10-Q/A

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

________________

FORM 10-Q/A

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2012

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                    to

________________

Commission File Number 001–33831

EAGLE BULK SHIPPING INC.

(Exact name of Registrant as specified in its charter)

Republic of the Marshall Islands	98–0453513
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

477 Madison Avenue
New York, New York 10022
(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code: (212) 785–2500

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

YES  x      NO  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

YES  x      NO ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated Filer ¨  Accelerated Filer x  Non-accelerated Filer ¨  Smaller reporting company ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

YES  ¨      NO  x

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

Common Stock, par value $0.01 per share, 15,771,496 shares outstanding as of August 9, 2012.

EXPLANATORY NOTE

This Amendment No. 1 on Form 10-Q/A (this "Amendment No. 1") amends the Quarterly Report on Form 10-Q of Eagle Bulk Shipping Inc. (the “Company”) for the period ended June 30, 2012, originally filed with the Securities and Exchange Commission (the “Commission”) on August 9, 2012 ("Original Filing"). This Amendment No. 1 is being filed solely to furnish a corrected Exhibit 101 that amends certain discrepancies contained in the Interactive Data Files furnished as Exhibit 101 to the Original Filing.

No other changes have been made in this Amendment No. 1 to the Original Filing. This Amendment No. 1 speaks as of the original date of the Original Filing, does not reflect events that may have occurred subsequent to the Original Filing date and does not, and does not purport to, amend, modify, update or restate in any way the information contained in the Original Filing.

Pursuant to Rule 406T of Regulation S–T, the Interactive Data Files attached as Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those Sections.

2

Item 6 – Exhibits

EXHIBIT INDEX

31.1	Rule 13a-14(d) / 15d-14(a)_Certification of CEO*
31.2	Rule 13a-14(d) / 15d-14(a)_Certification of CFO*
32.1	Section 1350 Certification of CEO*
32.2	Section 1350 Certification of CFO*
101.	The following materials from Eagle Bulk Shipping Inc.’s Quarterly Report on Form 10-Q for the quarter  ended June 30, 2012, formatted in eXtensible Business Reporting Language (XBRL): (i) Consolidated Balance Sheets (unaudited) as of June 30, 2012 and December 31, 2011, (ii) Consolidated Statements of Operations (unaudited) for the three months and six months ended June 30, 2012 and 2011, (iii) Consolidated Statements of Comprehensive Income (unaudited) for the six months ended June 30, 2012 and 2011, (iv) Consolidated Statements of Stockholders' Equity (unaudited) for the six months ended June 30, 2012 and 2011, (v) Consolidated Statements of Cash Flows (unaudited) for the six months ended June 30, 2012 and 2011, and (vi) Notes to Consolidated Financial Statements (unaudited)**

*	Previously filed.
**	Furnished herewith.

3

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

EAGLE BULK SHIPPING INC.

By:    /s/ Sophocles N. Zoullas 

Sophocles N. Zoullas 

Chairman of the Board and 

Chief Executive Officer 

Date: August 14, 2012

By:    /s/ Adir Katzav 

Adir Katzav 

Chief Financial Officer 

and Principal Accounting Officer

Date: August 14, 2012

4

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Stock Incentive Plans (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Stock Option Plans	$ 747,952	$ 0	$ 747,952	$ 517,761
Restricted Stock Grants	2,051,947	2,202,091	4,133,972	4,421,376
Total Non-cash compensation expense	$ 2,799,899	$ 2,202,091	$ 4,881,924	$ 4,939,137

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Derivative Instruments and Fair Value Measurements (Details 3) (USD $)	Jun. 30, 2012	Dec. 31, 2011
Fair Value, Inputs, Level 1 [Member]
Assets:
Bunker swaps	$ 0	$ 142,750
Bunker derivative instruments	0	0
Liabilities:
Interest rate swaps	0	0
Bunker swaps	0	53,000
Bunker derivative instruments	0	0
Fair Value, Inputs, Level 2 [Member]
Assets:
Bunker swaps	0	0
Bunker derivative instruments	0	261,000
Liabilities:
Interest rate swaps	6,223,622	9,486,116
Bunker swaps	0	0
Bunker derivative instruments	0	104,640
Fair Value, Inputs, Level 3 [Member]
Assets:
Bunker swaps	0	0
Bunker derivative instruments	0	0
Liabilities:
Interest rate swaps	0	0
Bunker swaps	0	0
Bunker derivative instruments	$ 0	$ 0

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Vessels (Details) (USD $)	6 Months Ended
	Jun. 30, 2012
Vessels and Vessel Improvements, at December 31, 2011	$ 1,789,381,046
Purchase of Vessel Improvements	58,520
Depreciation Expense	(37,360,998)
Vessels and Vessel Improvements, at June 30, 2012	$ 1,752,078,568

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Earnings Per Common Share (Details) (USD $)	3 Months Ended				6 Months Ended
	Jun. 30, 2012		Jun. 30, 2011		Jun. 30, 2012		Jun. 30, 2011
Net Income (loss)	$ (23,106,239)		$ (1,438,278)		$ (40,539,768)		$ (7,248,559)
Weighted Average Shares - Basic ( in shares)	15,880,392	[1]	15,642,830	[1]	15,815,594	[1]	15,641,477	[1]
Dilutive effect of stock options and restricted stock units ( in shares)	0		0		0		0
Weighted Average Shares - Diluted ( in shares)	15,880,392	[1]	15,642,830	[1]	15,815,594	[1]	15,641,477	[1]
Basic loss Per Share ( in dollars per share)	$ (1.46)	[1]	$ (0.09)	[1]	$ (2.56)	[1]	$ (0.46)	[1]
Diluted loss Per Share ( in dollars per share)	$ (1.46)	[1]	$ (0.09)	[1]	$ (2.56)	[1]	$ (0.46)	[1]

[1] Adjusted to give effect to the 1 for 4 reverse stock split that become effective on May 22, 2012, see Note 1.

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New Accounting Pronouncements

6 Months Ended

Jun. 30, 2012

New Accounting Pronouncements and Changes In Accounting Principles [Abstract]

New Accounting Pronouncements and Changes in Accounting Principles [Text Block]

Note 2. New Accounting Pronouncements

In May 2011, the Financial Accounting Standards Board (“FASB”) issued amended guidance on fair value measurement and related disclosures. The new guidance clarified the concepts applicable for fair value measurement of non-financial assets and requires the disclosure of quantitative information about the unobservable inputs used in a fair value measurement. This guidance is effective for reporting periods beginning after December 15, 2011, and will be applied prospectively. The adoption of this amendment in 2012 did not have a material effect on the presentation of the Company’s consolidated financial statements.

In June and December 2011, FASB issued two Accounting Standard Updates, which amend guidance for the presentation of comprehensive income. The amended guidance requires an entity to present components of net income and other comprehensive income in one continuous statement, referred to as the statement of comprehensive income, or in two separate, but consecutive statements. The current option to report other comprehensive income and its components in the statement of stockholders’ equity has been eliminated. Although the new guidance changes the presentation of comprehensive income, there are no changes to the components that are recognized in net income or other comprehensive income under existing guidance. The Company adopted these ASUs using two consecutive statements beginning January 1, 2012, for all periods presented.

In December 2011, FASB issued an Accounting Standards Update for balance sheet, which contains new disclosure requirements regarding the nature of an entity''s rights of offset and related arrangements associated with its financial instruments and derivative instruments. Under U.S. GAAP, certain derivative and repurchase agreement arrangements are granted exceptions from the general off-setting model. The new disclosure requirement will provide financial statement users information regarding both gross and net exposures. This guidance is effective for annual and interim financial statements beginning on or after January 1, 2013. Retrospective application is required. The Company does not expect a material impact on the Company’s consolidated financial statements as a result of the adoption of this standard.

