Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2014

Long-Term Debt [Abstract]

Schedule Of Long-Term Debt

		Interest Rate					Total Principal Due
(All Amount in Thousands)		March 31,		December 31,		Maturity	March 31,		December 31,
Description		2014		2013		Date	2014		2013
Secured:
Notes Payable – Variable Rate	(1)	2.7349	%	2.7451	%	2018	$	14,602	$	15,460
Notes Payable – Variable Rate		2.7400	%	2.7400	%	2018		44,160		45,081
Notes Payable – Variable Rate		2.5045	%	2.5188	%	2017		10,823		11,383
Notes Payable – Variable Rate		2.9166	%	2.9181	%	2018		12,070		12,780
Notes Payable – Variable Rate	(1)	2.7365	%	2.7384	%	2018		16,337		16,651
Notes Payable – Variable Rate	(2)	2.8900	%	2.8964	%	2020		31,246		31,437
Notes Payable – Variable Rate	(3)	4.0000	%	3.7500	%	2018		43,875		44,437
Secured Line of Credit	(3)	3.9100	%	3.6700	%	2018		21,000		21,000
								194,113		198,229
		Less Current Maturities						(19,559)		(19,213)
							$	174,554	$	179,016

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 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 in January 2012.

2. We have an 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 3.715%. The swap agreement is for the same term as the associated note payable.

3. As described in greater detail above, our senior secured Credit Facility matures on September 24, 2018 and includes a term loan facility in the principal amount of $45 million and a LOC in the principal amount up to $50 million. The LOC facility includes a $20 million sublimit for the issuance of standby letters of credit and a $5 million sublimit for swingline loans.