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v2.4.0.6
Derivative Instruments and Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2012
Derivative Instruments and Fair Value Measurements [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block]
 The following table summarizes the interest rate swaps in place as of September 30, 2012 and December 31, 2011.

Notional Amount
Outstanding – 
September 30, 2012
    Notional Amount
Outstanding – 
December 31, 2011
    Fixed Rate     Maturity  
$     $ 36,752,038       5.225 %     08/2012  
  81,500,000       81,500,000       3.895 %     01/2013  
  84,800,000       84,800,000       3.900 %     09/2013  
$ 166,300,000     $ 203,052,038                  

 

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]

The effect of designated derivative instruments on the consolidated balance sheets:

 

    Amount of Loss Recognized in AOCI on Derivative
(Effective Portion)
 
Derivatives designated for cash flow hedging relationships   September 30, 2012     December 31, 2011  
             
Interest rate swaps   $ (4,498,027 )   $ (9,486,116 )
                 
Total   $ (4,498,027 )   $ (9,486,116 )
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block]

The effect of non-designated derivative instruments on statements of operations:

 

Derivatives not designated 
as hedging instruments
      Amount of Gain /(Loss)     Amount of Gain/(Loss)  
        Three Months Ended     Nine Months Ended  
    Location of Gain (Loss) Recognized   September 30,
2012
    September 30,
2011
    September 30,
2012
    September 30,
2011
 
FFAs, bunker swaps, freight and bunker derivatives   Other income   $     $ (1,333,482 )   $ 1,028,375     $ (359,573 )
Total       $     $ (1,333,482 )   $ 1,028,375     $ (359,573 )
Fair Value, Assets Measured on Recurring Basis [Table Text Block]

The following table presents information about our assets and liabilities measured at fair value on a recurring basis as of September 30, 2012 and December 31, 2011, aggregated by the level in the fair value hierarchy within which those measurements fell:

 

    September 30, 2012     December 31, 2011  
    Level 1     Level 2     Level 3     Level 1     Level 2     Level 3  
Assets:                                                
Bunker swaps                     $ 142,750              
Bunker derivative instruments                           $ 261,000        
Liabilities:                                                
Interest rate swaps         $ 4,498,027                 $ 9,486,116        
Bunker swaps                     $ 53,000              
Bunker derivative instruments                           $ 104,640