Vessels

12 Months Ended

Dec. 31, 2012

Property, Plant and Equipment [Abstract]

Vessels [Text Block]

Note 3.  Vessels

At December 31, 2012, the Company's operating fleet consisted of 45 dry bulk vessels. In 2011 the Company completed its newbuilding program and took delivery of the last eight Chinese-built vessels and sold the Heron, a 2001-built Supramax, for $22,511,226, after brokerage commissions payable to a third party and realized a net loss of $509,076.

Vessel and vessel improvements consist of the following:
Balance vessels and vessel improvements, at December 31, 2010	$	1,509,798,249
Vessel improvements		2,991,995
Delivery of newbuild vessels		368,800,779
Disposal of vessel		(22,494,172	)
Depreciation expense		(69,715,805	)
Balance vessels and vessel improvements, at December 31, 2011		1,789,381,046
Vessel improvements		58,521
Depreciation expense		(75,131,914	)
Balance vessels and vessel improvements, at December 31, 2012	$	1,714,307,653

In 2007, the Company acquired the rights to the construction of the newbuilding vessels in China from Kyrini Shipping Inc., an unrelated privately held Greek shipping company. The acquisition comprised of purchase contracts for the construction of Supramax vessels and time charter employment contracts. The charter rates on the employment contracts acquired were either below or above market rates for equivalent time charters prevailing at the time the foregoing vessel contracts were acquired.  The present values of the above and below market charters at the date of acquisition were estimated by the Company at $4,531,115 and $32,867,920, respectively, and were recorded as assets and liabilities in the consolidated balance sheets. These amounts are amortized to revenue over the remaining life of the time charters assumed on these vessels. For the years ended December 31, 2012, 2011and 2010, net revenues included $4,770,214, $5,088,268 and $4,754,407, respectively, as amortization of the below and above market rate charters.