$PANL
Pangaea Logistics Solutions Ltd. Stock $panl

$panl Overview Financials Valuation SEC Filings Company Website

2013 Q4 Form 10-K Financial Statement

#000114420415020193 Filed on March 31, 2015

Income Statement

Concept	2013 Q4	2013
Revenue	$0.00	$392.5M
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin	$100.0K	$100.0K
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization		$9.615M
YoY Change
% of Gross Profit
Operating Expenses	$100.0K	$371.1M
YoY Change
Operating Profit		$21.38M
YoY Change
Interest Expense	$0.00	$5.487M
YoY Change
% of Operating Profit		25.66%
Other Income/Expense, Net		$45.94K
YoY Change
Pretax Income	-$100.0K	-$100.0K
YoY Change
Income Tax	$0.00	$263.0K
% Of Pretax Income
Net Earnings	-$100.0K	$15.45M
YoY Change
Net Earnings / Revenue		3.94%
Basic Earnings Per Share		-$0.65
Diluted Earnings Per Share	-$29.41K	-$0.65
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept	2013 Q4	2013	2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments	$500.0K	$500.0K
YoY Change
Cash & Equivalents	$37.52M		$19.70M
Short-Term Investments
Other Short-Term Assets	$3.441M	$0.00
YoY Change
Inventory	$21.07M
Prepaid Expenses	$514.2K
Receivables	$44.69M
Other Receivables
Total Short-Term Assets	$98.07M	$500.0K
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment	$197.2M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets	$3.253M	$98.50M
YoY Change
Total Long-Term Assets	$232.3M	$98.60M
YoY Change
TOTAL ASSETS
Total Short-Term Assets	$98.07M	$500.0K
Total Long-Term Assets	$232.3M	$98.60M
Total Assets	$330.4M	$99.10M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$39.20M	$0.00
YoY Change
Accrued Expenses	$3.840M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$111.9M	$0.00
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt	$0.00	$0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities	$0.00	$0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities	$111.9M	$0.00
Total Long-Term Liabilities	$0.00	$0.00
Total Liabilities	$0.00	$0.00
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings	-$5.934M
YoY Change
Common Stock	$1.342K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	-$5.847M	$99.00M
YoY Change
Total Liabilities & Shareholders Equity	$330.4M	$99.10M
YoY Change

Cashflow Statement

Concept	2013 Q4	2013
OPERATING ACTIVITIES
Net Income	-$100.0K	$15.45M
YoY Change
Depreciation, Depletion And Amortization		$9.615M
YoY Change
Cash From Operating Activities	-$120.0K	-$120.0K
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities	-$98.49M	-$98.49M
YoY Change
Cash From Investing Activities	-$98.49M	-$98.49M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net		$14.40M
YoY Change
Cash From Financing Activities	99.08M	99.10M
YoY Change
NET CHANGE
Cash From Operating Activities	-120.0K	-120.0K
Cash From Investing Activities	-98.49M	-98.49M
Cash From Financing Activities	99.08M	99.10M
Net Change In Cash	470.0K	490.0K
YoY Change
FREE CASH FLOW
Cash From Operating Activities	-$120.0K	-$120.0K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
CY2014	dei	Entity Registrant Name EntityRegistrantName	Pangaea Logistics Solutions Ltd.
CY2014	dei	Entity Central Index Key EntityCentralIndexKey	0001606909
CY2014	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
CY2014Q2	dei	Entity Public Float EntityPublicFloat	0	USD
CY2014	dei	Document Type DocumentType	10-K
CY2014	dei	Amendment Flag AmendmentFlag	false
CY2014	dei	Document Period End Date DocumentPeriodEndDate	2014-12-31
CY2014	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2014
CY2014	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	FY
CY2014	dei	Entity Well Known Seasoned Issuer EntityWellKnownSeasonedIssuer	No
CY2014	dei	Entity Voluntary Filers EntityVoluntaryFilers	No
CY2014	dei	Entity Current Reporting Status EntityCurrentReportingStatus	Yes
CY2014	dei	Entity Filer Category EntityFilerCategory	Smaller Reporting Company
CY2013Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	18927927	USD
CY2014Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	29817507	USD
CY2013Q4	us-gaap	Assets Current AssetsCurrent	98066360	USD
CY2014Q4	us-gaap	Assets Current AssetsCurrent	84873420	USD
CY2013Q4	us-gaap	Assets Assets	330373271	USD
CY2014Q4	us-gaap	Assets Assets	332463265	USD
CY2013Q4	us-gaap	Commitments And Contingencies CommitmentsAndContingencies		USD
CY2014Q4	us-gaap	Commitments And Contingencies CommitmentsAndContingencies		USD
CY2013Q4	us-gaap	Temporary Equity Carrying Amount Attributable To Parent TemporaryEquityCarryingAmountAttributableToParent	103236399	USD
CY2014Q4	us-gaap	Temporary Equity Carrying Amount Attributable To Parent TemporaryEquityCarryingAmountAttributableToParent	0	USD
CY2013Q4	us-gaap	Preferred Stock Value PreferredStockValue	0	USD
CY2014Q4	us-gaap	Preferred Stock Value PreferredStockValue	0	USD
CY2013Q4	us-gaap	Common Stock Value CommonStockValue	1342	USD
CY2014Q4	us-gaap	Common Stock Value CommonStockValue	3476	USD
CY2013Q4	us-gaap	Additional Paid In Capital AdditionalPaidInCapital	85987	USD
CY2014Q4	us-gaap	Additional Paid In Capital AdditionalPaidInCapital	133955445	USD
CY2013Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-5933870	USD
CY2014Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-36142727	USD
CY2013Q4	us-gaap	Stockholders Equity StockholdersEquity	-5846541	USD
CY2014Q4	us-gaap	Stockholders Equity StockholdersEquity	97816194	USD
CY2013Q4	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	330373271	USD
CY2014Q4	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	332463265	USD
CY2013Q4	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.0001
CY2014Q4	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.0001
