Document And Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Nov. 06, 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) | 72,592,614 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
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- Definition If the value is true, then the document is an amendment to previously-filed/accepted document. No definition available.
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- Definition End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other". No definition available.
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- Definition A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. No definition available.
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- Definition Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Trading symbol of an instrument as listed on an exchange. No definition available.
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- References No definition available.
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- Definition Carrying value of payments made in advance for vessels that is expected to be received within one year or the normal operating cycle, if longer. No definition available.
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- Definition Carrying value of deferred drydock costs as of the balance sheet date. No definition available.
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- Definition Fair Value Below Contract Value Of Time Charters Acquired Noncurrent No definition available.
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- Definition Long lived, depreciable assets used for the primary purpose of water transportation, net of accumulated depreciation. No definition available.
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- Definition Amount of vessels held-for-sale, expected to be sold within a year or the normal operating cycle, if longer. No definition available.
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- Definition Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Sum of the carrying amounts of deferred costs that are expected to be recognized as a charge against earnings in periods after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled within one year or normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Carrying value as of the balance sheet date of [accrued] interest payable on all forms of debt, including trade payables, that has been incurred and is unpaid. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition Amount of obligation due after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt, classified as current. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount after unamortized (discount) premium and debt issuance costs of long-term debt classified as noncurrent and excluding amounts to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of expenses incurred but not yet paid classified as other, due within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of current assets classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of noncurrent assets classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of unearned revenue or income classified as other, expected to be taken into income within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of liabilities classified as other, due after one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of asset related to consideration paid in advance for costs that provide economic benefits within a future period of one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of cash and cash equivalents restricted as to withdrawal or usage, classified as noncurrent. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of investments including trading securities, available-for-sale securities, held-to-maturity securities, and short-term investments classified as other and current. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Details
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- Details
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Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) |
Sep. 30, 2018 |
Dec. 31, 2017 |
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Statement of Financial Position [Abstract] | ||
Accumulated depreciation, vessels | $ 121,559,765 | $ 99,910,416 |
Other fixed assets, accumulated amortization | $ 480,408 | $ 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) | 70,394,307 | 70,394,307 |
Common stock, outstanding (in shares) | 70,394,307 | 70,394,307 |
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- Definition Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Face amount or stated value per share of common stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Face amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of accumulated depreciation of long-lived, physical assets used to produce goods and services and not intended for resale, classified as other. No definition available.
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- References No definition available.
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Condensed Consolidated Statements of Operations - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
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Income Statement [Abstract] | ||||
Revenues, net | $ 69,092,740 | $ 62,710,903 | $ 223,402,049 | $ 162,197,184 |
Voyage expenses | 15,126,287 | 17,462,699 | 54,845,843 | 44,195,710 |
Vessel expenses | 19,568,961 | 20,110,123 | 61,224,734 | 57,374,444 |
Charter hire expenses | 7,459,921 | 9,652,468 | 27,836,243 | 19,971,380 |
Depreciation and amortization | 9,460,192 | 8,980,992 | 28,009,067 | 24,494,397 |
General and administrative expenses | 8,882,790 | 8,620,938 | 27,692,259 | 24,989,738 |
Gain on sale of vessels | (235,695) | (202,487) | (340,768) | (2,100,386) |
Total operating expenses | 60,262,456 | 64,624,733 | 199,267,378 | 168,925,283 |
Operating income/(loss) | 8,830,284 | (1,913,830) | 24,134,671 | (6,728,099) |
Interest expense | 6,574,826 | 7,836,999 | 19,222,906 | 21,140,746 |
Interest income | (130,020) | (142,940) | (337,248) | (518,379) |
Other expense /(income) | (199,344) | 647,457 | (839,321) | (138,206) |
Total other expense, net | 6,245,462 | 8,341,516 | 18,046,337 | 20,484,161 |
Net income/(loss) | $ 2,584,822 | $ (10,255,346) | $ 6,088,334 | $ (27,212,260) |
Weighted average shares outstanding: | ||||
Basic (in shares) | 70,649,556 | 70,329,252 | 70,539,951 | 68,782,517 |
Diluted (in shares) | 72,356,655 | 70,329,252 | 71,855,683 | 68,782,517 |
Per share amounts: | ||||
Basic income/(loss) (in dollars per share) | $ 0.04 | $ (0.15) | $ 0.09 | $ (0.40) |
Diluted income/(loss) (in dollars per share) | $ 0.04 | $ (0.15) | $ 0.08 | $ (0.40) |
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- Definition Rental expense related to hire of vessels under operating leases contracts. No definition available.
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- Definition The aggregate direct operating costs incurred during the reporting period. No definition available.
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- Definition Expenses associated with operating vessels which are attributable to particular voyages such as port and canal charges, fuel (bunker) expenses, and brokerage commissions payable to unaffiliated third parties. No definition available.
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- Definition Total costs of sales and operating expenses for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of gain (loss) on sale or disposal of property, plant and equipment assets, including oil and gas property and timber property. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount before accretion (amortization) of purchase discount (premium) of interest income on nonoperating securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The net result for the period of deducting operating expenses from operating revenues. No definition available.
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- Definition Amount of income (expense) related to nonoperating activities, classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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Condensed Consolidated Statements of Comprehensive Income/(Loss) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
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Statement of Comprehensive Income [Abstract] | ||||
Net income/(loss) | $ 2,584,822 | $ (10,255,346) | $ 6,088,334 | $ (27,212,260) |
Comprehensive income/(loss) | $ 2,584,822 | $ (10,255,346) | $ 6,088,334 | $ (27,212,260) |
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- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition Adjustments to Additional Paid in Capital, Settlement Of Net Share Equity Awards No definition available.
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- Definition Amount of increase to additional paid-in capital (APIC) from recognition of equity-based compensation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount after tax of increase (decrease) to equity or (increase) decrease to net assets, resulting from the cumulative effect adjustment of a new accounting principle applied in the period of adoption. No definition available.
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- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Number of shares issued which are neither cancelled nor held in the treasury. No definition available.
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- Definition Number of new stock issued during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Number of shares issued during the period related to Restricted Stock Awards, net of any shares forfeited. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Value of stock related to Restricted Stock Awards issued during the period, net of the stock value of such awards forfeited. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Value of stock issued as a result of the exercise of stock options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Condensed Consolidated Statements of Cash Flows - USD ($) |
9 Months Ended | |
---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
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Cash flows from operating activities: | ||
Net income/(loss) | $ 6,088,334 | $ (27,212,260) |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | ||
Depreciation | 24,115,813 | 21,436,051 |
Amortization of deferred drydocking costs | 3,893,254 | 3,058,346 |
Amortization of debt issuance costs | 1,433,971 | 4,558,145 |
Amortization of fair value below contract value of time charter acquired | (511,426) | (546,308) |
Payment-in-kind interest on debt | 0 | 7,749,872 |
Net unrealized gain on fair value of derivative instruments | (52,506) | 126,651 |
Stock-based compensation expense | 8,020,566 | 6,998,960 |
Drydocking expenditures | (6,536,478) | (2,772,678) |
Gain on sale of vessels | (340,768) | (2,100,386) |
Fees paid on time charter termination | 0 | (1,500,000) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 1,103,935 | (5,068,678) |
Other current and non-current assets | (553,987) | (1,917,446) |
Prepaid expenses | 742,357 | 972,635 |
Inventories | 836,648 | (1,725,658) |
Accounts payable | 1,438,208 | 97,856 |
Accrued interest | 4,161,502 | 11,578 |
Other accrued and other non-current liabilities | (4,061,872) | (2,211,819) |
Unearned revenue | (1,287,723) | 1,527,824 |
Net cash provided by operating activities | 38,489,828 | 1,482,685 |
Cash flows from investing activities: | ||
Purchase of vessels and vessel improvements | (20,043,324) | (174,004,286) |
Advance paid for purchase of vessel and scrubbers | (8,182,119) | 0 |
Proceeds from redemption of Short-term investment | 4,500,000 | 0 |
Proceeds from sale of vessels | 20,545,202 | 18,400,000 |
Purchase of other fixed assets | (148,770) | (183,344) |
Net cash used in investing activities | (3,329,011) | (155,787,630) |
Cash flows from financing activities: | ||
Proceeds from the common stock private placement, net of issuance costs | 0 | 96,030,003 |
Cash received from exercise of stock options | 4,866 | 0 |
Cash used to settle net share equity awards | (2,018,195) | 0 |
Financing costs paid to the lender - Ultraco Debt Facility | 0 | (918,000) |
Other financing costs | (1,428,792) | 0 |
Net cash provided by financing activities | 157,879 | 142,112,003 |
Net increase/(decrease) in cash and cash equivalents and restricted cash | 35,318,696 | (12,192,942) |
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 | 91,644,657 | 64,398,085 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Cash paid during the year for interest | 13,627,434 | 8,821,178 |
Non-cash deferred financing costs included in other liabilities | 0 | 575,000 |
Ultraco Debt Facility | ||
Cash flows from financing activities: | ||
Proceeds from Ultraco Debt Facility | 8,600,000 | 61,200,000 |
Term Loan | ||
Cash flows from financing activities: | ||
Repayments of lines of credit | 0 | (9,200,000) |
Revolver Loan | First Lien Facility | ||
Cash flows from financing activities: | ||
Repayments of lines of credit | 0 | (5,000,000) |
Revolver Loan | New First Lien Facility | ||
Cash flows from financing activities: | ||
Repayments of lines of credit | $ (5,000,000) | $ 0 |
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- Definition The cash outflow associated with advance for vessel purchase. No definition available.
