Note 2 - Equity Offerings

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

Note

2.

Equity Offerings

On

December 13, 2016,

the Company entered into a Stock Purchase Agreement with certain investors (the “Investors”), pursuant to which the Company agreed to issue to the Investors in a private placement exemption from registration under Section

4

(a)(

2

) of the Securities Act and Rule

506

of Regulation D promulgated under the Securities Act (the

“December

Private Placement”) approximately

22.2

million shares of the Company’s common stock, par value

$0.01

per share, at a purchase price of

$4.50

per share, for aggregate gross proceeds of

$100.0

million. On

January 20, 2017,

the Company closed the previously announced

December

Private Placement for aggregate net proceeds of 

$96.0

million. The Company principally used the proceeds to acquire

two

Ultramax vessels and for a portion of the payments required to acquire the Greenship Vessels (as defined in "Note

5

Debt - Ultraco Debt Facility" to the condensed consolidated financial statements).