Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 09, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | Pangaea Logistics Solutions Ltd. | |
Entity Central Index Key | 1,606,909 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 43,795,182 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 29,336,687 | $ 22,322,949 |
Restricted cash | 4,000,000 | 6,100,000 |
Accounts receivable (net of allowance of $4,183,826 at September 30, 2017 and $4,752,265 at December 31, 2016) | 30,915,458 | 20,476,797 |
Bunker inventory | 16,470,391 | 13,202,937 |
Advance hire, prepaid expenses and other current assets | 13,465,163 | 6,441,583 |
Total current assets | 94,187,699 | 68,544,266 |
Fixed assets, net | 290,837,537 | 275,265,672 |
Investments in newbuildings in-process | 0 | 18,383,964 |
Vessels under capital lease | 30,285,569 | 0 |
Total assets | 415,310,805 | 362,193,902 |
Current liabilities | ||
Accounts payable, accrued expenses and other current liabilities | 30,160,371 | 23,231,179 |
Related party debt | 6,929,885 | 15,972,147 |
Deferred revenue | 7,913,518 | 6,422,982 |
Current portion of secured long-term debt | 17,830,996 | 19,627,846 |
Capital Lease Obligations, Current | 1,759,303 | 0 |
Dividend payable | 7,238,401 | 12,624,825 |
Total current liabilities | 71,832,474 | 77,878,979 |
Secured long-term debt, net | 113,430,205 | 107,637,851 |
Current portion of capital lease obligations | 25,472,098 | 0 |
Commitments and contingencies (Note 7) | ||
Stockholders' equity: | ||
Common stock, $0.0001 par value, 100,000,000 shares authorized; 43,795,182 shares issued and outstanding at September 30, 2017; 36,590,417 shares issued and outstanding at December 31, 2016 | 4,380 | 3,659 |
Additional paid-in capital | 154,781,731 | 133,677,321 |
Accumulated deficit | (13,618,666) | (17,409,579) |
Total Pangaea Logistics Solutions Ltd. equity | 141,167,445 | 116,271,401 |
Non-controlling interests | 63,408,583 | 60,405,671 |
Total stockholders' equity | 204,576,028 | 176,677,072 |
Total liabilities and stockholders' equity | $ 415,310,805 | $ 362,193,902 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 4,183,826 | $ 4,752,265 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares Issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 43,795,182 | 36,590,417 |
Common stock, shares outstanding (in shares) | 43,795,182 | 36,590,417 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues: | ||||
Voyage revenue | $ 93,688,834 | $ 65,986,320 | $ 251,608,298 | $ 161,509,615 |
Charter revenue | 13,334,202 | 4,797,572 | 31,293,637 | 10,173,501 |
Revenues | 107,023,036 | 70,783,892 | 282,901,935 | 171,683,116 |
Expenses: | ||||
Voyage expense | 44,305,446 | 29,166,651 | 124,174,513 | 74,434,257 |
Charter hire expense | 34,764,942 | 19,655,327 | 91,140,160 | 43,199,730 |
Vessel operating expense | 9,144,472 | 7,483,507 | 26,810,071 | 22,277,417 |
General and administrative | 4,762,860 | 3,179,287 | 11,418,900 | 9,151,608 |
Depreciation and amortization | 3,950,661 | 3,532,171 | 11,604,168 | 10,576,223 |
Loss on sale and leaseback of vessels | 70,000 | 0 | 9,275,042 | 0 |
Total expenses | 96,998,381 | 63,016,943 | 274,422,854 | 159,639,235 |
Income from operations | 10,024,655 | 7,766,949 | 8,479,081 | 12,043,881 |
Other income (expense): | ||||
Interest expense, net | (2,106,139) | (1,258,105) | (5,981,237) | (4,158,143) |
Interest expense on related party debt | (79,713) | (79,712) | (236,538) | (235,212) |
Unrealized (loss) gain on derivative instruments, net | 59,138 | (161,002) | (430,869) | (1,212,434) |
Other income (expense) | 977,795 | (8,097) | 1,885,801 | (42,754) |
Total other expense, net | (1,267,195) | (1,184,912) | (3,901,105) | (3,223,675) |
Net income | 8,757,460 | 6,582,037 | 4,577,976 | 8,820,206 |
Income attributable to non-controlling interests | (1,576,209) | (517,701) | (787,063) | (1,429,132) |
Net income attributable to Pangaea Logistics Solutions Ltd. | $ 7,181,251 | $ 6,064,336 | $ 3,790,913 | $ 7,391,074 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 0.18 | $ 0.17 | $ 0.10 | $ 0.21 |
Diluted (in dollars per share) | $ 0.17 | $ 0.17 | $ 0.10 | $ 0.21 |
Weighted average shares used to compute earnings per common share | ||||
Weighted Average Number of Shares Outstanding, Basic | 40,796,867 | 35,165,532 | 37,225,825 | 35,148,793 |
Weighted Average Number of Shares Outstanding, Diluted | 41,074,592 | 35,347,403 | 37,674,123 | 35,299,839 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Operating activities | ||
Net income | $ 4,577,976 | $ 8,820,206 |
Adjustments to reconcile net income to net cash provided by operations: | ||
Depreciation and amortization expense | 11,604,168 | 10,576,223 |
Amortization of deferred financing costs | 527,348 | 513,311 |
Amortization of prepaid rent | 91,453 | 0 |
Unrealized gain on derivative instruments | (430,869) | (1,212,434) |
(Gain) loss from equity method investee | (282,362) | 68,477 |
(Recovery of) provision for doubtful accounts | (10,356) | 982,393 |
Loss on sale and leaseback of vessel | 9,134,908 | 0 |
Share-based compensation | 878,759 | 274,286 |
Change in operating assets and liabilities: | ||
Decrease in restricted cash | 0 | 499,269 |
Accounts receivable | (10,428,305) | 3,824,491 |
Bunker inventory | (3,267,454) | (1,845,707) |
Advance hire, prepaid expenses and other current assets | (7,118,526) | (2,471,301) |
Drydocking costs | (1,043,164) | (42,478) |
Accounts payable, accrued expenses and other current liabilities | 8,021,053 | (743,918) |
Deferred revenue | 1,490,536 | (925,490) |
Net cash provided by operating activities | 13,745,165 | 18,317,328 |
Investing activities | ||
Purchase of vessels | (47,328,517) | (3,372,433) |
Purchase of building and equipment | 0 | (315,818) |
Purchase of non-controlling interest in consolidated subsidiary | (832,572) | 0 |
Net cash used in investing activities | (48,161,089) | (3,688,251) |
Financing activities | ||
Proceeds from Related Party Debt | 0 | 1,522,500 |
Payments of related party debt | 0 | (2,500,497) |
Proceeds from long-term debt | 25,000,000 | 1,375,971 |
Payments of financing and issuance costs | (896,175) | (45,755) |
Payments of long-term debt | (20,635,670) | (20,809,044) |
Sale Leaseback Transaction, Net Proceeds, Financing Activities | 28,000,000 | 0 |
Repayments of Long-term Capital Lease Obligations | (768,599) | 0 |
Proceeds from (Repayments of) Restricted Cash, Financing Activities | 2,100,000 | (5,000,000) |
Proceeds from (Payments to) Noncontrolling Interests | 0 | |
Proceeds from Noncontrolling Interests | 1,600,000 | |
Decrease (increase) in restricted cash | (1,001,424) | (100,000) |
Proceeds from Issuance of Common Stock | 9,631,530 | 0 |
Net cash provided by (used in) financing activities | 41,429,662 | (23,956,825) |
Net increase (decrease) in cash and cash equivalents | 7,013,738 | (9,327,748) |
Cash and cash equivalents at beginning of period | 22,322,949 | 37,520,240 |
Cash and cash equivalents at end of period | 29,336,687 | 28,192,492 |
Disclosure of noncash items | ||
Cash paid for interest | 5,052,102 | 3,520,635 |
Stock issued during period, value, issurance of common stock as settlement of accrued dividends | 4,385,000 | 0 |
Extinguishment of Related Party Debt | $ 9,278,800 | $ 0 |
General Information
General Information | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General Information | General Information The accompanying consolidated financial statements include the accounts of Pangaea Logistics Solutions Ltd. and its consolidated subsidiaries (collectively, the “Company”, “we” or “our”). The Company is engaged in the ocean transportation of drybulk cargoes worldwide through the ownership, chartering and operation of drybulk vessels. The Company is a holding company incorporated under the laws of Bermuda as an exempted company on April 29, 2014. The Company owns two Panamax, two Ultramax Ice Class 1C, five Supramax, and two Handymax Ice Class 1A drybulk vessels, including two vessels financed under capital lease obligations. The Company also owns one-third of Nordic Bulk Holding Company Ltd. (“NBHC”), a consolidated joint venture with a fleet of six Panamax Ice Class 1A drybulk vessels. The Company operates two additional Supramax drybulk vessels under bareboat charter for five-year periods that commenced on July 13, 2016. In addition, the Company, through a new wholly-owned subsidiary, signed a Memorandum of Agreement to purchase a Supramax bulk carrier built in 2008, for approximately $13.8 million. The vessel is expected to be delivered in December 2017. On January 27, 2017, the Company acquired its consolidated joint venture partner's interest in Nordic Bulk Ventures Holding Company Ltd. (“BVH”). BVH owns m/v Bulk Destiny and m/v Bulk Endurance through wholly-owned subsidiaries. BVH is wholly-owned by the Company after the acquisition. On March 21, 2017, the Company's Board of Directors (the “ Board ”) approved, and on June 27, 2017, the shareholders holding a majority of the issued and outstanding shares of our Common Stock approved, by unanimous written consent, the issuance of shares of our Common Stock in connection with two stock purchase agreements, both dated as of June 15, 2017 , (the “ Agreements ”). Shares of common stock sold under the Agreements totaled 6,533,443 . These shares were issued on June 29, 2017 and August 9, 2017 for aggregate net proceeds of $14.1 million of which approximately $4.4 million was issued as in-kind payment of accrued dividends. Upon completion of these transactions, issued and outstanding shares of Common Stock totaled 43,795,182 . |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated balance sheet as of September 30, 2017 , the consolidated statements of income and cash flows for the three and nine months ended September 30, 2017 and 2016 are unaudited. The unaudited interim consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position as of September 30, 2017 and December 31, 2016, and its results of operations and cash flows for the three and nine months ended September 30, 2017 and 2016 . The financial data and the other information disclosed in these notes to the consolidated financial statements related to these three and nine month periods are unaudited. Certain information and disclosures included in the annual consolidated financial statements have been omitted for the interim periods pursuant to the rules and regulations of the SEC. The results for the three and nine months ended September 30, 2017 are not necessarily indicative of the results for the year ending December 31, 2017 or for any other interim period or future years. The preparation of consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates and assumptions of the Company are the estimated fair value used in determining loss on sale and leaseback of vessel, the estimated future cash flows used in its impairment analysis, the estimated salvage value used in determining depreciation expense and the allowances for doubtful accounts. Advance hire, prepaid expenses and other current assets were comprised of the following: September 30, 2017 December 31, 2016 (unaudited) Advance hire $ 5,159,896 $ 2,232,444 Prepaid expenses 646,493 1,844,522 Accrued receivables 5,042,672 1,319,220 Other current assets 2,616,102 1,045,397 $ 13,465,163 $ 6,441,583 Accounts payable, accrued expenses and other current liabilities were comprised of the following: September 30, 2017 December 31, 2016 (unaudited) Accounts payable $ 17,690,288 $ 15,435,179 Accrued voyage expenses 11,656,486 6,955,389 Accrued interest 604,041 412,984 Other accrued liabilities 209,556 427,627 $ 30,160,371 $ 23,231,179 Recently Issued Accounting Pronouncements In February 2016, the FASB issued an ASU 2016-02, Accounting Standards Update for Leases. The update is intended to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. The Company does not typically enter into charters for terms exceeding six months. