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Vessels, net (Tables)
 12 Months Ended
Dec. 31, 2019
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, 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) 
Disposals
   (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
 
Impairment loss
   (3,250,000)    2,256,084    (993,916) 
Disposal
   (14,561,832)    3,653,193    (10,908,639) 
Depreciation for the year
   —      (37,693,733)    (37,693,733) 
  
 
 
   
 
 
   
 
 
 
Balance, December 31, 2019
  
 
1,087,601,983
 
  
 
(252,449,580
) 
  
 
835,152,403