Document And Entity Information - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2016 |
Mar. 28, 2017 |
Jun. 30, 2016 |
|
| Document Information [Line Items] | |||
| 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 | Smaller Reporting Company | ||
| Entity Current Reporting Status | Yes | ||
| Entity Voluntary Filers | No | ||
| Entity Well-known Seasoned Issuer | No | ||
| Entity Common Stock, Shares Outstanding (in shares) | 74,103,956 | ||
| Entity Public Float | $ 8,350,559 | ||
| Document Type | 10-K | ||
| Document Period End Date | Dec. 31, 2016 | ||
| Document Fiscal Year Focus | 2016 | ||
| Document Fiscal Period Focus | FY | ||
| Amendment Flag | false |
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- Definition If the value is true, then the document is an amendment to previously-filed/accepted document. No definition available.
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- Definition End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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- Definition The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other". No definition available.
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- Definition A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. No definition available.
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- Definition Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K. No definition available.
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- Definition The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. No definition available.
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- Definition Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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- Definition Trading symbol of an instrument as listed on an exchange. No definition available.
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- Definition Carrying value of payments made in advance for vessels that is expected to be received within one year or the normal operating cycle, if longer. No definition available.
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- Definition Carrying value of deferred drydock costs as of the balance sheet date. No definition available.
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- Definition The fair value of above contract value of time charters acquired for more than one year as on reporting period. No definition available.
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- Definition The fair value of above contract value of time charters acquired for more than one year as on reporting period. No definition available.
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- Definition Long lived, depreciable assets used for the primary purpose of water transportation, net of accumulated depreciation. No definition available.
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- Definition Amount of vessels held-for-sale, expected to be sold within a year or the normal operating cycle, if longer. No definition available.
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- Definition Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Carrying value as of the balance sheet date of [accrued] interest payable on all forms of debt, including trade payables, that has been incurred and is unpaid. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition Amount of obligation due after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt, classified as current. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount after unamortized (discount) premium and debt issuance costs of long-term debt classified as noncurrent and excluding amounts to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of expenses incurred but not yet paid classified as other, due within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of current assets classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of noncurrent assets classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of unearned revenue or income classified as other, expected to be taken into income within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of liabilities classified as other, due after one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of asset related to consideration paid in advance for costs that provide economic benefits within a future period of one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Cash and equivalents whose use in whole or in part is restricted for the long-term, generally by contractual agreements or regulatory requirements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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Consolidated Balance Sheets (Parentheticals) - USD ($) |
Dec. 31, 2016 |
Dec. 31, 2015 |
|---|---|---|
| Successor [Member] | ||
| Accumulated depreciation, vessels | $ 76,463,743 | $ 49,148,080 |
| Accumulated amortization, other fixed assets | $ 307,880 | $ 159,827 |
| Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
| Preferred stock, shares issued (in shares) | 0 | 0 |
| Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Common stock, shares authorized (in shares) | 700,000,000 | 700,000,000 |
| Common stock, issued (in shares) | 48,106,827 | 1,883,303 |
| Common stock, outstanding (in shares) | 48,106,827 | 1,883,303 |
| X | ||||||||||
- Definition Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Face amount or stated value per share of common stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Face amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of accumulated depreciation of long-lived, physical assets used to produce goods and services and not intended for resale, classified as other. No definition available.
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Consolidated Statements of Operations - USD ($) |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2014 |
Oct. 15, 2014 |
Dec. 31, 2016 |
Dec. 31, 2015 |
||||||
| Successor [Member] | |||||||||
| Revenues, net | $ 31,089,603 | $ 124,492,844 | $ 103,856,876 | ||||||
| Voyage expenses | 6,262,082 | 42,093,714 | 23,832,457 | ||||||
| Vessel expenses | 17,331,575 | 74,016,763 | 86,329,060 | ||||||
| Charter hire expenses | 1,042,760 | 12,845,468 | 4,125,766 | ||||||
| Depreciation and amortization | 8,781,846 | 38,884,322 | 43,000,741 | ||||||
| General and administrative expenses | 5,933,011 | 22,905,802 | 25,537,007 | ||||||
| Restructuring charges | 5,869,025 | ||||||||
| Net loss on sale of vessels | 101,860 | 5,696,675 | |||||||
| Impairment of vessels | 129,027,862 | 50,872,734 | |||||||
| Total operating expenses | 39,351,274 | 325,744,816 | 239,394,440 | ||||||
| Operating income (loss) | (8,261,671) | (201,251,972) | (135,537,564) | ||||||
| Interest expense | 2,359,326 | 21,799,146 | 11,927,422 | ||||||
| Interest income | (2,238) | (215,433) | (6,222) | ||||||
| Other expense | 884,427 | 686,750 | 838,201 | ||||||
| Reorganization items, net | 45,542 | ||||||||
| Total other expense (income), net | 3,287,057 | 22,270,463 | 12,759,401 | ||||||
| Net loss | $ (11,548,728) | $ (223,522,435) | $ (148,296,965) | ||||||
| Weighted average shares outstanding: | |||||||||
| Basic* (in shares) | [1],[2] | 1,875,227 | 20,565,652 | 1,880,116 | |||||
| Diluted* (in shares) | [1],[2] | 1,875,227 | 20,565,652 | 1,880,116 | |||||
| Per share amounts: | |||||||||
| Basic net loss (in dollars per share) | $ (6.16) | $ (10.87) | $ (78.88) | ||||||
| Diluted net loss (in dollars per share) | $ (6.16) | $ (10.87) | $ (78.88) | ||||||
| Predecessor [Member] | |||||||||
| Revenues, net | $ 123,150,214 | ||||||||
| Voyage expenses | 14,703,850 | ||||||||
| Vessel expenses | 71,679,034 | ||||||||
| Charter hire expenses | 188,233 | ||||||||
| Depreciation and amortization | 61,238,760 | ||||||||
| General and administrative expenses | 18,679,265 | ||||||||
| Restructuring charges | |||||||||
| Net loss on sale of vessels | |||||||||
| Impairment of vessels | |||||||||
| Total operating expenses | 166,489,142 | ||||||||
| Operating income (loss) | (43,338,928) | ||||||||
| Interest expense | 60,737,471 | ||||||||
| Interest income | (8,352) | ||||||||
| Other expense | |||||||||
| Reorganization items, net | 427,735,210 | ||||||||
| Total other expense (income), net | 488,464,329 | ||||||||
| Net loss | $ (531,803,257) | ||||||||
| Weighted average shares outstanding: | |||||||||
| Basic* (in shares) | [1],[2] | 17,857,408 | |||||||
| Diluted* (in shares) | [1],[2] | 17,857,408 | |||||||
| Per share amounts: | |||||||||
| Basic net loss (in dollars per share) | $ (29.78) | ||||||||
| Diluted net loss (in dollars per share) | $ (29.78) | ||||||||
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- Definition Rental expense related to hire of vessels under operating leases contracts. No definition available.
