees are similar to the rest of the loans of the Company. The loan was fully paid within 2014. | |||||||||
(e) | This loan is a $13,000,000 loan drawn by Pantelis Shipping Corp. on December 15, 2009. The loan is payable in 32 consecutive quarterly instalments, four in the amount of $500,000 and twenty-eight in the amount of $280,000, with a $3.16 million balloon payment to be paid together with the last instalment in December 2017. The margin of the loan is 2.70% above LIBOR. The loan is secured with the following: (i) first priority mortgage over M/V “Pantelis”, (ii) first assignment of earnings and insurance, (iii) a corporate guarantee of Euroseas Ltd. and (iv) a minimum cash balance equal to an amount of no less than $300,000 in an account Pantelis Shipping Corp. maintains with the bank. Other covenants and guarantees are similar to the rest of the loans of the Company. | |||||||||
(f) | This loan is an $8,500,000 loan drawn by Aggeliki Shipping Ltd. on November 5, 2010. The loan is payable in 20 equal consecutive quarterly instalments of $303,000 each, with a $2.44 million balloon payment to be paid together with the last instalment in November 2015. The margin of the loan is 2.85% above LIBOR. The loan is secured with the following: (i) first priority mortgage over M/V “Aggeliki P.”, (ii) first assignment of earnings and insurance, (iii) a corporate guarantee of Euroseas Ltd. Other covenants and guarantees are similar to the rest of the loans of the Company. | |||||||||
(g) | This loan is a $20,000,000 loan drawn by Noumea Shipping Ltd. on December 28, 2010. The loan consists of two tranches: Tranche A of $15,000,000 payable in 12 equal consecutive six-monthly instalments of $720,000 each with a $6.36 million balloon payment to be paid together with the last instalment in December 2016; and, Tranche B of $5,000,000 payable in 8 equal consecutive six-monthly instalments of $625,000 each running in parallel with Tranche A. The margin of both tranches is 2.65% above LIBOR, however, if the collateral vessel, M/V “Maersk Noumea”, does not have a charter, the margin of Tranche B becomes 4% above LIBOR and any balance remaining thereof, to be repaid not later that the original Tranche B Maturity, as an Interim Balloon. The loan is secured with the following: (i) first priority mortgage over M/V “Maersk Noumea”, (ii) second priority mortgage over M/V “Aristides N.P.”, (iii) first assignment of earnings and insurance, (iv) a corporate guarantee of Euroseas Ltd. Other covenants and guarantees are similar to the rest of the loans of the Company. | |||||||||
(h) | This loan is a $15,300,000 loan drawn by Eirini Shipping Ltd. and Eleni Shipping Ltd. jointly, on June 25, 2014. The loan is payable in 20 equal consecutive quarterly instalments of $350,000 each, with an $8.3 million balloon payment to be paid together with the last instalment in June 2019. The margin of the loan is 3.75% above LIBOR. The loan is secured with the following: (i) first priority mortgage over M/V “Eirini P.” and M/V “Eleni P.”, (ii) first assignment of earnings and insurance, (iii) a corporate guarantee of Euroseas Ltd. Other covenants and guarantees are similar to the rest of the loans of the Company. | |||||||||
(i) | This loan is an $8,000,000 loan drawn by Euroseas Ltd., on February 3, 2014. The loan is payable in 12 equal consecutive quarterly instalments of $375,000 each, with a $3.5 million balloon payment to be paid together with the last instalment in February 2017. The margin of the loan is 6.0% above LIBOR. The loan is secured with the following: (i) first priority mortgage over M/V “Kuo Hsiung.”, M/V “Aristides N. P.”, M/V “Captain Costas” and M/V “Despina P”, (ii) first assignment of earnings and insurance, (iii) a corporate guarantee of Euroseas Ltd. Other covenants and guarantees are similar to the rest of the loans of the Company. | |||||||||
In addition to the terms specific to each loan described above, all the above loans are secured with a pledge of all the issued shares of each borrower. | ||||||||||
The loan agreements contain covenants such as minimum requirements regarding the hull ratio cover (the ratio of fair value of vessel to outstanding loan less cash in retention accounts), restrictions as to changes in management and ownership of the vessel shipowning companies, distribution of profits or assets (i.e. limiting dividends in some loans to 60% of profits, or, not permitting dividend payment or other distributions in cases that an event of default has occurred), additional indebtedness and mortgage of vessels without the lender’s prior consent, sale of vessels, maximum fleet-wide leverage, sale of capital stock of our subsidiaries, ability to make investments and other capital expenditures, entering in mergers or acquisitions, minimum cash balance requirements and minimum cash retention accounts (restricted cash). The loan agreements also require the Company to make deposits in retention accounts with certain banks that can only be used to pay the current loan instalments. Minimum cash balance requirements are in addition to cash held in retention accounts. These cash deposits amounted to $7,862,415 and $7,994,093 as of December 31, 2013 and 2014, respectively, and are shown as “Restricted cash” under “Current assets” and “Long-term assets” in the consolidated balance sheets. As of December 31, 2014, all the debt covenants are satisfied. | ||||||||||
Interest expense for the years ended December 31, 2012, 2013 and 2014 amounted to $1,841,245, $1,699,951 and $2,015,155, respectively. | ||||||||||
Note_10_Income_Taxes
Note 10 - Income Taxes | 12 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 10. 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 accompanying “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-operations subsidiaries satisfy this particular criterion. In addition, more than 50% of the value of the stock must be owned, directly or indirectly, by individuals who are residents as defined in the countries of incorporation or another foreign country that grants an equivalent exemption to U.S corporations, the “50% Ownership Test”, or, the stock is “primarily and regularly traded on an established securities market” in our country of organization, in another country that grants an “equivalent exemption” to United States corporations, or in the United States, the “Publicly-Traded Test”. The management of the Company believes that by virtue of the special rule applicable to situations where the ship operating companies are beneficially owned by a publicly-traded company like the Company, the “Publicly-Traded Test” was satisfied for 2012, 2013 and 2014. | |
Note_11_Commitments_and_Contin
Note 11 - Commitments and Contingencies | 12 Months Ended | |
Dec. 31, 2014 | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies Disclosure [Text Block] | 11 | Commitments and Contingencies |
(a) | There are no material legal proceedings to which the Company is a party or to which any of its properties are subject, other than routine litigation incidental to the Company’s business. In the opinion of the management, the disposition of these lawsuits should not have a material impact on the consolidated results of operations, financial position and cash flows. | |
(b) | There is no future minimum long-term time charter revenue based on non-cancelable time charter contracts as of December 31, 2014. | |
(c) | As of December 31, 2014, the Company had under construction four bulk carriers with a total contracted amount remaining to be paid of $98.60 million as of December 31, 2014, with $54.64 million payable in 2015 and $43.96 million in 2016. The Company has secured bank financing for two of the vessels for up to $38.95 million and will finance the remaining commitments with additional bank debt for the remaining two vessels, own cash and by raising additional equity. | |
Note_12_Stock_Incentive_Plan
Note 12 - Stock Incentive Plan | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 12 | Stock Incentive Plan | |||||||
On June 15, 2010, the Board of Directors approved the Company’s 2010 Stock Incentive Plan (the “2010 Plan”). The plan is administered by the Board of Directors which can make awards totaling in aggregate up to 1,500,000 shares, respectively over 10 years after the plan’s adoption date. On July 31, 2014, the Board of Directors approved the Company’s 2014 Stock Incentive Plan (the “2014 Plan”). The plan is administered by the Board of Directors which can make awards totaling in aggregate up to 2,500,000 shares, respectively over 10 years after the plan’s adoption date. The persons eligible to receive awards under either plan are officers, directors, and executive, managerial, administrative and professional employees of the Company or Eurobulk or Eurochart, (collectively, “key persons”) as the Board, in its sole discretion, shall select based upon such factors as the Board shall deem relevant. Awards may be made under either plan in the form of incentive stock options, non-qualified stock options, stock appreciation rights, dividend equivalent rights, restricted stock, unrestricted stock, restricted stock units and performance shares. | |||||||||
a) | On November 4, 2011 an award of 290,000 non-vested restricted shares under the 2010 Plan, was made to 17 key persons of which 50% vested on July 1, 2012 and 50% vested on July 1, 2013; awards to officers and directors amounted to 164,000 shares and the remaining 126,000 shares were awarded to employees of Eurobulk. | ||||||||
b) | On June 28, 2012 an award of 119,200 non-vested restricted shares under the 2010 Plan, was made to 17 key persons of which 46,400 shares vested on July 1, 2012, 26,400 shares vested on November 16, 2012 and 46,400 shares vested on July 1, 2013; awards to officers and directors amounted to 68,480 shares and the remaining 50,720 shares were awarded to employees of Eurobulk. | ||||||||
c) | On November 3, 2012 an award of 435,000 non-vested restricted shares under the 2010 Plan, was made to 17 key persons of which 50% vested on November 16, 2013 and 50% vested on November 16, 2014; awards to officers and directors amounted to 246,000 shares and the remaining 189,000 shares were awarded to employees of Eurobulk. | ||||||||
d) | On November 21, 2013 an award of 450,000 non-vested restricted shares under the 2010 Plan, was made to 19 key persons of which 50% vested on July 1, 2014 and 50% will vest on July 1, 2015; awards to officers and directors amounted to 253,500 shares and the remaining 196,500 shares were awarded to employees of Eurobulk. | ||||||||
e) | On November 3, 2014 an award of 450,000 non-vested restricted shares under the 2014 Plan, was made to 19 key persons of which 50% will vest on November 16, 2015 and 50% on November 16, 2016; awards to officers and directors amounted to 261,000 shares and the remaining 189,000 shares were awarded to employees of Eurobulk. | ||||||||
All non-vested restricted shares are conditional upon the grantee’s continued service as an employee of the Company, Eurobulk or as a director until the applicable vesting date. The grantee does not have the right to vote on such non-vested restricted shares until they vest or exercise any right as a shareholder of these shares, however, the non-vested shares will accrue dividends as declared and paid which will be retained by the Company until the shares vest at which time they are payable to the grantee. As of December 31, 2013 and 2014 the non-vested restricted shares accrued dividends of $13,050 and $0, respectively. As non-vested restricted share grantees accrue dividends on awards that are expected to vest, such dividends are charged to retained earnings. | |||||||||
The Company estimates the forfeitures of non-vested restricted shares to be immaterial. The Company will, however, re-evaluate the reasonableness of its assumption at each reporting period. | |||||||||
The compensation cost that has been charged against income for those plans was $671,381, $568,334 and $510,114 for the years ended December 31, 2012, 2013 and 2014, respectively. The Company has used the straight-line method to recognize the cost of the awards. | |||||||||
A summary of the status of the Company’s non-vested shares as of December 31, 2014 and changes during the year ended December 31, 2014, are presented below: | |||||||||
Non-vested Shares | Shares | Weighted-Average | |||||||
Grant-Date Fair Value | |||||||||
Non-vested on January 1, 2014 | 662,250 | 1.13 | |||||||
Granted | 450,000 | 1.02 | |||||||
Vested | (437,250 | ) | 1.13 | ||||||
Non-vested on December 31, 2014 | 675,000 | 1.06 | |||||||
As of December 31, 2014, there was $500,419 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Plan and is expected to be recognized over a weighted-average period of 0.90 years. The total fair value at grant-date of shares vested during the year ended December 31, 2012, December 31, 2013, and December 31, 2014 was $879,648, $748,967 and $494,093, respectively. | |||||||||
Note_13_Earnings_Loss_Per_Shar
Note 13 - Earnings / (Loss) Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share [Text Block] | 13 | Earnings / (Loss) Per Share | |||||||||||
Basic and diluted earnings / (loss) per common share are computed as follows: | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Income: | |||||||||||||
Net loss attributable to common shareholders’ | (13,198,741 | ) | (103,424,827 | ) | (19,359,005 | ) | |||||||
Basic earnings per share: | |||||||||||||
Weighted average common shares – Outstanding | 38,950,100 | 45,442,841 | 54,794,181 | ||||||||||
Basic loss per share | (0.34 | ) | (2.28 | ) | (0.35 | ) | |||||||
Effect of dilutive securities | |||||||||||||
Weighted average common shares – Outstanding | 38,950,100 | 45,442,841 | 54,794,181 | ||||||||||
Diluted loss per share | (0.34 | ) | (2.28 | ) | (0.35 | ) | |||||||
During 2012, 2013 and 2014, the effect of the non-vested stock awards and of Series B Preferred Shares was anti-dilutive. The number of dilutive securities was 0, 115,807 and 183,952 shares in 2012, 2013 and 2014, respectively. | |||||||||||||
Note_14_Voyage_Vessel_Operatin
Note 14 - Voyage, Vessel Operating Expenses and Commissions | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Vessel Voyage And Operating Expenses [Abstract] | |||||||||||||
Vessel Voyage And Operating Expenses [Text Block] | 14. Voyage, Vessel Operating Expenses and Commissions | ||||||||||||
These consisted of: | |||||||||||||
Year ended December 31, | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Voyage expenses | |||||||||||||
Port charges and canal dues | 442,783 | 364,091 | 1,214,856 | ||||||||||
Bunkers | 886,885 | 1,173,807 | 2,748,325 | ||||||||||
Total | 1,329,668 | 1,537,898 | 3,963,181 | ||||||||||
Vessel operating expenses | |||||||||||||
Crew wages and related costs | 13,864,535 | 13,921,033 | 13,985,377 | ||||||||||
Insurance | 2,435,144 | 2,222,912 | 2,364,112 | ||||||||||
Repairs and maintenance | 511,569 | 478,197 | 501,733 | ||||||||||
Lubricants | 2,846,087 | 2,836,561 | 2,379,191 | ||||||||||
Spares and consumable stores | 4,083,590 | 4,204,965 | 4,083,942 | ||||||||||
Professional and legal fees | 137,047 | 158,978 | 498,240 | ||||||||||
Other | 1,197,167 | 1,368,604 | 1,466,492 | ||||||||||