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. The Company does not expect adoption of this guidance to have a material impact on its financial statements. In May 2014, the FASB issued an ASU 2014-09, Accounting Standards Update for Revenue from Contracts with Customers. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2017. Management has organized a working group and is currently analyzing contracts with our customers covering the significant streams of the Company's annual revenues under the provisions of the new standard as well as changes necessary to information technology systems, processes and internal controls to capture new data and address changes in financial reporting. While we are continuing to assess all potential impacts of the standard, the Company's preliminary expectation is that revenue from vessels operating on time charter will continue to be recognized under current revenue recognition policies because the services being provided to its customers currently reflect the consideration to which the entity expects to be entitled in exchange for those services, and because these arrangements qualify as single performance obligations that meet the criteria to recognize revenue over time, as the customer is simultaneously receiving and consuming the benefits of these services. The performance obligation in a voyage charter is also the transportation service provided and also meets the criteria to recognize revenue over time. However, under the new standard, our expectation is that revenue for these voyages will be recognized over the period between load port and discharge port in contrast to the current recognition policy to recognize revenue from discharge port to discharge port. The Company also believes that under the new standard, it will recognize an asset from certain costs incurred to fulfill contracts that have not begun to load if they meet the criteria outlined in this update. Such assets will be amortized pro rata over the period of the contract. Neither of these changes is expected to have a material impact on the consolidated financial statements because the number of open voyages at any point in time are not a significant portion of the annual total and the difference in revenue is expected to be only a small percentage of such voyage revenue. The Company will apply the new revenue standard on a modified retrospective basis with a cumulative effect adjustment to the opening balance of retained earnings as of January 1, 2018. Prior periods will not be retrospectively adjusted. The Company is prepared to implement the new revenue standard on the effective date and will follow recently issued guidance on practical expedients as part of our transition. In November 2016, the FASB issued an ASU 2016-18 Accounting Standards Update for Statement of Cash Flows. The amendments in this Update provide guidance on the presentation of restricted cash or restricted cash equivalents in the statement of cash flows, thereby reducing the diversity in practice. Specifically, this Update addresses how to classify and present changes in restricted cash or restricted cash equivalents that occur when there are transfers between cash, cash equivalents, and restricted cash or restricted cash equivalents and when there are direct cash receipts into restricted cash or restricted cash equivalents or direct cash payments made from restricted cash or restricted cash equivalents The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The amendments in this Update should be applied using a retrospective transition method to each period presented. The Company does not expect adoption of this guidance to have a material impact on its financial statements. In August 2017, the FASB issued an ASU 2017-12 Accounting Standards Update for Derivatives and Hedging. The amendments in this Update better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. To meet that objective, the amendments expand and refine hedge accounting for both nonfinancial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The amendments in this Update are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early application is permitted in any interim period after issuance of the Update. All transition requirements and elections should be applied to hedging relationships existing on the date of adoption. The effect of adoption should be reflected as of the beginning of the fiscal year of adoption. For cash flow and net investment hedges existing at the date of adoption, an entity should apply a cumulative-effect adjustment related to eliminating the separate measurement of ineffectiveness to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that an entity adopts the amendments in this Update. The amended presentation and disclosure guidance is required only prospectively. The Company does not expect adoption of this guidance to have a material impact on its financial statements. |
Fixed Assets
Fixed Assets | 9 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets | Fixed Assets At September 30, 2017 , the Company owned seventeen dry bulk vessels including two financed under capital lease obligations. The carrying amounts of these vessels, including unamortized drydocking costs, are as follows: September 30, December 31, 2017 2016 Owned vessels (unaudited) m/v BULK PANGAEA $ 16,768,833 $17,879,380 m/v BULK PATRIOT 11,426,580 12,391,724 m/v BULK JULIANA 11,621,472 12,252,733 m/v NORDIC ODYSSEY 25,981,360 27,021,211 m/v NORDIC ORION 26,819,591 27,874,584 m/v BULK TRIDENT 14,386,864 14,962,163 m/v BULK BEOTHUK (1) — 12,006,270 m/v BULK NEWPORT 13,312,095 13,473,429 m/v NORDIC BARENTS 3,526,711 3,517,151 m/v NORDIC BOTHNIA 3,518,031 3,520,616 m/v NORDIC OSHIMA 30,428,323 31,346,414 m/v NORDIC OLYMPIC 30,668,705 31,560,965 m/v NORDIC ODIN 30,846,740 31,741,658 m/v NORDIC OASIS 31,915,214 32,834,500 m/v BULK ENDURANCE (2) 27,284,169 — m/v BULK FREEDOM (3) 8,942,254 — 287,446,942 272,382,798 Other fixed assets, net 3,390,595 2,882,874 Total fixed assets, net $ 290,837,537 $ 275,265,672 Vessels under capital lease m/v BULK DESTINY (4) $ 23,365,388 $ — m/v BULK BEOTHUK (1) $ 6,920,181 $ — $ 30,285,569 $ — (1) The m/v Bulk Beothuk was sold on June 15, 2017 and simultaneously chartered back under a bareboat charter accounted for as a capital lease, the terms of which are discussed in Note 7. (2) The m/v Bulk Endurance was delivered to the Company on January 7, 2017. (3) The Company acquired the m/v Bulk Freedom on June 14, 2017. (4) The Company took delivery of the m/v Bulk Destiny on January 7, 2017 and simultaneously entered into a sale and leaseback financing agreement, the terms of which are discussed in Note 7. The Company also operates two dry bulk vessels under bareboat charters accounted for as operating leases, as discussed in Note 7. Long-lived Assets Impairment Considerations. The carrying values of the Company’s vessels may not represent their fair market value or the amount that could be obtained by selling the vessel at any point in time because the market prices of second-hand vessels tend to fluctuate with changes in charter rates and the pricing of new vessels, which tend to be cyclical. The carrying value of each group of vessels classified as held and used are reviewed for potential impairment when events or changes in circumstances indicate that the carrying value of a particular group may not be fully recoverable. In such instances, an impairment charge would be recognized if the estimate of the undiscounted future cash flows expected to result from the use of the group and its eventual disposition is less than its carrying value. This assessment is made at the group level, which represents the lowest level for which identifiable cash flows are largely independent of other groups of assets. The asset groups established by the Company are defined by vessel size and major characteristic or trade. The significant factors and assumptions used in the undiscounted projected net operating cash flow analysis include the Company’s estimate of future time charter equivalent "TCE" rates based on current rates under existing charters and contracts. When existing contracts expire, the Company uses an estimated TCE based on actual results and extends these rates out to the end of the vessel’s useful life. TCE rates can be highly volatile, may affect the fair value of the Company’s vessels and may have a significant impact on the Company’s ability to recover the carrying amount of its fleet. Accordingly, the volatility is contemplated in the undiscounted projected net operating cash flow by using a sensitivity analysis based on percent changes in the TCE rates. The Company prepares a series of scenarios in an attempt to capture the range of possible trends and outcomes. Projected net operating cash flows are net of brokerage and address commissions and assume no revenue on scheduled offhire days. The Company uses the current vessel operating expense budget, estimated costs of drydocking and historical general and administrative expenses as the basis for its expected outflows, and applies an inflation factor it considers appropriate. The net of these inflows and outflows, plus an estimated salvage value, constitutes the projected undiscounted future cash flows. If these projected cash flows do not exceed the carrying value of the asset group, an impairment charge would be recognized. During the three months ended September 30, 2017 , the Company did not identify any potential triggering events. At December 31, 2016, testing for recoverability indicated that the estimated undiscounted future cash flows were higher than the carrying amount of each long-lived asset group, therefore, the Company did not recognize any loss on impairment. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt Long-term debt consists of the following: September 30, 2017 December 31, 2016 (unaudited) Bulk Pangaea Secured Note $ — $ 1,040,625 Bulk Patriot Secured Note — 1,087,500 Bulk Trident Secured Note (1) 3,887,500 5,737,500 Bulk Juliana Secured Note (1) 2,028,126 3,042,186 Bulk Nordic Odin Ltd., Bulk Nordic Olympic Ltd. Bulk Nordic Odyssey Ltd., Bulk Nordic Orion Ltd. and Bulk Nordic Oshima Ltd. Amended and Restated Loan Agreement (2) 71,700,000 77,325,001 Bulk Atlantic Secured Note — 5,350,000 Bulk Phoenix Secured Note (1) 4,916,663 6,816,685 Term Loan Facility of USD 13,000,000 (Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.) 