Derivative Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2012

Derivative Instruments and Fair Value Measurements [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]

The following table summarizes the interest rate swaps in place as of June 30, 2012 and December 31, 2011.

Notional Amount Outstanding – June 30, 2012		Notional Amount Outstanding – December 31, 2011		Fixed Rate			Maturity
$	36,752,038	$	36,752,038		5.225	%		08/2012
81,500,000			81,500,000		3.895	%		01/2013
84,800,000			84,800,000		3.900	%		09/2013
$	203,052,038	$	203,052,038

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]

The effect of designated derivative instruments on the consolidated balance sheets:

	Amount of Loss Recognized in AOCI on Derivative (Effective Portion)
Derivatives designated for cash flow hedging relationships		June 30, 2012			December 31, 2011
Interest rate swaps	$	(6,223,622	)	$	(9,486,116	)
Total	$	(6,223,622	)	$	(9,486,116	)

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]

The effect of non-designated derivative instruments on statements of operations:

Derivatives not designated			Amount of Gain (Loss)					Amount of Gain
as hedging instruments			Three Months Ended					Six Months Ended
	Location of Gain		June 30, 2012		June 30, 2011			June 30, 2012		June 30, 2011
		(Loss) Recognized
FFAs, bunker swaps, freight     and bunker derivatives		Other income	$	7,076	$	(76,706	)	$	1,028,375	$	973,909
Total			$	7,076	$	(76,706	)	$	1,028,375	$	973,909

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

The following table presents information about our assets and liabilities measured at fair value on a recurring basis as of June 30, 2012 and December 31, 2011, aggregated by the level in the fair value hierarchy within which those measurements fell.

	June 30, 2012						December 31, 2011
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets:
Bunker swaps		—		—		—	$	142,750		—		—
Bunker derivative instruments		—		—		—		—	$	261,000		—
Liabilities:
Interest rate swaps		—	$	6,223,622		—		—	$	9,486,116		—
Bunker swaps		—		—		—	$	53,000		—		—
Bunker derivative instruments		—		—		—		—	$	104,640		—