Total | 25,075,139 | 25,191,250 | 25,279,087 | ||||||||||
Commission consisted of commissions charged by: | |||||||||||||
Year ended December 31, | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Third parties | 2,032,599 | 1,461,915 | 1,674,798 | ||||||||||
Related parties (see Note 8) | 641,104 | 474,466 | 517,828 | ||||||||||
2,673,703 | 1,936,381 | 2,192,626 | |||||||||||
Note_15_Financial_Instruments
Note 15 - Financial Instruments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||||||||||
Financial Instruments Disclosure [Text Block] | 15. Financial Instruments | ||||||||||||||||
The principal financial assets of the Company consist of cash on hand and at banks, “Other investment” and accounts receivable due from charterers. The principal financial liabilities of the Company consist of long-term loans, derivatives including interest rate swaps and accounts payable due to suppliers | |||||||||||||||||
Interest rate risk | |||||||||||||||||
The Company enters into interest rate swap contracts as economic hedges to manage its exposure to variability in its floating rate long term debt. Under the terms of the interest rate swaps the Company and the bank agreed to exchange, at specified intervals the difference between a paying fixed rate and receiving floating rate interest amount calculated by reference to the agreed principal amounts and maturities. Interest rate swaps allow the Company to convert long-term borrowings issued at floating rates into equivalent fixed rates. Even though the interest rate swaps were entered into for economic hedging purposes, the derivatives described below (see Note 16) do not qualify for hedge accounting, under the guidance relating to Derivatives and Hedging, as the Company does not have currently written contemporaneous documentation identifying the risk being hedged and, both on a prospective and retrospective basis, performing an effectiveness test to support that the hedging relationship is highly effective. Consequently, the Company recognizes the change in fair value of these derivatives in the “Loss on derivatives, net” under the “Consolidated statements of operations.” As of December 31, 2014, the Company had three open swap contracts for a notional amount of $30.0 million. | |||||||||||||||||
Concentration of credit risk | |||||||||||||||||
Financial instruments, which potentially subject the Company to significant concentration of credit risk consist primarily of cash and trade accounts receivable. The Company places its temporary cash investments, consisting mostly of deposits, with high credit qualified financial institutions. The Company performs periodic evaluation of the relative credit standing of these financial institutions that are considered in the Company’s investment strategy. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its accounts receivable. As of December 31, 2014, there were no customers with trade accounts receivable accounting for more than 10% of the customer’s 2014 hire revenues. | |||||||||||||||||
Fair value of financial instruments | |||||||||||||||||
The Company follows guidance relating to “Fair value measurements”, which establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosure about fair value measurements. This statement enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The statement requires that assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: | |||||||||||||||||
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 fair value of the Company’s interest rate swap agreements is determined using a discounted cash flow approach based on market-based LIBOR swap rates. LIBOR swap rates are observable at commonly quoted intervals for the full terms of the swaps and therefore are considered Level 2 items. As of December 31, 2013 and December 31, 2014 no fair value measurements for assets or liabilities under Level 3 were recognized in the Company’s consolidated financial statements. | |||||||||||||||||
Fair Value Measurement as of December 31, 2014 | |||||||||||||||||
Liabilities | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Interest rate swap contracts, current and long-term portion | $ | 298,771 | - | $ | 298,771 | - | |||||||||||
Fair Value Measurement as of December 31, 2013 | |||||||||||||||||
Liabilities | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Interest rate swap contracts, current and long-term portion | $ | 1,017,748 | - | $ | 1,017,748 | - | |||||||||||
Asset Measured at Fair Value on a Non-recurring Basis | |||||||||||||||||
As of December 31, 2013, the Company reviewed the carrying amount in connection with the estimated recoverable amount for each of its vessels. The review indicated that such carrying amount was not recoverable for nine of the Company’s vessels; the M/V Ninos, the M/V Kuo Hsiung, the M/V YM Xingang, the M/V Manolis P, the M/V Captain Costas, the M/V Despina P, the M/V Tiger Bridge, the M/V Aggeliki and the M/V Evridiki. Details of the impairment charge for each vessel are noted in the table below. | |||||||||||||||||
Vessel | Significant Other | Loss | |||||||||||||||
Observable Inputs (Level | (amounts in $million) | ||||||||||||||||
2) (amounts in $million) | |||||||||||||||||
M/V Ninos | $2,7 | $1,1 | |||||||||||||||
M/V Kuo Hsiung | $2.80 | $1.60 | |||||||||||||||
M/V YM Xingang | $3.00 | $7.80 | |||||||||||||||
M/V Manolis P | $3.80 | $8.30 | |||||||||||||||
M/V Cpt Costas | $3.80 | $10.60 | |||||||||||||||
M/V Despina P | $3.90 | $6.20 | |||||||||||||||
M/V Tiger Bridge | $3.80 | $9.30 | |||||||||||||||
M/V Aggeliki | $7.50 | $5.80 | |||||||||||||||
M/V Evridiki | $13.00 | $27.50 | |||||||||||||||
TOTAL | $44.30 | $78.20 | |||||||||||||||
The fair value is based on the Company’s best estimate of the value of each vessel on a time charter free basis, and is supported by vessel valuations of independent shipbroker’s as of December 31, 2013, which are mainly based on recent sales and purchase transactions of similar vessels. | |||||||||||||||||
The Company recognized the total impairment losses of $78.2 million, which was included in the “Consolidated statements of operations” for the period. | |||||||||||||||||
Asset Measured at Fair Value on a Non-recurring Basis - continued | |||||||||||||||||
As of December 31, 2014 the Company reviewed the carrying amount in connection with the estimated amount of each of its vessels. The review indicated that such carrying amount was not recoverable for one of the Company’s vessels; the M/V Aristides NP. Details of the impairment charge for each vessel are noted in the table below. | |||||||||||||||||
Vessel | Significant Other | Loss | |||||||||||||||
Observable Inputs (Level | (amounts in $million) | ||||||||||||||||
2) (amounts in $million) | |||||||||||||||||
M/V Aristides NP | $5.10 | $3.50 | |||||||||||||||
The Company recognized the total impairment losses of $3.5 million, which was included in the “Consolidated statements of operations” for the period. | |||||||||||||||||
The fair value is based on the Company’s best estimate of the value of each vessel on a time charter free basis, and is supported by vessel valuations of independent shipbrokers as of December 31, 2014, which are mainly based on recent sales and purchase transactions of similar vessels. | |||||||||||||||||
The Company did not have any other assets or liabilities measured at fair value on a nonrecurring basis during the years ended December 31, 2013 and 2014. | |||||||||||||||||
The estimated fair values of the Company’s financial instruments such as trade receivables, trade accounts payable, cash and cash equivalents and restricted cash approximate their individual carrying amounts as of December 31, 2013 and 2014, due to their short-term maturity. Cash and cash equivalents and restricted cash are considered Level 1 items as they represent liquid assets with short-term maturities. The fair value of the Company’s long term borrowings approximates $54.9 million as of December 31, 2014 or $0.6 million less than its carrying value of $54.3 million. The fair value of the long term borrowings are estimated based on current interest rates offered to the Company for similar loans. LIBOR rates are observable at commonly quoted intervals for the full terms of the loans and hence fair value of the long-term bank loans are considered Level 2 items in accordance with the fair value hierarchy due to their variable interest rate, being the LIBOR. | |||||||||||||||||
The fair value of the Company’s “Other investment” approximates its carrying value (see Note 17 – “Investment in Joint Venture and Other Investment”) and is considered a Level 3 item. | |||||||||||||||||
The key input that determines the fair value of the Company’s “Other investment” is the required rate of return for preferred equity investments in investment opportunities of similar risk which is not observable and hence is considered a level 3 item. The Company considers the initially dividend rate of 19% p.a. as the appropriate rate for its fair value calculation and monitors market conditions for similar investment and other possible developments specific to its investment that might provide indications for changed in the required rate of return it uses in its fair value measurement. As of December 31, 2014, the Company did not identify indications that would require changes in the required rate of return. | |||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||
Fair Value at | Valuation | Unobservable | Value | ||||||||||||||
December 31, | Technique | Input | |||||||||||||||
2014 | |||||||||||||||||
Other investment | 6,183,800 | Discounted cash flow | Rate of return | 19% | |||||||||||||
The fair value of the Company’s “Other investment” is sensitive to the required rate of return used to estimate the present value of its investment using the discounted cash flow approach. If the required rate of return increases or decreases, the fair value of the Company’s “Other investment” will decrease or increase, respectively. | |||||||||||||||||
Note_16_Derivative_Financial_I
Note 16 - Derivative Financial Instruments | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 16. Derivative Financial Instruments | ||||
Interest rate swaps | |||||
Effective July 14, 2008, July 8, 2009, January 21, 2011, September 20, 2013 and on October 17, 2014 respectively, the Company entered into four interest rate swaps with EFG Eurobank – Ergasias S.A. (“Eurobank”) on a notional amount of $25.0 million for the first two contracts, $10.0 million for the last three contracts, each in order to manage interest costs and the risk associated with changing interest rates. Under the terms of the swaps, Eurobank makes a quarterly payment to the Company equal to the 3-month LIBOR while the Company pays the fixed rate of 3.99%, 2.88%, 2.29% and 1.29% on the first four respective swaps based on the relevant notional amount; all contracts are net settled between Eurobank and the Company. Two swaps were effective from July 14, 2008 to July 14, 2013 and from July 8, 2009 to July 8, 2014 and two are effective from January 21, 2011 to January 21, 2016 and from September 20, 2013 to December 31, 2016, respectively. In October 2014 we entered into a new forward step-up swap contract for a notional amount of $10 million, under the terms of the contract dated on November 28, 2015 Eurobank makes a quarterly payment to the Company equal to the 3-month LIBOR while the Company pays the fixed rate of 0.50% until November 28, 2016 then 0.95% till November 28, 2017 and then 3.55% till May 28, 2019. The interest rate swaps did not qualify for hedge accounting as of December 31, 2013 and 2014. | |||||
Freight Forward Agreements (“FFA”) | |||||
The FFA contracts did not qualify for hedge accounting. The Company follows guidance relating to “Fair value measurements” to calculate the fair value of the FFA contracts (see Note 15). | |||||
Derivatives not designated | |||||
as hedging instruments | Balance Sheet Location | 31-Dec-13 | 31-Dec-14 | ||
Interest rate swap contracts | Current liabilities – Derivatives | 697,889 | 297,992 | ||
Interest rate contracts | Long-term liabilities – Derivatives | 319,859 | 779 | ||
Total derivative liabilities | 1,017,748 | 298,771 | |||
Derivatives not | Year Ended | Year Ended | Year Ended | ||
designated as | Location of gain | 31-Dec-12 | 31-Dec-13 | 31-Dec-14 | |
hedging instruments | (loss) recognized | ||||
FFA contracts – Fair value | Change in fair value of derivatives | - | - | - | |
FFA contracts – Realized loss | Change in fair value of derivatives | (2,247) | - | - | |
Interest rate – Fair value | Change in fair value of derivatives | 1,057,928 | 1,375,820 | 718,977 | |
Interest rate contracts – Realized loss | Change in fair value of derivatives | (1,693,084) | -1,552,952 | -763,625 | |
Total loss on derivatives | -637,403 | -177,132 | -44,648 | ||
Note_17_Investment_in_Joint_Ve
Note 17 - Investment in Joint Venture and Other Investment | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 17 | Investment in Joint Venture and Other Investment | |||||||||||
On March 25, 2010, the Company entered into a partnership (the “Joint Venture”) with companies managed by Eton Park Capital Management, L.P. ("Eton Park") and Rhône Capital III L.P. ("Rhône") to form Euromar LLC. Eton Park’s investments are made through Paros Ltd., a Cayman Islands exempted company, and Rhône’s investments are made through the Cayman Islands limited companies All Seas Investors I Ltd., All Seas Investors II Ltd., and the Cayman Islands exempted limited partnership All Seas Investors III LP. Euromar LLC will acquire, maintain, manage, operate and dispose of shipping vessels. Pursuant to the terms of the Joint Venture, the Company may invest up to $25.0 million for a 14.286% interest in the Joint Venture, while Eton Park and Rhône may each invest up to $75.0 million for a 42.857% interest in the Joint Venture each, for a total of $175 million. After March 25, 2012, Eton Park and Rhône have the option to convert part or all of their holdings in the Company’s stock at a conversion ratio based on the ratio of the net asset market values of the Company and the Joint Venture, or the ratio of the Company’s market value multiplied by 0.925 and the net asset market value of the Joint Venture whichever is to the advantage of the Company. No conversion can take place if any of the net asset market values are negative. Management of the vessels and various administrative services pertaining to the vessels are performed by the Manager and its affiliates; strategic, financial and reporting services are provided by Euroseas. For these services, Euroseas earned $240,000 in 2014, 2013 and 2012. These amounts are recorded in “Related party revenue” under “Revenues”. | |||||||||||||
In March 2013, the Company contributed $6,250,000 and as of December 31, 2013, the Company had contributed $25.0 million. No new contributions were made in 2014. The Company accounts for its investment in the Joint Venture using the equity method of accounting despite the fact that it is a minority partner, it is considered to have significant influence in the operations and management of Euromar LLC (see “Significant Accounting Policies” – Note 2). The Company’s share of the results of operations of the Joint Venture is included in the “Consolidated statements of operations” as “Equity loss in joint venture”. The Company’s share of the results of operations of the Joint Venture amounted to a loss of $1.2 million, $2.0 million and $2.5 million for the years 2012, 2013 and 2014, respectively. | |||||||||||||
