Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2012

Long-Term Debt [Abstract]

Long-term debt

Long-term debt consisted of the following on the dates set forth below:

( in thousands)			Interest Rate								Total Principal Due
			June 30,			December 31,			Maturity		June 30,			December 31,
Description			2012			2011			Date		2012			2011
Secured:
Notes Payable - Variable Rate	(4	)		1.4616	%		1.5738	%		2015	$	14,000		$	15,333
Notes Payable - Variable Rate	(4	)		4.6700	%		0.0000	%		2012		12,145			12,845
Notes Payable - Variable Rate	(3	)(4)		1.7106	%		1.8293	%		2013		14,242			29,389
Notes Payable - Variable Rate	(1	)		2.9616	%		3.0632	%		2018		20,614			22,332
Notes Payable - Variable Rate	(3	)		N/A			3.2702	%		2014		-			13,318
Notes Payable - Variable Rate	(3	)(4)		1.1000	%		1.0957	%		2020		47,875			60,808
Notes Payable - Variable Rate	(3	)		N/A			3.0600	%		2017		-			41,656
Notes Payable - Variable Rate				2.9700	%		2.88-2.92	%		2018		50,600			52,440
Notes Payable- Variable Rate	(3	)		N/A			3.2458	%		2018		-			24,162
Notes Payable - Variable Rate				2.5898	%		2.6440	%		2017		14,742			15,675
Notes Payable - Variable Rate				3.1306	%		3.2458	%		2018		17,040			18,460
Notes Payable - Variable Rate	(1	)		2.9657	%		3.0000	%		2018		18,536			6,175
Unsecured Line of Credit	(2	)		4.0214	%		4.0349	%		2013		10,000			9,500
												219,794			322,093
			Less Current Maturities									(27,849	)		(36,079	)
											$	191,945		$	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 drawn on January 24, 2012.

(2) In March, 2012, we amended our unsecured line of credit to extend 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.  During the second quarter of 2012, $10 million was drawn.  This $10 million was repaid in July, 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, we used proceeds from the sale of capital assets to pay off three loans in full and two loans in part, 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.