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Consolidated Balance Sheets (USD $)
Dec. 31, 2012
Dec. 31, 2011
Current assets    
Cash and cash equivalents $ 42,273,000 $ 43,539,303
Trade and other receivables 3,029,284 1,545,658
Claims receivable 32,835 516,403
Inventories (Note 4) 3,152,407 2,416,108
Advances and prepayments 435,226 628,623
Restricted cash 7,340,655 6,954,363
Vessel held for sale (Note 6)   921,285
Total current assets 56,263,407 56,521,743
Non current assets    
Advances for vessels under construction and acquisitions (Note 5) 19,321,045 22,347,811
Vessels, net (Note 6) 634,634,671 613,832,973
Other receivables 224,422  
Restricted cash 1,300,000 1,300,000
Deferred finance charges, net of accumulated amortization of $1,374,020 and $1,786,158 (Note 7) 1,295,486 1,707,624
Total non current assets 656,775,624 639,188,408
Total assets 713,039,031 695,710,151
Current liabilities    
Payable to related party (Note 3) 7,288,899 7,874,990
Trade accounts payable 5,927,526 6,453,807
Accrued liabilities (Note 8) 2,855,170 4,749,162
Customer deposits 280,000 275,000
Deferred income (Note 9) 3,129,671 2,789,186
Fair value of derivatives (Note 11) 539,904  
Current portion of long-term debt (Note 10) 35,787,544 33,166,887
Current portion of long-term debt associated with vessel held for sale (Note 6)   791,823
Total current liabilities 55,808,714 56,100,855
Non current liabilities    
Fair value of derivatives (Note 11) 5,409,337 9,401,798
Other non current liabilities 222,770  
Long-term debt (Note 10) 309,564,768 317,109,471
Total non current liabilities 315,196,875 326,511,269
Total liabilities 371,005,589 382,612,124
Capital stock    
5,000,000 preferred shares authorized and zero outstanding with a par value of $0.01 per share, 100,000,000 common shares authorized 21,104,881 shares issued and 20,552,568 shares outstanding at December 31, 2011 and 21,179,642 shares issued and 20,627,329 shares outstanding at December 31, 2012 with a par value of $0.01 per share (Note 12) 206,273 205,526
Additional paid-in capital (Note 12) 275,792,164 275,761,643
Retained earnings 66,016,627 37,058,140
Accumulated other comprehensive income 18,378 72,718
Total stockholders’ equity 342,033,442 313,098,027
Total liabilities and stockholders’ equity $ 713,039,031 $ 695,710,151