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Condensed Interim Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
OPERATING ACTIVITIES    
Net profit / (loss) $ 26,589,415 $ (201,409)
Non-cash items:    
Depreciation 17,252,021 10,505,031
Amortization of deferred dry dock expenditure 1,617,799 1,467,087
Share based compensation 1,074,474 1,035,538
Amortization of deferred finance charges 1,188,100 658,624
Changes in operating assets and liabilities:    
Receivables, trade (16,869,910) (2,988,697)
Working capital advances (2,475,000) 34,571
Prepayments (997,768) (768,801)
Advances and deposits 474,503 (31,957)
Other receivables 590,603 (189,261)
Inventories (1,641,978) (1,724,315)
Payables, trade 2,397,572 2,657,937
Charter revenue received in advance 318,641 (481,499)
Other payables (404,941) 642,460
Accrued interest on loans 607,451 343,674
Deferred dry dock expenditure (1,734,956) (3,794,065)
Net cash provided by operating activities 27,986,026 7,164,918
INVESTING ACTIVITIES    
Payments for acquisition of vessels and equipment (168,991,746) (152,589,288)
Payments for vessels under construction (23,092,463) (35,817,991)
Payments for other non-current assets (283,612) (51,873)
Net cash used in investing activities (192,367,821) (188,459,152)
FINANCING ACTIVITIES    
Proceeds from long-term debt 174,727,500 109,125,000
Repayments of long term debt (17,909,450) (8,233,000)
Repayments of capital leases (1,257,124) (1,164,791)
Payments for deferred finance charges (1,570,795) (4,955,615)
Proceeds from equity offering 0 102,684,519
Payment of dividend (6,181,741) (7,025,000)
Net cash provided by financing activities 147,808,390 190,431,113
Net (decrease) / increase in cash and cash equivalents (16,573,405) 9,136,879
Cash and cash equivalents at the beginning of the year 59,879,596 56,860,845
Cash and cash equivalents at the end of the period $ 43,306,191 $ 65,997,724