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Debt (Details Textual) (USD $)	6 Months Ended					1 Months Ended	6 Months Ended		6 Months Ended								6 Months Ended
	Jun. 30, 2012		Jun. 30, 2011	Dec. 31, 2011		Jun. 20, 2012 Fourth Amended and Restated Credit Agreement [Member]	Jun. 30, 2011 Fourth Amended and Restated Credit Agreement [Member]	Jun. 30, 2012 Fourth Amended and Restated Credit Agreement [Member]	Jun. 30, 2012 Fourth Amended and Restated Credit Agreement [Member] Maximum [Member]	Jun. 30, 2012 Fourth Amended and Restated Credit Agreement [Member] Minimum [Member]	Jun. 30, 2012 Fourth Amended and Restated Credit Agreement [Member] September 30, 2013 [Member]	Jun. 30, 2012 Fourth Amended and Restated Credit Agreement [Member] December 31, 2015 [Member]	Jun. 30, 2012 Fourth Amended and Restated Credit Agreement [Member] December 31, 2017 [Member]	Jun. 30, 2012 Fourth Amended and Restated Credit Agreement [Member] June 30, 2013 [Member]	Jun. 30, 2012 Fourth Amended and Restated Credit Agreement [Member] Term Loan [Member]	Jun. 20, 2012 Fourth Amended and Restated Credit Agreement [Member] Convertible Preferred Stock [Member]	Jun. 30, 2012 Fourth Amended and Restated Credit Agreement [Member] Line of Credit [Member]	Jun. 30, 2012 Paid in Kind Loans [Member] Fourth Amended and Restated Credit Agreement [Member]
Line of Credit Facility, Revolving Credit Conversion to Term Loan, Description						Converts the $1,129,478,742 outstanding under the revolving credit facility into a term loan
Line of Credit Facility, Amount Outstanding (in dollars)								$ 1,129,478,741							$ 1,129,478,741			$ 707,688
Line of Credit Facility, Expiration Date						Dec. 31, 2015
Line Of Credit Minimum Collateral Coverage Ratio						collateral coverage ratio at December 31, 2015 that is less than 80%
Line Of Credit Extended Termination Date						Jun. 30, 2017
Line of Credit Facility, Frequency of Payments						Quaterly
Line of Credit Facility, Periodic Payment						20,000,000
Debt Instrument, Description of Variable Rate Basis																	interest at LIBOR plus a margin that will include a payment-in-kind ("PIK") component
Line of Credit Facility, Interest Rate at Period End						3.50%
Line Of Credit Facility Paid In Kind Percentage Margin						2.50%
Line of Credit Facility, Increase, Additional Borrowings						20,000,000
Line of Credit Facility, Description						On the Termination Date, the Company may elect to either (i) repay the PIK loans in cash; or (ii) convert the PIK loans into shares of cumulative convertible preferred stock, par value $10.00 per share.
Preferred stock, par value (in dollars per share)	$ 0.01			$ 0.01												$ 10.00
Line Of Credit Facility Deffered Financing Cost						12,624,330
Debt Instrument Fee Amount Description																	50% of the amendment fees were paid upon signing the Fourth Amended and Restated Credit Agreement and the remaining 50% is payable in equal amounts during the third and fourth quarters of 2012.
Line Of Credit Facility Leverage Ratio											13.9:1	7.3:1	6.2:1
Line Of Credit Interest Coverage Ratio												220	230	130
Line Of Credit Facility Minimum Covenant						$500,000 per vessel
Line Of Credit Minimum Collateral Coverage Ratio1						100
Line Of Credit Minimum Collateral Coverage Ratio2						80
Line Of Credit Minimum Collateral Coverage Ratio3						70
Warrants Issued During Period						3,148,584
Common stock, par value (in dollars per share)	$ 0.01	[1]		$ 0.01	[1]	$ 0.01
Warrants Excercise Price						$ 0.01
Estimated Market Value Per Share To Excercise Warrants1						$ 10
Estimated Market Value Per Share To Excercise Warrants2						$ 12
Warrants Expiration Date						Jun. 20, 2022
Fair Value Of Warrants						6,300,000
Stock Price Assumption Under Monte Carlo Simulation						The assumptions used in the Monte Carlo simulation were the underlying stock price of $2.98.
Fair Value Assumptions, Risk Free Interest Rate						1.64%
Fair Value Assumptions, Expected Volatility Rate						79.30%
Fair Value Assumptions, Expected Term						10 years
Fair Value Assumptions, Expected Dividend Rate						0.00%
Line of Credit Facility, Interest Rate During Period									7.73%	2.71%
Debt Instrument, Basis Spread on Variable Rate																	2.50%
Long-term Debt, Weighted Average Interest Rate																	3.48%
Interest Paid Excluding Capitalized Interest	$ 19,722,475		$ 22,470,387				$ 22,470,387

[1] Adjusted to give effect to the 1 for 4 reverse stock split that become effective on May 22, 2012, see Note 1.

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Debt (Details 1) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Interest Expense Excluding Capitalized Interest Abstract [Abstract]
Loan Interest	$ 10,856,540	$ 10,747,745	$ 20,681,959	$ 21,090,497
Amortization of Deferred Financing Costs	1,196,802	924,683	2,332,293	1,918,410
Total Interest Expense	$ 12,053,342	$ 11,672,428	$ 23,014,252	$ 23,008,907

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Derivative Instruments and Fair Value Measurements (Details) (USD $)	6 Months Ended
	Jun. 30, 2012	Dec. 31, 2011
Notional Amount, Outstanding (in dollars)	$ 203,052,038	$ 203,052,038
Interest Rate Swap [Member]
Notional Amount, Outstanding (in dollars)	36,752,038	36,752,038
Fixed Rate	5.225%
Maturity	08/2012
Interest Rate Swap 1 [Member]
Notional Amount, Outstanding (in dollars)	81,500,000	81,500,000
Fixed Rate	3.895%
Maturity	01/2013
Interest Rate Swap 2 [Member]
Notional Amount, Outstanding (in dollars)	$ 84,800,000	$ 84,800,000
Fixed Rate	3.90%
Maturity	09/2013

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Derivative Instruments and Fair Value Measurements (Details 1) (USD $)	Jun. 30, 2012	Dec. 31, 2011
Derivatives designated for cash flow hedging relationships
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value	$ (6,223,622)	$ (9,486,116)
Designated As Hedging Instrument [Member]
Derivatives designated for cash flow hedging relationships
Cash Flow Hedge Derivative Instrument Liabilities at Fair Value	$ (6,223,622)	$ (9,486,116)

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Basis of Presentation and General Information

6 Months Ended

Jun. 30, 2012

Organization, Consolidation and Presentation Of Financial Statements [Abstract]

Business Description and Basis of Presentation [Text Block]

Note 1. Basis of Presentation and General Information

The accompanying consolidated financial statements include the accounts of Eagle Bulk Shipping Inc. and its wholly-owned subsidiaries (collectively, the "Company", “we” or “our”). The Company is engaged in the ocean transportation of dry bulk cargoes worldwide through the ownership, charter and operation of dry bulk vessels. The Company's fleet is comprised of Supramax and Handymax drybulk carriers and the Company operates its business in one business segment.

The Company is a holding company incorporated in 2005 under the laws of the Republic of the Marshall Islands and is the sole owner of all of the outstanding shares of its subsidiaries, which are incorporated in the Republic of the Marshall Islands. The primary activity of each of the subsidiaries, other than the Company’s management subsidiaries, is the ownership of a vessel. The operations of the vessels are managed by a wholly-owned subsidiary of the Company, Eagle Shipping International (USA) LLC, a Republic of the Marshall Islands limited liability company.

As of June 30, 2012, the Company owned and operated a modern fleet of 45 oceangoing vessels comprised of 43 Supramax and 2 Handymax vessels with a combined carrying capacity of 2,451,259 dwt and an average age of approximately five years. In 2011, the Company completed its Supramax vessel newbuilding program.

The following table represents certain information about the Company's charterers which individually accounted for more than 10% of the Company's gross time charter revenue during the periods indicated:

% of Consolidated Time Charter Revenue
	Three Months Ended							Six Months Ended
		June 30,  2012			June 30, 2011			June 30, 2012			June 30, 2011
Charterer
Charterer A			-			-			-			11	%
Charterer B			-			12	%		-			-
Charterer C			10	%		-			-			-
Charterer D			27	%		-			26	%		-
Charterer E			11	%		-			11	%		-

The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), and the rules and regulations of the Securities and Exchange Commission (“SEC”) which apply to interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes normally included in consolidated financial statements prepared in conformity with generally accepted accounting principles in the United States. They should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2011 Annual Report on Form 10-K, filed with the SEC on March 15, 2012.

The accompanying unaudited consolidated financial statements include all adjustments (consisting of normal recurring adjustments) that management considers necessary for a fair statement of its consolidated financial position and results of operations for the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the entire year.

Effective as of the open of trading on May 22, 2012, the Company completed a 1 for 4 reverse stock split as previously approved by the Company's shareholders. Proportional adjustments were made to the Company's issued and outstanding common stock and to its common stock underlying stock options and other common stock-based equity grants outstanding immediately prior to the effectiveness of the reverse stock split. No fractional shares were issued in connection with the reverse stock split, as shareholders who would otherwise hold a fractional share of common stock received a cash payment in lieu of that fractional share. All references herein to common stock and per share data for all periods presented in these consolidated financial statements and notes thereto, have been retrospectively adjusted to reflect the reverse stock split.

The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates and assumptions of the Company are stock-based compensation, the useful lives of fixed assets and intangibles, depreciation and amortization, the allowances for bad debt, and the fair value of derivative and warrants.

