XML 102 R62.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
DEBT - $108 Million Credit Facility (Details)
$ in Thousands
3 Months Ended 12 Months Ended
Nov. 05, 2019
USD ($)
Aug. 14, 2018
USD ($)
item
Sep. 30, 2018
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Jul. 12, 2018
item
Jun. 06, 2018
item
Repayment of the outstanding debt                
Total debt       $ 495,824 $ 551,420      
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      
Proceeds from credit facility     $ 108,000   108,000      
Number of vessels to serve as collateral under debt agreement | item   6            
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       6,320 1,580 $ 0    
Long-term debt       98,648 104,571      
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%              
Debt covenant to pay dividends or repurchase stock - Total cash and cash equivalents to total indebtedness (as a percent) 18.75%              
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            
Repayment of the outstanding debt                
2020       6,320        
2021       6,320        
2022       6,320        
2023       81,140        
Total debt       $ 100,100 $ 106,420      
Secured Debt | $108 Million Credit Facility | LIBOR                
Line of Credit Facility                
Reference rate   LIBOR            
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                
Debt covenant to pay dividends or repurchase stock - Total cash and cash equivalents $ 100,000              
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%