Note 10 - Investment in Joint Venture

6 Months Ended

Jun. 30, 2014

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments and Joint Ventures Disclosure [Text Block]

10.	Investment in joint venture

As of December 31, 2013, the Company has invested an aggregated $25.00 million in Euromar LLC, its joint venture with companies managed by Eton Park Capital Management, L.P. ("Eton Park") and Rhône Capital III L.P. ("Rhône”), which represents its entire capital commitment. The Company accounts for its investment in the Joint Venture using the equity method of accounting. The Company’s share of the results of operations of the Joint Venture is included in the “Consolidated statements of operations” as “Equity loss in joint venture”. The Company’s investment in the Joint Venture is recorded in the “Unaudited condensed consolidated balance sheets” at its book value which was $21,215,870 as of December 31, 2013 and $19,953,665 as of June 30, 2014.

- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

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