Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2018	May 08, 2018
Document And Entity Information
Entity Registrant Name	Eagle Bulk Shipping Inc.
Entity Central Index Key	0001322439
Trading Symbol	egle
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding (in shares)		73,006,009
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 57,897,634	$ 56,251,044
Accounts receivable	13,976,108	17,246,540
Prepaid expenses	3,663,037	3,010,766
Short-term investment	0	4,500,000
Inventories	13,622,341	14,113,079
Vessels held for sale	19,670,950	9,316,095
Other current assets	1,577,556	785,027
Total current assets	110,407,626	105,222,551
Noncurrent assets:
Vessels and vessel improvements, at cost, net of accumulated depreciation of $105,608,055 and $99,910,416, respectively	693,895,309	690,236,419
Advances for vessels purchase	0	2,201,773
Other fixed assets, net of accumulated amortization of $387,759 and $343,799, respectively	572,587	617,343
Restricted cash	74,917	74,917
Deferred drydock costs, net	9,654,102	9,749,751
Deferred financing costs - Super Senior Facility	285,342	190,000
Other assets	54,269	57,181
Total noncurrent assets	704,536,526	703,127,384
Total assets	814,944,152	808,349,935
Current liabilities:
Accounts payable	9,015,305	7,470,844
Accrued interest	5,912,503	1,790,315
Other accrued liabilities	5,984,737	11,810,366
Fair value of derivatives	152,560	73,170
Unearned charter hire revenue	6,231,209	5,678,673
Current portion of long-term debt	11,875,142	4,000,000
Total current liabilities	39,171,456	30,823,368
Noncurrent liabilities:
Total debt	309,597,693	313,683,677
Other liabilities	158,033	177,846
Fair value below contract value of time charters acquired	2,329,537	2,500,012
Total noncurrent liabilities	312,085,263	316,361,534
Total liabilities	351,256,719	347,184,902
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.01 par value, 25,000,000 shares authorized, none issued as of March 31, 2018 and December 31, 2017, respectively	0	0
Common stock, $0.01 par value, 700,000,000 shares authorized, 70,515,018 and 70,394,307 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively	705,151	703,944
Additional paid-in capital	890,881,460	887,625,902
Accumulated deficit	(427,899,178)	(427,164,813)
Total stockholders’ equity	463,687,433	461,165,033
Total liabilities and stockholders’ equity	814,944,152	808,349,935
Norwegian Bond Debt Facility
Noncurrent liabilities:
Total debt	190,160,155	189,950,329
New First Lien Facility
Noncurrent liabilities:
Total debt	54,436,463	63,758,185
Ultraco Debt Facility
Noncurrent liabilities:
Total debt	$ 65,001,075	$ 59,975,162

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Accumulated depreciation, vessels	$ 105,608,055	$ 99,910,416
Other fixed assets, accumulated amortization	$ 387,759	$ 343,799
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)	70,515,018	70,394,307
Common stock, outstanding (in shares)	70,515,018	70,394,307

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
Revenues, net	$ 79,370,609	$ 45,855,057
Voyage expenses	22,514,592	13,353,347
Vessel expenses	21,078,657	17,955,519
Charter hire expenses	10,268,064	3,873,332
Depreciation and amortization	9,276,415	7,492,808
General and administrative expenses	9,913,964	7,778,821
Gain on sale of vessel	0	(92,114)
Total operating expenses	73,051,692	50,361,713
Operating income/(loss)	6,318,917	(4,506,656)
Interest expense	6,261,069	6,445,031
Interest income	(95,276)	(189,798)
Other expense	100,379	306,559
Total other expense, net	6,266,172	6,561,792
Net income/(loss)	$ 52,745	$ (11,068,448)
Weighted average shares outstanding:
Basic (in shares)	70,452,814	65,637,692
Diluted (in shares)	71,531,864	65,637,692
Per share amounts:
Basic income/(loss) (in dollars per share)	$ 0.00	$ (0.17)
Diluted income/(loss) (in dollars per share)	$ 0.00	$ (0.17)

Condensed Consolidated Statements of Comprehensive Income/(Loss) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income/(loss)	$ 52,745	$ (11,068,448)
Comprehensive income/(loss)	$ 52,745	$ (11,068,448)

Condensed Consolidated Statements of Stockholders' Equity - USD ($)

Total

Common Stock

Additional Paid-in Capital

Accumulated Deficit

Beginning Balance (in shares) at Dec. 31, 2016

48,106,827

Beginning Balance at Dec. 31, 2016

$ 400,482,639

$ 481,069

$ 783,369,698

$ (383,368,128)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income/(loss)

(11,068,448)

Issuance of shares for private placement (in shares)

22,222,223

Issuance of shares for private placement

96,030,003

$ 222,222

95,807,781

Stock-based compensation

2,170,700

Ending Balance (in shares) at Mar. 31, 2017

70,329,050

Ending Balance at Mar. 31, 2017

487,614,894

$ 703,291

881,348,179

(394,436,576)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Cumulative effect of accounting change

^[1]

(787,110)

Beginning Balance (in shares) at Dec. 31, 2017

70,394,307

Beginning Balance at Dec. 31, 2017

461,165,033

$ 703,944

887,625,902

(427,164,813)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income/(loss)

52,745

Issuance of shares for private placement (in shares)

120,711

Issuance of shares for private placement

$ 1,207

(1,207)

Cash used to settle net share equity awards

(254,146)

Stock-based compensation

3,510,911

Ending Balance (in shares) at Mar. 31, 2018

70,515,018

Ending Balance at Mar. 31, 2018

$ 463,687,433

$ 705,151

$ 890,881,460

$ (427,899,178)

[1]	The opening retained earnings has been adjusted on January 1, 2018 in connection with adoption of Accounting Standards Update 2014-09 ("ASC 606"). Please refer to Note 2 "Recently Adopted Accounting Pronouncements" to the condensed consolidated financial statements.

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net income/(loss)	$ 52,745	$ (11,068,448)
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation	8,073,353	6,510,735
Amortization of deferred drydocking costs	1,203,062	982,073
Amortization of debt issuance costs	490,095	1,444,963
Amortization of fair value below contract value of time charter acquired	(170,475)	(205,078)
Payment-in-kind interest on debt	0	2,334,893
Net unrealized loss on fair value of derivative instruments	208,235	293,007
Stock-based compensation expense	3,510,911	2,170,700
Drydocking expenditures	(1,107,414)	(25,807)
Gain on sale of vessel	0	(92,114)
Changes in operating assets and liabilities:
Accounts receivable	3,270,432	(3,676,803)
Other current and non-current assets	(121,954)	(426,860)
Prepaid expenses	(652,271)	502,054
Inventories	490,738	2,148,742
Accounts payable	1,544,461	(249,235)
Accrued interest	4,122,188	(28,872)
Other accrued and other non-current liabilities	(5,009,784)	(3,738,154)
Unearned revenue	(1,031,082)	1,114,886
Net cash provided by/(used in) operating activities	14,873,240	(2,009,318)
Cash flows from investing activities:
Purchase of vessels and vessel improvements	(19,841,535)	(17,297,323)
Advance paid for purchase of vessel	0	(10,320,000)
Proceeds from redemption of Short-term investment	4,500,000	0
Proceeds from sale of vessels	0	5,790,500
Purchase of other fixed assets	966	(47,008)
Net cash used in investing activities	(15,340,569)	(21,873,831)
Cash flows from financing activities:
Proceeds from the common stock private placement, net of issuance costs	0	96,030,003
Cash used to settle net share equity awards	(254,146)	0
Other financing costs	(1,231,935)	0
Net cash provided by financing activities	2,113,919	93,134,753
Net increase in cash and cash equivalents and restricted cash	1,646,590	69,251,604
Cash and cash equivalents and restricted cash at beginning of period	56,325,961	76,591,027
Cash and cash equivalents and restricted cash at end of period	57,972,551	145,842,631
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid during the year for interest	1,648,787	2,694,046
Ultraco Debt Facility
Cash flows from financing activities:
Proceeds from Ultraco Debt Facility	8,600,000	0
Term Loan
Cash flows from financing activities:
Repayments of lines of credit	0	(2,895,250)
Revolver Loan
Cash flows from financing activities:
Repayments of lines of credit	$ (5,000,000)	$ 0

Basis of Presentation and General Information	3 Months Ended
Basis of Presentation and General Information	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and General Information	Basis of Presentation and General Information The accompanying condensed consolidated financial statements include the accounts of Eagle Bulk Shipping Inc. and its wholly-owned subsidiaries (collectively, the “Company,” “we,” “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 dry bulk carriers which are considered to be Handymax class of vessels and the Company operates its business in one business segment. As of March 31, 2018, the Company owned and operated a modern fleet of 48 oceangoing vessels, 36 Supramax and 12 Ultramax vessels with a combined carrying capacity of 2,746,891 deadweight tonnage ("dwt") and an average age of approximately 8.3 years. Additionally, the Company charters-in a 61,400 dwt, 2013 built Ultramax vessel for a period of approximately three years. In addition, the Company charters-in third-party vessels on a short to medium term basis. For the three-months ended March 31, 2018 and 2017, the Company’s charterers did not individually account for more than 10% of the Company’s gross charter revenue during those periods. The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), and the rules and regulations of the SEC which apply to interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes normally included in consolidated financial statements prepared in conformity with U.S. GAAP. They should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2017 Annual Report on Form 10-K, filed with the SEC on March 12, 2018. The accompanying condensed consolidated financial statements are unaudited and include all adjustments (consisting of normal recurring adjustments) that management considers necessary for a fair presentation of its condensed consolidated financial position and results of operations for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the entire year. We adopted the Financial Accounting Standards Board's ("FASB") Accounting Standards Update ("ASU") 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09" or "ASC 606") as of January 1, 2018 utilizing the modified retrospective method of transition. ASC 606 impacted the timing of recognition of revenues from certain ongoing spot voyage charters as well as timing of recognition of certain voyage related expenses. Under ASC 606, revenue is recognized beginning from the commencement of loading until the completion of discharge at the discharge port instead of recognizing revenue from the discharge of the previous voyage provided an agreed non-cancellable charter between the Company and the charterer is in existence, the charter rate is fixed and determinable, and collectability is reasonably assured. With the adoption of ASC 606, we recognize as an asset any costs incurred prior to commencement of loading because these costs are incurred to fulfill a contract and are directly relate to a contract or an anticipated contract that we can specifically identify. These costs are amortized over the term of the contract on a straight-line basis as the performance obligations are met. We recorded an adjustment of approximately of $0.8 million to increase our opening accumulated deficit, increase our unearned revenue and other current assets on our Condensed Consolidated Balance Sheet on January 1, 2018. Please refer to Note 2 "Recently Adopted Accounting Pronouncements" for further information. We adopted the ASU No. 2016-18, "Statement of Cash Flows - Restricted Cash" ("ASU 2016-18"), which requires that the statement of cash flows explain the change in the total of cash and cash equivalents and restricted cash. ASU 2016-18 was adopted retrospectively for the periods ended March 31, 2018 and 2017, and $74,917 of restricted cash has been aggregated with cash and cash equivalents in both the beginning-of-period and end-of-period line items at the bottom of the condensed consolidated statements of cash flows for each of the periods presented. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates and assumptions of the Company are residual value of vessels, the useful lives of vessels, the value of stock-based compensation and the fair value of derivatives. Actual results could differ from those estimates.

Recently Adopted Accounting Pronouncements

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Recently Adopted Accounting Pronouncements

Revenue Recognition

Our shipping revenues are principally generated from time charters and voyage charters. In a time charter voyage, the vessel is hired by the charterer for a specified period of time in exchange for consideration which is based on a daily hire rate. The charterer has the full discretion over the ports visited, shipping routes and vessel speed. The contract/charter party generally provides typical warranties regarding the speed and performance of the vessel. The charter party generally has some owner protective restrictions such that the vessel is sent only to safe ports by the charterer and carry only lawful or non hazardous cargo. In a time charter contract, the Company is responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubes. The charterer bears the voyage related costs such as bunker expenses, port charges, canal tools during the hire period. The performance obligations in a time charter contract are satisfied over term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to the Company. The charterer generally pays the charter hire in advance of the upcoming contract period. The time charter contracts are considered operating leases and therefore do not fall under the scope of ASC 606 because (i) the vessel is an identifiable asset (ii) the Company does not have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use.