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Derivative Instruments and Fair Value Measurements (Details 2) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Derivatives not designated as hedging instruments
FFAs, bunker swaps, freight and bunker derivatives	$ 7,076	$ (76,706)	$ 1,028,375	$ 973,909
Not Designated As Hedging Instrument [Member]
Derivatives not designated as hedging instruments
FFAs, bunker swaps, freight and bunker derivatives	$ 7,076	$ (76,706)	$ 1,028,375	$ 973,909

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Stock Incentive Plans (Details Textual) (USD $)	6 Months Ended	3 Months Ended				6 Months Ended		3 Months Ended	6 Months Ended	3 Months Ended	6 Months Ended			6 Months Ended		3 Months Ended	6 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2012 Equity Incentive Plan 2009 [Member]	Jun. 30, 2012 Equity Incentive Plan 2011 [Member]	Jun. 30, 2012 Restricted Stock Units (Rsus) [Member] Equity Incentive Plan 2009 [Member]	Jun. 30, 2011 Restricted Stock Units (Rsus) [Member] Equity Incentive Plan 2009 [Member]	Jun. 30, 2012 Restricted Stock Units (Rsus) [Member] Equity Incentive Plan 2009 [Member]	Jun. 30, 2011 Restricted Stock Units (Rsus) [Member] Equity Incentive Plan 2009 [Member]	Jun. 30, 2012 Restricted Stock Units (Rsus) [Member] Equity Incentive Plan 2009 [Member] Maximum [Member]	Jun. 30, 2012 Restricted Stock Units (Rsus) [Member] Equity Incentive Plan 2009 [Member] Maximum [Member]	Jun. 30, 2012 Restricted Stock Units (Rsus) [Member] Equity Incentive Plan 2009 [Member] Minimum [Member]	Jun. 30, 2012 Restricted Stock Units (Rsus) [Member] Equity Incentive Plan 2009 [Member] Minimum [Member]	Jun. 30, 2012 Stock Options [Member]	Dec. 31, 2011 Stock Options [Member]	Jun. 30, 2012 Stock Options [Member] Equity Incentive Plan 2011 [Member]	Jun. 30, 2011 Stock Options [Member] Equity Incentive Plan 2011 [Member]	Jun. 30, 2012 Stock Options [Member] Equity Incentive Plan 2011 [Member] Maximum [Member]	Jun. 30, 2012 Stock Options [Member] Equity Incentive Plan 2011 [Member] Maximum [Member]	Jun. 30, 2012 Stock Options [Member] Equity Incentive Plan 2011 [Member] Minimum [Member]	Jun. 30, 2012 Stock Options [Member] Equity Incentive Plan 2011 [Member] Minimum [Member]	Jun. 30, 2012 Dividend Equivalent Rights Awards [Member] Equity Incentive Plan 2009 [Member]
Stockholders' Equity, Reverse Stock Split	Effective as of the opening of trading on May 22, 2012, the Company completed a 1 for 4 reverse stock split as previously approved by the Company's shareholders. Proportional adjustments were made to the Company's issued and outstanding common stock and to its common stock underlying stock options and other common stock-based equity grants outstanding immediately prior to the effectiveness of the reverse stock split to reflect the reverse stock split. No fractional shares were issued in connection with the reverse stock split, as shareholders who would otherwise hold a fractional share of common stock received a cash payment in lieu of that fractional share. All references herein to common stock and per share data have been retrospectively adjusted to reflect the reverse stock split.
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)		1,050,000	5,900,000
Share-based Compensation Arrangement by Share-based Payment Award, Description		In May 2009, our shareholders approved the 2009 Equity Incentive Plan (the "2009 Plan") for the purpose of affording an incentive to eligible persons. The 2009 Plan provides for the grant of equity based awards, including stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalents, unrestricted stock, other equity based or equity related awards, and/or performance compensation awards based on or relating to the Company's common shares to eligible non-employee directors, officers, employees or consultants. The 2009 Plan is administered by a compensation committee or such other committee of the Company's board of directors. A maximum of 1.05 million of the Company's common shares have been authorized for issuance under the 2009 Plan, which have been adjusted in accordance with the one-for-four reverse stock split effective on May 22, 2012.	In November 2011, our shareholders approved the 2011 Equity Incentive Plan (the "2011 Plan") for the purpose of affording an incentive to eligible persons. The 2011 Equity Incentive Plan provides for the grant of equity based awards, including stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalents, unrestricted stock, other equity based or equity related awards, and/or performance compensation awards based on or relating to the Company's common shares to eligible non-employee directors, officers, employees or consultants. The 2011 Plan is administered by a compensation committee or such other committee of the Company's board of directors. An aggregate of 5.9 million of the Company's common shares have been authorized for issuance under the 2011 Plan. The shares reserved for issuance under the 2011 Plan are not subject to adjustment in the event of a stock split commenced prior to the Company's 2012 Annual General Meeting. However, the 2011 Plan was approved by shareholders subject to the Company's confirmation in the proxy materials relating to the approval of the 2011 Plan that no options granted under the plan would, in the aggregate, exceed 10% of the Company's issued and outstanding shares on a fully diluted basis on the date the options first become exercisable.
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in shares)				660,708		660,708
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period								5 years	5 years	3 years	3 years					4 years	4 years	3 years	3 years
Amortization				$ 2,051,947	$ 2,202,091	$ 4,133,972	$ 4,421,376
Amortization Expense Remainder of Fiscal Year				4,116,245		4,116,245								681,345
Amortization Expense Year Two				3,917,562		3,917,562								988,502
Amortization Expense Year Three				534,193		534,193								432,310
Amortization Expense Year Four														123,032
Share-based Compensation, Arrangement by Share-based Payments Award Options Grants in Period, Weighted Average Grant Date Fair Value														2,973,141
Fair Value Assumptions, Risk Free Interest Rate														0.75%
Fair Value Assumptions, Weighted Average Volatility Rate														80.00%
Allocated Share-based Compensation Expense														$ 747,952	$ 517,761
Share-based Compensation, Arrangement by Share-based Payment Award Options, Outstanding (in shares)												1,908,371	328,371	1,580,000
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit (in dollars per share)														$ 87.52
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit (in dollars per share)														$ 3.34
Share-based Compensation, Arrangement by Share-based Payment Award Option, Expiration Period from Date of Grant																10 years	10 years	5 years	5 years
Common Stock Outstanding Equivalent to Dividend																				143,500

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CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2012		Dec. 31, 2011
ASSETS:
Cash and cash equivalents	$ 17,148,510		$ 25,075,203
Accounts receivable, net	10,250,226		13,960,777
Prepaid expenses	5,048,180		3,969,905
Inventories	12,581,899		11,083,331
Investment	227,354		988,196
Fair value above contract value of time charters acquired	557,881		567,315
Fair value of derivative instruments	0		246,110
Total current assets	45,814,050		55,890,837
Noncurrent assets:
Vessels and vessel improvements, at cost, net of accumulated depreciation of $276,929,765 and $239,568,767, respectively	1,752,078,568		1,789,381,046
Other fixed assets, net of accumulated amortization of $420,668 and $324,691, respectively	519,683		605,519
Restricted cash	291,891		670,418
Deferred drydock costs	3,067,188		3,303,363
Deferred financing costs	28,321,603		11,766,779
Fair value above contract value of time charters acquired	2,766,769		3,041,496
Other assets	2,292,075		2,597,270
Total noncurrent assets	1,789,337,777		1,811,365,891
Total assets	1,835,151,827		1,867,256,728
LIABILITIES & STOCKHOLDERS' EQUITY
Accounts payable	6,629,148		10,642,831
Accrued interest	3,067,461		2,815,665
Other accrued liabilities	17,652,035		11,822,582
Current portion of long-term debt	0		32,094,006
Deferred revenue and fair value below contract value of time charters acquired	4,637,875		5,966,698
Unearned charter hire revenue	4,086,738		5,779,928
Total current liabilities	36,073,257		69,121,710
Noncurrent liabilities:
Long-term debt	1,130,186,429		1,097,384,735
Deferred revenue and fair value below contract value of time charters acquired	15,386,221		17,088,464
Fair value of derivative instruments	6,223,622		9,486,116
Total noncurrent liabilities	1,151,796,272		1,123,959,315
Total liabilities	1,187,869,529		1,193,081,025
Commitment and contingencies
Stockholders' equity:
Preferred stock, $.01 par value, 25,000,000 shares authorized, none issued	0		0
Common stock, $.01 par value, 100,000,000 shares authorized, 15,771,496 shares issued and outstanding*	157,715	[1]	157,508	[1]
Additional paid-in capital*	757,090,198	[1]	745,945,694	[1]
Retained earnings (net of dividends declared of $262,118,388 as of June 30, 2012 and December 31, 2011, respectively)	(103,014,254)		(62,474,486)
Accumulated other comprehensive loss	(6,951,361)		(9,453,013)
Total stockholders' equity	647,282,298		674,175,703
Total liabilities and stockholders' equity	$ 1,835,151,827		$ 1,867,256,728

[1] Adjusted to give effect to the 1 for 4 reverse stock split that become effective on May 22, 2012, see Note 1.

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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $)		Common Stock [Member]		Additional Paid-in Capital [Member]	Net Loss [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total
Balance at Dec. 31, 2011		$ 157,508	[1]	$ 745,945,694		$ (62,474,486)	$ (9,453,013)	$ 674,175,703
Balance (in shares) at Dec. 31, 2011	[1]	15,750,796						15,771,496
Net loss		0	[1]	0	(40,539,768)	(40,539,768)	0	(40,539,768)
Change in unrealized loss on investment		0	[1]	0	0	0	(760,842)	(760,842)
Net unrealized gain on derivatives		0	[1]	0	0	0	3,262,494	3,262,494
Issuance of common shares		207	[1]	(207)	0	0	0	0
Issuance of common shares (in shares)	[1]	20,700
Issuance of warrants		0	[1]	6,262,787	0	0	0	6,262,787
Non-cash compensation		0	[1]	4,881,924	0	0	0	4,881,924
Balance at Jun. 30, 2012		$ 157,715	[1]	$ 757,090,198		$ (103,014,254)	$ (6,951,361)	$ 647,282,298
Balance (in shares) at Jun. 30, 2012	[1]	15,771,496						15,771,496

[1] Adjusted to give effect to the 1 for 4 reverse stock split that become effective on May 22, 2012, see Note 1.

