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SECURED LONG-TERM DEBT (Tables)
 12 Months Ended
Dec. 31, 2014
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments [Table Text Block]
Long-term debt consists of the following: 
 
 
 
December 31,
 
December 31,
 
 
 
2014
 
2013
 
 
 
 
 
 
 
Bulk Pangaea Secured Note (1)
 
$
3,121,875
 
$
4,509,375
 
Bulk Discovery Secured Note (2)
 
 
3,780,000
 
 
5,204,000
 
Bulk Patriot Secured Note (1)
 
 
4,762,500
 
 
7,212,500
 
Bulk Cajun Secured Note (2)
 
 
853,125
 
 
1,990,625
 
Bulk Trident Secured Note (1)
 
 
7,650,000
 
 
8,925,000
 
Bulk Juliana Secured Note (1)
 
 
5,070,312
 
 
6,422,395
 
Bulk Nordic Odyssey, Bulk Nordic Orion and Bulk Nordic Oshima Loan Agreement (3)
 
 
51,125,000
 
 
34,000,000
 
Bulk Atlantic Secured Note (2)
 
 
7,890,000
 
 
8,250,000
 
Bulk Phoenix Secured Note (1)
 
 
8,916,665
 
 
9,783,334
 
Term Loan Facility of USD 13,000,000 (Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.)
 
 
12,021,730
 
 
-
 
Long Wharf Construction to Term Loan
 
 
998,148
 
 
1,016,834
 
Bulk Providence Secured Note (4)
 
 
-
 
 
7,760,000
 
Bulk Liberty Secured Note (5)
 
 
-
 
 
5,685,000
 
 
 
 
 
 
 
 
 
Total
 
 
106,189,355
 
 
100,759,063
 
Less: current portion
 
 
(17,807,674)
 
 
(16,065,483)
 
Less: unamortized bank fees
 
 
(951,265)
 
 
(1,391,159)
 
Secured long-term debt
 
$
87,430,416
 
$
83,302,421
 
  
 
1.
The Bulk Pangaea Secured Note, the Bulk Patriot Secured Note, the Bulk Trident Secured Note, the Bulk Juliana Secured Note, and the Bulk Phoenix Secured Note are cross-collateralized by the vessels m/v Bulk Juliana, m/v Bulk Patriot, m/v Bulk Trident, m/v Bulk Pangaea, and m/v Bulk Newport and are guaranteed by the Company.
2.
The Bulk Discovery Secured Note, the Bulk Cajun Secured Note, and the Bulk Atlantic Secured Note are cross-collateralized by the vessels m/v Bulk Discovery, m/v Bulk Cajun, and m/v Bulk Beothuk and are guaranteed by the Company.
3.
The Bulk Nordic Odyssey and the Bulk Nordic Orion Loan Agreement was amended on September 17, 2014, to provide for an additional advance to finance the acquisition of m/v Nordic Oshima.
4.
The Bulk Providence Secured Note was repaid in connection with the sale of the m/v Bulk Providence on May 27, 2014.
5.
The Bulk Liberty Secured Note was repaid in connection with the sale of the m/v Bulk Liberty on July 4, 2014.
Schedule of Maturities of Long-term Debt [Table Text Block]
The future minimum annual payments under the debt agreements are as follows:
 
 
 
Years ending
 
 
 
December 31,
 
 
 
 
 
 
2015
 
$
17,807,674
 
2016
 
 
19,355,261
 
2017
 
 
28,647,613
 
2018
 
 
13,889,294
 
2019
 
 
10,980,107
 
Thereafter
 
 
15,509,406
 
 
 
 
 
 
 
 
$
106,189,355