Voyage charters

In a voyage charter contract, the charterer hires the vessel to transport a specific agreed-upon cargo for a single voyage which may contain multiple load ports and discharge ports. The consideration in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The charter party generally has a minimum amount of cargo. The charterer is responsible for any short loading of cargo or "dead" freight. The voyage contract generally has standard payment terms of 90% freight paid within three days after completion of loading. The voyage charter party generally has a "demurrage" or "despatch" clause. As per this clause, the charterer reimburses the Company for any potential delays exceeding the allowed laytime as per the charter party clause at the ports visited which is recorded as demurrage revenue. Conversely, the charterer is given credit if the loading/discharging activities happen within the allowed laytime which is despatch resulting in a reduction in revenue. In a voyage charter contract, the performance obligations begin to be satisfied once the vessel begins loading the cargo. The Company determined that its voyage charter contracts consist of a single performance obligation of transporting the cargo within a specified time period. Therefore, the performance obligation is met evenly as the voyage progresses. and the revenue is recognized on a straight line basis over the voyage days from the commencement of the loading of cargo to completion of discharge.

The voyage contracts are considered service contracts which fall under the provisions of ASC 606 because (i) the Company as the ship owner retains the control over the operations of the vessel such as directing the routes taken or the vessel speed. The voyage contracts generally have variable consideration in the form of demurrage or despatch. The amount of revenue earned as demurrage or despatch paid by the Company for the three months ended March 31, 2018 is not material.

The following table shows the revenues earned from time charters and voyage charters for the three months ended March 31, 2018:



	Three Months Ended March 31, 2018

Time charters	$	29,323,219
Voyage charters	50,047,390
	$	79,370,609

Contract costs

In a voyage contract, the Company bears all voyage related costs such as fuel costs, port charges and canal tolls. These costs are considered contract fulfillment costs because the costs are direct costs related to the performance of the contract and are expected to be recovered. The costs incurred during the period prior to commencement of loading the cargo, primarily bunkers, are deferred as they represent setup costs and recorded as a current asset and are amortized on a straight-line basis as the related performance obligations are satisfied

In May 2014, the FASB issued 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. Under ASC 606, an entity is required to perform the following five steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations of the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfied a performance obligation. Additionally, the guidance requires improved disclosures as to the nature, amount, timing and uncertainty of revenue that is recognized.

We adopted the provisions of ASC 606 on January 1, 2018 using the modified retrospective approach. As such, the comparative information has not been restated and continues to be reported under the accounting standards in effect for periods prior to January 1, 2018. Under the modified retrospective approach, the Company recognized the cumulative effect of adopting this standard as an adjustment amounting to $0.8 million to increase the opening balance of Accumulated Deficit as of January 1, 2018. The Company recognized $0.8 million of deferred costs which represents the costs such as bunker expenses and charter hire expenses on chartered-in vessels, incurred prior to commencement of loading are recorded in other current assets and $1.6 million of unearned charter hire revenue which represents the Company's obligation to satisfy performance obligations under the contract for which the Company has received consideration from the customer.

The adoption of the ASC 606 impacted the timing of recognition of revenue for certain ongoing spot voyage charter contracts, related voyage expenses and charter hire expenses. Under ASU 2014-09, revenue is recognized from when the vessel commences loading through the completion of discharge at the discharge port instead of recognizing revenue from the discharge of the previous voyage provided an agreed non-cancellable charter between the Company and the charterer is in existence, the charter rate is fixed and determinable, and collectability is reasonably assured. Any expenses incurred during the ballast portion of the voyage (time spent by the vessel traveling from discharge port of the previous voyage to the load port of the subsequent voyage) such as bunker expenses, canal tolls and charter hire expenses for chartered-in vessels are deferred and are recognized on a straight-line basis over the charter period as the Company satisfies the performance obligations under the contract.

Further, the adoption of ASC 606 impacted the accounts receivable and unearned revenue on our Condensed Consolidated Balance Sheet as of March 31, 2018. Under ASC 606, receivables represent an entity's unconditional right to consideration, billed or unbilled. The Company determined that the performance obligations on its spot voyage charters do not begin to be satisfied unless the vessel arrives at the load port and commences loading the cargo. This impacted the amount of accounts receivable and unearned revenue recorded in our Condensed Consolidated Balance Sheet.

The following table presents the impact of the adoption of ASC 606 on our Condensed Consolidated Balance Sheet at March 31, 2018:



	As of March 31, 2018
	As Reported		Balances without Adoption of ASC 606		Effect of Change
Assets
Accounts Receivable	$	13,976,108	$	14,531,212	$	(555,104	)
Other current assets	1,577,556		1,055,071		522,485
Liabilities
Unearned charter hire revenue	6,231,209		6,950,116		718,907
Other Accrued liabilities	5,984,737		5,961,064		(23,673		)

The following table presents the impact of the adoption of ASC 606 on our Consolidated Statement of Operations:



	For the three months ended March 31, 2018
	As Reported		Balances without Adoption of ASC 606			Effect of Change
Revenue,net	$	79,370,609	$	78,533,776		$	836,833

Voyage expenses	22,514,592		22,268,705			(245,887		)
Charter hire expenses	10,268,064		10,032,395			(235,669		)

Net income/(loss)	52,745		(302,532		)	355,277

Basic income/(loss) per share	$	0.00	$	0.00		$	0.01
Diluted income/(loss) per share	$	0.00	$	0.00		$	0.00

The cumulative effect of changes made to our opening Consolidated Balance Sheet on January 1, 2018 for the adoption of ASC 606:



	December 31, 2017			Effect of Adoption of ASC 606			January 1, 2018
Assets
Other current assets ⁽¹⁾	$	785,027		$	796,508		$	1,581,535
Liabilities
Unearned charter hire revenue ⁽²⁾	5,678,673			1,583,618			7,262,291
Stockholders' equity
Accumulated deficit	(427,164,813		)	(787,110		)	(427,951,923		)

⁽¹⁾Under ASC 606, the contract fulfillment costs are deferred as a current asset and amortized as the related performance obligations are satisfied. The Other current assets consists of bunker expenses of $0.6 million incurred to arrive at the load port for the voyages in progress as of January 1, 2018 and $0.2 million of charter hire expenses on third party chartered-in vessels which were chartered-in to fulfill the performance obligations under the voyage contract.

⁽²⁾Under ASC 606, unearned charter hire revenue represents the consideration received for undelivered performance obligations. The Company recorded $1.5 million as the unearned revenue on voyage in progress as of January 1, 2018. The Company recognized this revenue in the first quarter of 2018 as the performance obligations are met.

The adoption of ASC 606 had no impact on net cash provided by operating activities, investing activities and financing activities for the three months ended March 31, 2018.

In November 2016, the FASB issued ASU 2016-18. The amendments in ASU 2016-18 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. We adopted this accounting standard retrospectively for the periods ended March 31, 2018 and 2017, and $74,917 of restricted cash has been aggregated with cash and cash equivalents in both the beginning-of-period and end-of-period line items at the bottom of the statements of cash flows for each period presented.

Vessels

3 Months Ended

Mar. 31, 2018

Property, Plant and Equipment [Abstract]

Vessels

Vessel and Vessel Improvements

As of March 31, 2018, the Company’s owned operating fleet consisted of 48 dry bulk vessels.

On December 19, 2017, the Company, through its subsidiary Eagle Bulk Ultraco LLC, signed a memorandum of agreement to acquire a 2015 built Ultramax vessel for $21.3 million. The Company took delivery of the vessel, the New London Eagle on January 9, 2018.

On August 30, 2017, the Company signed a memorandum of agreement to sell the vessel Avocet for $9.6 million after brokerage commissions and associated selling expenses. The vessel was delivered to the buyers in the second quarter of 2018. The Company expects to recognize a gain of $0.3 million. As of March 31, 2018, the Company reported the carrying amount of the vessel as a current asset in its condensed consolidated balance sheet.

On March 23, 2018, the Company signed a memorandum of agreement to sell the vessel Thrush for $10.9 million after brokerage commissions and associated selling expenses. The vessel is expected to be delivered to the buyers in the third quarter of 2018. The Company expects to recognize a gain of $0.4 million. As of March 31, 2018, the Company reported the carrying amount of the vessel as a current asset in its condensed consolidated balance sheet.

Vessel and vessel improvements consist of the following:



Vessels and Vessel Improvements, at December 31, 2017	$	690,236,419
Advance paid for purchase of New London Eagle at December 31, 2017	2,201,773
Purchase of Vessels and Vessel Improvements	19,841,535
Transfer to Vessels held for sale	(10,354,855		)
Vessel depreciation expense	(8,029,563		)
Vessels and Vessel Improvements, at March 31, 2018	$	693,895,309

Debt

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Debt



	March 31, 2018			December 31, 2017
Norwegian Bond Debt	$	200,000,000		$	200,000,000
Debt discount and debt issuance costs - Norwegian Bond Debt	(5,839,845		)	(6,049,670		)
Less:Current portion of Norwegian Bond Debt	(4,000,000		)	(4,000,000		)
Norwegian Bond Debt, net of debt discount and debt issuance costs	190,160,155			189,950,330
New First Lien Facility *	60,000,000			65,000,000
Debt discount and debt issuance costs - New First Lien Facility	(1,263,537		)	(1,241,815		)
Less:Current portion of New First Lien Facility	(4,300,000		)	—
New First Lien Facility, net of debt issuance costs and debt discount	54,436,463			63,758,185
Ultraco Debt Facility	69,800,000			61,200,000
Debt discount and debt issuance costs - Ultraco Debt Facility	(1,223,783		)	(1,224,838		)
Less:Current portion of Ultraco Debt Facility	(3,575,142		)	—
Ultraco Debt Facility, net of debt issuance costs and debt discount	65,001,075			59,975,162
Total long-term debt	$	309,597,693		$	313,683,677

* Includes loan balances on term loan and revolver loan facility under the New First Lien Facility as of December 31, 2017. The revolver loan of $5.0 million under the New First Lien Facility was repaid in the first quarter of 2018.

Norwegian Bond Debt

On November 28, 2017, Eagle Bulk Shipco LLC, a wholly-owned subsidiary of the Company ("Shipco" or "Issuer") issued $200,000,000 in aggregate principal amount of 8.250% Senior Secured Bonds ( the "Bonds" or the "Norwegian Bond Debt"), pursuant to those certain bond terms (the "Bond Terms"), dated as of November 22, 2017, by and between the Issuer and Nordic Trustee AS, as the Bond Trustee. After giving effect to an original issue discount of approximately 1% and deducting offering expenses of $3.1 million, the net proceeds from the issuance of the Bonds are approximately $195.0 million. These net proceeds from the Bonds, together with the proceeds from the New First Lien Facility and cash on hand, were used to repay all amounts outstanding including accrued interest under various debt facilities outstanding at that time, and to pay expenses associated with the refinancing transactions. Shipco incurred $1.2 million in other financing costs in connection with the transaction.

The Norwegian Bond Debt is guaranteed by the limited liability companies that are subsidiaries of the Issuer and the legal and beneficial owners of 28 security vessels (the "Shipco Vessels") in the Company’s fleet, and will be secured by mortgages over such security vessels, a pledge granted by the Company over all of the shares of the Issuer, a pledge granted by the Issuer over all the shares in the Vessel Owners, certain charter contract assignments, certain assignments of earnings, a pledge over certain accounts, an assignment of insurances covering security vessels, and assignments of intra-group debt between the Company and the Issuer or its subsidiaries.