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- Definition The aggregate direct operating costs incurred during the reporting period. No definition available.
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- Definition Expenses associated with operating vessels which are attributable to particular voyages such as port and canal charges, fuel (bunker) expenses, and brokerage commissions payable to unaffiliated third parties. No definition available.
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| X | ||||||||||
- Definition Total costs of sales and operating expenses for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of gain (loss) on sale or disposal of property, plant and equipment assets, including oil and gas property and timber property. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition The aggregate amount of write-downs for impairments recognized during the period for long lived assets held for use (including those held for disposal by means other than sale). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount before accretion (amortization) of purchase discount (premium) of interest income on nonoperating securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The net result for the period of deducting operating expenses from operating revenues. No definition available.
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- Definition Amount of expense related to nonoperating activities, classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of income (expense) related to nonoperating activities, classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of recapitalization costs for professional fees associated with restructuring debt and equity mixture that do not qualify for capitalization. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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Consolidated Statements of Comprehensive Loss - USD ($) |
3 Months Ended | 9 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Dec. 31, 2014 |
Oct. 15, 2014 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
| Successor [Member] | ||||
| Net Loss | $ (11,548,728) | $ (223,522,435) | $ (148,296,965) | |
| Other comprehensive loss: | ||||
| Comprehensive loss | $ (11,548,728) | $ (223,522,435) | $ (148,296,965) | |
| Predecessor [Member] | ||||
| Net Loss | $ (531,803,257) | |||
| Other comprehensive loss: | ||||
| Change in unrealized loss on available for sale investment | (231,995) | |||
| Total other comprehensive loss | (231,995) | |||
| Comprehensive loss | $ (532,035,252) | |||
| X | ||||||||||
- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount after tax of other comprehensive income (loss) attributable to parent entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount after tax, before reclassification adjustments, of unrealized holding gain (loss) on available-for-sale securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Consolidated Statements of Changes in Stockholders' Equity - USD ($) |
Cancellation of Predecessor Common Stock [Member]
Common Stock [Member]
|
Cancellation of Predecessor Common Stock [Member]
Additional Paid-in Capital [Member]
|
[1] | Cancellation of Predecessor Common Stock [Member] |
Elimination of Predecessor Accumulated Deficit [Member]
Retained Earnings [Member]
|
[1] | Elimination of Predecessor Accumulated Deficit [Member] |
Elimination of Predecessor Other Comprehensive Income [Member]
AOCI Attributable to Parent [Member]
|
Elimination of Predecessor Other Comprehensive Income [Member] |
Private Placement [Member]
Common Stock [Member]
|
Private Placement [Member]
Additional Paid-in Capital [Member]
|
[1] | Private Placement [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
AOCI Attributable to Parent [Member] |
Total |
||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance (in shares) (Predecessor [Member]) at Dec. 31, 2013 | 16,783,071 | |||||||||||||||||||||||||
| Balance (Predecessor [Member]) at Dec. 31, 2013 | $ 167,828 | [1] | $ 766,823,808 | [1] | $ (235,796,772) | [1] | $ 0 | $ 531,194,864 | ||||||||||||||||||
| Net Loss | Predecessor [Member] | (531,803,257) | [1] | (531,803,257) | |||||||||||||||||||||||
| Change in unrealized loss on investment | Predecessor [Member] | (231,995) | (231,995) | ||||||||||||||||||||||||
| Exercise of Warrants (in shares) | Predecessor [Member] | 1,770,877 | |||||||||||||||||||||||||
| Exercise of Warrants | Predecessor [Member] | [1] | $ 17,709 | (17,709) | |||||||||||||||||||||||
| Non-cash compensation | Predecessor [Member] | 1,072,383 | [1] | 1,072,383 | |||||||||||||||||||||||
| Cancellation of Predecessor common stock (in shares) | Predecessor [Member] | (18,553,948) | |||||||||||||||||||||||||
| Cancellation of Predecessor common stock | Predecessor [Member] | $ (185,537) | [1] | $ (767,878,482) | $ (768,064,019) | $ 767,600,029 | $ 767,600,029 | $ 231,995 | $ 231,995 | ||||||||||||||||||
| Issuance of new shares (in shares) | Predecessor [Member] | 37,504,541 | |||||||||||||||||||||||||
| Issuance of new shares | Predecessor [Member] | $ 375,045 | 673,142,844 | 673,517,889 | |||||||||||||||||||||||
| Balance (in shares) (Predecessor [Member]) at Oct. 15, 2014 | 37,504,541 | |||||||||||||||||||||||||
| Balance (in shares) (Successor [Member]) at Oct. 15, 2014 | [1] | 1,875,227 | ||||||||||||||||||||||||
| Balance (Predecessor [Member]) at Oct. 15, 2014 | $ 375,045 | [1] | 673,142,844 | [1] | $ 0 | 673,517,889 | ||||||||||||||||||||
| Balance (Successor [Member]) at Oct. 15, 2014 | [1] | $ 18,752 | 673,499,137 | 673,517,889 | ||||||||||||||||||||||
| Net Loss | Successor [Member] | (11,548,728) | [1] | (11,548,728) | |||||||||||||||||||||||
| Non-cash compensation | Successor [Member] | 2,121,505 | [1] | 2,121,505 | |||||||||||||||||||||||
| Balance (in shares) (Successor [Member]) at Dec. 31, 2014 | [1] | 1,875,227 | ||||||||||||||||||||||||
