Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2016	May. 10, 2016
Entity Registrant Name	Eagle Bulk Shipping Inc.
Entity Central Index Key	0001322439
Trading Symbol	egle
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		45,713,023
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
First Lien Facility [Member]
Noncurrent liabilities:
Lien Facility, net of debt issuance costs	$ 193,591,587	$ 225,577,491
Second Lien Facility [Member]
Noncurrent liabilities:
Lien Facility, net of debt issuance costs	59,795,481
Cash and cash equivalents	16,768,574	$ 24,896,161
Accounts receivable	7,096,206	7,076,528
Prepaid expenses	2,633,930	3,232,763
Inventories	5,596,345	5,574,406
Other assets	112,486	245,569
Total current assets	32,207,541	41,025,427
Vessels and vessel improvements, at cost, net of accumulated depreciation of $58,027,166 and $49,148,080, respectively	719,026,871	733,960,731
Other fixed assets, net of accumulated amortization of $183,670 and $159,827, respectively	592,970	220,509
Restricted cash	141,161	141,161
Deferred drydock costs	11,928,415	11,146,009
Other assets	117,113	109,287
Total noncurrent assets	731,806,530	745,577,697
Total assets	764,014,071	786,603,124
Accounts payable	11,411,500	8,216,473
Accrued interest	327,283	401,232
Other accrued liabilities	10,798,848	10,827,075
Fair value below contract value of time charters acquired	820,313	1,283,926
Unearned charter hire revenue	$ 2,144,022	1,560,402
Current portion of long-term debt		15,625,000
Total current liabilities	$ 25,501,966	37,914,108
Other liabilities	720,915	672,941
Fair value below contract value of time charters acquired	4,511,717	4,094,122
Total noncurrent liabilities	258,619,700	230,344,554
Total liabilities	284,121,666	268,258,662
Stockholders' equity:
Common stock, $.01 par value, 150,000,000 shares authorized, 45,091,578 and 37,666,059 shares issued and outstanding, respectively	450,916	376,661
Additional paid-in capital	678,565,852	677,813,494
Accumulated deficit	(199,124,363)	(159,845,693)
Total stockholders' equity	479,892,405	518,344,462
Total liabilities and stockholders' equity	$ 764,014,071	$ 786,603,124

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Accumulated depreciation, vessels	$ 58,027,166	$ 49,148,080
Accumulated amortization, other fixed assets	$ 183,670	$ 159,827
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	45,091,578	37,666,059
Common stock, shares outstanding (in shares)	45,091,578	37,666,059

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues, net	$ 21,278,288	$ 26,331,166
Voyage expenses	9,244,047	5,182,175
Vessel expenses	20,480,635	20,448,706
Charter hire expenses	1,488,518	1,215,964
Depreciation and amortization	9,396,701	10,557,171
General and administrative expenses	5,331,343	$ 6,435,003
Refinancing expenses	5,634,260
Impairment of Vessels	6,167,262
Total operating expenses	57,742,766	$ 43,839,019
Operating loss	(36,464,478)	(17,507,853)
Interest expense	2,817,646	3,162,166
Interest income	(3,454)	(2,955)
Total other expense, net	2,814,192	3,159,211
Net loss	$ (39,278,670)	$ (20,667,064)
Weighted average shares outstanding:
Basic (in shares)	37,829,257	37,527,010
Diluted (in shares)	37,829,257	37,527,010
Per share amounts:
Basic net loss (in dollars per share)	$ (1.04)	$ (0.55)
Diluted net loss (in dollars per share)	$ (1.04)	$ (0.55)

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net loss	$ (39,278,670)	$ (20,667,064)
Other comprehensive loss:
Change in unrealized loss on investment		(359,552)
Total other comprehensive loss		(359,552)
Comprehensive loss	$ (39,278,670)	$ (21,026,616)

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - 3 months ended Mar. 31, 2016 - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Net Income (Loss) [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2015	37,666,059
Balance at Dec. 31, 2015	$ 376,661	$ 677,813,494		$ (159,845,693)	$ 518,344,462
Net loss			$ (39,278,670)	$ (39,278,670)	$ (39,278,670)
Issuance of shares in connection with the entry into the Second Lien Loan Agreement (in shares)	7,425,519
Issuance of shares in connection with the entry into the Second Lien Loan Agreement	$ 74,255	(74,255)
Non-cash compensation		826,613			$ 826,613
Balance (in shares) at Mar. 31, 2016	45,091,578
Balance at Mar. 31, 2016	$ 450,916	$ 678,565,852		$ (199,124,363)	$ 479,892,405

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Term Loan [Member]
Cash flows from financing activities:
Repayment of loan	$ (15,625,000)	$ (3,906,250)
Revolver Loan [Member]
Cash flows from financing activities:
Repayment of loan	(30,158,500)
Net loss	(39,278,670)	$ (20,667,064)
Depreciation	8,902,929	10,271,775
Amortization of deferred drydocking costs	493,772	285,396
Amortization of Debt issuance costs	308,504	724,425
Amortization of fair value below contract value of time charter acquired	(46,018)	$ (335,330)
Impairment of Vessels	6,167,262
Non-cash compensation expense	826,613	$ 1,884,452
Drydocking expenditures	(1,276,178)	(3,060,384)
Accounts receivable	(19,678)	3,833,086
Other assets	125,257	947,830
Prepaid expenses	598,833	715,445
Inventories	(21,939)	(672,954)
Accounts payable	3,195,027	(3,860,279)
Accrued interest	(73,949)	34,882
Accrued expenses	19,747	1,138,665
Unearned revenue	583,620	(876,693)
Net cash used in operating activities	(19,494,868)	(9,636,748)
Vessel Improvements	(112,488)	$ (742,014)
Purchase of Other Fixed assets	(396,304)
Net cash used in investing activities	(508,792)	$ (742,014)
Proceeds from Second Lien Facility	$ 60,000,000
Cash used to settle net share equity awards		$ (1,285,506)
Deferred financing costs	$ (2,340,427)
Net cash provided by / (used in) financing activities	11,876,073	$ (5,191,756)
Net decrease in cash and cash equivalents	(8,127,587)	(15,570,518)
Cash and cash equivalents at beginning of period	24,896,161	39,975,287
Cash and cash equivalents at end of period	$ 16,768,574	$ 24,404,769