Pursuant to the Bond Terms, interest on the Bonds will accrue at a rate of 8.250% per annum on the nominal amount of each of the Bonds from November 28, 2017, payable semi-annually on May 29 and November 29 of each year (each, an “Interest Payment Date”), commencing May 29, 2018. Furthermore, if Shipco fails to have the Norwegian Bonds listed for trading within twelve months of the issue date, the rate on the Norwegian Bonds will increase by 0.5%. The Bonds will mature on November 28, 2022. On each Interest Payment Date from and including November 29, 2018, the Issuer must repay an amount of $4,000,000, plus accrued interest thereon. Any outstanding Bonds must be repaid in full on the Maturity Date at a price equal to 100% of the nominal amount, plus accrued interest thereon.

The Issuer may redeem some or all of the outstanding Bonds at any time on or after the Interest Payment Date in May 2020 (the “First Call Date”), at the following redemption prices (expressed as a percentage of the nominal amount), plus accrued interest on the redeemed amount, on any business day from and including:





Period		Redemption Price
First Call Date to, but not including, the Interest Payment Date in November 2020		104.125%
Interest Payment Date in November 2020 to but not including, the Interest Payment Date in May 2021		103.3%
Interest Payment Date in May 2021 to, but not including, the Interest Payment Date in November 2021		102.475%
Interest Payment Date in November 2021 to, but not including, the Interest Payment Date in May 2022		101.65%
Interest Payment Date in May 2022 to, but not including, the Maturity Date		100%

Prior to the First Call Date, the Issuer may redeem some or all of the outstanding Bonds at a price equal to 100% of the nominal amount of the Bonds plus a “make-whole” premium and accrued and unpaid interest to the redemption date.

If the Company experiences a change of control, each holder of the Bonds will have the right to require that the Issuer purchase all or some of the Bonds held by such holder at a price equal to 101% of the nominal amount, plus accrued interest.

The Bond Terms contain certain financial covenants that the Issuer’s leverage ratio defined as the ratio of outstanding bond amount and any drawn amounts under the Super Senior Facility less consolidated cash balance to the aggregate book value of the Shipco Vessels must not exceed 75% and its and its subsidiaries’ free liquidity must at all times be at least $12,500,000. Shipco is in compliance with its financial covenants as of March 31, 2018.

The Bond Terms also contain certain events of default customary for transactions of this type, including, but not limited to, those relating to: a failure to pay principal or interest; a breach of covenants, representation or warranty; a cross default to other indebtedness; the occurrence of certain bankruptcy and insolvency events; and the impossibility or unlawfulness of performance of the finance documents.

The Bond Terms also contain certain exceptions and qualifications, among other things, limit the Company’s and the Issuer’s ability and the ability of the Issuer’s subsidiaries to do the following: make distributions; carry out any merger, other business combination, demerger or corporate reorganization; make substantial changes to the general nature of their respective businesses; incur certain indebtedness; incur liens; make loans or guarantees; make certain investments; transact with affiliates; enter into sale and leaseback transactions; engage in certain chartering-in of vessels; dispose of shares of Vessel Owners; or acquire the Bonds.

New First Lien Facility

On December 8, 2017, Eagle Shipping LLC, a wholly-owned subsidiary of the Company ("Eagle Shipping") entered into the New First Lien Facility, which provides for (i) a term loan facility in an aggregate principal amount of up to $60,000,000 (the “Term Loan”) and (ii) a revolving credit facility in an aggregate principal amount of up to $5,000,000 (the “Revolving Loan”). Outstanding borrowings under the New First Lien Facility bear interest at LIBOR plus 3.50% per annum. Eagle Shipping paid $975,000 to the lenders and incurred $371,888 of other financing costs in connection with the transaction.

The New First Lien Facility matures on the earlier of (i) five years from the initial borrowing date under the Credit Agreement and (ii) December 8, 2022. With respect to the Term Loan, Eagle Shipping is required to make quarterly repayments of principal of $2.15 million beginning January 15, 2019, with a final balloon payment to be made at maturity. With respect to the Revolving Loan, Eagle Shipping must repay the aggregate principal amount of all borrowings outstanding on the maturity date. Accrued interest on amounts outstanding under the Term Loan and the Revolving Loan must be paid on the last day of each applicable interest period. Interest periods are for three months, six months or any other period agreed between Eagle Shipping and the Lenders. Finally, Eagle Shipping must prepay certain specified amounts outstanding under the New First Lien Facility if an Eagle Shipping Vessel (as defined below) is sold or becomes a total loss or if there is a change of control with respect to the Company, Eagle Shipping or any Guarantor.

Eagle Shipping’s obligations under the New First Lien Facility are secured by, among other items, a first priority mortgage on the nine vessels in Eagle Shipping’s fleet as identified in the Credit Agreement and such other vessels that it may from time to time include with the approval of the Lenders (the “Eagle Shipping Vessels”), an assignment of certain accounts, an assignment of certain charters with terms that may exceed 12 months, an assignment of insurances, an assignment of certain master agreements, and a pledge of the membership interests of each of Eagle Shipping’s vessel-owning subsidiaries. In the future, Eagle Shipping may grant additional security to the Lenders from time to time.

The New First Lien Facility contains financial covenants requiring Eagle Shipping to maintain minimum liquidity of $500,000 in respect of each Eagle Shipping Vessel and to maintain a consolidated interest coverage ratio beginning for the fiscal quarter ending on June 30, 2019, of not less than a range varying from 1.50 to 1.00 to 2.50 to 1.00. In addition, the New First Lien Facility also imposes operating restrictions on Eagle Shipping and the Guarantors, including limiting Eagle Shipping’s and the Guarantors’ ability to, among other things: pay dividends; incur additional indebtedness; create liens on assets; sell assets; dissolve or liquidate; merge or consolidate with another person; make investments; engage in transactions with affiliates; and allow certain changes of control to occur. Eagle Shipping is in compliance with its financial covenants as of Mach 31, 2018.

The New First Lien Facility also includes customary events of default, including those relating to: a failure to pay principal or interest; a breach of covenant, representation or warranty; a cross-default to other indebtedness; the occurrence of certain bankruptcy and insolvency events; the occurrence of certain ERISA events; a judgment default; the cessation of business; the impossibility or unlawfulness of performance of the loan documents; the ineffectiveness of any material provision of any loan document; the occurrence of a material adverse effect; and the occurrence of certain swap terminations.

During the first quarter of 2018, Eagle Shipping repaid $5.0 million of the Revolving Loan.

As of March 31, 2018, the availability under the Revolving Loan is $5.0 million.

Super Senior Facility

On December 8, 2017, Shipco entered into Super Senior Revolving Facility Agreement (the "Super Senior Facility"), by and among Shipco as borrower, and ABN AMRO Capital USA LLC, as original lender, mandated lead arranger and agent, which provides for a revolving credit facility in an aggregate amount of up to $15,000,000. The proceeds of the Super Senior Facility, which are currently undrawn, are expected, pursuant to the terms of the Super Senior Facility, to be used (i) to acquire additional vessels or vessel owners and (ii) for general corporate and working capital purposes of Shipco and its subsidiaries. The Super Senior Facility matures on August 28, 2022. Shipco incurred $285,342 as other financing costs in connection with the transaction.

As of March 31, 2018, the availability under the Super Senior Facility is $15,000,000.

The outstanding borrowings under the Super Senior Facility will bear interest at LIBOR plus 2.00% per annum and commitment fees of 40% of the applicable margin on the undrawn portion of the facility. For each loan that is requested under the Super Senior Facility, Shipco must repay such loan along with accrued interest on the last day of each interest period relating to the loan. Interest periods are for three months, six months or any other period agreed between Shipco and the Super Senior Facility Agent. Additionally, subject to the other terms of the Super Senior Facility, amounts repaid on the last day of each interest period may be re-borrowed.

Shipco’s obligations under the Super Senior Facility are guaranteed by the limited liability companies that are subsidiaries of Shipco and the legal and beneficial owners of 28 vessels in the Company’s fleet (the “Eagle Shipco Vessel Owners”), and will be secured by mortgages over such vessels, a pledge granted by the Company over all of the shares of Shipco, a pledge granted by Shipco over all the shares in the Eagle Shipco Vessel Owners, certain charter contract assignments, certain assignments of earnings, a pledge over certain accounts, an assignment of insurances covering security vessels, and assignments of intra-group debt between the Company and Shipco or its subsidiaries. The Super Senior Facility ranks super senior to the Bonds with respect to any proceeds from any enforcement action relating to security or guarantees for both the Super Senior Facility and the Bonds.

The Super Senior Facility contains certain covenants that, subject to certain exceptions and qualifications, among other things, limit Shipco’s and its subsidiaries’ ability to do the following: make distributions; carry out any merger, other business combination, or corporate reorganization; make substantial changes to the general nature of their respective businesses; incur certain indebtedness; incur liens; make loans or guarantees; make certain investments; transact other than on arm’s-length terms; enter into sale and leaseback transactions; engage in certain chartering-in of vessels; or dispose of shares of Eagle Shipco Vessel Owners. Additionally, Shipco’s leverage ratio must not exceed 75% and its and its subsidiaries’ free liquidity must at all times be at least $12,500,000. Also, the total commitments under the Super Senior Facility will be cancelled if (i) at any time the aggregate market value of the security vessels for the Super Senior Facility is less than 300% of the total commitments under the Super Senior Facility or (ii) if Shipco or any of its subsidiaries redeems or otherwise repays the Bonds so that less than $100,000,000 is outstanding under the Bond Terms. Shipco is in compliance with its financial covenants as of March 31, 2018.

The Super Senior Facility also contains certain events of default customary for transactions of this type, including, but not limited to, those relating to: a failure to pay principal or interest; a breach of covenants, representation or warranty; a cross default to other indebtedness; the occurrence of certain bankruptcy and insolvency events; the cessation of business; the impossibility or unlawfulness of performance of the finance documents for the Super Senior Facility; and the occurrence of a material adverse effect.

Ultraco Debt Facility

On June 28, 2017, Eagle Bulk Ultraco LLC, a wholly-owned subsidiary of the Company ("Ultraco"), entered into a credit agreement (the “Ultraco Debt Facility”), by and among Ultraco, as borrower, certain wholly-owned vessel-owning subsidiaries of Ultraco, as guarantors (the “Ultraco Guarantors”), the lenders thereunder (the “Ultraco Lenders”), the swap banks party thereto, ABN AMRO Capital USA LLC, as facility agent and security trustee for the Ultraco Lenders, ABN AMRO Capital USA LLC, DVB Bank SE and Skandinaviska Enskilda Banken AB (publ), as mandated lead arrangers, and ABN AMRO Capital USA LLC, as arranger and bookrunner. The Ultraco Debt Facility provides for a multi-draw senior secured term loan facility in an aggregate principal amount of up to the lesser of (i) $61,200,000 and (ii) 40% of the lesser of (1) the purchase price of the nine Ultramax vessels ("Greenship Vessels") to be acquired by Ultraco and the Ultraco Guarantors pursuant to a previously disclosed framework agreement, dated as of February 28, 2017, with Greenship Bulk Manager Pte. Ltd., as Trustee-Manager of Greenship Bulk Trust, and (2) the fair market value of the Greenship Vessels. The proceeds of the Ultraco Debt Facility were used for the purpose of financing, refinancing or reimbursing a part of the acquisition cost of the Greenship Vessels. The outstanding borrowings under the Ultraco Debt Facility bear interest at LIBOR plus 2.95% per annum. The Ultraco Debt Facility also provides for the payment of certain other fees and expenses by Ultraco. Ultraco incurred $918,000 to the lenders and $459,735 as deferred financing costs in connection with the transaction.

On December 29, 2017, Ultraco entered into a First Amendment (the “First Amendment”) to the Ultraco Debt Facility to increase the commitments for the purpose of financing the acquisition of an additional vessel by New London Eagle LLC, a wholly owned subsidiary of Ultraco and additional guarantor under the Ultraco Debt Facility. The increase in the commitments was $8,600,000. Ultraco took delivery of the vessel in January 2018 and drew down $8.6 million. The Company paid $0.1 million as financing costs to the lender in connection with the transaction. The Company paid a deposit of $2.2 million for the purchase of the vessel as of December 31, 2017.