6,119,550 7,097,820 Bulk Nordic Oasis Ltd. Loan Agreement (2) 18,875,000 20,000,000 Bulk Nordic Six Ltd. Loan Agreement 19,135,000 — Bulk Freedom Loan Agreement 5,325,000 — 109 Long Wharf Commercial Term Loan 949,864 1,032,067 Phoenix Bulk Carriers (US) LLC Automobile Loan 24,483 28,582 Phoenix Bulk Carriers (US) LLC Master Loan 197,362 236,242 Total 133,158,548 128,794,208 Less: unamortized bank fees (1,897,347 ) (1,528,511 ) 131,261,201 127,265,697 Less: current portion (17,830,996 ) (19,627,846 ) Secured long-term debt, net $ 113,430,205 $ 107,637,851 (1) The Bulk Juliana Secured Note, the Bulk Trident Secured Note and the Bulk Phoenix Secured Note are cross-collateralized by the m/v Bulk Juliana, m/v Bulk Trident and m/v Bulk Newport and are guaranteed by the Company. (2) The borrower under this facility is NBHC, of which the Company and its joint venture partners, STST and ASO2020, each own one-third. NBHC is consolidated in accordance with Accounting Standards Codification ("ASC") 810, Consolidation , and as such, amounts pertaining to the non-controlling ownership held by these third parties in the financial position of NBHC are reported as non-controlling interest in the accompanying balance sheets. The Senior Secured Post-Delivery Term Loan Facility On April 14, 2017, the Company, through its wholly owned subsidiaries, Bulk Pangaea, Bulk Patriot, Bulk Juliana, Bulk Trident and Bulk Phoenix, entered into the Fourth Amendatory Agreement, (the "Fourth Amendment"), amending and supplementing the Loan Agreement dated April 15, 2013, as amended by a First Amendatory Agreement dated May 16, 2013, the Second Amendatory Agreement dated August 28, 2013 and the Third Amendatory Agreement dated July 14, 2016. The Fourth Amendment advanced the final repayment dates for Bulk Pangaea and Bulk Patriot and extended the final maturity date and modified the repayment schedules, as follows: Bulk Pangaea Secured Note Initial amount of $12,250,000 , entered into in December 2009, for the acquisition of m/v Bulk Pangaea. The Fourth Amendment advanced the final installment to April 18, 2017, thereby increasing the amount to $1,040,625 , which was paid on the maturity date. Bulk Patriot Secured Note Initial amount of $12,000,000 , entered into in September 2011, for the acquisition of the m/v Bulk Patriot. The Fourth Amendment advanced the final installment to April 18, 2017, thereby increasing the amount to $1,087,500 , which was paid on the maturity date. Bulk Trident Secured Note Initial amount of $10,200,000 , entered into in April 2012, for the acquisition of the m/v Bulk Trident. The Fourth Amendment extends the final maturity date and modifies the repayment schedule. The first and second quarterly installments following the amendment were increased to $650,000 and the third and fourth installments were increased to $435,000 . These are followed by two installments of $327,500 and three of $300,000 . A balloon payment of $1,462,500 is payable on July 19, 2019. The interest rate was fixed at 4.29% through April 19, 2017 and is floating at LIBOR plus 3.50% ( 4.78% at September 30, 2017 ), since April 19, 2017. Bulk Juliana Secured Note Initial amount of $8,112,500 , entered into in April 2012, for the acquisition of the m/v Bulk Juliana. The Fourth Amendment did not change this tranche, the balance of which is payable in six quarterly installments of $507,031 . The final payment is due in July 19, 2018. The interest rate is fixed at 4.38% . Bulk Phoenix Secured Note Initial amount of $10,000,000 , entered into in May 2013, for the acquisition of m/v Bulk Newport. The Fourth Amendment did not change this tranche, the balance of which is payable in two installments of $700,000 and seven installments of $442,858 . A balloon payment of $1,816,659 is payable on July 19, 2019. The interest rate is fixed at 5.09% . The agreement contains financial covenants that require the Company to maintain a minimum net worth and minimum liquidity, on a consolidated basis. The facility also contains a consolidated leverage ratio and a consolidated debt service coverage ratio. In addition, the facility contains other Company and vessel related covenants that, among other things, restrict changes in management and ownership of the vessel, declaration of dividends, further indebtedness and mortgaging of a vessel without the bank’s prior consent. It also requires minimum collateral maintenance, which is tested at the discretion of the lender. As of September 30, 2017 and December 31, 2016, the Company was in compliance with these covenants. Bulk Atlantic Secured Note Initial amount of $8,520,000 , entered into on February 18, 2013, for the acquisition of m/v Bulk Beothuk. The loan required repayment in 8 equal quarterly installments of $90,000 beginning in May 2013, 12 equal quarterly installments of $295,000 and a balloon payment of $4,170,000 due in February 2018. The loan was repaid in conjunction with the sale of the vessel on June 6, 2017. Bulk Nordic Odin Ltd., Bulk Nordic Olympic Ltd. Bulk Nordic Odyssey Ltd., Bulk Nordic Orion Ltd. And Bulk Nordic Oshima Ltd. – Dated September 28, 2015 - Amended and Restated Loan Agreement The amended agreement advanced $21,750,000 in respect of each the m/v Nordic Odin and the m/v Nordic Olympic; $13,500,000 in respect of each the m/v Nordic Odyssey and the m/v Nordic Orion, and $21,000,000 in respect of the m/v Nordic Oshima. The agreement requires repayment of the advances as follows: In respect of the Odin and Olympic advances, repayment to be made in 28 equal quarterly installments of $375,000 per borrower (one of which was paid prior to the amendment by each borrower) and balloon payments of $11,233,150 due with each of the final installments in January 2022. In respect of the Odyssey and Orion advances, repayment to be made in 20 quarterly installments of $375,000 per borrower and balloon payments of $5,677,203 due with each of the final installments in September 2020. In respect of the Oshima advance, repayment to be made in 28 equal quarterly installments of $375,000 and a balloon payment of $11,254,295 due with the final installment in September 2021. Interest on 50% of the advances to Odyssey and Orion was fixed at 4.24% in March 2017. Interest on the remaining advances to Odyssey and Orion is floating at LIBOR plus 2.40% ( 3.55% at September 30, 2017 ). Interest on 50% of the advances to Odin and Olympic was fixed at 3.95% in January 2017. Interest on the remaining advances to Odin and Olympic was floating at LIBOR plus 2.0% and was fixed at 4.07% on April 27, 2017. Interest on 50% of the advance to Oshima was fixed at 4.16% in January 2017. Interest on the remaining advance to Oshima is floating at LIBOR plus 2.25% ( 3.55% at September 30, 2017 ). The amended loan is secured by first preferred mortgages on the m/v Nordic Odin, m/v Nordic Olympic, m/v Nordic Odyssey, m/v Nordic Orion and m/v Nordic Oshima, the assignment of earnings, insurances and requisite compensation of the five entities, and by guarantees of their shareholders. The amended agreement contains one financial covenant that requires the Company to maintain minimum liquidity and a collateral maintenance ratio clause, which requires the aggregate fair market value of the vessels plus the net realizable value of any additional collateral provided, to remain above defined ratios. At September 30, 2017 and December 31, 2016, the Company was in compliance with this clause. The Bulk Nordic Oasis Ltd. - Loan Agreement - Dated December 11, 2015 The agreement advanced $21,500,000 in respect of the m/v Nordic Oasis. The agreement requires repayment of the advance in 24 equal quarterly installments of $375,000 beginning on March 28, 2016 and a balloon payment of $12,500,000 due with the final installment in March 2022. Interest on this advance is fixed at 4.30% . The loan is secured by a first preferred mortgage on the m/v Nordic Oasis, the assignment of earnings, insurances and requisite compensation of the entity, and by guarantees of its shareholders. Additionally, the agreement contains a collateral maintenance ratio clause which requires the fair market value of the vessel plus the net realizable value of any additional collateral previously provided, to remain above defined ratios. As of September 30, 2017 and December 31, 2016, the Company was in compliance with this covenant. Term Loan Facility of USD 13,000,000 (Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.) Barents and Bothnia entered into a secured Term Loan Facility of $13,000,000 in two tranches of $6,500,000 which were drawn in conjunction with the delivery of the m/v Bulk Bothnia on January 23, 2014 and the m/v Bulk Barents on March 7, 2014. The loan is secured by mortgages on the m/v Nordic Bulk Barents and m/v Nordic Bulk Bothnia and is guaranteed by the Company. The facility bears interest at LIBOR plus 2.50% ( 3.80% at September 30, 2017 ). The loan requires repayment in 22 equal quarterly installments of $163,045 (per borrower) beginning in June 2014, one installment of $163,010 (per borrower) and a balloon payment of $1,755,415 (per borrower) due in December 2019. In addition, any cash in excess of $750,000 per borrower on any repayment date shall be applied toward prepayment of the relevant loan in inverse order, so the balloon payment is prepaid first. The agreement also contains a profit split in respect of the proceeds from the sale of either vessel and a minimum value clause ("MVC"). The Company was in compliance with this covenant at September 30, 2017 and December 31, 2016. The Bulk Nordic Six Ltd. - Loan Agreement -- Dated December 21, 2016 The agreement advanced $19,500,000 in respect of the m/v Bulk Endurance on January 7, 2017, in two tranches. The agreement requires repayment of Tranche A, totaling $16,000,000 , in 3 equal quarterly installments of $100,000 beginning on April 7, 2017 and, thereafter, 17 equal quarterly installments of $266,667 and a balloon payment of $11,667,667 due with the final installment in March 2022. Interest on this advance was fixed at 4.74% on March 27, 2017. The agreement also advanced $3,500,000 under Tranche B, which is payable in 18 equal quarterly installments of $65,000 beginning on October 7, 2017, and a balloon payment of $2,330,000 due with the final installment in March 2022. Interest on this advance is floating at LIBOR plus 6.00% ( 7.30% at September 30, 2017 ). The loan is secured by a first preferred mortgage on the m/v Bulk Endurance, the assignment of earnings, insurances and requisite compensation of the entity, and by guarantees of its shareholders. Additionally, the agreement contains a minimum liquidity requirement, positive working capital of the borrower and a collateral maintenance ratio clause which requires the fair market value of the vessel plus the net realizable value of any additional collateral previously provided, to remain above defined ratios. The Bulk Freedom Corp. Loan Agreement -- Dated June 14, 2017 The agreement advanced $5,500,000 in respect of the m/v Bulk Freedom on June 14, 2017. The agreement requires repayment of the loan in 8 quarterly installments of $175,000 and 12 quarterly installments of $150,000 beginning on September 14, 2017. A balloon payment of $2,300,000 is due with the final installment. Interest is floating at LIBOR plus 3.75% ( 5.05% at September 30, 2017 ). The loan is secured by a first preferred mortgage on the m/v Bulk Freedom, the assignment of earnings, insurances and requisite compensation of the entity, and by guarantees of its shareholders. Additionally, the agreement contains a collateral maintenance ratio clause which requires the fair market value of the vessel plus the net realizable value of any additional collateral previously provided, to remain above defined ratios. 