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Debt (Tables)

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Schedule Of Principal Balance Outstanding

The outstanding principal balances on each loan facility as at March 31, 2017 and December 31, 2016 were as follows:

		As at
		Mar 31, 2017			Dec 31, 2016
Facility I ("NIBC Bank Facility")			9,950,000			10,305,000
Facility II ("CACIB Bank Facility")			36,200,000			36,900,000
Facility III (“ABN/DVB/NIBC Joint Bank Facility”)			198,191,457			204,090,550
Facility IV (“Nordea/SEB Joint Bank Facility”)			140,084,536			142,688,402
Facility V (“ABN AMRO Facility”)			68,569,783			70,282,505
Total debt			452,995,776			464,266,457
Deferred Finance Fees			(10,471,960)			(11,053,351)
Net total debt			442,523,816			453,213,106
Current portion of long-term debt			44,056,636			44,313,149
Current portion of deferred finance fees			(2,481,494)			(2,485,669)
Total current portion of long-term debt			41,575,142			41,827,480
Non-current portion of long-term debt			400,948,674			411,385,626

Schedule of minimum Repayments under Loan Facilities

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

		As at
		Mar 31, 2017
2017			33,042,468
2018			42,556,624
2019			42,056,620
2020			42,056,620
2021			44,359,890
2022			194,934,920
2023			53,988,634
			452,995,776

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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.

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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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