As of March 31, 2018, Ultraco has drawn $69.8 million of the credit facility relating to the acquisition of the 10 Ultramax vessels.

The Ultraco Debt Facility matures on the earlier of (i) five years after the delivery of the last remaining Greenship Vessel to occur and (ii) October 31, 2022. There are no fixed repayments until January 2019 (the "First Repayment Date"). Ultraco is required to make quarterly repayments of principal in an amount of $1,787,571 beginning in the first quarter of 2019 with a final balloon payment to be made at maturity. The Ultraco Debt Facility allows for increased commitments, subject to the satisfaction of certain conditions and the obtaining of certain approvals, in an aggregate principal amount as of March 31, 2018, of up to the lesser of (i) $30,200,000 and (ii) 40% of the aggregate fair market value of any additional vessels to be financed with such incremental commitment.

Ultraco’s obligations under the Ultraco Debt Facility are secured by, among other items, a first priority mortgage on each of the ten Ultramax vessels ("Ultraco Vessels") and such other vessels that it may from time to time include with the approval of the Ultraco Lenders, an assignment of earnings of the Ultraco Vessels, an assignment of all charters with terms that may exceed 12 months, an assignment of insurances, an assignment of certain master agreements, and a pledge of the membership interests of each of Ultraco’s vessel-owning subsidiaries. In the future, Ultraco may grant additional security to the Ultraco Lenders from time to time.

The Ultraco Debt Facility contains financial covenants requiring Ultraco, among other things: (1) to ensure that the aggregate market value of the Ultraco Vessels (plus the value of certain additional collateral) is at all times not less than 150% of the aggregate principal amount of debt outstanding (subject to certain adjustments); (2) to maintain cash or cash equivalents not less than (a) a liquidity reserve of $600,000 in respect of each Ultraco Vessel and (b) a debt service reserve of $600,000 in respect of each Ultraco Vessel, a portion of which may be utilized to satisfy the obligations under the Ultraco Debt Facility upon satisfaction of certain conditions; however, taking into account the requirements of 2(a) and 2(b), the cash or cash equivalents cannot be less than the greater of (i) $7.5 million or (ii) 12% of the consolidated total debt of Ultraco and its subsidiaries; (3) to maintain at all times a ratio of consolidated tangible net worth to consolidated total assets of not less than 0.35 to 1.00; (4) to maintain a consolidated interest coverage ratio beginning after the second anniversary of June 28, 2017, of not less than a range varying from 2.00 to 1.00 to 2.50 to 1.00; and (5) to maintain a ballast water treatment systems reserve of $4,550,000, which may be released upon the satisfaction of certain conditions. In addition, the Ultraco Debt Facility also imposes operating restrictions on Ultraco and the Ultraco Guarantors, including limiting Ultraco’s and the Ultraco Guarantors’ ability to, among other things: pay dividends; incur additional indebtedness; create liens on assets; sell assets; dissolve or liquidate; merge or consolidate with another person; make investments; engage in transactions with affiliates; and allow certain changes of control to occur.

As a result of the receipt of extensions from the United States Coast Guard (the "USCG") regarding compliance with a USCG approved ballast water treatment systems ("BWMS"), the funds held in the ballast water treatment system reserve account were released for Ultraco's use in the third quarter of 2017.

The Ultraco Debt Facility also includes customary events of default, including those relating to: a failure to pay principal or interest; a breach of covenant, representation or warranty; a cross-default to other indebtedness; the occurrence of certain bankruptcy and insolvency events; the occurrence of certain ERISA events; a judgment default; the cessation of business; the impossibility or unlawfulness of performance of the loan documents; the ineffectiveness of any material provision of any loan document; the occurrence of a material adverse effect; and the occurrence of certain swap terminations.

Interest Rates

For the three-months ended March 31, 2018, interest rate on the Norwegian Bond Debt was 8.25%. The weighted average effective interest rate including the amortization of debt discount and debt issuance costs for this period was 8.87%.

For the three-months ended March 31, 2018, interest rates on the New First Lien Facility ranged from 4.91% to 5.55% including a margin over LIBOR applicable under the terms of the New First Lien Facility and commitment fees of 40% of the margin on the undrawn portion of the revolver credit facility of the New First Lien Facility. The weighted average effective interest rate including the amortization of debt discount for this period was 5.44%.

For the three-months ended March 31, 2018, interest rates on the Ultraco Debt Facility was 4.64% including a margin over LIBOR and commitment fees of 40% of the margin on the undrawn portion of the facility. The weighted average effective interest rate was 5.29%.

For the three-months ended March 31, 2017, interest rates on our outstanding debt under the First Lien Facility ranged from 4.77% to 4.99%, including a margin over LIBOR and commitment fees of 40% of the margin on the undrawn portion of the facility. The weighted average effective interest rate was 5.31%. 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%.

Interest Expense consisted of:



	Three Months Ended
	March 31, 2018		March 31, 2017
First Lien Facility	$	—	$	2,665,175
Norwegian Bond Debt	4,125,000		—
New First Lien Facility	816,967		—
Amortization of Debt issuance costs	490,095		1,444,963
Payment in kind interest on Second Lien Facility	—		2,334,893
Ultraco Debt Facility	799,674		—
Super Senior Facility - commitment fees	29,333		—
Total Interest Expense	$	6,261,069	$	6,445,031

Interest paid amounted to $1,648,787 and $2,694,046 for the three months ended March 31, 2018 and 2017, respectively.

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 the “First Lien Facility (defined below) with the lenders thereunder and ABN AMRO Capital USA LLC, as agent and security trustee for the lenders. The First Lien Facility amended and restated the Exit Financing Facility in its entirety, provided 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 in “Note 6. Commitments and Contingencies - Legal Proceedings” to the condensed consolidated financial statements). The First Lien Facility provided for a term loan in the amount of $201,468,750 after giving effect to the entry into the First Lien Facility and the Second Lien Facility as well as a $50,000,000 revolving credit facility (the "First Lien Facility"). The outstanding borrowings under the First Lien Facility bore interest at LIBOR plus 4.0% per annum.

Eagle Shipping prepaid $5,651,000 of the term loan during the year ended December 31, 2016 and $13,021,000 of the term loan for the year ended December 31, 2017 pursuant to the terms of the First Lien Facility relating to mandatory prepayments upon sales of vessels. Additionally, Eagle Shipping also repaid $5,000,000 of the revolving credit facility in the third quarter of 2017. On December 8, 2017, Eagle Shipping repaid the outstanding balance of the term loan of $171,078,000 and the outstanding balance of the revolver loan of $20,000,000 and discharged the debt under the First Lien Facility in full.

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 Facility 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 Facility provided for a term loan in the amount of $60,000,000 (the “Second Lien Facility”), and scheduled to mature on January 14, 2020. The term loan under the Second Lien Facility bore interest at a rate of LIBOR plus 14.00% per annum with a 1.0% LIBOR floor paid in kind quarterly in arrears. The payment-in-kind interest represents a non-cash operating and financing activity on the consolidated statements of cash flows for the three-month period ended March 31, 2017.

On December 8, 2017, in connection with the refinancing defined above, Eagle Shipping repaid the outstanding debt and accumulated payment-in-kind interest aggregating $77.4 million, and discharged the debt under the Second Lien Facility in full.

Scheduled Debt Maturities

The following table presents the scheduled maturities of principal amounts of our debt obligations, excluding the impact of any future vessel sales, for the next five years.



	Norwegian Bond Debt		New First Lien Facility		Ultraco Debt Facility		Total
Nine months ended December 31, 2018	$	4,000,000	$	—	$	—	$	4,000,000
2019	8,000,000		10,750,000		8,937,855		27,687,855
2020	8,000,000		8,600,000		7,150,285		23,750,285
2021	8,000,000		8,600,000		7,150,285		23,750,285
2022	172,000,000		32,050,000		46,561,575		250,611,575
	$	200,000,000	$	60,000,000	$	69,800,000	$	329,800,000

Derivative Instruments and Fair Value Measurements

3 Months Ended

Mar. 31, 2018

Derivative Instruments and Hedging Activities and Fair Value Disclosure [Abstract]

Derivatives Instruments and Fair Value Measurements

Derivative Instruments and Fair Value Measurements

Forward freight agreements and bunker swaps

The Company trades in forward freight agreements (“FFAs”) and bunker swaps, with the objective of utilizing this market as economic hedging instruments that reduce the risk of specific vessels to changes in the freight market. The Company’s FFAs and bunker swaps have not qualified for hedge accounting treatment. As such, unrealized and realized gains and losses are recognized as a component of other expense in the Condensed Consolidated Statement of Operations and Other current assets and Fair value of derivatives in the Consolidated Balance Sheets. Derivatives are considered to be Level 2 instruments in the fair value hierarchy.

The effect of non-designated derivative instruments on the condensed consolidated statements of operations is as follows:



		Amount of (gain)/loss
Derivatives not designated as hedging instruments	Location of (gain)/loss recognized	For the Three Months Ended
		March 31, 2018		March 31, 2017
FFAs	Other expense	$	54,934	$	306,559
Bunker Swaps	Other expense	45,445		—
Total		$	100,379	$	306,559



Derivatives not designated as hedging instruments	Balance Sheet location	Fair Value of Derivatives
		March 31, 2018		December 31, 2017
FFAs	Fair value of derivatives	$	141,000	$	73,170
Bunker Swaps	Fair value of derivatives	11,560		—
Bunker Swaps	Other current assets	—		128,845

Cash Collateral Disclosures

The Company does not offset fair value amounts recognized for derivatives by the right to reclaim cash collateral or the obligation to return cash collateral. The amount of collateral to be posted is defined in the terms of respective master agreement executed with counterparties or exchanges and is required when agreed upon threshold limits are exceeded. As of March 31, 2018 and December 31, 2017, the Company posted cash collateral related to derivative instruments under its collateral security arrangements of $254,618 and $178,836, respectively, which is recorded within other current assets in the condensed consolidated balance sheets.

Fair Value Measurements

The following methods and assumptions were used to estimate the fair value of each class of financial instrument:

Cash, cash equivalents and restricted cash—the carrying amounts reported in the condensed consolidated balance sheets for interest-bearing deposits approximate their fair value due to their short-term nature thereof.

Debt—the carrying amounts of borrowings under the Norwegian Bond Debt, the New First Lien Facility and the Ultraco Debt Facility (prior to application of the discount and debt issuance costs) including the Revolving Loan approximate their fair value, due to the variable interest rate nature thereof.

The Company defines fair value, establishes a framework for measuring fair value and provides disclosures about fair value measurements. The fair value hierarchy for disclosure of fair value measurements is as follows:

Level 1 – Quoted prices in active markets for identical assets or liabilities. Our Level 1 non-derivatives include cash, money-market accounts, certain short-term investments and restricted cash accounts.

Level 2 – Quoted prices for similar assets and liabilities in active markets or inputs that are observable. Our Level 2 non-derivatives include our short-term investments and debt balances under the Norwegian Bond Debt, the New First Lien Facility and the Ultraco Debt Facility.

Level 3 – Inputs that are unobservable (for example cash flow modeling inputs based on assumptions)



			Fair Value
	Carrying Value		Level 1		Level 2
March 31, 2018
Assets
Cash and cash equivalents ⁽¹⁾	$	57,972,551	$	57,972,551	$	—
Liabilities
Norwegian Bond Debt *	194,160,155		—		203,334,000
New First Lien Facility **	58,736,463		—		60,000,000
Ultraco Debt Facility **	68,576,217		—		69,800,000

* The fair value of the Bonds is based on the last trade on March 1, 2018 on Bloomberg.com.

** The fair value of the New First Lien Facility and the Ultraco Debt Facility is based on the required repayment to the lenders if the debt was discharged in full on March 31, 2018.