Note 1 - Basis of Presentation and General Information

3 Months Ended

Mar. 31, 2016

Notes to Financial Statements

Business Description and Basis of Presentation [Text Block]

Note 1. Basis of Presentation and General Information

The accompanying condensed consolidated financial statements include the accounts of Eagle Bulk Shipping Inc. and its wholly-owned subsidiaries (collectively, the “Company”, “we” or “our”). The Company is engaged in the ocean transportation of dry bulk cargoes worldwide through the ownership, chartering and operation of dry-bulk vessels. The Company's fleet is comprised of Supramax and Handymax dry bulk carriers and the Company operates its business in one business segment.

As of March 31, 2016, the Company owned and operated a modern fleet of 44 oceangoing vessels, 43 Supramax and 1 Handymax, with a combined carrying capacity of 2,404,064 dwt and an average age of approximately 8.7 years. The Company chartered in a Handylog beginning October 2, 2014 for a period of 7 years.

The following table represents certain information about the Company's charterers which individually accounted for more than 10% of the Company's gross charter revenue during the periods indicated:

	% of Consolidated Charter Revenue
	Three Months Ended
Charterer	March 31, 2016		March 31, 2015
Charterer A*		-		28.4	%

*Charter revenue from a pool in which the Company participated.

The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), and the rules and regulations of the Securities and Exchange Commission (“SEC”) which apply to interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes normally included in consolidated financial statements prepared in conformity with U.S. GAAP. They should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2015 Annual Report on Form 10-K, filed with the SEC on March 31, 2016.

The accompanying condensed consolidated financial statements are unaudited and include all adjustments (consisting of normal recurring adjustments) that management considers necessary for a fair presentation of its consolidated financial position and results of operations for the interim periods presented. We have made a reclassification adjustment to conform the prior period amounts to the current period’s presentation in the Condensed Consolidated Statement of Operations. This change in classification had no effect on the previously reported Condensed Consolidated Statement of Operations and on total operating expenses. For the three months ended March 31, 2015, we have reclassified the technical management costs of $1.5 million previously included in Vessel expenses to General and administrative expenses in order to more closely align the Company’s presentation to that of many of its peers.

The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the entire year.

We adopted the provisions of Accounting Standard Update 2015-03 issued by the FASB relating to presentation of debt issuance costs. Accordingly, we have reclassified previously reported deferred financing costs of $435,816 as of December 31, 2015 as a reduction of the long term debt balance retrospectively.

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the 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 useful lives of fixed assets, the period of amortization, asset impairment, the fair value of warrants and stock-based compensation.

Liquidity

As a result of the very challenging market conditions in the dry bulk shipping sector in recent years, the Company has incurred significant losses since 2012, and negative operating cash flow since 2013. In 2014, the Company filed for bankruptcy and emerged from bankruptcy in October 2014. Since emerging from bankruptcy, the Company has continued to incur significant losses. The rate environment continues to be low, and the Company had certain events of default under its credit facility for which its lenders agreed to forbearance agreements pursuant to a forbearance agreement, as amended regarding such defaults. In March 2016, the Company completed the refinancing discussed below, which mitigated the liquidity issues facing the Company. After the refinancing, the Company’s credit line as part of the First Lien Facility, as defined herein, will be available for working capital needs of the Company. However, the drybulk sector continues to experience significant challenges and shipping rates have been very low. There are no assurances that the level of liquidity will be adequate to continue to fund the Company’s operating needs, particularly if the dry bulk rate environment continue to operate at historically low levels. If such low rates continue, the Company may be required to sell vessels, or to raise additional funds, although there is no assurance that the sale of any vessels or financing will be available on terms acceptable to the Company, if at all.

Note 2 - New Accounting Pronouncements	3 Months Ended
Note 2 - New Accounting Pronouncements	Mar. 31, 2016
Notes to Financial Statements
Significant Accounting Policies [Text Block]	Note 2. New Accounting Pronouncements In May 2014, the FASB (“Financial Accounting Standards Board”) issued Accounting Standards Update, (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, and shall be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is evaluating the potential impact of the adoption of this standard on its consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15, “Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern.” This ASU establishes specific guidance to an organization's management on their responsibility to evaluate whether there is substantial doubt about the organization's ability to continue as a going concern. The provisions of this ASU are effective for interim and annual periods ending after December 15, 2016. The Company is evaluating the potential impact of the adoption of this standard on its consolidated financial statements. In August 2015, the FASB issued ASU 2015-15, "Interest—Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements." The Company adopted this accounting standard on January 1, 2016. Accordingly, $435,816 as of December 31, 2015 has been reported as a reduction of the long-term debt balance which was previously classified as other assets as of December 31, 2015. In July 2015, the FASB issued ASU No. 2015-11, “Simplifying the Measurement of Inventory”. The new guidance specifies that inventory be measured at the lower of cost and net realizable value. The amendment would apply prospectively and would be effective for annual reporting periods beginning after December 15, 2016 and interim reporting periods within annual reporting periods beginning after December 15, 2017. The Company is evaluating the potential impact of the adoption of this standard on its consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases. ASU 2016-02 is intended to increase the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. In order to meet that objective, the new standard requires recognition of the assets and liabilities that arise from leases. A lessee will be required to recognize on the balance sheet the assets and liabilities for leases with lease terms of more than 12 months. Accounting by lessors will remain largely unchanged from current U.S. generally accepted accounting principles. The new standard is effective for public companies for fiscal years beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. The Company is currently evaluating the effect that adopting this standard will have on our financial statements and related disclosures. In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Stock Compensation. The new guidance is intended to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The standard is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. The Company is evaluating the potential impact of the adoption of this standard on its consolidated financial statements.

