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DEBT (Tables)
 9 Months Ended
Sep. 30, 2013
DEBT [Abstract]  
Long-term Debt
Long-term debt consists of the following:

 
 
September 30,
2013
  
December 31,
2012
 
 
 
  
 
2007 Credit Facility
 
$
1,055,912
  
$
1,055,912
 
$100 Million Term Loan Facility
  
75,484
   
75,484
 
$253 Million Term Loan Facility
  
180,793
   
180,793
 
2010 Baltic Trading Credit Facility
  
102,250
   
101,250
 
2013 Baltic Trading Credit Facility
  
22,000
   
—
 
Less: Current portion
  
(1,313,689
)
  
—
 
 
        
Long-term debt
 
$
122,750
  
$
1,413,439
 
Effective Interest Rate and Range of Interest Rates on Debt
The following tables sets forth the effective interest rate associated with the interest expense for the Company’s debt facilities noted above, including the rate differential between the pay fixed, receive variable rate on the interest rate swap agreements that were in effect (refer to Note 11 — Interest Rate Swap Agreements), combined, the cost associated with unused commitment fees as well as the facility fee for the 2007 Credit Facility which was reduced from 2.0% to 1.0% on February 28, 2012 as noted above. Additionally, it includes the range of interest rates on the debt, excluding the impact of swaps and unused commitment fees:

 
 
For the Three Months Ended
September 30,
  
For the Nine Months Ended
September 30,
 
 
 
2013
  
2012
  
2013
  
2012
 
Effective Interest Rate
  
4.69
%
  
4.65
%
  
4.72
%
  
4.60
%
Range of Interest Rates (excluding impact of swaps and unused commitment fees)
 
3.18% to 4.31
%
 
3.22% to 4.50
%
 
3.18% to 4.38
%
 
3.22% to 4.63
%