| Balance (Successor [Member]) at Dec. 31, 2014 | [1] | $ 18,752 | 675,620,642 | (11,548,728) | 664,090,666 | |||||||||||||||||||||
| Net Loss | Successor [Member] | (148,296,965) | [1] | (148,296,965) | |||||||||||||||||||||||
| Non-cash compensation | Successor [Member] | 3,969,989 | [1] | 3,969,989 | |||||||||||||||||||||||
| Balance (in shares) (Successor [Member]) at Dec. 31, 2015 | [1] | 1,883,303 | ||||||||||||||||||||||||
| Balance (Successor [Member]) at Dec. 31, 2015 | [1] | $ 18,833 | 678,171,322 | (159,845,693) | 518,344,462 | |||||||||||||||||||||
| Vesting of restricted shares, net of shares withheld for employee tax (in shares) | Successor [Member] | 8,076 | |||||||||||||||||||||||||
| Vesting of restricted shares, net of shares withheld for employee tax | Successor [Member] | $ 81 | [1] | (1,419,309) | [1] | (1,419,228) | |||||||||||||||||||||
| Net Loss | Successor [Member] | (223,522,435) | [1] | (223,522,435) | |||||||||||||||||||||||
| Non-cash compensation | Successor [Member] | 2,206,690 | [1] | 2,206,690 | |||||||||||||||||||||||
| Issuance of new shares (in shares) | Successor [Member] | 29,333,318 | |||||||||||||||||||||||||
| Issuance of new shares | Successor [Member] | $ 293,333 | [1] | $ 85,407,202 | $ 85,700,535 | ||||||||||||||||||||||
| Balance (in shares) (Successor [Member]) at Dec. 31, 2016 | [1] | 48,106,827 | ||||||||||||||||||||||||
| Balance (Successor [Member]) at Dec. 31, 2016 | [1] | $ 481,069 | 783,369,698 | $ (383,368,128) | 400,482,639 | |||||||||||||||||||||
| Vesting of restricted shares, net of shares withheld for employee tax (in shares) | Successor [Member] | 410 | |||||||||||||||||||||||||
| Vesting of restricted shares, net of shares withheld for employee tax | Successor [Member] | $ 4 | [1] | (2,942) | [1] | (2,938) | |||||||||||||||||||||
| Issuance of shares in connection with the Second Lien loan Agreement (in shares) | Successor [Member] | 16,889,828 | |||||||||||||||||||||||||
| Issuance of shares in connection with the Second Lien loan Agreement | Successor [Member] | $ 168,899 | [1] | $ 17,587,426 | [1] | $ 17,756,325 | |||||||||||||||||||||
| Reverse stock split adjustment (in shares) | Successor [Member] | (32) | |||||||||||||||||||||||||
| ||||||||||||||||||||||||||
| X | ||||||||||
- Definition Number of shares issued during the period related to the vesting of restricted stock awards. No definition available.
|
| X | ||||||||||
- Definition Aggregate value of stock related to restricted stock awards vesting during the period. No definition available.
|
| X | ||||||||||
- Definition Represents number of new stock issued during the period in connection with loan agreement. No definition available.
|
| X | ||||||||||
- Definition Represents equity impact of the value of new stock issued in connection with loan agreement during the period. Includes shares issued in an initial public offering or a secondary public offering. No definition available.
|
| X | ||||||||||
- Definition This element represents the amount of recognized equity-based compensation during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized). Alternate captions include the words "stock-based compensation". Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount after tax, before reclassification adjustments, of unrealized holding gain (loss) on available-for-sale securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Number of shares issued which are neither cancelled nor held in the treasury. No definition available.
|
| X | ||||||||||
- Definition Number of new stock issued during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Number of shares of stock issued attributable to transactions classified as other. No definition available.
|
| X | ||||||||||
- Definition Reduction in the number of shares during the period as a result of a reverse stock split. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Value of shares of stock issued attributable to transactions classified as other. No definition available.
|
| X | ||||||||||
- Definition Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition This element represents movements included in the statement of changes in stockholders' equity which are not separately disclosed or provided for elsewhere in the taxonomy. No definition available.
|
| X | ||||||||||
- Definition Number of increase (decrease) in shares of stock classified as other. No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Consolidated Statements of Cash Flows - USD ($) |
3 Months Ended | 9 Months Ended | 12 Months Ended | |
|---|---|---|---|---|
Dec. 31, 2014 |
Oct. 15, 2014 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
| Successor [Member] | ||||
| Cash flows from operating activities: | ||||
| Net Loss | $ (11,548,728) | $ (223,522,435) | $ (148,296,965) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||
| Depreciation | 8,781,846 | 35,556,911 | 41,044,397 | |
| Amortization of deferred drydocking costs | 3,327,411 | 1,956,344 | ||
| Amortization of debt discount and debt issuance costs | 256,175 | 4,532,481 | 2,146,316 | |
| Reorganization items and fresh-start reporting adjustments, net | ||||
| Amortization of fair value below contract value of time charter acquired | (235,709) | (661,253) | (948,741) | |
| Payment-in-kind interest on debt | 7,327,843 | |||
| Net loss on sale of vessels | 101,860 | 5,696,675 | ||
| Impairment of vessels | 129,027,862 | 50,872,734 | ||
| Realized loss from sale of investment | 884,426 | 462,394 | ||
| Allowance for accounts receivable | ||||
| Non-cash compensation expense | 2,121,505 | 2,206,690 | 3,969,989 | |
| Drydocking expenditures | (1,960,792) | (3,688,711) | (11,141,561) | |
| Changes in operating assets and liabilities: | ||||
| Accounts receivable | (1,007,975) | 1,986,820 | 7,654,773 | |
| Other assets | 1,086,391 | (26,799) | 4,691,158 | |
