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Vessels, net (Tables)
 12 Months Ended
Dec. 31, 2018
Property, Plant and Equipment [Abstract]  
Summary of Vessels, Net

The amounts shown in the accompanying consolidated balance sheets are analyzed as follows:

 

     Vessel cost      Accumulated
Depreciation		      Net Book
Value		  

Balance, December 31, 2016

      1,075,613,321        (211,913,582 )       863,699,739  

Acquisitions (transfer from Advances for Vessels under Construction and Acquisitions)

      55,302,364        —          55,302,364  

Disposals

      (11,557,252 )       —          (11,557,252 ) 

Impairment loss

      (29,222,564 )       22,761,291        (6,461,273 ) 

Depreciation for the year

      —          (38,921,672 )       (38,921,672 ) 
  

 

 

     

 

 

     

 

 

  

Balance, December 31, 2017

      1,090,135,869        (228,073,963 )       862,061,906  

Acquisitions (transfer from Advances for Vessels under Construction and Acquisitions)

      169,331,460        —          169,331,460  

Vessels held for sale

      (64,188,000 )       —          (64,188,000 ) 

Impairment loss

      (60,018,802 )       48,666,981        (11,351,821 ) 

Disposal

      (29,846,712 )       —          (29,846,712 ) 

Depreciation for the year

      —          (41,258,142 )       (41,258,142 ) 
  

 

 

     

 

 

     

 

 

  

Balance, December 31, 2018

      1,105,413,815        (220,665,124 )       884,748,691