Summarized financial information for the Joint Venture is as follows: | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Current assets | 4,582,256 | 11,207,156 | 9,520,607 | ||||||||||
Non current assets | 248,337,400 | 268,669,047 | 252,531,888 | ||||||||||
Current liabilities | 6,051,143 | 4,079,748 | 16,194,148 | ||||||||||
Non current liabilities | 127,316,330 | 127,350,355 | 115,181,837 | ||||||||||
Members’ contributions | 132,000,000 | 175,000,000 | 175,000,000 | ||||||||||
Voyage revenue | 27,478,223 | 27,510,792 | 31,663,989 | ||||||||||
Net revenue | 26,216,805 | 26,163,274 | 30,269,066 | ||||||||||
Operating loss | (2,018,854 | ) | (7,313,783 | ) | (11,058,601 | ) | |||||||
Net loss | (8,413,047 | ) | (14,106,082 | ) | (17,798,476 | ) | |||||||
On October 15, 2013 by and among the Company, Paros Ltd., All Seas Investors I Ltd., All Seas Investors II Ltd. and All Seas Investors III LP, a Contribution Agreement was signed. Under this contract Euroseas agreed to deposit an amount of $5,000,000 into an escrow account controlled by Paros Ltd., All Seas Investors I Ltd., All Seas Investors II Ltd. and All Seas Investors III LP which can distribute part or all of the funds to Euromar LLC within two years. With the distribution of the Escrowed Funds, Euromar LLC will issue to the Company (or a subsidiary thereof) units representing a preferred membership interest in Euromar LLC (each, a “Preferred Unit”) in respect of the Escrowed Funds based on the following ratio: one Preferred Unit in exchange for each $1,000 of the Escrowed Cash, or 5,000 Preferred Units in total (assuming $5 million of Escrowed Cash). The Company is entitled to a “payment-in-kind” dividend at a rate of 19% per year compounded annually from the date of issuance. After two years, any undistributed Escrowed Funds are returned to the Company but Preferred Units are issued by Euromar LLC for any accrued dividends at the time. Euroseas recorded an accrued dividend income of $987,604 for the year ended December 31, 2014 and $196,196 for the year ended December 31, 2013. This amount is recorded in the “Consolidated statements of operations” as “Investment Income” under “Other Income / (expenses)”. | |||||||||||||
In USD | Other Investment | ||||||||||||
Balance, January 1, 2013 | 0 | ||||||||||||
Invested amount | 5,000,000 | ||||||||||||
Total gain for period included in Investment income | |||||||||||||
196,196 | |||||||||||||
Balance, December 31, 2013 | 5,196,196 | ||||||||||||
Total gain for period included in Investment income | |||||||||||||
987,604 | |||||||||||||
Balance, December 31, 2014 | 6,183,800 | ||||||||||||
Note_18_Dividend_Series_B_Pref
Note 18 - Dividend Series B Preferred Shares | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||||||||||
Preferred Stock [Text Block] | 18. Dividends Series B preferred shares | ||||||||||||||||
Number | Preferred | Total | |||||||||||||||
of | Shares | Dividends | |||||||||||||||
Shares | Amount | paid-in-kind | |||||||||||||||
Balance, January 1, 2014 | - | - | - | - | |||||||||||||
Issuance of preferred shares from private placement net of issuance costs | 30,700 | 29,000,000 | 29,000,000 | ||||||||||||||
Dividends declared | 1,440 | 1,440,100 | 1,440,100 | ||||||||||||||
Balance, December 31, 2014 | 32,140 | 29,000,000 | 1,440,100 | 30,440,100 | |||||||||||||
On January 27, 2014, the Company entered into an agreement to sell 25,000 shares of its Series B Convertible Perpetual Preferred Shares ("Series B Preferred Shares") to a fund managed by Tennenbaum Capital Partners, LLC ("TCP") and 5,700 shares to Preferred Friends Investment Company Inc, an affiliate of the Company, for total net proceeds of approximately $29 million. The redemption amount of the Company’s Series B Preferred Shares is $1,000 per share. The Company intends to use the proceeds for the acquisition of vessels and general corporate purposes. The Series B Preferred Shares will pay dividends (in cash or in-kind at the option of the Company, subject to certain exceptions) during the first five years at a rate of 0% or 5%, depending on the trading price of the Company's common stock. In addition, if a cash dividend is paid on the Company's common stock during such time, then if the dividend paid on the Series B Preferred Shares is 5%, the holders of Series B Preferred Shares shall receive such dividend in cash and shall also receive an additional cash dividend in an amount equal to 40% of the common stock dividend it would have received on an as-converted basis. If, however, the dividend on the Series B Preferred Shares is 0%, then the holders of Series B Preferred Shares shall receive a cash dividend equal to the greater of 100% of the common stock dividend it would have received on an as-converted basis and 5%. If a cash dividend is paid on the Company's common stock after the first five years, the holders of Series B Preferred Shares shall receive an additional cash dividend in an amount equal to 40% of the common stock dividend it would have received on an as-converted basis. The dividend rate will increase to 12% in years six and seven and to 14% thereafter. The Series B Preferred Shares can be converted at the option of their holders at any time, and at the option of the Company only if certain share price and liquidity milestones are met. Each Series B Preferred Share is convertible into common stock at an initial conversion price of $1.45 (subject to adjustment, including upon a default). The Series B Preferred Shares are redeemable in cash by the Company at any time after the fifth anniversary of the original issue date. Holders of the Series B Preferred Shares may require the Company to redeem their shares only upon the occurrence of certain corporate events. The redemption liability as of December 31, 2014 is $32,140,100. If all the subsequent dividend payments are made in-kind, the Series B Preferred Shares will increase by $1,637,388, $ $1,720,806, $1,808,472, $1,900,607 and $152,473 for the years 2015, 2016, 2017, 2018 and 2019, respectively, and the redemption liability will be $33,777,488, $35,498,294, $37,306,766, $39,207,373 and $39,359,846 as of December 31, 2015, 2016, 2017, 2018 and end-January 2019, respectively. After January 2019, the dividend will be payable only in cash as described above. | |||||||||||||||||
Subject to certain ownership thresholds, holders of Series B Preferred Shares have the right to appoint one director to the Company's board of directors and TCP also has consent rights over certain corporate actions. In addition, the holders of Series B Preferred Shares will vote as one class with the Company's common stock on all matters on which shareholders are entitled to vote, with each Series B Preferred Share having a number of votes equal to 50% of the numbers of shares of common stock of the Company into which such Series B Preferred Share would be convertible on the applicable record date. | |||||||||||||||||
For the year ended December 31, 2014, the Company declared four consecutive dividends aggregating $1.44 million, all of which were paid in kind. | |||||||||||||||||
Note_19_Common_Stock
Note 19 - Common Stock | 12 Months Ended |
Dec. 31, 2014 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 19. Common Stock |
On March 11, 2014, the Company entered into an agreement and sold approximately 11.2 million shares of its common stock in a private placement at a price of $1.3435 per share to an institutional investor for net proceeds of approximately $14.5 million (see “Consolidated statements of shareholders’ equity”). | |
Note_20_Subsequent_Events
Note 20 - Subsequent Events | 12 Months Ended | |
Dec. 31, 2014 | ||
Subsequent Events [Abstract] | ||
Subsequent Events [Text Block] | 20. Subsequent Events | |
a) | On January 27, 2015 the Company paid the second instalment of $3.05 million for one of its two Kamsarmax (Hull No. YZJ2013-1116) newbuilding vessels contracts. | |
b) | On January 12, 2015, the Company signed a term loan facility with HSBC of up to the maximum of $19.95 million or 70% of the vessel’s market value upon delivery if the ship is under an Approved Charter (lesser of) or 65% of the vessel’s market value upon delivery if the vessel is charter free. The facility will be used to partly finance the construction cost of Hull No DY 160 and will be repaid over 5 years following the delivery of the vessel. Hull No DY 160 will serve as collateral to the loan. | |
c) | On March 20, 2015, the Company signed a term loan facility with HSH of up to the maximum of $19.00 million or 62.5% of the vessel’s market value upon delivery (lesser of). The facility will be used to partly finance the construction cost of Hull No DY 161 and will be repaid over 4 years following the delivery of the vessel. Hull No DY 161 will serve as collateral to the loan. | |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of consolidation |
The accompanying consolidated financial statements include the accounts of Euroseas Ltd. and its subsidiaries. Inter-company transactions are eliminated on consolidation. | |
Use of Estimates, Policy [Policy Text Block] | Use of estimates |
The preparation of the accompanying consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the stated amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Comprehensive Income, Policy [Policy Text Block] | Other comprehensive income / (loss) |
The Company has no other comprehensive income / (loss) and accordingly comprehensive income / (loss) equals net income / (loss) for all periods presented. As such, no statement of comprehensive income / (loss) has been presented. | |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency translation |
The Company’s functional currency as well as the functional currency of all its subsidiaries is the U.S. dollar. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the balance sheet date. Income and expenses denominated in foreign currencies are translated into U.S. dollars at exchange rates prevailing at the date of the transaction. The resulting exchange gains and/or losses on settlement or translation are included in the accompanying consolidated statements of operations. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash equivalents |
Cash equivalents are time deposits or other certificates purchased with an original maturity of three months or less. | |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted cash |
Restricted cash reflects deposits with certain banks that can only be used to pay the current loan installments or are required to be maintained as a certain minimum cash balance per mortgaged vessel. | |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Trade accounts receivable |
The amount shown as trade accounts receivable, at each balance sheet date, includes estimated recoveries from each voyage or time charter. At each balance sheet date, the Company provides for doubtful accounts on the basis of specific identified doubtful receivables. No allowance for doubtful accounts was recorded for any of the periods presented. | |
Inventory, Policy [Policy Text Block] | Inventories |
Inventories are stated at the lower of cost and market value. Inventories are valued using the FIFO (First-In First-Out) method. | |
Vessels [Policy Text Block] | Vessels |
Vessels are stated at cost, which comprises the vessel contract price, costs of major repairs and improvements upon acquisition, direct delivery and other acquisition expenses, less accumulated depreciation and impairment, if any. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise these amounts are charged to expense as incurred. Vessels under construction are presented at cost, which includes shipyard installment payments and other vessel costs incurred during the construction period that are directly attributable to the construction of the vessels, including borrowing costs incurred during the construction period. | |
Expenditures for vessel repair and maintenance are charged against income in the period incurred. | |
Depreciation, Depletion, and Amortization [Policy Text Block] | Depreciation |
Depreciation is calculated on a straight line basis over the estimated useful life of the vessel with reference to the cost of the vessel, and estimated scrap value. Remaining useful lives of vessels are periodically reviewed and revised to recognize changes in conditions and such revisions, if any, are recognized over current and future periods. The Company estimates that its vessels have a useful life of 25 years from the completion of its construction (see Note 5). | |
Insurance Premiums Revenue Recognition, Policy [Policy Text Block] | Insurance claims and insurance proceeds |
Claims receivable are recorded on the accrual basis and represent the amounts to be received, net of deductibles, incurred through each balance sheet date, for which recovery from insurance companies is probable and the claim is not subject to litigation. Any remaining costs to complete the claims are included in accrued liabilities. Insurance proceeds are recorded according to type of claim that gives rise to the proceeds in the consolidated statements of operations and the consolidated statements of cash flow. | |
Revenue Recognition, Policy [Policy Text Block] | Revenue and expense recognition |
Revenues are generated from voyage charters, time charters and chartering pool arrangements. If a charter agreement exists, the price is fixed, service is provided and the collection of the related revenue is reasonably assured, revenues are recorded over the term of the charter as service is provided and recognized on a pro-rata basis over the duration of the voyage or time charter adjusted for the off-hire days that a vessel spends undergoing repairs, maintenance or upgrade work. A voyage is deemed to commence upon the later of the completion of discharge of the vessel’s previous cargo or the time it receives a contract that is not cancelable and is deemed to end upon the completion of discharge of the current cargo. A time charter contract is deemed to commence from the time of the delivery of the vessel to an agreed port and is deemed to end upon the re-delivery of the vessel at an agreed port. Demurrage income, which is included in voyage revenues, represents revenue earned from the charterer when loading or discharging time exceeded the stipulated time in the voyage charter and is recognized when earned. | |
For the Company’s vessels operating in chartering pools, pool profits are allocated to each pool participant on a time charter equivalent basis in accordance with an agreed-upon formula, which is determined by points awarded to each vessel in the pool based on the vessel’s age, design and other performance characteristics. Pool income is recognized during the period services are performed, the collectability is reasonably assured, an agreement with the pool exists and price is determinable. Pool income may be subject to future adjustments by the pool however, the effect on the Company’s income resulting from a subsequent reallocation of pool income on the results for the year historically has not been significant. | |
