XML 70 R57.htm IDEA: XBRL DOCUMENT v3.19.2
DEBT - $108 Million Credit Facility (Details)
$ in Thousands
3 Months Ended 6 Months Ended
Aug. 14, 2018
USD ($)
item
Jun. 30, 2019
USD ($)
Sep. 30, 2018
USD ($)
Jun. 30, 2018
USD ($)
Jun. 30, 2019
USD ($)
Jun. 30, 2018
USD ($)
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   $ 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     0        
Repayment of secured debt   1,580   $ 0 3,160 $ 0      
Long-term debt   $ 101,606     $ 101,606   $ 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%