Note 3 - Vessels

3 Months Ended

Mar. 31, 2016

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

Note 3. Vessels

Vessel and Vessel Improvements

At March 31, 2016, the Company’s operating fleet consisted of 44 drybulk vessels.

As of December 31, 2015, we determined that the future undiscounted cash flows did not exceed the net book value on six of our vessels. This is a result of our intention to divest six of our older vessels in the short term period. As a result, we reduced the carrying value of each vessel to its fair market value as of December 31, 2015 and recorded an impairment charge of $50,872,734.

As of March 31, 2016, due to further reduction in asset value during the first quarter of 2016, we determined that the future undiscounted cash flows of six of our vessels did not exceed their net book value. As a result, we reduced the carrying value of each vessel to its fair market value as of March 31, 2016 and recorded an impairment charge of $6,167,262.

On April 26, 2016, the Company sold the vessel Peregrine for $2.7 million, after brokerage commissions, and expects to record a net loss of approximately $150,000 in the second quarter of 2016. The Peregrine was not available for delivery prior to April 26, 2016. A portion of the proceeds was used towards repayment of the term loan under the First Lien Facility.

In April 2016, the Company decided to sell an additional two vessels, MV Harrier and MV Falcon and reached an agreement to sell the vessels for $3.3 million each before brokerage commissions. The Company expects to realize a loss on sale of approximately $0.1 million for each vessel. Both the vessels are not available for delivery until May, 2016. The Company expects fifty percent of the net sale proceeds to be used to repay the term loan under the First Lien Facility.

Vessel and vessel improvements consist of the following:


Vessels and Vessel Improvements, at December 31, 2015	$	733,960,731
Purchase of Vessel Improvements		112,488
Depreciation Expense		(8,879,086	)
Vessel Impairment Charge		(6,167,262	)
Vessels and Vessel Improvements, at March 31, 2016	$	719,026,871

Note 4 - Debt

3 Months Ended

Mar. 31, 2016

Notes to Financial Statements

Long-term Debt [Text Block]

Note 4. Debt

Debt consists of the following:
	March 31, 2016			December 31, 2015
First Lien Facility / Exit Financing Facility	$	199,591,500		$	245,375,000
Debt issuance costs First Lien / Exit Financing Facility		(5,999,913	)		(4,172,509	)
First Lien Facility / Exit Financing Facility net of debt issuance costs		193,591,587			241,202,491
Second Lien Facility		60,000,000			-
Deferred Financing Costs Second Lien	$	(204,519	)	$	-
Second Lien Facility, net of Debt issuance costs		59,795,481
Less: Current Portion Exit Financing Facility		-			(15,625,000	)
Total debt	$	253,387,068		$	225,577,491

Corporate Reorganization and Refinancing

On March 30, 2016, we entered into the Contribution Agreement pursuant to which the Company transferred, assigned and contributed to Eagle Shipping, and Eagle Shipping received, accepted and assumed, all of the tangible and intangible assets of the Company (other than the membership interests in Eagle Shipping owned by the Company and certain deposit accounts held by the Company, which deposit account balances were transferred) and all of the liabilities of the Company, including all of the Company’s rights and obligations under the Exit Financing Facility. Immediately following the Contribution, Eagle Shipping became the direct parent company of each of the Company’s previously directly-owned subsidiaries. The Contribution was part of the transactions contemplated by the agreements also entered into on March 30, 2016 and described below, which transactions were consummated on March 30, 2016, after the fulfillment of certain conditions precedent.

First Lien Facility

On March 30, 2016, Eagle Shipping, as borrower, and certain of its subsidiaries that are guarantors under the Exit Financing Facility, as guarantors, entered into an Amended and Restated First Lien Loan Agreement (the “A&R First Lien Loan Agreement”) with the lenders thereunder (the “First Lien Lenders”) and ABN AMRO Capital USA LLC, as agent and security trustee for the lenders. The A&R First Lien Loan Agreement amends and restates the Exit Financing Facility in its entirety, providing for Eagle Shipping to be the borrower in the place of the Company, and further provides for a waiver of any and all events of default occurring as a result of the voluntary OFAC Disclosure (as defined below under Note 6 “Commitments and Contingencies - Legal Proceedings”). The A&R First Lien Loan Agreement provides for a term loan outstanding as of March 30, 2016, in the amount of $201,468,750 as well as a $50,000,000 revolving credit facility, of which $10,000,000 was undrawn prior to the refinancing (the term loan, together with the revolving credit facility, the “First Lien Facility”). The First Lien Facility matures on October 15, 2019. An aggregate fee of $600,000 was paid to the Agent and First Lien Lenders in connection with the First Lien Facility.

As of March 31, 2016 our total availability in the revolving credit facility under the First Lien Facility was $40,158,500.

Eagle Shipping’s obligations under the First Lien Facility are secured by a first priority mortgage on each of the vessels currently in the Company’s fleet and such other vessels that it may from time to time include with the approval of the First Lien Lenders, a first assignment of its earnings account, its liquidity account and its vessel-owning subsidiaries’ earnings accounts, a first assignment of all charters with terms that may exceed 18 months, freights, earnings, insurances, requisition compensation and management agreements with respect to the vessels and a first priority pledge of the membership interests of each of Eagle Shipping’s vessel-owning subsidiaries. In the future, Eagle Shipping may grant additional security to the lenders from time to time.