Charter fees received in advance are recorded as a liability (deferred revenue) until charter services are rendered. | |
Vessel operating expenses are comprised of all expenses relating to the operation of the vessels, including crewing, insurance, repairs and maintenance, stores, lubricants, spares and consumables, professional and legal fees and miscellaneous expenses. Vessel operating expenses are recognized as incurred; payments in advance of services or use are recorded as prepaid expenses. Voyage expenses relate to bunkers, port charges, canal tolls, and agency fees which are incurred when the vessel is chartered under a voyage charter or during off-hire or idle periods. Voyage expenses are expensed as incurred. | |
Drydocking and Special Survey Expenses [Policy Text Block] | Dry-docking and special survey expenses |
Dry-docking and special survey expenses are expensed as incurred. | |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Pension and retirement benefit obligations – crew |
The ship-owning companies contract the crews on board the vessels under short-term contracts (usually up to 9 months). Accordingly, they are not liable for any pension or post-retirement benefits. | |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Financing costs |
Loan arrangement fees are deferred and amortized to interest expense over the duration of the underlying loan using the effective interest method. Unamortized fees relating to loans repaid or refinanced are expensed in the period the repayment or refinancing occurs. | |
Fair Value Measurement, Policy [Policy Text Block] | Fair value of time charter acquired |
The Company records all identified tangible and intangible assets or any liabilities associated with the acquisition of a vessel at fair value. Where vessels are acquired with existing time charters, the Company determines the present value of the difference between: (i) the contractual charter rate and (ii) the prevailing market rate for a charter of equivalent duration. In discounting the charter rate differences in future periods, the Company uses its Weighted Average Cost of Capital (WACC) adjusted to account for the credit quality of the charterer. The capitalized above-market (assets) and below-market (liabilities) charters are amortized as a reduction and increase, respectively, to voyage revenues over the remaining term of the charter. | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock incentive plan awards |
Share-based compensation represents vested and non-vested restricted shares granted to employees and directors as well as to non-employees and are included in “Other general and administrative expenses” in the “Consolidated statements of operations.” The shares to employees and directors are measured at their fair value equal to the market value of the Company's common stock on the grant date. The shares that do not contain any future service vesting conditions are considered vested shares and a total fair value of such shares is expensed on the grant date. The shares that contain a time-based service vesting condition are considered non-vested shares on the grant date and the total fair value of such shares is recognized on a straight-line basis over the requisite service period. In addition, non-vested awards granted to non-employees are recognized on a straight-line basis over the remaining period service is provided. The fair value of the awards granted to non-employees are measured at the fair value at each reporting period until the non-vested shares vest and performance is complete. | |
Equity Method Investments, Policy [Policy Text Block] | Investment in Joint Venture |
Investments in companies over which the Company believes it exercises significant influence over operating and financial policies, are accounted for using the equity method. Under this method the investment is carried at cost, and is adjusted to recognize the investor’s share of the earnings or losses of the investee after the date of acquisition and is adjusted for impairment whenever facts and circumstances determine that a decline in fair value below the cost basis is other than temporary. The amount of the adjustment is included in the determination of net income. The investment is also adjusted to reflect the Company’s share of changes in the investee’s capital. | |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Impairment of long-lived assets |
The Company reviews its long-lived assets “held and used” for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When the estimate of future undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company evaluates the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset. In this respect, management regularly reviews the carrying amount of the vessels in connection with the estimated recoverable amount for each of the Company’s vessels. | |
Equity and Cost Method Investments, Policy [Policy Text Block] | Other investments |
Investments over which the Company believes it does not exercise any influence are carried at the book value and are adjusted to recognize accrued income and are adjusted for impairment whenever facts and circumstances determine that they are not recoverable. The amount of the adjustment is included in the determination of net income (Note 17). | |
Derivatives, Policy [Policy Text Block] | Derivative financial instruments |
Derivative instruments are recorded in the balance sheet as either an asset or liability measured at its fair value with changes in the instruments' fair value recognized as either a component in other comprehensive income if specific hedge accounting criteria are met in accordance with guidance relating to “Derivatives and Hedging” or in earnings if hedging criteria are not met. | |
Stockholders' Equity Note, Redeemable Preferred Stock, Issue, Policy [Policy Text Block] | Preferred shares |
Preferred shares are recorded at the initial consideration received less offering expenses and adjusted by the fair value of dividends. The Company recognizes changes in the redemption value of the preferred shares immediately as they occur and adjusts the carrying amount of the preferred shares to equal the redemption value at the end of each reporting period to that effect. | |
Earnings Per Share, Policy [Policy Text Block] | Earnings/(loss) per common share |
Basic earnings/(loss) per share is computed by dividing net income/(loss) attributable to common shareholders by the weighted-average number of common shares outstanding during the period using the two-class method of computing earnings per share. The weighted-average number of common shares outstanding does not include any potentially dilutive securities or any non-vested restricted shares of common stock. These non-vested restricted shares, although classified as issued and outstanding as of December 31, 2013 and 2014, are considered contingently returnable until the restrictions lapse and will not be included in the basic net income per share calculation until the shares are vested. | |
Diluted earnings/(loss) per share gives effect to all potentially dilutive securities to the extent that they are dilutive, using the treasury stock method. The Company uses the treasury stock method for non-vested restricted shares, while for the preferred shares issued the Company uses the if-converted method to assess the dilutive effect. | |
Segment Reporting, Policy [Policy Text Block] | Segment reporting |
The Company reports financial information and evaluates its operations by charter revenue and not by the length of ship employment for its customers, i.e. voyage or time charters. The Company does not use discrete financial information to evaluate the operating results for each such type of charter. Although revenue can be identified for these types of charters, management cannot and does not identify expenses, profitability or other financial information for these charters. As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet and thus the Company has determined that it operates under one reporting segment. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographical information is impracticable. | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting pronouncements |
On May 28, 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No 2014-09, Revenue From Contracts With Customers, which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This standard is effective for public entities with reporting periods beginning after December 15, 2016. Early adoption is not permitted. The Company has not yet evaluated the impact, if any, of the adoption of this new standard. | |
On April 8, 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No 2015-03, Simplifying the Presentation of Debt Issuance Costs, which outlines a simplified approach to present debt issuance costs and debt discount and premium. This standard is effective for public entities with reporting periods beginning after December 15, 2016. Early adoption is permitted for financial statements that have not been previously issued. The Company has not yet evaluated the impact, if any, of the adoption of this new standard. |
Note_1_Basis_of_Presentation_a1
Note 1 - Basis of Presentation and General Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Year ended December 31, | ||||||||||||
Charterer | 2012 | 2013 | 2014 | ||||||||||
A | 4.23 | % | 7.13 | % | 12.61 | % | |||||||
B | 4.42 | % | 10.16 | % | 10.62 | % | |||||||
C | 9.32 | % | 5.52 | % | 10.36 | % | |||||||
D | 7.63 | % | 9.7 | % | 10.32 | % | |||||||
E | 9.45 | % | 10.5 | % | - | ||||||||
F | 10.71 | % | 8.54 | % | - | ||||||||
G | 11.75 | % | 5.89 | % | - |
Note_3_Inventories_Tables
Note 3 - Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventory, Current [Table Text Block] | 2013 | 2014 | |||||||
Lubricants | 1,293,780 | 1,226,172 | |||||||
Victualing | 180,334 | 186,188 | |||||||
Bunkers | - | 346,570 | |||||||
Total | 1,474,114 | 1,758,930 |
Note_5_Vessels_Net_Tables
Note 5 - Vessels, Net (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||
Property, Plant and Equipment [Table Text Block] | Accumulated | Net Book | |||||||||||
Costs | Depreciation | Value | |||||||||||
Balance, January 1, 2013 | 307,131,051 | (100,196,305 | ) | 206,934,746 | |||||||||
- Depreciation for the year | - | (19,983,772 | ) | (19,983,772 | ) | ||||||||
- Sale of vessels | (20,272,071 | ) | 11,014,234 | (9,257,837 | ) | ||||||||
- Purchase of vessel | 5,978,062 | - | 5,978,062 | ||||||||||
- Impairment loss | (154,876,848 | ) | 76,669,386 | (78,207,462 | ) | ||||||||
Balance, December 31, 2013 | 137,960,194 | (32,496,457 | ) | 105,463,737 | |||||||||
- Depreciation for the year | - | (12,137,445 | ) | (12,137,445 | ) | ||||||||
- Purchase of vessel | 21,323,935 | - | 21,323,935 | ||||||||||
- Impairment loss | (18,894,213 | ) | 15,394,213 | (3,500,000 | ) | ||||||||
Balance, December 31, 2014 | 140,389,916 | (29,239,689 | ) | 111,150,227 |
Note_6_Deferred_Charges_Net_Ta
Note 6 - Deferred Charges, Net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Deferred Charges [Abstract] | |||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | 2013 | 2014 | |||||||
Balance, beginning of year | 318,578 | 338,431 | |||||||
Amortization of loan arrangement fees | (145,825 | ) | (137,032 | ) | |||||
Deferred offering expenses | 165,678 | (165,678 | ) | ||||||
Loan arrangement fees | - | 299,900 | |||||||
Balance, end of year | 338,431 | 335,621 |
Note_7_Accrued_Expenses_Tables
Note 7 - Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Schedule of Accrued Liabilities [Table Text Block] | As of December 31, 2013 | As of December 31, 2014 | |||||||
Accrued payroll expenses | 224,396 | 218,887 | |||||||
Accrued interest | 82,589 | 96,894 | |||||||
Accrued general and administrative expenses | 167,485 | 181,593 | |||||||
Accrued commissions | 157,803 | 94,778 | |||||||
Other accrued expenses | 370,172 | 468,645 | |||||||
Total | 1,002,445 | 1,060,797 |
Note_9_Longterm_Debt_Tables
Note 9 - Long-term Debt (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Disclosure Text Block [Abstract] | ||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | Borrower | December 31, | December 31, | |||||||
2013 | 2014 | |||||||||
Xingang Shipping Ltd. / Alcinoe Shipping Ltd | (a) | 5,000,000 | 4,200,000 | |||||||
Manolis Shipping Ltd. | (b) | 5,840,000 | 5,200,000 | |||||||
Saf-Concord Shipping Ltd. | (c) | 5,250,000 | 4,250,000 | |||||||
Eleni Shipping Ltd. | (d) | 5,400,000 | - | |||||||
Pantelis Shipping Corp. | (e) | 7,360,000 | 6,240,000 | |||||||
Aggeliki Shipping Ltd. | (f) | 4,864,000 | 3,652,000 | |||||||
Noumea Shipping Ltd. | (g) | 11,930,000 | 9,240,000 | |||||||
Eirini Shipping Ltd. / Eleni Shipping Ltd. | (h) | - | 14,600,000 | |||||||
Euroseas Ltd. | (i) | - | 6,875,000 | |||||||
45,644,000 | 54,257,000 | |||||||||
Less: Current portion | (12,862,000 | ) | (19,512,000 | ) | ||||||
Long-term portion | 32,782,000 | 34,745,000 | ||||||||
Schedule of Future Annual Loan Repayments [Table Text Block] | To December 31: | |||||||||
2015 | 19,512,000 | |||||||||
2016 | 15,070,000 | |||||||||
2017 | 9,275,000 | |||||||||
2018 | 1,400,000 | |||||||||
Thereafter | 9,000,000 | |||||||||
Total | $ | 54,257,000 |
Note_12_Stock_Incentive_Plan_T
Note 12 - Stock Incentive Plan (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||
Schedule of Nonvested Share Activity [Table Text Block] | Non-vested Shares | Shares | Weighted-Average | ||||||
Grant-Date Fair Value | |||||||||
Non-vested on January 1, 2014 | 662,250 | 1.13 | |||||||
Granted | 450,000 | 1.02 | |||||||
Vested | (437,250 | ) | 1.13 | ||||||
Non-vested on December 31, 2014 | 675,000 | 1.06 |
Note_13_Earnings_Loss_Per_Shar1
Note 13 - Earnings / (Loss) Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2012 | 2013 | 2014 | ||||||||||
Income: | |||||||||||||
Net loss attributable to common shareholders’ | (13,198,741 | ) | (103,424,827 | ) | (19,359,005 | ) | |||||||
Basic earnings per share: | |||||||||||||
Weighted average common shares – Outstanding | 38,950,100 | 45,442,841 | 54,794,181 | ||||||||||
Basic loss per share | (0.34 | ) | (2.28 | ) | (0.35 | ) | |||||||
Effect of dilutive securities | |||||||||||||
Weighted average common shares – Outstanding | 38,950,100 | 45,442,841 | 54,794,181 | ||||||||||
Diluted loss per share | (0.34 | ) | (2.28 | ) | (0.35 | ) |
Note_14_Voyage_Vessel_Operatin1
Note 14 - Voyage, Vessel Operating Expenses and Commissions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Vessel Voyage And Operating Expenses [Abstract] | |||||||||||||
Schedule of Voyage Vessel Operating Expenses and Commissions [Table Text Block] | Year ended December 31, | ||||||||||||
2012 | 2013 | 2014 | |||||||||||
Voyage expenses | |||||||||||||
Port charges and canal dues | 442,783 | 364,091 | 1,214,856 | ||||||||||
Bunkers | 886,885 | 1,173,807 | 2,748,325 | ||||||||||
Total | 1,329,668 | 1,537,898 | 3,963,181 | ||||||||||
Vessel operating expenses | |||||||||||||
Crew wages and related costs | 13,864,535 | 13,921,033 | 13,985,377 | ||||||||||
