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Note 6 - Vessels, Net and Vessels Held for Sale
 9 Months Ended
Sep. 30, 2012
Property, Plant and Equipment Disclosure [Text Block]
6.     Vessels, net and Vessels Held for Sale

                         
 
  
Vessel cost
   
Accumulated
Depreciation
   
Net Book
Value
 
Balance, December 31, 2011
  
 
729,452,091
  
   
(115,619,118
) 
   
613,832,973
  
Additions / transfers from vessels under construction
  
 
65,661,576
  
   
—  
  
   
65,661,576
  
Vessel disposal
  
 
(18,811,000
) 
   
2,727,787
  
   
(16,083,213
) 
Depreciation for the period
  
 
—  
  
   
(21,442,465
) 
   
(21,442,465
) 
Balance, September 30, 2012
  
 
776,302,667
  
   
(134,333,796
) 
   
641,968,871
  

On December 16, 2011, the Company concluded a memorandum of agreement for the disposal of the vessel “Gas Tiny” to an unaffiliated third party for $2,400,000. As of December 31, 2011 this transaction met all the criteria for held for sale and hence the carrying value of the Gas Tiny which amounted to $921,285 is presented as Vessel held for Sale in the accompanying Balance Sheet. The vessel was delivered to her new owners on January 17, 2012.

During the nine-month period ended September 30, 2012, the Company completed construction of the vessels “Gas Husky” (formerly Hull “K425”) and “Gas Esco” (formerly Hull “K424”) for a total consideration of $65,661,576 and concluded a memorandum of agreement for the disposal of the vessel “Gas Kalogeros” to an unaffiliated third party for $16,800,000. The vessel was delivered to her new owners on May 4, 2012.

The Company realized an aggregate gain from the sale of vessels Gas Tiny and Gas Kalogeros of $1,372,409 which is included in the Company’s unaudited condensed consolidated statements of income.