| Prepaid expenses | 43,355 | 138,801 | (19,833) | |
| Inventories | 2,919,530 | (5,302,307) | 174,867 | |
| Accounts payable | (1,903,888) | (1,081,317) | (3,447,224) | |
| Accrued interest | 516,849 | (372,360) | (130,686) | |
| Accrued expenses | (4,342) | 528,563 | 2,357,787 | |
| Unearned revenue | (227,824) | 4,485,630 | (829,193) | |
| Net cash used in operating activities | (279,181) | (45,434,310) | (43,786,769) | |
| Cash flows from investing activities: | ||||
| Vessel purchases /improvements | (194,514) | (19,860,401) | (1,747,099) | |
| Advance for vessel purchase | (1,926,886) | |||
| Proceeds from sale of investment | 4,400,278 | 7,838,346 | ||
| Proceeds from sale of vessels | 13,001,000 | 4,235,542 | ||
| Purchase of other fixed assets | (560,348) | |||
| Changes in restricted cash | 66,244 | (74,918) | ||
| Net cash provided by/(used in) investing activities | 4,205,764 | (9,280,391) | 10,251,871 | |
| Cash flows from financing activities: | ||||
| Debtor-In-Possession Loan | ||||
| Repayment of Debtor-In-Possession Loan | ||||
| Long-Term borrowings | ||||
| Repayment of loan | (21,276,000) | (19,625,000) | ||
| Proceeds from common stock placement, net of issuance costs | 85,700,535 | |||
| Deferred financing costs | (3,086,947) | (500,000) | ||
| Cash used to settle net share equity awards | (2,938) | (1,419,228) | ||
| Net cash provided by financing activities | 106,334,650 | 18,455,772 | ||
| Net increase/(decrease) in cash and cash equivalents | 3,926,583 | 51,619,949 | (15,079,126) | |
| Cash and cash equivalents at beginning of period | 36,048,704 | 24,896,161 | 39,975,287 | |
| Cash and cash equivalents at end of period | 39,975,287 | $ 36,048,704 | 76,516,110 | 24,896,161 |
| Supplemental cash flow information: | ||||
| Cash paid during the period for interest | 1,586,303 | 10,257,766 | 9,911,793 | |
| Successor [Member] | Revolver Loan [Member] | ||||
| Cash flows from financing activities: | ||||
| Repayment of loan | (30,158,500) | |||
| Proceeds from Revolver Loan facility | 15,158,500 | 40,000,000 | ||
| Successor [Member] | Term Loan [Member] | ||||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||
| Amortization of debt discount and debt issuance costs | ||||
| Cash flows from financing activities: | ||||
| Proceeds from Revolver Loan facility | $ 60,000,000 | |||
| Predecessor [Member] | ||||
| Cash flows from operating activities: | ||||
| Net Loss | (531,803,257) | |||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||
| Depreciation | 58,717,282 | |||
| Amortization of deferred drydocking costs | 2,521,478 | |||
| Amortization of debt discount and debt issuance costs | 17,028,544 | |||
| Reorganization items and fresh-start reporting adjustments, net | 402,423,980 | |||
| Amortization of fair value below contract value of time charter acquired | ||||
| Payment-in-kind interest on debt | 17,858,132 | |||
| Net loss on sale of vessels | ||||
| Impairment of vessels | ||||
| Realized loss from sale of investment | ||||
| Allowance for accounts receivable | 2,289,509 | |||
| Non-cash compensation expense | 1,072,383 | |||
| Drydocking expenditures | (3,802,795) | |||
| Changes in operating assets and liabilities: | ||||
| Accounts receivable | (4,815,734) | |||
| Other assets | (5,880,809) | |||
| Prepaid expenses | 1,710,579 | |||
| Inventories | 941,469 | |||
| Accounts payable | 7,145,279 | |||
| Accrued interest | 14,964,109 | |||
| Accrued expenses | 2,935,346 | |||
| Unearned revenue | (2,770,425) | |||
| Net cash used in operating activities | (19,464,930) | |||
| Cash flows from investing activities: | ||||
| Vessel purchases /improvements | (291,244) | |||
| Advance for vessel purchase | ||||
| Proceeds from sale of investment | ||||
| Proceeds from sale of vessels | ||||
| Purchase of other fixed assets | (199,421) | |||
| Changes in restricted cash | ||||
| Net cash provided by/(used in) investing activities | (490,665) | |||
| Cash flows from financing activities: | ||||
| Debtor-In-Possession Loan | 25,000,000 | |||
| Repayment of Debtor-In-Possession Loan | (25,000,000) | |||
| Long-Term borrowings | 219,500,000 | |||
| Repayment of loan | (182,603,425) | |||
| Proceeds from common stock placement, net of issuance costs | ||||
| Deferred financing costs | (575,000) | |||
| Cash used to settle net share equity awards | ||||
| Net cash provided by financing activities | 36,321,575 | |||
| Net increase/(decrease) in cash and cash equivalents | 16,365,980 | |||
| Cash and cash equivalents at beginning of period | 36,048,704 | 19,682,724 | ||
| Cash and cash equivalents at end of period | 36,048,704 | |||
| Supplemental cash flow information: | ||||
| Cash paid during the period for interest | 10,886,687 | |||
| Predecessor [Member] | Revolver Loan [Member] | ||||
| Cash flows from financing activities: | ||||
| Repayment of loan | ||||
| Proceeds from Revolver Loan facility | ||||
| Predecessor [Member] | Term Loan [Member] | ||||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||
| Amortization of debt discount and debt issuance costs | 16,278,544 | |||
| Cash flows from financing activities: | ||||
| Proceeds from Revolver Loan facility | ||||
| X | ||||||||||
- Definition The cash outflow associated with advance for vessel purchase. No definition available.
|
| X | ||||||||||
- Definition The charge against earnings in the period representing the allocation of deferred drydocking costs to period expected to benefit from such costs. No definition available.
|
| X | ||||||||||
- Definition The change in the period of an asset recognized at the acquisition of a vessel with a time charter attached to it. No definition available.
|
| X | ||||||||||
- Definition The cash outflow for drydocking costs. No definition available.
|
| X | ||||||||||
- Definition The cash outflow associated with the acquisition of vessels and vessel improvements. No definition available.
