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DEBT - $108 Million Credit Facility (Details) $ in Thousands |  | 3 Months Ended |  |  |
--- | --- | --- | --- | --- | ---
Aug. 14, 2018 USD ($) item | Mar. 31, 2019 USD ($) | Sep. 30, 2018 USD ($) | Mar. 31, 2018 USD ($) | Dec. 31, 2018 USD ($) | Jul. 12, 2018 item | Jun. 06, 2018 item
Agreement To Purchase Ultramax And Capesize Vessels |  |  |  |  |  |  |
Line of Credit Facility |  |  |  |  |  |  |
Number of vessels committed to be acquired under purchase agreement | item |  |  |  |  |  |  | 4
Agreement to Purchase Capesize Drybulk Vessels |  |  |  |  |  |  |
Line of Credit Facility |  |  |  |  |  |  |
Number of vessels committed to be acquired under purchase agreement | item |  |  |  |  |  | 2 | 2
Agreement To Purchase Ultramax Drybulk Vessels |  |  |  |  |  |  |
Line of Credit Facility |  |  |  |  |  |  |
Number of vessels committed to be acquired under purchase agreement | item |  |  |  |  |  |  | 2
Secured Debt | $108 Million Credit Facility |  |  |  |  |  |  |
Line of Credit Facility |  |  |  |  |  |  |
Term of facilities | 5 years |  |  |  |  |  |
Maximum borrowing capacity | $ 108,000 | $ 108,000 | $ 108,000 |  | $ 108,000 |  |
Proceeds from credit facility |  |  | $ 108,000 |  |  |  |
Maximum facility amount of fair market value of aggregate vessels at delivery (as a percent) |  |  | 45.00% |  |  |  |
Remaining borrowing capacity |  | 0 |  |  |  |  |
Repayment of secured debt |  | 1,580 |  | $ 0 |  |  |
Long-term debt |  | $ 103,086 |  |  | $ 104,571 |  |
Repaid value of loan when certain debt terms are met | $ 0 |  |  |  |  |  |
Average age of collateral vessels for repayment of loan | 20 years |  |  |  |  |  |
Amount of repayment per quarter | $ 1,580 |  |  |  |  |  |
Percentage limit of consolidated net income for which dividends can be paid | 50.00% |  |  |  |  |  |
Key covenant - Unrestricted cash and cash equivalents minimum | $ 30,000 |  |  |  |  |  |
Key covenant – Percentage of unrestricted cash to total indebtedness | 7.50% |  |  |  |  |  |
Minimum working capital required | $ 0 |  |  |  |  |  |
Maximum total indebtedness to total capitalization (as a ratio) | 0.70 |  |  |  |  |  |
Secured Debt | $108 Million Credit Facility | LIBOR | Through September 30, 2019 |  |  |  |  |  |  |
Line of Credit Facility |  |  |  |  |  |  |
Applicable margin over reference rate (as a percent) | 2.50% |  |  |  |  |  |
Secured Debt | $108 Million Credit Facility | Agreement To Purchase Ultramax And Capesize Vessels |  |  |  |  |  |  |
Line of Credit Facility |  |  |  |  |  |  |
Number of vessels committed to be acquired under purchase agreement | item | 6 |  |  |  |  |  |
Secured Debt | $108 Million Credit Facility | Agreement to Purchase Capesize Drybulk Vessels |  |  |  |  |  |  |
Line of Credit Facility |  |  |  |  |  |  |
Number of vessels committed to be acquired under purchase agreement | item | 4 |  |  |  |  |  |
Secured Debt | $108 Million Credit Facility | Agreement To Purchase Ultramax Drybulk Vessels |  |  |  |  |  |  |
Line of Credit Facility |  |  |  |  |  |  |
Number of vessels committed to be acquired under purchase agreement | item | 2 |  |  |  |  |  |
Secured Debt | Minimum | $108 Million Credit Facility |  |  |  |  |  |  |
Line of Credit Facility |  |  |  |  |  |  |
Collateral security maintenance test (as a percent) | 135.00% |  |  |  |  |  |
Secured Debt | Minimum | $108 Million Credit Facility | LIBOR | Period After September 30, 2019 |  |  |  |  |  |  |
Line of Credit Facility |  |  |  |  |  |  |
Applicable margin over reference rate (as a percent) | 2.25% |  |  |  |  |  |
Secured Debt | Maximum | $108 Million Credit Facility |  |  |  |  |  |  |
Line of Credit Facility |  |  |  |  |  |  |
Collateral security maintenance test (as a percent) | 200.00% |  |  |  |  |  |
Secured Debt | Maximum | $108 Million Credit Facility | LIBOR | Period After September 30, 2019 |  |  |  |  |  |  |
Line of Credit Facility |  |  |  |  |  |  |
Applicable margin over reference rate (as a percent) | 2.75% |  |  |  |  |  |

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