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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Cash Flows from Operating Activities:      
Net loss $ (69,559) $ (5,131) $ (58,415)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation 50,224 46,937 58,298
Amortization of fair value of above market acquired time charters 2,366 0 3,108
Amortization of fair value of below market acquired time charters (179) (1,360) (8,843)
Amortization of deferred finance charges 329 329 350
Loss on debt extinguishment 307 0 0
Loss/(gain) on time charter agreement termination (273) 0 121
Vessel impairment loss 62,020 34,692 75,208
Stock-based compensation 1,362 6,511 1,832
Change in fair value of derivatives 82 282 (31)
Other non-cash charges 31 5 5
Bad debt expense 3,139 2,131 0
Gain from insurance claim (260) 0 0
Changes in operating assets and liabilities:      
Restricted cash for forward freight and bunker derivatives (153) 5,753 (3,267)
Trade accounts receivable (3,249) (1,334) (2,070)
Inventories (2,773) (112) 294
Accrued income 397 (397) 0
Prepaid expenses and other receivables (957) (326) (2,440)
Deposit on forward freight agreements 0 0 2,514
Due from related parties 0 2,507 (2,042)
Due from managers 5 72 1,870
Accounts payable 5,268 (744) 2,946
Due to related parties (167) 267 180
Accrued liabilities 2,005 (427) (773)
Due to managers (7) 55 0
Deferred revenue 646 (1,761) (2,968)
Net cash provided by Operating Activities 50,604 87,949 65,877
Cash Flows from Investing Activities:      
Advances for vessels under construction and acquisition of vessels and other assets (96,388) (87,563) (49)
Cash paid for above market acquired time charters (23,065) 0 0
Cash proceeds from vessel sale 0 20,342 19,129
Insurance proceeds 1,076 120 0
Decrease in restricted cash 17,750 7,600 0
Increase in restricted cash (21,710) (650) (20,510)
Net cash used in Investing Activities (122,337) (60,151) (1,430)
Cash Flows from Financing Activities:      
Proceeds from bank loans 162,775 26,000 0
Loan repayment (101,464) (68,421) (49,250)
Proceeds from dividend reinvestment 0 0 1,885
Financing fees paid (1,488) (310) (230)
Proceeds from issuance of common stock 28,786 0 0
Offering expenses paid related to the issuance of common stock (237) 0 0
Cash dividend (14,391) (12,385) (6,185)
Net cash (used in)/ provided by Financing Activities 73,981 (55,116) (53,780)
Net increase/(decrease) in cash and cash equivalents 2,248 (27,318) 10,667
Cash and cash equivalents at beginning of year 12,824 40,142 29,475
Cash and cash equivalents at end of the year 15,072 12,824 40,142
SUPPLEMENTAL CASH FLOW INFORMATION      
Interest $ 3,893 $ 5,489 $ 9,206