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Commitments and Contingencies (Details Textual) (USD $)	0 Months Ended	1 Months Ended	3 Months Ended	6 Months Ended
	Mar. 03, 2011	Jul. 31, 2011	Jun. 30, 2012	Jun. 30, 2012	Jun. 30, 2011	Jul. 28, 2011
Korea Line Corporation Protective Receivership, Description				Korea Line Corporation ("KLC"), one of our charterers, filed for protective receivership in Seoul, South Korea. On February 15, 2011, the Korean courts approved this request. The Company has temporarily taken back the employment of all affected chartered vessels and re-chartered them out on the spot and short-term time charter markets, pursuant to terms approved by the Korean court. Earnings during this interim period were used to offset the charter hire otherwise due from KLC.
Korea Line Corporation Comprehensive Agreement, Description	the Company reached a comprehensive agreement with the receivers of KLC regarding twelve time-chartered vessels impacted by KLC''''s decision to file for protective receivership, which was certified by the joint receivers on March 15, 2011.			On October 14, 2011, following a vote by the interested creditors, the Korean court approved a Rehabilitation Plan, pursuant to which 37% of the Company''s claim in respect of the period up to February 15, 2011 will be paid in cash installments from 2012 through 2021. The majority of the cash payment installments will be paid in the last five years, and the remaining 63% of the said claim will be converted to KLC stock. On July 2, 2012 the Company took possession of the KLC stock. The KLC stock is designated as Available for sale and is reported at fair value, with unrealized gains and losses recorded in shareholders'' equity as a component of accumulated other comprehensive income. On June 30, 2012 KLC stock fair value was $227,354.The Company evaluated the KLC matter to make a determination as to the impact, if any, on our business, liquidity, results of operations, financial condition and cash flows, and recorded an initial allowance for bad debt in the first quarter of 2011 of $6,586,900, which was updated in the fourth quarter of 2011 to reflect the settlement on November 24, 2011. Accordingly, in the fourth quarter of 2011, the Company adjusted the allowance to $1,811,320, which reflects our recovery of $1,269,070 and write off of $3,506,510. As of June 30, 2012, KLC is not performing in accordance with the $17,000 per vessel per day shortfall arrangement and KLC owes the Company approximately $21.9 million. That revenue does not meet the Company''s revenue recognition policy and is not included in the Company''s financial statements. The Company will recognize that revenue and any future revenue from KLC when collectability is assured.
Adjusted Chartered Rate Value (in dollars)	$ 17,000					$ 13,500
Adjusted Chartered Rate Value Minimum (in dollars)				17,000
Adjusted Chartered Rate Value Maximum (in dollars)				21,000
Contingency Shareholder Derivative Lawsuits, Description			On June 13, 2011, a complaint against our board of directors and a former director was filed in the United States District Court for the Southern District of New York alleging, among other things, that the directors breached their fiduciary duties of loyalty, good faith and care in connection with (i) director and officer compensation in the years 2008, 2009 and 2010; (ii) the Company''''s Management Agreement with Delphin Shipping LLC ("Delphin") (specifically, according to the complaint, alleged conflicts of interest between the Company''''s Chief Executive Officer, Delphin and the Company); and (iii) the adjournment of the Company''''s 2011 Annual Meeting of Shareholders. The complaint seeks rescission of director and officer compensation for those years as well as the Management Agreement, and seeks unspecified damages. On August 23, and August 30, 2011, respectively, two additional lawsuits were brought in the Supreme Court of the State of New York (New York County) against the Company's board of directors and a former director alleging substantially similar breaches of fiduciary duties as those alleged in the lawsuit filed on June 13, 2011. The Company filed a motion to stay these proceedings pending the outcome of the June 13, 2011 federal action, which motion was granted on January 10, 2012, staying both state court proceedings. On October 31, 2011, a complaint was filed in the United States District Court for the Southern District of New York by one of the plaintiffs in the June 13, 2011 federal action against the Company's and its board of directors alleging deficiencies in the Company's proxy statement in connection with its special meeting of shareholders that was held on November 17, 2011. A preliminary injunction seeking to prevent the meeting was brought on November 3, 2011, but the company revised its proxy statement and the motion was subsequently withdrawn, allowing the meeting to proceed as planned. The Company served an answer to the complaint on March 19, 2012.
Management Fee, Amount Paid (in dollars)				10,367	9,698
Commitments and Contingencies Agreement, Description		Company entered into an agreement to charter-in a 37,000 dwt newbuilding Japanese vessel that is expected to be delivered between May and October 2014 for seven years with an option for an additional one year.
First to Seventh Year [Member]
Hire Rate Payable (in dollars)						13,500
Eighth Year [Member]
Hire Rate Payable (in dollars)						$ 13,750

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Stock Incentive Plans (Table)

6 Months Ended

Jun. 30, 2012

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Share-based Compensation Expenses [Table Text Block]

The non-cash compensation expenses recorded by the Company and included in General and Administrative Expenses are as follows:

	Three Months Ended				Six Months Ended
	June 30, 2012		June 30, 2011		June 30, 2012		June 30, 2011
Stock Option Plans	$	747,952	$	—	$	747,952	$	517,761
Restricted Stock Grants		2,051,947		2,202,091		4,133,972		4,421,376
Total Non-cash compensation expense	$	2,799,899	$	2,202,091	$	4,881,924	$	4,939,137

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Related Party Transactions (Details Textual) (USD $)	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Management Fees Revenue	$ 1,090,044	$ 234,088
Reimbursement Revenue	195,836	234,088
Delphin Shipping Llc [Member]
Management Fees Revenue	29,399
Due from Related Parties	96,694
Delphin Shipping Llc [Member] | First Ten Vessels [Member]
Management Fees Revenue	15,834
Delphin Shipping Llc [Member] | Second Ten Vessels [Member]
Management Fees Revenue	11,667
Delphin Shipping Llc [Member] | Third Ten Vessels [Member]
Management Fees Revenue	$ 8,750

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Basis of Presentation and General Information (Details Textual)	6 Months Ended
	Jun. 30, 2012
Basis of Presentation and General Information, Description	As of June 30, 2012, we owned and operated a modern fleet of 45 oceangoing vessels comprised of 43 Supramax and 2 Handymax vessels with a combined carrying capacity of 2,451,259 dwt and an average age of approximately five years. In 2011, we completed our Supramax vessel newbuilding program.
Stockholders' Equity, Reverse Stock Split	Effective as of the opening of trading on May 22, 2012, the Company completed a 1 for 4 reverse stock split as previously approved by the Company's shareholders. Proportional adjustments were made to the Company's issued and outstanding common stock and to its common stock underlying stock options and other common stock-based equity grants outstanding immediately prior to the effectiveness of the reverse stock split to reflect the reverse stock split. No fractional shares were issued in connection with the reverse stock split, as shareholders who would otherwise hold a fractional share of common stock received a cash payment in lieu of that fractional share. All references herein to common stock and per share data have been retrospectively adjusted to reflect the reverse stock split.

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Cash flows from operating activities:
Net loss	$ (40,539,768)	$ (7,248,559)
Items included in net loss not affecting cash flows:
Depreciation	37,456,975	33,055,698
Amortization of deferred drydocking costs	1,404,339	1,743,518
Amortization of deferred financing costs	2,332,293	1,918,410
Amortization of fair value below contract value of time charter acquired	(2,434,040)	(2,566,329)
Payment-in-kind interest on debt	707,688	0
Unrealized gain from forward freight agreements, net	246,110	308,578
Allowance for accounts receivable	5,339,080	6,586,900
Non-cash compensation expense	4,881,924	4,939,137
Drydocking expenditures	(1,168,164)	(1,284,121)
Changes in operating assets and liabilities:
Accounts receivable	(1,628,529)	(11,473,011)
Other assets	305,195	(635,571)
Prepaid expenses	(1,078,275)	931,577
Inventories	(1,498,568)	(5,339,055)
Accounts payable	(4,013,683)	2,373,987
Accrued interest	251,796	(2,339,449)
Accrued expenses	(21,678)	4,433,934
Deferred revenue	(312,865)	138,722
Unearned revenue	(1,693,190)	901,124
Net cash (used in) provided by operating activities	(1,463,360)	26,445,490
Cash flows from investing activities:
Vessels and vessel improvements and advances for vessel construction	(58,520)	(100,369,716)
Purchase of other fixed assets	(10,141)	(198,732)
Changes in restricted cash	378,527	(1,157,481)
Net cash provided by (used in) investing activities	309,866	(101,725,929)
Cash flows from financing activities:
Changes in restricted cash	0	(1,500,000)
Deferred financing costs	(6,773,199)	0
Cash used to settle net share equity awards	0	(1,210,177)
Net cash used in financing activities	(6,773,199)	(2,710,177)
Net decrease in cash	(7,926,693)	(77,990,616)
Cash at beginning of period	25,075,203	129,121,680
Cash at end of period	$ 17,148,510	$ 51,131,064

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CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Jun. 30, 2012		Dec. 31, 2011
Accumulated depreciation for vessels and vessel improvements (in dollars)	$ 276,929,765		$ 239,568,767
Accumulated depreciation for other fixed assets (in dollars)	420,668		324,691
Preferred stock, par value (in dollars per share)	$ 0.01		$ 0.01
Preferred stock, shares authorized	25,000,000		25,000,000
Preferred stock, shares issued	0		0
Common stock, par value (in dollars per share)	$ 0.01	[1]	$ 0.01	[1]
Common stock, shares authorized	100,000,000	[1]	100,000,000	[1]
Common stock, shares issued	15,771,496	[1]	15,771,496	[1]
Common stock, shares outstanding	15,771,496	[1]	15,771,496	[1]
Retained earnings, dividends declared (in dollars)	$ 262,118,388		$ 262,118,388

[1] Adjusted to give effect to the 1 for 4 reverse stock split that become effective on May 22, 2012, see Note 1.