CY2013Q4	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	1000000	shares
CY2014Q4	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	1000000	shares
CY2013Q4	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0	shares
CY2014Q4	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0	shares
CY2013Q4	us-gaap	Common Stock Par Or Stated Value Per Share CommonStockParOrStatedValuePerShare	0.0001
CY2014Q4	us-gaap	Common Stock Par Or Stated Value Per Share CommonStockParOrStatedValuePerShare	0.0001
CY2013Q4	us-gaap	Common Stock Shares Authorized CommonStockSharesAuthorized	100000000	shares
CY2014Q4	us-gaap	Common Stock Shares Authorized CommonStockSharesAuthorized	100000000	shares
CY2013Q4	us-gaap	Common Stock Shares Issued CommonStockSharesIssued	13421955	shares
CY2014	us-gaap	Cash And Cash Equivalents Period Increase Decrease CashAndCashEquivalentsPeriodIncreaseDecrease	10889580	USD
CY2012Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	19695675	USD
CY2014Q4	us-gaap	Common Stock Shares Issued CommonStockSharesIssued	34756980	shares
CY2013Q4	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	13421955	shares
CY2014Q4	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	34756980	shares
CY2013Q4	us-gaap	Temporary Equity Shares Outstanding TemporaryEquitySharesOutstanding	89114	shares
CY2014Q4	us-gaap	Temporary Equity Shares Outstanding TemporaryEquitySharesOutstanding	0	shares
CY2013	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	11599121	USD
CY2014	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	12831330	USD
CY2013	us-gaap	Profit Loss ProfitLoss	15514521	USD
CY2014	us-gaap	Profit Loss ProfitLoss	-13647946	USD
CY2013	us-gaap	Weighted Average Number Of Share Outstanding Basic And Diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted	13421955	shares
CY2014	us-gaap	Weighted Average Number Of Share Outstanding Basic And Diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted	18726308	shares
CY2013	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	-0.65
CY2014	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	-1.61
CY2013	us-gaap	Net Cash Provided By Used In Operating Activities Continuing Operations NetCashProvidedByUsedInOperatingActivitiesContinuingOperations	21117457	USD
CY2014	us-gaap	Net Cash Provided By Used In Operating Activities Continuing Operations NetCashProvidedByUsedInOperatingActivitiesContinuingOperations	24594718	USD
CY2013	us-gaap	Net Cash Provided By Used In Investing Activities Continuing Operations NetCashProvidedByUsedInInvestingActivitiesContinuingOperations	-83980375	USD
CY2014	us-gaap	Net Cash Provided By Used In Investing Activities Continuing Operations NetCashProvidedByUsedInInvestingActivitiesContinuingOperations	-39177478	USD
CY2013	us-gaap	Net Cash Provided By Used In Financing Activities Continuing Operations NetCashProvidedByUsedInFinancingActivitiesContinuingOperations	62095170	USD
CY2014	us-gaap	Net Cash Provided By Used In Financing Activities Continuing Operations NetCashProvidedByUsedInFinancingActivitiesContinuingOperations	25472340	USD
CY2013	us-gaap	Cash And Cash Equivalents Period Increase Decrease CashAndCashEquivalentsPeriodIncreaseDecrease	-767748	USD
CY2013Q4	us-gaap	Restricted Cash And Cash Equivalents At Carrying Value RestrictedCashAndCashEquivalentsAtCarryingValue	500000	USD
CY2014Q4	us-gaap	Restricted Cash And Cash Equivalents At Carrying Value RestrictedCashAndCashEquivalentsAtCarryingValue	1000000	USD
CY2013Q4	us-gaap	Accounts Receivable Net Current AccountsReceivableNetCurrent	44688470	USD
CY2014Q4	us-gaap	Accounts Receivable Net Current AccountsReceivableNetCurrent	27362216	USD
CY2013Q4	us-gaap	Inventory Net InventoryNet	21072192	USD
CY2014Q4	us-gaap	Inventory Net InventoryNet	15601659	USD
CY2013Q4	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	12877771	USD
CY2014Q4	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	6568234	USD
CY2013Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	197153889	USD
CY2014Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	207667613	USD
CY2013Q4	us-gaap	Development In Process DevelopmentInProcess	31900000	USD
CY2014Q4	us-gaap	Development In Process DevelopmentInProcess	38471430	USD
CY2013Q4	us-gaap	Other Assets Noncurrent OtherAssetsNoncurrent	3253022	USD
CY2014Q4	us-gaap	Other Assets Noncurrent OtherAssetsNoncurrent	1450802	USD
CY2013Q4	us-gaap	Due To Related Parties Current DueToRelatedPartiesCurrent	7616248	USD
CY2014Q4	us-gaap	Due To Related Parties Current DueToRelatedPartiesCurrent	59102077	USD
CY2013Q4	us-gaap	Deferred Revenue Current DeferredRevenueCurrent	16155498	USD
CY2014Q4	us-gaap	Deferred Revenue Current DeferredRevenueCurrent	11748926	USD
CY2013Q4	us-gaap	Lines Of Credit Current LinesOfCreditCurrent	3000000	USD
CY2014Q4	us-gaap	Lines Of Credit Current LinesOfCreditCurrent	3000000	USD
CY2013Q4	us-gaap	Other Long Term Debt Current OtherLongTermDebtCurrent	16065483	USD
CY2014Q4	us-gaap	Other Long Term Debt Current OtherLongTermDebtCurrent	17807674	USD
CY2013Q4	us-gaap	Dividends Payable Current DividendsPayableCurrent	23177503	USD
CY2014Q4	us-gaap	Dividends Payable Current DividendsPayableCurrent	12824825	USD
CY2013Q4	us-gaap	Liabilities Current LiabilitiesCurrent	111893110	USD
CY2014Q4	us-gaap	Liabilities Current LiabilitiesCurrent	144685296	USD
CY2013Q4	us-gaap	Secured Long Term Debt SecuredLongTermDebt	83302421	USD
CY2014Q4	us-gaap	Secured Long Term Debt SecuredLongTermDebt	87430416	USD
CY2013Q4	us-gaap	Due To Related Parties Noncurrent DueToRelatedPartiesNoncurrent	17303918	USD
CY2014Q4	us-gaap	Due To Related Parties Noncurrent DueToRelatedPartiesNoncurrent	0	USD
CY2014	us-gaap	Unrealized Gain Loss On Derivatives UnrealizedGainLossOnDerivatives	-1230132	USD
