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Consolidated Statements of Cash Flows (USD $)
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Cash flows from operating activities      
Net income for the year $ 28,958,487 $ 8,549,791 $ 11,093,191
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 28,776,688 27,562,120 26,624,098
Amortization of deferred finance charges 412,138 395,446 508,686
Unrealized exchange differences 98,294 (6,868) (1,690,528)
Share based compensation 31,268 4,071 154,442
Change in fair value of derivatives (3,506,897) 3,734,845 (15,993)
(Gain)/loss on sale of vessels (1,372,409) 5,654,178 (960,696)
(Increase)/decrease in      
Trade and other receivables (1,708,048) 910,922 (601,406)
Claims receivable (502,534) (715,934) (580,579)
Inventories (736,299) (576,016) 306,827
Advances and prepayments 193,397 148,503 (151,256)
Increase/(decrease) in      
Payable to related party (586,091) (1,640,382) 2,205,275
Trade accounts payable (526,281) 1,692,418 537,841
Accrued liabilities (1,653,992) (684,432) (661,728)
Other current liability   (2,687,500) (8,062,500)
Other non current liability 222,770    
Deferred income 340,485 34,556 (889,333)
Net cash provided by operating activities 48,440,976 42,375,718 27,816,341
Cash flows from investing activities      
Insurance proceeds 986,102 595,926 678,036
Advances for vessels under construction and acquisitions (62,634,833) (54,981,190) (70,855,294)
Proceeds from sale of vessels, net 18,136,907 25,001,033 37,100,890
Decrease in restricted cash account   250,000  
Increase in restricted cash account (386,292) (2,459,165) (96,010)
Net cash used in investing activities (43,898,116) (31,593,396) (33,172,378)
Cash flows from financing activities      
Stock repurchase   (2,234,214) (6,280,327)
Deferred finance charges   (785,000) (360,000)
Customer deposits received 5,000 275,000 285,000
Customer deposits paid   (285,000) (3,522,287)
Loan repayment (48,965,869) (43,417,768) (45,736,121)
Proceeds from long-term debt 43,250,000 49,400,000 45,000,000
Net cash (used in)/provided by financing activities (5,710,869) 2,953,018 (10,613,735)
Effect of exchange rate changes on cash (98,294) 6,868 1,690,528
Net (decrease)/increase in cash and cash equivalents (1,266,303) 13,742,208 (14,279,244)
Cash and cash equivalents at beginning of year 43,539,303 29,797,095 44,076,339
Cash and cash equivalents at end of year 42,273,000 43,539,303 29,797,095
Supplemental Cash Flow Information:      
Cash paid during the year for interest, net of amounts capitalized $ 8,757,734 $ 7,566,151 $ 6,755,101