Insurance | 2,435,144 | 2,222,912 | 2,364,112 | ||||||||||
Repairs and maintenance | 511,569 | 478,197 | 501,733 | ||||||||||
Lubricants | 2,846,087 | 2,836,561 | 2,379,191 | ||||||||||
Spares and consumable stores | 4,083,590 | 4,204,965 | 4,083,942 | ||||||||||
Professional and legal fees | 137,047 | 158,978 | 498,240 | ||||||||||
Other | 1,197,167 | 1,368,604 | 1,466,492 | ||||||||||
Total | 25,075,139 | 25,191,250 | 25,279,087 | ||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year ended December 31, | ||||||||||||
2012 | 2013 | 2014 | |||||||||||
Third parties | 2,032,599 | 1,461,915 | 1,674,798 | ||||||||||
Related parties (see Note 8) | 641,104 | 474,466 | 517,828 | ||||||||||
2,673,703 | 1,936,381 | 2,192,626 |
Note_15_Financial_Instruments_
Note 15 - Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Fair Value Measurement as of December 31, 2014 | ||||||||||||||||
Liabilities | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Interest rate swap contracts, current and long-term portion | $ | 298,771 | - | $ | 298,771 | - | |||||||||||
Fair Value Measurement as of December 31, 2013 | |||||||||||||||||
Liabilities | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Interest rate swap contracts, current and long-term portion | $ | 1,017,748 | - | $ | 1,017,748 | - | |||||||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | Vessel | Significant Other | Loss | ||||||||||||||
Observable Inputs (Level | (amounts in $million) | ||||||||||||||||
2) (amounts in $million) | |||||||||||||||||
M/V Ninos | $2,7 | $1,1 | |||||||||||||||
M/V Kuo Hsiung | $2.80 | $1.60 | |||||||||||||||
M/V YM Xingang | $3.00 | $7.80 | |||||||||||||||
M/V Manolis P | $3.80 | $8.30 | |||||||||||||||
M/V Cpt Costas | $3.80 | $10.60 | |||||||||||||||
M/V Despina P | $3.90 | $6.20 | |||||||||||||||
M/V Tiger Bridge | $3.80 | $9.30 | |||||||||||||||
M/V Aggeliki | $7.50 | $5.80 | |||||||||||||||
M/V Evridiki | $13.00 | $27.50 | |||||||||||||||
TOTAL | $44.30 | $78.20 | |||||||||||||||
Vessel | Significant Other | Loss | |||||||||||||||
Observable Inputs (Level | (amounts in $million) | ||||||||||||||||
2) (amounts in $million) | |||||||||||||||||
M/V Aristides NP | $5.10 | $3.50 | |||||||||||||||
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | Fair Value at | Valuation | Unobservable | Value | |||||||||||||
December 31, | Technique | Input | |||||||||||||||
2014 | |||||||||||||||||
Other investment | 6,183,800 | Discounted cash flow | Rate of return | 19% |
Note_16_Derivative_Financial_I1
Note 16 - Derivative Financial Instruments (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Derivatives not designated | ||||
as hedging instruments | Balance Sheet Location | 31-Dec-13 | 31-Dec-14 | ||
Interest rate swap contracts | Current liabilities – Derivatives | 697,889 | 297,992 | ||
Interest rate contracts | Long-term liabilities – Derivatives | 319,859 | 779 | ||
Total derivative liabilities | 1,017,748 | 298,771 | |||
Derivative Instruments, Gain (Loss) [Table Text Block] | Derivatives not | Year Ended | Year Ended | Year Ended | |
designated as | Location of gain | 31-Dec-12 | 31-Dec-13 | 31-Dec-14 | |
hedging instruments | (loss) recognized | ||||
FFA contracts – Fair value | Change in fair value of derivatives | - | - | - | |
FFA contracts – Realized loss | Change in fair value of derivatives | (2,247) | - | - | |
Interest rate – Fair value | Change in fair value of derivatives | 1,057,928 | 1,375,820 | 718,977 | |
Interest rate contracts – Realized loss | Change in fair value of derivatives | (1,693,084) | -1,552,952 | -763,625 | |
Total loss on derivatives | -637,403 | -177,132 | -44,648 |
Note_17_Investment_in_Joint_Ve1
Note 17 - Investment in Joint Venture and Other Investment (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||
Equity Method Investments [Table Text Block] | 2012 | 2013 | 2014 | ||||||||||
Current assets | 4,582,256 | 11,207,156 | 9,520,607 | ||||||||||
Non current assets | 248,337,400 | 268,669,047 | 252,531,888 | ||||||||||
Current liabilities | 6,051,143 | 4,079,748 | 16,194,148 | ||||||||||
Non current liabilities | 127,316,330 | 127,350,355 | 115,181,837 | ||||||||||
Members’ contributions | 132,000,000 | 175,000,000 | 175,000,000 | ||||||||||
Voyage revenue | 27,478,223 | 27,510,792 | 31,663,989 | ||||||||||
Net revenue | 26,216,805 | 26,163,274 | 30,269,066 | ||||||||||
Operating loss | (2,018,854 | ) | (7,313,783 | ) | (11,058,601 | ) | |||||||
Net loss | (8,413,047 | ) | (14,106,082 | ) | (17,798,476 | ) | |||||||
Investment Income [Table Text Block] | In USD | Other Investment | |||||||||||
Balance, January 1, 2013 | 0 | ||||||||||||
Invested amount | 5,000,000 | ||||||||||||
Total gain for period included in Investment income | |||||||||||||
196,196 | |||||||||||||
Balance, December 31, 2013 | 5,196,196 | ||||||||||||
Total gain for period included in Investment income | |||||||||||||
987,604 | |||||||||||||
Balance, December 31, 2014 | 6,183,800 |
Note_18_Dividend_Series_B_Pref1
Note 18 - Dividend Series B Preferred Shares (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||||||||||
Schedule of Stockholders Equity [Table Text Block] | Number | Preferred | Total | ||||||||||||||
of | Shares | Dividends | |||||||||||||||
Shares | Amount | paid-in-kind | |||||||||||||||
Balance, January 1, 2014 | - | - | - | - | |||||||||||||
Issuance of preferred shares from private placement net of issuance costs | 30,700 | 29,000,000 | 29,000,000 | ||||||||||||||
Dividends declared | 1,440 | 1,440,100 | 1,440,100 | ||||||||||||||
Balance, December 31, 2014 | 32,140 | 29,000,000 | 1,440,100 | 30,440,100 |
Note_1_Basis_of_Presentation_a2
Note 1 - Basis of Presentation and General Information (Details) (Friends Investment Company Inc. [Member]) | Dec. 31, 2014 |
Friends Investment Company Inc. [Member] | |
Note 1 - Basis of Presentation and General Information (Details) [Line Items] | |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 28.00% |
Note_1_Basis_of_Presentation_a3
Note 1 - Basis of Presentation and General Information (Details) - Charterers Individually Accounted for More than 10% of the Companybs Voyage and Time Charter Revenues (Sales Revenue, Net [Member], Customer Concentration Risk [Member]) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Charterer A [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of revenue by charter | 12.61% | 7.13% | 4.23% |
Charterer B [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of revenue by charter | 10.62% | 10.16% | 4.42% |
Charterer C [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of revenue by charter | 10.36% | 5.52% | 9.32% |
Charterer D [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of revenue by charter | 10.32% | 9.70% | 7.63% |
Charterer E [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of revenue by charter | 10.50% | 9.45% | |
Charterer F [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of revenue by charter | 8.54% | 10.71% | |
Charterer G [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of revenue by charter | 5.89% | 11.75% |
Note_2_Significant_Accounting_1
Note 2 - Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 2 - Significant Accounting Policies (Details) [Line Items] | |||
Allowance for Doubtful Accounts Receivable | $0 | $0 | $0 |
Ship-owning Crew Contract Term | 9 years | ||
Number of Reportable Segments | 1 | ||
Vessels [Member] | Minimum [Member] | |||
Note 2 - Significant Accounting Policies (Details) [Line Items] | |||
Property, Plant and Equipment, Useful Life | 25 years |
Note_3_Inventories_Details_Sum
Note 3 - Inventories (Details) - Summary of Inventories (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Inventory [Line Items] | ||
Inventory | $1,758,930 | $1,474,114 |
Lubricant [Member] | ||
Inventory [Line Items] | ||
Inventory | 1,226,172 | 1,293,780 |
Victualling [Member] | ||
Inventory [Line Items] | ||
Inventory | 186,188 | 180,334 |
Bunkers [Member] | ||
Inventory [Line Items] | ||
Inventory | $346,570 |
Note_4_Advances_for_Vessels_un1
Note 4 - Advances for Vessels under Construction (Details) (USD $) | 0 Months Ended | |||
Apr. 30, 2014 | Nov. 29, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
t | t | |||
Note 4 - Advances for Vessels under Construction (Details) [Line Items] | ||||
Advance for Vessel Acquisition | $15,687,490 | $50,122 | ||
Ultramax Drybulk Carrieres [Member] | ||||
Note 4 - Advances for Vessels under Construction (Details) [Line Items] | ||||
Number of New Building Vessels | 2 | |||
Vessel Carrying Capacity (in Metric Tons) | 82,000 | 63,500 | ||
Long-term Purchase Commitment, Amount | $59,200,000 | $54,400,000 | ||
Kamsarmax Drybulk Carriers [Member] | ||||
Note 4 - Advances for Vessels under Construction (Details) [Line Items] | ||||
Number of New Building Vessels | 2 |
Note_5_Vessels_Net_Details
Note 5 - Vessels, Net (Details) (USD $) | 12 Months Ended | 1 Months Ended | 0 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jun. 30, 2013 | Jul. 31, 2013 | 26-May-14 | |
Note 5 - Vessels, Net (Details) [Line Items] | ||||||||
Sales Commission Percentage | 4.00% | |||||||
Gain (Loss) on Disposition of Property Plant Equipment | ($1,935,019) | ($8,568,234) | ||||||
Payments to Acquire Property, Plant, and Equipment | 21,323,935 | 5,978,062 | ||||||
Earnings Per Share, Basic and Diluted (in Dollars per share) | ($0.35) | ($2.28) | ($0.34) | |||||
Number of Vessels | 20 | |||||||
Asset Impairment Charges | 3,500,000 | 78,207,462 | ||||||
Average Scrapping Age of Containerships [Member] | Containerships [Member] | Maximum [Member] | ||||||||
Note 5 - Vessels, Net (Details) [Line Items] | ||||||||
Property, Plant and Equipment, Useful Life | 22 years | 24 years | 30 years | 30 years | ||||
M/V Anking [Member] | ||||||||
Note 5 - Vessels, Net (Details) [Line Items] | ||||||||
Number of Vessels Disposed or Sold | 2 | |||||||
Proceeds from Sale of Long Term Asset | 3,569,277 | |||||||
Gain (Loss) on Disposition of Property Plant Equipment | -3,191,678 | |||||||
M/V Irini [Member] | ||||||||
Note 5 - Vessels, Net (Details) [Line Items] | ||||||||
Proceeds from Sale of Long Term Asset | 3,753,541 | |||||||
Gain (Loss) on Disposition of Property Plant Equipment | 1,256,659 | |||||||
M/V Joanna [Member] | ||||||||
Note 5 - Vessels, Net (Details) [Line Items] | ||||||||
Number of Vessels Acquired | 1 | |||||||
Payments to Acquire Property, Plant, and Equipment | 5,978,062 | |||||||
M/V Eirini P [Member] | ||||||||
Note 5 - Vessels, Net (Details) [Line Items] | ||||||||
Number of Vessels Acquired | 1 | |||||||
Payments to Acquire Property, Plant, and Equipment | 21,323,935 | |||||||
Mid-cycle Condition Containerships [Member] | Maximum [Member] | ||||||||
Note 5 - Vessels, Net (Details) [Line Items] | ||||||||
Property, Plant and Equipment, Useful Life | 30 years | |||||||
Mid-cycle Condition Containerships [Member] | Minimum [Member] | ||||||||
Note 5 - Vessels, Net (Details) [Line Items] | ||||||||
Property, Plant and Equipment, Useful Life | 25 years | |||||||
Vessels [Member] | Service Life [Member] | ||||||||
Note 5 - Vessels, Net (Details) [Line Items] | ||||||||
Depreciation, Depletion and Amortization | 2,500,000 | 3,400,000 | ||||||
Earnings Per Share, Basic and Diluted (in Dollars per share) | $0.05 | $0.08 | ||||||
Vessels [Member] | Minimum [Member] | ||||||||
Note 5 - Vessels, Net (Details) [Line Items] | ||||||||
Property, Plant and Equipment, Useful Life | 25 years | |||||||
M/V Aristides [Member] | ||||||||
Note 5 - Vessels, Net (Details) [Line Items] | ||||||||
Earnings Per Share, Basic and Diluted (in Dollars per share) | ($0.06) | |||||||
Asset Impairment Charges | 3,500,000 | |||||||
Containerships [Member] | ||||||||
Note 5 - Vessels, Net (Details) [Line Items] | ||||||||
Earnings Per Share, Basic and Diluted (in Dollars per share) | $1.72 | |||||||
Number of Vessels | 9 | |||||||
Asset Impairment Charges | $78,200,000 | |||||||
Payable to Manager [Member] | ||||||||
Note 5 - Vessels, Net (Details) [Line Items] | ||||||||
Sales Commission Percentage | 1.00% |
Note_5_Vessels_Net_Details_Sum
Note 5 - Vessels, Net (Details) - Summary of Vessels (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Summary of Vessels [Abstract] | |||
Balance, January 1, 2013 | $137,960,194 | $307,131,051 | |
Balance, January 1, 2013 | -32,496,457 | -100,196,305 | |
Balance, January 1, 2013 | 105,463,737 | 206,934,746 | |
Costs | -18,894,213 | -154,876,848 | |
Accumulated depreciation | 15,394,213 | 76,669,386 | |
Net Book Value | -3,500,000 | -78,207,462 | |
Costs | 140,389,916 | 137,960,194 | 307,131,051 |
Accumulated depreciation | -29,239,689 | -32,496,457 | -100,196,305 |
Net Book Value | 111,150,227 | 105,463,737 | 206,934,746 |
Accumulated depreciation | -12,137,445 | -19,983,772 | -17,385,608 |
Net Book Value | -12,137,445 | -19,983,772 | -17,385,608 |
- Sale of vessels | -20,272,071 | ||
- Sale of vessels | 11,014,234 | ||
- Sale of vessels | -9,257,837 | ||
Costs | 21,323,935 | 5,978,062 | |
Net Book Value | $21,323,935 | $5,978,062 |
Note_6_Deferred_Charges_Net_De
Note 6 - Deferred Charges, Net (Details) - Summary of Deferred Charges (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Summary of Deferred Charges [Abstract] | ||
Balance, | $338,431 | $318,578 |
Amortization of loan arrangement fees | -137,032 | -145,825 |
Deferred offering expenses | -165,678 | 165,678 |
Loan arrangement fees | 299,900 | |
Balance, | $335,621 | $338,431 |
Note_7_Accrued_Expenses_Detail
Note 7 - Accrued Expenses (Details) - Summary of Accrued Expenses (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Summary of Accrued Expenses [Abstract] | ||
Accrued payroll expenses | $218,887 | $224,396 |
Accrued interest | 96,894 | 82,589 |
Accrued general and administrative expenses | 181,593 | 167,485 |
Accrued commissions | 94,778 | 157,803 |
Other accrued expenses | 468,645 | 370,172 |
Total | $1,060,797 | $1,002,445 |
Note_8_Related_Party_Transacti1
Note 8 - Related Party Transactions (Details) | 0 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Jan. 01, 2011 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2014 | |
USD ($) | EUR (€) | USD ($) | USD ($) | Eurobulk Marine Holdings Inc. [Member] | Eurochart [Member] | Eurochart [Member] | Eurochart [Member] | Eurochart [Member] | Eurochart [Member] | Euromar LLC Joint Venture (Member) | Euromar LLC Joint Venture (Member) | Euromar LLC Joint Venture (Member) | Sentinel [Member] | Sentinel [Member] | Sentinel [Member] | Technomar [Member] | Technomar [Member] | Technomar [Member] | Eurobulk Marine Holdings Inc. [Member] | Eurobulk Marine Holdings Inc. [Member] | Eurobulk Marine Holdings Inc. [Member] | Eurobulk Marine Holdings Inc. [Member] | Eurobulk Marine Holdings Inc. [Member] | Eurobulk Marine Holdings Inc. [Member] | Eurobulk Marine Holdings Inc. [Member] | Eurobulk Marine Holdings Inc. [Member] | Eurobulk Marine Holdings Inc. [Member] | Eurobulk Marine Holdings Inc. [Member] | Eurobulk Marine Holdings Inc. [Member] | Eurobulk Marine Holdings Inc. [Member] | Eurobulk Marine Holdings Inc. [Member] | Eurobulk Marine Holdings Inc. [Member] | Euromar LLC Joint Venture (Member) | Euroseas Ltd (Member) | ||