CY2014	cik0001606909	Earnings Per Share Reconciliation Fair Value Adjustment EarningsPerShareReconciliationFairValueAdjustment	0	USD
CY2014	cik0001606909	Beneficial Conversion Feature Of Convertible Redeemable Preferred Stock BeneficialConversionFeatureOfConvertibleRedeemablePreferredStock	11776661	USD
CY2013Q4	us-gaap	Minority Interest MinorityInterest	20483964	USD
CY2014Q4	us-gaap	Minority Interest MinorityInterest	2531359	USD
CY2013Q4	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	14637423	USD
CY2014Q4	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	100347553	USD
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CY2014	cik0001606909	Voyage Revenue VoyageRevenue	345235869	USD
CY2013	cik0001606909	Charter Revenue CharterRevenue	56310682	USD
CY2014	cik0001606909	Charter Revenue CharterRevenue	53040336	USD
CY2013	cik0001606909	Voyage Expense VoyageExpense	196035698	USD
CY2014	cik0001606909	Voyage Expense VoyageExpense	189474578	USD
CY2013	cik0001606909	Charter Hire Expense CharterHireExpense	130879639	USD
CY2014	cik0001606909	Charter Hire Expense CharterHireExpense	149653797	USD
CY2013	cik0001606909	Vessel Operating Expense VesselOperatingExpense	22958049	USD
CY2014	cik0001606909	Vessel Operating Expense VesselOperatingExpense	29583386	USD
CY2013	us-gaap	Cost Of Services Depreciation And Amortization CostOfServicesDepreciationAndAmortization	9614859	USD
CY2014	us-gaap	Cost Of Services Depreciation And Amortization CostOfServicesDepreciationAndAmortization	11668128	USD
CY2013	us-gaap	Gain Loss On Sale Of Properties GainLossOnSaleOfProperties	0	USD
CY2014	us-gaap	Gain Loss On Sale Of Properties GainLossOnSaleOfProperties	3947600	USD
CY2013	us-gaap	Operating Expenses OperatingExpenses	371087366	USD
CY2014	us-gaap	Operating Expenses OperatingExpenses	400770250	USD
CY2013	us-gaap	Operating Income Loss OperatingIncomeLoss	21383606	USD
CY2014	us-gaap	Operating Income Loss OperatingIncomeLoss	-2494045	USD
CY2013	us-gaap	Interest Expense InterestExpense	5487246	USD
CY2014	us-gaap	Interest Expense InterestExpense	5644057	USD
CY2013	us-gaap	Interest Expense Related Party InterestExpenseRelatedParty	411784	USD
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CY2013	us-gaap	Unrealized Gain Loss On Derivatives UnrealizedGainLossOnDerivatives	1101239	USD
CY2013	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	45937	USD
CY2014	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	-3693118	USD
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CY2013	us-gaap	Net Income Loss Attributable To Noncontrolling Interest NetIncomeLossAttributableToNoncontrollingInterest	62152	USD
CY2014	us-gaap	Net Income Loss Attributable To Noncontrolling Interest NetIncomeLossAttributableToNoncontrollingInterest	-1519497	USD
CY2013	us-gaap	Net Income Loss NetIncomeLoss	15452369	USD
CY2014	us-gaap	Net Income Loss NetIncomeLoss	-12128449	USD
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CY2014	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	-1.61
CY2013	us-gaap	Depreciation Depletion And Amortization DepreciationDepletionAndAmortization	9614859	USD
CY2014	us-gaap	Depreciation Depletion And Amortization DepreciationDepletionAndAmortization	11668128	USD
CY2013	cik0001606909	Amortization Of Deferred Financing Costs And Bank Fees AmortizationOfDeferredFinancingCostsAndBankFees	949929	USD
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CY2013	us-gaap	Unrealized Gain Loss On Cash Flow Hedging Instruments UnrealizedGainLossOnCashFlowHedgingInstruments	1101239	USD
CY2014	us-gaap	Unrealized Gain Loss On Cash Flow Hedging Instruments UnrealizedGainLossOnCashFlowHedgingInstruments	-1230132	USD
CY2013	us-gaap	Provision For Doubtful Accounts ProvisionForDoubtfulAccounts	652318	USD
CY2014	us-gaap	Provision For Doubtful Accounts ProvisionForDoubtfulAccounts	2764836	USD
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CY2014	cik0001606909	Write Off Of Unamortized Financing Costs WriteOffOfUnamortizedFinancingCosts	471834	USD
CY2013	cik0001606909	Amortization Of Discount On Related Party Longterm Debt AmortizationOfDiscountOnRelatedPartyLongtermDebt	1117231	USD
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CY2013	us-gaap	Increase Decrease In Accounts Receivable IncreaseDecreaseInAccountsReceivable	15445496	USD
CY2014	us-gaap	Dividends Preferred Stock DividendsPreferredStock	6303747	USD
CY2013	cik0001606909	Earnings Per Share Reconciliation Settlement Of Accrued Dividends EarningsPerShareReconciliationSettlementOfAccruedDividends	45843	USD
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CY2013	cik0001606909	Incremental Common Shares Attributable To Settlement Of Notes IncrementalCommonSharesAttributableToSettlementOfNotes	1429217	USD
CY2014	cik0001606909	Incremental Common Shares Attributable To Settlement Of Notes IncrementalCommonSharesAttributableToSettlementOfNotes	0	USD
CY2013	cik0001606909	Earnings Per Share Reconciliation Fair Value Adjustment EarningsPerShareReconciliationFairValueAdjustment	7517915	USD
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CY2013	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	2643908	USD
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CY2013	cik0001606909	Increase Decrease In Account Payable Accrued Expenses And Other Current Liabilities IncreaseDecreaseInAccountPayableAccruedExpensesAndOtherCurrentLiabilities	16952155	USD
CY2014	cik0001606909	Increase Decrease In Account Payable Accrued Expenses And Other Current Liabilities IncreaseDecreaseInAccountPayableAccruedExpensesAndOtherCurrentLiabilities	-6413198	USD
CY2013	us-gaap	Increase Decrease In Deferred Revenue IncreaseDecreaseInDeferredRevenue	2733051	USD