The First Lien Facility contains financial covenants requiring Eagle Shipping, among other things, to ensure that the aggregate market value of the vessels in the Company’s fleet (plus the value of certain additional collateral) at all times on or after July 1, 2017 does not fall below 100% in the third and fourth quarters of 2017, 110% in 2018 and 120% in 2019 of the aggregate principal amount of debt outstanding (subject to certain adjustments) under the First Lien Facility and maintain minimum liquidity of not less than the greater of (i) $8,140,000 and (ii) $185,000 per vessel in the Company’s fleet. In addition, the First Lien Facility also imposes operating restrictions on Eagle Shipping including limiting Eagle Shipping’s ability to, among other things: pay dividends; incur additional indebtedness; create liens on assets; acquire and sell capital assets (including vessels); and merge or consolidate with, or transfer all or substantially all of Eagle Shipping’s assets to, another person. Upon entering into the First Lien Facility, Eagle Shipping made a principal payment with respect to the term loan of $11,718,750. For the fiscal quarters ending June 30, 2017 and June 30, 2018 and the fiscal years ending December 31, 2017 and 2018, Eagle Shipping is obligated to repay the First Lien Facility semi-annually in an amount equal to 75% of Eagle Shipping’s excess cash flow for the preceding semi-annual period, as defined in the First Lien Facility, subject to a cap of such mandatory prepayments of $15,625,000 in any fiscal year. Thereafter, Eagle Shipping will make payments of $3,906,250 on January 15, 2019, April 15, 2019, and July 15, 2019, and a final balloon payment equal to the remaining amount outstanding under the First Lien Facility on October 15, 2019.

The First Lien Facility also includes customary events of default, including those relating to a failure to pay principal or interest, a breach of covenant, representation or warranty, a cross-default to other indebtedness and non-compliance with security documents. Further, there would be a default if any event occurs or circumstances arise in light of which, in the First Lien Lenders’ judgment, there is significant risk that Eagle Shipping is or would become insolvent. Eagle Shipping is not permitted to pay dividends. Indebtedness under the First Lien Facility may also be accelerated if Eagle Shipping experiences a change of control.

Second Lien Facility

On March 30, 2016, Eagle Shipping, as borrower, and certain of its subsidiaries, as guarantors, entered into a Second Lien Loan Agreement (the “Second Lien Loan Agreement”) with certain lenders (the “Second Lien Lenders”) and Wilmington Savings Fund Society, FSB as agent for the Second Lien Lenders (the “Second Lien Agent”). The Second Lien Lenders include certain of the Company’s existing shareholders as well as other investors. The Second Lien Loan Agreement provides for a term loan in the amount of $60,000,000 (the “Second Lien Facility”), and matures on January 14, 2020 (91 days after the original stated maturity of the First Lien Facility). The term loan under the Second Lien Facility bears interest at a rate of LIBOR plus 14.00% per annum (with a 1.0% LIBOR floor) or the Base Rate (as defined in the Second Lien Loan Agreement) plus 13.00% per annum, paid in kind quarterly in arrears. The Company used the proceeds from the Second Lien Facility to pay down amounts outstanding in respect of the revolving credit facility under the Exit Financing Facility, pay three quarters of amortization payments under the Exit Financing Facility, pay transaction fees in connection with the entry into the A&R First Lien Loan Agreement and the Second Lien Loan Agreement, and add cash to the balance sheet, which cash would be deposited in an account subject to the security interest and control of the First Lien Lenders and the Second Lien Lenders.

Eagle Shipping’s obligations under the Second Lien Facility are secured by a second priority lien on the same collateral securing Eagle Shipping’s obligations under the First Lien Facility, subject to the terms of the Intercreditor Agreement (as defined below). Eagle Shipping may grant additional security to the Second Lien Lenders from time to time in the future, subject to the terms of the Intercreditor Agreement.

The Second Lien Facility contains financial covenants substantially similar to those in the First Lien Facility, subject to standard cushions, requiring Eagle Shipping, among other things, to ensure that the aggregate market value of the vessels in the Company’s fleet (plus the value of certain additional collateral) at all times on or after July 1, 2017 does not fall below 100% in the third and fourth quarters of 2017, 110% in 2018 and 120% in 2019 of the aggregate principal amount of debt outstanding (subject to certain adjustments) under the Second Lien Facility (provided that Eagle Shipping will not be required to comply with such covenant until the First Lien Facility has been paid in full) and to maintain a minimum liquidity of not less than the greater of (i) $6,512,000 and (ii) $148,000 per vessel in Eagle Shipping’s fleet. In addition, the Second Lien Facility also imposes operating restrictions on Eagle Shipping including limiting Eagle Shipping’s ability to, among other things: pay dividends; incur additional indebtedness; create liens on assets; acquire and sell capital assets (including vessels); and merge or consolidate with, or transfer all or substantially all of Eagle Shipping’s assets to, another person. Eagle Shipping may not prepay the Second Lien Facility while amounts or commitments under the First Lien Facility remain outstanding.

The Second Lien Facility also includes customary events of default, including those relating to a failure to pay principal or interest, a breach of covenant, representation or warranty, a cross-default to other indebtedness and non-compliance with security documents. Further, there would be a default if any event occurs or circumstances arise in light of which, in the Second Lien Lenders’ judgment, there is significant risk that Eagle Shipping is or would become insolvent. Eagle Shipping is not permitted to pay dividends. Indebtedness under the Second Lien Facility may also be accelerated if Eagle Shipping experiences a change of control.

In connection with the entry into the Second Lien Loan Agreement, on March 30, 2016, the Company plans to issue up to 344,587,536 shares of common stock to the Second Lien Lenders pro rata based on their participation in the Second Lien Facility, which Second Lien Lenders will receive shares equivalent to 90% of the outstanding common stock of the Company after such issuance. The issuance of the shares of common stock is being made pursuant to the exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”).

In a first step, the Company issued and delivered 7,425,519 shares of common stock, representing approximately 19.4% of the Company’s pre-transaction outstanding shares of common stock, to the Second Lien Lenders (the “Initial Share Issuance”). In a second step and subject to certain approvals by our shareholders, the Company intends to issue and deliver up to an additional 335,192,945 shares of common stock, representing more than 20% of the Company’s current share count, to the Second Lien Lenders (the “Additional Share Issuance”) and an additional 1,969,072 shares of common stock, to the Chairman and Chief Executive Officer both of whom participated as Second Lien Lenders (the “Director and Officer Issuance”). On May 3, 2016, the Company filed a preliminary proxy statement with the SEC in connection with a special meeting of the Company’s stockholders to vote on the Additional Share Issuance, the Director and Officer Issuance, an increase in the amount of authorized shares of common stock, and a reverse stock split.