Vessel Sales [Member] | Charter Revenues [Member] | USD ($) | USD ($) | USD ($) | Eirini P Vessel [Member] | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | After Discount [Member] | Scenario, Forecast [Member] | Vessel Management Fees (Member) | Vessel Management Fees (Member) | Vessel Management Fees (Member) | Vessel Management Fees (Member) | Vessel Management Fees (Member) | Vessel Management Fees (Member) | Fixed Management Fees [Member] | Fixed Management Fees [Member] | Fixed Management Fees [Member] | USD ($) | USD ($) | USD ($) | |||||||||
USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | |||||||||||||||||||||||||
Note 8 - Related Party Transactions (Details) [Line Items] | ||||||||||||||||||||||||||||||||||||
Servce Management Costs, Daily Fee, Related Party (in Euro) | € 685 | € 685 | € 685 | |||||||||||||||||||||||||||||||||
Related Party Transaction, Amounts of Transaction | 2,000,000 | 4,894,559 | 4,891,024 | 4,984,098 | 2,000,000 | 1,900,000 | 1,850,000 | 2,000,000 | 1,900,000 | 1,850,000 | ||||||||||||||||||||||||||
Related Party Agreement Term | 5 years | |||||||||||||||||||||||||||||||||||
Related Party Transaction Discount Percentage | 5.00% | 5.00% | ||||||||||||||||||||||||||||||||||
Number of Vessels | 20 | 11 | 15 | |||||||||||||||||||||||||||||||||
Related Party Transaction Daily Fee Per Vessel Per Day In Operation (in Euro) | 720 | 685 | ||||||||||||||||||||||||||||||||||
Related Party Transaction Daily Fee Per Vessel Per Day In Lay Up (in Euro) | 360 | 342.5 | ||||||||||||||||||||||||||||||||||
Due to Related Parties | 1,145,808 | 903,478 | ||||||||||||||||||||||||||||||||||
Related Party Transaction Commission Percentage | 1.00% | 1.25% | ||||||||||||||||||||||||||||||||||
Revenue from Related Parties | 240,000 | 240,000 | 240,000 | 59,000 | 76,183 | |||||||||||||||||||||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 517,828 | 474,466 | 641,104 | 204,500 | 131,448 | 128,742 | 130,699 | 215,915 | 270,923 | 217,141 | ||||||||||||||||||||||||||
Related Party Transaction Amounts Of Transaction Per Crew Member Per Month | $50 |
Note_9_Longterm_Debt_Details
Note 9 - Long-term Debt (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 19, 2009 | Nov. 15, 2006 | Apr. 05, 2013 | Oct. 29, 2012 | Apr. 30, 2009 | Dec. 15, 2009 | Dec. 28, 2010 | Jun. 11, 2007 | Nov. 05, 2010 | Jun. 25, 2014 | Nov. 01, 2013 | Feb. 03, 2014 | |
Note 9 - Long-term Debt (Details) [Line Items] | |||||||||||||||
Limited Dividends Percentage Loans to Profits | 60.00% | ||||||||||||||
Restricted Cash and Cash Equivalents | $7,994,093 | $7,862,415 | |||||||||||||
Interest Expense, Debt | 2,015,155 | 1,699,951 | 1,841,245 | ||||||||||||
First Five Year Installments [Member] | London Interbank Offered Rate (LIBOR) [Member] | SAF-Concord Shipping Ltd. [Member] | |||||||||||||||
Note 9 - Long-term Debt (Details) [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||||||||||||
Joanna Maritime Ltd as Guarantor [Member] | London Interbank Offered Rate (LIBOR) [Member] | Xingang Shipping Ltd [Member] | |||||||||||||||
Note 9 - Long-term Debt (Details) [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.94% | ||||||||||||||
Alcinoe Shipping Ltd as Guarantor [Member] | London Interbank Offered Rate (LIBOR) [Member] | Xingang Shipping Ltd [Member] | |||||||||||||||
Note 9 - Long-term Debt (Details) [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.90% | ||||||||||||||
First Set of Payments [Member] | Xingang Shipping Ltd [Member] | |||||||||||||||
Note 9 - Long-term Debt (Details) [Line Items] | |||||||||||||||
Debt Instrument Number of Quarterly Payments | 8 | ||||||||||||||
Debt Instrument, Periodic Payment | 1,000,000 | ||||||||||||||
Second Set of Payments [Member] | Xingang Shipping Ltd [Member] | |||||||||||||||
Note 9 - Long-term Debt (Details) [Line Items] | |||||||||||||||
Debt Instrument Number of Quarterly Payments | 4 | ||||||||||||||
Debt Instrument, Periodic Payment | 750,000 | ||||||||||||||
Third Set of Payments [Member] | Xingang Shipping Ltd [Member] | |||||||||||||||
Note 9 - Long-term Debt (Details) [Line Items] | |||||||||||||||
Debt Instrument Number of Quarterly Payments | 16 | ||||||||||||||
Debt Instrument, Periodic Payment | 250,000 | ||||||||||||||
Addendum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Xingang Shipping Ltd [Member] | |||||||||||||||
Note 9 - Long-term Debt (Details) [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.30% | ||||||||||||||
Addendum [Member] | Xingang Shipping Ltd [Member] | |||||||||||||||
Note 9 - Long-term Debt (Details) [Line Items] | |||||||||||||||
Debt Instrument Number of Quarterly Payments | 8 | ||||||||||||||
Debt Instrument, Periodic Payment | 200,000 | ||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 3,400,000 | ||||||||||||||
Debt Instrument Minimum Cash Balance | 400,000 | ||||||||||||||
Supplemental Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | SAF-Concord Shipping Ltd. [Member] | |||||||||||||||
Note 9 - Long-term Debt (Details) [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.00% | ||||||||||||||
Supplemental Agreement [Member] | SAF-Concord Shipping Ltd. [Member] | |||||||||||||||
Note 9 - Long-term Debt (Details) [Line Items] | |||||||||||||||
Debt Instrument Number of Quarterly Payments | 8 | ||||||||||||||
Debt Instrument, Periodic Payment | 250,000 | ||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 3,000,000 | ||||||||||||||
First Two Installments [Member] | Eleni Shipping Ltd. [Member] | |||||||||||||||
Note 9 - Long-term Debt (Details) [Line Items] | |||||||||||||||
Debt Instrument, Periodic Payment | 100,000 | ||||||||||||||
Debt Instrument Number Of Semi-Annual Payments | 2 | ||||||||||||||
Second Two Installments [Member] | Eleni Shipping Ltd. [Member] | |||||||||||||||
Note 9 - Long-term Debt (Details) [Line Items] | |||||||||||||||
Debt Instrument, Periodic Payment | 400,000 | ||||||||||||||
Debt Instrument Number Of Semi-Annual Payments | 2 | ||||||||||||||
Third Two Installments [Member] | Eleni Shipping Ltd. [Member] | |||||||||||||||
Note 9 - Long-term Debt (Details) [Line Items] | |||||||||||||||
Debt Instrument, Periodic Payment | 600,000 | ||||||||||||||
Debt Instrument Number Of Semi-Annual Payments | 2 | ||||||||||||||
Fourth Four Installments [Member] | Eleni Shipping Ltd. [Member] | |||||||||||||||
Note 9 - Long-term Debt (Details) [Line Items] | |||||||||||||||
Debt Instrument, Periodic Payment | 800,000 | ||||||||||||||
Debt Instrument Number Of Semi-Annual Payments | 4 | ||||||||||||||
Balloon Payment [Member] | London Interbank Offered Rate (LIBOR) [Member] | Eleni Shipping Ltd. [Member] | |||||||||||||||
Note 9 - Long-term Debt (Details) [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.70% | ||||||||||||||
Four Installments [Member] | Pantelis Shipping Corp. [Member] | |||||||||||||||
Note 9 - Long-term Debt (Details) [Line Items] | |||||||||||||||
Debt Instrument Number of Quarterly Payments | 4 | ||||||||||||||
Debt Instrument, Periodic Payment | 500,000 | ||||||||||||||
Twenty-Eight Installments [Member] | Pantelis Shipping Corp. [Member] | |||||||||||||||
Note 9 - Long-term Debt (Details) [Line Items] | |||||||||||||||
Debt Instrument Number of Quarterly Payments | 28 | ||||||||||||||
Debt Instrument, Periodic Payment | 280,000 | ||||||||||||||
Tranche A [Member] | London Interbank Offered Rate (LIBOR) [Member] | Noumea Shipping Ltd [Member] | |||||||||||||||
Note 9 - Long-term Debt (Details) [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.65% | ||||||||||||||
Tranche A [Member] | Noumea Shipping Ltd [Member] | |||||||||||||||
Note 9 - Long-term Debt (Details) [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | 15,000,000 | ||||||||||||||
Debt Instrument, Periodic Payment | 720,000 | ||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 6,360,000 | ||||||||||||||
Debt Instrument Number Of Semi-Annual Payments | 12 | ||||||||||||||
Tranche B [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Noumea Shipping Ltd [Member] | |||||||||||||||
Note 9 - Long-term Debt (Details) [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.65% | ||||||||||||||
Tranche B [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Noumea Shipping Ltd [Member] | |||||||||||||||
Note 9 - Long-term Debt (Details) [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.00% | ||||||||||||||
Tranche B [Member] | Noumea Shipping Ltd [Member] | |||||||||||||||
Note 9 - Long-term Debt (Details) [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | 5,000,000 | ||||||||||||||
Debt Instrument, Periodic Payment | 625,000 | ||||||||||||||
Debt Instrument Number Of Semi-Annual Payments | 8 | ||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | Manolis Shipping Ltd [Member] | |||||||||||||||
Note 9 - Long-term Debt (Details) [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.80% | ||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | Manolis Shipping Ltd [Member] | |||||||||||||||
Note 9 - Long-term Debt (Details) [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.90% | ||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Eleni Shipping Ltd. [Member] | |||||||||||||||
Note 9 - Long-term Debt (Details) [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Pantelis Shipping Corp. [Member] | |||||||||||||||
Note 9 - Long-term Debt (Details) [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.70% | ||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Aggeliki Shipping Ltd [Member] | |||||||||||||||
Note 9 - Long-term Debt (Details) [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.85% | ||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Eirini Shipping Ltd and Eleni Shipping Ltd [Member] | |||||||||||||||
Note 9 - Long-term Debt (Details) [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.75% | ||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Euroseas Ltd (Member) | |||||||||||||||
Note 9 - Long-term Debt (Details) [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 6.00% | ||||||||||||||
Minimum [Member] | Manolis Shipping Ltd [Member] | |||||||||||||||
Note 9 - Long-term Debt (Details) [Line Items] | |||||||||||||||
Debt Instrument Percentage To Fair Market Value | 55.00% | ||||||||||||||
Xingang Shipping Ltd [Member] | |||||||||||||||
Note 9 - Long-term Debt (Details) [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | 20,000,000 | ||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 5,000,000 | ||||||||||||||
Manolis Shipping Ltd [Member] | |||||||||||||||
Note 9 - Long-term Debt (Details) [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | 10,000,000 | ||||||||||||||
Debt Instrument Number of Quarterly Payments | 32 | ||||||||||||||
Debt Instrument, Periodic Payment | 160,000 | ||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 4,880,000 | ||||||||||||||
Debt Instrument Minimum Cash Balance | 300,000 | ||||||||||||||
SAF-Concord Shipping Ltd. [Member] | |||||||||||||||
Note 9 - Long-term Debt (Details) [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | 10,000,000 | ||||||||||||||
Debt Instrument Number of Quarterly Payments | 20 | ||||||||||||||
Debt Instrument, Periodic Payment | 250,000 | ||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 5,000,000 | ||||||||||||||
Debt Instrument Minimum Cash Balance | 300,000 | ||||||||||||||
Eleni Shipping Ltd. [Member] | |||||||||||||||
Note 9 - Long-term Debt (Details) [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | 10,000,000 | ||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 4,600,000 | ||||||||||||||
Debt Instrument Minimum Cash Balance | 300,000 | ||||||||||||||
Debt Instrument Number Of Semi-Annual Payments | 10 | ||||||||||||||
Total Amount of Installments | 5,400,000 | ||||||||||||||
Debt Instrument, Term | 5 years | ||||||||||||||
Pantelis Shipping Corp. [Member] | |||||||||||||||
Note 9 - Long-term Debt (Details) [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | 13,000,000 | ||||||||||||||
Debt Instrument Number of Quarterly Payments | 32 | ||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 3,160,000 | ||||||||||||||
Debt Instrument Minimum Cash Balance | 300,000 | ||||||||||||||
Aggeliki Shipping Ltd [Member] | |||||||||||||||
Note 9 - Long-term Debt (Details) [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | 8,500,000 | ||||||||||||||
Debt Instrument Number of Quarterly Payments | 20 | ||||||||||||||
Debt Instrument, Periodic Payment | 303,000 | ||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 2,440,000 | ||||||||||||||
Noumea Shipping Ltd [Member] | |||||||||||||||
Note 9 - Long-term Debt (Details) [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | 20,000,000 | ||||||||||||||
Debt Instrument, Number of Tranches | 2 | ||||||||||||||
Eirini Shipping Ltd and Eleni Shipping Ltd [Member] | |||||||||||||||
Note 9 - Long-term Debt (Details) [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | 15,300,000 | ||||||||||||||
Debt Instrument Number of Quarterly Payments | 20 | ||||||||||||||
Debt Instrument, Periodic Payment | 350,000 | ||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 8,300,000 | ||||||||||||||
Euroseas Ltd (Member) | |||||||||||||||
Note 9 - Long-term Debt (Details) [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | 8,000,000 | ||||||||||||||
Debt Instrument Number of Quarterly Payments | 12 | ||||||||||||||
Debt Instrument, Periodic Payment | 375,000 | ||||||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 3,500,000 |
Note_9_Longterm_Debt_Details_S
Note 9 - Long-term Debt (Details) - Summary of Long-term Debt (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Bank loans | $54,257,000 | $45,644,000 |
Less: Current portion | -19,512,000 | -12,862,000 |
Long-term portion | 34,745,000 | 32,782,000 |
Xingang Shipping Ltd. / Alcinoe Shipping Ltd Borrower [Member] | ||
Debt Instrument [Line Items] | ||
Bank loans | 4,200,000 | 5,000,000 |
Manolis Shipping Ltd. Borrower [Member] | ||
Debt Instrument [Line Items] | ||
Bank loans | 5,200,000 | 5,840,000 |
Saf-Concord Shipping Ltd. Borrower [Member] | ||
Debt Instrument [Line Items] | ||
Bank loans | 4,250,000 | 5,250,000 |
Eleni Shipping Ltd. Borrower [Member] | ||
Debt Instrument [Line Items] | ||
Bank loans | 5,400,000 | |
Pantelis Shipping Corp. Borrower [Member] | ||
Debt Instrument [Line Items] | ||
Bank loans | 6,240,000 | 7,360,000 |
Aggeliki Shipping Ltd. Borrower [Member] | ||
Debt Instrument [Line Items] | ||
Bank loans | 3,652,000 | 4,864,000 |
Noumea Shipping Ltd. Borrower [Member] | ||
Debt Instrument [Line Items] | ||
Bank loans | 9,240,000 | 11,930,000 |
Eirini Shipping Ltd. [Member] | ||
Debt Instrument [Line Items] | ||
Bank loans | 14,600,000 | |
Euroseas Ltd (Member) | ||
Debt Instrument [Line Items] | ||
Bank loans | $6,875,000 |
Note_9_Longterm_Debt_Details_S1
Note 9 - Long-term Debt (Details) - Summary of Future Annual Loan Repayments for Long Term Debt (USD $) | Dec. 31, 2014 |
Summary of Future Annual Loan Repayments for Long Term Debt [Abstract] | |
2015 | $19,512,000 |
2016 | 15,070,000 |
2017 | 9,275,000 |
2018 | 1,400,000 |
Thereafter | 9,000,000 |
Total | $54,257,000 |
Note_10_Income_Taxes_Details
Note 10 - Income Taxes (Details) | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | |
Equity Method Investment, Ownership Percentage | 50.00% |
Note_11_Commitments_and_Contin1
Note 11 - Commitments and Contingencies (Details) (USD $) | Dec. 31, 2014 |