CY2014	us-gaap	Increase Decrease In Deferred Revenue IncreaseDecreaseInDeferredRevenue	-4406572	USD
CY2013	us-gaap	Revenues Revenues	392470972	USD
CY2014	us-gaap	Revenues Revenues	398276205	USD
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CY2014	us-gaap	Derivative Inception Dates DerivativeInceptionDates	2011-02-01
CY2013	us-gaap	Derivative Maturity Dates DerivativeMaturityDates	2021-01-24
CY2014	us-gaap	Derivative Maturity Dates DerivativeMaturityDates	2021-01-24
CY2013Q4	us-gaap	Temporary Equity Par Or Stated Value Per Share TemporaryEquityParOrStatedValuePerShare	1000
CY2014Q4	us-gaap	Temporary Equity Par Or Stated Value Per Share TemporaryEquityParOrStatedValuePerShare	1000
CY2013Q4	us-gaap	Temporary Equity Shares Authorized TemporaryEquitySharesAuthorized	112500	shares
CY2014Q4	us-gaap	Temporary Equity Shares Authorized TemporaryEquitySharesAuthorized	112500	shares
CY2013Q4	us-gaap	Temporary Equity Shares Issued TemporaryEquitySharesIssued	89114	shares
CY2014Q4	us-gaap	Temporary Equity Shares Issued TemporaryEquitySharesIssued	0	shares
CY2013Q4	us-gaap	Allowance For Doubtful Accounts Receivable AllowanceForDoubtfulAccountsReceivable	1662593	USD
CY2014Q4	us-gaap	Allowance For Doubtful Accounts Receivable AllowanceForDoubtfulAccountsReceivable	4029669	USD
CY2013	cik0001606909	Payment For Purchase Of Vessels PaymentForPurchaseOfVessels	49736191	USD
CY2014	cik0001606909	Payment For Purchase Of Vessels PaymentForPurchaseOfVessels	43914439	USD
CY2013	cik0001606909	Proceeds From Sale Of Vessels ProceedsFromSaleOfVessels	0	USD
CY2014	cik0001606909	Proceeds From Sale Of Vessels ProceedsFromSaleOfVessels	23279387	USD
CY2013	us-gaap	Payments To Acquire Buildings PaymentsToAcquireBuildings	31900000	USD
CY2014	us-gaap	Payments To Acquire Buildings PaymentsToAcquireBuildings	13101430	USD
CY2013	cik0001606909	Payment For Drydocking Costs PaymentForDrydockingCosts	731285	USD
CY2014	cik0001606909	Payment For Drydocking Costs PaymentForDrydockingCosts	4880041	USD
CY2013	us-gaap	Payments To Acquire Other Property Plant And Equipment PaymentsToAcquireOtherPropertyPlantAndEquipment	112899	USD
CY2014	us-gaap	Payments To Acquire Other Property Plant And Equipment PaymentsToAcquireOtherPropertyPlantAndEquipment	560955	USD
CY2013	us-gaap	Proceeds From Related Party Debt ProceedsFromRelatedPartyDebt	29554972	USD
CY2014	us-gaap	Proceeds From Related Party Debt ProceedsFromRelatedPartyDebt	17651149	USD
CY2013	us-gaap	Repayments Of Related Party Debt RepaymentsOfRelatedPartyDebt	5274075	USD
CY2014	us-gaap	Repayments Of Related Party Debt RepaymentsOfRelatedPartyDebt	225291	USD
CY2013	us-gaap	Proceeds From Issuance Of Long Term Debt ProceedsFromIssuanceOfLongTermDebt	32205000	USD
CY2014	us-gaap	Proceeds From Issuance Of Long Term Debt ProceedsFromIssuanceOfLongTermDebt	35500000	USD
CY2013	us-gaap	Payment Of Financing And Stock Issuance Costs PaymentOfFinancingAndStockIssuanceCosts	1799314	USD
CY2014	us-gaap	Payment Of Financing And Stock Issuance Costs PaymentOfFinancingAndStockIssuanceCosts	484380	USD
CY2013	us-gaap	Repayments Of Long Term Debt RepaymentsOfLongTermDebt	14401426	USD
CY2014	us-gaap	Repayments Of Long Term Debt RepaymentsOfLongTermDebt	30051021	USD
CY2013	us-gaap	Proceeds From Issuance Of Redeemable Convertible Preferred Stock ProceedsFromIssuanceOfRedeemableConvertiblePreferredStock	21899180	USD
CY2014	us-gaap	Proceeds From Issuance Of Redeemable Convertible Preferred Stock ProceedsFromIssuanceOfRedeemableConvertiblePreferredStock	0	USD
CY2013	us-gaap	Payments Of Dividends Common Stock PaymentsOfDividendsCommonStock	100000	USD
CY2014	us-gaap	Payments Of Dividends Common Stock PaymentsOfDividendsCommonStock	100000	USD
CY2013	us-gaap	Payments Of Distributions To Affiliates PaymentsOfDistributionsToAffiliates	176667	USD
CY2014	us-gaap	Payments Of Distributions To Affiliates PaymentsOfDistributionsToAffiliates	0	USD
CY2013	us-gaap	Dividends Preferred Stock DividendsPreferredStock	6288456	USD
CY2014Q4	us-gaap	Long Term Debt Maturities Repayments Of Principal In Year Five LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive	10980107	USD
CY2014Q4	us-gaap	Long Term Debt Maturities Repayments Of Principal After Year Five LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive	15509406	USD
CY2014Q4	us-gaap	Long Term Debt LongTermDebt	106189355	USD
CY2013	us-gaap	Dividends Dividends	12700000	USD
CY2014	us-gaap	Dividends Dividends	6303622	USD
CY2013	cik0001606909	Issuance Of Convertible Redeemable Preferred Stock As Settlement Of Accrued Dividends IssuanceOfConvertibleRedeemablePreferredStockAsSettlementOfAccruedDividends	213152	USD
CY2014	cik0001606909	Issuance Of Convertible Redeemable Preferred Stock As Settlement Of Accrued Dividends IssuanceOfConvertibleRedeemablePreferredStockAsSettlementOfAccruedDividends	28332960	USD
CY2013	us-gaap	Debt Conversion Converted Instrument Amount1 DebtConversionConvertedInstrumentAmount1	4429217	USD
CY2014	us-gaap	Debt Conversion Converted Instrument Amount1 DebtConversionConvertedInstrumentAmount1	0	USD
CY2013Q4	us-gaap	Unamortized Debt Issuance Expense UnamortizedDebtIssuanceExpense	1391159	USD
CY2014Q4	us-gaap	Unamortized Debt Issuance Expense UnamortizedDebtIssuanceExpense	951265	USD
CY2013	cik0001606909	Beneficial Conversion Feature Of Convertible Redeemable Preferred Stock BeneficialConversionFeatureOfConvertibleRedeemablePreferredStock	8959421	USD
CY2013	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	-8788483	USD
CY2014	us-gaap	Net Income Loss Available To Common Stockholders Basic NetIncomeLossAvailableToCommonStockholdersBasic	-30208857	USD
CY2012Q4	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	3661517	USD
