Debt (Tables)

9 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

 Long-term debt consists of the following: 

	September 30, 2015			December 31, 2014
	(unaudited)
Bulk Pangaea Secured Note (1)	$	2,081,250		$	3,121,875
Bulk Discovery Secured Note (3)	—			3,780,000
Bulk Patriot Secured Note (1)	2,925,000			4,762,500
Bulk Cajun Secured Note (3)	—			853,125
Bulk Trident Secured Note (1)	6,693,750			7,650,000
Bulk Juliana Secured Note (1)	4,056,249			5,070,312
Bulk Nordic Odin Ltd., Bulk Nordic Olympic Ltd., Bulk Nordic Odyssey Ltd., Bulk Nordic Orion Ltd. and Bulk Nordic Oshima Ltd. Amended and Restated Loan Agreement (4)	91,500,000			51,125,000
Bulk Atlantic Secured Note (2)	7,210,000			7,890,000
Bulk Phoenix Secured Note (1)	8,066,664			8,916,665
Term Loan Facility of USD 13,000,000 (Nordic Bulk Barents Ltd. and Nordic Bulk Bothnia Ltd.)	11,043,460			12,021,730
Long Wharf Construction to Term Loan	983,516			998,148
Total	134,559,889			106,189,355
Less: current portion	(18,136,172		)	(17,807,674		)
Less: unamortized bank fees	(1,203,559		)	(951,265		)
Secured long-term debt	$	115,220,158		$	87,430,416

⁽¹⁾  The Bulk Pangaea Secured Note, the Bulk Patriot Secured Note, the Bulk Juliana Secured Note, the Bulk Trident Secured Note and the Bulk Phoenix Secured Note are cross-collateralized by the m/v Bulk Pangaea, m/v Bulk Patriot, m/v Bulk Juliana, m/v Bulk Trident and m/v Bulk Newport and are guaranteed by the Company.

⁽²⁾  The Bulk Atlantic Secured Note is collateralized by the m/v Bulk Beothuk and is guaranteed by the Company.

⁽³⁾  The Bulk Cajun Secured Note was repaid on February 12, 2015 in conjunction with the sale of the m/v Bulk Cajun. The Bulk Discovery Secured Note was repaid on July 1, 2015 and the m/v Bulk Discovery was sold on August 17, 2015.

⁽⁴⁾  The borrower under this facility is NBHC, of which the Company and its joint venture partners, STST and ASO2020, each own one-third. NBHC is consolidated in accordance with ASC 810-10 and as such, amounts pertaining to the non-controlling ownership held by these third parties in the financial position of NBHC are reported as non-controlling interest in the accompanying balance sheets.

Schedule of Maturities of Long-term Debt

The future minimum annual payments (excluding unamortized bank fees) under the debt agreements are as follows:

	Years ending September 30,
	(unaudited)
2016	$	18,136,172
2017	15,469,376
2018	17,971,926
2019	14,765,182
2020	25,353,064
Thereafter	42,863,955
	$	134,559,675