Note 11 - Commitments and Contingencies (Details) [Line Items] | |
Future Minimum Long Term Charter Revenue | $0 |
Number of Vessels Under Construction | 4 |
Contractual Obligation | 98,600,000 |
Purchase Obligation, Due in Next Twelve Months | 54,640,000 |
Purchase Obligation, Due in Second Year | 43,960,000 |
Secured Debt [Member] | |
Note 11 - Commitments and Contingencies (Details) [Line Items] | |
Contractual Obligation | $38,950,000 |
Note_12_Stock_Incentive_Plan_D
Note 12 - Stock Incentive Plan (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||
Nov. 21, 2013 | Nov. 03, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 03, 2012 | Jun. 28, 2012 | Apr. 11, 2011 | Nov. 04, 2011 | Nov. 16, 2014 | Jul. 01, 2014 | Nov. 16, 2013 | Jul. 01, 2013 | Nov. 16, 2012 | Jul. 01, 2012 | Jun. 15, 2010 | Jul. 31, 2014 | |
Note 12 - Stock Incentive Plan (Details) [Line Items] | |||||||||||||||||
Dividends Payable, Current (in Dollars) | $13,050 | ||||||||||||||||
Restricted Stock [Member] | Vesting on July 1, 2015 [Member] | The 2010 Plan [Member] | |||||||||||||||||
Note 12 - Stock Incentive Plan (Details) [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | ||||||||||||||||
Restricted Stock [Member] | Vesting November 16, 2015 [Member] | The 19 Key Persons [Member] | The 2010 Plan [Member] | |||||||||||||||||
Note 12 - Stock Incentive Plan (Details) [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | ||||||||||||||||
Restricted Stock [Member] | Vesting November 16, 2016 [Member] | The 19 Key Persons [Member] | The 2010 Plan [Member] | |||||||||||||||||
Note 12 - Stock Incentive Plan (Details) [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | ||||||||||||||||
Restricted Stock [Member] | Non-Vested [Member] | The 2010 Plan [Member] | |||||||||||||||||
Note 12 - Stock Incentive Plan (Details) [Line Items] | |||||||||||||||||
Allocated Share-based Compensation Expense (in Dollars) | 510,114 | 568,334 | 671,381 | ||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | 500,419 | ||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 328 days | ||||||||||||||||
Restricted Stock [Member] | Non-Vested [Member] | |||||||||||||||||
Note 12 - Stock Incentive Plan (Details) [Line Items] | |||||||||||||||||
Dividends Payable, Current and Non-Current (in Dollars) | 13,050 | ||||||||||||||||
Dividends Payable, Current (in Dollars) | $0 | ||||||||||||||||
Restricted Stock [Member] | The 17 Key Persons [Member] | The 2010 Plan [Member] | |||||||||||||||||
Note 12 - Stock Incentive Plan (Details) [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 435,000 | 119,200 | 290,000 | ||||||||||||||
Restricted Stock [Member] | Officers and Directors [Member] | The 2010 Plan [Member] | |||||||||||||||||
Note 12 - Stock Incentive Plan (Details) [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 253,500 | 261,000 | 68,480 | 164,000 | |||||||||||||
Restricted Stock [Member] | Eurobulk Employees [Member] | The 2010 Plan [Member] | |||||||||||||||||
Note 12 - Stock Incentive Plan (Details) [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 196,500 | 189,000 | 50,720 | 126,000 | |||||||||||||
Restricted Stock [Member] | The 19 Key Persons [Member] | The 2010 Plan [Member] | |||||||||||||||||
Note 12 - Stock Incentive Plan (Details) [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 450,000 | 450,000 | |||||||||||||||
Restricted Stock [Member] | The 2010 Plan [Member] | |||||||||||||||||
Note 12 - Stock Incentive Plan (Details) [Line Items] | |||||||||||||||||
Number of Key People Issued Awards | 19 | 19 | 17 | 17 | 17 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 46,400 | 26,400 | 46,400 | ||||||||||||||
Restricted Stock [Member] | |||||||||||||||||
Note 12 - Stock Incentive Plan (Details) [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 450,000 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 437,250 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $1.02 | ||||||||||||||||
Non-Vested [Member] | The 2010 Plan [Member] | |||||||||||||||||
Note 12 - Stock Incentive Plan (Details) [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $494,093 | $879,648 | |||||||||||||||
The 2007 Plan [Member] | |||||||||||||||||
Note 12 - Stock Incentive Plan (Details) [Line Items] | |||||||||||||||||
Number of Key People Issued Awards | 748,967 | ||||||||||||||||
Officers and Directors [Member] | The 2010 Plan [Member] | |||||||||||||||||
Note 12 - Stock Incentive Plan (Details) [Line Items] | |||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 246,000 | ||||||||||||||||
Eurobulk Employees [Member] | The 2010 Plan [Member] | |||||||||||||||||
Note 12 - Stock Incentive Plan (Details) [Line Items] | |||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 189,000 | ||||||||||||||||
The 2010 Plan [Member] | |||||||||||||||||
Note 12 - Stock Incentive Plan (Details) [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,500,000 | ||||||||||||||||
Share-basedCompensation Arrangement by Share Based Payment Awarded Term | 10 years | ||||||||||||||||
The 2014 Plan [Member] | |||||||||||||||||
Note 12 - Stock Incentive Plan (Details) [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,500,000 | ||||||||||||||||
Share-basedCompensation Arrangement by Share Based Payment Awarded Term | 10 years |
Note_12_Stock_Incentive_Plan_D1
Note 12 - Stock Incentive Plan (Details) - Summary of the Status of the Companybs Non-vested Shares (Restricted Stock [Member], USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Restricted Stock [Member] | |
Note 12 - Stock Incentive Plan (Details) - Summary of the Status of the Companybs Non-vested Shares [Line Items] | |
Shares | 662,250 |
Weighted-Average Grant-Date Fair Value | $1.13 |
Granted | 450,000 |
Granted | $1.02 |
Vested | -437,250 |
Vested | $1.13 |
Shares | 675,000 |
Weighted-Average Grant-Date Fair Value | $1.06 |
Note_13_Earnings_Loss_Per_Shar2
Note 13 - Earnings / (Loss) Per Share (Details) (Unvested Incentive Award Shares [Member]) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Unvested Incentive Award Shares [Member] | |||
Note 13 - Earnings / (Loss) Per Share (Details) [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 183,952 | 115,807 | 0 |
Note_13_Earnings_Loss_Per_Shar3
Note 13 - Earnings / (Loss) Per Share (Details) - Summary of Basic and Diluted Loss per Common Share (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income: | |||
Net loss attributable to common shareholdersb | ($19,359,005) | ($103,424,827) | ($13,198,741) |
Basic earnings per share: | |||
Weighted average common shares b Outstanding | 54,794,181 | 45,442,841 | 38,950,100 |
Basic loss per share | ($0.35) | ($2.28) | ($0.34) |
Effect of dilutive securities | |||
Weighted average common shares b Outstanding | 54,794,181 | 45,442,841 | 38,950,100 |
Diluted loss per share | ($0.35) | ($2.28) | ($0.34) |
Note_14_Voyage_Vessel_Operatin2
Note 14 - Voyage, Vessel Operating Expenses and Commissions (Details) - Summary of Voyage, Vessel Operating Expenses, and Commissions (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Voyage expenses | |||
Voyage expenses | $3,963,181 | $1,537,898 | $1,329,668 |
Vessel operating expenses | |||
Vessel operating expenses | 25,279,087 | 25,191,250 | 25,075,139 |
Port Charges and Canal Dues [Member] | |||
Voyage expenses | |||
Voyage expenses | 1,214,856 | 364,091 | 442,783 |
Bunkers [Member] | |||
Voyage expenses | |||
Voyage expenses | 2,748,325 | 1,173,807 | 886,885 |
Crew Wages and Related Costs [Member] | |||
Vessel operating expenses | |||
Vessel operating expenses | 13,985,377 | 13,921,033 | 13,864,535 |
Insurance [Member] | |||
Vessel operating expenses | |||
Vessel operating expenses | 2,364,112 | 2,222,912 | 2,435,144 |
Repairs and Maintenance [Member] | |||
Vessel operating expenses | |||
Vessel operating expenses | 501,733 | 478,197 | 511,569 |
Lubricants [Member] | |||
Vessel operating expenses | |||
Vessel operating expenses | 2,379,191 | 2,836,561 | 2,846,087 |
Spares and Consumable Stores [Member] | |||
Vessel operating expenses | |||
Vessel operating expenses | 4,083,942 | 4,204,965 | 4,083,590 |
Professional and Legal Fees [Member] | |||
Vessel operating expenses | |||
Vessel operating expenses | 498,240 | 158,978 | 137,047 |
Other Vessel Operating Expenses [Member] | |||
Vessel operating expenses | |||
Vessel operating expenses | $1,466,492 | $1,368,604 | $1,197,167 |
Note_14_Voyage_Vessel_Operatin3
Note 14 - Voyage, Vessel Operating Expenses and Commissions (Details) - Commission Consisted of Commissions Charged (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | |||
Commissions | $2,192,626 | $1,936,381 | $2,673,703 |
Third Party [Member] | |||
Segment Reporting Information [Line Items] | |||
Commissions | 1,674,798 | 1,461,915 | 2,032,599 |
Related Party [Member] | |||
Segment Reporting Information [Line Items] | |||
Commissions | $517,828 | $474,466 | $641,104 |
Note_15_Financial_Instruments_1
Note 15 - Financial Instruments (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 15 - Financial Instruments (Details) [Line Items] | ||
Derivative, Notional Amount | $30,000,000 | |
Asset Impairment Charges | 3,500,000 | 78,207,462 |
Long-term Debt, Fair Value | 54,900,000 | |
Difference between Fair Value and Carrying Value | -600,000 | |
Long-term Debt | $54,257,000 | |
Fair Value Assumptions, Expected Dividend Rate | 19.00% | |
Interest Rate Swap [Member] | ||
Note 15 - Financial Instruments (Details) [Line Items] | ||
Derivative, Number of Instruments Held | 3 |
Note_15_Financial_Instruments_2
Note 15 - Financial Instruments (Details) - Fair Value of Companybs Liabilities (Interest Rate Swap [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap contracts, current and long-term portion | $298,771 | $1,017,748 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap contracts, current and long-term portion | $298,771 | $1,017,748 |
Note_15_Financial_Instruments_3
Note 15 - Financial Instruments (Details) - Asset Measured at Fair Value on a Non-recurring Basis (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 15 - Financial Instruments (Details) - Asset Measured at Fair Value on a Non-recurring Basis [Line Items] | ||
Loss | $3,500,000 | $78,207,462 |
Ninos [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Note 15 - Financial Instruments (Details) - Asset Measured at Fair Value on a Non-recurring Basis [Line Items] | ||
Significant Other Observable Inputs | 27,000,000 | |
Ninos [Member] | ||
Note 15 - Financial Instruments (Details) - Asset Measured at Fair Value on a Non-recurring Basis [Line Items] | ||
Loss | 11,000,000 | |
Kuo Hsiung [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Note 15 - Financial Instruments (Details) - Asset Measured at Fair Value on a Non-recurring Basis [Line Items] | ||
Significant Other Observable Inputs | 2,800,000 | |
Kuo Hsiung [Member] | ||
Note 15 - Financial Instruments (Details) - Asset Measured at Fair Value on a Non-recurring Basis [Line Items] | ||
Loss | 1,600,000 | |
YM Xingang I [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Note 15 - Financial Instruments (Details) - Asset Measured at Fair Value on a Non-recurring Basis [Line Items] | ||
Significant Other Observable Inputs | 3,000,000 | |
YM Xingang I [Member] | ||
Note 15 - Financial Instruments (Details) - Asset Measured at Fair Value on a Non-recurring Basis [Line Items] | ||
Loss | 7,800,000 | |
Manolis P [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Note 15 - Financial Instruments (Details) - Asset Measured at Fair Value on a Non-recurring Basis [Line Items] | ||
Significant Other Observable Inputs | 3,800,000 | |
Manolis P [Member] | ||
Note 15 - Financial Instruments (Details) - Asset Measured at Fair Value on a Non-recurring Basis [Line Items] | ||
Loss | 8,300,000 | |
M/V Cpt Costas [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Note 15 - Financial Instruments (Details) - Asset Measured at Fair Value on a Non-recurring Basis [Line Items] | ||
Significant Other Observable Inputs | 3,800,000 | |
M/V Cpt Costas [Member] | ||
Note 15 - Financial Instruments (Details) - Asset Measured at Fair Value on a Non-recurring Basis [Line Items] | ||
Loss | 10,600,000 | |
Despina P [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Note 15 - Financial Instruments (Details) - Asset Measured at Fair Value on a Non-recurring Basis [Line Items] | ||
Significant Other Observable Inputs | 3,900,000 | |
Despina P [Member] | ||
Note 15 - Financial Instruments (Details) - Asset Measured at Fair Value on a Non-recurring Basis [Line Items] | ||
Loss | 6,200,000 | |
Tiger Bridge [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Note 15 - Financial Instruments (Details) - Asset Measured at Fair Value on a Non-recurring Basis [Line Items] | ||
Significant Other Observable Inputs | 3,800,000 | |
Tiger Bridge [Member] | ||
Note 15 - Financial Instruments (Details) - Asset Measured at Fair Value on a Non-recurring Basis [Line Items] | ||
Loss | 9,300,000 | |
Aggeliki P [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Note 15 - Financial Instruments (Details) - Asset Measured at Fair Value on a Non-recurring Basis [Line Items] | ||
Significant Other Observable Inputs | 7,500,000 | |
Aggeliki P [Member] | ||
Note 15 - Financial Instruments (Details) - Asset Measured at Fair Value on a Non-recurring Basis [Line Items] | ||
Loss | 5,800,000 | |
M/V Evridiki [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Note 15 - Financial Instruments (Details) - Asset Measured at Fair Value on a Non-recurring Basis [Line Items] | ||
Significant Other Observable Inputs | 13,000,000 | |
M/V Evridiki [Member] | ||
Note 15 - Financial Instruments (Details) - Asset Measured at Fair Value on a Non-recurring Basis [Line Items] | ||
Loss | 27,500,000 | |
Aristides N.P. [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Note 15 - Financial Instruments (Details) - Asset Measured at Fair Value on a Non-recurring Basis [Line Items] | ||
Significant Other Observable Inputs | 5,100,000 | |
Aristides N.P. [Member] | ||
Note 15 - Financial Instruments (Details) - Asset Measured at Fair Value on a Non-recurring Basis [Line Items] | ||
Loss | 3,500,000 | |
Fair Value, Inputs, Level 2 [Member] | ||
Note 15 - Financial Instruments (Details) - Asset Measured at Fair Value on a Non-recurring Basis [Line Items] | ||
Significant Other Observable Inputs | $44,300,000 |
Note_15_Financial_Instruments_4
Note 15 - Financial Instruments (Details) - Quantitative Information about Level 3 Fair Value Measurements (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Other investment | $6,183,800 | $5,196,196 | $0 |
Discounted Cash Flow [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |||
Other investment | $6,183,800 | ||
Other investment | 19% |
Note_16_Derivative_Financial_I2
Note 16 - Derivative Financial Instruments (Details) (USD $) | 12 Months Ended | 1 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Oct. 31, 2014 | Jul. 08, 2009 | Oct. 17, 2014 | Jul. 14, 2008 | Jan. 21, 2011 | Sep. 20, 2013 |
Note 16 - Derivative Financial Instruments (Details) [Line Items] | |||||||
Derivative, Notional Amount (in Dollars) | 30 | ||||||
Interest Rate Swap [Member] | Eurobank [Member] | |||||||
Note 16 - Derivative Financial Instruments (Details) [Line Items] | |||||||
