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Long-Term Debt
 3 Months Ended
Mar. 31, 2012
Long-Term Debt [Abstract]  
Long-Term Debt
Note 16. Long-Term Debt
 
Long-term debt consisted of the following on the dates set forth below:
 
( Amounts in thousands)
 
Interest Rate
 
Total Principal Due
   
March 31,
December 31,
Maturity
March 31,
December 31,
Description
 
2012
2011
Date
2012
2011
Secured:
           
Notes Payable - Variable Rate
(4)
1.4737%
1.5738%
2015
 $       14,667
 $        15,333
Notes Payable - Variable Rate
(4)
0.0000%
0.0000%
2012
          12,495
           12,845
Notes Payable - Variable Rate
(3)(4)
1.7197%
1.8293%
2013
          16,109
           29,389
Notes Payable - Variable Rate
(1)
2.9731%
3.0632%
2018
          21,473
           22,332
Notes Payable - Variable Rate
(3)
N/A
3.2702%
2014
                   -
           13,318
Notes Payable - Variable Rate
(3)(4)
1.1200%
1.0957%
2020
          47,162
           60,808
Notes Payable - Variable Rate
(3)
N/A
3.0600%
2017
                   -
           41,656
Notes Payable - Variable Rate
 
3.06-3.08%
2.88-2.92%
2018
          51,519
           52,440
Notes Payable- Variable Rate
(3)
N/A
3.2458%
2018
                   -
           24,162
Notes Payable - Variable Rate
 
2.5940%
2.6440%
2017
          15,302
           15,675
Notes Payable - Variable Rate
 
3.2458%
3.2458%
2018
          17,750
           18,460
Notes Payable - Variable Rate
(1)
3.06-2.86%
3.0000%
2018
          18,850
             6,175
Unsecured Line of Credit
(2)
N/A
4.0349%
2013
                   -
             9,500
         
 215,327
322,093
   
Less Current Maturities
 
        (27,991)
         (36,079)
         
 $     187,336
 $      286,014


(1) We entered into a variable rate financing agreement with ING Bank N.V., London branch on June 20, 2011 for a seven year facility to finance the acquisition of a Cape Size vessel and a Handymax Bulk Carrier Newbuilding, both of which were assumed in the acquisition of Dry Bulk.  Pursuant to the terms of the facility, the lender agreed to provide a secured term loan facility divided into two tranches:  Tranche A, fully drawn on June 20, 2011 in the amount of $24.2 million, and Tranche B, providing up to $23.3 million of additional credit.  Under Tranche B, $6.1 million was drawn in November 2011 and the final draw of $12.7 million was made on January 24, 2012.
 
(2) In March, 2012, the 5th amendment to the unsecured line of credit extended the expiration date until April  2014.  At December 31, 2011, we had $9.5 million drawn and during the first quarter of 2012, an additional $18.5 million was drawn.  The entire $28 million was repaid by March 31, 2012.  Associated with this credit facility is a commitment fee of .125% per year on the undrawn portion of this facility.
 
(3)  In the first quarter of 2012, proceeds from the sale of capital assets were used to pay off three loans and additional principal was paid on two loans, including approximately $10 million of the Japanese Yen facility.
 
(4) We have interest rate swap agreements in place to fix the interest rates on these variable rate notes payables.
 
As of March 31, 2012, the Company was in compliance with all financial covenants related to its debt obligations, and we believe that we will continue to meet such covenants in the near future.