Intercreditor Agreement

Concurrently with Eagle Shipping’s entry into the A&R First Lien Loan Agreement and the Second Lien Loan Agreement, and in connection with the granting of security interest in the collateral under those agreements, Eagle Shipping entered into an Intercreditor Agreement, dated as of March 30, 2016 (the “Intercreditor Agreement”) among Eagle Shipping, the First Lien Agent and the Second Lien Agent. The Intercreditor Agreement governs the relative rights and priorities of the secured parties in respect of liens on the assets of Eagle Shipping and its subsidiaries securing the First Lien Facility and the Second Lien Facility.

For the three-month period ended March 31, 2016, interest rates on our outstanding debt ranged from 3.86% to 6.39%, including a margin over LIBOR applicable under the terms of the amended credit facility and commitment fees of 40% of the margin on the undrawn portion of the facility. The weighted average effective interest rate was 5.06%.

For the three-month period ended March 31, 2015, interest rates on our outstanding debt ranged from 4.04% to 4.05%, including a margin over LIBOR applicable under the terms of the amended credit facility and commitment fees of 40% of the margin on the undrawn portion of the facility. The weighted average effective interest rate was 5.29%.

Interest Expense consisted of:

	March 31, 2016		March 31, 2015
Exit Financing Facility Interest	$	2,509,142	$	2,437,741
Amortization of Debt issuance costs		308,504		724,425
Total Interest Expense	$	2,817,646	$	3,162,166

Interest paid amounted to $2,529,674 and $2,402,859 for the three months ended March 31, 2016 and 2015, respectively.

Note 5 - Derivative Instruments and Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Derivatives and Fair Value [Text Block]	Note 5. Derivative Instruments and Fair Value Measurements Historically, the Company entered into interest rate swaps to effectively convert a portion of its debt from a floating to a fixed-rate basis. Under these swap contracts, exclusive of applicable margins, the Company pays fixed rate interest and receives floating-rate interest amounts based on three-month LIBOR settings. The swaps are designated and qualify as cash flow hedges. As of March 31, 2016 and December 31, 2015, the Company did not have any open positions and no fair value for interest rate swaps is reflected in the accompanying balance sheets. Forward freight agreements, bunker swaps and freight derivatives The Company trades in forward freight agreements (“FFAs”), bunker swaps and freight derivatives markets, with the objective of utilizing these markets as economic hedging instruments that reduce the risk of specific vessels to changes in the freight market and/or bunker costs. The Company’s FFAs, bunker swaps and freight derivatives have not qualified for hedge accounting treatment. As of March 31, 2016 and December 31, 2015, the Company did not have any open positions and no fair value for derivative instruments is reflected in the accompanying balance sheets. Cash Collateral Disclosures The Company does not offset fair value amounts recognized for derivatives by the right to reclaim cash collateral or the obligation to return cash collateral. The amount of collateral to be posted are defined in the terms of respective master agreement executed with counterparties or exchanges and are required when agreed upon threshold limits are exceeded. As of March 31, 2016 and December 31, 2015, the Company had no outstanding amounts paid as collateral related to the derivative fair value positions. Fair Value Measurements The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash, cash equivalents and restricted cash— the carrying amounts reported in the consolidated balance sheets for interest-bearing deposits approximate their fair value due to their short-term nature thereof. Debt —the carrying amounts of borrowings under the revolving credit agreement approximate their fair value, due to the variable interest rate nature thereof. The Company defines fair value, establishes a framework for measuring fair value and provides disclosures about fair value measurements. The fair value hierarchy for disclosure of fair value measurements is as follows: Level 1 – Quoted prices in active markets for identical assets or liabilities. Our Level 1 non-derivatives include cash, money-market accounts and restricted cash accounts. Level 2 – Quoted prices for similar assets and liabilities in active markets or inputs that are observable. Our Level 2 non-derivatives include our term loan account and asset impairment. Level 3 – Inputs that are unobservable (for example cash flow modeling inputs based on assumptions) In the first quarter of 2016, as discussed in Note 3, the Company recorded an impairment of $6,167,262 as a result of further reduction in asset value since December 31, 2015 coupled with management’s intention to divest of six of its vessels in the short term period. Prior to the impairment, such vessels had a recorded value of $25,317,262. In 2015, the Company recorded an impairment of $50,872,734 on the above noted vessels. Prior to the impairment, such vessels had a recorded value of $76,332,734.

Note 6 - Commitments and Contingencies	3 Months Ended
Note 6 - Commitments and Contingencies	Mar. 31, 2016
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 6. Commitments and Contingencies Legal Proceedings In November 2015, the Company filed a voluntary self-disclosure report with the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) regarding certain apparent violations of U.S. sanctions regulations in the provision of shipping services for third party charterers with respect to the transportation of cargo to or from Myanmar (formerly Burma) (the “OFAC Disclosure”). At the time of such apparent violations, the Company had a different senior operational management team. Notwithstanding the fact that the apparent violations took place under a different senior operational management team and although the Company's new board and management have implemented robust remedial measures and significantly enhanced its compliance safeguards, there can be no assurance that OFAC will not conclude that these past actions warrant the imposition of civil penalties and/or referral for further investigation by the U.S. Department of Justice. The report was provided to OFAC for the agency’s review, consideration and determination regarding what action, if any, may be taken in resolution of this matter. The Company will continue to cooperate with the agency regarding this matter and cannot estimate when such review will be concluded. While the ultimate impact of these matters cannot be determined, there can be no assurance that the impact will not be material to the Company’s financial condition or results of operations. Other Commitments On July 28, 2011, the Company entered into an agreement to charter-in a 37,000 dwt newbuilding Japanese vessel that was delivered in October 2014 for seven years with an option for an additional one year. The hire rate for the first to seventh year is $13,500 per day and $13,750 per day for the eighth year option. The Company is involved in legal proceedings and may become involved in other legal matters arising in the ordinary course of its business. The Company evaluates these legal matters on a case-by-case basis to make a determination as to the impact, if any, on its business, liquidity, results of operations, financial condition or cash flows.