CY2014	us-gaap	Minority Interest Decrease From Distributions To Noncontrolling Interest Holders MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders	16756054	USD
CY2013Q4	cik0001606909	Advance Hire AdvanceHire	8788882	USD
CY2014Q4	cik0001606909	Advance Hire AdvanceHire	4345959	USD
CY2013Q4	us-gaap	Prepaid Expense Current PrepaidExpenseCurrent	514169	USD
CY2014Q4	us-gaap	Prepaid Expense Current PrepaidExpenseCurrent	427889	USD
CY2013Q4	us-gaap	Other Assets Current OtherAssetsCurrent	3441074	USD
CY2014Q4	us-gaap	Other Assets Current OtherAssetsCurrent	1794386	USD
CY2013Q4	us-gaap	Secured Debt Current SecuredDebtCurrent	16065483	USD
CY2014Q4	us-gaap	Secured Debt Current SecuredDebtCurrent	17807674	USD
CY2013Q4	us-gaap	Secured Debt SecuredDebt	100759063	USD
CY2014Q4	us-gaap	Secured Debt SecuredDebt	106189355	USD
CY2014Q4	us-gaap	Long Term Debt Maturities Repayments Of Principal In Next Twelve Months LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths	17807674	USD
CY2014Q4	us-gaap	Long Term Debt Maturities Repayments Of Principal In Year Two LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo	19355261	USD
CY2014Q4	us-gaap	Long Term Debt Maturities Repayments Of Principal In Year Three LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree	28647613	USD
CY2014Q4	us-gaap	Long Term Debt Maturities Repayments Of Principal In Year Four LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour	13889294	USD
CY2013	cik0001606909	Modification Of Shareholder Loan To On Demand ModificationOfShareholderLoanToOnDemand	0	USD
CY2014	cik0001606909	Modification Of Shareholder Loan To On Demand ModificationOfShareholderLoanToOnDemand	16433107	USD
CY2013	us-gaap	Interest Paid InterestPaid	4059340	USD
CY2014	us-gaap	Interest Paid InterestPaid	5112858	USD
CY2013Q4	us-gaap	Debt Instrument Unamortized Discount DebtInstrumentUnamortizedDiscount	16433108	USD
CY2013Q4	us-gaap	Debt Instrument Interest Rate Stated Percentage DebtInstrumentInterestRateStatedPercentage	0.075	pure
CY2013Q4	us-gaap	Notes Payable Related Parties Classified Current NotesPayableRelatedPartiesClassifiedCurrent	1026914	USD
CY2014Q4	us-gaap	Notes Payable Related Parties Classified Current NotesPayableRelatedPartiesClassifiedCurrent	4037850	USD
CY2013	cik0001606909	Technical Management Fees TechnicalManagementFees	1864000	USD
CY2014	cik0001606909	Technical Management Fees TechnicalManagementFees	2356500	USD
CY2013	cik0001606909	Amortization Of Discount And Imputed Interest On Related Party Long Term Debt AmortizationOfDiscountAndImputedInterestOnRelatedPartyLongTermDebt	17873285	USD
CY2014	cik0001606909	Amortization Of Discount And Imputed Interest On Related Party Long Term Debt AmortizationOfDiscountAndImputedInterestOnRelatedPartyLongTermDebt	322946	USD
CY2014	us-gaap	Nature Of Operations NatureOfOperations	<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 9pt" align="justify"><b><font style="COLOR: black; FONT-SIZE: 10pt"> NOTE 3 NATURE OF ORGANIZATION</font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 9pt" align="justify"><b><font style="COLOR: black; FONT-SIZE: 10pt">  </font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 9pt" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt">The consolidated financial statements include the operations of Pangaea Logistics Solutions Ltd. and its wholly-owned subsidiaries (collectively referred to as “the Company”), as well as other entities consolidated pursuant to Accounting Standards Codification (“ASC”) 810, <i>Consolidation</i>. A summary of the Company’s consolidation policy is provided in Note 4. A summary of the Company’s variable interest entities is provided at Note 6. At December 31, 2014 and 2013, entities that are consolidated pursuant to ASC 810-10 include the following wholly-owned subsidiaries:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 9pt" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt">  </font></div> <table style="LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="FONT-FAMILY: Symbol; COLOR: black; FONT-SIZE: 10pt"> ⋅</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt">Bulk Partners (Bermuda) Ltd. (“Bulk”)  a corporation that was duly organized under the laws of the Bermuda. The primary purpose of this corporation is a holding company.</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt">  </font></div> <table style="LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="FONT-FAMILY: Symbol; COLOR: black; FONT-SIZE: 10pt"> ⋅</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt"> Phoenix Bulk Carriers (BVI) Limited (“PBC”)  a corporation that was duly organized under the laws of the British Virgin Islands. The primary purpose of this corporation is to manage and operate ocean-going vessels.</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt">  </font></div> <table style="LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="FONT-FAMILY: Symbol; COLOR: black; FONT-SIZE: 10pt"> ⋅</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt"> Phoenix Bulk Management Bermuda Limited (“PBM”)  a corporation that was duly organized under the laws of Bermuda. Certain of the administrative management functions of PBC have been assigned to PBM.</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt">  </font></div> <table style="LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="FONT-FAMILY: Symbol; COLOR: black; FONT-SIZE: 10pt"> ⋅</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt"> Americas Bulk Transport (BVI) Limited  a corporation that was duly organized under the laws of the British Virgin Islands. The primary purpose of this corporation is to charter ships.