Long Term Debt (Tables)

6 Months Ended

Jun. 30, 2015

Long Term Debt [Abstract]

Schedule Of Long-Term Debt

(All Amount in Thousands)	Interest Rate					Total Principal Due
	June 30,		December 31,		Maturity	June 30,		December 31,
Description of Secured Debt	2015		2014		Date	2015		2014
Notes Payable – Variable Rate 1	2.7803	%	2.7471	%	2018	$	10,307	$	12,025
Notes Payable – Variable Rate 1	2.7708-2.7770	%	2.7312-2.7324	%	2018		26,373		41,400
Notes Payable – Variable Rate	2.5340	%	2.5050	%	2017		8,024		9,144
Notes Payable – Variable Rate 1	2.7775	%	2.7350	%	2018		14,766		15,394
Notes Payable – Variable Rate 2	3.9900	%	3.9900	%	2018		40,219		41,906
Notes Payable – Fixed Rate 3	4.3500	%	4.3500	%	2020		36,279		37,759
Notes Payable – Variable Rate 4	2.9354	%	2.9195	%	2021		20,297		21,943
Notes Payable – Variable Rate 5			3.6100	%	2020		-		24,812
Notes Payable – Fixed Rate 5	4.1600	%			2020		32,000		-
Note Payable - Mortgage 6							5		5
Line of Credit 2	3.9400	%	3.9100	%	2018		31,000		38,500
							219,270		242,888
			Less: Current Maturities				(23,062)		(23,367)
			Less: Debt Issuance Costs				(3,227)		(2,870)
						$	192,981	$	216,651

1.We entered into a variable rate financing agreement with ING Bank N.V, London branch in August 2010 for a seven year facility to finance the construction and acquisition of three Handysize vessels.  Pursuant to the terms of the facility, the lender agreed to provide a secured term loan facility divided into two tranches which corresponded to the vessel delivery schedule.  Tranche I covered the first two vessels delivered with Tranche II covering the last vessel.  Tranche I was fully drawn in the amount of $36.8 million, and Tranche II fully drawn at $18.4 million We entered into a variable rate financing agreement with ING Bank N.V., London branch in June 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 in June 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. In order to aid in the collateral value coverage covenant, both of the above facilities were merged into one under an Assignment, Assumption, Amendment and Restatement Facility dated June 10, 2015.  None of the debt maturities or terms were amended.

2.As described in greater detail above, our senior secured Credit Facility matures on September 24, 2018 and, at June 30, 2015,  included 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. 

3.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.  This loan requires us to pre-fund a one-third portion of the upcoming quarterly scheduled debt payment, which, at June 30, 2015, constituted $0.4 million and is included as restricted cash on our balance sheet.

4.In August 2014, we paid off our $11.4 million loan with DNB Bank 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 equal to the 30-day Libor rate plus 2.75% payable in 84 monthly installments with the final payment due August 2021.

5.In April 2015, we paid off our loan of $28.1 million loan with DNB Bank and settled the related Yen forward contract and interest rate swap.  We obtained a new loan with DVB Bank SE in the amount of $32.0 million.  Interest under the new loan is payable at a fixed rate of 4.16% with the principal being paid quarterly over a five-year term based on an amortization of ten years with a final quarterly balloon payment of $16.8 million due in April 2020.  This loan requires us to pre-fund a portion of the upcoming quarterly scheduled debt payment, which, at June 30, 2015, constituted $0.8 million and is included as restricted cash on our balance sheet.  This facility was amended on June 30, 2015 to change the borrower from LCI Shipholdings, Inc. to East Gulf Shipholding, Inc.

6.Represents borrowings associated with the proposed construction financing related to the building we plan to renovate as our New Orleans headquarters.