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Basis of Presentation and General Information (Table)

6 Months Ended

Jun. 30, 2012

Organization, Consolidation and Presentation Of Financial Statements [Abstract]

Schedule of Consolidated Revenue from Major Charters [Table Text Block]

The following table represents certain information about the Company's charterers which individually accounted for more than 10% of the Company's gross time charter revenue during the periods indicated:

% of Consolidated Time Charter Revenue
	Three Months Ended							Six Months Ended
		June 30,  2012			June 30, 2011			June 30, 2012			June 30, 2011
Charterer
Charterer A			-			-			-			11	%
Charterer B			-			12	%		-			-
Charterer C			10	%		-			-			-
Charterer D			27	%		-			26	%		-
Charterer E			11	%		-			11	%		-

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DOCUMENT AND ENTITY INFORMATION	6 Months Ended
	Jun. 30, 2012	Aug. 09, 2012
Entity Registrant Name	Eagle Bulk Shipping Inc.
Entity Central Index Key	0001322439
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	egle
Entity Common Stock, Shares Outstanding		15,771,496
Document Type	10-Q
Amendment Flag	true
Document Period End Date	Jun. 30, 2012
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2012
Amendment Description	This Amendment No. 1 on Form 10-Q/A (this "Amendment No. 1") amends the Quarterly Report on Form 10-Q of Eagle Bulk Shipping Inc. (the "Company") for the period ended June 30, 2012, originally filed with the Securities and Exchange Commission (the "Commission") on August 9, 2012 ("Original Filing"). This Amendment No. 1 is being filed solely to furnish a corrected Exhibit 101 that amends certain discrepancies contained in the Interactive Data Files furnished as Exhibit 101 to the Original Filing. No other changes have been made in this Amendment No. 1 to the Original Filing. This Amendment No. 1 speaks as of the original date of the Original Filing, does not reflect events that may have occurred subsequent to the Original Filing date and does not, and does not purport to, amend, modify, update or restate in any way the information contained in the Original Filing. Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files attached as Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those Sections.

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Vessels (Table)

6 Months Ended

Jun. 30, 2012

Vessels [Abstract]

Vessels [Table Text Block]

At June 30, 2012, the Company’s operating fleet consisted of 45 dry bulk vessels. The Company completed its newbuilding program in the fourth quarter of 2011.

Vessel and vessel improvements:

Vessels and Vessel Improvements, at December 31, 2011	$	1,789,381,046
Purchase of Vessel Improvements		58,520
Depreciation Expense		(37,360,998	)
Vessels and Vessel Improvements, at June 30, 2012	$	1,752,078,568

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended				6 Months Ended
	Jun. 30, 2012		Jun. 30, 2011		Jun. 30, 2012		Jun. 30, 2011
Revenues, net of commissions	$ 48,537,233		$ 76,405,388		$ 101,153,633		$ 163,098,163
Voyage expenses	6,888,920		8,125,284		13,890,624		23,946,796
Vessel expenses	23,869,262		21,289,772		46,311,324		40,763,171
Charter hire expenses	0		11,029,811		606,573		26,954,493
Depreciation and amortization	19,427,957		17,640,372		38,861,314		34,799,216
General and administrative expenses	9,419,220		8,038,757		20,053,880		21,935,182
Total operating expenses	59,605,359		66,123,996		119,723,715		148,398,858
Operating income (loss)	(11,068,126)		10,281,392		(18,570,082)		14,699,305
Interest expense	12,053,342		11,672,428		23,014,252		23,008,907
Interest income	(8,153)		(29,464)		(16,191)		(87,134)
Other (Income) expense	(7,076)		76,706		(1,028,375)		(973,909)
Total other expense, net	12,038,113		11,719,670		21,969,686		21,947,864
Net loss	$ (23,106,239)		$ (1,438,278)		$ (40,539,768)		$ (7,248,559)
Weighted average shares outstanding* :
Basic (in shares)	15,880,392	[1]	15,642,830	[1]	15,815,594	[1]	15,641,477	[1]
Diluted (in shares)	15,880,392	[1]	15,642,830	[1]	15,815,594	[1]	15,641,477	[1]
Per share amounts:
Basic net loss (in dollars per share)	$ (1.46)	[1]	$ (0.09)	[1]	$ (2.56)	[1]	$ (0.46)	[1]
Diluted net loss (in dollars per share)	$ (1.46)	[1]	$ (0.09)	[1]	$ (2.56)	[1]	$ (0.46)	[1]

[1] Adjusted to give effect to the 1 for 4 reverse stock split that become effective on May 22, 2012, see Note 1.

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Derivative Instruments and Fair Value Measurements

6 Months Ended

Jun. 30, 2012

Derivative Instruments and Fair Value Measurements [Abstract]

Derivative Instruments and Fair Value Measurements [Text Block]

Note 5. Derivative Instruments and Fair Value Measurements

Interest-Rate Swaps

The Company has entered into interest rate swaps to effectively convert a portion of its debt from a floating to a fixed-rate basis. Under these swap contracts, exclusive of applicable margins, the Company will pay fixed rate interest and receive floating-rate interest amounts based on three-month LIBOR settings. The swaps are designated and qualify as cash flow hedges. 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

The Company records the fair value of the interest rate swaps as an asset or liability on its balance sheet. The effective portion of the swap is recorded in accumulated other comprehensive income. No portion of the cash flow hedges was ineffective during the period ended June 30, 2012. Accordingly, liabilities of $6,223,622 and $9,486,116 have been recorded in Fair value of derivative instruments in the Company’s balance sheets as of June 30, 2012 and December 31, 2011, respectively.

Forward freight agreements (FFAs), bunker swaps and freight derivatives

The Company trades in the FFAs, bunker swaps and freight derivatives markets, with objective to utilize these markets as economic hedging instruments that reduce the risk of specific vessels to changes in the freight market and or bunker costs. The Company’s FFAs, bunker swaps and freight derivatives have not qualified for hedge accounting treatment.

The effect of cash flow hedging relationships on the balance sheets as of June 30, 2012 and December 31, 2011, and the statement of operations for the periods ended June 30, 2012 and 2011 are as follows:

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	)

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

Cash Collateral Disclosures

The Company does not offset fair value amounts recognized for derivatives by the right to reclaim cash collateral or the obligation to return cash collateral. The amount of collateral to be posted is defined by the terms of the respective master agreement executed with counterparties or exchanges and is required when agreed upon threshold limits are exceeded. At June 30, 2012, the Company’s collateral related to its FFAs, bunker swaps and freight derivative transactions was $15,835. As of June 30, 2012, the Company had no outstanding amounts paid as collateral to derivative fair value positions.

Fair Value Measurements

The following methods and assumptions were used to estimate the fair value of each class of financial instrument:

Cash, cash equivalents and restricted cash—the carrying amounts reported in the consolidated balance sheet for interest-bearing deposits approximate their fair value due to their short-term nature thereof.

Debt—the carrying amounts of borrowings under the revolving credit agreement approximate their fair value, due to the variable interest rate nature thereof.

Interest rate swaps—the fair value of interest rate swaps (used for hedging purposes) is the estimated amount that the Company would receive or pay to terminate the swaps at the reporting date.

Forward freight agreements (FFAs)—the fair value of FFAs is determined based on quoted rates.

Freight and bunker derivative instruments—the fair value of freight and bunker derivative contracts is the estimated amount that the Company would receive or pay to terminate the option contracts at the reporting date.

Bunker swaps—the fair value of bunker swaps is the estimated amount that the Company would receive or pay to terminate the swaps at the reporting date.

The Company defines fair value, establishes a framework for measuring fair value and provides disclosures about fair value measurements. The fair value hierarchy for disclosure of fair value measurements is as follows:

Level 1 – Quoted prices in active markets for identical assets or liabilities. Our Level 1 non-derivative include cash, money-market account and restricted cash account.

Level 2 – Quoted prices for similar assets and liabilities in active markets or inputs that are observable. Our Level 2 non-derivative include our term loan account.

