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Condensed Interim Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
OPERATING ACTIVITIES    
Net profit $ 12,235,631 $ 12,987,436
Non-cash items:    
Depreciation 14,237,637 10,622,505
Amortization of deferred dry dock expenditure 1,278,809 1,170,024
Share based compensation 653,019 714,369
Gain on disposal of vessels (451,962) 0
Amortization of deferred finance charges 1,472,030 697,794
Changes in operating assets and liabilities:    
Receivables, trade 6,301,419 (11,458,835)
Working capital advances 450,000 (975,000)
Prepayments 137,061 (476,566)
Advances and deposits (1,677,262) (1,374,957)
Other receivables 796 286,406
Inventories (782,365) (1,742,266)
Payables, trade (3,766,029) 2,920,482
Charter revenue received in advance 943,208 1,043,246
Other payables (2,838) (229,035)
Accrued interest on loans (447,760) 426,201
Deferred dry dock expenditure (2,222,779) (1,029,891)
Net cash provided by operating activities 28,358,615 13,581,913
INVESTING ACTIVITIES    
Payments for acquisition of vessels and equipment (269,087) (128,083,707)
Payments for vessels under construction 0 (19,139,192)
Net proceeds from sale of vessels 37,612,414 0
Deposit for vessel acquisition (17,250,000) 0
Payments for leasehold improvements (483,999) 0
Payments for other non-current assets (247,007) (41,136)
Net cash provided by / (used in) investing activities 19,362,321 (147,264,035)
FINANCING ACTIVITIES    
Proceeds from long-term debt 2,010,000 132,965,000
Repayments of long term debt (10,276,444) (10,761,298)
Repayments of capital leases (27,097,348) (819,570)
Payments for deferred finance charges (4,163,309) (1,302,302)
Net proceeds from equity offering 64,119,332 0
Repurchase of common stock (2,993,931) 0
Payment of dividend (6,299,392) (4,391,120)
Net cash provided by financing activities 15,298,908 115,690,710
Net increase / (decrease) in cash and cash equivalents 63,019,844 (17,991,412)
Cash and cash equivalents at the beginning of the year 40,109,382 59,879,596
Cash and cash equivalents at the end of the period $ 103,129,226 $ 41,888,184