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Consolidated Balance Sheets (USD $)
Dec. 31, 2012
Dec. 31, 2011
Current assets    
Cash and cash equivalents $ 33,374,960 $ 31,204,863
Trade accounts receivable, net 1,425,171 1,370,886
Other receivables 2,310,111 2,324,131
Inventories 1,812,636 2,606,535
Due from related companies 4,948,443 208,704
Restricted cash 926,011 870,111
Trading securities   27,473
Prepaid expenses 273,080 264,884
Total current assets 45,070,412 38,877,587
Fixed assets    
Vessels, net 206,934,746 237,063,878
Long-term assets    
Restricted cash 9,000,000 5,050,000
Deferred charges, net 318,578 697,951
Investment in joint venture 16,989,061 14,458,752
Total long-term assets 233,242,385 257,270,581
Total assets 278,312,797 296,148,168
Current liabilities    
Long-term debt, current portion 15,937,000 13,332,000
Trade accounts payable 2,438,716 1,886,766
Accrued expenses 1,143,626 1,659,594
Accrued dividends 36,424 47,525
Deferred revenues 1,093,317 2,268,038
Derivatives 1,718,438 1,907,088
Total current liabilities 22,367,521 21,101,011
Long-term liabilities    
Long-term debt, net of current portion 45,644,000 61,581,000
Derivatives 675,130 1,544,409
Total long-term liabilities 46,319,130 63,125,409
Total liabilities 68,686,651 84,226,420
Shareholders’ equity    
Common stock (par value $0.03, 200,000,000 shares authorized, 31,167,211 and 45,319,605 issued and outstanding) 1,359,588 935,017
Preferred shares (par value $0.01, 20,000,000 shares authorized, no shares issued and outstanding)      
Additional paid-in capital 251,758,459 236,843,470
Accumulated deficit (43,491,901) (25,856,739)
Total shareholders’ equity 209,626,146 211,921,748
Total liabilities and shareholders’ equity $ 278,312,797 $ 296,148,168