Level 3 – Inputs that are unobservable (for example cash flow modeling inputs based on assumptions)

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		—

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Debt

6 Months Ended

Jun. 30, 2012

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

Note 4. Debt

Debt consists of the following:

	June 30, 2012		December 31, 2011
Credit Facility	$	—	$	1,129,478,741
Term loan		1,129,478,741		—
Payment-in-kind loan		707,688		—
Less: Current portion		—		(32,094,006	)
Long-term debt	$	1,130,186,429	$	1,097,384,735

The Fourth Amended and Restated Credit Agreement

On June 20, 2012, the Company entered into a Fourth Amended and Restated Credit Agreement to its credit facility agreement, dated as of October 19, 2007, as amended up to the date thereof (the “Fourth Amended and Restated Credit Agreement”), which, among other things, (i) permanently waives any purported defaults or events of defaults that were the subject of a temporary waiver under the Sixth Amendatory and Commercial Framework Implementation Agreement (the "Sixth Amendment") to the Third Amended and Restated Credit Agreement dated October 19, 2007, including any alleged events of default arising from any purported breach of the minimum adjusted net worth covenant that occurred as a result of any failure to maintain the required adjusted net worth; (ii) converts the $1,129,478,741 outstanding under the revolving credit facility into a term loan; (iii) sets the maturity date as December 31, 2015, and, subject to the Company's satisfaction of certain conditions including a collateral coverage ratio at December 31, 2015 of less than 80%, provides an option to the Company to further extend the maturity date by an additional 18 months to June 30, 2017 (the "Termination Date"); (iv) requires no mandatory repayments of principal until the Termination Date, other than a quarterly sweep of cash on hand in excess of $20,000,000 and upon the sale of vessels, additional financings or future equity raises by the Company. All amounts outstanding under the term loan will bear interest at LIBOR plus a margin that will include a payment-in-kind ("PIK") component.  The initial cash margin of 3.50% and PIK margin of 2.50% can be reduced on the basis of reduced leverage and proceeds from future equity raises by the Company.

The Fourth Amended and Restated Credit Agreement also provides for a new Liquidity Facility in the aggregate amount of $20,000,000, which permits the purchase or sale of vessels within certain parameters, permits the management of third party vessels and provides that all capitalized interest in the form of PIK loans, which will mature on the Termination Date.  On the Termination Date, the Company may elect to either (i) repay the PIK loans in cash; or (ii) convert the PIK loans into shares of cumulative convertible preferred stock, par value $10.00 per share. As of June 30, 2012 the outstanding amount of the term loan was $1,129,478,741, the amount of the PIK loans was $707,688 and no amount was drawn on the Liquidity Facility. In connection with the Fourth Amended and Restated Credit Amendment, the Company recorded $12,624,330 of deferred financing costs that are amortized over the life of the term loan, including amendment and professional fees, of which 50% of the amendment fees were paid upon signing the Fourth Amended and Restated Credit Agreement and the remaining 50% is payable in equal amounts during the third and fourth quarters of 2012.

In addition, the Fourth Amended and Restated Credit Agreement replaces the previously existing financial covenants and substitutes them with new covenants, which shall require the Company to (i) maintain a maximum leverage ratio of the term loan indebtedness, excluding the PIK loans, to EBITDA (as defined in the Fourth Amended and Restated Credit Agreement), on a trailing four quarter basis, commencing in the quarterly period ending September 30, 2013 of 13.9:1, declining in intervals to 7.3:1 for the quarterly period ending December 31, 2015 and, should the Termination Date be extended under the Company’s option, further declining in intervals to 6.2:1 for the quarterly period ending March 31, 2017, (ii) maintain a minimum interest coverage ratio of EBITDA to cash interest expenses on a trailing four quarter basis, expressed as a percentage, commencing in the quarterly period ending June 30, 2013 of 130%, escalating in intervals to 220% for the quarterly period ending December 31, 2015 and, should the Termination Date be extended, further escalating in intervals to 230% for the quarterly period ending March 31, 2017, (iii) maintain free cash with the agent in one or more accounts in an amount equal to $500,000 per vessel owned directly or indirectly by the Company, provided that the unutilized amount of the liquidity facility shall be deemed to constitute free cash for these purposes and (iv) maintain a maximum collateral coverage ratio commencing in the quarterly period ending September 30, 2014 of 100% of the term loan indebtedness and any related swap exposure, declining in intervals to 80% for the quarterly period ending December 31, 2015 and, should the Termination Date be extended, further declining in intervals to 70% for the quarterly period ending March 31, 2017.

In connection with the Fourth Amended and Restated Credit Agreement, the Company entered into a Warrant Agreement, dated June 20, 2012, pursuant to which the Company issued 3,148,584 warrants convertible on a cashless basis into shares of the Company's common stock, par value $0.01 (the "Warrant Shares"), at a strike price of $0.01 per share of common stock. One-third of the warrants are exercisable immediately, the next third of the warrants are exercisable when the price of the Company's common stock reaches $10.00 per share and the last third of the warrants are exercisable when the price of the Company's common stock reaches $12.00 per share. Unexercised warrants will expire on June 20, 2022. The Company determined the relative fair value of the Warrant Shares at $6.3 million using the Monte Carlo simulation which was performed, and the mean value was selected. The assumptions used in the Monte Carlo simulation were the underlying stock price of $2.98, risk-free rate of 1.64%, expected volatility of 79.3%, expected term of 10 years and expected dividend yield of 0%. The fair value of the warrants was recorded as deferred financing cost and amortized over the life of the term loan agreement.

Our obligations under the Fourth Amended and Restated Credit Agreement are secured by a first priority mortgage on each of the vessels in our fleet, and by a first assignment of all freights, earnings, insurances and requisition compensation relating to our vessels. The Fourth Amended and Restated Credit Agreement also limits our ability to create liens on our assets in favor of other parties.

Sixth Amendatory and Commercial Framework Implementation Agreement

On September 26, 2011, we entered into the Sixth Amendatory and Commercial Framework Implementation Agreement (the "Sixth Amendment") to the Third Amended and Restated Credit Agreement dated October 19, 2007, which has since been amended and restated in its entirety by the Fourth Amended and Restated Credit Agreement. Among other provisions, the Sixth Amendment had suspended the Company's compliance with certain covenants requirements until June 20, 2012.

For the six months ended June 30, 2012, interest rates on the outstanding debt ranged from 2.71% to 7.73%, including a margin of 2.50% over LIBOR applicable under the terms of the amended revolving credit facility. The weighted average effective interest rate was 3.48%.

Interest Expense, exclusive of capitalized interest, consists of:

	Three Months Ended				Six Months Ended
	June 30, 2012		June 30, 2011		June 30, 2012		June 30, 2011
Loan Interest	$	10,856,540	$	10,747,745	$	20,681,959	$	21,090,497
Amortization of Deferred Financing Costs		1,196,802		924,683		2,332,293		1,918,410
Total Interest Expense	$	12,053,342	$	11,672,428	$	23,014,252	$	23,008,907

Interest paid, exclusive of capitalized interest, in the six-month periods ended June 30, 2012 and 2011 amounted to $19,722,475 and $22,470,387, respectively.

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Basis of Presentation and General Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Charterer A [Member]
Percentage of Charterer Revenue	0.00%	0.00%	0.00%	11.00%
Charterer B [Member]
Percentage of Charterer Revenue	0.00%	12.00%	0.00%	0.00%
Charterer C [Member]
Percentage of Charterer Revenue	10.00%	0.00%	0.00%	0.00%
Charterer D [Member]
Percentage of Charterer Revenue	27.00%	0.00%	26.00%	0.00%
Charterer E [Member]
Percentage of Charterer Revenue	11.00%	0.00%	11.00%	0.00%

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Debt (Tables)

6 Months Ended

Jun. 30, 2012

Debt Disclosure [Abstract]

Schedule of Debt [Table Text Block]

Debt consists of the following:

	June 30, 2012		December 31, 2011
Credit Facility	$	—	$	1,129,478,741
Term loan		1,129,478,741		—
Payment-in-kind loan		707,688		—
Less: Current portion		—		(32,094,006	)
Long-term debt	$	1,130,186,429	$	1,097,384,735

Schedule of Interest Expense Excluding Capitalised Interest [Table Text Block]

Interest Expense, exclusive of capitalized interest, consists of:

	Three Months Ended				Six Months Ended
	June 30, 2012		June 30, 2011		June 30, 2012		June 30, 2011
Loan Interest	$	10,856,540	$	10,747,745	$	20,681,959	$	21,090,497
Amortization of Deferred Financing Costs		1,196,802		924,683		2,332,293		1,918,410
Total Interest Expense	$	12,053,342	$	11,672,428	$	23,014,252	$	23,008,907

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Earnings Per Common Share

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Note 8. Earnings Per Common Share

The computation of basic net loss per share is based on the weighted average number of common shares outstanding during the period. Weighted average shares outstanding for the period ended June 30, 2012, includes the weighted average underlying Warrant Shares issuable upon exercise of the 1,049,528 warrants at the exercise price of $0.01 per share. In accordance with the accounting literature, the Company has given effect to the issuance of these warrants in computing basic net loss per share because the underlying shares are issuable for little or no cash consideration. Diluted net loss per share gives effect to stock options and restricted stock units using the treasury stock method, unless the impact is anti-dilutive. Diluted net loss per share as of June 30, 2012 does not include 657,962 restricted stock units and 350,210 stock options as their effect was anti-dilutive.