109 Long Wharf Commercial Term Loan Initial amount of $1,096,000 entered into on May 27, 2016. The Long Wharf Construction to Term Loan was repaid from the proceeds of this new facility. The loan is payable in 120 equal monthly installments of $9,133 . Interest is floating at the 30 day LIBOR plus 2.00% ( 3.30% at September 30, 2017 ). The loan is collateralized by all real estate located at 109 Long Wharf, Newport, RI, and a corporate guarantee of the Company. The loan contains a maximum loan to value covenant and a debt service coverage ratio. At September 30, 2017 and December 31, 2016, the Company was in compliance with these covenants. Phoenix Bulk Carriers (US) LLC Automobile Loan The Company purchased a commercial vehicle for use at the site of its port project on the United States' East Coast. The total loan amount of $29,435 is payable in 60 equal monthly installments of $539 . Interest is fixed at 3.74% . Phoenix Bulk Carriers (US) LLC Master Equipment Loan The Company purchased commercial equipment for use at the site of its port project on the United States' East Coast. The total loan amount of $250,536 is payable in 48 equal monthly installments of $5,741 . Interest is fixed at 4.75% . The future minimum annual payments (excluding unamortized bank fees) under the debt agreements are as follows: Years ending September 30, (unaudited) 2018 $ 17,830,996 2019 17,999,412 2020 25,225,098 2021 18,921,949 2022 52,779,228 Thereafter 401,865 $ 133,158,548 |
Derivative Instruments and Fair
Derivative Instruments and Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives Instruments and fair Value Measurements | Derivative Instruments and Fair Value Measurements Interest-Rate Swaps From time to time, the Company enters into interest rate swap agreements to mitigate the risk of interest rate fluctuations on its variable rate debt. The Company was party to one interest rate swap, which was entered into in February 2011, as required by the 109 Long Wharf Construction to Term Loan agreement. Under the terms of the swap agreement, the interest rate was fixed at 6.63% . The swap was cancelled in conjunction with, and the outstanding balance was financed by, the 109 Long Wharf Commercial Term Loan in May 2016, which is discussed in Note 4. The Company did not elect to designate the swap as a hedge at inception, pursuant to ASC 815, Derivatives and Hedging. Accordingly, changes in the fair value are recorded in current earnings in the accompanying consolidated statements of income. The aggregate change in the fair value of the interest rate swap agreement for the nine months ended September 30, 2016 was a loss of $104,000 which was reflected in the unrealized (loss) gain on derivative instruments in the accompanying consolidated statements of operations. Forward freight agreements The Company assesses risk associated with fluctuating future freight rates and, when appropriate, hedges identified economic risk with appropriate derivative instruments, specifically forward freight agreements (FFAs). Such economic hedges do not always qualify for hedge accounting under ASC 815 and as such, the usage of such derivatives can lead to fluctuations in the Company’s reported results from operations on a period-to-period basis. Between November 2016 and September 30, 2017 , the Company entered into FFAs that were not designated for hedge accounting. The aggregate fair value of these FFAs at September 30, 2017 and December 31, 2016 were assets of approximately $675,000 , which are included in other current assets on the consolidated balance sheets, and liabilities of approximately $21,000 , respectively, which are included in other current liabilities on the consolidated balance sheets. The change in the aggregate fair value of the FFAs during the three and nine months ended September 30, 2017 are a loss of approximately $379,000 and a gain of approximately $696,225 , respectively, which are included in unrealized (loss) gain on derivative instruments in the accompanying consolidated statements of operations. There were no open positions, and therefore no gain or loss in the three and nine months ended September 30, 2016 . Fuel Swap Contracts The Company continuously monitors the market volatility associated with bunker prices and seeks to reduce the risk of such volatility through a bunker hedging program. During 2017 and 2016, the Company entered into various fuel swap contracts that were not designated for hedge accounting. The aggregate fair value of these fuel swaps at September 30, 2017 and December 31, 2016 are assets of approximately $38,000 and $304,000 , respectively, which are included in other current assets on the consolidated balance sheets. The change in the aggregate fair value of the fuel swaps during the three and nine months ended September 30, 2017 are gains of approximately $319,000 and losses of approximately $265,000 , respectively, which are included in unrealized (loss) gain on derivative instruments in the accompanying consolidated statements of operations. The change in the aggregate fair value of the fuel swaps during the three and nine months ended September 30, 2016 are losses of approximately $156,000 and gains of approximately $1,109,000 , respectively, which are included in unrealized (loss) gain on derivative instruments in the accompanying consolidated statements of income. The three levels of the fair value hierarchy established by ASC 820, Fair Value Measurements and Disclosures , in order of priority are as follows: Level 1 – Quoted prices in active markets for identical assets or liabilities. Our Level 1 fair value measurements include cash, money-market accounts and restricted cash accounts. Level 2 – Quoted prices for similar assets and liabilities in active markets or inputs that are observable. Level 3 – Inputs that are unobservable (for example cash flow modeling inputs based on assumptions). The following table summarizes assets and liabilities measured at fair value on a recurring basis at September 30, 2017 and December 31, 2016 : Balance at September 30, 2017 Level 1 Level 2 Level 3 (unaudited) Margin accounts $ 2,688,122 $ 2,688,122 $ — $ — Fuel swaps $ 38,319 $ — $ 38,319 $ — Freight forward agreements $ 675,275 $ — $ 675,275 $ — Balance at December 31, 2016 Level 1 Level 2 Level 3 Margin accounts $ 488,084 $ 488,084 $ — $ — Fuel swaps $ 303,675 $ — $ 303,675 $ — Freight forward agreements $ (20,950 ) $ — $ (20,950 ) $ — The estimated fair values of the Company’s forward freight agreements and fuel swap contracts are based on market prices obtained from an independent third-party valuation specialist based on published indexes. Such quotes represent the estimated amounts the Company would receive or pay to terminate the contracts. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions December 31, 2016 Activity September 30, 2017 (unaudited) Included in accounts payable, accrued expenses and other current liabilities on the consolidated balance sheets: Affiliated companies (trade payables) $ 1,109,570 34,994 $ 1,144,564 Included in current related party debt on the consolidated balance sheets: Loan payable – 2011 Founders Note $ 4,325,000 — $ 4,325,000 Interest payable in-kind - 2011 Founders Note (i) 368,347 236,538 604,885 Promissory Note 2,000,000 — 2,000,000 Loan payable – BVH shareholder (STST) (ii) 9,278,800 (9,278,800 ) — Total current related party debt $ 15,972,147 $ (9,042,262 ) $ 6,929,885 (i) Paid in cash (ii) ST Shipping and Transport Pte. Ltd. ("STST") In November 2014, the Company entered into a $5,000,000 Promissory Note (the “Note”) with Bulk Invest, Ltd., a company controlled by the Founders. The Note is payable on demand. Interest on the Note is 5% . The Company repaid a net amount of $3,000,000 since the Note's inception. BVH entered into an agreement for the construction of two new ultramax newbuildings in 2013. Shareholder loans totaling $9,278,800 at December 31, 2016 , were provided in order to make deposits on these contracts. The loans were converted to equity in conjunction with the acquisition of the noncontrolling interest in BVH on January 27, 2017. BVH is a wholly-owned subsidiary of the Company after the acquisition. On October 1, 2011, the Company entered into a $10,000,000 loan agreement with the Founders, which was payable on demand at the request of the lenders (the 2011 Founders Note). The note bears interest at a rate of 5% . The balance of the 2011 Founders Note was $4,325,000 at September 30, 2017 and December 31, 2016 . Dividends payable consist of the following, all of which are payable to related parties: 2008 2012 2013 2013 Total Balance at December 31, 2015 2,474,125 2,934,357 6,411,540 904,803 12,724,825 Paid in cash (100,000 ) — — — (100,000 ) Balance at December 31, 2016 2,374,125 2,934,357 6,411,540 904,803 12,624,825 Converted to common shares (2,374,125 ) (2,010,875 ) — — (4,385,000 ) Paid in cash (100,000 ) (1,001,424 ) — — (1,001,424 ) Balance at September 30, 2017 $ — $ (77,942 ) $ 6,411,540 $ 904,803 $ 7,238,401 Under the terms of a technical management agreement between the Company and Seamar Management S.A. (“Seamar”), an equity method investee, Seamar is responsible for the day-to-day operations for certain of the Company’s owned vessels and the two vessels operating under bareboat charters. During the three and nine -month periods ended September 30, 2017 and 2016 , the Company incurred technical management fees of approximately $718,000 and $2,022,000 ; and $538,000 and $1,411,000 , respectively, under this arrangement. These fees are included in vessel operating expenses in the consolidated statements of income. The total amounts payable to Seamar at September 30, 2017 and December 31, 2016 were approximately $1,145,000 and $1,110,000 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Vessel Sales and Leasebacks Accounted for as Capital Leases The Company's fleet includes one vessel financed under a sale and leaseback financing arrangement accounted for as a capital lease. The selling price of the vessel to the new owner (lessor) was $21.0 million and the fair value of the vessel at the inception of the lease was $24.0 million . The difference between the selling price and the fair value of the vessel was recorded as prepaid rent and is being amortized over the 