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X | ||||||||||
- Definition The charge against earnings in the period representing the allocation of deferred drydocking costs to period expected to benefit from such costs. No definition available.
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- Definition The change in the period of an asset recognized at the acquisition of a vessel with a time charter attached to it. No definition available.
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- Definition The cash outflow for drydocking costs. No definition available.
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- Definition Represents the amount of fees paid in termination of time charter agreement. No definition available.
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- Definition Increase (Decrease) in Contract with Customer, Liability No definition available.
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- Definition The cash outflow associated with the acquisition of vessels and vessel improvements. No definition available.
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- References No definition available.
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- Definition Amount of amortization expense attributable to debt issuance costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage. Excludes amount for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of increase (decrease) in cash, cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including effect from exchange rate change. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of debt issuance costs that were incurred during a noncash or partial noncash transaction. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Aggregate cash paid by the entity during the period to settle equity instruments granted under equity-based payment arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of gain (loss) on sale or disposal of property, plant and equipment assets, including oil and gas property and timber property. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The increase (decrease) during the reporting period in the aggregate amount of expenses incurred but not yet paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The increase (decrease) during the period in the carrying value of derivative instruments reported as liabilities that are due to be disposed of within one year (or the normal operating cycle, if longer). No definition available.
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- Definition The increase (decrease) during the reporting period in interest payable, which represents the amount owed to note holders, bond holders, and other parties for interest earned on loans or credit extended to the reporting entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition Amount of increase (decrease) in operating assets classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The increase (decrease) during the reporting period in the amount of outstanding money paid in advance for goods or services that bring economic benefits for future periods. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of cash paid for interest. Includes, but is not limited to, payment to settle zero-coupon bond attributable to accreted interest of debt discount and debt instrument with insignificant coupon interest rate in relation to effective interest rate of borrowing attributable to accreted interest of debt discount. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of expense charged against earnings to allocate the cost of tangible and intangible assets over their remaining economic lives, classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Interest paid other than in cash for example by issuing additional debt securities. As a noncash item, it is added to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The net cash paid (received) associated with the acquisition or disposal of all investments, including securities and other assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cash outflow paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cash outflow for loan and debt issuance costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of cash outflow from the acquisition of or improvements to long-lived, physical assets used to produce goods and services and not intended for resale, classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cash inflow from the additional capital contribution to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of cash inflow from exercise of stock options granted under share-based compensation arrangement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of cash outflow for payment of an obligation from a lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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Basis of Presentation and General Information |
9 Months Ended |
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Sep. 30, 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 September 30, 2018, the Company owned and operated a modern fleet of 46 oceangoing vessels, including 34 Supramax and 12 Ultramax vessels with a combined carrying capacity of 2,640,132 deadweight tonnage ("dwt") and an average age of approximately 8.8 years. Additionally, the Company charters-in two 61,400 dwt, 2013 built Ultramax vessels for a remaining period of approximately three years. In addition, the Company charters-in third-party vessels on a short to medium term basis. For the three and nine months ended September 30, 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 so long as 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 related 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 $0.8 million to increase our opening accumulated deficit and increase our unearned revenue and other current assets on our Condensed Consolidated Balance Sheet on January 1, 2018. Please refer to Note 2 "Recent Accounting Pronouncements" for further information. 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. |
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- Definition The entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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Recent Accounting Pronouncements |
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Recent Accounting Pronouncements | Recent Accounting Pronouncements Revenue Recognition Our shipping revenues are principally generated from time charters and voyage charters. In a time charter contract, 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, subject always to compliance with applicable sanction laws, 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 and canal tolls during the hire period. The performance obligations in a time charter contract are satisfied over the 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 liable for any short loading of cargo or "dead" freight. The voyage contract generally has standard payment terms of 95% 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 known as 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 the Company as the shipowner 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 and nine months ended September 30, 2018 is not material. The following table shows the revenues earned from time charters and voyage charters for the three and nine months ended September 30, 2018:
Contract costs In a voyage charter 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 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 September 30, 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 September 30, 2018:
The following table presents the impact of the adoption of ASC 606 on our Condensed Consolidated Statement of Operations:
The cumulative effect of changes made to our opening Consolidated Balance Sheet on January 1, 2018 for the adoption of ASC 606:
(1) Under ASC 606, the contract fulfillment costs are deferred as a current asset and amortized as the related performance obligations are satisfied. The adjustment to other current assets includes 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 voyages 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 and nine months ended September 30, 2018. Cash, cash equivalents and restricted cash 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 as of January 1, 2018 and $10,907,592 of restricted cash has been aggregated with the cash and cash equivalents as of September 30, 2018. Additionally, we retrospectively aggregated $74,917 of restricted cash 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 nine months ended September 30, 2017. In February 2016, the FASB issued ASU No. 2016-02, Leases ("ASU 2016-02"). ASU 2016-02 is intended to increase the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. In order to meet that objective, the new standard requires recognition of the assets and liabilities that arise from leases. A lessee will be required to recognize on the balance sheet the assets and liabilities for leases with lease terms of more than 12 months. Accounting by lessors will remain largely unchanged from current U.S. GAAP. The requirements of this standard include an increase in required disclosures. The new standard is effective for public companies for fiscal years beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. In July, 2018, the FASB issued updated guidance which allows an additional transition method to adopt the new lease standard, which allows for a cumulative-effect adjustment to the beginning balance of retained earnings in the period of adoption. The Company plans to elect this transition method as of January 1, 2019. The Company is currently evaluating the effect that adopting this standard will have on our financial statements and related disclosures. Management expects that the Company will recognize increases in reported amounts for vessel and other fixed assets and related lease liabilities upon adoption of the new standard. The Company currently charters in two vessels with lease terms of more than 12 months and has two operating leases for the Company’s offices in Stamford, CT and Singapore. Refer to “Note 6 Commitments and Contingencies” to the condensed consolidated financial statements for disclosure about the Company’s time charter commitments as of September 30, 2018. |
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- Definition The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Vessels | Vessels Vessel and Vessel Improvements As of September 30, 2018, the Company’s owned operating fleet consisted of 46 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 recorded a gain of $0.1 million in its condensed consolidated statement of operations for the three and nine months ended September 30, 2018. On March 23, 2018, the Company signed a memorandum of agreement to sell the vessel Thrush for $10.8 million after brokerage commissions and associated selling expenses. The vessel was delivered to the buyers in the third quarter of 2018. As per the bond terms under the Norwegian Bond Debt, the proceeds from the sale of vessels are to be held in a restricted cash account to be used to finance the acquisition of additional vessels in Shipco. As a result, the Company recorded the proceeds of the sale of Thrush as restricted cash at September 30, 2018 in the condensed consolidated financial statements. Please refer to Note 4 "Debt" to the condensed consolidated financial statements. The Company recorded a gain of $0.2 million in its condensed consolidated statements of operations for the three and nine months ended September 30, 2018. On July 20, 2018, the Company, through its subsidiary Eagle Bulk Ultraco LLC, signed a memorandum of agreement to acquire a 2014 built Ultramax vessel for $21.3 million. The Company paid $4.2 million as an advance payment for the acquisition as of September 30, 2018. The Company took delivery of the vessel, Hamburg Eagle on October 22, 2018. On August 14, 2018, the Company entered into a contract for installation of ballast water treatment systems ("BWTS") on 46 of our owned vessels. The projected costs, including installation, is approximately $0.5 million per BWTS. The Company intends to complete the installation during scheduled drydockings. On September 4, 2018, the Company entered into a series of agreements to purchase up to 37 scrubber systems which are to be retrofitted on the vessels. The Agreements are comprised of firm orders for 19 scrubber systems and up to an additional 18 units, at the Company’s option. The projected costs, including installation, is approximately $2.0 million per scrubber system. The Company intends to complete the retrofit of all 19 vessels prior to the January 1, 2020 implementation date of the new sulphur emission cap regulation, as set forth by the International Maritime Organization (“IMO”). The Company recorded $4.4 million of scrubber system costs and $0.3 million for BWTS in other assets in the condensed consolidated balance sheet as of September 30, 2018. Vessel and vessel improvements consist of the following:
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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Debt | Debt
* 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 were 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 $1.3 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 27 security vessels (the "Shipco Vessels") in the Company’s fleet, and are 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 8.25% 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. 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:
