Derivative Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2012

Fair Value Disclosures [Abstract]

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

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

Notional Amount Outstanding December 31, 2012		Notional Amount Outstanding December 31, 2011		Fixed Rate
	—	$	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
$	166,300,000	$	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 OCI on Derivative (Effective Portion)
Derivatives designated for cash flow hedging relationships	Year Ended December 31, 2012		Year Ended December 31, 2011
Interest rate swaps		(2,243,833)		(9,486,116)
Total	$	(2,243,833)	$	(9,486,116)

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

The Effect of not designated derivative instruments on statements of operations:

Derivatives not designated as hedging instruments	Location of Loss Recognized	Year Ended December 31, 2012		Year Ended December 31, 2011
Forward freight agreements	Other income (expenses)	$	1,028,375	$	151,918
Total		$	1,028,375	$	151,918

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

The following table summarizes assets and liabilities measured at fair value on a recurring basis at December 31:

	December 31, 2012						December 31, 2011
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets:
Investment	$	197,509		—		—	$	988,196		—		—
Bunker swaps		—		—		—	$	142,750		—		—
Bunker derivative instruments		—		—		—		—	$	261,000		—
Liabilities:
Interest rate swaps		—	$	2,243,833		—		—	$	9,486,116		—
Bunker swaps		—		—		—	$	53,000		—		—
Bunker derivative instruments		—		—		—		—	$	104,640		—