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Unaudited Condensed Consolidated Statements of Cash Flows (USD $)
 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Cash flows from operating activities    
Net income for the period $ 15,685,097 $ 21,199,409
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 22,671,019 21,442,465
Amortization of deferred finance charges 321,524 325,577
Unrealized exchange differences (10,694) 92,138
Share based compensation 218,870 0
Change in fair value of derivatives (2,431,077) (2,450,232)
Gain on sale of vessels   (1,372,409)
(Increase)/decrease in    
Trade and other receivables (716,104) (1,038,642)
Claims receivable (1,922,975) (275,734)
Inventories (189,424) (198,666)
Advances and prepayments (267,479) 119,337
Increase/(decrease) in    
Balances with related parties 559,015 107,632
Trade accounts payable 1,366,178 464,668
Accrued liabilities 604,205 (1,128,920)
Other non current liabilities 329,361  
Deferred income (71,297) (257,320)
Net cash provided by operating activities 36,146,219 37,029,303
Cash flows from investing activities    
Insurance proceeds 207,314 792,137
Vessel acquisitions and advances for vessels under construction (100,112,087) (62,513,765)
Proceeds from sale of vessels, net   18,136,907
Decrease/(Increase) in restricted cash account (324,913) 2,141,047
Net cash used in investing activities (100,229,686) (41,443,674)
Cash flows from financing activities    
Net proceeds from common stock issuance 109,183,623  
Deferred finance paid (442,030)  
Customer deposits returned (280,000)  
Loan repayments (27,567,623) (41,048,198)
Proceeds from long-term debt 36,762,500 43,250,000
Net cash provided by financing activities 117,656,470 2,201,802
Effect of exchange rate changes on cash 10,694 (92,138)
Net (decrease)/increase in cash and cash equivalents 53,583,697 (2,304,707)
Cash and cash equivalents at beginning of year 42,273,000 43,539,303
Cash and cash equivalents at end of period $ 95,856,697 $ 41,234,596