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Unaudited Condensed Consolidated Statements of Cash Flows (USD $)
 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Cash flows from operating activities    
Net income for the period $ 21,199,409 $ 4,104,000
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation 21,442,465 20,589,001
Amortization of deferred finance charges 325,577 314,959
Unrealized exchange differences 92,138 (7,176)
Share based compensation   4,071
Change in fair value of derivatives (2,450,232) 2,678,441
Net loss/(gain) on sale of vessels (1,372,409) 5,654,178
(Increase)/decrease in    
Trade and other receivables (1,038,642) (329,414)
Claims receivable (275,734) (249,759)
Inventories (198,666) (1,277,795)
Advances and prepayments 119,337 339,982
Increase/(decrease) in    
Payable to related party 107,632 (1,808,024)
Trade accounts payable 464,668 751,636
Accrued liabilities (1,128,920) 277,055
Other current liability   (2,687,500)
Deferred income (257,320) (438,914)
Net cash provided by operating activities 37,029,303 27,914,741
Cash flows from investing activities    
Insurance proceeds 792,137 323,980
Advances for vessels under construction and acquisitions (62,513,765) (51,073,881)
Proceeds from sale of vessels, net 18,136,907 25,001,033
Decrease in restricted cash account 2,141,047 250,000
Increase in restricted cash account   (1,210,093)
Net cash used in investing activities (41,443,674) (26,708,961)
Cash flows from financing activities    
Stock repurchase   (2,234,214)
Deferred finance charges   (785,000)
Customer deposits received   275,000
Customer deposits paid   (285,000)
Loan repayment (41,048,198) (34,940,514)
Proceeds from long-term debt 43,250,000 49,400,000
Net cash provided by financing activities 2,201,802 11,430,272
Effect of exchange rate changes on cash (92,138) 7,176
Net increase/(decrease) in cash and cash equivalents (2,304,707) 12,643,228
Cash and cash equivalents at beginning of year 43,539,303 29,797,095
Cash and cash equivalents at end of period $ 41,234,596 $ 42,440,323