			Fair Value
	Carrying Value		Level 1		Level 2
December 31, 2017
Assets
Cash and cash equivalents⁽¹⁾	$	56,325,961	$	56,325,961	$	—
Short-term investment	4,500,000				4,500,000
Liabilities
Norwegian Bond Debt ⁽²⁾	193,950,329		—		200,990,000
New First Lien Facility	63,758,185		—		65,000,000
Ultraco Debt Facility	59,975,162		—		61,200,000

⁽¹⁾ Includes non-current restricted cash aggregating $74,917 at March 31, 2018 and December 31, 2017.

⁽²⁾The fair value of the Bonds is based on the last trade on December 21, 2017.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings The Company is involved in legal proceedings and may become involved in other legal matters arising in the ordinary course of its business. The Company evaluates these legal matters on a case-by-case basis to make a determination as to the impact, if any, on its business, liquidity, results of operations, financial condition or cash flows. In November 2015, the Company filed a voluntary self-disclosure report with OFAC regarding certain apparent violations of U.S. sanctions regulations in the provision of shipping services for third party charterers with respect to the transportation of cargo to or from Myanmar (formerly Burma) (the “OFAC Disclosure”). At the time of such apparent violations, the Company had a different senior operational management team. Notwithstanding the fact that the apparent violations took place under a different senior operational management team and although the Company’s new Board of Directors and management have implemented robust remedial measures and significantly enhanced its compliance safeguards, there can be no assurance that OFAC will not conclude that these past actions warrant the imposition of civil penalties and/or referral for further investigation by the U.S. Department of Justice. The report was provided to OFAC for the agency’s review, consideration and determination regarding what action, if any, may be taken in resolution of this matter. The Company will continue to cooperate with the agency regarding this matter and cannot estimate when such review will be concluded. While the ultimate impact of these matters cannot be determined, there can be no assurance that the impact will not be material to the Company’s financial condition or results of operations Other Commitments On July 28, 2011, the Company entered into an agreement to charter in a 37,000 dwt newbuilding Japanese vessel that was delivered in October 2014 for seven years with an option for an additional one year. The hire rate for the first to seventh year is $13,500 per day and $13,750 per day for the eighth year option. On May 10, 2017, the Company signed an agreement to cancel this existing time charter contract. The Company agreed to pay a lump sum termination fee of $1.5 million relating to the cancellation. At the same time, the Company entered into an agreement with the same lessor, effective April 28, 2017 to charter in a 61,400 dwt, 2013 built Japanese vessel for approximately three years (having the same redelivery dates as the aforementioned cancelled charter) with options for two additional years. The hire rate for the first four years is $12,800 per day and the hire rate for the first optional year is $13,800 per day and $14,300 per day for the second optional year. On May 4, 2018, the Company entered into an agreement to charter-in a 61,425 dwt 2013 built Ultramax vessel for three years with an option for an additional two years. The hire rate for the first three years is $12,700 per day and $13,750 per day for the 1st year option and $14,750 per day for the second year option. The Company expects to take delivery of the vessel in the third quarter of 2018.

Income/(loss) Per Common Share

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Income/(loss) Per Common Share

The computation of basic net income/(loss) per share is based on the weighted average number of common shares outstanding for the three months ended March 31, 2018 and 2017. Diluted net income/(loss) per share gives effect to stock awards, stock options and restricted stock units using the treasury stock method, unless the impact is anti-dilutive. Diluted net income per share for the three months ended March 31, 2018 does not include 2,140 stock awards, 1,402,960 stock options and 152,266 warrants, as their effect was anti-dilutive. Diluted net loss per share for the three months ended March 31, 2017 does not include 1,843,211 stock awards, 2,279,908 stock options and 152,266 warrants, as their effect was anti-dilutive.



	Three Months Ended
	March 31, 2018		March 31, 2017
Net income/(loss)	$	52,745	$	(11,068,448	)
Weighted Average Shares - Basic	70,452,814		65,637,692
Dilutive effect of stock options and restricted stock units	1,079,050		—
Weighted Average Shares - Diluted	71,531,864		65,637,692
Basic income/(loss) per share	$	0.00	$	(0.17	)
Diluted income/(loss) per share	$	0.00	$	(0.17	)

Stock Incentive Plans

3 Months Ended

Mar. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Incentive Plans

On December 15, 2016, the Company’s shareholders approved the 2016 Equity Compensation Plan (the “2016 Plan”) and the Company registered 5,348,613 shares of common stock, which may be issued under the 2016 Plan. The 2016 Plan replaced the post-emergence Management Incentive Program (the “2014 Plan”) and no other awards will be granted under the 2014 Plan. Outstanding awards under the 2014 Plan will continue to be governed by the terms of the 2014 Plan until exercised, expired, otherwise terminated, or canceled. As of December 31, 2016, 24,644 shares of common stock were subject to outstanding awards under the 2014 Plan. Under the terms of the 2016 Plan, awards for up to a maximum of 3,000,000 shares may be granted under the 2016 Plan to any one employee of the Company and its subsidiaries during any one calendar year, and awards in the form of options and stock appreciation rights for up to a maximum of 3,000,000 shares may be granted under the 2016 Plan. The total number of shares of common stock with respect to which awards may be granted under the 2016 Plan to any non-employee director during any one calendar year shall not exceed 500,000, subject to adjustment as provided in the 2016 Plan. Any director, officer, employee or consultant of the Company or any of its subsidiaries (including any prospective officer or employee) is eligible to be designated to participate in the 2016 Plan.

On January 4, 2018, the Company granted 948,500 restricted shares as a company wide grant to all employees. The fair value of the grant based on the closing share price on January 4, 2018 was $4.5 million. The shares will vest in equal installments over a three year term. Amortization of this charge utilizing the graded method of vesting, which is included in General and administrative expenses, for the three months months ended March 31, 2018, was $0.6 million. Additionally, the Company granted 30,000 common shares to its board of directors. The fair value of the grant based on the closing share price on January 10, 2018 was $0.1 million. The shares vested immediately.

As of March 31, 2018 and December 31, 2017, stock awards covering a total of 2,520,493 and 1,716,928 of the Company’s common shares, respectively, are outstanding under the 2014 Plan and 2016 Plan. The vesting terms range between one to three years from the grant date. The Company is amortizing to stock-based compensation expense included in general and administrative expenses the fair value of non-vested stock awards at the grant date.

As of March 31, 2018 and December 31, 2017, options covering 2,301,046 and 2,301,046 of the Company’s common shares, respectively, are outstanding with exercise prices ranging from $4.28 to $505.00 per share. The options vest and become exercisable in four equal installments beginning on the grant date. All options expire within seven years from the effective date.

Stock-based compensation expense for all stock awards and options included in General and administrative expenses:



	For the Three Months Ended March 31, 2018		For the Three Months Ended March 31, 2017
Stock awards /Stock Option Plans	$	3,510,911	$	2,170,700

The future compensation to be recognized for all the grants issued for the nine month period ending December 31, 2018, and the years ending December 31, 2019 and 2020 will be $5,765,855, $2,828,990 and $650,357, respectively.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On May 4, 2018, the Company entered into an agreement to charter-in a 61,425 dwt 2013 built Ultramax vessel for three years with an option for an additional two years. The hire rate for the first three years is $12,700 per day and $13,750 per day for the 1st year option and $14,750 per day for the second year option. The Company expects to take delivery of the vessel in the third quarter of 2018.

Basis of Presentation and General Information (Policies)

3 Months Ended

Mar. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Accounting

The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), and the rules and regulations of the SEC which apply to interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes normally included in consolidated financial statements prepared in conformity with U.S. GAAP. They should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2017 Annual Report on Form 10-K, filed with the SEC on March 12, 2018.

New Accounting Pronouncements

We adopted the Financial Accounting Standards Board's ("FASB") Accounting Standards Update ("ASU") 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09" or "ASC 606") as of January 1, 2018 utilizing the modified retrospective method of transition. ASC 606 impacted the timing of recognition of revenues from certain ongoing spot voyage charters as well as timing of recognition of certain voyage related expenses. Under ASC 606, revenue is recognized beginning from the commencement of loading until the completion of discharge at the discharge port instead of recognizing revenue from the discharge of the previous voyage provided an agreed non-cancellable charter between the Company and the charterer is in existence, the charter rate is fixed and determinable, and collectability is reasonably assured.

With the adoption of ASC 606, we recognize as an asset any costs incurred prior to commencement of loading because these costs are incurred to fulfill a contract and are directly relate to a contract or an anticipated contract that we can specifically identify. These costs are amortized over the term of the contract on a straight-line basis as the performance obligations are met.

We recorded an adjustment of approximately of $0.8 million to increase our opening accumulated deficit, increase our unearned revenue and other current assets on our Condensed Consolidated Balance Sheet on January 1, 2018. Please refer to Note 2 "Recently Adopted Accounting Pronouncements" for further information.

We adopted the ASU No. 2016-18, "Statement of Cash Flows - Restricted Cash" ("ASU 2016-18"), which requires that the statement of cash flows explain the change in the total of cash and cash equivalents and restricted cash. ASU 2016-18 was adopted retrospectively for the periods ended March 31, 2018 and 2017, and $74,917 of restricted cash has been aggregated with cash and cash equivalents in both the beginning-of-period and end-of-period line items at the bottom of the condensed consolidated statements of cash flows for each of the periods presented.

The following table presents the impact of the adoption of ASC 606 on our Condensed Consolidated Balance Sheet at March 31, 2018:



	As of March 31, 2018
	As Reported		Balances without Adoption of ASC 606		Effect of Change
Assets
Accounts Receivable	$	13,976,108	$	14,531,212	$	(555,104	)
Other current assets	1,577,556		1,055,071		522,485
Liabilities
Unearned charter hire revenue	6,231,209		6,950,116		718,907
Other Accrued liabilities	5,984,737		5,961,064		(23,673		)

The following table presents the impact of the adoption of ASC 606 on our Consolidated Statement of Operations:



	For the three months ended March 31, 2018
	As Reported		Balances without Adoption of ASC 606			Effect of Change
Revenue,net	$	79,370,609	$	78,533,776		$	836,833

Voyage expenses	22,514,592		22,268,705			(245,887		)
Charter hire expenses	10,268,064		10,032,395			(235,669		)

Net income/(loss)	52,745		(302,532		)	355,277

Basic income/(loss) per share	$	0.00	$	0.00		$	0.01
Diluted income/(loss) per share	$	0.00	$	0.00		$	0.00

The cumulative effect of changes made to our opening Consolidated Balance Sheet on January 1, 2018 for the adoption of ASC 606:



	December 31, 2017			Effect of Adoption of ASC 606			January 1, 2018
Assets
Other current assets ⁽¹⁾	$	785,027		$	796,508		$	1,581,535
Liabilities
Unearned charter hire revenue ⁽²⁾	5,678,673			1,583,618			7,262,291
Stockholders' equity
Accumulated deficit	(427,164,813		)	(787,110		)	(427,951,923		)

The adoption of ASC 606 had no impact on net cash provided by operating activities, investing activities and financing activities for the three months ended March 31, 2018.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates and assumptions of the Company are residual value of vessels, the useful lives of vessels, the value of stock-based compensation and the fair value of derivatives. Actual results could differ from those estimates.

