Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2013

Long-Term Debt [Abstract]

Schedule Of Long-Term Debt

Long-term debt consisted of the following:
		Interest Rate					Total Principal Due
(All Amount in Thousands)		Year Ended December 31,				Maturity	Year Ended December 31,
Description		2013		2012		Date	2013		2012
Secured:
Notes Payable – Variable Rate	(1)			2.0600	%		$	-	$	12,666
Notes Payable – Variable Rate	(3)	2.7451	%	2.8090	%	2018		15,460		18,896
Notes Payable – Variable Rate	(2,5)			2.7090	%			-		30,000
Notes Payable – Variable Rate		2.7400	%	2.81-2.85	%	2018		45,081		48,760
Notes Payable – Variable Rate		2.5188	%	2.5590	%	2017		11,383		13,436
Notes Payable – Variable Rate		2.9181	%	2.9810	%	2018		12,780		15,620
Notes Payable – Variable Rate	(3)	2.7384	%	2.8158	%	2018		16,651		17,908
Notes Payable – Variable Rate	(4)	2.8964	%	1.8314	%	2020		31,437		42,089
Notes Payable – Variable Rate	(5)	3.7500	%			2018		44,437		-
Unsecured Line of Credit-Old	(6)			3.9597	%			-		38,255
Secured Line of Credit-New	(5)	3.6700	%			2018		21,000		-
								198,229		237,630
		Less Current Maturities						(19,213)		(26,040)
							$	179,016	$	211,590

1. We had an interest rate swap agreement in place to fix the interest rate on our variable rate note payable expiring in 2015 at 4.41%.  Upon early repayment of approximately $13.3 million to close this credit facility, the interest rate swap was settled and terminated in the third quarter of 2013.

2.We entered into a variable rate financing agreement with Capital One N.A. on November 30, 2012 for a five year facility totaling $30.0 million to finance a portion of the acquisition of UOS.  This facility was fully drawn prior to the end of 2012. Upon execution of the new U.S. Senior Credit Facility, this credit facility was paid off in full. The early pre-payment amount was approximately $25.5 million.

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 Supramax Bulk Carrier Newbuilding, both of which we acquired a 100% interest in as a result of our 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 $24.1 million, and Tranche B, providing up to $23.3 million of additional credit. Under Tranche B, we drew $6.1 million in November 2011 and $12.7 million on January 24, 2012.

4.We have a Yen interest rate swap agreement in place to fix the interest rate on our variable rate note payable expiring in 2020 at 2.065%. After applicable margin adjustments, the effective interest rate on this note payable is fixed at 4.815%. The swap agreement is for the same term as the associated note payable.

5.As described in greater detail above, on September 24, 2013, we entered into a senior secured Credit Facility. The Credit Facility matures on September 24, 2018 and includes a term loan facility in the principal amount of $45.0 million and a LOC, which allows for borrowing up to a principal amount of $50.0 million. The LOC facility includes a $20.0 million sublimit for the issuance of standby letters of credit and a $5.0 million sublimit for swingline loans.  As of September 24, 2013, the Credit Facility had four lenders, each with commitments ranging from $15 million to $30 million.  The facility carries an accordion feature, whereby an additional term loan up to $50.0 million may be advanced subject to certain financial requirements.

6.Our previously-existing unsecured line of credit agreement was paid off with the execution of the new secured credit facility on September 24, 2013.