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DERIVATIVES AND FAIR VALUE MEASUREMENT (Tables)

12 Months Ended

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

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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

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