Revenue Recognition

Voyage charters

Recently Adopted Accounting Pronouncements (Tables)

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Disaggregation of Revenue

The following table shows the revenues earned from time charters and voyage charters for the three months ended March 31, 2018:



	Three Months Ended March 31, 2018

Time charters	$	29,323,219
Voyage charters	50,047,390
	$	79,370,609

Schedule of Impact of Adoption of ASC 606

The following table presents the impact of the adoption of ASC 606 on our Condensed Consolidated Balance Sheet at March 31, 2018:



	As of March 31, 2018
	As Reported		Balances without Adoption of ASC 606		Effect of Change
Assets
Accounts Receivable	$	13,976,108	$	14,531,212	$	(555,104	)
Other current assets	1,577,556		1,055,071		522,485
Liabilities
Unearned charter hire revenue	6,231,209		6,950,116		718,907
Other Accrued liabilities	5,984,737		5,961,064		(23,673		)

The following table presents the impact of the adoption of ASC 606 on our Consolidated Statement of Operations:



	For the three months ended March 31, 2018
	As Reported		Balances without Adoption of ASC 606			Effect of Change
Revenue,net	$	79,370,609	$	78,533,776		$	836,833

Voyage expenses	22,514,592		22,268,705			(245,887		)
Charter hire expenses	10,268,064		10,032,395			(235,669		)

Net income/(loss)	52,745		(302,532		)	355,277

Basic income/(loss) per share	$	0.00	$	0.00		$	0.01
Diluted income/(loss) per share	$	0.00	$	0.00		$	0.00

The cumulative effect of changes made to our opening Consolidated Balance Sheet on January 1, 2018 for the adoption of ASC 606:



	December 31, 2017			Effect of Adoption of ASC 606			January 1, 2018
Assets
Other current assets ⁽¹⁾	$	785,027		$	796,508		$	1,581,535
Liabilities
Unearned charter hire revenue ⁽²⁾	5,678,673			1,583,618			7,262,291
Stockholders' equity
Accumulated deficit	(427,164,813		)	(787,110		)	(427,951,923		)

Debt (Tables)

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Schedule of Debt



	March 31, 2018			December 31, 2017
Norwegian Bond Debt	$	200,000,000		$	200,000,000
Debt discount and debt issuance costs - Norwegian Bond Debt	(5,839,845		)	(6,049,670		)
Less:Current portion of Norwegian Bond Debt	(4,000,000		)	(4,000,000		)
Norwegian Bond Debt, net of debt discount and debt issuance costs	190,160,155			189,950,330
New First Lien Facility *	60,000,000			65,000,000
Debt discount and debt issuance costs - New First Lien Facility	(1,263,537		)	(1,241,815		)
Less:Current portion of New First Lien Facility	(4,300,000		)	—
New First Lien Facility, net of debt issuance costs and debt discount	54,436,463			63,758,185
Ultraco Debt Facility	69,800,000			61,200,000
Debt discount and debt issuance costs - Ultraco Debt Facility	(1,223,783		)	(1,224,838		)
Less:Current portion of Ultraco Debt Facility	(3,575,142		)	—
Ultraco Debt Facility, net of debt issuance costs and debt discount	65,001,075			59,975,162
Total long-term debt	$	309,597,693		$	313,683,677

Schedule of Debt Instrument Redemption





Period		Redemption Price
First Call Date to, but not including, the Interest Payment Date in November 2020		104.125%
Interest Payment Date in November 2020 to but not including, the Interest Payment Date in May 2021		103.3%
Interest Payment Date in May 2021 to, but not including, the Interest Payment Date in November 2021		102.475%
Interest Payment Date in November 2021 to, but not including, the Interest Payment Date in May 2022		101.65%
Interest Payment Date in May 2022 to, but not including, the Maturity Date		100%

Schedule Of Interest Expense

Interest Expense consisted of:



	Three Months Ended
	March 31, 2018		March 31, 2017
First Lien Facility	$	—	$	2,665,175
Norwegian Bond Debt	4,125,000		—
New First Lien Facility	816,967		—
Amortization of Debt issuance costs	490,095		1,444,963
Payment in kind interest on Second Lien Facility	—		2,334,893
Ultraco Debt Facility	799,674		—
Super Senior Facility - commitment fees	29,333		—
Total Interest Expense	$	6,261,069	$	6,445,031

Schedule of Debt Maturities

The following table presents the scheduled maturities of principal amounts of our debt obligations, excluding the impact of any future vessel sales, for the next five years.



	Norwegian Bond Debt		New First Lien Facility		Ultraco Debt Facility		Total
Nine months ended December 31, 2018	$	4,000,000	$	—	$	—	$	4,000,000
2019	8,000,000		10,750,000		8,937,855		27,687,855
2020	8,000,000		8,600,000		7,150,285		23,750,285
2021	8,000,000		8,600,000		7,150,285		23,750,285
2022	172,000,000		32,050,000		46,561,575		250,611,575
	$	200,000,000	$	60,000,000	$	69,800,000	$	329,800,000

Derivative Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2018

Derivative Instruments and Hedging Activities and Fair Value Disclosure [Abstract]

Effect of Non-Designated Derivative Instruments on Statement of Operations

The effect of non-designated derivative instruments on the condensed consolidated statements of operations is as follows:



		Amount of (gain)/loss
Derivatives not designated as hedging instruments	Location of (gain)/loss recognized	For the Three Months Ended
		March 31, 2018		March 31, 2017
FFAs	Other expense	$	54,934	$	306,559
Bunker Swaps	Other expense	45,445		—
Total		$	100,379	$	306,559



Derivatives not designated as hedging instruments	Balance Sheet location	Fair Value of Derivatives
		March 31, 2018		December 31, 2017
FFAs	Fair value of derivatives	$	141,000	$	73,170
Bunker Swaps	Fair value of derivatives	11,560		—
Bunker Swaps	Other current assets	—		128,845

Schedule of Fair Value Measurements



			Fair Value
	Carrying Value		Level 1		Level 2
March 31, 2018
Assets
Cash and cash equivalents ⁽¹⁾	$	57,972,551	$	57,972,551	$	—
Liabilities
Norwegian Bond Debt *	194,160,155		—		203,334,000
New First Lien Facility **	58,736,463		—		60,000,000
Ultraco Debt Facility **	68,576,217		—		69,800,000

* The fair value of the Bonds is based on the last trade on March 1, 2018 on Bloomberg.com.

** The fair value of the New First Lien Facility and the Ultraco Debt Facility is based on the required repayment to the lenders if the debt was discharged in full on March 31, 2018.



			Fair Value
	Carrying Value		Level 1		Level 2
December 31, 2017
Assets
Cash and cash equivalents⁽¹⁾	$	56,325,961	$	56,325,961	$	—
Short-term investment	4,500,000				4,500,000
Liabilities
Norwegian Bond Debt ⁽²⁾	193,950,329		—		200,990,000
New First Lien Facility	63,758,185		—		65,000,000
Ultraco Debt Facility	59,975,162		—		61,200,000

⁽¹⁾ Includes non-current restricted cash aggregating $74,917 at March 31, 2018 and December 31, 2017.

⁽²⁾The fair value of the Bonds is based on the last trade on December 21, 2017.

Income/(loss) Per Common Share(Tables)

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted



	Three Months Ended
	March 31, 2018		March 31, 2017
Net income/(loss)	$	52,745	$	(11,068,448	)
Weighted Average Shares - Basic	70,452,814		65,637,692
Dilutive effect of stock options and restricted stock units	1,079,050		—
Weighted Average Shares - Diluted	71,531,864		65,637,692
Basic income/(loss) per share	$	0.00	$	(0.17	)
Diluted income/(loss) per share	$	0.00	$	(0.17	)

Basis of Presentation and General Information (Details)		3 Months Ended
Basis of Presentation and General Information (Details)	May 10, 2017 t	Mar. 31, 2018 USD ($) segment vessel t	Jan. 01, 2018 USD ($)	Dec. 31, 2017 USD ($)	Mar. 31, 2017 USD ($)
Property, Plant and Equipment [Line Items]
Number of business segments \| segment		1
Vessels in operation \| vessel		48
Dead weight tonnage of operating fleet \| t		2,746,891
Average age of operating fleet (in years)		8 years 120 days
Accumulated deficit		$ 427,899,178	$ 427,951,923	$ 427,164,813
Restricted cash		$ 74,917			$ 74,917
Difference between Revenue Guidance in Effect before and after Topic 606 \| Accounting Standards Update 2014-09
Property, Plant and Equipment [Line Items]
Accumulated deficit			787,110
Unearned revenue and other current assets			$ 800,000
2013 Built Japanese Vessel
Property, Plant and Equipment [Line Items]
Dead weight tonnage of operating fleet \| t	61,400	61,400
Charters agreement term	3 years	3 years
Supramax Vessels
Property, Plant and Equipment [Line Items]
Vessels in operation \| vessel		36
Ultramax Vessels
Property, Plant and Equipment [Line Items]
Vessels in operation \| vessel		12

Recently Adopted Accounting Pronouncements - Disaggregation of Revenue (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disaggregation of Revenue [Line Items]
Revenues, net	$ 79,370,609	$ 45,855,057
Time charters
Disaggregation of Revenue [Line Items]
Revenues, net	29,323,219
Voyage charters
Disaggregation of Revenue [Line Items]
Revenues, net	$ 50,047,390

Recently Adopted Accounting Pronouncements - Additional Information (Details) - USD ($)	Mar. 31, 2018	Jan. 01, 2018	Dec. 31, 2017	Mar. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accumulated deficit	$ (427,899,178)	$ (427,951,923)	$ (427,164,813)
Other current assets	1,577,556	1,581,535	785,027
Unearned charter hire revenue	6,231,209	7,262,291	$ 5,678,673
Restricted cash	74,917			$ 74,917
Difference between Revenue Guidance in Effect before and after Topic 606 \| Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accumulated deficit		(787,110)
Other current assets	522,485	796,508
Unearned charter hire revenue	$ 718,907	$ 1,583,618

Recently Adopted Accounting Pronouncements - Schedule of Effects of ASC 606 (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Jan. 01, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Accounts receivable	$ 13,976,108			$ 17,246,540
Other current assets	1,577,556		$ 1,581,535	785,027
Unearned charter hire revenue	6,231,209		7,262,291	5,678,673
Other accrued liabilities	5,984,737			11,810,366
Income Statement [Abstract]
Revenues, net	79,370,609	$ 45,855,057
Voyage expenses	22,514,592	13,353,347
Charter hire expenses	10,268,064	3,873,332
Net income/(loss)	$ 52,745	$ (11,068,448)
Basic income/(loss) per share (in dollars per share)	$ 0.00	$ (0.17)
Diluted income (loss) per share (in dollars per share)	$ 0.00	$ (0.17)
Statement of Cash Flows [Abstract]
Accounts receivable	$ 3,270,432	$ (3,676,803)
Unearned revenue	(1,031,082)	1,114,886
Other current and non-current assets	(121,954)	(426,860)
Other accrued and other non-current liabilities	(5,009,784)	$ (3,738,154)
Accumulated deficit	(427,899,178)		(427,951,923)	(427,164,813)
Calculated under Revenue Guidance in Effect before Topic 606
Statement of Financial Position [Abstract]
Accounts receivable	14,531,212
Other current assets	1,055,071			785,027
Unearned charter hire revenue	6,950,116			5,678,673
Other accrued liabilities	5,961,064
Income Statement [Abstract]
Revenues, net	78,533,776
Voyage expenses	22,268,705
Charter hire expenses	10,032,395
Net income/(loss)	$ (302,532)
Basic income/(loss) per share (in dollars per share)	$ 0.00
Diluted income (loss) per share (in dollars per share)	$ 0.00
Statement of Cash Flows [Abstract]
Accumulated deficit				$ (427,164,813)
Calculated under Revenue Guidance in Effect before Topic 606 \| Bunker Expenses
Statement of Financial Position [Abstract]
Other current assets			600,000
Calculated under Revenue Guidance in Effect before Topic 606 \| Charter Hire Expenses
Statement of Financial Position [Abstract]
Other current assets			200,000
Calculated under Revenue Guidance in Effect before Topic 606 \| Voyage In Progress
Statement of Financial Position [Abstract]
Unearned charter hire revenue			1,500,000
Accounting Standards Update 2014-09 \| Difference between Revenue Guidance in Effect before and after Topic 606
Statement of Financial Position [Abstract]
Accounts receivable	$ (555,104)
Other current assets	522,485		796,508
Unearned charter hire revenue	718,907		1,583,618
Other accrued liabilities	(23,673)
Income Statement [Abstract]
Revenues, net	836,833
Voyage expenses	(245,887)
Charter hire expenses	(235,669)
Net income/(loss)	$ 355,277
Basic income/(loss) per share (in dollars per share)	$ 0.01
Diluted income (loss) per share (in dollars per share)	$ 0.00
Statement of Cash Flows [Abstract]
Accumulated deficit			$ (787,110)

