Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities
Net loss for the year	$ (12,276,520)	$ (1,218,237)	$ (7,798,300)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	41,258,142	38,921,672	39,096,589
Amortization of deferred finance charges	858,582	690,842	715,587
Amortization of deferred gain on sale and leaseback of vessels	(190,087)	(195,040)	(195,574)
Share based compensation	338,356	129,245	340,377
Change in fair value of derivatives	(28,252)	(27,372)	(331,387)
Impairment loss	11,351,821	6,461,273	5,735,086
(Gain)/loss on sale of vessels	763,925	77,314	(118,427)
(Increase)/decrease in
Trade and other receivables	531,796	(179,036)	825,838
Other current assets	159,363
Claims receivable	15,951	(235,705)	(610,810)
Inventories	(302,873)	46,824	117,744
Advances and prepayments	131,490	57,328	(28,955)
Increase/(decrease) in
Balances with related parties	(6,278,982)	6,434,290	(1,185,024)
Trade accounts payable	381,941	1,299,686	462,215
Accrued liabilities	339,009	581,000	(303,460)
Deferred income	755,563	(490,031)	(567,411)
Net cash provided by operating activities	37,809,225	52,354,053	36,154,088
Cash flows from investing activities
Insurance proceeds		219,754	610,810
Vessels' acquisitions and advances for vessels under construction	(108,295,690)	(60,612,867)	(56,215,758)
Proceeds from sale of vessels, net	29,742,788	11,479,936	1,530,177
Net cash used in investing activities	(78,552,902)	(48,913,177)	(54,074,771)
Cash flows from financing activities
Stock repurchase			(2,070,306)
Deferred finance charges paid	(503,265)	(815,256)	(712,614)
Customer deposits paid	(1,220,700)
Loan repayments	(56,717,059)	(56,254,073)	(55,630,352)
Proceeds from long-term debt	115,712,500	43,000,000	31,200,000
Net cash (used in)/provided by financing activities	57,271,476	(14,069,329)	(27,213,272)
Net (decrease)/increase in cash and cash equivalents	16,527,799	(10,628,453)	(45,133,955)
Cash and cash equivalents at beginning of year	62,903,192	73,531,645	118,665,600
Cash and cash equivalents at end of year	79,430,991	62,903,192	73,531,645
Cash breakdown
Cash and cash equivalents	64,498,442	51,754,131	64,993,923
Restricted cash, current	3,002,490	3,231,323	3,363,012
Restricted cash, non-current	11,930,059	7,917,738	5,174,710
Cash and cash equivalents at end of year	79,430,991	62,903,192	73,531,645
Supplemental Cash Flow Information:
Cash paid during the year for interest, net of amounts capitalized	21,087,903	14,643,885	12,429,729
Non cash investing activity - Vessels under construction	$ 63,752	$ 605,800	$ 124,288

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The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.

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Amount of cash inflow for proceeds from settlement of insurance claim, classified as investing activities. Excludes insurance settlement classified as operating activities.

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The cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer.

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The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale.

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The cash outflow during the period from the repayment of aggregate short-term and long-term debt. Excludes payment of capital lease obligations.

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Amount of cash and cash equivalents restricted as to withdrawal or usage, classified as current. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.

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Amount of cash and cash equivalents restricted as to withdrawal or usage, classified as noncurrent. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.

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The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.

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The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

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