	Three Months Ended						Six Months Ended
	June 30, 2012			June 30, 2011			June 30, 2012			June 30, 2011
Net Income (loss)	$	(23,106,239	)	$	(1,438,278	)	$	(40,539,768	)	$	(7,248,559	)
Weighted Average Shares – Basic*		15,880,392			15,642,830			15,815,594			15,641,477
Dilutive effect of stock options and restricted stock units		—			—			—			—
Weighted Average Shares – Diluted*		15,880,392			15,642,830			15,815,594			15,641,477
Basic loss Per Share*	$	(1.46	)	$	(0.09	)	$	(2.56	)	$	(0.46	)
Diluted loss Per Share*	$	(1.46	)	$	(0.09	)	$	(2.56	)	$	(0.46	)

*Adjusted to give effect to the 1 for 4 reverse stock split that became effective on May 22, 2012, see Note 1.

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2012

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

Note  6. Commitments and Contingencies

Legal Proceedings

The Company is involved in legal proceedings and may become involved in other legal matters arising in the ordinary course of its business. The Company evaluates these legal matters on a case-by-case basis to make a determination as to the impact, if any, on its business, liquidity, results of operations, financial condition or cash flows. The Company currently is party to the legal proceedings described below.

Shareholder Derivative Lawsuit

On June 13, 2011, a complaint against the Company’s board of directors and a former director was filed in the United States District Court for the Southern District of New York alleging, among other things, that the directors breached their fiduciary duties of loyalty, good faith and care in connection with (i) director and officer compensation in the years 2008, 2009 and 2010; (ii) the Company’s Management Agreement with Delphin Shipping LLC (“Delphin”) (specifically, according to the complaint, alleged conflicts of interest between the Company’s Chief Executive Officer, Delphin and the Company); and (iii) the adjournment of the Company’s 2011 Annual Meeting of Shareholders. The complaint seeks rescission of director and officer compensation for those years as well as the Management Agreement, and seeks unspecified damages. The matter is currently in discovery.

On August 23, and August 30, 2011, respectively, two additional lawsuits were brought in the Supreme Court of the State of New York (New York County) against the Company’s board of directors and a former director alleging substantially similar breaches of fiduciary duties as those alleged in the lawsuit filed on June 13, 2011. The Company filed a motion to stay these proceedings pending the outcome of the June 13, 2011 federal action, which motion was granted on January 10, 2012, staying both state court proceedings.

On October 31, 2011, a complaint was filed in the United States District Court for the Southern District of New York by one of the plaintiffs in the June 13, 2011 federal action against the Company’s and its board of directors alleging deficiencies in the Company’s proxy statement in connection with its special meeting of shareholders that was held on November 17, 2011. A preliminary injunction seeking to prevent the meeting was brought on November 3, 2011, but the company revised its proxy statement and the motion was subsequently withdrawn, allowing the meeting to proceed as planned. The Company served an answer to the complaint on March 19, 2012.

Korea Line Corporation

On January 25, 2011, Korea Line Corporation ("KLC"), one of our charterers, filed for protective receivership in Seoul, South Korea. On February 15, 2011, the Korean courts approved this request. The Company has temporarily taken back the employment of all affected chartered vessels and re-chartered them out on the spot and short-term time charter markets, pursuant to terms approved by the Korean court. Earnings during this interim period were used to offset the charter hire otherwise due from KLC.

On March 3, 2011, the Company reached a comprehensive agreement with the receivers of KLC regarding twelve time-chartered vessels impacted by KLC's decision to file for protective receivership, which was certified by the joint receivers on March 15, 2011. The main points of this agreement were:

● Charter rates on ten vessels have been adjusted to $17,000 per vessel per day. Additionally, through December 31, 2015, the Company will receive all profits between $17,000 and $21,000 per vessel per day. During this period any additional profits above $21,000 per vessel per day are to be split equally between the Company and KLC.

● After December 31, 2015, all profits above $17,000 per vessel per day are to be split equally until the conclusion of the charters which expire at the earliest on December 31, 2018.

● For the twelve months commencing March 15, 2011, the Company was responsible for the chartering of these ten vessels, while KLC was responsible for any shortfall between the vessels' actual daily earnings and $17,000 per vessel per day. Any such shortfall was treated as a "claim for common benefit" under the Korean laws of corporate Rehabilitation, and is payable in full.

● Time charter rates on two newbuildings still to be delivered to KLC at the time of the agreement were adjusted to $17,000 per vessel per day with the same profit-sharing arrangement as above. On May 20, 2011 and July 13, 2011 the Company took delivery of these two newbuilding vessels, and the Company has chartered them out on the spot and short-term time charter markets. KLC will be responsible for any shortfall between the vessels' actual daily earnings and $17,000 per vessel per day. Any such shortfall shall be treated as a "claim for common benefit" under the Korean laws of corporate Rehabilitation, payable in full.

● At the time of the agreement one vessel was not impacted, subject to the continued performance of the vessel's sub-charterer. The daily time charter rate on this vessel was to remain at $18,300 until January 2014, after which the rate would be $18,000 per day plus 50% of any profits above this rate until the earliest completion of the charter in December 2018. In October, 2011, due to the failure of the sub-charterer to perform, KLC terminated the sub-charter and the Company took over the employment of this vessel at to the same charter rate and terms mentioned above for the other ten vessels.

On April 1, 2011, the Company filed a claim for all unpaid amounts in respect of the employment of the eleven vessels that were under charter to KLC for the period up to February 15, 2011, and agreement was reached with the KLC receivers as to the amount of the claim on September 20, 2011.

On October 14, 2011, following a vote by the interested creditors, the Korean court approved a Rehabilitation Plan, pursuant to which 37% of the Company’s claim in respect of the period up to February 15, 2011 will be paid in cash installments from 2012 through 2021. The majority of the cash payment installments will be paid in the last five years, and the remaining 63% of the said claim will be converted to KLC stock. On July 2, 2012 the Company took possession of the KLC stock. The KLC stock is designated as Available for sale and is reported at fair value, with unrealized gains and losses recorded in shareholders’ equity as a component of accumulated other comprehensive income. On June 30, 2012 KLC stock fair value was $227,354.

The Company evaluated the KLC matter to make a determination as to the impact, if any, on our business, liquidity, results of operations, financial condition and cash flows, and recorded an initial allowance for bad debt in the first quarter of 2011 of $6,586,900, which was updated in the fourth quarter of 2011 to reflect the settlement on November 24, 2011. Accordingly, in the fourth quarter of 2011, the Company adjusted the allowance to $1,811,320, which reflects our recovery of $1,269,070 and write off of $3,506,510. As of June 30, 2012, KLC is not performing in accordance with the $17,000 per vessel per day shortfall arrangement and KLC owes the Company approximately $21.9 million. That revenue does not meet the Company’s revenue recognition policy and is not included in the Company’s financial statements. The Company will recognize that revenue and any future revenue from KLC when collectability is assured.

Vessel Technical Management Contract

The Company has technical management agreements for certain of its vessels with independent technical managers. The Company paid average monthly technical management fees of $10,367 and $9,698 per vessel during the six months ended June 30, 2012 and 2011, respectively.

Other commitments

On July 28, 2011, the Company entered into an agreement to charter-in a 37,000 dwt newbuilding Japanese vessel that is expected to be delivered between May and October 2014 for seven years with an option for an additional one year. The hire rate for the first to seventh year is $13,500 per day and $13,750 per day for the eighth year option. The Company has options to purchase the vessel starting at the end of the fifth year.

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Related Party Transactions

6 Months Ended

Jun. 30, 2012

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

Note 7. Related Party Transactions

On August 4, 2009, the Company entered into a management agreement (the "Management Agreement") with Delphin Shipping LLC ("Delphin"), a Marshall Islands limited liability company affiliated with Kelso Investment Associates VII, KEP VI, LLC and the Company''s Chief Executive Officer, Sophocles Zoullas.  Delphin was formed for the purpose of acquiring and operating dry bulk and other vessels. Under the terms of the Management Agreement, the Company provides commercial and technical supervisory vessel management services to dry bulk vessels acquired by Delphin for a fixed monthly management fee based on a sliding scale. Pursuant to the terms of the Management Agreement, the Company has been granted an opportunity to acquire for its own account any dry bulk vessel that Delphin proposes to acquire.  The Company has also been granted a right of first refusal on any dry bulk charter opportunity, other than a renewal of an existing charter for a Delphin-owned vessel, that the Company reasonably deems suitable for a Company-owned vessel.  The Management Agreement also provides the Company a right of first offer on the sale of any dry bulk vessel by Delphin. The term of the Management Agreement is one year and is renewable for successive one year terms at the option of Delphin.

