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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities      
Net income/(loss) for the year $ (7,798,300) $ 2,566,678 $ 12,685,826
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:      
Depreciation 39,096,589 35,857,507 33,811,607
Amortization of deferred finance charges 715,587 587,157 656,341
Amortization of deferred gain on sale and leaseback of vessels (195,574) (195,040) (4,954)
Unrealized exchange differences 251,662
Share based compensation 340,377 1,140,084 357,967
Change in fair value of derivatives (331,387) (1,705,633) (1,019,853)
Impairment loss 5,735,086 8,238,987 6,168,747
Gain on sale of vessels (118,427) (33,251)
Changes in operating assets and liabilities:      
Trade and other receivables 825,838 (1,532,306) 1,869,466
Claims receivable (610,810) (1,192,422) (317,570)
Inventories 117,744 (39,991) (497,573)
Advances and prepayments (28,955) 136,601 (670,559)
Balances with related parties (1,185,024) 4,351,432 (999,147)
Trade accounts payable 462,215 (183,896) 1,104,798
Accrued liabilities (303,460) 1,699,912 1,022,650
Deferred income (567,411) (1,641,223) 818,327
Net cash provided by operating activities 36,154,088 48,054,596 55,237,735
Cash flows from investing activities      
Insurance proceeds 610,810 1,262,695 384,164
Vessels’ acquisitions and advances for vessels under construction (56,215,758) (155,072,744) (129,891,982)
Proceeds from sale of vessels, net 1,530,177 2,010,302 27,929,931
Net proceeds related to cancellation of vessels’ acquisitions 10,044,799
Decrease in restricted cash account 10,286,693 571,293 425,225
Increase in restricted cash account (221,772) (13,777,259)
Net cash used in investing activities (44,009,850) (165,005,713) (91,107,863)
Cash flows from financing activities      
Stock repurchase (2,070,306) (13,429,891) (4,789,158)
Net proceeds from common stock issuance 112,302,678
Deferred finance charges paid (712,614) (383,950) (1,130,675)
Proceeds from Deposits from Customers 2,556,700
Loan repayments (55,630,352) (55,943,588) (75,268,462)
Proceeds from long-term debt 31,200,000 155,100,000 47,903,693
Net cash provided by/(used in) financing activities (27,213,272) 87,899,271 79,018,076
Effect of exchange rate changes on cash (251,662)
Net increase/(decrease) in cash and cash equivalents (35,069,034) (29,051,846) 42,896,286
Cash and cash equivalents at beginning of year 100,062,957 129,114,803 86,218,517
Cash and cash equivalents at end of year 64,993,923 100,062,957 129,114,803
Supplemental Cash Flow Information:      
Cash paid during the year for interest, net of amounts capitalized 12,429,729 7,455,713 6,770,830
Non cash financing activity – Stock repurchase 33,650 517,933
Non cash investing activity – Vessels under construction $ 124,288 $ 153,464