Note 7 - Loss Per Common Share

3 Months Ended

Mar. 31, 2016

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 7. Loss Per Common Share

The computation of basic net loss per share is based on the weighted average number of common shares outstanding for the three-month periods ended March 31, 2016 and March 31, 2015. Diluted net loss per share gives effect to stock awards, stock options and restricted stock units using the treasury stock method, unless the impact is anti-dilutive. Diluted net loss per share as of March 31, 2016 does not include 784,613 unvested stock awards, 1,377,337 stock options and 3,045,327 warrants as their effect was anti-dilutive. Diluted net loss per share as of March 31, 2015 does not include 489,471 stock awards, 975,312 stock options and 3,045,327 warrants as their effect was anti-dilutive.

	March 31, 2016			March 31, 2015
Net loss	$	(39,278,670	)	$	(20,667,064	)
Weighted Average Shares-Basic		37,829,257			37,527,010
Dilutive effect of stock options and restricted stock units		-			-
Weighted Average Shares Diluted		37,829,257			37,527,010
Basic loss per share	$	(1.04	)	$	(0.55	)
Diluted loss per share	$	(1.04	)	$	(0.55	)

Note 8 - Stock Incentive Plans	3 Months Ended
Note 8 - Stock Incentive Plans	Mar. 31, 2016
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Note 8. Stock Incentive Plans 2014 Management Incentive Plan On October 15, 2014, the date the Company completed its balance sheet restructuring and emerged from Chapter 11 bankruptcy proceedings (the “Effective Date”), in accordance with the Company’s prepackaged plan of reorganization filed with and approved by the United States Bankruptcy Court for the Southern District of New York, the Company adopted the post-emergence Management Incentive Plan, which provides for the distribution of New Eagle MIP Primary Equity in the form of shares of common stock of the Company, and New Eagle MIP Options, to the participating senior management and other employees of the reorganized Company with 2% of the Company’s common stock (on a fully diluted basis) on the Effective Date, and two tiers of options to acquire 5.5% of the Company’s common stock (on a fully diluted basis) with different strike prices based on the equity value for the reorganized Company and a premium to the equity value, each of the foregoing to vest generally over a four year schedule through 25% annual installments commencing on the first anniversary of the Effective Date. The New Eagle MIP Primary Equity is subject to vesting, but the holder thereof is entitled to receive all dividends paid with respect to such shares as if such New Eagle MIP Primary Equity had vested on the grant date (subject to forfeiture by the holder in the event that such grant is terminated prior to vesting unless the administrator of the Management Incentive Program determines otherwise). The New Eagle MIP Options will contain adjustment provisions to reflect any transaction involving shares of the Company’s common stock, including as a result of any dividend, recapitalization, or stock split, so as to prevent any diminution or enlargement of the holder’s rights under the award. As of March 31, 2016, stock awards covering a total of 784,613 of the Company’s shares are outstanding. The stock awards vest ratably over four years. The Company is amortizing to non-cash compensation expense included in general and administrative expenses the fair value of the non-vested stock awards at the grant date. As of March 31, 2015, options covering 1,377,337 of the Company’s common shares are outstanding with exercise prices ranging from $3.92 to $25.25 per share. The options granted to members of its management under the Management Incentive Plan vest and become exercisable in four equal annual installments beginning on the grant date. All options expire within seven years from the effective date. For the three months ended March 31, 2016 and 2015, the Company has recorded a non-cash compensation charge included in general and administrative expenses of $826,613 and $1,884,452, respectively. The future compensation to be recognized for the aforementioned restricted stock and options for the nine months ending December 31, 2016, and for the years ending December 31, 2017 and 2018 will be $2,129,374, $1,479,655 and $605,779, respectively.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

Note 4 - Debt (Tables)

3 Months Ended

Mar. 31, 2016

Notes Tables

Schedule of Debt [Table Text Block]

Debt consists of the following:
	March 31, 2016			December 31, 2015
First Lien Facility / Exit Financing Facility	$	199,591,500		$	245,375,000
Debt issuance costs First Lien / Exit Financing Facility		(5,999,913	)		(4,172,509	)
First Lien Facility / Exit Financing Facility net of debt issuance costs		193,591,587			241,202,491
Second Lien Facility		60,000,000			-
Deferred Financing Costs Second Lien	$	(204,519	)	$	-
Second Lien Facility, net of Debt issuance costs		59,795,481
Less: Current Portion Exit Financing Facility		-			(15,625,000	)
Total debt	$	253,387,068		$	225,577,491

Schedule Of Interest Expense Excluding Capitalized Interest [Table Text Block]

	March 31, 2016		March 31, 2015
Exit Financing Facility Interest	$	2,509,142	$	2,437,741
Amortization of Debt issuance costs		308,504		724,425
Total Interest Expense	$	2,817,646	$	3,162,166

Note 1 - Basis of Presentation and General Information (Details Textual)			3 Months Ended
	Mar. 30, 2016	Oct. 02, 2014	Mar. 31, 2016 USD ($) t	Mar. 31, 2015 USD ($)
Supramax Vessels [Member]
Vessels In Operation			43
Handymax Vessels [Member]
Vessels In Operation			1
Reclassification of Technical Management Cost From Vessel Expenses to General and Administrative Expenses [Member] \| Three Months Ended March 31, 2015 [Member]
Prior Period Reclassification Adjustment				$ 1,500,000
December 31, 2015 [Member] \| Reclassification of Deferred Financing Costs to Reduction of Long-term Debt [Member]
Prior Period Reclassification Adjustment			$ 435,816
Vessels In Operation			44
Dead Weight Tonnage of Operating Fleet \| t			2,404,064
Average Age in Years of Operating Fleet			8 years 255 days
Charters Agreement Term	1 year 180 days	7 years

Note 1 - Consolidated Revenue from Major Charters (Details)

3 Months Ended

Mar. 31, 2016

Mar. 31, 2015

Charterer A [Member] | Successor [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member]

Percentage of consolidated charter revenue

^[1]

28.40%

[1]	Charter revenue from a pool that the Company participated.