</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt">  </font></div> <table style="LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="FONT-FAMILY: Symbol; COLOR: black; FONT-SIZE: 10pt"> ⋅</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt">Bulk Ocean Shipping (Bermuda) Ltd.  a corporation that was duly organized under the laws of Bermuda. The primary purpose of this corporation is to manage the fuel procurement of the chartered vessels.</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.25in" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt">  </font></div> <table style="LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="FONT-FAMILY: Symbol; COLOR: black; FONT-SIZE: 10pt"> ⋅</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt"> Phoenix Bulk Carriers (US) LLC a corporation that duly organized under the laws of Delaware. The primary purpose of this corporation is to act as the U.S. administrative agent for the Company.</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt">  </font></div> <table style="LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="FONT-FAMILY: Symbol; COLOR: black; FONT-SIZE: 10pt"> ⋅</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt"> Allseas Logistics Bermuda Ltd. a corporation that was duly organized under the laws of Bermuda. The primary purpose of this corporation is the Treasury Agent for the group of Companies.</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in"> <font style="COLOR: black; FONT-SIZE: 10pt"> </font></div> <table style="LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="FONT-FAMILY: Symbol; COLOR: black; FONT-SIZE: 10pt"> ⋅</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt">Bulk Pangaea Limited (“Bulk Pangaea”)  a corporation that was duly organized under the laws of Bermuda. Bulk Pangaea was established in September 2009 for the purpose of acquiring the motor vessel (“m/v”) Bulk Pangaea.</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in"> <font style="COLOR: black; FONT-SIZE: 10pt"> </font></div> <table style="LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="FONT-FAMILY: Symbol; COLOR: black; FONT-SIZE: 10pt"> ⋅</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt">Bulk Discovery (Bermuda) Ltd. (“Bulk Discovery”)  a corporation that was duly organized under the laws of Bermuda. Bulk Discovery was established in February 2011 for the purpose of acquiring the m/v Bulk Discovery. In February 2015, the Company initiated a plan to sell the m/v Bulk Discovery.</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in"> <font style="COLOR: black; FONT-SIZE: 10pt"> </font></div> <table style="LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="FONT-FAMILY: Symbol; COLOR: black; FONT-SIZE: 10pt"> ⋅</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt">Bulk Cajun Bermuda Ltd. (“Bulk Cajun”)  a corporation that was duly organized under the laws of Bermuda. Bulk Cajun was established in May 2011 for the purpose of acquiring the m/v Bulk Cajun. The Company sold <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 10</font>% of Bulk Cajun to a third party during 2013. On January 29, 2015, the Company entered into an agreement to sell the m/v Bulk Cajun.</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt">  </font></div> <table style="LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="FONT-FAMILY: Symbol; COLOR: black; FONT-SIZE: 10pt"> ⋅</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt">Bulk Patriot Ltd. (“Bulk Patriot”)  a corporation that was duly organized under the laws of Bermuda. Bulk Patriot was established in September 2011 for the purpose of acquiring the m/v Bulk Patriot.</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt">  </font></div> <table style="LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="FONT-FAMILY: Symbol; COLOR: black; FONT-SIZE: 10pt"> ⋅</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt">Bulk Juliana Ltd. (“Bulk Juliana”) a corporation that was duly organized under the laws of Bermuda. Bulk Juliana was established in March 2012 for the purpose of acquiring the m/v Bulk Juliana.</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt">  </font></div> <table style="LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="FONT-FAMILY: Symbol; COLOR: black; FONT-SIZE: 10pt"> ⋅</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt">Bulk Trident Ltd. (“Bulk Trident”) a corporation that was duly organized under the laws of Bermuda. Bulk Trident was established in August 2012 for the purpose of acquiring the m/v Bulk Trident.</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt">  </font></div> <table style="LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="FONT-FAMILY: Symbol; COLOR: black; FONT-SIZE: 10pt"> ⋅</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt">Bulk Atlantic Ltd. (“Bulk Beothuk”) a corporation that was duly organized under the laws of Bermuda. Bulk Atlantic was established in February 2013 for the purpose of acquiring the m/v Bulk Beothuk.</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in"> <font style="COLOR: black; FONT-SIZE: 10pt"> </font></div> <table style="LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="FONT-FAMILY: Symbol; COLOR: black; FONT-SIZE: 10pt"> ⋅</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt">Bulk Providence Ltd. (“Bulk Providence”) a corporation that was duly organized under the laws of Bermuda. Bulk Providence was established in May 2013 for the purpose of acquiring the m/v Bulk Providence. The m/v Bulk Providence was sold on May 27, 2014 and Bulk Providence was subsequently liquidated.