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FIXED ASSETS (Tables)

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Table Text Block]

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

Property Plant and Equipment Schedule of Significant Acquisitions [Table Text Block]

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.

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- Definition

Property plant and equipment schedule of significant acquisitions.

+ References

No definition available.

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- Definition

Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.

+ 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 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.13)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682



Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 13

-Subparagraph b

-Article 5

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