Note 3 - Vessels (Details Textual)			3 Months Ended			4 Months Ended	12 Months Ended
Note 3 - Vessels (Details Textual)	Apr. 30, 2016 USD ($)	Apr. 26, 2016 USD ($)	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Mar. 31, 2015 USD ($)	Apr. 30, 2016 USD ($)	Dec. 31, 2015 USD ($)
Vessels and Vessel Improvements [Member]
Impairment of Long-Lived Assets Held-for-use				$ 6,167,262			$ 50,872,734
Vessel Peregrine [Member] \| Subsequent Event [Member]
Property, Plant and Equipment, Disposals		$ 2,700,000
Vessel Peregrine [Member] \| Scenario, Forecast [Member]
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property			$ (150,000)
Harrier and Falcon [Member] \| Subsequent Event [Member] \| First Lien Facility [Member]
Debt Obligations, Sales Proceeds, Percentage	50.00%
Harrier and Falcon [Member] \| Subsequent Event [Member]
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property	$ (100,000)
Number of Vessels Sold	2					2
Vessel Falcon [Member] \| Subsequent Event [Member]
Proceeds from Sale of Property, Plant, and Equipment						$ 3,300,000
Vessel Harrier [Member] \| Subsequent Event [Member]
Proceeds from Sale of Property, Plant, and Equipment						$ 3,300,000
Number Of Vessels				44
Impairment of Long-Lived Assets Held-for-use				$ 6,167,262

Note 3 - Vessels and Vessel Improvements (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Vessels and Vessel Improvements [Member] \| Successor [Member]
Vessels and Vessel Improvements at beginning of period	$ 733,960,731
Purchase of Vessel Improvements	112,488
Depreciation Expense	(8,879,086)
Vessel Impairment Charge	(6,167,262)
Vessels and Vessel Improvements at end of period	719,026,871		$ 733,960,731
Vessels and Vessel Improvements [Member]
Vessel Impairment Charge	(6,167,262)		(50,872,734)
Vessels and Vessel Improvements at beginning of period	733,960,731
Vessel Impairment Charge	(6,167,262)
Vessels and Vessel Improvements at end of period	$ 719,026,871		$ 733,960,731

Note 4 - Debt (Details Textual)			3 Months Ended
Note 4 - Debt (Details Textual)	Mar. 30, 2016 USD ($) $ / item shares	Oct. 02, 2014	Mar. 31, 2016 USD ($)	Mar. 31, 2015 USD ($)
First Lien Facility [Member] \| First Lien Lenders [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 50,000,000
Line of Credit Facility, Remaining Borrowing Capacity			$ 40,158,500
First Lien Facility [Member] \| First Lien Lenders [Member] \| Requirement in Third and Fourth Quarter of 2017 [Member]
Debt Instrument, Covenant Percentage of Aggregate Principal, Minimum Threshold	100.00%
First Lien Facility [Member] \| First Lien Lenders [Member] \| Requirement in 2018 [Member]
Debt Instrument, Covenant Percentage of Aggregate Principal, Minimum Threshold	110.00%
First Lien Facility [Member] \| First Lien Lenders [Member] \| Requirement in 2019 [Member]
Debt Instrument, Covenant Percentage of Aggregate Principal, Minimum Threshold	120.00%
First Lien Facility [Member] \| First Lien Lenders [Member] \| Through December 31, 2018 [Member]
Debt Instrument, Covenant, Periodic Payment Amount, Percentage of Excess Cash Flow from Preceding Period	75.00%
Debt Instrument, Maximum Annual Periodic Payment	$ 15,625,000
First Lien Facility [Member] \| First Lien Lenders [Member] \| After December 31, 2018 [Member]
Debt Instrument, Periodic Payment	3,906,250
First Lien Facility [Member] \| First Lien Lenders [Member]
Long-term Debt	201,468,750
Debt Agreement, Remaining Borrowing Capacity	10,000,000
Payments of Debt Issuance Costs	600,000
Debt Instrument, Covenant, Minimum Liquidity, Minimum Threshold	$ 8,140,000
Debt Instrument, Covenant, Minimum Liquidity, Minimum Threshold Per Vessel \| $ / item	185,000
Repayments of Long-term Debt	$ 11,718,750
Second Lien Facility [Member] \| Second Lien Lenders [Member] \| Requirement in Third and Fourth Quarter of 2017 [Member]
Debt Instrument, Covenant Percentage of Aggregate Principal, Minimum Threshold	100.00%
Second Lien Facility [Member] \| Second Lien Lenders [Member] \| Requirement in 2018 [Member]
Debt Instrument, Covenant Percentage of Aggregate Principal	110.00%
Second Lien Facility [Member] \| Second Lien Lenders [Member] \| Requirement in 2019 [Member]
Debt Instrument, Covenant Percentage of Aggregate Principal	120.00%
Second Lien Facility [Member] \| Second Lien Lenders [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	14.00%
Debt Instrument, Reference Rate Floor	1.00%
Second Lien Facility [Member] \| Second Lien Lenders [Member] \| Base Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	13.00%
Second Lien Facility [Member] \| Second Lien Lenders [Member] \| Chairman and Chief Financial Officer [Member]
Debt Instrument, Issuance of Stock to Lenders Pro Rata Based on Participation \| shares	1,969,072
Second Lien Facility [Member] \| Second Lien Lenders [Member]
Long-term Debt	$ 60,000,000
Debt Instrument, Covenant, Minimum Liquidity, Minimum Threshold	$ 6,512,000
Debt Instrument, Covenant, Minimum Liquidity, Minimum Threshold Per Vessel \| $ / item	148,000
Debt Instrument, Issuance of Stock to Lenders Pro Rata Based on Participation \| shares	344,587,536
Debt Instrument, Issuance of Stock to Lenders Pro Rata Based on Participation, Percentage of Outstanding Stock	90.00%
Debt Instrument, Issuance of Stock to Lenders Based on Participation \| shares	7,425,519
Debt Instrument, Issuance of Stock to Lenders Based on Participation, Percent of Previous Outstanding Common Stock	19.40%
Debt Instrument Issuance of Stock to Lenders Pro Rata Based on Participation, Additional \| shares	335,192,945
Debt Instrument, Additional Stock Equal to or in Excess of Share Count	20.00%
Minimum [Member]
Debt Instrument, Interest Rate, Effective Percentage			3.86%	4.04%
Maximum [Member]
Debt Instrument, Interest Rate, Effective Percentage			6.39%	4.05%
Payments of Debt Issuance Costs			$ 2,340,427
Charters Agreement Term	1 year 180 days	7 years
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage			40.00%	40.00%
Debt, Weighted Average Interest Rate			5.06%	5.29%
Interest Paid			$ 2,529,674	$ 2,402,859