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 subsidiaries’ free liquidity must at all times be at least $12,500,000. Shipco is in compliance with its financial covenants as of September 30, 2018. On March 23, 2018, the Company signed a memorandum of agreement to sell the vessel Thrush for $10.8 million after brokerage commissions and associated selling expenses. Pursuant to the Bond Terms governing the Norwegian Bond Debt, the proceeds from the sale of vessels are to be held in a restricted account to be used for the financing of the acquisition of additional vessels by Shipco. As a result, the Company recorded the proceeds of the sale of Thrush as restricted cash at September 30, 2018 in the condensed consolidated financial statements. 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. The Bonds were listed for trading on the Oslo Stock Exchange on May 15, 2018. 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 $1.0 million to the lenders and incurred $0.4 million 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 September 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 September 30, 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 September 30, 2018, the availability under the Revolving Loan is $5.0 million. Super Senior Facility On December 8, 2017, Shipco entered into the 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 which was recorded as deferred financing costs on the condensed consolidated balance sheet at September 30, 2018. As of September 30, 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 27 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 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 September 30, 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 $0.9 million to the lenders and $0.5 million 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 $8.6 million. 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. On October 17, 2018, Ultraco entered into a Second Amendment (the "Second Amendment") to the Ultraco Debt Facility to increase the commitments for the purpose of financing the acquisition of an additional vessel by Hamburg Eagle LLC, a wholly owned subsidiary of Ultraco and additional guarantor under the Ultraco Debt Facility. The increase in the commitments was $12.8 million. Ultraco took delivery of the vessel on October 22, 2018 and drew down $12.8 million. The Company paid $0.2 million as financing costs to the lender in connection with the transaction. The Company paid a deposit of $4.2 million for the purchase of the vessel as of September 30, 2018. As of September 30, 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 excluding the impact of the recent drawdown on the Hamburg Eagle, 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 September 30, 2018, of up to the lesser of (i) $$30,200,000 excluding the drawdown of $12,800,000 made with the Second Amendment for the acquisition of the Hamburg Eagle 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 and nine months ended September 30, 2018, the 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 these periods was approximately 8.80%. For the three months ended September 30, 2018, the interest rate on the New First Lien Facility was 5.82% 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 6.45%. For the nine months ended September 30, 2018, interest rates on the New First Lien Facility ranged from 4.91% to 5.82% 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 6.03%. For the three months ended September 30, 2018, the interest rate on the Ultraco Debt Facility ranged from 5.28% to 5.34% 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 for this period was 5.70%. For the nine months ended September 30, 2018, interest rates on the Ultraco Debt Facility ranged from 4.64% to 5.34% 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 for this period was 5.60%. For the three months ended September 30, 2017, interest rates on the First Lien Facility ranged from 5.23% to 5.30% including a margin over LIBOR applicable under the terms of the First Lien Facility and commitment fees of 40% of the margin on the undrawn portion of the facility. The weighted average effective interest rate including the amortization of debt discount for this period was 6.47%. For the nine months ended September 30, 2017, interest rates on our outstanding debt under the First Lien Facility ranged from 4.77% to 5.30%, 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 6.13%. For the three months ended September 30, 2017, the interest rate on the Ultraco Debt Facility ranged from 4.19% to 4.25% including a margin over LIBOR applicable under the terms of the Ultraco Debt Facility which was entered into on June 28, 2017. The weighted average effective interest rate for this period was 4.55%. For the three and nine months ended September 30, 2017, the payment-in-kind interest rate 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 these periods was 17.05%. Interest Expense consisted of:
Interest paid amounted to $13,627,434 and $8,821,178 for the nine months ended September 30, 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 condensed consolidated statements of cash flows for the nine month period ended September 30, 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.
*The scheduled maturities of principal amounts for the Ultraco Debt Facility exclude the impact of the Second Amendment and subsequent drawdown of $12.8 million for the acquisition of the Hamburg Eagle on October 22, 2018. |
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- References No definition available.
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- Definition The entire disclosure for long-term debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Derivative Instruments and Fair Value Measurements |
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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 these markets 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 Statements 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:
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 September 30, 2018 and December 31, 2017, the Company posted cash collateral related to derivative instruments under its collateral security arrangements of $737,201 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 the 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)
* The fair value of the Bonds is based on the last trade on August 31, 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 September 30, 2018.
(1) Includes non-current restricted cash aggregating $10,907,592 at September 30, 2018 and $74,917 at December 31, 2017. (2) The fair value of the Bonds is based on the last trade on December 21, 2017. (3) The carrying value of the debt facilities is net of debt discount and debt issuance costs and includes current portion of the debt. |
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- Definition Derivative Instruments and Hedging Activities and Fair Value Disclosure [Abstract] No definition available.
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- Definition The entire disclosure for derivatives and fair value of assets and liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Commitments and Contingencies |
9 Months Ended |
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Sep. 30, 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 three 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 took delivery of the vessel in the third quarter of 2018. On August 14, 2018, the Company entered into a contract for installation of ballast water treatment systems ("BWTS") on 46 of our owned vessels. The projected costs, including installation, is approximately $0.5 million per BWTS. The Company intends to complete the installation during scheduled drydockings. On September 4, 2018, the Company entered into a series of agreements to purchase up to 37 scrubber systems which are to be retrofitted on the vessels. The Agreements are comprised of firm orders for 19 scrubber systems and up to an additional 18 units, at the Company’s option. The projected cost, including installation, is approximately $2.0 million per scrubber system. The Company intends to complete the retrofit of all 19 vessels prior to the January 1, 2020 implementation date of the new sulphur emission cap regulation, as set forth by the International Maritime Organization (“IMO”). The Company recorded $4.4 million as an advance payment in other assets in the condensed consolidated balance sheet as of September 30, 2018. On October 17, 2018, Ultraco entered into a Second Amendment (the "Second Amendment") to the Ultraco Debt Facility to increase the commitments for the purpose of financing the acquisition of an additional vessel by Hamburg Eagle LLC, a wholly owned subsidiary of Ultraco and additional guarantor under the Ultraco Debt Facility. The increase in the commitments was $12.8 million. Ultraco took delivery of the vessel on October 22, 2018 and drew down $12.8 million. The Company paid $0.2 million as financing costs to the lender in connection with the transaction. The Company paid a deposit of $4.2 million for the purchase of the vessel as of September 30, 2018. |
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- References No definition available.
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- Definition The entire disclosure for commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Income/(loss) Per Common Share |
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Income/(loss) Per Common Share | 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 and nine months ended September 30, 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 as of September 30, 2018 does not include 1,452 stock awards, 352,000 stock options and 152,266 warrants, as their effect was anti-dilutive. Diluted net loss per share for the three months ended September 30, 2017 does not include 1,843,211 stock awards, 1,865,865 stock options and 152,266 warrants, as their effect was anti-dilutive.
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- Definition The entire disclosure for earnings per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Stock Incentive Plans |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Incentive Plans | 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. The Company withheld shares related to restricted stock awards that vested in 2018 at the fair market value equivalent to the maximum statutory withholding obligation, and remitted that amount in cash to the appropriate taxation authorities. 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 and nine months ended September 30, 2018, was $0.6 million and $2.0 million, respectively. 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 September 30, 2018 and December 31, 2017, stock awards covering a total of 1,743,816 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 September 30, 2018 and December 31, 2017, options covering 2,290,211 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:
The future compensation to be recognized for all the grants issued for the three month period ending December 31, 2018, and the years ending December 31, 2019 and 2020 will be $1,194,029, $2,585,709 and $648,078, respectively. |
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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Subsequent Events |
9 Months Ended |
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Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On October 17, 2018, Ultraco entered into the Second Amendment to the Ultraco Debt Facility to increase the commitments for the purpose of financing the acquisition of an additional vessel by Hamburg Eagle LLC, a wholly owned subsidiary of Ultraco and additional guarantor under the Ultraco Debt Facility. The increase in the commitments was $12.8 million. Ultraco took delivery of the vessel on October 22, 2018 and drew down $12.8 million. The Company paid $0.2 million as financing costs to the lender in connection with the transaction. The Company paid a deposit of $4.2 million for the purchase of the vessel as of September 30, 2018. On November 6, 2018, the Company received the approval for an amendment to the Bond Terms to allow for the proceeds from the sale of the Shipco vessels for partial financing of four Scrubbers to be retrofitted to the Shipco vessels. Pursuant to the Bond Terms, the amendments required the support from holders of at least 2/3 of the Bonds represented at the meeting. Of the attending holders, 85.36% of the attending holders voted in favor of the amendments at a meeting having the requisite quorum under the Bond Terms. |
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Basis of Presentation and General Information (Policies) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Policy Text Block] | In a voyage charter 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 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. |
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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. |
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Contract Costs | Our shipping revenues are principally generated from time charters and voyage charters. In a time charter contract, 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, subject always to compliance with applicable sanction laws, 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 and canal tolls during the hire period. The performance obligations in a time charter contract are satisfied over the 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 liable for any short loading of cargo or "dead" freight. The voyage contract generally has standard payment terms of 95% 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 known as 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 the Company as the shipowner 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 and nine months ended September 30, 2018 is not material. |
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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 so long as 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 related 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 $0.8 million to increase our opening accumulated deficit and increase our unearned revenue and other current assets on our Condensed Consolidated Balance Sheet on January 1, 2018. Please refer to Note 2 "Recent Accounting Pronouncements" for further information. 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 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 September 30, 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 September 30, 2018:
The following table presents the impact of the adoption of ASC 606 on our Condensed Consolidated Statement of Operations:
The cumulative effect of changes made to our opening Consolidated Balance Sheet on January 1, 2018 for the adoption of ASC 606:
(1) Under ASC 606, the contract fulfillment costs are deferred as a current asset and amortized as the related performance obligations are satisfied. The adjustment to other current assets includes 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 voyages 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 and nine months ended September 30, 2018. Cash, cash equivalents and restricted cash 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 as of January 1, 2018 and $10,907,592 of restricted cash has been aggregated with the cash and cash equivalents as of September 30, 2018. Additionally, we retrospectively aggregated $74,917 of restricted cash 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 nine months ended September 30, 2017. |
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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. |
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- Definition Revenue from Contract with Customer [Policy Text Block] No definition available.
