Condensed Consolidated Statements of Operations (Unaudited) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues, net of commissions		$ 35,788,181	$ 29,127,482	$ 82,656,903	$ 78,116,020
Voyage expenses		11,207,959	5,202,219	27,902,155	13,540,698
Vessel expenses		17,707,959	22,492,616	56,783,181	63,124,053
Charter hire expenses		3,822,456	1,248,649	6,979,213	3,697,745
Depreciation and amortization		9,854,228	11,284,454	28,905,058	32,739,674
General and administrative expenses		5,223,782	5,907,387	15,429,844	18,186,555
Refinancing expenses		(4,625)		5,869,025
Impairment of vessels				6,167,262
Loss on sale of vessels		(299,350)		101,860	5,696,675
Total operating expenses		47,512,409	46,135,325	148,137,598	136,985,400
Operating loss		(11,724,228)	(17,007,843)	(65,480,695)	(58,869,380)
Interest expense		7,434,156	3,048,180	15,154,659	9,197,163
Interest income		(88,094)		(91,606)	(2,955)
Other expense		288,754	320,597	589,539	488,396
Total other expense, net		7,634,816	3,368,777	15,652,592	9,682,604
Net loss		$ (19,359,044)	$ (20,376,620)	$ (81,133,287)	$ (68,551,984)
Weighted average shares outstanding *:
Basic (in shares)	[1]	37,031,096	1,881,968	20,588,612	1,880,116
Diluted (in shares)	[1]	37,031,096	1,881,968	20,588,612	1,880,116
Per share amounts*:
Basic net loss (in dollars per share)	[1]	$ (0.52)	$ (10.83)	$ (3.94)	$ (36.46)
Diluted net loss (in dollars per share)	[1]	$ (0.52)	$ (10.83)	$ (3.94)	$ (36.46)

[1] Adjusted to give effect for the 1 for 20 reverse stock split that became effective as of the opening of trading on August 5, 2016, see Note 1.