25 year estimated useful life of the vessel. Prepaid rent is included in vessel under capital lease on the consolidated balance sheet at September 30, 2017 . Minimum lease payments fluctuate based on three-month LIBOR and are payable quarterly over the seven year lease term , with a balloon payment of $11,200,000 due with the final lease payment in January 2024. Interest is floating at LIBOR plus 2.75% ( 3.85% including the margin, at inception of the lease). The Company will own this vessel at the end of the lease term. The Company's fleet also includes one vessel financed under a sale and leaseback (bareboat charter) accounted for as a capital lease. The selling price was $7,000,000 and the fair value is estimated to be the same. The lease is payable at $3,500 per day every fifteen days over the five year lease term , and a balloon payment of $4,000,000 is due with the final lease payment in June 2022. Interest is fixed at 11.83% . The Company will own this vessel at the end of the lease term. Long-term Contracts Accounted for as Operating Leases On July 5, 2016, the Company entered into five-year bareboat charter agreements with the owner of two vessels (which were then renamed the m/v Bulk Power and the m/v Bulk Progress). Under a bareboat charter, the charterer is responsible for all of the vessel operating expenses in addition to the charter hire. The agreement also contains a profit sharing arrangement. Scheduled increases in charter hire are included in minimum rental payments and recognized on a straight-line basis over the lease term. Profit sharing is excluded from minimum lease payments and recognized as incurred. The rent expense under these bareboat charters (which are classified as operating leases) totals approximately $365,000 per annum. The Company leases office space for its Copenhagen operations. The lease can be terminated with six months prior notice after June 30, 2018. Future minimum lease payments under capital leases and operating leases with initial or remaining terms in excess of one year at September 30, 2017 were: Capital Lease Operating Leases 2018 $ 3,278,295 $ 585,717 2019 3,278,295 420,514 2020 3,278,295 365,446 2021 3,278,295 285,348 2022 6,858,295 — Thereafter 14,227,441 — Total minimum lease payments $ 34,198,916 $ 1,657,025 Less amount representing interest 6,967,515 Present value of minimum lease payments 27,231,401 Less current portion 1,759,303 Long-term portion $ 25,472,098 The Company is subject to certain asserted claims arising in the ordinary course of business. The Company intends to vigorously assert its rights and defend itself in any litigation that may arise from such claims. While the ultimate outcome of these matters could affect the results of operations of any one year, and while there can be no assurance with respect thereto, management believes that after final disposition, any financial impact to the Company would not be material to its consolidated financial position, results of operations, or cash flows. In April 2017, the Company entered into a settlement agreement related to a litigation action. The Company was indemnified by third parties related to this matter and recovered approximately $462,000 that was reserved at the time the action was initiated which is included in other income (expense) in the consolidated statements of operations for the nine months ended September 30, 2017. |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | Subsequent Events The Company acquired the m/v Bulk Pride on October 11, 2017 through its new wholly owned subsidiary Bulk Pride Corp. The purchase price of the vessel, which is expected to be delivered in December 2017, was $13.8 million . |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure | Advance hire, prepaid expenses and other current assets were comprised of the following: September 30, 2017 December 31, 2016 (unaudited) Advance hire $ 5,159,896 $ 2,232,444 Prepaid expenses 646,493 1,844,522 Accrued receivables 5,042,672 1,319,220 Other current assets 2,616,102 1,045,397 $ 13,465,163 $ 6,441,583 |
Schedule of Accounts Payable and Accrued Liabilities | Accounts payable, accrued expenses and other current liabilities were comprised of the following: September 30, 2017 December 31, 2016 (unaudited) Accounts payable $ 17,690,288 $ 15,435,179 Accrued voyage expenses 11,656,486 6,955,389 Accrued interest 604,041 412,984 Other accrued liabilities 209,556 427,627 $ 30,160,371 $ 23,231,179 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property Plant and Equipment Schedule of Significant Acquisitions | At September 30, 2017 , the Company owned seventeen dry bulk vessels including two financed under capital lease obligations. The carrying amounts of these vessels, including unamortized drydocking costs, are as follows: September 30, December 31, 2017 2016 Owned vessels (unaudited) m/v BULK PANGAEA $ 16,768,833 $17,879,380 m/v BULK PATRIOT 11,426,580 12,391,724 m/v BULK JULIANA 11,621,472 12,252,733 m/v NORDIC ODYSSEY 25,981,360 27,021,211 m/v NORDIC ORION 26,819,591 27,874,584 m/v BULK TRIDENT 14,386,864 14,962,163 m/v BULK BEOTHUK (1) — 12,006,270 m/v BULK NEWPORT 13,312,095 13,473,429 m/v NORDIC BARENTS 3,526,711 3,517,151 m/v NORDIC BOTHNIA 3,518,031 3,520,616 m/v NORDIC OSHIMA 30,428,323 31,346,414 m/v NORDIC OLYMPIC 30,668,705 31,560,965 m/v NORDIC ODIN 30,846,740 31,741,658 m/v NORDIC OASIS 31,915,214 32,834,500 m/v BULK ENDURANCE (2) 27,284,169 — m/v BULK FREEDOM (3) 8,942,254 — 287,446,942 272,382,798 Other fixed assets, net 3,390,595 2,882,874 Total fixed assets, net $ 290,837,537 $ 275,265,672 Vessels under capital lease m/v BULK DESTINY (4) $ 23,365,388 $ — m/v BULK BEOTHUK (1) $ 6,920,181 $ — $ 30,285,569 $ — (1) The m/v Bulk Beothuk was sold on June 15, 2017 and simultaneously chartered back under a bareboat charter accounted for as a capital lease, the terms of which are discussed in Note 7. (2) The m/v Bulk Endurance was delivered to the Company on January 7, 2017. (3) The Company acquired the m/v Bulk Freedom on June 14, 2017. (4) The Company took delivery of the m/v Bulk Destiny on January 7, 2017 and simultaneously entered into a sale and leaseback financing agreement, the terms of which are discussed in Note 7. |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Long-term debt consists of the following: September 30, 2017 December 31, 2016 (unaudited) Bulk Pangaea Secured Note $ — $ 1,040,625 Bulk Patriot Secured Note — 1,087,500 Bulk Trident Secured Note (1) 3,887,500 5,737,500 Bulk Juliana Secured Note (1) 2,028,126 3,042,186 Bulk Nordic Odin Ltd., Bulk Nordic Olympic Ltd. Bulk Nordic Odyssey Ltd., Bulk Nordic Orion Ltd. and Bulk Nordic Oshima Ltd. Amended and Restated Loan Agreement (2) 71,700,000 77,325,001 Bulk Atlantic Secured Note — 5,350,000 Bulk Phoenix Secured Note (1) 4,916,663 6,816,685 Term Loan Facility of USD 13,000,000 (Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.) 6,119,550 7,097,820 Bulk Nordic Oasis Ltd. Loan Agreement (2) 18,875,000 20,000,000 Bulk Nordic Six Ltd. Loan Agreement 19,135,000 — Bulk Freedom Loan Agreement 5,325,000 — 109 Long Wharf Commercial Term Loan 949,864 1,032,067 Phoenix Bulk Carriers (US) LLC Automobile Loan 24,483 28,582 Phoenix Bulk Carriers (US) LLC Master Loan 197,362 236,242 Total 133,158,548 128,794,208 Less: unamortized bank fees (1,897,347 ) (1,528,511 ) 131,261,201 127,265,697 Less: current portion (17,830,996 ) (19,627,846 ) Secured long-term debt, net $ 113,430,205 $ 107,637,851 (1) The Bulk Juliana Secured Note, the Bulk Trident Secured Note and the Bulk Phoenix Secured Note are cross-collateralized by the m/v Bulk Juliana, m/v Bulk Trident and m/v Bulk Newport and are guaranteed by the Company. (2) The borrower under this facility is NBHC, of which the Company and its joint venture partners, STST and ASO2020, each own one-third. NBHC is consolidated in accordance with Accounting Standards Codification ("ASC") 810, Consolidation , and as such, amounts pertaining to the non-controlling ownership held by these third parties in the financial position of NBHC are reported as non-controlling interest in the accompanying balance sheets. |
Schedule of Maturities of Long-term Debt | The future minimum annual payments (excluding unamortized bank fees) under the debt agreements are as follows: Years ending September 30, (unaudited) 2018 $ 17,830,996 2019 17,999,412 2020 25,225,098 2021 18,921,949 2022 52,779,228 Thereafter 401,865 $ 133,158,548 |
Derivative Instruments and Fa17
Derivative Instruments and Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table summarizes assets and liabilities measured at fair value on a recurring basis at September 30, 2017 and December 31, 2016 : Balance at September 30, 2017 Level 1 Level 2 Level 3 (unaudited) Margin accounts $ 2,688,122 $ 2,688,122 $ — $ — Fuel swaps $ 38,319 $ — $ 38,319 $ — Freight forward agreements $ 675,275 $ — $ 675,275 $ — Balance at December 31, 2016 Level 1 Level 2 Level 3 Margin accounts $ 488,084 $ 488,084 $ — $ — Fuel swaps $ 303,675 $ — $ 303,675 $ — Freight forward agreements $ (20,950 ) $ — $ (20,950 ) $ — |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | December 31, 2016 Activity September 30, 2017 (unaudited) Included in accounts payable, accrued expenses and other current liabilities on the consolidated balance sheets: Affiliated companies (trade payables) $ 1,109,570 34,994 $ 1,144,564 Included in current related party debt on the consolidated balance sheets: Loan payable – 2011 Founders Note $ 4,325,000 — $ 4,325,000 Interest payable in-kind - 2011 Founders Note (i) 368,347 236,538 604,885 Promissory Note 2,000,000 — 2,000,000 Loan payable – BVH shareholder (STST) (ii) 9,278,800 (9,278,800 ) — Total current related party debt $ 15,972,147 $ (9,042,262 ) $ 6,929,885 (i) Paid in cash (ii) ST Shipping and Transport Pte. Ltd. ("STST") |
Schedule of Dividends Payable [Table Text Block] | Dividends payable consist of the following, all of which are payable to related parties: 2008 2012 2013 2013 Total Balance at December 31, 2015 2,474,125 2,934,357 6,411,540 904,803 12,724,825 Paid in cash (100,000 ) — — — (100,000 ) Balance at December 31, 2016 2,374,125 2,934,357 6,411,540 904,803 12,624,825 Converted to common shares (2,374,125 ) (2,010,875 ) — — (4,385,000 ) Paid in cash (100,000 ) (1,001,424 ) — — (1,001,424 ) Balance at September 30, 2017 $ — $ (77,942 ) $ 6,411,540 $ 904,803 $ 7,238,401 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments for Leases [Table Text Block] | Future minimum lease payments under capital leases and operating leases with initial or remaining terms in excess of one year at September 30, 2017 were: Capital Lease Operating Leases 2018 $ 3,278,295 $ 585,717 2019 3,278,295 420,514 2020 3,278,295 365,446 2021 3,278,295 285,348 2022 6,858,295 — Thereafter 14,227,441 — Total minimum lease payments $ 34,198,916 $ 1,657,025 Less amount representing interest 6,967,515 Present value of minimum lease payments 27,231,401 Less current portion 1,759,303 Long-term portion $ 25,472,098 |
General Information (Details Te