Vessels - Additional Information (Details)			3 Months Ended
Vessels - Additional Information (Details)	Mar. 23, 2018 USD ($)	Aug. 30, 2017 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($) vessel	Mar. 31, 2017 USD ($)	Dec. 19, 2017 USD ($)
Property, Plant and Equipment [Line Items]
Number of vessels \| vessel					48
Proceeds from sale of vessels					$ 0	$ 5,790,500
Gain on sale of vessels					$ 0	$ 92,114
SDARI-64 Ultramax Dry Bulk Vessel
Property, Plant and Equipment [Line Items]
Vessel purchase price							$ 21,300,000
Vessel Avocet
Property, Plant and Equipment [Line Items]
Proceeds from sale of vessels		$ 9,600,000
Vessel Thrush
Property, Plant and Equipment [Line Items]
Proceeds from sale of vessels	$ 10,900,000
Forecast \| Vessel Avocet
Property, Plant and Equipment [Line Items]
Gain on sale of vessels				$ 300,000
Forecast \| Vessel Thrush
Property, Plant and Equipment [Line Items]
Gain on sale of vessels			$ 400,000

Vessels - Vessel and Vessel Improvements (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Movement in Property, Plant and Equipment [Roll Forward]
Vessels and vessel improvements, beginning balance	$ 690,236,419
Vessels and vessel improvements, ending balance	693,895,309	$ 690,236,419
Vessels and Vessel Improvements
Movement in Property, Plant and Equipment [Roll Forward]
Vessels and vessel improvements, beginning balance	690,236,419
Advance paid for purchase of New London Eagle at December 31, 2017		2,201,773
Purchase of Vessels and Vessel Improvements	19,841,535
Transfer to Vessels held for sale	(10,354,855)
Vessel depreciation expense	(8,029,563)
Vessels and vessel improvements, ending balance	$ 693,895,309	$ 690,236,419

Debt - Schedule of Debt (Details) - USD ($)	3 Months Ended
Debt - Schedule of Debt (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Debt Instrument [Line Items]
Long-term debt	$ 329,800,000
Current portion of long-term debt	(11,875,142)		$ (4,000,000)
Total long-term debt	309,597,693		313,683,677
Norwegian Bond Debt Facility
Debt Instrument [Line Items]
Long-term debt	200,000,000
Total long-term debt	190,160,155		189,950,329
New First Lien Facility
Debt Instrument [Line Items]
Long-term debt	60,000,000
Total long-term debt	54,436,463		63,758,185
Ultraco Debt Facility
Debt Instrument [Line Items]
Long-term debt	69,800,000
Total long-term debt	65,001,075		59,975,162
Senior Subordinated Notes \| Norwegian Bond Debt Facility
Debt Instrument [Line Items]
Long-term debt	200,000,000		200,000,000
Debt discount and debt issuance costs	(5,839,845)		(6,049,670)
Current portion of long-term debt	(4,000,000)		(4,000,000)
Long-term Debt	190,160,155		189,950,330
Line of Credit \| New First Lien Facility
Debt Instrument [Line Items]
Long-term debt	60,000,000		65,000,000
Debt discount and debt issuance costs	(1,263,537)		(1,241,815)
Current portion of long-term debt	(4,300,000)		0
Long-term Debt	54,436,463		63,758,185
Term Loan
Debt Instrument [Line Items]
Repayments of lines of credit	0	$ 2,895,250
Term Loan \| Ultraco Debt Facility
Debt Instrument [Line Items]
Long-term debt	69,800,000		61,200,000
Debt discount and debt issuance costs	(1,223,783)		(1,224,838)
Current portion of long-term debt	(3,575,142)		0
Long-term Debt	65,001,075		$ 59,975,162
Revolving Credit Facility \| Eagle Shipping LLC \| Line of Credit \| New First Lien Facility
Debt Instrument [Line Items]
Repayments of lines of credit	$ 5,000,000

Debt - Norwegian Bond Debt (Details) - Eagle Bulk Shipco LLC		3 Months Ended
	Nov. 28, 2017 USD ($) vessel	Mar. 31, 2018 USD ($)
Debt Instrument [Line Items]
Payments of financing costs	$ 1,200,000
Senior Subordinated Notes \| Norwegian Bond Debt Facility
Debt Instrument [Line Items]
Debt instrument, face amount	$ 200,000,000
Stated interest rate	8.25%
Original issue discount rate	1.00%
Debt issuance costs, gross	$ 3,100,000
Proceeds from issuance of senior long-term debt	$ 195,000,000
Number of vessels secured \| vessel	28
Stated interest rate increase	0.50%
Periodic principal payment	$ 4,000,000
Redemption price percentage	100.00%	100.00%
Maximum leverage ratio		75.00%
Minimum liquidity threshold		$ 12,500,000
Senior Subordinated Notes \| Norwegian Bond Debt Facility \| Debt Instrument, Redemption, Period Six
Debt Instrument [Line Items]
Redemption price percentage		101.00%

Debt - Schedule of Redemption Price Percentages (Details) - Norwegian Bond Debt Facility	3 Months Ended
	Mar. 31, 2018
First Call Date to, but not including, the Interest Payment Date in November 2020
Debt Instrument, Redemption [Line Items]
Redemption price percentage	104.125%
Interest Payment Date in November 2020 to but not including, the Interest Payment Date in May 2021
Debt Instrument, Redemption [Line Items]
Redemption price percentage	103.30%
Interest Payment Date in May 2021 to, but not including, the Interest Payment Date in November 2021
Debt Instrument, Redemption [Line Items]
Redemption price percentage	102.475%
Interest Payment Date in November 2021 to, but not including, the Interest Payment Date in May 2022
Debt Instrument, Redemption [Line Items]
Redemption price percentage	101.65%
Interest Payment Date in May 2022 to, but not including, the Maturity Date
Debt Instrument, Redemption [Line Items]
Redemption price percentage	100.00%

Debt - New First Lien Facility (Details)			3 Months Ended	12 Months Ended
Debt - New First Lien Facility (Details)	Dec. 08, 2017 USD ($) vessel	Mar. 30, 2016	Mar. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Debt Instrument [Line Items]
Basis spread on variable rate		4.00%
Repayments of long-term debt				$ 13,021,000
Eagle Shipping LLC \| New First Lien Facility
Debt Instrument [Line Items]
Repayments of long-term debt	$ 975,000
Payments of financing costs	$ 371,888
Debt instrument, term	5 years
Periodic principal payment	$ 2,150,000
Number of vessels secured \| vessel	9
Minimum liquidity threshold	$ 500,000
Eagle Shipping LLC \| New First Lien Facility \| Minimum
Debt Instrument [Line Items]
Interest coverage ratio	1.50
Eagle Shipping LLC \| New First Lien Facility \| Maximum
Debt Instrument [Line Items]
Interest coverage ratio	2.50
Eagle Shipping LLC \| New First Lien Facility \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	3.50%
Eagle Shipping LLC \| New First Lien Facility \| Secured Debt
Debt Instrument [Line Items]
Debt instrument, face amount	$ 60,000,000
Eagle Shipping LLC \| New First Lien Facility \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility amount	$ 5,000,000
Repayments of lines of credit			$ 5,000,000
Total availability in the revolving credit facility			$ 5,000,000

Debt - Super Senior Facility (Details)	Dec. 08, 2017 USD ($) vessel	Nov. 28, 2017 USD ($)	Mar. 30, 2016	Mar. 31, 2018 USD ($)
Debt Instrument [Line Items]
Basis spread on variable rate			4.00%
Eagle Bulk Shipco LLC
Debt Instrument [Line Items]
Payments of financing costs		$ 1,200,000
Revolving Credit Facility \| Eagle Bulk Shipco LLC \| Line of Credit \| Super Senior Facility
Debt Instrument [Line Items]
Revolving credit facility amount	$ 15,000,000
Payments of financing costs	$ 285,342
Total availability in the revolving credit facility				$ 15,000,000
Commitment fee percentage	40.00%
Number of vessels secured \| vessel	28
Maximum leverage ratio	75.00%
Minimum liquidity threshold	$ 12,500,000
Minimum market value to total commitments percentage	300.00%
Minimum amount of bonds outstanding	$ 100,000,000
Revolving Credit Facility \| Eagle Bulk Shipco LLC \| Line of Credit \| Super Senior Facility \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%

Debt - Ultraco Debt Facility (Details)				1 Months Ended	3 Months Ended			12 Months Ended
Debt - Ultraco Debt Facility (Details)	Jun. 28, 2017 USD ($) vessel	Feb. 28, 2017 USD ($)	Mar. 30, 2016	Jan. 31, 2018 USD ($)	Mar. 31, 2019 USD ($)	Mar. 31, 2018 USD ($) vessel	Mar. 31, 2017 USD ($)	Dec. 31, 2017 USD ($)	Dec. 29, 2017 USD ($)
Debt Instrument [Line Items]
Basis spread on variable rate			4.00%
Repayments of long-term debt								$ 13,021,000
Ultraco Debt Facility
Debt Instrument [Line Items]
Proceeds from issuance of long-term debt						$ 8,600,000	$ 0
Ultraco Lenders \| Ultraco Debt Facility
Debt Instrument [Line Items]
Payments of financing costs				$ 100,000
Proceeds from issuance of long-term debt				$ 8,600,000		$ 69,800,000
Deposits on vessel purchases								$ 2,200,000
Eagle Bulk Ultraco LLC \| Ultraco Lenders \| Ultraco Debt Facility
Debt Instrument [Line Items]
Secured term loan aggregate principal maximum amount	$ 61,200,000
Maximum percentage borrowing capacity of vessels to be acquired	40.00%
Number of vessels to be purchased \| vessel	9					10
Repayments of long-term debt		$ 918,000
Payments of financing costs		$ 459,735
Debt instrument, term	5 years
Ultraco additional borrowing capacity	$ 30,200,000
Ultraco maximum percentage borrowing capacity of additional vessels to be financed	40.00%
Aggregate market value minimum threshold	150.00%
Ultraco facility liquidity reserve	$ 600,000
Ultraco facility debt service reserve	600,000
Minimum liquidity threshold	$ 7,500,000.0
Percentage of consolidated total debt minimum threshold	12.00%
Minimum ratio of consolidated tangible assets to consolidated total assets covenant	0.35
Ballast water treatment system reserve	$ 4,550,000
Increase in commitments									$ 8,600,000
Eagle Bulk Ultraco LLC \| Ultraco Lenders \| Ultraco Debt Facility \| Minimum
Debt Instrument [Line Items]
Interest coverage ratio	2.00
Eagle Bulk Ultraco LLC \| Ultraco Lenders \| Ultraco Debt Facility \| Maximum
Debt Instrument [Line Items]
Interest coverage ratio	2.50
Eagle Bulk Ultraco LLC \| Ultraco Lenders \| Ultraco Debt Facility \| Forecast
Debt Instrument [Line Items]
Periodic principal payment					$ 1,787,571
Eagle Bulk Ultraco LLC \| Ultraco Lenders \| Ultraco Debt Facility \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		2.95%