Derivative, Number of Instruments Held | 4 | ||||||
Interest Rate Swap [Member] | |||||||
Note 16 - Derivative Financial Instruments (Details) [Line Items] | |||||||
Derivative, Number of Instruments Held | 3 | ||||||
First Two Contracts [Member] | Interest Rate Swap [Member] | Eurobank [Member] | |||||||
Note 16 - Derivative Financial Instruments (Details) [Line Items] | |||||||
Derivative, Notional Amount (in Dollars) | 25 | ||||||
Last Three Contracts [Member] | Interest Rate Swap [Member] | Eurobank [Member] | |||||||
Note 16 - Derivative Financial Instruments (Details) [Line Items] | |||||||
Derivative, Notional Amount (in Dollars) | 10 | ||||||
Interest Rate Swap One [Member] | Eurobank [Member] | |||||||
Note 16 - Derivative Financial Instruments (Details) [Line Items] | |||||||
Derivative, Fixed Interest Rate | 3.99% | ||||||
Fixed Rate Till November 28, 2016 [Member] | Forward Step Up Swap [Member] | |||||||
Note 16 - Derivative Financial Instruments (Details) [Line Items] | |||||||
Derivative, Fixed Interest Rate | 0.50% | ||||||
Fixed Rate from November 28, 2016 to November 28, 2017 [Member] | Forward Step Up Swap [Member] | |||||||
Note 16 - Derivative Financial Instruments (Details) [Line Items] | |||||||
Derivative, Fixed Interest Rate | 0.95% | ||||||
Fixed Rate from November 29, 2017 to May 28, 2019 [Member] | Forward Step Up Swap [Member] | |||||||
Note 16 - Derivative Financial Instruments (Details) [Line Items] | |||||||
Derivative, Fixed Interest Rate | 3.55% | ||||||
Interest Rate Swap One [Member] | Eurobank [Member] | |||||||
Note 16 - Derivative Financial Instruments (Details) [Line Items] | |||||||
Derivative, Inception Date | 14-Jul-08 | ||||||
Interest Rate Swap Two [Member] | Eurobank [Member] | |||||||
Note 16 - Derivative Financial Instruments (Details) [Line Items] | |||||||
Derivative, Inception Date | 8-Jul-09 | ||||||
Derivative, Fixed Interest Rate | 2.88% | ||||||
Interest Rate Swap Three [Member] | Eurobank [Member] | |||||||
Note 16 - Derivative Financial Instruments (Details) [Line Items] | |||||||
Derivative, Inception Date | 21-Jan-11 | ||||||
Derivative, Fixed Interest Rate | 2.29% | ||||||
Interest Rate Swap Four [Member] | Eurobank [Member] | |||||||
Note 16 - Derivative Financial Instruments (Details) [Line Items] | |||||||
Derivative, Inception Date | 20-Sep-13 | ||||||
Derivative, Fixed Interest Rate | 1.29% | ||||||
Interest Rate Swap Five [Member] | Eurobank [Member] | |||||||
Note 16 - Derivative Financial Instruments (Details) [Line Items] | |||||||
Derivative, Inception Date | 17-Oct-14 | ||||||
Interest Rate Swap [Member] | Eurobank [Member] | |||||||
Note 16 - Derivative Financial Instruments (Details) [Line Items] | |||||||
Derivative, Number of Instruments Held | 2 | 3 | |||||
Interest Rate Swap [Member] | |||||||
Note 16 - Derivative Financial Instruments (Details) [Line Items] | |||||||
Derivative, Number of Instruments Held | 4 | ||||||
Forward Step Up Swap [Member] | |||||||
Note 16 - Derivative Financial Instruments (Details) [Line Items] | |||||||
Derivative, Inception Date | 28-Nov-15 | ||||||
Derivative, Notional Amount (in Dollars) | $10 |
Note_16_Derivative_Financial_I3
Note 16 - Derivative Financial Instruments (Details) - Derivatives Not Designated as Hedging Instruments by Account Type (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Derivatives, Fair Value [Line Items] | ||
Interest rate swap contracts | $297,992 | $697,889 |
Interest rate contracts | 779 | 319,859 |
Total derivative liabilities | 298,771 | 1,017,748 |
Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate swap contracts | 297,992 | 697,889 |
Interest rate contracts | $779 | $319,859 |
Note_16_Derivative_Financial_I4
Note 16 - Derivative Financial Instruments (Details) - Gain or Loss on Derivatives Not Designated as Hedging Instruments (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total loss on derivatives | ($44,648) | ($177,132) | ($637,403) |
Not Designated as Hedging Instrument [Member] | FFA Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Freight forward agreements | -2,247 | ||
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Interest rate contracts | 718,977 | 1,375,820 | 1,057,928 |
Freight forward agreements | ($763,625) | ($1,552,952) | ($1,693,084) |
Note_17_Investment_in_Joint_Ve2
Note 17 - Investment in Joint Venture and Other Investment (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | Oct. 15, 2013 | Mar. 31, 2013 | Mar. 25, 2010 | |
Note 17 - Investment in Joint Venture and Other Investment (Details) [Line Items] | |||||||
Income (Loss) from Equity Method Investments | ($2,541,775) | ($2,023,191) | ($1,219,692) | ||||
Investment Income, Dividend | 987,604 | 196,196 | |||||
Euromar LLC, The Joint Venture (Member) | Elton Park and Rhone [Member] | Corporate Joint Venture [Member] | |||||||
Note 17 - Investment in Joint Venture and Other Investment (Details) [Line Items] | |||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Maximum Investment | 75,000,000 | ||||||
Equity Method Investment, Ownership Percentage, Maximum Percentage | 42.86% | ||||||
Conversion Ratio Company Market Value Multiplier | 0.93% | ||||||
Euromar LLC, The Joint Venture (Member) | Corporate Joint Venture [Member] | |||||||
Note 17 - Investment in Joint Venture and Other Investment (Details) [Line Items] | |||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Maximum Investment | 25,000,000 | ||||||
Equity Method Investment, Ownership Percentage, Maximum Percentage | 14.29% | ||||||
Investment in Joint Venture, Total Maximum Investment by Members | 175,000,000 | ||||||
Income (Loss) from Equity Method Investments | -2,500,000 | -2,000,000 | -1,200,000 | ||||
Payments to Acquire Equity Method Investments | 6,250,000 | ||||||
Equity Method Investment, increase in maximum investment | 25,000,000 | ||||||
Escrow Deposit | 5,000,000 | ||||||
Limited Liability Company LLC Amount of Escrowed Cash Exchanged for Each Preferred Unit | 1,000 | ||||||
Limited Liability Company (LLC) Preferred Unit, Issued (in Shares) | 5,000 | ||||||
Preferred Stock, Dividend Rate, Percentage | 19.00% | ||||||
Period Undistributed Escrowed Funds are Returned | 2 years | ||||||
Investment Income, Dividend | 987,604 | 196,196 | |||||
Euromar LLC Joint Venture (Member) | Corporate Joint Venture [Member] | |||||||
Note 17 - Investment in Joint Venture and Other Investment (Details) [Line Items] | |||||||
Income (Loss) from Equity Method Investments | $240,000 |
Note_17_Investment_in_Joint_Ve3
Note 17 - Investment in Joint Venture and Other Investment (Details) - Summarized Financial Information for the Joint Venture (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Equity Method Investments [Line Items] | |||
Voyage revenue | $42,586,963 | $40,850,051 | $54,921,697 |
Euromar LLC, The Joint Venture (Member) | |||
Schedule of Equity Method Investments [Line Items] | |||
Current assets | 9,520,607 | 11,207,156 | 4,582,256 |
Non current assets | 252,531,888 | 268,669,047 | 248,337,400 |
Current liabilities | 16,194,148 | 4,079,748 | 6,051,143 |
Non current liabilities | 115,181,837 | 127,350,355 | 127,316,330 |
Membersb contributions | 175,000,000 | 175,000,000 | 132,000,000 |
Voyage revenue | 31,663,989 | 27,510,792 | 27,478,223 |
Net revenue | 30,269,066 | 26,163,274 | 26,216,805 |
Operating loss | -11,058,601 | -7,313,783 | -2,018,854 |
Net loss | ($17,798,476) | ($14,106,082) | ($8,413,047) |
Note_17_Investment_in_Joint_Ve4
Note 17 - Investment in Joint Venture and Other Investment (Details) - Investment in Joint Venture (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Investment in Joint Venture [Abstract] | ||
Balance | $5,196,196 | $0 |
Invested amount | 5,000,000 | |
Total gain for period included in Investment income | 987,604 | 196,196 |
Balance | $6,183,800 | $5,196,196 |
Note_18_Dividend_Series_B_Pref2
Note 18 - Dividend Series B Preferred Shares (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Mar. 11, 2014 | Dec. 31, 2014 | Jan. 27, 2014 | Jun. 30, 2014 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2013 | Jan. 31, 2019 | |
Note 18 - Dividend Series B Preferred Shares (Details) [Line Items] | |||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | 11,200,000 | ||||||||||
Preferred Stock, Redemption Amount | $32,140,100 | $0 | |||||||||
Dividends, Paid-in-kind | 1,440,100 | ||||||||||
Series B Preferred Stock [Member] | First Five Years [Member] | Minimum [Member] | |||||||||||
Note 18 - Dividend Series B Preferred Shares (Details) [Line Items] | |||||||||||
Preferred Stock, Dividend Rate, Percentage | 0.00% | ||||||||||
Series B Preferred Stock [Member] | First Five Years [Member] | Maximum [Member] | |||||||||||
Note 18 - Dividend Series B Preferred Shares (Details) [Line Items] | |||||||||||
Preferred Stock, Dividend Rate, Percentage | 5.00% | ||||||||||
Series B Preferred Stock [Member] | First Five Years [Member] | |||||||||||
Note 18 - Dividend Series B Preferred Shares (Details) [Line Items] | |||||||||||
Preferred Stock, Additional Cash Dividend Under Specified Conditions, Percentage | 40.00% | ||||||||||
Preferred Stock, Cash Dividend Under Other Specified Conditions, Percentage | 100.00% | ||||||||||
Preferred Stock, Dividend Rate Under Other Specified Conditions, Percentage | 5.00% | ||||||||||
Series B Preferred Stock [Member] | After First Five Years [Member] | |||||||||||
Note 18 - Dividend Series B Preferred Shares (Details) [Line Items] | |||||||||||
Preferred Stock, Dividend Rate, Percentage | 40.00% | ||||||||||
Series B Preferred Stock [Member] | Years Six and Seven [Member] | |||||||||||
Note 18 - Dividend Series B Preferred Shares (Details) [Line Items] | |||||||||||
Preferred Stock, Dividend Rate, Percentage | 12.00% | ||||||||||
Series B Preferred Stock [Member] | After Year Seven [Member] | |||||||||||
Note 18 - Dividend Series B Preferred Shares (Details) [Line Items] | |||||||||||
Preferred Stock, Dividend Rate, Percentage | 14.00% | ||||||||||
Series B Preferred Stock [Member] | Scenario, Forecast [Member] | |||||||||||
Note 18 - Dividend Series B Preferred Shares (Details) [Line Items] | |||||||||||
Preferred Stock, Redemption Amount | 39,207,373 | 37,306,766 | 35,498,294 | 33,777,488 | 39,359,846 | ||||||
Increase in Carrying Amount of Redeemable Preferred Stock | 152,473 | 1,900,607 | 1,808,472 | 1,720,806 | 1,637,388 | ||||||
Series B Preferred Stock [Member] | TCP [Member] | |||||||||||
Note 18 - Dividend Series B Preferred Shares (Details) [Line Items] | |||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | 25,000 | ||||||||||
Series B Preferred Stock [Member] | Preferred Friends Investment Company, Inc [Member] | |||||||||||
Note 18 - Dividend Series B Preferred Shares (Details) [Line Items] | |||||||||||
Stock Issued During Period, Shares, New Issues (in Shares) | 5,700 | ||||||||||
Series B Preferred Stock [Member] | |||||||||||
Note 18 - Dividend Series B Preferred Shares (Details) [Line Items] | |||||||||||
Proceeds from Issuance of Convertible Preferred Stock | 29,000,000 | ||||||||||
Preferred Stock, Redemption Price Per Share (in Dollars per share) | 1,000 | ||||||||||
Preferred Stock, Convertible, Initial Conversion Price (in Dollars per share) | 1.45 | ||||||||||
Preferred Stock, Redemption Amount | 32,140,100 | ||||||||||
Number of Consecutive In-Kind Dividends Declared | 4 | ||||||||||
Dividends, Paid-in-kind | $1,440,000 |
Note_18_Dividend_Series_B_Pref3
Note 18 - Dividend Series B Preferred Shares (Details) - Dividends Series B Preferred Shares (USD $) | 0 Months Ended | 12 Months Ended | ||
Mar. 11, 2014 | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2013 | |
Note 18 - Dividend Series B Preferred Shares (Details) - Dividends Series B Preferred Shares [Line Items] | ||||
Preferred Shares Amount | $30,440,100 | |||
Issuance of preferred shares from private placement net of issuance costs (in Shares) | 11,200,000 | |||
Issuance of preferred shares from private placement net of issuance costs | 14,668,179 | |||
Dividends declared (in Shares) | 1,440,000 | |||
Dividends declared | 1,440,100 | |||
Number of Shares (in Shares) | 32,140,000 | |||
Ordinary Preferred Stock [Member] | Private Placement [Member] | Preferred Stock [Member] | ||||
Note 18 - Dividend Series B Preferred Shares (Details) - Dividends Series B Preferred Shares [Line Items] | ||||
Issuance of preferred shares from private placement net of issuance costs | 29,000,000 | |||
Ordinary Preferred Stock [Member] | ||||
Note 18 - Dividend Series B Preferred Shares (Details) - Dividends Series B Preferred Shares [Line Items] | ||||
Preferred Shares Amount | 29,000,000 | |||
Preferred Stock Issued as Dividends [Member] | ||||
Note 18 - Dividend Series B Preferred Shares (Details) - Dividends Series B Preferred Shares [Line Items] | ||||
Preferred Shares Amount | 1,440,100 | |||
Dividends declared | 1,440,100 | |||
Private Placement [Member] | Preferred Stock [Member] | ||||
Note 18 - Dividend Series B Preferred Shares (Details) - Dividends Series B Preferred Shares [Line Items] | ||||
Issuance of preferred shares from private placement net of issuance costs (in Shares) | 30,700,000 | |||
Issuance of preferred shares from private placement net of issuance costs | $29,000,000 |
Note_19_Common_Stock_Details
Note 19 - Common Stock (Details) (USD $) | 0 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 11, 2014 | Mar. 11, 2014 |
Stockholders' Equity Note [Abstract] | ||
Stock Issued During Period, Shares, New Issues | 11.2 | |
Share Price | $1.34 | |
Proceeds from Issuance of Private Placement | $14.50 |
Note_20_Subsequent_Events_Deta
Note 20 - Subsequent Events (Details) (USD $) | 0 Months Ended | |||
In Millions, unless otherwise specified | Jan. 27, 2015 | Jan. 12, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Note 20 - Subsequent Events (Details) [Line Items] | ||||
Number of Vessels Under Construction | 4 | |||
Kamsarmax Drybulk Carriers [Member] | Subsequent Event [Member] | Second Installment for One of Two Newbuilding Vessel Contracts [Member] | ||||
Note 20 - Subsequent Events (Details) [Line Items] | ||||
Payments to Acquire New Building Vessels (in Dollars) | $3.05 | |||
Number of Vessels Under Construction | 2 | |||
Subsequent Event [Member] | Lesser of Approved Charter [Member] | HSBC [Member] | ||||
Note 20 - Subsequent Events (Details) [Line Items] | ||||
Line Of Credit Facility Maximum Borrowing Capacity Percentage | 70.00% | |||
Subsequent Event [Member] | Vessel is Charter Free [Member] | HSBC [Member] | ||||
Note 20 - Subsequent Events (Details) [Line Items] | ||||
Line Of Credit Facility Maximum Borrowing Capacity Percentage | 65.00% | |||
Subsequent Event [Member] | Lesser of Vessel's Market Value Upon Delivery [Member] | HSH [Member] | ||||
Note 20 - Subsequent Events (Details) [Line Items] | ||||
Line Of Credit Facility Maximum Borrowing Capacity Percentage | 62.50% | |||
Subsequent Event [Member] | HSBC [Member] | ||||
Note 20 - Subsequent Events (Details) [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | 19.95 | |||
Debt Instrument, Term | 5 years | |||
Subsequent Event [Member] | HSH [Member] | ||||
Note 20 - Subsequent Events (Details) [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | 19 | |||
Debt Instrument, Term | 4 years |