Note 3 - Vessels

12 Months Ended

Dec. 31, 2015

Property, Plant and Equipment Disclosure [Text Block]

Note 3. Vessels

At December 31, 2015, the Company’s operating fleet consisted of 44 drybulk vessels. At October 15, 2014, the Company’s vessels were adjusted to a fair value aggregating $842,625,000 as part of fresh start accounting. The Company estimated the fair values based primarily on valuations obtained from third-party specialists principally utilizing the market value approach.

As of December 31, 2015, we determined that the future undiscounted cash flows did not exceed the net book value on six of our vessels. This is a result of our intention to divest six of our older vessels in the short term period. As a result, we reduced the carrying value of each vessel to its fair market value as of December 31, 2015 and recorded an impairment charge of $50,872,734.

		Successor

Vessels and Vessel Improvements, at December 31, 2014	$	834,052,684
Purchase of Vessel Improvements		1,662,031
Disposal of Vessel		(9,932,217	)
Depreciation Expense		(40,949,033	)
Vessel impairment charge		(50,872,734	)
Vessels and Vessel Improvements, at December 31, 2015	$	733,960,731