</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in"> <font style="COLOR: black; FONT-SIZE: 10pt"> </font></div> <table style="LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="FONT-FAMILY: Symbol; COLOR: black; FONT-SIZE: 10pt"> ⋅</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt">Bulk Liberty Ltd. (“Bulk Liberty”) a corporation that was duly organized under the laws of Bermuda. Bulk Liberty was established in April 2013 for the purpose of acquiring the m/v Bulk Liberty. The m/v Bulk Liberty was sold on July 4, 2014 and Bulk Liberty was subsequently liquidated.</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="COLOR: black; FONT-SIZE: 10pt"> </font></div> <table style="LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="FONT-FAMILY: Symbol; COLOR: black; FONT-SIZE: 10pt"> ⋅</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt">Bulk Phoenix Ltd. (“Bulk Phoenix”) a corporation that was duly organized under the laws of Bermuda. Bulk Phoenix was established in July 2013 for the purpose of acquiring the m/v Bulk Newport.</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt">  </font></div> <table style="LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="FONT-FAMILY: Symbol; COLOR: black; FONT-SIZE: 10pt"> ⋅</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt">Nordic Bulk Barents Ltd. (“Bulk Barents”) a corporation that was duly organized under the laws of Bermuda. Bulk Barents was established in November 2013 for the purpose of acquiring the m/v Nordic Barents.</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt">  </font></div> <table style="LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="FONT-FAMILY: Symbol; COLOR: black; FONT-SIZE: 10pt"> ⋅</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt">Nordic Bulk Bothnia Ltd. (“Bulk Bothnia”) a corporation that was duly organized under the laws of Bermuda. Bulk Bothnia was established in November 2013 for the purpose of acquiring the m/v Nordic Bothnia.</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 9pt"> <font style="COLOR: black; FONT-SIZE: 10pt"> </font></div> <table style="LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="FONT-FAMILY: Symbol; COLOR: black; FONT-SIZE: 10pt"> ⋅</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt"><font style="LINE-HEIGHT: 115%; FONT-FAMILY: 'Times New Roman','serif'; COLOR: black; FONT-SIZE: 10pt"> 109 Long Wharf LLC (“Long Wharf”)  a corporation that was duly organized under the laws of Delaware for the objective and purpose of holding real estate located in Newport, Rhode Island. Long Wharf was owned by two of the Company’s Founders until <font style="WIDOWS: 1; TEXT-TRANSFORM: none; TEXT-INDENT: 0px; DISPLAY: inline !important; FONT: 13px 'Times New Roman', Times, serif; WHITE-SPACE: normal; FLOAT: none; LETTER-SPACING: normal; COLOR: rgb(0,0,0); WORD-SPACING: 0px; -webkit-text-stroke-width: 0px"> September</font> 1, 2014, at which time ownership was transferred to the Company. Prior to the transfer, Long Wharf was heavily dependent on the Company to fund its operations. Accordingly, the Company has consolidated 100% of Long Wharf for the years ended December 31, 2014 and 2013.</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt"> </font> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 9pt; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">At December 31, 2014 and 2013, entities that are consolidated pursuant to ASC 810-10, but which are not wholly-owned, include the following:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt"> </font> </div> <table style="LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="FONT-FAMILY: Symbol; COLOR: black; FONT-SIZE: 10pt"> ⋅</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt"><font style="LINE-HEIGHT: 115%; FONT-FAMILY: 'Times New Roman','serif'; COLOR: black; FONT-SIZE: 10pt"> Nordic Bulk Holding ApS (“NBH”)  a corporation that was duly organized in March 2009 under the laws of Denmark. The primary purpose of this corporation is to manage and operate vessels through its wholly owned subsidiary Nordic Bulk Carriers AS (“NBC”). NBC specializes in ice trading, as well as the carriage of a wide range of commodities, including cement clinker, steel scrap, fertilizers, and grains. The Company has a <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 51</font></font>% ownership interest in NBH at December 31, 2014 and 2013. The accompanying consolidated financial statements include the operations of NBH for the years ended December 31, 2014 and 2013.</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt">  </font></div> <table style="LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="FONT-FAMILY: Symbol; COLOR: black; FONT-SIZE: 10pt"> ⋅</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt">Bulk Nordic Odyssey Ltd. (“Odyssey”) and Bulk Nordic Orion Ltd. (“Orion”) - corporations that were duly organized under the laws of Bermuda. Odyssey and Orion were established in March 2012, for the purpose of acquiring the m/v Nordic Odyssey and the m/v Nordic Orion. At December 31, 2012 the Company had a <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 50</font>% ownership interest in each, Odyssey and Orion, the remainder of which is owned by a third-party. The operating results of Odyssey and Orion are 100% dependent on transactions with related parties and affiliates. In January 2013, the Company entered into a share transfer restructuring agreement and the Odyssey and Orion were transferred to Nordic Bulk Holding Company Ltd.