|
| X | ||||||||||
- Definition Proceeds received from debtor in possession loan. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of amortization expense attributable to debt issuance costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Aggregate cash paid by the entity during the period to settle equity instruments granted under equity-based payment arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of gain (loss) on sale or disposal of property, plant and equipment assets, including oil and gas property and timber property. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The aggregate amount of write-downs for impairments recognized during the period for long lived assets held for use (including those held for disposal by means other than sale). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The increase (decrease) during the reporting period in the aggregate amount of expenses incurred but not yet paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The increase (decrease) during the reporting period, excluding the portion taken into income, in the liability reflecting revenue yet to be earned for which cash or other forms of consideration was received or recorded as a receivable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The increase (decrease) during the reporting period in interest payable, which represents the amount owed to note holders, bond holders, and other parties for interest earned on loans or credit extended to the reporting entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of increase (decrease) in operating assets classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The increase (decrease) during the reporting period in the amount of outstanding money paid in advance for goods or services that bring economic benefits for future periods. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The net cash inflow or outflow for the increase (decrease) associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The amount of cash paid for interest during the period net of cash paid for interest that is capitalized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of expense charged against earnings to allocate the cost of tangible and intangible assets over their remaining economic lives, classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of income (expense) included in net income that results in no cash inflow (outflow), classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Interest paid other than in cash for example by issuing additional debt securities. As a noncash item, it is added to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The cash outflow paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of cash outflow from the acquisition of or improvements to long-lived, physical assets used to produce goods and services and not intended for resale, classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The cash inflow from the additional capital contribution to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition Amount of cash inflow from contractual arrangement with the lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The cash inflow associated with the sale of debt and equity securities classified as available-for-sale securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
- Definition The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of expense related to write-down of receivables to the amount expected to be collected. Includes, but is not limited to, accounts receivable and notes receivable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The net realized gains or losses on investments during the period, not including gains or losses on securities separately or otherwise categorized as trading, available-for-sale, or held-to-maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of cash outflow for the payment of debt classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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Note 1 - General Information |
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| Notes to Financial Statements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Description and Basis of Presentation [Text Block] | Note 1. General Information:The accompanying consolidated financial statements include the accounts of Eagle Bulk Shipping Inc. and its wholly-owned subsidiaries (collectively, the "Company,” “we” or “our” or similar terms). The Company is engaged in the ocean transportation of dry bulk cargoes worldwide through the ownership, charter and operation of dry bulk vessels. The Company's fleet is comprised of Supramax and Ultramax bulk carriers and the Company operates its business in one business segment.Each of the Company’s vessels serve the same type of customer, have similar operation and maintenance requirements, operate in the same regulatory environment, and are subject to similar economic characteristics. Based on this, the Company has determined that it operates in one reportable segment, which is engaged in the ocean transportation of dry bulk cargoes worldwide through the ownership and operation of dry bulk carrier vessels. The Company is a holding company incorporated in 2005, under the laws of the Republic of the Marshall Islands and is the sole owner of all of the outstanding shares of its wholly-owned subsidiaries formed in the Republic of the Marshall Islands. The primary activity of each of the subsidiaries is the ownership of a vessel. The operations of the vessels are managed by an indirectly wholly-owned subsidiary of the Company, Eagle Shipping International (USA) LLC, a Republic of the Marshall Islands limited liability company.As of December 31, 2016, the Company owned and operated a modern fleet of 41 oceangoing vessels, 39 Supramax, 1 Ultramax and 1 Handymax, with a combined carrying capacity of 2,260,943 dwt and an average age of approximately 8.7 years. Additionally, the Company chartered in a 38,000 dwt new building beginning October 2, 2014 for a period of seven 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: Percentage of Consolidated Charter Revenue
*Includes charter revenue from a pool in which the Company participated. |
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- Definition The entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). No definition available.
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- References No definition available.
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Note 2 - Corporate Reorganization |
12 Months Ended |
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Dec. 31, 2016 | |
| Notes to Financial Statements | |
| Corporate Reorganization [Text Block] | Note 2. Corporate Reorganization : Corporate Reorganization On March 30, 2016, we entered into the contribution agreement (the “Contribution Agreement”) with a newly-formed wholly-owned subsidiary, Eagle Shipping LLC, a limited liability company organized under the laws of the Marshall Islands and a wholly-owned subsidiary of the Company (“Eagle Shipping”), 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 senior secured credit facility dated as of October 9, 2014 (the “Exit Financing Facility”) (the “Contribution”). Immediately following the Contribution, Eagle Shipping became the direct parent company of each of the Company’s previously directly-owned subsidiaries and the indirect parent company of each of the Company’s previously indirectly-owned subsidiaries. The Contribution was part of a series of 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 were guarantors of the Company’s obligations under the Company’s senior secured credit facility (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 amended and restated the Exit Financing Facility in its entirety, providing for Eagle Shipping to be the borrower in the place of the Company, and further provided for a waiver of any and all events of default occurring as a result of the voluntary OFAC Disclosure (as defined below under Note 11 “Commitments and Contingencies - Legal Proceedings”). The A&R First Lien Loan Agreement provides for a term loan which was outstanding as of March 30, 2016, in the amount of $201,468,750 after giving effect to the entry into the A&R First Lien Loan Agreement and the Second Lien Loan Agreement (as defined below) as well as a $50,000,000 revolving credit facility, of which $10,000,000 was undrawn as of March 30, 2016 (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 December 31, 2016, Eagle Shipping’s total availability in the revolving credit facility under the First Lien Facility was $25,000,000. Eagle Shipping’s obligations under the First Lien Facility are secured by a first priority mortgage on each of the vessels currently in Eagle Shipping’s fleet and such other vessels that it may from time to time include with the approval of the First Lien Lenders, a first priority assignment of its earnings account, its liquidity account and its vessel-owning subsidiaries’ earnings accounts, a first priority assignment of all charters with terms that may exceed 18 months, freights, earnings, insurances, requisition compensation and management agreements with respect to the vessels,a first priority pledge of the membership interests of each of Eagle Shipping’s vessel-owning subsidiaries, and a non-recourse pledge by the Company of the membership interests of Eagle Shipping. In the future, Eagle Shipping may grant additional security to the lenders from time to time.The A&R First Lien Agreement contains financial covenants requiring Eagle Shipping, among other things, to ensure that the aggregate market value of the vessels in Eagle Shipping’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 Eagle Shipping’s fleet. In addition, the A&R First Lien Agreement 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. The A&R First Lien Loan Agreement 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.Upon