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.