General Information (Details Textual) | Aug. 09, 2017USD ($)shares | Sep. 30, 2017USD ($)vesselshares | Sep. 30, 2016USD ($) | Nov. 09, 2017shares | Jun. 29, 2017USD ($)shares | Jun. 27, 2017shares | Dec. 31, 2016USD ($)shares |
Property, Plant and Equipment [Line Items] | |||||||
Shares of common stock sold to institutional and accredited investors | shares | 43,795,182 | 36,590,417 | |||||
Common Stock, Value, Issued | $ | $ 4,380 | $ 3,659 | |||||
Stock issued during period, value, issurance of common stock as settlement of accrued dividends | $ | $ 4,385,000 | $ 0 | |||||
Shares issued in connection with share offering, percentage, of then common stock | 17.00% | ||||||
Common Stock, Shares, Outstanding | shares | 43,795,182 | 36,590,417 | |||||
Entity Common Stock, Shares Outstanding | shares | 43,795,182 | ||||||
Panamax Ice Class 1A [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Number of vessels | vessel | 6 | ||||||
Panamax [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Number of vessels | vessel | 2 | ||||||
Supramax [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Number of vessels | vessel | 5 | ||||||
Handymax Ice Class 1A [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Number of vessels | vessel | 2 | ||||||
Ultramax Ice Class 1C [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Number of vessels | vessel | 2 | ||||||
bareboat charter [Member] | Supramax [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Number of vessels | vessel | 2 | ||||||
Stock Purchase Agreement sold to institutional and accredited investors [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Consenting Shareholders | shares | 31,304,961 | ||||||
% of shareholders approval | 84.00% | ||||||
Shares of common stock sold to institutional and accredited investors | shares | 6,533,443 | ||||||
Common Stock, Value, Issued | $ | $ 14,100,000 | ||||||
Stock Purchase Agreement inside investors [Member] [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Shares of common stock sold to institutional and accredited investors | shares | 2,597,778 | ||||||
Common Stock, Value, Issued | $ | $ 5,800,000 | ||||||
Stock issued during period, value, issurance of common stock as settlement of accrued dividends | $ | $ 4,400,000 |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Advance hire | $ 5,159,896 | $ 2,232,444 |
Prepaid expenses | 646,493 | 1,844,522 |
Accrued Receivable | 5,042,672 | 1,319,220 |
Other current assets | 2,616,102 | 1,045,397 |
Advance hire, prepaid expenses and other current assets | $ 13,465,163 | $ 6,441,583 |
Basis of Presentation (Details
Basis of Presentation (Details 1) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accounts payable | $ 17,690,288 | $ 15,435,179 |
Accrued voyage expenses | 11,656,486 | 6,955,389 |
Accrued interest | 604,041 | 412,984 |
Other accrued liabilities | 209,556 | 427,627 |
Accounts payable accrued expenses and other current liabilities | $ 30,160,371 | $ 23,231,179 |
Fixed Assets (Details)
Fixed Assets (Details) - USD ($) | Sep. 30, 2017 | Jun. 15, 2017 | Jan. 07, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||||
Vessels, net | $ 287,446,942 | $ 272,382,798 | ||
Other fixed assets, net | 3,390,595 | 2,882,874 | ||
Total fixed assets, net | 290,837,537 | 275,265,672 | ||
Capital lease asset, net | 30,285,569 | 0 | ||
mv BULK PANGAEA [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Vessels, net | 16,768,833 | 17,879,380 | ||
mv BULK PATRIOT [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Vessels, net | 11,426,580 | 12,391,724 | ||
mv BULK JULIANA [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Vessels, net | 11,621,472 | 12,252,733 | ||
mv NORDIC ODYSSEY [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Vessels, net | 25,981,360 | 27,021,211 | ||
mv Nordic Orion [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Vessels, net | 26,819,591 | 27,874,584 | ||
mv BULK TRIDENT [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Vessels, net | 14,386,864 | 14,962,163 | ||
mv BULK BEOTHUK [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Vessels, net | 0 | 12,006,270 | ||
Capital Leased Assets, Gross | 6,920,181 | $ 7,000,000 | ||
mv BULK NEWPORT [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Vessels, net | 13,312,095 | 13,473,429 | ||
mv NORDIC BARENTS [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Vessels, net | 3,526,711 | 3,517,151 | ||
mv NORDIC BOTHNIA [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Vessels, net | 3,518,031 | 3,520,616 | ||
mv NORDIC OSHIMA [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Vessels, net | 30,428,323 | 31,346,414 | ||
mv NORDIC OLYMPIC [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Vessels, net | 30,668,705 | 31,560,965 | ||
mv NORDIC ODIN [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Vessels, net | 30,846,740 | 31,741,658 | ||
mv Nordic Bulk Oasis [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Vessels, net | 31,915,214 | 32,834,500 | ||
m/v Bulk Endurance [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Vessels, net | 27,284,169 | |||
mv Bulk Freedom [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Vessels, net | 8,942,254 | $ 0 | ||
m/v Bulk Destiny [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Capital lease asset, net | $ 23,365,388 | |||
Capital Leased Assets, Gross | $ 24,000,000 |
Fixed Assets (Details Textual)
Fixed Assets (Details Textual) - USD ($) | Jul. 05, 2016 | Sep. 30, 2017 | Jun. 15, 2017 | Jan. 07, 2017 |
Property, Plant and Equipment [Line Items] | ||||
rental expense per year under bareboat charter, next 5 years | $ 365,000 | |||
mv BULK BEOTHUK [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Capital Leased Assets, Gross | $ 6,920,181 | $ 7,000,000 | ||
m/v Bulk Destiny [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Capital Leased Assets, Gross | $ 24,000,000 |
Debt (Details)
Debt (Details) - USD ($) | Dec. 11, 2015 | Sep. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | |||
Secured long-term debt, gross | $ 133,158,548 | $ 128,794,208 | |
Less: current portion | (17,830,996) | (19,627,846) | |
Less: unamortized debt issuance and bank fees | (1,897,347) | (1,528,511) | |
Secured long-term debt | 113,430,205 | 107,637,851 | |
Bulk Nordic Six Ltd. Loan Agreement [Domain] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt, gross | 19,135,000 | 0 | |
Bulk Freedom Loan Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt, gross | 5,325,000 | 0 | |
Bulk Pangaea Secured Note [Member] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt, gross | 0 | 1,040,625 | |
Bulk Patriot Secured Note [Member] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt, gross | 0 | 1,087,500 | |
Bulk Trident Secured Note [Member] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt, gross | 3,887,500 | 5,737,500 | |
Bulk Juliana Secured Note [Member] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt, gross | 2,028,126 | 3,042,186 | |
Bulk Nordic Odin, Bulk Nordic Olympic, Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement [Member] [Domain] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt, gross | 71,700,000 | 77,325,001 | |
Bulk Atlantic Secured Note [Member] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt, gross | 0 | 5,350,000 | |
Bulk Phoenix Secured Note [Member] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt, gross | 4,916,663 | 6,816,685 | |
Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd. [Member] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt, gross | 6,119,550 | 7,097,820 | |
Bulk Nordic Oasis Ltd. Loan Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt, gross | 18,875,000 | 20,000,000 | |
Long Wharf Construction to Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt, gross | 949,864 | 1,032,067 | |
mv Nordic Bulk Oasis [Member] | Primary Beneficiary | |||
Debt Instrument [Line Items] | |||
Ownership Percentage | 33.33% | ||
mv Nordic Bulk Oasis [Member] | Not Primary Beneficiary | ST Shipping and Transport Ltd. (STST) [Member] | |||
Debt Instrument [Line Items] | |||
Ownership Percentage | 33.33% | ||
mv Nordic Bulk Oasis [Member] | Not Primary Beneficiary | ASO 2020 Maritime S.A. (ASO2020) [Member] | |||
Debt Instrument [Line Items] | |||
Ownership Percentage | 33.33% | ||
PBC US LLC Automobile Loan [Member] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt, gross | 24,483 | 28,582 | |
PBC US LLC Master Loan [Member] | |||
Debt Instrument [Line Items] | |||
Secured long-term debt, gross | $ 197,362 | $ 236,242 |
Debt (Details 1)
Debt (Details 1) | Sep. 30, 2017USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2,017 | $ 17,830,996 |
2,018 | 17,999,412 |
2,019 | 25,225,098 |
2,020 | 18,921,949 |
2,021 | 52,779,228 |
Thereafter | 401,865 |
Long-term Debt | $ 133,158,548 |
Debt (Details Textual)
Debt (Details Textual) | Jun. 14, 2017USD ($) | Apr. 19, 2017 | Dec. 21, 2016USD ($) | Sep. 30, 2016USD ($) | Sep. 19, 2016USD ($)installment | May 27, 2016USD ($)installment | Dec. 11, 2015USD ($)installment | Sep. 28, 2015USD ($)installment | May 22, 2015USD ($) | Mar. 07, 2014USD ($)trancheinstallment | May 31, 2013USD ($)installment | Feb. 18, 2013USD ($)installment | Apr. 30, 2012USD ($)installment | Sep. 30, 2017USD ($) | Feb. 18, 2015USD ($) | Apr. 27, 2017 | Mar. 31, 2017 | Mar. 27, 2017 | Jan. 31, 2017 | Dec. 28, 2016 | Nov. 30, 2014USD ($) | Jan. 23, 2014USD ($) | Apr. 30, 2013USD ($) | Sep. 30, 2011USD ($) | Dec. 31, 2009USD ($) |
Secured Debt [Member] | Bulk Pangaea Secured Note [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Face amount | $ 12,250,000 | ||||||||||||||||||||||||
Periodic payment terms, balloon payment to be Paid | $ 1,040,625 | ||||||||||||||||||||||||
Secured Debt [Member] | Bulk Patriot Secured Note [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Face amount | $ 12,000,000 | ||||||||||||||||||||||||
Periodic payment terms, balloon payment to be Paid | $ 1,087,500 | ||||||||||||||||||||||||
Secured Debt [Member] | Bulk Trident Secured Note [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Face amount | $ 10,200,000 | ||||||||||||||||||||||||
Interest rate, stated percentage | 4.29% | ||||||||||||||||||||||||
Periodic payment terms, balloon payment to be Paid | 1,462,500 | ||||||||||||||||||||||||
Basis spread on variable rate | 3.50% | ||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.78% | ||||||||||||||||||||||||
Secured Debt [Member] | Bulk Juliana Secured Note [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Face amount | $ 8,112,500 | ||||||||||||||||||||||||
Interest rate, stated percentage | 4.38% | ||||||||||||||||||||||||
Number of periodic payments | installment | 6 | ||||||||||||||||||||||||
Periodic payment, principal | $ 507,031 | ||||||||||||||||||||||||
Secured Debt [Member] | Bulk Phoenix Secured Note [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Face amount | $ 10,000,000 | ||||||||||||||||||||||||
Interest rate, stated percentage | 5.09% | ||||||||||||||||||||||||
Periodic payment terms, balloon payment to be Paid | $ 1,816,659 | ||||||||||||||||||||||||
Secured Debt [Member] | Bulk Phoenix Secured Note [Member] | Seven Equal Quarterly Installments [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Number of periodic payments | installment | 7 | ||||||||||||||||||||||||