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- Definition Disclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). No definition available.
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- Definition Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact. No definition available.
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- References No definition available.
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- Definition Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Recent Accounting Pronouncements (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following table shows the revenues earned from time charters and voyage charters for the three and nine months ended September 30, 2018:
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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 September 30, 2018:
The following table presents the impact of the adoption of ASC 606 on our Condensed Consolidated Statement of Operations:
The cumulative effect of changes made to our opening Consolidated Balance Sheet on January 1, 2018 for the adoption of ASC 606:
(1) Under ASC 606, the contract fulfillment costs are deferred as a current asset and amortized as the related performance obligations are satisfied. The adjustment to other current assets includes 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 voyages in progress as of January 1, 2018. The Company recognized this revenue in the first quarter of 2018 as the performance obligations are met. |
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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Vessels (Tables) |
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Schedule Of Vessel And Vessel Improvements | Vessel and vessel improvements consist of the following:
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- Definition Tabular disclosure of information pertaining vessels and vessels improvements. No definition available.
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- References No definition available.
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Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt |
* 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. |
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Schedule of Debt Instrument Redemption | 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:
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Schedule Of Interest Expense | Interest Expense consisted of:
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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.
*The scheduled maturities of principal amounts for the Ultraco Debt Facility exclude the impact of the Second Amendment and subsequent drawdown of $12.8 million for the acquisition of the Hamburg Eagle on October 22, 2018. |
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- Definition Tabular disclosure of interest expenses excluding capitalized interest. No definition available.
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X | ||||||||||
- References No definition available.
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X | ||||||||||
- Definition Tabular disclosure of debt instruments or arrangements with redemption features. Includes, but is not limited to, description of debt redemption features, percentage price at which debt can be redeemed by the issuer, and period start and end for debt maturity or redemption. No definition available.
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X | ||||||||||
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. No definition available.
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X | ||||||||||
- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Derivative Instruments and Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 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:
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Schedule of Fair Value Measurements |
* The fair value of the Bonds is based on the last trade on August 31, 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 September 30, 2018.
(1) Includes non-current restricted cash aggregating $10,907,592 at September 30, 2018 and $74,917 at December 31, 2017. (2) The fair value of the Bonds is based on the last trade on December 21, 2017. (3) The carrying value of the debt facilities is net of debt discount and debt issuance costs and includes current portion of the debt. |
X | ||||||||||
- Definition Derivative Instruments and Hedging Activities and Fair Value Disclosure [Abstract] No definition available.
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X | ||||||||||
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Tabular disclosure for other derivative instruments not designated as hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Income/(loss) Per Common Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted |
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X | ||||||||||
- References No definition available.
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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Stock Incentive Plans (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Cash Compensation Expense for Stock Awards and Options Included in G&A | Stock-based compensation expense for all stock awards and options included in General and administrative expenses:
|
X | ||||||||||
- Definition Tabular disclosure of non-cash compensation expenses recorded by the Company and included in General and Administrative Expenses. No definition available.
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X | ||||||||||
- References No definition available.
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Basis of Presentation and General Information (Details) |
9 Months Ended | |||
---|---|---|---|---|
May 10, 2017
t
|
Sep. 30, 2018
USD ($)
segment
vessel
t
|
Jan. 01, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
|
|
Property, Plant and Equipment [Line Items] | ||||
Number of business segments | segment | 1 | |||
Vessels in operation | 46 | |||
Dead weight tonnage of operating fleet | t | 2,640,132 | |||
Average age of operating fleet (in years) | 8 years 292 days | |||
Accumulated deficit | $ | $ 421,863,589 | $ 427,951,923 | $ 427,164,813 | |
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 | ||
Vessels charted-in | 2 | |||
Charters agreement term | 3 years | 3 years | ||
Supramax Vessels | ||||
Property, Plant and Equipment [Line Items] | ||||
Vessels in operation | 34 | |||
Ultramax Vessels | ||||
Property, Plant and Equipment [Line Items] | ||||
Vessels in operation | 12 |
X | ||||||||||
- Definition Net average vessel's' age in years, of the company's operating fleet. No definition available.
|
X | ||||||||||
- Definition Represents information about the charters agreement period. No definition available.
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X | ||||||||||
- Definition Net dead weight tonnage of vessels involved in the company's operating fleet. No definition available.
|
X | ||||||||||
- Definition Unearned Revenue And Other Current Assets No definition available.
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X | ||||||||||
- Definition Vessels Charted-In No definition available.
|
X | ||||||||||
- Definition Total number of vessels contains in the company's operating fleet. No definition available.
|
X | ||||||||||
- Definition Number of operating segments. An operating segment is a component of an enterprise: (a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same enterprise), (b) whose operating results are regularly reviewed by the enterprise's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (c) for which discrete financial information is available. An operating segment may engage in business activities for which it has yet to earn revenues, for example, start-up operations may be operating segments before earning revenues. No definition available.
|
X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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X | ||||||||||
- Definition The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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- Details
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X | ||||||||||
- Details
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Recent Accounting Pronouncements - Disaggregation of Revenue (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Disaggregation of Revenue [Line Items] | ||||
Revenues, net | $ 69,092,740 | $ 62,710,903 | $ 223,402,049 | $ 162,197,184 |
Time charters | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues, net | 36,509,900 | 103,188,591 | ||
Voyage charters | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues, net | $ 32,582,840 | $ 120,213,458 |
X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
X | ||||||||||
- Definition Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
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X | ||||||||||
- Details
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Recent Accounting Pronouncements - Additional Information (Details) - USD ($) |
Sep. 30, 2018 |
Jan. 01, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
---|---|---|---|---|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Accumulated deficit | $ 421,863,589 | $ 427,951,923 | $ 427,164,813 | |
Other current assets | 2,693,532 | 1,581,535 | 785,027 | |
Unearned charter hire revenue | 5,974,568 | 7,262,291 | $ 5,678,673 | |
Restricted cash | 10,907,592 | $ 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 | 404,059 | 796,508 | ||
Unearned charter hire revenue | $ 223,073 | $ 1,583,618 |
X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
X | ||||||||||
- Definition Amount of current assets classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of unearned revenue or income classified as other, expected to be taken into income within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of cash restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
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X | ||||||||||
- Details
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Recent Accounting Pronouncements - Schedule of Effects of ASC 606 (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Jan. 01, 2018 |
Dec. 31, 2017 |
|
Statement of Financial Position [Abstract] | ||||||
Accounts receivable | $ 16,142,605 | $ 16,142,605 | $ 17,246,540 | |||
Other current assets | 2,693,532 | 2,693,532 | $ 1,581,535 | 785,027 | ||
Unearned charter hire revenue | 5,974,568 | 5,974,568 | 7,262,291 | 5,678,673 | ||
Income Statement [Abstract] | ||||||
Revenues, net | 69,092,740 | $ 62,710,903 | 223,402,049 | $ 162,197,184 | ||
Voyage expenses | 15,126,287 | 17,462,699 | 54,845,843 | 44,195,710 | ||
Charter hire expenses | 7,459,921 | 9,652,468 | 27,836,243 | 19,971,380 | ||
Net income/(loss) | $ 2,584,822 | $ (10,255,346) | $ 6,088,334 | $ (27,212,260) | ||
Basic income per share (in dollars per share) | $ 0.04 | $ (0.15) | $ 0.09 | $ (0.40) | ||
Diluted income per share (in dollars per share) | $ 0.04 | $ (0.15) | $ 0.08 | $ (0.40) | ||
Accumulated deficit | $ (421,863,589) | $ (421,863,589) | (427,951,923) | (427,164,813) | ||
Calculated under Revenue Guidance in Effect before Topic 606 | ||||||
Statement of Financial Position [Abstract] | ||||||
Accounts receivable | 16,959,548 | 16,959,548 | ||||
Other current assets | 2,289,473 | 2,289,473 | 785,027 | |||
Unearned charter hire revenue | 5,751,495 | 5,751,495 | 5,678,673 | |||
Income Statement [Abstract] | ||||||
Revenues, net | 69,030,905 | 222,858,447 | ||||
Voyage expenses | 15,141,151 | 54,646,287 | ||||
Charter hire expenses | 7,453,073 | 27,614,242 | ||||
Net income/(loss) | $ 2,514,971 | 5,966,289 | ||||
Basic income per share (in dollars per share) | $ 0.04 | |||||
Diluted income per share (in dollars per share) | $ 0.03 | |||||
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 | $ (816,943) | (816,943) | ||||
Other current assets | 404,059 | 404,059 | 796,508 | |||
Unearned charter hire revenue | 223,073 | 223,073 | 1,583,618 | |||
Income Statement [Abstract] | ||||||
Revenues, net | 61,835 | 543,602 | ||||
Voyage expenses | 14,864 | (199,556) | ||||
Charter hire expenses | (6,848) | (222,001) | ||||
Net income/(loss) | $ 69,851 | $ 122,045 | ||||
Basic income per share (in dollars per share) | $ 0.00 | $ 0.00 | ||||
Diluted income per share (in dollars per share) | $ 0.00 | $ 0.00 | ||||
Accumulated deficit | $ (787,110) |
X | ||||||||||
- Definition Rental expense related to hire of vessels under operating leases contracts. No definition available.