Pursuant to the Management Agreement, the Company contracted to provide commercial and technical supervisory management services for Delphin vessels for a monthly fee of $15,834 for the first 10 vessels, $11,667 for the second 10 vessels and $8,750 for the third 10 vessels. Construction of the first vessel commenced in December 2010. Total management fees for the period ended June 30, 2012 and 2011 amounted to $1,090,044 and $234,088, respectively. The advanced balance received from Delphin on account of the management of its vessels as of June 30, 2012 amounted to $29,399. The total reimbursable expenses for the periods ended June 30, 2012 and 2011 amounted to $195,836 and $234,088, respectively. The balance due from Delphin as of June 30, 2012 amounted to $96,694. The balance due mainly consists of management fees, administrative service fees and other reimbursable expenses.

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Stock Incentive Plans

6 Months Ended

Jun. 30, 2012

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Note 9. Stock Incentive Plans

Effective as of the opening of trading on May 22, 2012, the Company completed a 1 for 4 reverse stock split as previously approved by the Company's shareholders. Proportional adjustments were made to the Company's issued and outstanding common stock and to its common stock underlying stock options and other common stock-based equity grants outstanding immediately prior to the effectiveness of the reverse stock split to reflect the reverse stock split. No fractional shares were issued in connection with the reverse stock split, as shareholders who would otherwise hold a fractional share of common stock received a cash payment in lieu of that fractional share. All references herein to common stock and per share data have been retrospectively adjusted to reflect the reverse stock split.

2011 Equity Incentive Plan. In November 2011, our shareholders approved the 2011 Equity Incentive Plan (the “2011 Plan”) for the purpose of affording an incentive to eligible persons. The 2011 Equity Incentive Plan provides for the grant of equity based awards, including stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalents, unrestricted stock, other equity based or equity related awards, and/or performance compensation awards based on or relating to the Company's common shares to eligible non-employee directors, officers, employees or consultants. The 2011 Plan is administered by a compensation committee or such other committee of the Company's board of directors. An aggregate of 5.9 million of the Company's common shares have been authorized for issuance under the 2011 Plan. The shares reserved for issuance under the 2011 Plan are not subject to adjustment in the event of a stock split commenced prior to the Company’s 2012 Annual General Meeting. However, the 2011 Plan was approved by shareholders subject to the Company’s confirmation in the proxy materials relating to the approval of the 2011 Plan that no options granted under the plan would, in the aggregate, exceed 10% of the Company’s issued and outstanding shares on a fully diluted basis on the date the options first become exercisable.

2009 Equity Incentive Plan. In May 2009, our shareholders approved the 2009 Equity Incentive Plan (the “2009 Plan”) for the purpose of affording an incentive to eligible persons. The 2009 Plan provides for the grant of equity based awards, including stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalents, unrestricted stock, other equity based or equity related awards, and/or performance compensation awards based on or relating to the Company’s common shares to eligible non-employee directors, officers, employees or consultants. The 2009 Plan is administered by a compensation committee or such other committee of the Company’s board of directors. A maximum of 1.05 million of the Company’s common shares have been authorized for issuance under the 2009 Plan, which have been adjusted in accordance with the one-for-four reverse stock split effective on May 22, 2012.

The Company granted restricted stock units (“RSUs”) to members of its management which vest ratably between three to five years. As of June 30, 2012, RSUs covering a total of 660,708 of the Company’s shares are outstanding. These RSUs also entitle the participant to receive a dividend equivalent payment on the unvested portion of the underlying shares granted under the award, each time the Company pays a dividend to the Company’s shareholders. The dividend equivalent rights on the unvested RSU are forfeited upon termination of employment.The Company is amortizing to non-cash compensation expense the fair value of the non-vested restricted stock at the grant date. For the three months ended June 30, 2012 and 2011, the amortization charge was $2,051,947 and $2,202,091, respectively. For the six months ended June 30, 2012 and 2011, the amortization charge was $4,133,972and $4,421,376, respectively. The remaining expense for each of the years ending 2012, 2013, and 2014 will be $4,116,245, $3,917,562, and $534,193 respectively.

On June 26, 2012, upon the Company’s refinancing of its credit facility, the Company granted options, under the 2011 Plan, to certain members of the Company’s senior management to purchase an aggregate of 1,580,000 of the Company's common shares. The options have an exercise price of $3.34 per share, vest in four equal annual installments beginning on the grant date, and expire ten years from the date of grant. For purposes of determining the non-cash compensation cost for the Company's stock option plans using the fair value method of ASC 718 "Compensation-Stock Compensation", the fair value of the options granted of $2,973,141 was estimated on the date of grant using the Black-Scholes option pricing model. The weighted average assumptions used included a risk free interest rate of 0.75%, and an expected stock price volatility factor of 80%. For the six months ended June 30, 2012 and 2011, the Company has recorded a non-cash compensation charge of $747,952 and $517,761, respectively. The remaining expense for each of the years ending 2012, 2013, 2014 and 2015 will be $681,345, $988,502, $432,310 and $123,032 respectively. As of June 30, 2012 and December 31, 2011, options covering 1,908,371 and 328,371, respectively, of the Company’s common shares are outstanding with exercise prices ranging from $3.34 to $87.52 per share (the market prices at dates of grants). The options granted to the independent non-employee directors vested and became exercisable on the grant dates. The options granted to members of its management vest and become exercisable over three years. All options expire between five to ten years from the date of grant.

The non-cash compensation expenses recorded by the Company and included in General and Administrative Expenses are as follows:

	Three Months Ended				Six Months Ended
	June 30, 2012		June 30, 2011		June 30, 2012		June 30, 2011
Stock Option Plans	$	747,952	$	—	$	747,952	$	517,761
Restricted Stock Grants		2,051,947		2,202,091		4,133,972		4,421,376
Total Non-cash compensation expense	$	2,799,899	$	2,202,091	$	4,881,924	$	4,939,137

As of June 30, 2012, Dividend Equivalent Rights Awards (“DERs”) equivalent to 143,500 of the Company’s common shares are outstanding to its independent non-employee directors and members of its management. These DERs entitle the participant to receive a dividend equivalent payment each time the Company pays a dividend to the Company’s shareholders. For the six and three months ended June 30, 2012 and 2011, no compensation expenses were recorded.

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Derivative Instruments and Fair Value Measurements (Details Textual) (USD $)			3 Months Ended
	Jun. 30, 2012	Dec. 31, 2011	Jun. 30, 2012 Interest Rate Swap [Member]
Derivative Liability, Fair Value, Net (in dollars)	$ 6,223,622	$ 9,486,116
Interest Swaps			The Company will pay fixed rate interest and receive floating-rate interest amounts based on three-month LIBOR settings
Credit Derivatives, Collateral Held Directly or by Third Parties (in dollars)	$ 15,835

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Earnings Per Common Share (Table)

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Three Months Ended						Six Months Ended
	June 30, 2012			June 30, 2011			June 30, 2012			June 30, 2011
Net Income (loss)	$	(23,106,239	)	$	(1,438,278	)	$	(40,539,768	)	$	(7,248,559	)
Weighted Average Shares – Basic*		15,880,392			15,642,830			15,815,594			15,641,477
Dilutive effect of stock options and restricted stock units		—			—			—			—
Weighted Average Shares – Diluted*		15,880,392			15,642,830			15,815,594			15,641,477
Basic loss Per Share*	$	(1.46	)	$	(0.09	)	$	(2.56	)	$	(0.46	)
Diluted loss Per Share*	$	(1.46	)	$	(0.09	)	$	(2.56	)	$	(0.46	)

*Adjusted to give effect to the 1 for 4 reverse stock split that became effective on May 22, 2012, see Note 1.

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Vessels (Details Textual)	Jun. 30, 2012
Number of Vessels	45

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Net loss	$ (23,106,239)	$ (1,438,278)	$ (40,539,768)	$ (7,248,559)
Other comprehensive income:
Change in unrealized loss on investment	(514,508)	0	(760,842)	0
Net unrealized gain on derivatives	1,822,164	1,933,667	3,262,494	5,431,940
Total other comprehensive income	1,307,656	1,933,667	2,501,652	5,431,940
Comprehensive (loss) income	$ (21,798,583)	$ 495,389	$ (38,038,116)	$ (1,816,619)

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Vessels

6 Months Ended

Jun. 30, 2012

Vessels [Abstract]

Vessels [Text Block]

Note 3. Vessels

Vessel and Vessel Improvements

At June 30, 2012, the Company’s operating fleet consisted of 45 dry bulk vessels. The Company completed its newbuilding program in the fourth quarter of 2011.

Vessel and vessel improvements:

Vessels and Vessel Improvements, at December 31, 2011	$	1,789,381,046
Purchase of Vessel Improvements		58,520
Depreciation Expense		(37,360,998	)
Vessels and Vessel Improvements, at June 30, 2012	$	1,752,078,568

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Debt (Detail) (USD $)	Jun. 30, 2012	Dec. 31, 2011
Credit Facility	$ 0	$ 1,129,478,741
Term loan	1,129,478,741	0
Payment In Kind Loan	707,688	0
Less: Current portion	0	(32,094,006)
Long-term debt	$ 1,130,186,429	$ 1,097,384,735

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Earnings Per Common Share (Details Textual) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	0	0	0
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount			350,210
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount			657,962
Warrant [Member]
Weighted Average Underlying Warrent Shares Issuable			1,049,528
Class of Warrant or Right, Exercise Price of Warrants or Rights	0.01		0.01

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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		—