entering into the A&R First Lien Loan Agreement, Eagle Shipping paid three quarters of amortization payments with respect to the term loan under the First Lien Facility in the aggregate amount of $11,718,750, paid down $30,158,500, a portion of the amount outstanding in respect of the revolving credit facility under the First Lien Facility, and added cash to the balance sheet. In addition, the Company paid the first quarter amortization of $3,906,250 under the previously outstanding Exit Financing Facility. For the fiscal quarters ending June 30, 2017, and June 30, 2018 and the fiscal years ending December 31, 2017 and December 31, 2018 (each, a “Semi-Annual Determination Date”), Eagle Shipping is obligated to repay the term loan under the First Lien Facility in an amount equal to 75% of Eagle Shipping’s excess cash flow for the two fiscal quarters ended as of such Semi-Annual Determination Date, 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 term loan under the First Lien Facility on October 15, 2019. Eagle Shipping has prepaid $5,651,000 of the term loan as of December 31, 2016 pursuant to the terms of the A&R First Lien Loan Agreement relating to the mandatory prepayments upon sale of vessels. The repayment schedule above therefore has been adjusted to account for such prepayments made through December 31, 2016, such that Eagle Shipping is required to make the payments of $3,786,346 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. As a result of the mandatory prepayments made through December 31, 2016, Eagle Shipping is not required to comply with the minimum security covenant until October 2017 pursuant to the terms of the A&R First Lien Loan Agreement.Second Lien Facility On March 30, 2016, Eagle Shipping, as borrower, and certain of its subsidiaries that were guarantors of the Company’s obligations under the Exit Financing Facility, 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 $30,158,500, a portion of the amount outstanding in respect of the revolving credit facility under the First Lien Facility, pay three quarters of amortization payments under the First Lien 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. 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 Loan Agreement contains financial covenants substantially similar to those in the A&R First Lien Loan Agreement, subject to standard cushions, requiring Eagle Shipping, among other things, to ensure that the aggregate market value of the vessels in Eagle Shipping’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 discharge of its obligations under the A&R First Lien Loan Agreement) 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 Loan Agreement 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 Loan Agreement 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 agreed to issue 16,889,828 shares of common stock to the Second Lien Lenders pro rata based on their participation in the Second Lien Facility, which Second Lien Lenders received shares equivalent to approximately 90% of the outstanding common stock of the Company after such issuance. The issuance of the shares of common stock was 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 371,276 shares of common stock, representing approximately 19.4% of the Company’s pre-transaction outstanding shares of common stock, to the Second Lien Lenders. In a second step, approved by the Company’s shareholders at a special meeting held on August 2, 2016, the Company issued and delivered an additional 16,420,098 shares of common stock, to the Second Lien Lenders and an additional 98,454 shares of common stock, to the Chairman and Chief Executive Officer, both of whom participated as Second Lien Lenders. The Company has proportionately allocated the proceeds from the Second Lien Loan Agreement based on the relative fair values of the Second Lien Facility and the common stock issued to the Second Lien Lenders. The difference between the $60 million principal value of the Second Lien Facility and its relative fair value, amounting to approximately $17.8 million, has been recorded as a discount to the recorded value of the Second Lien Facility and as Additional Paid-in capital. This discount is being amortized using the effective interest method over the term of the Second Lien Facility as a component of interest expense.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 interests in and liens on the collateral securing obligations under those agreements, Eagle Shipping entered into the Intercreditor Agreement between the first lien agent and the second lien agent (the “Intercreditor Agreement”). 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. |
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- Definition The entire disclosure for corporate reorganization. No definition available.
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- References No definition available.
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Note 3 - Equity Offerings |
12 Months Ended |
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Dec. 31, 2016 | |
| Notes to Financial Statements | |
| Stockholders' Equity Note Disclosure [Text Block] | Note 3. Equity OfferingsPreferred Stock Private Placement On May 26, 2016, the Company entered into a Preferred Stock Purchase Agreement (the “Preferred Stock Purchase Agreement”) with certain investors named therein, including certain of our existing shareholders and our Chairman and Chief Executive Officer (the “Purchasers”), pursuant to which the Company agreed to issue to the Purchasers in a private placement (the “Private Placement”) pursuant to the private placement exemption from registration under Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated under the Securities Act, shares of the Company’s 15% Cumulative Nonparticipating Redeemable Series A Preferred Stock, par value $0.01 per share (the “Series A Preferred Stock”), at a purchase price of $1,000.00 per share with a 1.0% original issue discount, for aggregate gross proceeds expected to amount to approximately $6.3 million. On September 7, 2016, the Company and each of the Purchasers executed the Termination Agreement, terminating the Preferred Stock Purchase Agreement. The Company agreed to make an aggregate termination payment to the Purchasers of $125,255, which is allocated among the Purchasers in proportion to the percentage of the shares of Series A Preferred Stock each Purchaser had previously agreed to purchase. The fees paid to the shareholders were recorded as other expense in the consolidated statement of operations for the year ended December 31, 2016. Common Stock Offerings On July 1, 2016 and July 10, 2016, respectively, the Company entered into Common Stock Purchase Agreements (collectively, the “Common Stock Purchase Agreements”), with certain purchasers (the “Common Stock Purchasers”). The Common Stock Purchasers include certain of our existing shareholders, who held approximately 70% of our outstanding equity prior to entry into the Common Stock Purchase Agreements and prior to giving effect to the delivery of all of the shares of common stock issued in connection with the Second Lien Loan Agreement, as well as our Chairman and Chief Executive Officer. The Common Stock Purchase Agreements provided for the issuance and sale by the Company to the Common Stock Purchasers of an aggregate amount of $88 million of common stock, at an initial price per share of $0.15, which amount per share was increased to $3.00 per share based on the reverse stock split ratio of 1 -for-20 that became effective as of the opening of trading on August 5, 2016. On August 10, 2016, the Company closed the transactions contemplated by the Common Stock Purchase Agreements for aggregate proceeds of $85 .7 million net of fees and legal expenses. After giving effect to the Company’s previously announced reverse stock split of its issued and outstanding shares of common stock, including the rounding down of fractional shares pursuant to such split, the private placement included the issuance of 29,333,318 shares of the Company’s common stock. The Company intends to use the proceeds of the private placement for the acquisition of dry bulk vessels and general corporate purposes.On December 13, 2016, the Company entered into a Stock Purchase Agreement with certain investors (the “Investors”), pursuant to which the Company agreed to issue to the Investors in a private placement (the “December Private Placement”) approximately 22.2 million shares of the Company’s common stock, par value $0.01 per share, at an initial purchase price of $4.50 per share, for aggregate gross proceeds of $100.0 million. On January 20, 2017, the Company closed its previously announced December Private Placement for aggregate net proceeds of $95 million. The Company plans to use the proceeds from the December Private Placement for the acquisition of dry bulk tonnage and general corporate purposes. Authorized Shares and Reverse Split On August 2, 2016, the Company held a Special Meeting of Shareholders where the shareholders approved, among other things, to increase the number of authorized shares of the Company’s common stock, from 150,000,000 to 700,000,000 and establish the number of authorized shares of preferred stock, par value US$0.01 per share, at 25,000,000 shares.On August 5, 2016, the Company effected a 1 -for-20 reverse stock split of its issued and outstanding shares of common stock. Upon the effectiveness of the reverse stock split, every 20 shares of issued and outstanding common stock for the Successor were combined into one issued and outstanding share of common stock, with no change in par value per share. The impact of the reverse stock split has been retrospectively applied to all Successor periods in the consolidated financial statements. |
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- References No definition available.