Periodic payment, principal | $ 442,858 | ||||||||||||||||||||||||
Secured Debt [Member] | Bulk Phoenix Secured Note [Member] | two quarterly installments [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Number of periodic payments | installment | 2 | ||||||||||||||||||||||||
Periodic payment, principal | $ 700,000 | ||||||||||||||||||||||||
Secured Debt [Member] | Bulk Atlantic Secured Note [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Face amount | $ 8,520,000 | ||||||||||||||||||||||||
Number of periodic payments | installment | 8 | ||||||||||||||||||||||||
Periodic payment, principal | $ 90,000 | ||||||||||||||||||||||||
Periodic payment terms, balloon payment to be Paid | $ 4,170,000 | ||||||||||||||||||||||||
Secured Debt [Member] | Bulk Atlantic Secured Note [Member] | first and second installment [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Periodic payment, principal | 650,000 | ||||||||||||||||||||||||
Secured Debt [Member] | Bulk Atlantic Secured Note [Member] | Twelve Equal Quarterly Installments [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Number of periodic payments | installment | 12 | ||||||||||||||||||||||||
Periodic payment, principal | $ 295,000 | ||||||||||||||||||||||||
Secured Debt [Member] | Bulk Atlantic Secured Note [Member] | third and fourth installment [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Periodic payment, principal | 435,000 | ||||||||||||||||||||||||
Secured Debt [Member] | Bulk Atlantic Secured Note [Member] | fifth and sixth installment [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Periodic payment, principal | 327,500 | ||||||||||||||||||||||||
Secured Debt [Member] | Bulk Atlantic Secured Note [Member] | seventh, eighth, and ninth installment [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Periodic payment, principal | $ 300,000 | ||||||||||||||||||||||||
Secured Debt [Member] | Bulk Nordic Oasis Ltd. Loan Agreement [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Face amount | $ 21,500,000 | ||||||||||||||||||||||||
Interest rate, stated percentage | 4.30% | ||||||||||||||||||||||||
Periodic payment, principal | 375,000 | ||||||||||||||||||||||||
Periodic payment terms, balloon payment to be Paid | $ 12,500,000 | ||||||||||||||||||||||||
Secured Debt [Member] | mv Nordic Bulk Oasis [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Number of periodic payments | installment | 24 | ||||||||||||||||||||||||
Secured Debt [Member] | Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Face amount | $ 13,000,000 | ||||||||||||||||||||||||
Periodic payment terms, balloon payment to be Paid | $ 1,755,415 | ||||||||||||||||||||||||
Debt payment terms | In addition, any cash in excess of $750,000 per borrower on any repayment date shall be applied toward prepayment of the relevant loan in inverse order, so the balloon payment is prepaid first. | ||||||||||||||||||||||||
Basis spread on variable rate | 2.50% | ||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.80% | ||||||||||||||||||||||||
Number of tranches | tranche | 2 | ||||||||||||||||||||||||
Payment terms | $ 750,000 | ||||||||||||||||||||||||
Secured Debt [Member] | Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd [Member] | Twenty Two Equal Quarterly Installments Per Borrower [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Number of periodic payments | installment | 22 | ||||||||||||||||||||||||
Periodic payment, principal | $ 163,045 | ||||||||||||||||||||||||
Secured Debt [Member] | Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd [Member] | One Installment Per Borrower [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Periodic payment, principal | 163,010 | ||||||||||||||||||||||||
Secured Debt [Member] | Nordic Bulk Bothina Ltd. [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Long-term line of credit | $ 6,500,000 | ||||||||||||||||||||||||
Secured Debt [Member] | Nordic Bulk Barents Ltd. [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Long-term line of credit | $ 6,500,000 | ||||||||||||||||||||||||
Secured Debt [Member] | Bulk Nordic Six Ltd. Loan Agreement [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Interest rate, stated percentage | 4.74% | ||||||||||||||||||||||||
Secured Debt [Member] | Bulk Freedom Loan Agreement [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Face amount | $ 5,500,000 | ||||||||||||||||||||||||
Periodic payment terms, balloon payment to be Paid | $ 2,300,000 | ||||||||||||||||||||||||
Basis spread on variable rate | 3.75% | ||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.05% | ||||||||||||||||||||||||
Secured Debt [Member] | Bulk Freedom Loan Agreement [Member] | Twelve Equal Quarterly Installments [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Number of periodic payments | 12 | ||||||||||||||||||||||||
Periodic payment, principal | $ 150,000 | ||||||||||||||||||||||||
Secured Debt [Member] | Bulk Freedom Loan Agreement [Member] | Eight Equal Quarterly Installments [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Number of periodic payments | 8 | ||||||||||||||||||||||||
Periodic payment, principal | $ 175,000 | ||||||||||||||||||||||||
Secured Debt [Member] | Bulk Endurance Senior Tranche Loan [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Face amount | $ 16,000,000 | ||||||||||||||||||||||||
Secured Debt [Member] | 109 Long Wharf Commercial Term Loan [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Face amount | $ 1,096,000 | ||||||||||||||||||||||||
Number of periodic payments | installment | 120 | ||||||||||||||||||||||||
Periodic payment, principal | $ 9,133 | ||||||||||||||||||||||||
Basis spread on variable rate | 2.00% | ||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.30% | ||||||||||||||||||||||||
Secured Debt [Member] | PBC US LLC Automobile Loan [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Face amount | $ 29,435 | ||||||||||||||||||||||||
Interest rate, stated percentage | 3.74% | ||||||||||||||||||||||||
Number of periodic payments | installment | 60 | ||||||||||||||||||||||||
Periodic payment, principal | $ 539 | ||||||||||||||||||||||||
Secured Debt [Member] | PBC US LLC Master Loan [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Face amount | $ 250,536 | ||||||||||||||||||||||||
Interest rate, stated percentage | 4.75% | ||||||||||||||||||||||||
Number of periodic payments | 48 | ||||||||||||||||||||||||
Periodic payment, principal | $ 5,741 | ||||||||||||||||||||||||
mv NORDIC ODIN [Member] | Secured Debt [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Face amount | $ 21,750,000 | ||||||||||||||||||||||||
mv NORDIC ODIN [Member] | Secured Debt [Member] | Bulk Nordic Odin, Bulk Nordic Olympic, Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement [Member] [Domain] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Interest rate, stated percentage | 4.07% | 3.95% | |||||||||||||||||||||||
Number of periodic payments | installment | 28 | ||||||||||||||||||||||||
Periodic payment, principal | $ 375,000 | ||||||||||||||||||||||||
Periodic payment terms, balloon payment to be Paid | $ 11,233,150 | ||||||||||||||||||||||||
Debt Instrument, Interest Rate, Portion Fixed | 50.00% | ||||||||||||||||||||||||
mv NORDIC ODIN [Member] | Secured Debt [Member] | Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Debt Agreement [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Basis spread on variable rate | 2.00% | ||||||||||||||||||||||||
Odyssey And Orion [Member] | Secured Debt [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Face amount | $ 13,500,000 | ||||||||||||||||||||||||
Odyssey And Orion [Member] | Secured Debt [Member] | Bulk Nordic Odin, Bulk Nordic Olympic, Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement [Member] [Domain] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Interest rate, stated percentage | 4.24% | ||||||||||||||||||||||||
Number of periodic payments | installment | 20 | ||||||||||||||||||||||||
Periodic payment, principal | $ 5,677,203 | ||||||||||||||||||||||||
Periodic payment terms, balloon payment to be Paid | $ 375,000 | ||||||||||||||||||||||||
Debt Instrument, Interest Rate, Portion Fixed | 50.00% | ||||||||||||||||||||||||
Odyssey And Orion [Member] | Secured Debt [Member] | Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Debt Agreement [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Basis spread on variable rate | 2.40% | ||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.55% | ||||||||||||||||||||||||
Nordic Bulk Oshima [Member] | Secured Debt [Member] | Bulk Nordic Odin, Bulk Nordic Olympic, Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement [Member] [Domain] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Number of periodic payments | installment | 28 | ||||||||||||||||||||||||
Nordic Bulk Oshima [Member] | Secured Debt [Member] | Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Debt Agreement [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Periodic payment, principal | $ 375,000 | ||||||||||||||||||||||||
Periodic payment terms, balloon payment to be Paid | $ 11,254,295 | ||||||||||||||||||||||||
Basis spread on variable rate | 2.25% | ||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.55% | ||||||||||||||||||||||||
mv NORDIC OSHIMA [Member] | Secured Debt [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Face amount | $ 21,000,000 | ||||||||||||||||||||||||
mv NORDIC OSHIMA [Member] | Secured Debt [Member] | Bulk Nordic Odin, Bulk Nordic Olympic, Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement [Member] [Domain] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Interest rate, stated percentage | 4.16% | ||||||||||||||||||||||||
Debt Instrument, Interest Rate, Portion Fixed | 50.00% | ||||||||||||||||||||||||
Bulk Invest, Ltd. [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Face amount | $ 5,000,000 | ||||||||||||||||||||||||
Interest rate, stated percentage | 5.00% | ||||||||||||||||||||||||
Repayments of Notes Payable | $ 3,000,000 | $ 0 | |||||||||||||||||||||||
Tranche A [Member] | Secured Debt [Member] | Bulk Nordic Six Ltd. Loan Agreement [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Face amount | 19,500,000 | ||||||||||||||||||||||||
Periodic payment terms, balloon payment to be Paid | $ 11,667,667 | ||||||||||||||||||||||||
Tranche A [Member] | Secured Debt [Member] | Bulk Nordic Six Ltd. Loan Agreement [Member] | three equal quarterly installments [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Number of periodic payments | 3 | ||||||||||||||||||||||||
Periodic payment, principal | $ 100,000 | ||||||||||||||||||||||||
Tranche A [Member] | Secured Debt [Member] | Bulk Nordic Six Ltd. Loan Agreement [Member] | seventeen equal quarterly installments [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Number of periodic payments | 17 | ||||||||||||||||||||||||
Periodic payment, principal | $ 266,667 | ||||||||||||||||||||||||
Tranche B [Member] | Secured Debt [Member] | Bulk Nordic Six Ltd. Loan Agreement [Member] | |||||||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||
