XML 66 R51.htm IDEA: XBRL DOCUMENT v2.4.0.6
Long-Term Debt (Details) (USD $)
3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 12 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 1 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2012
Dec. 31, 2011
Jun. 20, 2011
Notes Payable - Variable Rate 2018 [Member]
Jun. 30, 2011
Notes Payable - Variable Rate 2018, Tranche A [Member]
Mar. 31, 2012
Notes Payable - Variable Rate 2018, Tranche B [Member]
Dec. 31, 2011
Notes Payable - Variable Rate 2018, Tranche B [Member]
Nov. 30, 2011
Notes Payable - Variable Rate 2018, Tranche B [Member]
Mar. 31, 2012
Secured Debt [Member]
Mar. 31, 2011
Secured Debt [Member]
Jun. 30, 2012
Secured Debt [Member]
Notes Payable - Variable Rate 2015 [Member]
Dec. 31, 2011
Secured Debt [Member]
Notes Payable - Variable Rate 2015 [Member]
Jun. 30, 2012
Secured Debt [Member]
Notes Payable - Variable Rate 2012 [Member]
Dec. 31, 2011
Secured Debt [Member]
Notes Payable - Variable Rate 2012 [Member]
Jun. 30, 2012
Secured Debt [Member]
Notes Payable - Variable Rate 2013 [Member]
Dec. 31, 2011
Secured Debt [Member]
Notes Payable - Variable Rate 2013 [Member]
Jun. 30, 2012
Secured Debt [Member]
Notes Payable - Variable Rate 2018, Tranche A [Member]
Dec. 31, 2011
Secured Debt [Member]
Notes Payable - Variable Rate 2018, Tranche A [Member]
Jun. 30, 2012
Secured Debt [Member]
Notes Payable - Variable Rate 2014 [Member]
Dec. 31, 2011
Secured Debt [Member]
Notes Payable - Variable Rate 2014 [Member]
Jun. 30, 2012
Secured Debt [Member]
Notes Payable - Variable Rate 2020 [Member]
Dec. 31, 2011
Secured Debt [Member]
Notes Payable - Variable Rate 2020 [Member]
Jun. 30, 2012
Secured Debt [Member]
Notes Payable - Variable Rate 2017 [Member]
Dec. 31, 2011
Secured Debt [Member]
Notes Payable - Variable Rate 2017 [Member]
Jun. 30, 2012
Secured Debt [Member]
Notes Payable - Variable Rate 2018d [Member]
Dec. 31, 2011
Secured Debt [Member]
Notes Payable - Variable Rate 2018d [Member]
Jun. 30, 2012
Secured Debt [Member]
Notes Payable - Variable Rate 2018b [Member]
Dec. 31, 2011
Secured Debt [Member]
Notes Payable - Variable Rate 2018b [Member]
Jun. 30, 2012
Secured Debt [Member]
Notes Payable - Variable Rate 2017b [Member]
Dec. 31, 2011
Secured Debt [Member]
Notes Payable - Variable Rate 2017b [Member]
Jun. 30, 2012
Secured Debt [Member]
Notes Payable - Variable Rate 2018c [Member]
Dec. 31, 2011
Secured Debt [Member]
Notes Payable - Variable Rate 2018c [Member]
Jun. 30, 2012
Secured Debt [Member]
Notes Payable - Variable Rate 2018, Tranche B [Member]
Dec. 31, 2011
Secured Debt [Member]
Notes Payable - Variable Rate 2018, Tranche B [Member]
Mar. 31, 2012
Unsecured Line of Credit [Member]
Jun. 30, 2012
Unsecured Line of Credit [Member]
Mar. 31, 2012
Unsecured Line of Credit [Member]
Jun. 30, 2012
Unsecured Line of Credit [Member]
Dec. 31, 2011
Unsecured Line of Credit [Member]
Debt Instrument [Line Items]                                                                            
Interest rate (in hundredths)                   1.4616% [1] 1.5738% [1] 4.67% [1] 0.00% [1] 1.7106% [1],[2] 1.8293% [1],[2] 2.9616% [3] 3.0632% [3]   3.2702% [2] 1.10% [1],[2] 1.0957% [1],[2]   3.06% [2] 2.97%     3.2458% [2] 2.5898% 2.644% 3.1306% 3.2458% 2.9657% [3] 3.00% [3]   4.0214% [4]   4.0214% [4] 4.0349% [4]
Interest rate, minimum (in hundredths)                                                 288.00%                          
Interest rate, maximum (in hundredths)                                                 292.00%                          
Maturity date                   2015 [1]   2012 [1]   2013 [1],[2]   2018 [3]   2014 [2]   2020 [1],[2]   2017 [2]   2018   2018 [2]   2017   2018   2018 [3]         2013 [4]  
Total principal due $ 219,794,000 $ 322,093,000               $ 14,000,000 [1] $ 15,333,000 [1] $ 12,145,000 [1] $ 12,845,000 [1] $ 14,242,000 [1],[2] $ 29,389,000 [1],[2] $ 20,614,000 [3] $ 22,332,000 [3] $ 0 [2] $ 13,318,000 [2] $ 47,875,000 [1],[2] $ 60,808,000 [1],[2] $ 0 [2] $ 41,656,000 [2] $ 50,600,000 $ 52,440,000 $ 0 [2] $ 24,162,000 [2] $ 14,742,000 $ 15,675,000 $ 17,040,000 $ 18,460,000 $ 18,536,000 [3] $ 6,175,000 [3]   $ 10,000,000 [4]   $ 10,000,000 [4] $ 9,500,000 [4]
Less current maturities (27,849,000) (36,079,000)                                                                        
Long-term debt - non-current 191,945,000 286,014,000                                                                        
Term of financing agreement     7 years                                                                      
Number of tranches     2                                                                      
Proceeds from borrowings of long-term debt       24,200,000 12,700,000 6,100,000                                                         10,000,000 18,500,000    
Maximum borrowing capacity             23,300,000                                                              
Line of Credit Facility, Extended Expiration Date                                                                   April, 2014        
Repayment of line of credit                                                                     10,000,000 28,000,000    
Commitment fee on undrawn portion of facility (in hundredths)                                                                         0.125%  
Number of loans paid off from sale proceeds               3                                                            
Number of loans paid down from sale proceeds                 2                                                          
Repayments of Japanese Yen facility from sale proceeds               $ 10,000,000                                                            
[1] We have interest rate swap agreements in place to fix the interest rates on these variable rate notes payables.
[2] 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.
[3] 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.
[4] 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.