|
X | ||||||||||
- Definition Expenses associated with operating vessels which are attributable to particular voyages such as port and canal charges, fuel (bunker) expenses, and brokerage commissions payable to unaffiliated third parties. No definition available.
|
X | ||||||||||
- Definition Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
|
X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of current assets classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of unearned revenue or income classified as other, expected to be taken into income within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- References No definition available.
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- Details
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- Details
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Vessels - Additional Information (Details) |
3 Months Ended | 9 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 23, 2018
USD ($)
|
Aug. 30, 2017
USD ($)
|
Sep. 30, 2018
USD ($)
vessel
|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2018
USD ($)
vessel
|
Sep. 30, 2017
USD ($)
|
Sep. 04, 2018
order
|
Sep. 04, 2018
vessel
|
Sep. 04, 2018
USD ($)
|
Sep. 04, 2018
scrubber
|
Aug. 14, 2018
USD ($)
vessel
|
Jul. 20, 2018
USD ($)
|
Dec. 19, 2017
USD ($)
|
|
Property, Plant and Equipment [Line Items] | |||||||||||||
Number of vessels | vessel | 46 | 46 | |||||||||||
Proceeds from sale of vessels | $ 20,545,202 | $ 18,400,000 | |||||||||||
Gain on sale of vessels | $ 235,695 | $ 202,487 | 340,768 | $ 2,100,386 | |||||||||
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 | ||||||||||||
Gain on sale of vessels | 100,000 | 100,000 | |||||||||||
Vessel Thrush | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Proceeds from sale of vessels | $ 10,800,000 | ||||||||||||
Gain on sale of vessels | 200,000 | ||||||||||||
Ultramax Vessels | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Vessel purchase price | $ 21,300,000 | ||||||||||||
Advance payment for vessels | 4,200,000 | ||||||||||||
Ballast Water Treatment System | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Number of vessels | vessel | 46 | ||||||||||||
Projected project costs | $ 500,000 | ||||||||||||
System costs | 300,000 | 300,000 | |||||||||||
Scrubber Systems | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Number of vessels | vessel | 19 | ||||||||||||
Projected project costs | $ 2,000,000 | ||||||||||||
Number of scrubbers | scrubber | 19 | ||||||||||||
Additional units to be purchased | 18 | 18 | |||||||||||
System costs | $ 4,400,000 | $ 4,400,000 | |||||||||||
Maximum | Scrubber Systems | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Number of scrubbers | scrubber | 37 |
X | ||||||||||
- Definition Advance Payment For Vessels No definition available.
|
X | ||||||||||
- Definition Number Of Additional Units To Be Purchased No definition available.
|
X | ||||||||||
- Definition Number Of Scrubbers No definition available.
|
X | ||||||||||
- Definition Number of vessels which consists the operating fleet of the entity. No definition available.
|
X | ||||||||||
- Definition Projected Project Costs No definition available.
|
X | ||||||||||
- Definition System Costs No definition available.
|
X | ||||||||||
- Definition The purchase price of a vessel pursuant to an agreement. No definition available.
|
X | ||||||||||
- Definition Amount of gain (loss) on sale or disposal of property, plant and equipment assets, including oil and gas property and timber property. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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- Details
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- Details
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- Details
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- Details
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- Details
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X | ||||||||||
- Details
|
Vessels - Vessel and Vessel Improvements (Details) - USD ($) |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 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 | 678,145,389 | $ 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 | 20,043,324 | |
Disposal of vessel | (10,354,855) | |
Vessel depreciation expense | (23,981,272) | |
Vessels and vessel improvements, ending balance | $ 678,145,389 | $ 690,236,419 |
X | ||||||||||
- Definition The amount paid in advance for purchases. No definition available.
|
X | ||||||||||
- Definition Amount of improvements added to existing property, plant and equipment. No definition available.
|
X | ||||||||||
- Definition Long lived, depreciable assets used for the primary purpose of water transportation, net of accumulated depreciation. No definition available.
|
X | ||||||||||
- Definition The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
|
X | ||||||||||
- Definition Amount of divestiture of long-lived, physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. No definition available.
|
X | ||||||||||
- Details
|
Debt - Schedule of Debt (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2018 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Dec. 31, 2017 |
|
Debt Instrument [Line Items] | ||||
Long-term debt | $ 329,800,000 | |||
Current portion of long-term debt | (23,750,285) | $ (4,000,000) | ||
Total long-term debt, net of debt issuance costs and debt discount | 298,524,912 | 313,683,676 | ||
Norwegian Bond Debt Facility | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 200,000,000 | |||
Total long-term debt, net of debt issuance costs and debt discount | 186,702,844 | 189,950,329 | ||
New First Lien Facility | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 60,000,000 | |||
Total long-term debt, net of debt issuance costs and debt discount | 50,271,447 | 63,758,185 | ||
Ultraco Debt Facility | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 69,800,000 | |||
Total long-term debt, net of debt issuance costs and debt discount | 61,550,621 | 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 | (5,297,156) | (6,049,671) | ||
Current portion of long-term debt | (8,000,000) | (4,000,000) | ||
Long-term Debt | 186,702,844 | 189,950,329 | ||
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 | (1,128,553) | (1,241,815) | ||
Current portion of long-term debt | (8,600,000) | 0 | ||
Long-term Debt | 50,271,447 | 63,758,185 | ||
Line of Credit | New First Lien Facility | Revolving Credit Facility | Eagle Shipping LLC | ||||
Debt Instrument [Line Items] | ||||
Repayments of lines of credit | $ 5,000,000 | |||
Term Loan | ||||
Debt Instrument [Line Items] | ||||
Repayments of lines of credit | 0 | $ 9,200,000 | ||
Term Loan | Ultraco Debt Facility | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 69,800,000 | 61,200,000 | ||
Debt discount and debt issuance costs | (1,099,094) | (1,224,838) | ||
Current portion of long-term debt | (7,150,285) | 0 | ||
Long-term Debt | $ 61,550,621 | $ 59,975,162 |
X | ||||||||||
- Definition Amount, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
X | ||||||||||
- Definition Amount of unamortized debt discount (premium) and debt issuance costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt, classified as current. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount after unamortized (discount) premium and debt issuance costs of long-term debt classified as noncurrent and excluding amounts to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of cash outflow for payment of an obligation from a lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
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- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
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|
Debt - Norwegian Bond Debt (Details) |
9 Months Ended | ||
---|---|---|---|
Nov. 28, 2017
USD ($)
vessel
|
Sep. 30, 2018
USD ($)
|
Sep. 30, 2017
USD ($)
|
|
Debt Instrument [Line Items] | |||
Payments of financing costs | $ 0 | $ 918,000 | |
Eagle Bulk Shipco LLC | |||
Debt Instrument [Line Items] | |||
Payments of financing costs | $ 1,300,000 | ||
Eagle Bulk Shipco LLC | 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 | 27 | ||
Periodic principal payment | $ 4,000,000 | ||
Redemption price percentage | 100.00% | 100.00% | |
Maximum leverage ratio | 75.00% | ||
Minimum liquidity threshold | $ 12,500,000 | ||
Eagle Bulk Shipco LLC | Senior Subordinated Notes | Norwegian Bond Debt Facility | Debt Instrument, Redemption, Period Six | |||
Debt Instrument [Line Items] | |||
Redemption price percentage | 101.00% |
X | ||||||||||
- Definition Debt Instrument Covenant, Leverage Ratio No definition available.
|
X | ||||||||||
- Definition The minimum threshold for the minimum liquidity required by the covenant. No definition available.
