Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2015

Debt Obligations [Abstract]

Schedule of Debt Obligations

(All Amount in Thousands)	Interest Rate				Maturity	Principal Balance
Description of Secured Debt	2015		2014		Date	2015		2014
ING – Variable Rate 1	4.6930	%	2.7471	%	2018	$	8,589	$	12,025
ING – Variable Rate 1	4.6947-4.7336	%	2.7312-2.7324	%	2018		25,146		41,400
Capital One N.A. – Variable Rate 2	2.5938	%	2.5050	%	2017		6,904		9,144
ING – Variable Rate 1	4.8199	%	2.7350	%	2018		2,800		15,394
Regions – Variable Rate 3	9.4400	%	3.9900	%	2017		33,090		41,906
DVB Bank SE – Fixed Rate 4	6.3500	%	4.3500	%	2020		33,664		37,759
RBS – Variable Rate 5	3.9900	%	2.9195	%	2021		18,651		21,943
DVB Bank SE – Variable Rate 6			3.6100	%	2020		-		24,812
Note Payable - Mortgage 7							-		5
Regions Line of Credit 3	9.4400	%	3.9100	%	2017		31,000		38,500
							159,844		242,888
			Less: Current Maturities				(156,807)		(23,367)
			Less: Debt Issuance Costs				(3,037)		(2,870)
						$	-	$	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 facility without altering the debt maturities or terms of our indebtedness. Effective November 4, 2015, the interest rate was increased from LIBOR plus 2.5% to LIBOR plus 4.5%. For other changes to this credit facility, including the sales of the related vessels, refer to “Recent Financing Agreement Waivers and Amendments” below.

2.In December 2011, we entered into a variable rate financing agreement with Capital One N.A. for a five year facility totaling $15.7 million to finance a portion of the acquisition price of a multi-purpose ice strengthened vessel. This loan requires us to make 59 monthly payments with a final balloon payment of $4.7 million in January 2017.

3.Our original senior secured Credit Facility matured on September 24, 2018 and included a term loan facility in the principal amount of $45.0 million and a LOC in the principal amount up to $40.0 million. The LOC facility originally included a $20.0 million sublimit for the issuance of standby letters of credit and a $5.0 million sublimit for swingline loans. As discussed above, on November 13, 2015, the Credit Facility was amended. The maturity date was accelerated to July 20, 2017. Additionally, the interest rate increased from LIBOR plus 3.5% to LIBOR plus 9.25% which is effective from November 13, 2015 through June 30, 2016 and LIBOR plus 10.0% from July 1, 2016 through July 20, 2017. For other changes to the credit facility, refer to “Recent Financing Agreement Waivers and Amendments” below.

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. This loan requires us to pre-fund a one-third portion of the upcoming quarterly scheduled debt payment, which, at December 31, 2015, constituted $0.5 million and is included as restricted cash on our Consolidated Balance Sheet. Effective November 4, 2015, the interest rate increased from 4.35% to 6.35%. For other changes to the credit facility, refer to “Recent Financing Agreement Waivers and Amendments” below.

5.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. Late in 2015, this loan was amended to include an increase to the interest rate of 1.0%. For additional changes to this facility, refer to “Recent Financing Agreement Waivers and Amendments” below.

6.As discussed in greater detail above, in April of 2015, we obtained a new loan with DVB Bank SE in the amount of $32.0 million.  In connection with implementing our Strategic Plan, in December 2015 we used net proceeds from a vessel sale to pay off this loan in full.

7.Represents additional bank financing to fund the construction and renovation of our office building in New Orleans, Louisiana. This asset is included in assets held for sale at December 31, 2015 – refer to Note E – Assets Held for Sale.