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DERIVATIVES AND FAIR VALUE MEASUREMENT (Tables) | 12 Months Ended
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Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments, Gain (Loss) [Table Text Block] | Derivative instruments are as follows:
|  | December 31, |
|  | 2014 |  | 2013 |
Interest rate swap agreement on: |  |  |  |  |  |  |
Long Wharf Construction to Term Loan: |  |  |  |  |  |  |
Notional amount |  | $ | 996,600 |  | $ | 1,032,000 |
Effective dates |  |  | 2/1/11-1/24/21 |  |  | 2/1/11-1/24/21 |
Fair value at year-end |  |  | (112,299) |  |  | (94,882) |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] |
|  | Balance at |  |  |  |  |  |  |  |  |  |
|  | December |  |  |  |  |  |  |  |  |  |
|  | 31, 2014 |  | Level 1 |  | Level 2 |  | Level 3 |
Margin accounts |  | $ | 439,578 |  | $ | 439,578 |  | $ | - |  | $ | - |
Interest rate swaps |  |  | (112,299) |  |  | - |  |  | (112,299) |  |  | - |
Fuel swap contracts |  |  | (478,705) |  |  | - |  |  | (478,705) |  |  | - |
|  | Balance at |  |  |  |  |  |  |  |  |  |
|  | December |  |  |  |  |  |  |  |  |  |
|  | 31, 2013 |  | Level 1 |  | Level 2 |  | Level 3 |
Margin accounts |  | $ | 1,062,439 |  | $ | 1,062,439 |  | $ | - |  | $ | - |
Interest rate swaps |  |  | (94,882) |  |  | - |  |  | (94,882) |  |  | - |
Forward freight agreements |  |  | 944,225 |  |  | - |  |  | 944,225 |  |  | - |
Fuel swap contracts |  |  | (209,506) |  |  | - |  |  | (209,506) |  |  | - |

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5618551-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624163-113959 + Details
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