|
X | ||||||||||
- Definition Debt Instrument, Number Of Vessels Secured No definition available.
|
X | ||||||||||
- Definition Debt Instrument, Original Issue Discount Rate No definition available.
|
X | ||||||||||
- Definition Face (par) amount of debt instrument at time of issuance. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
X | ||||||||||
- Definition Amount of the required periodic payments applied to principal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Percentage price of original principal amount of debt at which debt can be redeemed by the issuer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount, before accumulated amortization, of debt issuance costs. Includes, but is not limited to, legal, accounting, underwriting, printing, and registration costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The cash outflow for loan and debt issuance costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The cash inflow from a borrowing with the highest claim on the assets of the entity in case of bankruptcy or liquidation (with maturities initially due after one year or beyond the operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Debt - Schedule of Redemption Price Percentages (Details) - Norwegian Bond Debt Facility |
9 Months Ended |
---|---|
Sep. 30, 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% |
X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
X | ||||||||||
- Definition Percentage price of original principal amount of debt at which debt can be redeemed by the issuer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Debt - New First Lien Facility (Details) |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Dec. 08, 2017
USD ($)
vessel
|
Mar. 30, 2016 |
Mar. 31, 2018
USD ($)
|
Sep. 30, 2018
USD ($)
|
Sep. 30, 2017
USD ($)
|
Dec. 31, 2017
USD ($)
|
|
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 4.00% | |||||
Repayments of long-term debt | $ 13,021,000 | |||||
Payments of financing costs | $ 0 | $ 918,000 | ||||
Eagle Shipping LLC | New First Lien Facility | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of long-term debt | $ 1,000,000 | |||||
Payments of financing costs | $ 400,000 | |||||
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 |
X | ||||||||||
- Definition Represents the consolidated interest coverage ratio based on financial covenants under debt agreement. No definition available.
|
X | ||||||||||
- Definition The minimum threshold for the minimum liquidity required by the covenant. No definition available.
|
X | ||||||||||
- Definition Debt Instrument, Number Of Vessels Secured No definition available.
|
X | ||||||||||
- Definition Percentage points added to the reference rate to compute the variable rate on the debt instrument. No definition available.
|
X | ||||||||||
- Definition Face (par) amount of debt instrument at time of issuance. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
X | ||||||||||
- Definition Amount of the required periodic payments applied to principal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
X | ||||||||||
- Definition Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of borrowing capacity currently available under the credit facility (current borrowing capacity less the amount of borrowings outstanding). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The cash outflow for loan and debt issuance costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of cash outflow for payment of an obligation from a lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
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|
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X | ||||||||||
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|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Debt - Super Senior Facility (Details) |
9 Months Ended | ||||
---|---|---|---|---|---|
Dec. 08, 2017
USD ($)
vessel
|
Nov. 28, 2017
USD ($)
|
Mar. 30, 2016 |
Sep. 30, 2018
USD ($)
|
Sep. 30, 2017
USD ($)
|
|
Debt Instrument [Line Items] | |||||
Payments of financing costs | $ 0 | $ 918,000 | |||
Basis spread on variable rate | 4.00% | ||||
Eagle Bulk Shipco LLC | |||||
Debt Instrument [Line Items] | |||||
Payments of financing costs | $ 1,300,000 | ||||
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 | 27 | ||||
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% |
X | ||||||||||
- Definition Debt Instrument Covenant, Leverage Ratio No definition available.
|
X | ||||||||||
- Definition The minimum threshold for the minimum liquidity required by the covenant. No definition available.
|
X | ||||||||||
- Definition Debt Instrument Covenant, Minimum Market Value To Total Commitments Percentage No definition available.
|
X | ||||||||||
- Definition Debt Instrument Covenants, Minimum Amount Bonds Outstanding No definition available.
|
X | ||||||||||
- Definition Debt Instrument, Number Of Vessels Secured No definition available.
|
X | ||||||||||
- Definition Percentage points added to the reference rate to compute the variable rate on the debt instrument. No definition available.
|
X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
X | ||||||||||
- Definition Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of borrowing capacity currently available under the credit facility (current borrowing capacity less the amount of borrowings outstanding). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The fee, expressed as a percentage of the line of credit facility, for available but unused credit capacity under the credit facility. No definition available.
|
X | ||||||||||
- Definition The cash outflow for loan and debt issuance costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
|
Debt - Ultraco Debt Facility (Details) |
1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|---|
Oct. 22, 2018
USD ($)
|
Jun. 28, 2017
USD ($)
vessel
|
Mar. 30, 2016 |
Jan. 31, 2018
USD ($)
|
Mar. 31, 2019
USD ($)
|
Sep. 30, 2018
USD ($)
vessel
|
Sep. 30, 2017
USD ($)
|
Dec. 31, 2017
USD ($)
|
Oct. 17, 2018
USD ($)
|
Dec. 29, 2017
USD ($)
|
|
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 4.00% | |||||||||
Repayments of long-term debt | $ 13,021,000 | |||||||||
Payments of financing costs | $ 0 | $ 918,000 | ||||||||
Ultraco Debt Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from issuance of long-term debt | 8,600,000 | $ 61,200,000 | ||||||||
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 | $ 4,200,000 | $ 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 | $ 900,000 | |||||||||
Payments of financing costs | $ 500,000 | |||||||||
Increase in commitments | $ 8,600,000 | |||||||||
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 | |||||||||
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% | |||||||||
Subsequent Event | Ultraco Lenders | Ultraco Debt Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Payments of financing costs | $ 200,000 | |||||||||
Proceeds from issuance of long-term debt | $ 12,800,000 | |||||||||
Subsequent Event | Eagle Bulk Ultraco LLC | Ultraco Lenders | Ultraco Debt Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Increase in commitments | $ 12,800,000 |
X | ||||||||||
- Definition Maximum borrowing capacity under a debt agreement on the amount that could be borrowed with a combination of, but not limited to, a line of credit and term loan. No definition available.
|
X | ||||||||||
- Definition Debt Agreement, Increase In Commitments No definition available.
|
X | ||||||||||
- Definition Maximum borrowing capacity under a debt agreement on the amount that could be borrowed with a combination of, but not limited to, a line of credit and term loan based under debt agreement. No definition available.
|
X | ||||||||||
- Definition Represents the percentage of fair market value of additional vessels to be financed that is used as maximum borrowing capacity under debt agreement. No definition available.
|
X | ||||||||||
- Definition Represents the percentage of purchase price of vessels to be acquired that is used as maximum borrowing capacity under debt agreement. No definition available.
|
X | ||||||||||
- Definition Represents the ballast water treatment system reserve based on financial covenants under debt agreement. No definition available.
|
X | ||||||||||
- Definition Represents the consolidated interest coverage ratio based on financial covenants under debt agreement. No definition available.
|
X | ||||||||||
- Definition Represents the debt service reserve in respect to Greenship Vessels based on covenant financials under debt agreement. No definition available.
|
X | ||||||||||
- Definition Debt Instrument Covenant Liquidity Reserve No definition available.
|
X | ||||||||||
- Definition The minimum threshold for the minimum liquidity required by the covenant. No definition available.
|
X | ||||||||||
- Definition Represents the minimum ratio of consolidated tangible assets to consolidated total assets based on financial covenants under debt agreement. No definition available.
|
X | ||||||||||
- Definition The minimum threshold that the aggregate market value of the vessels in the companies fleet to the aggregate principal amount of debt outstanding that must be maintained to stay in compliance with the covenant. No definition available.
|
X | ||||||||||
- Definition Represents the covenant percentage of consolidated total debt based on financial under debt agreement. No definition available.
|
X | ||||||||||
- Definition Deposits On Vessel Purchases No definition available.
|
X | ||||||||||
- Definition Represents the number of vessels to be purchased under a vessel agreement. No definition available.
|
X | ||||||||||
- Definition Percentage points added to the reference rate to compute the variable rate on the debt instrument. No definition available.
|
X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
X | ||||||||||
- Definition Amount of the required periodic payments applied to principal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
X | ||||||||||
- Definition The cash outflow for loan and debt issuance costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
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X | ||||||||||
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Debt - Interest Rates (Details) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
New First Lien Facility | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.82% | |||
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 | 5.82% | |||
New First Lien Facility | Weighted Average | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 6.45% | 6.03% | ||
Ultraco Debt Facility | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.55% | |||
Commitment fee percentage | 40.00% | 40.00% | ||
Ultraco Debt Facility | Minimum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.28% | 4.19% | 4.64% | |
Ultraco Debt Facility | Maximum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.34% | 4.25% | 5.34% | |
Ultraco Debt Facility | Weighted Average | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.70% | 5.60% | ||
First Lien Facility | ||||
Debt Instrument [Line Items] | ||||
Commitment fee percentage | 40.00% | 40.00% | ||
First Lien Facility | Minimum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.23% | 4.77% | ||
First Lien Facility | Maximum | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.30% | 5.30% | ||
First Lien Facility | Weighted Average | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 6.47% | 6.13% | ||
Second Lien Facility | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 15.00% | 15.00% | ||
Second Lien Facility | Weighted Average | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 17.05% | 17.05% | ||
Senior Subordinated Notes | Norwegian Bond Debt Facility | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 8.25% | 8.25% | ||
Senior Subordinated Notes | Norwegian Bond Debt Facility | Weighted Average | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 8.80% | 8.82% |
X | ||||||||||
- Definition The average effective interest rate during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
X | ||||||||||
- Definition The fee, expressed as a percentage of the line of credit facility, for available but unused credit capacity under the credit facility. No definition available.