Face amount | $ 3,500,000 | ||||||||||||||||||||||||
Number of periodic payments | 18 | ||||||||||||||||||||||||
Periodic payment, principal | $ 65,000 | ||||||||||||||||||||||||
Periodic payment terms, balloon payment to be Paid | $ 2,330,000 | ||||||||||||||||||||||||
Basis spread on variable rate | 6.00% | ||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 7.30% |
Derivative Instruments and Fa28
Derivative Instruments and Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Margin Accounts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, net asset (liability) | $ (2,688,122) | $ (488,084) |
Forward Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, net asset (liability) | (675,275) | 20,950 |
Fuel Swap Contracts [Member] | Fuel [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, net asset (liability) | (38,319) | (303,675) |
Fair Value, Inputs, Level 1 [Member] | Margin Accounts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, net asset (liability) | (2,688,122) | (488,084) |
Fair Value, Inputs, Level 2 [Member] | Forward Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, net asset (liability) | (675,275) | (20,950) |
Fair Value, Inputs, Level 2 [Member] | Fuel Swap Contracts [Member] | Fuel [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, net asset (liability) | $ (38,319) | $ (303,675) |
Derivative Instruments and Fa29
Derivative Instruments and Fair Value Measurements (Details Textual) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2015swap | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||
Derivative, Number of Instruments Held | swap | 1 | ||||||
Interest Rate Swap [Member] | |||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||
Fixed Interest Rate | 6.63% | ||||||
Forward Contracts [Member] | |||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||
Derivative gain (loss) | $ (379,000) | $ (696,000) | |||||
Swap [Member] | |||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||
Derivative gain (loss) | (319,000) | $ (156,000) | (265,000) | $ (1,109,000) | |||
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | |||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||
Fair Value, Net Asset (Liability) | $ (104,000) | ||||||
Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | |||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||
Fair Value, Net Asset (Liability) | 675,275 | 675,275 | $ (20,950) | ||||
Fair Value, Measurements, Recurring [Member] | Swap [Member] | Fuel [Member] | |||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||
Fair Value, Net Asset (Liability) | $ 38,319 | $ 38,319 | $ 303,675 |
Related Party Transactions (Det
Related Party Transactions (Details) | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Schedule of Related Party Payables | |
December 31, 2016 | $ 15,972,147 |
September 30, 2017 | 6,929,885 |
Related Party Debt Current [Member] | |
Schedule of Related Party Payables | |
December 31, 2016 | 15,972,147 |
Activity | (9,042,262) |
September 30, 2017 | 6,929,885 |
Affiliated Companies [Member] | Accounts Payable and Accrued Liabilities [Member] | |
Schedule of Related Party Payables | |
December 31, 2016 | 1,109,570 |
Activity | 34,994 |
September 30, 2017 | 1,144,564 |
Loan Payable 2011 Founders Note [Member] | Related Party Debt Current [Member] | Loans Payable [Member] | |
Schedule of Related Party Payables | |
December 31, 2016 | 4,325,000 |
Activity | 0 |
September 30, 2017 | 4,325,000 |
Interest payable in-kind [Member] | Related Party Debt Current [Member] | Loans Payable [Member] | |
Schedule of Related Party Payables | |
December 31, 2016 | 368,347 |
Activity | 236,538 |
September 30, 2017 | 604,885 |
Loan Payable To Founders [Member] | Related Party Debt Current [Member] | Loans Payable [Member] | |
Schedule of Related Party Payables | |
December 31, 2016 | 2,000,000 |
September 30, 2017 | 2,000,000 |
Loan Payable BVH shareholder STST [Member] | Related Party Debt Current [Member] | Loans Payable [Member] | |
Schedule of Related Party Payables | |
December 31, 2016 | 9,278,800 |
Activity | $ (9,278,800) |
Related Party Transactions Sche
Related Party Transactions Schedule of Dividends (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Dividends Payable [Line Items] | ||||
Dividends Payable | $ 7,238,401 | $ 12,624,825 | $ 12,724,825 | |
Stock issued during period, value, issurance of common stock as settlement of accrued dividends | (4,385,000) | $ 0 | ||
Dividends, Cash | (1,001,424) | (100,000) | ||
Common Stock Dividend 2008 [Member] | ||||
Dividends Payable [Line Items] | ||||
Dividends Payable | 0 | 2,374,125 | 2,474,125 | |
Stock issued during period, value, issurance of common stock as settlement of accrued dividends | (2,374,125) | |||
Dividends, Cash | (100,000) | (100,000) | ||
Common Stock Special Dividend 2012 [Member] | ||||
Dividends Payable [Line Items] | ||||
Dividends Payable | (77,942) | 2,934,357 | 2,934,357 | |
Stock issued during period, value, issurance of common stock as settlement of accrued dividends | (2,010,875) | |||
Dividends, Cash | (1,001,424) | 0 | ||
Common Stock Dividend 2013 [Member] | ||||
Dividends Payable [Line Items] | ||||
Dividends Payable | 6,411,540 | 6,411,540 | 6,411,540 | |
Stock issued during period, value, issurance of common stock as settlement of accrued dividends | 0 | |||
Dividends, Cash | 0 | 0 | ||
Odyssey And Orion Dividend 2013 [Member] | ||||
Dividends Payable [Line Items] | ||||
Dividends Payable | 904,803 | 904,803 | $ 904,803 | |
Stock issued during period, value, issurance of common stock as settlement of accrued dividends | 0 | |||
Dividends, Cash | $ 0 | $ 0 |
Related Party Transactions (D32
Related Party Transactions (Details Textual) | May 22, 2015USD ($) | Oct. 01, 2011USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2013vessel | Jan. 07, 2017USD ($) | Dec. 31, 2016USD ($) | Nov. 30, 2014USD ($) |
Related Party Transaction [Line Items] | ||||||||||
Due to related parties, current | $ 6,929,885 | $ 6,929,885 | $ 15,972,147 | |||||||
Proceeds from related party debt | 0 | $ 1,522,500 | ||||||||
Technical management fees | 718,000 | $ 538,000 | 2,022,000 | 1,411,000 | ||||||
Dividends payable to the founders | 6,334,000 | 6,334,000 | ||||||||
Stock issued during period, value, issurance of common stock as settlement of accrued dividends | 4,385,000 | $ 0 | ||||||||
Shareholder Loans To Fund Deposits On Vessels [Member] | Two Ultramax Vessels [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Due to related parties, current | 0 | 0 | 9,278,800 | |||||||
Founder [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Interest rate, stated percentage | 5.00% | |||||||||
Proceeds from related party debt | $ 10,000,000 | |||||||||
Notes payable, related parties, current | 4,325,000 | 4,325,000 | 4,325,000 | |||||||
Construction Of Two New ultramax newbuildings [Member] | Two Ultramax Vessels [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Purchase obligation, number of vessels | vessel | 2 | |||||||||
Bulk Invest, Ltd. [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 5,000,000 | |||||||||
Repayments of notes payable | $ (3,000,000) | 0 | ||||||||
Interest rate, stated percentage | 5.00% | |||||||||
Related Party Debt Current [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Proceeds from (Repayments of) Related Party Debt | (9,042,262) | |||||||||
Due to related parties, current | 6,929,885 | 6,929,885 | 15,972,147 | |||||||
Accounts Payable and Accrued Liabilities [Member] | Affiliated Companies [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Proceeds from (Repayments of) Related Party Debt | 34,994 | |||||||||
Due to related parties, current | 1,144,564 | 1,144,564 | 1,109,570 | |||||||
Loans Payable [Member] | Related Party Debt Current [Member] | Loan Payable To Founders [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Due to related parties, current | $ 2,000,000 | $ 2,000,000 | $ 2,000,000 | |||||||
m/v Bulk Destiny [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 11,200,000 |
Commitments and Contingencies L
Commitments and Contingencies Lease Commitments (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Commitments and Contingencies Disclosure [Abstract] | ||
Capital Leases, Future Minimum Payments Due, Next Twelve Months | $ 3,278,295 | |
Capital Leases, Future Minimum Payments Due in Two Years | 3,278,295 | |
Capital Leases, Future Minimum Payments Due in Three Years | 3,278,295 | |
Capital Leases, Future Minimum Payments Due in Four Years | 3,278,295 | |
Capital Leases, Future Minimum Payments Due in Five Years | 6,858,295 | |
Capital Leases, Future Minimum Payments Due Thereafter | 14,227,441 | |
Capital Leases, Future Minimum Payments Due | 34,198,916 | |
Capital Leases, Future Minimum Payments, Interest Included in Payments | 6,967,515 | |
Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments | 27,231,401 | |
Capital Lease Obligations, Current | 1,759,303 | $ 0 |
Capital Lease Obligations, Noncurrent | 25,472,098 | $ 0 |
2,018 | 585,717 | |
2,019 | 420,514 | |
2,020 | 365,446 | |
2,021 | 285,348 | |
2,022 | 0 | |
Operating Leases, Future Minimum Payments, Due Thereafter | 0 | |
Operating Leases, Future Minimum Payments Due | $ 1,657,025 |
Commitments and Contingencies (
Commitments and Contingencies (Details Textual) | Jun. 15, 2017USD ($) | Jan. 07, 2017USD ($) | Jul. 05, 2016USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2013vessel |
Commitments and Contingencies [Line Items] | |||||
Proceeds from Legal Settlements | $ 462,000 | ||||
rental expense per year under bareboat charter, next 5 years | $ 365,000 | ||||
Construction Of Two New ultramax newbuildings [Member] | Two Ultramax Vessels [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Purchase obligation, number of vessels | vessel | 2 | ||||
mv BULK BEOTHUK [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Sale Leaseback Transaction, Lease Terms | The lease is payable at $3,500 per day every fifteen days over the five year lease term | ||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 4,000,000 | ||||
Interest rate, stated percentage | 11.83% | ||||
Capital Leased Assets, Gross | $ 7,000,000 | $ 6,920,181 | |||
m/v Bulk Destiny [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Sale Leaseback Transaction, Proceeds | $ 21,000,000 | ||||
Sale Leaseback Transaction, Lease Terms | Minimum lease payments fluctuate based on three-month LIBOR and are payable quarterly over the seven year lease term | ||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | $ 11,200,000 | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||
Debt Instrument, Interest Rate, Effective Percentage | 3.85% | ||||
Capital Leased Assets, Gross | $ 24,000,000 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] - USD ($) $ in Millions | Nov. 03, 2017 | Oct. 11, 2017 |
m/v Bulk Pride [Member] | ||
Subsequent Event [Line Items] | ||
Vessel Purchase Price | $ 13.8 | |
Venture Barge Corp. [Member] | ||
Subsequent Event [Line Items] | ||
Vessel Purchase Price | $ 2.4 | |
Equity Method Investment, Ownership Percentage | 50.00% |