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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Note 4 - Significant Accounting Policies |
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| Notes to Financial Statements | |||||||||||||||||||||||||||||||||||||||||||||||
| Significant Accounting Policies [Text Block] | Note 4. Significant Accounting Policies:
Impact of Recently Issued Accounting Standards In May 2014, the FASB 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. In May 2016, the FASB issued Accounting Standards Update No. 2016 -12, Revenue from Contracts with Customers. This update provides further guidance on applying collectability criterion to assess whether the contract is valid and represents a substantive transaction on the basis whether a customer has the ability and intention to pay the promised consideration. The requirements of this standard include an increase in required disclosures. Management has not yet selected a transition method and is currently analyzing the impact of the adoption of this guidance on the Company’s consolidated financial statements, including assessing changes that might be necessary to information technology systems, processes and internal controls to capture new data and address changes in financial reporting. The Company believes that the adoption of the standard will impact the timing of recognition of revenue. 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. There was no impact on the financial statements due to the adoption of this accounting standard.In July 2015, the FASB issued ASU No. 2015 -11, “Simplifying the Measurement of Inventory.” The new guidance specifies that the 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 after December 15, 2017. The Company intends to adopt the new accounting standard as of January 1, 2017. The Company believes that there will be no impact on the consolidated financial statements because of the adoption of the new accounting standard.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 requirements of this standard include an increase in required disclosures. 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. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. The Company is currently evaluating the effect that adopting this standard will have on our financial statements and related disclosures. Management expects that the Company will recognize increases in reported amounts for vessel and other fixed assets and related lease liabilities upon adoption of the new standard. Refer to Note 11 - Commitments and Contingencies for disclosure about the Company’s time charter and lease commitments as of December 31, 2016. 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 Accounting Standard Update allows the entity to make an accounting policy election to account for forfeitures when they occur. The standard is effective for annual periods beginning after December 15, 2016 and interim periods within those annual periods. The Company believes there will be no impact on the consolidated financial statements as a result of the adoption of the new accounting standard.In August 2016, the FASB issued Accounting Standards Update No. 2016 -15, “Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments.” The new guidance is intended to provide specific guidance on cash flow classification issues such as debt prepayment or debt extinguishment costs, settlement of zero coupon debt instruments or cases where the coupon interest rate is insignificant compared to the effective interest rate of the borrowing, contingent consideration payments in a business combination, proceeds from insurance claim settlements and distributions received by equity method investees. The standard is effective for annual periods beginning after December 15, 2017 and interim periods within those annual periods. The amendments should be applied using a retrospective transition method to each period presented. The Company believes there will be no impact on the consolidated financial statements as a result of the adoption of the new accounting standard.In October 2016, the FASB issued Accounting Standards Update No. 2016 -17, “Interests held through related parties that are under Common Control. The amendments change the evaluation of whether a reporting entity is the primary beneficiary of a Variable Interest Entity by changing how a reporting entity that is a single decision maker of a VIE treats indirect interests in the entity held through related parties that are under common control. The amendments in this Update are effective for fiscal years beginning after December 15, 2016 and interim periods within those annual periods. The Company is not expecting any impact of the adoption of this standard on its consolidated financial statements.In November 2016, the FASB issued Accounting Standards Update No. 2016 -18, “Statement of Cash Flows- Restricted Cash”. The amendments in this Update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts described as restricted cash and restricted cash equivalents. Therefore, the restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this Update are effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The Company will include $74,917 of restricted cash within cash and cash equivalents when reconciling the beginning-of-period and end-of-period totals shown on the consolidated statement of cash flows upon adoption of this standard.In January 2017, the FASB issued Accounting Standards Update No. 2017 -01, “Business Combinations (Topic 805).” The amendments in this Update are intended to clarify the definition of business. The current guidance specifies three elements of a business – inputs, processes, and outputs. The new guidance provides a screen to determine when a set is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. This screen reduces the number of transactions that need to be further evaluated. The standard is effective to annual periods beginning after December 15, 2017, including interim periods within those periods. The Company is evaluating the potential impact of the adoption of this standard on its consolidated financial statements. |
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- References No definition available.
