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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 income $ 25,068 $ 147,409 $ 148,624
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 136,203 115,663 88,150
Amortization of deferred financing costs 3,188 1,967 1,037
Amortization of time charters acquired (1,611) (4,560) (18,975)
Amortization of discount on Convertible Senior Notes 4,072 1,684  
Unrealized (gain) loss on derivative instruments (51) (66) 288
Amortization of nonvested stock compensation expense 8,338 7,219 4,220
Change in assets and liabilities:      
(Increase) decrease in due from charterers (4,894) (6,677) 180
Increase in prepaid expenses and other current assets (3,721) (3,804) (236)
Increase in other noncurrent assets (514)    
Increase in accounts payable and accrued expenses 1,091 10,048 874
(Decrease) increase in deferred revenue (6,139) (2,465) 177
Increase (decrease) in deferred rent credit 1,166 (30) (19)
Deferred drydock costs incurred (4,013) (3,708) (4,591)
Net cash provided by operating activities 158,183 262,680 219,729
Cash flows from investing activities:      
Purchase of vessels (130,328) (971,203) (287,637)
Deposits on vessels   (13,702)  
Changes in deposits of restricted cash (750) 8,500 (17,500)
Proceeds from sale of vessels   106,555  
Purchase of other fixed assets (2,289) (380) (1,073)
Net cash used in investing activities (133,367) (870,230) (306,210)
Cash flows from financing activities:      
Proceeds from the 2007 Credit Facility     166,200
Repayments on the 2007 Credit Facility (102,500) (50,000) (12,500)
Proceeds from the $100 Million Term Loan Facility 60,000 40,000  
Repayments on the $100 Million Term Loan Facility (8,011) (1,120)  
Proceeds from the $253 Million Term Loan Facility 21,500 231,500  
Repayments on the $253 Million Term Loan Facility (26,916) (4,691)  
Proceeds from the Baltic Trading 2010 Credit Facility   101,250  
Proceeds from issuance of common stock   55,200  
Payment of common stock issuance costs   (318)  
Proceeds from issuance of Convertible Senior Notes   125,000  
Payment of Convertible Senior Notes issuance costs (51) (867)  
Proceeds from issuance of common stock by subsidiary   214,508  
Payment of subsidiary common stock issuance costs   (3,721)  
Payment of dividend by subsidiary (7,603) (5,369)  
Payment of deferred financing costs and deferred registration costs (4,144) (11,212) (3,908)
Net cash (used in) provided by financing activities (67,725) 690,160 149,792
Net (decrease) increase in cash and cash equivalents (42,909) 82,610 63,311
Cash and cash equivalents at beginning of year 270,877 188,267 124,956
Cash and cash equivalents at end of year $ 227,968 $ 270,877 $ 188,267