|
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Debt - Schedule of Interest Expense (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Debt Instrument [Line Items] | ||||
Amortization of debt issuance costs | $ 463,618 | $ 1,656,197 | $ 1,433,971 | $ 4,558,145 |
Payment-in-kind interest on debt | 0 | 2,772,652 | 0 | 7,749,872 |
Total Interest Expense | 6,574,826 | 7,836,999 | 19,222,906 | 21,140,746 |
Interest paid | 13,627,434 | 8,821,178 | ||
First Lien Facility | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, interest expense | 0 | 2,822,208 | 0 | 8,233,130 |
Norwegian Bond Debt Facility | ||||
Debt Instrument [Line Items] | ||||
Debt, interest expense | 4,216,667 | 0 | 12,420,834 | 0 |
New First Lien Facility | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, interest expense | 920,662 | 0 | 2,596,855 | 0 |
Ultraco Debt Facility | ||||
Debt Instrument [Line Items] | ||||
Debt, interest expense | 942,879 | 585,942 | 2,680,580 | 599,599 |
Super Senior Facility | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, interest expense | $ 31,000 | $ 0 | $ 90,666 | $ 0 |
X | ||||||||||
- Definition Amount of amortization expense attributable to debt issuance costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
X | ||||||||||
- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of the cost of borrowed funds accounted for as interest expense for debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of cash paid for interest. Includes, but is not limited to, payment to settle zero-coupon bond attributable to accreted interest of debt discount and debt instrument with insignificant coupon interest rate in relation to effective interest rate of borrowing attributable to accreted interest of debt discount. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of the required periodic payment applied to interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Interest paid other than in cash for example by issuing additional debt securities. As a noncash item, it is added to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Debt - First Lien Facility (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
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 |
X | ||||||||||
- Definition Percentage points added to the reference rate to compute the variable rate on the debt instrument. No definition available.
|
X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
X | ||||||||||
- Definition Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of cash outflow for payment of an obligation from a lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
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X | ||||||||||
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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% |
X | ||||||||||
- Definition Accumulated Payment In Kind Interest No definition available.
|
X | ||||||||||
- Definition The minimum level that will be used for the specified reference rate to compute the variable rate on the debt instrument. No definition available.
|
X | ||||||||||
- Definition Percentage points added to the reference rate to compute the variable rate on the debt instrument. No definition available.
|
X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
X | ||||||||||
- Definition Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
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X | ||||||||||
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X | ||||||||||
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Debt - Schedule of Maturities of Principal Amounts of Debt Obligations (Details) - USD ($) |
1 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 22, 2018 |
Jan. 31, 2018 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Debt Instrument [Line Items] | ||||
Three 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] | ||||
Three 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] | ||||
Three 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] | ||||
Three 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 | |||
Proceeds from issuance of long-term debt | 8,600,000 | $ 61,200,000 | ||
Ultraco Lenders | Ultraco Debt Facility | ||||
Debt Instrument [Line Items] | ||||
Proceeds from issuance of long-term debt | $ 8,600,000 | $ 69,800,000 | ||
Ultraco Lenders | Subsequent Event | Ultraco Debt Facility | ||||
Debt Instrument [Line Items] | ||||
Proceeds from issuance of long-term debt | $ 12,800,000 |
X | ||||||||||
- Definition Amount, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
X | ||||||||||
- Definition Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the fourth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the remainder of the fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition The cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
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Derivative Instruments and Fair Value Measurements - Derivative Instruments Not Designated As Hedging Instruments (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 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 | $ (199,344) | $ 647,457 | $ (839,321) | $ (138,206) | |
FFAs | Other current assets | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Collateral related to derivative instruments under collateral security arrangements | 737,201 | 737,201 | $ 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 | 585,795 | 585,795 | 73,170 | ||
FFAs | 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 | 10,530 | 10,530 | 0 | ||
FFAs | Other expense/(income) | Derivatives not designated as hedging instruments | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivatives not designated as hedging instruments, location of (gain)/loss recognized | 163,848 | 862,224 | 246,280 | 73,509 | |
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 | 683,446 | 683,446 | $ 128,845 | ||
Bunker Swaps | Other expense/(income) | Derivatives not designated as hedging instruments | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivatives not designated as hedging instruments, location of (gain)/loss recognized | $ (363,192) | $ (214,767) | $ (1,085,601) | $ (211,715) |
X | ||||||||||
- Definition Fair values as of the balance sheet date of the net amount of all assets and liabilities resulting from contracts that meet the criteria of being accounted for as derivative instruments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Amount of right to receive cash collateral under master netting arrangements that have not been offset against derivative liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
X | ||||||||||
- Definition Amount of realized and unrealized gain (loss) of derivative instruments not designated or qualifying as hedging instruments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Derivative Instruments and Fair Value Measurements - Schedule of Fair Value Measurements (Details) - USD ($) |
Sep. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Liabilities | ||
Non-current restricted cash | $ 10,907,592 | $ 74,917 |
Recurring | ||
Assets | ||
Cash and cash equivalents | 91,644,657 | 56,325,961 |
Short-term investment | 4,500,000 | |
Recurring | Level 1 | ||
Assets | ||
Cash and cash equivalents | 91,644,657 | 56,325,961 |
Short-term investment | 0 | |
Recurring | Level 2 | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Short-term investment | 4,500,000 | |
Recurring | Norwegian Bond Debt Facility | ||
Liabilities | ||
Debt instrument | 194,702,844 | 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 | 206,100,000 | 200,990,000 |
Recurring | New First Lien Facility | ||
Liabilities | ||
Debt instrument | 58,871,447 | 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 | 68,700,906 | 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 |
X | ||||||||||
- Definition Fair value portion of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. No definition available.
|
X | ||||||||||
- Definition Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition Amount of cash and cash equivalents restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Commitments and Contingencies (Details) |
1 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 22, 2018
USD ($)
|
May 04, 2018
t
$ / d
|
Jun. 28, 2017
USD ($)
|
May 10, 2017
USD ($)
t
$ / d
|
Jan. 31, 2018
USD ($)
|
Oct. 31, 2014
t
$ / d
|
Sep. 30, 2018
USD ($)
vessel
t
|
Sep. 30, 2017
USD ($)
|
Dec. 31, 2017
USD ($)
|
Nov. 06, 2018
scrubber
|
Oct. 17, 2018
USD ($)
|
Sep. 04, 2018
order
|
Sep. 04, 2018
vessel
|
Sep. 04, 2018
USD ($)
|
Sep. 04, 2018
scrubber
|
Aug. 14, 2018
USD ($)
vessel
|
Jul. 20, 2018
USD ($)
|
Dec. 29, 2017
USD ($)
|
|
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Dead weight tonnage of operating fleet | t | 2,640,132 | |||||||||||||||||
Number of vessels | vessel | 46 | |||||||||||||||||
Payments of financing costs | $ 0 | $ 918,000 | ||||||||||||||||
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 | $ 1,500,000 | |||||||||||||||||
Japanese Vessel | First Seven Years | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Vessel hiring rate (in dollars per day) | $ / d | 13,500 | |||||||||||||||||
Japanese Vessel | Eighth Year Option | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Vessel hiring rate (in dollars per day) | $ / d | 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 Three Years | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Vessel hiring rate (in dollars per day) | $ / d | 12,800 | |||||||||||||||||
2013 Built Japanese Vessel | First Optional Year | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Vessel hiring rate (in dollars per day) | $ / d | 13,800 | |||||||||||||||||
2013 Built Japanese Vessel | Second Optional Year | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Vessel hiring rate (in dollars per day) | $ / d | 14,300 | |||||||||||||||||
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) | $ / d | 12,700 | |||||||||||||||||
Vessel purchase price | $ 21,300,000 | |||||||||||||||||
Ultramax Vessels | First Optional Year | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Vessel hiring rate (in dollars per day) | $ / d | 13,750 | |||||||||||||||||
Ultramax Vessels | Second Optional Year | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Vessel hiring rate (in dollars per day) | $ / d | 14,750 | |||||||||||||||||
Ballast Water Treatment System | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Number of vessels | vessel | 46 | |||||||||||||||||
System costs | $ 300,000 | |||||||||||||||||
Projected project costs | $ 500,000 | |||||||||||||||||
Scrubber Systems | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Number of vessels | vessel | 19 | |||||||||||||||||
System costs | 4,400,000 | |||||||||||||||||
Projected project costs | $ 2,000,000 | |||||||||||||||||
Number of scrubbers | scrubber | 19 | |||||||||||||||||
Additional units to be purchased | 18 | 18 | ||||||||||||||||
Ultraco Debt Facility | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Proceeds from issuance of long-term debt | 8,600,000 | $ 61,200,000 | ||||||||||||||||
Subsequent Event | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Number of scrubbers | scrubber | 4 | |||||||||||||||||
Ultraco Lenders | Ultraco Debt Facility | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Proceeds from issuance of long-term debt | $ 8,600,000 | 69,800,000 | ||||||||||||||||
Payments of financing costs | $ 100,000 | |||||||||||||||||
Deposits on vessel purchases | $ 4,200,000 | $ 2,200,000 | ||||||||||||||||
Ultraco Lenders | Subsequent Event | Ultraco Debt Facility | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Proceeds from issuance of long-term debt | $ 12,800,000 | |||||||||||||||||
Payments of financing costs | $ 200,000 | |||||||||||||||||
Eagle Bulk Ultraco LLC | Ultraco Lenders | Ultraco Debt Facility | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Increase in commitments | $ 8,600,000 | |||||||||||||||||
Payments of financing costs | $ 500,000 | |||||||||||||||||
Eagle Bulk Ultraco LLC | Ultraco Lenders | Subsequent Event | Ultraco Debt Facility | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Increase in commitments | $ 12,800,000 | |||||||||||||||||
Maximum | Scrubber Systems | ||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||
Number of scrubbers | scrubber | 37 |
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- Definition Represents information about the charters agreement period. No definition available.
