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Consolidated Statements of Cash Flows (USD $)
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:      
Net income/(loss) $ (103,424,827) $ (13,198,741) $ 1,115,989
Depreciation of vessels 19,983,772 17,385,608 18,348,556
Impairment loss 78,207,462    
Amortization of deferred charges 145,825 135,981 144,815
Amortization of fair value of time charters     (1,318,211)
Loss on sale of vessel 1,935,019 8,568,234  
Share-based compensation 568,334 671,381 568,488
Loss / (gain) on trading securities   (20,373) 235,750
Proceeds from the sale of trading securities   47,846  
Unrealized loss / (gain) on derivatives (1,375,820) (1,057,929) 650,853
Other income accrued (196,196)    
Loss in investment in joint venture 2,023,191 1,219,692 2,415
Trade accounts receivable (453,980) (54,285) 192,875
Prepaid expenses (22,168) (8,196) 6,149
Other receivables 869,278 14,020 2,576,022
Inventories 338,522 793,899 (818,279)
Other deposits     (246,000)
Due from related companies 4,948,443 (4,739,739) (208,704)
Due to related companies 903,478   (1,594,773)
Trade accounts payable (101,764) 476,397 (2,064,168)
Accrued expenses (219,962) (545,968) (427,807)
Deferred revenue (96,718) (1,174,721) 153,703
Net cash provided by operating activities 4,031,889 8,513,106 17,317,673
Cash flows from investing activities:      
Advances for vessels under construction (37,820)    
Contributions to joint venture (6,250,000) (3,750,000)  
Insurance proceeds     1,793,832
Purchase of a vessel (5,978,062)    
Other investments (5,000,000)    
Change in restricted cash 2,063,596 (4,005,900) 102,603
Proceeds from sale of vessel 7,322,818 4,250,843  
Net cash provided by/(used in) investing activities (7,879,468) (3,505,057) 1,896,435
Cash flows from financing activities:      
Proceeds from shares issued   15,237,303  
Offering expenses paid (99,200) (295,733) (148,392)
Dividends paid (2,090,944) (4,447,522) (8,442,371)
Loan arrangement fees paid     (220,000)
Repayment of long-term debt (15,937,000) (13,332,000) (13,472,000)
Net cash used in financing activities (18,127,144) (2,837,952) (22,282,763)
Net (decrease)/increase in cash and cash equivalents (21,974,723) 2,170,097 (3,068,655)
Cash and cash equivalents at beginning of year 33,374,960 31,204,863 34,273,518
Cash and cash equivalents at end of year 11,400,237 33,374,960 31,204,863
Supplemental cash flow information      
Cash paid for interest 1,734,967 1,839,322 2,080,479
Non cash financing and investing activities :      
Loan arrangement fees and offering costs charges 66,478 30,000 243,392
Change in accrued dividends $ 23,374 $ 11,101 $ 15,350