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- Definition The entire disclosure for all significant accounting policies of the reporting entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Note 5 - Vessels |
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| Property, Plant and Equipment Disclosure [Text Block] | Note 5. VesselsAs of December 31, 2016, the Company’s operating fleet consisted of 41 dry bulk vessels. As of October 15, 2014, the Company’s vessels were adjusted to a fair value aggregating $842,625,000 as part of fresh start accounting. The Company estimated the fair values based primarily on valuations obtained from third -party specialists principally utilizing the market value approach.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 resulted from our intention to divest six of our older vessels in the short-term period. As a result, we reduced the carrying value of each identified 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 values of the aforementioned six vessels 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. Out of the six vessels, the Company sold four vessels during 2016 and two vessels were sold during the first quarter of 2017. The two vessels sold in the first quarter of 2017 were reclassified to assets held for sale as of December 31, 2016. On April 26, 2016, the Company sold the vessel Peregrine for $2.6 million, after brokerage commissions and associated selling expenses, and recorded a net loss of approximately $150,000 in the second quarter of 2016. A portion of the proceeds was used towards repayment of the term loan under the First Lien Facility.On June 16, 2016, the Company sold the vessel Falcon for $3.2 million, after brokerage commissions and associated selling expenses, and recorded a net loss of approximately $140,000 in the second quarter of 2016. A portion of the proceeds was used towards repayment of the term loan under the First Lien Facility.On July 13, 2016, the Company sold the vessel Harrier for $3.2 million, after brokerage commissions and associated selling expenses, and recorded a net loss of $134,000. A portion of the proceeds was used towards repayment of the term loan under the First Lien Facility.On September 6, 2016, the Company sold the vessel Kittiwake for $4.0 million, after brokerage commission, associated selling expenses, and recorded a net gain of approximately $316,000 in the third quarter of 2016. A portion of the proceeds was used towards repayment of the term loan under the First Lien Facility.On September 30, 2016, the Company, through Eagle Shipco, signed a memorandum of agreement to acquire a 2016 NACKS built Ultramax 61,000 dwt vessel for $18.85 million. The Company took the delivery of the vessel in the fourth quarter of 2016. The purchase has been financed with cash on hand.In November 14, 2016, the Company, through Eagle Shipco, signed a memorandum of agreement to acquire a 2017 built 64,000 dwt SDARI-64 Ultramax dry bulk vessel constructed at Chengxi Shipyard Co., Ltd for $17.9 million. The Company paid $1.9 million advance towards the purchase as of December 31, 2016. The Company took the delivery of the vessel in the first quarter of 2017. On December 22, 2016, the Company signed a memorandum of agreement to sell the vessel Redwing for $5.8 million after brokerage commissions and associated selling expenses. The vessel was delivered to the buyers in first quarter of 2017. The Company will record a gain of $0.1 million in the first quarter of 2017. A portion of the proceeds was used towards repayment of the term loan under the First Lien Facility. As of December 31, 2016, the Company determined that all held for sale criteria were met for the vessel and classified the carrying amount of the vessel as a current asset in its consolidated balance sheet. On March 15, 2017, the Company signed a memorandum of agreement to sell the vessel Sparrow for $4.8 million after brokerage commissions and associated selling expenses. The vessel will be delivered to the buyers in the second quarter of 2017. The Company will record a gain of $1.8 million in the second quarter of 2017. A portion of the proceeds will be used towards repayment of the term loan under the First Lien Facility. As of December 31, 2016, the Company determined that held for sale criteria were met for the vessel and classified the carrying amount of the vessel as a current asset in its consolidated balance sheet.As of December 31, 2016, the Company is considering divesting some of the older as well as inefficient vessels from its fleet to achieve operating cost savings as well as potentially acquiring newer and more efficient vessels. The expected sale of vessels in the next two years reduces the useful life of the vessels resulting in impairment charge. As a result, we reduced the carrying value of each vessel to its fair market value as of December 31, 2016 and recorded an impairment charge of $122,860,600.
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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Note 6 - Investment |
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| Investment [Text Block] | Note 6. InvestmentKorea Line Corporation (“KLC”) During the year ended December 31, 2015, all the KLC shares have been sold for net proceeds of $7.8 million and a loss of $0.5 million recorded for the year ended December 31, 2015. The KLC investment was designated as Available For Sale (“AFS”) and was reported at its fair value, with unrealized gains and losses recorded in equity as a component of accumulated other comprehensive income (loss) (“AOCI”). The fair value of KLC shares are determined from the market price as quoted on the Korean Stock Exchange and by converting the South Korean Won (“KRW”) extended value into U.S. dollars with the exchange rate applicable on date of conversion. The Company reviewed the investment in KLC for impairment on a quarterly basis. The following table represents the movement in KLC capital stock, which was recorded at fair value:
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- Definition The entire disclosure for investments, including all tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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Note 7 - Deferred Drydock Costs |
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| Deferred Drydock Costs Disclosure [Text Block] | Note 7. Deferred Drydock Costs Drydocking activity is summarized as follows:
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- Definition The entire disclosure for the company's deferred drydock costs. No definition available.
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Note 8 - Other Accrued Liabilities |
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| Accounts Payable and Accrued Liabilities Disclosure [Text Block] | Note 8. Other Accrued LiabilitiesOther accrued liabilities consist of:
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- Definition The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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Note 9 - Debt |
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| Long-term Debt [Text Block] | Note 9. DebtLong-term debt consists of the following:
*Includes loan balances on term loan and revolver loan facility under the First Lien Facility and Exit Financing Facility as of December 31, 2016 and 2015, respectively. Refer to “Note 2. Corporate Reorganization” for discussion of recent debt-related transactions.For 2016, interest rates on our outstanding debt ranged from 3.86% to 4.99%, including a margin over LIBOR applicable under the terms of the First Lien Facility. The weighted average effective interest rate for the First Lien Facility including the amortization of debt discount for this period was 6.83%. The interest rate on payment-in-kind interest on our Second Lien Facility was 15% including a margin over LIBOR. The weighted average effective interest rate on our Second Lien Facility including the amortization of debt discount for this period was 17.05%. The payment-in-kind interest is due January 19, 2020. For 2015, interest rates on our outstanding debt ranged from 3.696% to 4.08%, including a margin over LIBOR applicable under the terms of the amended Exit Financing Facility. The weighted average effective interest rate including the amortization of debt discount for this period was 5.06%. For 2014, interest rates on our outstanding debt ranged from 3.63% to 7.40%, including a margin over LIBOR applicable under the terms of the amended credit facility for the Predecessor. The weighted average effective interest rate was 2.93% for the Predecessor. For 2014, interest rates on our outstanding debt ranged from 4.028% to 4.037%, including a margin over LIBOR applicable under the terms of the amended credit facility for the Successor. The weighted average effective interest rate was 4.13% for the Successor.For the years ended December 31, 2016 and 2015, a commitment fee of 40% October 16, 2014 and December 31, 2014 (Successor), a commitment fee of 0.7% was incurred on the undrawn portion of the Exit Financing Facility and for the period between January 1, 2014 and October 15, 2014 (Predecessor), a commitment fee of 0.7% was incurred on the undrawn portion of the facility. Interest Expense consisted of:
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