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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities      
Net income for the year $ 2,566,678 $ 12,685,826 $ 21,217,193
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 35,857,507 33,811,607 30,761,673
Amortization of deferred finance charges 587,157 656,341 425,933
Amortization of deferred gain on sale and leaseback of vessels (195,040) (4,954)  
Unrealized exchange differences   251,662 3,745
Share based compensation 1,140,084 357,967 292,628
Change in fair value of derivatives (1,705,633) (1,019,853) (2,784,123)
Impairment loss 8,238,987 6,168,747 0
Gain on sale of vessels (33,251)    
(Increase)/decrease in      
Trade and other receivables (1,532,306) 1,869,466 (2,055,817)
Claims receivable (1,192,422) (317,570) (1,905,152)
Inventories (39,991) (497,573) 691,314
Advances and prepayments 136,601 (670,559) (280,218)
Increase/(decrease) in      
Balances with related parties 4,351,432 (999,147) (1,452,332)
Trade accounts payable (183,896) 1,104,798 1,442,443
Accrued liabilities 1,699,912 1,022,650 25,207
Deferred income (1,641,223) 818,327 2,744,881
Net cash provided by operating activities 48,054,596 55,237,735 49,127,375
Cash flows from investing activities      
Insurance proceeds 1,262,695 384,164 1,801,120
Vessels’ acquisitions and advances for vessels under construction (155,072,744) (129,891,982) (124,406,294)
Proceeds from sale of vessels, net 2,010,302 27,929,931  
Net proceeds related to cancellation of vessels’ acquisitions   10,044,799  
Decrease in restricted cash account 571,293 425,225 2,818,753
Increase in restricted cash account (13,777,259)    
Net cash used in investing activities (165,005,713) (91,107,863) (119,786,421)
Cash flows from financing activities      
Stock repurchase (13,429,891) (4,789,158)  
Net proceeds from common stock issuance   112,302,678 109,119,029
Deferred finance charges paid (383,950) (1,130,675) (1,747,031)
Customer deposits received 2,556,700    
Customer deposits paid     (280,000)
Loan repayments (55,943,588) (75,268,462) (37,696,190)
Proceeds from long-term debt 155,100,000 47,903,693 45,212,500
Net cash provided by financing activities 87,899,271 79,018,076 114,608,308
Effect of exchange rate changes on cash   (251,662) (3,745)
Net increase/(decrease) in cash and cash equivalents (29,051,846) 42,896,286 43,945,517
Cash and cash equivalents at beginning of year 129,114,803 86,218,517 42,273,000
Cash and cash equivalents at end of year 100,062,957 129,114,803 86,218,517
Supplemental Cash Flow Information:      
Cash paid during the year for interest, net of amounts capitalized 7,455,713 6,770,830 $ 7,374,110
Non cash financing activity – Stock repurchase 33,650 $ 517,933  
Non cash investing activity – Vessels under construction $ 153,464