XML 51 R40.htm IDEA: XBRL DOCUMENT v3.22.4
Long-term Debt (Details) - USD ($)
9 Months Ended
Aug. 04, 2022
Jul. 29, 2022
Jun. 06, 2022
May 19, 2022
Apr. 21, 2022
Dec. 31, 2022
Dec. 31, 2021
Sep. 06, 2022
Mar. 31, 2022
Dec. 29, 2021
Mar. 31, 2015
Long-Term Debt                      
Proceeds from Sale of Property, Plant, and Equipment             $ 43,283,021        
Proceeds from long-term debt borrowings           $ 290,000,000 83,400,000        
Debt obligations                      
Total debt obligations           635,629,860     $ 670,020,444    
Less: deferred financing fees           6,291,039     7,257,486    
Total           629,338,821     662,762,958    
Presented as follows:                      
Current portion of long-term debt           52,136,738     72,075,571    
Long-term debt-net of current portion and deferred financing fees           577,202,083     590,687,387    
Total           629,338,821     662,762,958    
Deferred financing fees                      
Deferred finance fees, beginning           7,257,486          
Additions           4,244,094          
Amortization           (5,210,541) $ (3,232,626)        
Deferred finance fees, end           6,291,039          
2015 Facility                      
Long-Term Debt                      
Original loan amount                     $ 758,000,000
Repayment of debt       $ 20,000,000.0 $ 25,000,000.0            
Debt obligations                      
Total debt obligations                 206,381,274    
Commercial Financing                      
Long-Term Debt                      
Repayment of debt         11,100,000            
Debt obligations                      
Total debt obligations                 91,651,888    
KEXIM Direct Financing                      
Long-Term Debt                      
Repayment of debt         11,100,000            
Debt obligations                      
Total debt obligations                 44,406,733    
KEXIM Guaranteed                      
Debt obligations                      
Total debt obligations                 47,190,358    
K-sure Insured                      
Long-Term Debt                      
Repayment of debt         $ 2,800,000            
Debt obligations                      
Total debt obligations                 23,132,295    
Japanese Financings                      
Debt obligations                      
Total debt obligations           329,637,682     382,064,998    
Corsair Japanese Financing                      
Debt obligations                      
Total debt obligations           35,208,334     37,645,833    
Concorde Japanese Financing                      
Long-Term Debt                      
Cash consideration payable for vessel repurchase     $ 41,200,000                
Notice period for vessel repurchase     3 months                
Deposit retained by buyer used for purchase payment     $ 14,000,000.0                
Debt obligations                      
Total debt obligations                 42,269,231    
Corvette Japanese Financing                      
Long-Term Debt                      
Cash consideration payable for vessel repurchase     $ 42,200,000                
Notice period for vessel repurchase     45 days                
Deposit retained by buyer used for purchase payment     $ 14,000,000.0                
Debt obligations                      
Total debt obligations                 42,807,692    
Cresques Japanese Financing                      
Debt obligations                      
Total debt obligations           43,095,000     45,660,000    
Cratis Japanese Financing                      
Debt obligations                      
Total debt obligations           46,600,000     49,660,000    
Copernicus Japanese Financing                      
Debt obligations                      
Total debt obligations           46,600,000     49,660,000    
Chaparral Japanese Financing                      
Debt obligations                      
Total debt obligations           62,934,348     64,662,242    
Caravelle Japanese Financing                      
Debt obligations                      
Total debt obligations           47,000,000     49,700,000    
Cougar Japanese Financing                      
Long-Term Debt                      
Value of vessel transferred       $ 70,000,000.0              
Term of Charter Agreement       10 years              
Period until purchase option exercisable       3 years              
Proceeds from Sale of Property, Plant, and Equipment       $ 50,000,000.0              
Deposit retained by buyer used for purchase payment       20,000,000.0              
Repayment of debt       $ 20,000,000.0              
Loan term period       10 years              
Financing cost to be incurred       $ 400,000              
Monthly brokerage commission (as a percent)       1.25%              
Brokerage commission fee on exercised purchase option (as a percent)       0.50%              
Periodic principal payment amount       $ 900,000              
Balloon payment amount       $ 14,000,000.0              
Debt obligations                      
Total debt obligations           48,200,000          
BALCAP Facility                      
Long-Term Debt                      
Original loan amount                   $ 83,400,000  
Debt obligations                      
Total debt obligations           $ 75,992,178     $ 81,574,172    
2022 Debt Facility                      
Long-Term Debt                      
Original loan amount   $ 260,000,000.0                  
Basis points receivable as discount for improvement in Average Efficiency Ratio           0.05%          
Repayment of debt $ 158,700,000                    
Debt obligations                      
Total debt obligations           $ 230,000,000          
2022 Revolving Credit Facility                      
Long-Term Debt                      
Original loan amount   20,000,000.0                  
2022 Term Loan Facility                      
Long-Term Debt                      
Original loan amount   $ 240,000,000.0                  
Amount drawn on line of credit $ 216,000,000.0             $ 24,000,000.0      
Additional Basis Points To Decrease Margin   0.05%                  
Additional Basis Points To Increase Margin   0.05%                  
Margin added to SOFR for interest rate on loan facility (as a percent)   2.20%       2.15%          
Loan term period   7 years                  
Minimum | 2022 Debt Facility                      
Long-Term Debt                      
Debt Instrument Covenants Current Ratio           100.00%          
Minimum stockholder's equity balance           $ 400,000,000          
Debt Instrument Covenants Consolidated Net Debt to Consolidated Total Capitalization Ratio           60.00%          
Minimum liquidity covenant           $ 27,500,000          
Percentage Of Interest Bearing Debt           5.00%          
Minimum | 2022 Term Loan Facility                      
Long-Term Debt                      
Additional Basis Points To Increase Margin   45.00%                  
Maximum | 2022 Debt Facility                      
Long-Term Debt                      
Debt Instrument Covenants Consolidated Net Debt to Consolidated Total Capitalization Ratio           100.00%          
Percentage of increase in security value ratio           145.00%          
Maximum | 2022 Term Loan Facility                      
Long-Term Debt                      
Security leverage ratio   35.00%                  
SOFR | Cougar Japanese Financing                      
Long-Term Debt                      
SOFR adjustment term       3 months              
Margin added to SOFR for interest rate on loan facility (as a percent)       2.45%