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Debt (Tables)

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Schedule Of Principal Balance Outstanding

The outstanding principal balances on each loan facility as at March 31, 2016 and December 31, 2015 are as follows:

		As at
		Mar 31, 2016			Dec 31, 2015
Facility I ("First ABN AMRO Facility")			4,500,000			5,000,000
Facility II ("Second ABN AMRO Facility")			-			50,270,000
Facility III ("DVB Facility")			-			80,462,000
Facility IV ("Joint Bank Facility")			-			212,282,628
Facility V ("NIBC Bank Facility")			11,370,000			11,725,000
Facility VI ("CACIB Bank Facility")			39,000,000			36,725,000
Facility VII (“ABN/DVB Joint Bank Facility”)			192,250,000			-
Facility VIII (“Nordea/SEB Joint Bank Facility”)			150,500,000			-
Total debt			397,620,000			396,464,628
Deferred Finance Fees			(11,643,626)			(8,222,224)
Net Total Debt			385,976,374			388,242,404
Current portion of long-term debt			37,687,262			29,137,825
Current portion of deferred finance fees			(2,561,458)			(2,123,325)
Total current portion of long-term debt			35,125,804			27,014,500
Non-current portion of long-term debt			350,850,570			361,227,904

Schedule of minimum Repayments under Loan Facilities

Future minimum repayments under the Company’s loan existing facilities for each year indicated below are as follows:

		As at
		Mar 31, 2016
2016			29,150,672
2017			37,727,563
2018			34,727,563
2019			33,727,563
2020			33,727,563
2021			36,577,563
2022			191,981,513
			397,620,000

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
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Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented.

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