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FIXED ASSETS | 12 Months Ended
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Dec. 31, 2014
Property, Plant and Equipment [Abstract] |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 7 - FIXED ASSETS At December 31, fixed assets consisted of the following:
|  | 2014 |  | 2013 |
Vessels and vessel upgrades |  | $ | 221,409,122 |  | $ | 211,458,792 |
Capitalized dry docking |  |  | 5,963,331 |  |  | 4,716,844 |
|  |  | 227,372,453 |  |  | 216,175,636 |
Accumulated depreciation and amortization |  |  | (22,682,586) |  |  | (21,579,365) |
Vessels, vessel upgrades and capitalized dry docking, net |  |  | 204,689,867 |  |  | 194,596,271 |
Land and building |  |  | 2,541,085 |  |  | 2,541,085 |
Internal use software |  |  | 268,313 |  |  | 268,313 |
Computers and equipment |  |  | 846,910 |  |  | 306,953 |
|  |  | 3,656,308 |  |  | 3,116,351 |
Accumulated depreciation |  |  | (678,562) |  |  | (558,733) |
Other fixed assets, net |  |  | 2,977,746 |  |  | 2,557,618 |
Total fixed assets, net |  | $ | 207,667,613 |  | $ | 197,153,889 |
The net carrying value of the Company’s fleet consists of the following:
|  | December 31, |
Vessel |  | 2014 |  | 2013 |
m/v BULK PANGAEA |  | $ | 21,176,498 |  | $ | 20,879,837 |
m/v BULK DISCOVERY |  |  | 3,741,375 |  |  | 13,583,813 |
m/v BULK CAJUN(1) |  |  | - |  |  | 6,566,227 |
m/v BULK PATRIOT |  |  | 14,988,585 |  |  | 13,573,298 |
m/v BULK JULIANA |  |  | 14,023,118 |  |  | 14,614,596 |
m/v NORDIC ODYSSEY |  |  | 29,125,309 |  |  | 30,252,396 |
m/v NORDIC ORION |  |  | 29,627,397 |  |  | 30,449,503 |
m/v BULK TRIDENT |  |  | 16,430,154 |  |  | 16,273,240 |
m/v BULK BEOTHUK |  |  | 13,228,238 |  |  | 13,732,350 |
m/v BULK NEWPORT |  |  | 14,733,879 |  |  | 15,339,224 |
m/v BULK PROVIDENCE(2) |  |  | - |  |  | 10,114,377 |
m/v BULK LIBERTY(2) |  |  | - |  |  | 9,217,410 |
m/v NORDIC BOTHNIA |  |  | 7,000,000 |  |  | - |
m/v NORDIC BARENTS |  |  | 7,000,000 |  |  | - |
m/v NORDIC OSHIMA |  |  | 33,615,314 |  |  | - |
|  |  | 204,689,867 |  |  | 194,596,271 |
(1) | The Company entered into an agreement to sell the m/v BULK CAJUN on January 29, 2015. Accordingly, the vessel was reclassified as held for sale at December 31, 2014
(2) | The Company sold the m/v Bulk Providence on May 27, 2014 and the m/v Bulk Liberty on July 4, 2014.
During the year ended December 31, 2014, the Company purchased two vessels through wholly owned subsidiaries. The total purchase price of the vessels (m/v Nordic Barents and m/v Nordic Bothnia) was approximately $16,500,000. During the year ended December 31, 2013, the Company purchased four vessels through wholly owned subsidiaries. The total purchase price of the vessels (m/v Bulk Beothuk, m/v Bulk Providence, m/v Bulk Liberty and m/v Bulk Newport), was approximately $49,482,000. In addition, NBHC took delivery of one newbuilding (m/v Nordic Oshima) for which it paid approximately $33,900,000 (including deposits made during construction). At December 31, 2014, NBHC had deposits on the three remaining 1A ice class panamax newbuildings of approximately $29,800,000. Two of these vessels were delivered in February 2015 and the balance due was financed with secured long-term debt. The fourth vessel will be delivered in 2016. At December 31, 2014, BVH had deposits of approximately $8,700,000 toward the construction of two ultramax vessels to be delivered in 2016. These deposits are included as deposits on newbuildings in-process on the consolidated balance sheets. The Company completed dry-docking on four vessels in 2014 and one vessel in 2013. The five year amortization period of the capitalized dry docking costs is within the remaining useful life of the vessel.

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2921-110230 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13-14) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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