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- Definition Represents information about the charters agreement period option to extend the original charter agreement. No definition available.
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- Definition Net dead weight tonnage of vessels involved in the company's operating fleet. No definition available.
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X | ||||||||||
- Definition Debt Agreement, Increase In Commitments No definition available.
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- Definition Deposits On Vessel Purchases No definition available.
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- Definition Number Of Additional Units To Be Purchased No definition available.
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X | ||||||||||
- Definition Number Of Scrubbers No definition available.
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- Definition Number of vessels which consists the operating fleet of the entity. No definition available.
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- Definition Projected Project Costs No definition available.
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- Definition System Costs No definition available.
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- Definition The amount of early contract termination fee under the vessel agreement. No definition available.
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- Definition The amount to be paid per day for the services rendered by a vessel that the entity charters. No definition available.
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- Definition The purchase price of a vessel pursuant to an agreement. No definition available.
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- Definition The cash outflow for loan and debt issuance costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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Income/(loss) Per Common Share - Additional Information (Details) - shares |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2017 |
Sep. 30, 2018 |
|
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) | 1,843,211 | 1,452 |
Employee Stock Option | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from earnings per share computation (in shares) | 1,865,865 | 352,000 |
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- Definition Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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- Definition Number of securities into which the class of warrant or right may be converted. For example, but not limited to, 500,000 warrants may be converted into 1,000,000 shares. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Income/(loss) Per Common Share - Loss Per Share, Basic and Diluted (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
|
Earnings Per Share [Abstract] | ||||
Net income/(loss) | $ 2,584,822 | $ (10,255,346) | $ 6,088,334 | $ (27,212,260) |
Weighted Average Shares - Basic (in shares) | 70,649,556 | 70,329,252 | 70,539,951 | 68,782,517 |
Dilutive effect of stock options and restricted stock units (in shares) | 1,707,099 | 0 | 1,315,732 | 0 |
Weighted Average Shares - Diluted (in shares) | 72,356,655 | 70,329,252 | 71,855,683 | 68,782,517 |
Basic income/(loss) (in dollars per share) | $ 0.04 | $ (0.15) | $ 0.09 | $ (0.40) |
Diluted income/(loss) (in dollars per share) | $ 0.04 | $ (0.15) | $ 0.08 | $ (0.40) |
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- References No definition available.
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of share based payment arrangements using the treasury stock method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Stock Incentive Plans (Details) - USD ($) |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 10, 2018 |
Jan. 04, 2018 |
Dec. 15, 2016 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Sep. 30, 2017 |
Sep. 30, 2018 |
Sep. 30, 2017 |
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) | 2,290,211 | 2,290,211 | 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 | $ 2,100,056 | $ 2,350,209 | $ 8,020,566 | $ 6,998,960 | ||||||||
Forecast | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Allocated share based compensation expense | $ 1,194,029 | $ 648,078 | $ 2,585,709 | |||||||||
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 | $ 2,000,000 | ||||||||||
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) | 1,743,816 | 1,743,816 | 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 | 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 | 3 years |
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- Definition Share Based Compensation Arrangement By Share Based Payment Award, Equity Awards Other Than Options, Grants In Period, Aggregate Fair Value No definition available.
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- Definition Amount by which the aggregate fair value of the options granted during the period. No definition available.
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- Definition The maximum number of options and stock appreciation rights can be granted to one employee in one year pursuant to the share-based compensation plan. No definition available.
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- Definition The maximum number of shares can be granted to one employee in one year pursuant to the share-based compensation plan. No definition available.
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- Definition The maximum number of shares can be granted to non-employee director during any one calendar year. No definition available.
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X | ||||||||||
- Definition The number of shares outstanding, including both vested and non-vested. No definition available.
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- Definition Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Aggregate number of common shares reserved for future issuance. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Period which an employee's right to exercise an award is no longer contingent on satisfaction of either a service condition, market condition or a performance condition, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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- Definition The maximum number of shares (or other type of equity) originally approved (usually by shareholders and board of directors), net of any subsequent amendments and adjustments, for awards under the equity-based compensation plan. As stock or unit options and equity instruments other than options are awarded to participants, the shares or units remain authorized and become reserved for issuance under outstanding awards (not necessarily vested). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Gross number of share options (or share units) granted during the period. No definition available.
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X | ||||||||||
- Definition The floor of a customized range of exercise prices for purposes of disclosing shares potentially issuable under outstanding stock option awards on all stock option plans and other required information pertaining to awards in the customized range. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The number of shares reserved for issuance pertaining to the outstanding stock options as of the balance sheet date for all option plans in the customized range of exercise prices. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The ceiling of a customized range of exercise prices for purposes of disclosing shares potentially issuable under outstanding stock option awards on all stock option plans and other required information pertaining to awards in the customized range. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Expected term of share-based compensation awards, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Weighted average remaining contractual term of exercisable stock options, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Subsequent Events (Details) |
1 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|
Oct. 22, 2018
USD ($)
|
Jun. 28, 2017
USD ($)
|
Jan. 31, 2018
USD ($)
|
Sep. 30, 2018
USD ($)
|
Sep. 30, 2017
USD ($)
|
Dec. 31, 2017
USD ($)
|
Nov. 06, 2018
scrubber
|
Oct. 17, 2018
USD ($)
|
Dec. 29, 2017
USD ($)
|
|
Subsequent Event [Line Items] | |||||||||
Payments of financing costs | $ 0 | $ 918,000 | |||||||
Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of scrubbers | scrubber | 4 | ||||||||
Number of holders of bonds represented | 66.67% | ||||||||
Percent support by bondholders | 85.36% | ||||||||
Ultraco Debt Facility | |||||||||
Subsequent Event [Line Items] | |||||||||
Proceeds from issuance of long-term debt | 8,600,000 | $ 61,200,000 | |||||||
Ultraco Debt Facility | Ultraco Lenders | |||||||||
Subsequent Event [Line Items] | |||||||||
Proceeds from issuance of long-term debt | $ 8,600,000 | 69,800,000 | |||||||
Payments of financing costs | $ 100,000 | ||||||||
Deposits on vessel purchases | $ 4,200,000 | $ 2,200,000 | |||||||
Ultraco Debt Facility | Ultraco Lenders | Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Proceeds from issuance of long-term debt | $ 12,800,000 | ||||||||
Payments of financing costs | $ 200,000 | ||||||||
Ultraco Debt Facility | Ultraco Lenders | Eagle Bulk Ultraco LLC | |||||||||
Subsequent Event [Line Items] | |||||||||
Increase in commitments | $ 8,600,000 | ||||||||
Payments of financing costs | $ 500,000 | ||||||||
Ultraco Debt Facility | Ultraco Lenders | Eagle Bulk Ultraco LLC | Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Increase in commitments | $ 12,800,000 |
X | ||||||||||
- Definition Bond Terms, Percentage Of Bonds Represented, Support Required For Amendment No definition available.
|
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- Definition Debt Agreement, Increase In Commitments No definition available.
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- Definition Deposits On Vessel Purchases No definition available.
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- Definition Number Of Scrubbers No definition available.
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- Definition Percent Support By Bondholders No definition available.
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- Definition The cash outflow for loan and debt issuance costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Detail information of subsequent event by type. User is expected to use existing line items from elsewhere in the taxonomy as the primary line items for this disclosure, which is further associated with dimension and member elements pertaining to a subsequent event. No definition available.
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