Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2014

Long-Term Debt [Abstract]

Schedule Of Long-Term Debt

		Interest Rate					Total Principal Due
(All Amount in Thousands)		December 31,		December 31,		Maturity	December 31,		December 31,
Description of Secured Debt		2014		2013		Date	2014		2013
Notes Payable – Variable Rate	(1)	2.7471	%	2.7451	%	2018	$	12,025	$	15,460
Notes Payable – Variable Rate		2.7312-2.7324	%	2.7400	%	2018		41,400		45,081
Notes Payable – Variable Rate		2.5050	%	2.5188	%	2017		9,144		11,383
Notes Payable – Variable Rate	(5)	2.9195	%	2.9181	%	2021		21,943		12,780
Notes Payable – Variable Rate	(1)	2.7350	%	2.7384	%	2018		15,394		16,651
Notes Payable – Variable Rate	(2)	3.6100	%	2.8964	%	2020		24,812		31,437
Notes Payable – Variable Rate	(3)	3.9900	%	3.7500	%	2018		41,906		44,437
Notes Payable – Fixed Rate	(4)	4.3500	%			2020		37,759		-
Note Payable - Mortgage	(6)							5		-
Line of Credit	(3)	3.9100	%	3.6700	%	2018		38,500		21,000
								242,888		198,229
		Less Current Maturities						(23,367)		(19,213)
							$	219,521	$	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 Capesize 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 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 5.565%. 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. 

4. We entered into a fixed rate financing agreement with DVB Bank SE, on August 26, 2014 in the amount of $38.5 million, collateralized by our 2007 PCTC at a rate of 4.35% with 24 quarterly payments with a final balloon payment of $20.7 million in August 2020.

5. During August 2014, we paid off our $11.4 million loan with DnB ASA and obtained a new loan with RBS Asset Finance in the amount of $23.0 million collateralized by one of our 1999 PCTCs at a variable rate of 30 day Libor rate plus 2.75% payable in 84 monthly installments with the final payment due August 2021.

6. Represents consideration given in connection with the proposed construction financing relating to the building we plan to renovate as our new New Orleans headquarters building.