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Consolidated Statements of Cash Flows (USD $)
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Cash flows from operating activities:      
Net (loss) / income $ (13,198,741) $ 1,115,989 $ (6,605,850)
Depreciation of vessels 17,385,608 18,348,556 17,979,750
Amortization of deferred charges 135,981 144,815 108,569
Amortization of fair value of time charters   (1,318,211) (2,106,416)
Loss on sale of vessel 8,568,234    
Share-based compensation 671,381 568,488 696,117
Loss / (gain) on trading securities (20,373) 235,750 173,375
Proceeds from the sale of trading securities 47,846    
Unrealized loss / (gain) on derivatives (1,057,929) 650,853 (8,223,804)
Loss in investment in joint venture 1,219,692 2,415 538,833
Trade accounts receivable (54,285) 192,875 86,952
Prepaid expenses (8,196) 6,149 (85,896)
Other receivables 14,020 2,576,022 (6,454,329)
Inventories 793,899 (818,279) 80,982
Other deposits   (246,000) 12,376,119
Due from related companies (4,739,739) (208,704)  
Due to related companies   (1,594,773) 178,393
Trade accounts payable 476,397 (2,064,168) 2,207,566
Accrued expenses (545,968) (427,807) 932,075
Deferred revenue (1,174,721) 153,703 866,553
Net cash provided by operating activities 8,513,106 17,317,673 12,748,989
Cash flows from investing activities:      
Purchase of vessels including improvements     (16,121,360)
Contributions to joint venture (3,750,000)   (15,000,000)
Insurance proceeds   1,793,832  
Change in restricted cash (4,005,900) 102,603 1,914,516
Proceeds from sale of vessel 4,250,843    
Net cash (used in)/provided by investing activities (3,505,057) 1,896,435 (29,206,844)
Cash flows from financing activities:      
Proceeds from shares issued 15,237,303    
Offering expenses paid (295,733) (148,392) (99,814)
Dividends paid (4,447,522) (8,442,371) (6,863,112)
Loan arrangement fees paid   (220,000) (160,250)
Proceeds from long-term debt     28,500,000
Repayment of long-term debt (13,332,000) (13,472,000) (11,630,000)
Net cash provided by/(used in) financing activities (2,837,952) (22,282,763) 9,746,824
Net (decrease)/increase in cash and cash equivalents 2,170,097 (3,068,655) (6,711,031)
Cash and cash equivalents at beginning of year 31,204,863 34,273,518 40,984,549
Cash and cash equivalents at end of year 33,374,960 31,204,863 34,273,518
Non cash financing and investing activities :      
Loan arrangement fees and offering costs charges 30,000 243,392 220,000
Change in accrued dividends 11,101 15,350 (14,575)
Supplemental cash flow information Cash paid for interest $ 1,839,322 $ 2,080,479 $ 1,328,563