Note 4 - Summary of Debt (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Successor [Member] \| First Lien Facility [Member] \| Term Loan [Member]
Term Loan	$ 199,591,500	$ 245,375,000
Long-term Debt	193,591,587	241,202,491
Successor [Member] \| First Lien Facility [Member]
Debt issuance costs First Lien / Exit Financing Facility	(5,999,913)	(4,172,509)
Deferred Financing Costs	$ (5,999,913)	(4,172,509)
Less: Current Portion Exit Financing Facility		$ (15,625,000)
Successor [Member] \| Second Lien Facility [Member] \| Term Loan [Member]
Term Loan	$ 60,000,000
Long-term Debt	59,795,481
Successor [Member] \| Second Lien Facility [Member]
Debt issuance costs First Lien / Exit Financing Facility	(204,519)
Deferred Financing Costs	(204,519)
Successor [Member]
Total debt	253,387,068	$ 225,577,491
First Lien Facility [Member]
Total debt	193,591,587	$ 225,577,491
Second Lien Facility [Member]
Total debt	$ 59,795,481

Note 4 - Interest Expense (Details) - USD ($)	3 Months Ended
Note 4 - Interest Expense (Details) - USD ($)	Mar. 31, 2016	Mar. 31, 2015
Successor [Member]
Exit Financing Facility Interest	$ 2,509,142	$ 2,437,741
Amortization of Debt issuance costs	308,504	724,425
Total Interest Expense	2,817,646	3,162,166
Amortization of Debt issuance costs	308,504	724,425
Total Interest Expense	$ 2,817,646	$ 3,162,166

Note 5 - Derivative Instruments and Fair Value Measurements (Details Textual)	3 Months Ended		12 Months Ended
	Mar. 31, 2016 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2015 USD ($)
Vessels [Member] \| Before Divesture [Member]
Property, Plant and Equipment, Net	$ 25,317,262		$ 76,332,734
Vessels [Member]
Impairment of Long-Lived Assets Held-for-use	6,167,262
Vessels and Vessel Improvements [Member]
Impairment of Long-Lived Assets Held-for-use	$ 6,167,262		50,872,734
To Be Divested [member]
Number Of Vessels	6
Impairment of Long-Lived Assets Held-for-use	$ 6,167,262
Number Of Vessels	44
Property, Plant and Equipment, Net	$ 592,970		$ 220,509

Note 6 - Commitments and Contingencies (Details Textual) - $ / d			1 Months Ended
	Mar. 30, 2016	Oct. 02, 2014	Oct. 31, 2014
Japanese Vessel [Member] \| First Seven Years [Member]
Vessel Hiring Rate			13,500
Japanese Vessel [Member] \| Eighth Year Option [Member]
Vessel Hiring Rate			13,750
Japanese Vessel [Member]
Charters Agreement Term			7 years
Charters Agreement Term, Extension Option			1 year
Charters Agreement Term	1 year 180 days	7 years

Note 7 - Loss Per Common Share (Details Textual) - Successor [Member] - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Stock Compensation Plan [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	784,613	489,471
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,377,337	975,312
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,045,327	3,045,327

Note 7 - Loss Per Share, Basic and Diluted (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Successor [Member]
Net loss	$ (39,278,670)	$ (20,667,064)
Weighted Average Shares-Basic (in shares)	37,829,257	37,527,010
Weighted Average Shares Diluted (in shares)	37,829,257	37,527,010
Basic loss per share (in dollars per share)	$ (1.04)	$ (0.55)
Diluted loss per share (in dollars per share)	$ (1.04)	$ (0.55)
Net loss	$ (39,278,670)	$ (20,667,064)
Weighted Average Shares-Basic (in shares)	37,829,257	37,527,010
Weighted Average Shares Diluted (in shares)	37,829,257	37,527,010
Basic loss per share (in dollars per share)	$ (1.04)	$ (0.55)
Diluted loss per share (in dollars per share)	$ (1.04)	$ (0.55)

Note 8 - Stock Incentive Plans (Details Textual) - USD ($)		3 Months Ended		9 Months Ended	12 Months Ended
	Oct. 15, 2014	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017
Management Incentive Plan 2014 [Member] \| With Different Striking Prices [Member]
Percent of Common Stock for Distribution	5.50%
Management Incentive Plan 2014 [Member] \| Annual Installments [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	25.00%
Management Incentive Plan 2014 [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		4 years
Management Incentive Plan 2014 [Member] \| General and Administrative Expense [Member]
Allocated Share-based Compensation Expense		$ 826,613	$ 1,884,452
Management Incentive Plan 2014 [Member]
Percent of Common Stock for Distribution	2.00%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number		784,613	1,377,337
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit			$ 3.92
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit			$ 25.25
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term			4 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term			7 years
Scenario, Forecast [Member]
Allocated Share-based Compensation Expense				$ 2,129,374	$ 605,779	$ 1,479,655

Note 2 - New Accounting Pronouncements (Details Textual)	12 Months Ended
	Dec. 31, 2015 USD ($)
Reclassification of Deferred Financing Costs to Reduction of Long-term Debt [Member]
Current Period Reclassification Adjustment	$ 435,816