Debt - Interest Rates (Details)	3 Months Ended
Debt - Interest Rates (Details)	Mar. 31, 2018	Mar. 31, 2017
New First Lien Facility
Debt Instrument [Line Items]
Commitment fee percentage	40.00%
New First Lien Facility \| Minimum
Debt Instrument [Line Items]
Interest rate	4.91%
New First Lien Facility \| Maximum
Debt Instrument [Line Items]
Interest rate	5.55%
New First Lien Facility \| Weighted Average
Debt Instrument [Line Items]
Interest rate	5.44%
Ultraco Debt Facility
Debt Instrument [Line Items]
Interest rate	4.64%
Commitment fee percentage	40.00%
Ultraco Debt Facility \| Weighted Average
Debt Instrument [Line Items]
Interest rate	5.29%
First Lien Facility
Debt Instrument [Line Items]
Commitment fee percentage		40.00%
First Lien Facility \| Minimum
Debt Instrument [Line Items]
Interest rate		4.77%
First Lien Facility \| Maximum
Debt Instrument [Line Items]
Interest rate		4.99%
First Lien Facility \| Weighted Average
Debt Instrument [Line Items]
Interest rate		5.31%
Second Lien Facility
Debt Instrument [Line Items]
Interest rate		15.00%
Second Lien Facility \| Weighted Average
Debt Instrument [Line Items]
Interest rate		17.05%
Senior Subordinated Notes \| Norwegian Bond Debt Facility
Debt Instrument [Line Items]
Interest rate	8.25%
Senior Subordinated Notes \| Norwegian Bond Debt Facility \| Weighted Average
Debt Instrument [Line Items]
Interest rate	8.87%

Debt - Schedule of Interest Expense (Details) - USD ($)	3 Months Ended
Debt - Schedule of Interest Expense (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2017
Debt Instrument [Line Items]
Amortization of debt issuance costs	$ 490,095	$ 1,444,963
Payment-in-kind interest on debt	0	2,334,893
Total Interest Expense	6,261,069	6,445,031
Interest paid	1,648,787	2,694,046
First Lien Facility
Debt Instrument [Line Items]
Line of credit facility, interest expense	0	2,665,175
Norwegian Bond Debt Facility
Debt Instrument [Line Items]
Debt, interest expense	4,125,000	0
New First Lien Facility
Debt Instrument [Line Items]
Line of credit facility, interest expense	816,967
Ultraco Debt Facility
Debt Instrument [Line Items]
Debt, interest expense	799,674	0
Super Senior Facility
Debt Instrument [Line Items]
Line of credit facility, interest expense	$ 29,333	$ 0

Debt - First Lien Facility (Details) - USD ($)			3 Months Ended	12 Months Ended
Debt - First Lien Facility (Details) - USD ($)	Dec. 08, 2017	Mar. 30, 2016	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Basis spread on variable rate		4.00%
Repayments of long-term debt				$ 13,021,000
First Lien Lenders \| First Lien Facility
Debt Instrument [Line Items]
Term loan, amount		$ 201,468,750
Repayments of long-term debt	$ 171,078,000				$ 5,651,000
First Lien Lenders \| First Lien Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility amount		$ 50,000,000
Repayments of lines of credit	$ 20,000,000		$ 5,000,000

Debt - Second Lien Facility (Details) - USD ($) $ in Millions	Dec. 08, 2017	Mar. 30, 2016
Debt Instrument [Line Items]
Basis spread on variable rate		4.00%
Accumulated payment in kind interest	$ 77.4
Second Lien Lenders \| Second Lien Facility
Debt Instrument [Line Items]
Term loan, amount		$ 60.0
Second Lien Lenders \| Second Lien Facility \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		14.00%
LIBOR rate floor		1.00%

Debt - Schedule of Maturities of Principal Amounts of Debt Obligations (Details)	Mar. 31, 2018 USD ($)
Debt Instrument [Line Items]
Nine months ended December 31, 2018	$ 4,000,000
2019	27,687,855
2020	23,750,285
2021	23,750,285
2022	250,611,575
Long-term debt	329,800,000
Norwegian Bond Debt Facility
Debt Instrument [Line Items]
Nine months ended December 31, 2018	4,000,000
2019	8,000,000
2020	8,000,000
2021	8,000,000
2022	172,000,000
Long-term debt	200,000,000
New First Lien Facility
Debt Instrument [Line Items]
Nine months ended December 31, 2018	0
2019	10,750,000
2020	8,600,000
2021	8,600,000
2022	32,050,000
Long-term debt	60,000,000
Ultraco Debt Facility
Debt Instrument [Line Items]
Nine months ended December 31, 2018	0
2019	8,937,855
2020	7,150,285
2021	7,150,285
2022	46,561,575
Long-term debt	$ 69,800,000

Derivative Instruments and Fair Value Measurements - Derivative Instruments Not Designated As Hedging Instruments (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Derivatives not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives not designated as hedging instruments, location of (gain)/loss recognized	$ 100,379	$ 306,559
FFAs \| Other current assets
Derivative Instruments, Gain (Loss) [Line Items]
Collateral related to derivative instruments under collateral security arrangements	254,618		$ 178,836
FFAs \| Derivatives not designated as hedging instruments \| Fair value of derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives not designated as hedging instruments, balance sheet location, fair value of derivatives	141,000		73,170
FFAs \| Other expense \| Derivatives not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives not designated as hedging instruments, location of (gain)/loss recognized	54,934	306,559
Bunker Swaps \| Derivatives not designated as hedging instruments \| Fair value of derivatives
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives not designated as hedging instruments, balance sheet location, other current assets	11,560		0
Bunker Swaps \| Derivatives not designated as hedging instruments \| Other current assets
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives not designated as hedging instruments, balance sheet location, total	0		$ 128,845
Bunker Swaps \| Other expense \| Derivatives not designated as hedging instruments
Derivative Instruments, Gain (Loss) [Line Items]
Derivatives not designated as hedging instruments, location of (gain)/loss recognized	$ 45,445	$ 0

Derivative Instruments and Fair Value Measurements - Schedule of Fair Value Measurements (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Liabilities
Non-current restricted cash	$ 74,917	$ 74,917
Recurring
Assets
Cash and cash equivalents	57,972,551	56,325,961
Short-term investment		4,500,000
Recurring \| Level 1
Assets
Cash and cash equivalents	57,972,551	56,325,961
Recurring \| Level 2
Assets
Cash and cash equivalents	0	0
Short-term investment		4,500,000
Recurring \| Norwegian Bond Debt Facility
Liabilities
Debt instrument	194,160,155	193,950,329
Recurring \| Norwegian Bond Debt Facility \| Level 1
Liabilities
Debt instrument	0	0
Recurring \| Norwegian Bond Debt Facility \| Level 2
Liabilities
Debt instrument	203,334,000	200,990,000
Recurring \| New First Lien Facility
Liabilities
Debt instrument	58,736,463	63,758,185
Recurring \| New First Lien Facility \| Level 1
Liabilities
Debt instrument	0	0
Recurring \| New First Lien Facility \| Level 2
Liabilities
Debt instrument	60,000,000	65,000,000
Recurring \| Ultraco Debt Facility
Liabilities
Debt instrument	68,576,217	59,975,162
Recurring \| Ultraco Debt Facility \| Level 1
Liabilities
Debt instrument	0	0
Recurring \| Ultraco Debt Facility \| Level 2
Liabilities
Debt instrument	$ 69,800,000	$ 61,200,000

Commitments and Contingencies (Details) $ in Millions			1 Months Ended	3 Months Ended
Commitments and Contingencies (Details) $ in Millions	May 04, 2018 t $ / d	May 10, 2017 USD ($) t $ / d	Oct. 31, 2014 t $ / d	Mar. 31, 2018 t
Property, Plant and Equipment [Line Items]
Dead weight tonnage of operating fleet \| t				2,746,891
Japanese Vessel
Property, Plant and Equipment [Line Items]
Dead weight tonnage of operating fleet \| t			37,000
Charters agreement term			7 years
Charters agreement term, extension option			1 year
Vessel agreement, termination fee \| $		$ 1.5
Japanese Vessel \| First Seven Years
Property, Plant and Equipment [Line Items]
Vessel hiring rate (in dollars per day)			13,500
Japanese Vessel \| Eighth Year Option
Property, Plant and Equipment [Line Items]
Vessel hiring rate (in dollars per day)			13,750
2013 Built Japanese Vessel
Property, Plant and Equipment [Line Items]
Dead weight tonnage of operating fleet \| t		61,400		61,400
Charters agreement term		3 years		3 years
Charters agreement term, extension option		2 years
2013 Built Japanese Vessel \| First Four Years
Property, Plant and Equipment [Line Items]
Vessel hiring rate (in dollars per day)		12,800
2013 Built Japanese Vessel \| First Optional Year
Property, Plant and Equipment [Line Items]
Vessel hiring rate (in dollars per day)		13,800
2013 Built Japanese Vessel \| Second Optional Year
Property, Plant and Equipment [Line Items]
Vessel hiring rate (in dollars per day)		14,300
Subsequent Event \| Ultramax Vessels
Property, Plant and Equipment [Line Items]
Dead weight tonnage of operating fleet \| t	61,425
Charters agreement term	3 years
Charters agreement term, extension option	2 years
Vessel hiring rate (in dollars per day)	12,700
Subsequent Event \| Ultramax Vessels \| First Optional Year
Property, Plant and Equipment [Line Items]
Vessel hiring rate (in dollars per day)	13,750
Subsequent Event \| Ultramax Vessels \| Second Optional Year
Property, Plant and Equipment [Line Items]
Vessel hiring rate (in dollars per day)	14,750

Income/(loss) Per Common Share - Additional Information (Details) - shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of securities called by warrants or rights (in shares)	152,266	152,266
Stock Compensation Plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share computation (in shares)	2,140	1,843,211
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from earnings per share computation (in shares)	1,402,960	2,279,908

Income/(loss) Per Common Share - Loss Per Share, Basic and Diluted (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share [Abstract]
Net income/(loss)	$ 52,745	$ (11,068,448)
Weighted Average Shares - Basic (in shares)	70,452,814	65,637,692
Dilutive effect of stock options and restricted stock units (in shares)	1,079,050	0
Weighted Average Shares - Diluted (in shares)	71,531,864	65,637,692
Basic income/(loss) per share (in dollars per share)	$ 0.00	$ (0.17)
Diluted income (loss) per share (in dollars per share)	$ 0.00	$ (0.17)

Stock Incentive Plans (Details) - USD ($)			3 Months Ended		9 Months Ended	12 Months Ended
Stock Incentive Plans (Details) - USD ($)	Jan. 04, 2018	Dec. 15, 2016	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of outstanding options (in shares)			2,301,046					2,301,046
Outstanding options exercise price, lower range limit (in dollars per share)			$ 4.28	$ 4.28
Outstanding options exercise price, upper range limit (in dollars per share)			$ 505	$ 505
Remaining years for options to vest and become exercisable			4 years	4 years
Remaining years until options expire			7 years	7 years
Stock awards /Stock Option Plans			$ 3,510,911	$ 2,170,700
Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share based compensation expense					$ 5,765,855	$ 650,357	$ 2,828,990
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (in shares)	948,500
Restricted shares granted in period, aggregate fair value	$ 4,500,000
Award vesting period	3 years
Allocated share based compensation expense			$ 600,000
Employee Stock Option \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)	30,000
Options granted, fair value	$ 100,000
Equity Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity compensation plan, shares authorized (in shares)		5,348,613
Maximum number of shares can be granted per employee in one year (in shares)		3,000,000
Maximum number of options and stock appreciation rights can be granted per employee in one year (in shares)		3,000,000
Maximum number of shares can be granted to non-employee director in one year (in shares)		500,000
Management Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock subject to outstanding awards (in shares)									24,644
Management Incentive Plan and Equity Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards outstanding (in shares)			2,520,493					1,716,928
Management Incentive Plan and Equity Compensation Plan \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			1 year
Management Incentive Plan and Equity Compensation Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years

Subsequent Events (Details)	May 04, 2018 t $ / d	Mar. 31, 2018 t
Subsequent Event [Line Items]
Dead weight tonnage of operating fleet \| t		2,746,891
Ultramax Vessels \| Subsequent Event
Subsequent Event [Line Items]
Dead weight tonnage of operating fleet \| t	61,425
Charters agreement term	3 years
Charters agreement term, extension option	2 years
Vessel hiring rate (in dollars per day)	12,700
First Optional Year \| Ultramax Vessels \| Subsequent Event
Subsequent Event [Line Items]
Vessel hiring rate (in dollars per day)	13,750
Second Optional Year \| Ultramax Vessels \| Subsequent Event
Subsequent Event [Line Items]
Vessel hiring rate (in dollars per day)	14,750