</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.5in" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt">  </font></div> <table style="LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="FONT-FAMILY: Symbol; COLOR: black; FONT-SIZE: 10pt"> ⋅</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt">Nordic Bulk Holding Company Ltd. (“NBHC”) - a corporation that was duly organized under the laws of Bermuda. NBHC was established in October 2012, together with a third-party, for the purpose of owning Odyssey and Orion and to invest in additional vessels, through its wholly-owned subsidiaries. In January 2013, the Company entered into a share transfer restructuring agreement (“the January 2013 transaction”), through which the shareholders of Odyssey and Orion transferred their share of those entities and their zero-interest subordinated shareholder loans to the entities, to NBHC in exchange for the shares of NBHC. The Company also entered into a subscription agreement which authorized the issuance of additional shares to be subscribed by a third party. As a result, at December 31, 2014 and 2013 the Company had one-third ownership interest in NBHC, the remainder of which is owned by third-parties. The operating results of NBHC are 100% dependent on transactions with related parties and affiliates. Accordingly, the Company has consolidated NBHC for the year ended December 31, 2013. Bulk Nordic Oshima Ltd. (“Oshima”), Bulk Nordic Olympic Ltd. (“Olympic”) and Bulk Nordic Odin Ltd. (“Odin”), corporations duly organized under the laws of Bermuda in 2014, are owned by NBHC. These entities were established for the purpose of owning m/v Nordic Oshima, m/v Nordic Olympic and m/v Nordic Odin, respectively.</font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b><font style="COLOR: black; FONT-SIZE: 10pt">  </font></b></div> <table style="LINE-HEIGHT: 115%; WIDTH: 100%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.25in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="24"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="FONT-FAMILY: Symbol; COLOR: black; FONT-SIZE: 10pt"> ⋅</font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><font style="COLOR: black; FONT-SIZE: 10pt">Nordic Bulk Ventures Holding Company Ltd. (“BVH”) a corporation that was duly organized under the laws of Bermuda. BVH was established in August 2013, together with a third-party, for the purpose of owning Bulk Nordic Five Ltd. (“Five”) and Bulk Nordic Six Ltd. (“Six”). Five and Six are corporations that were duly organized under the laws of Bermuda in November 2013 for the purpose of owning new ultramax newbuildings to be delivered in 2016. At December 31, 2014 and 2013 the Company had a <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 50</font></font>% ownership interest in BVH, the remainder of which is owned by a third-party. The operating results of BVH are 100% dependent on transactions with related parties and affiliates. Accordingly, the Company has consolidated BVH for the years ended December 31, 2014 and 2013.</font></div> </td> </tr> </table> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2013Q4	us-gaap	Equity Method Investment Ownership Percentage EquityMethodInvestmentOwnershipPercentage	0.5	pure
CY2014Q4	us-gaap	Equity Method Investment Ownership Percentage EquityMethodInvestmentOwnershipPercentage	0.5	pure
CY2013	us-gaap	Income Loss From Equity Method Investments IncomeLossFromEquityMethodInvestments	10224	USD
CY2014	us-gaap	Income Loss From Equity Method Investments IncomeLossFromEquityMethodInvestments	-265443	USD
CY2013	cik0001606909	Deposits On Vessel Purchase DepositsOnVesselPurchase	1500000	USD
CY2014	cik0001606909	Deposits On Vessel Purchase DepositsOnVesselPurchase	0	USD
CY2013	us-gaap	Payments To Acquire Equity Method Investments PaymentsToAcquireEquityMethodInvestments	0	USD
CY2014	us-gaap	Payments To Acquire Equity Method Investments PaymentsToAcquireEquityMethodInvestments	0	USD
CY2013	cik0001606909	Debt Instrument Convertible Modification Of Conversion Price DebtInstrumentConvertibleModificationOfConversionPrice	0	USD
CY2014	cik0001606909	Debt Instrument Convertible Modification Of Conversion Price DebtInstrumentConvertibleModificationOfConversionPrice	0	USD
CY2013	cik0001606909	Issuance Of Convertible Redeemable Preferred Stock In Settlement Of Common Stock Dividend IssuanceOfConvertibleRedeemablePreferredStockInSettlementOfCommonStockDividend	0	USD
CY2014	cik0001606909	Issuance Of Convertible Redeemable Preferred Stock In Settlement Of Common Stock Dividend IssuanceOfConvertibleRedeemablePreferredStockInSettlementOfCommonStockDividend	0	USD
CY2013	us-gaap	Noncontrolling Interest Increase From Sale Of Parent Equity Interest NoncontrollingInterestIncreaseFromSaleOfParentEquityInterest	360000	USD
CY2014	us-gaap	Noncontrolling Interest Increase From Sale Of Parent Equity Interest NoncontrollingInterestIncreaseFromSaleOfParentEquityInterest	0	USD
CY2013	us-gaap	Earnings Per Share Basic And Diluted EarningsPerShareBasicAndDiluted	-0.65
CY2014	us-gaap	Earnings Per Share Basic And Diluted EarningsPerShareBasicAndDiluted	-1.61
CY2014	us-gaap	Property Plant And Equipment Useful Life PropertyPlantAndEquipmentUsefulLife	P5Y
CY2012Q4	us-gaap	Dividends Payable Current And Noncurrent DividendsPayableCurrentAndNoncurrent	9840005	USD
CY2013	cik0001606909	Dividends Accrued Gross DividendsAccruedGross	13781469	USD
CY2014	cik0001606909	Dividends Accrued Gross DividendsAccruedGross	6303747	USD
CY2013	us-gaap	Dividends Paidinkind DividendsPaidinkind	167305	USD
CY2014	us-gaap	Dividends Paidinkind DividendsPaidinkind	16556425	USD
CY2013	us-gaap	Dividends Cash DividendsCash	276666	USD
CY2014	us-gaap	Dividends Cash DividendsCash	100000	USD
CY2013Q4	cik0001606909	Vessels And Vessel Improvements Property Plant And Equipement Gross VesselsAndVesselImprovementsPropertyPlantAndEquipementGross	216175636	USD
CY2014Q4	cik0001606909	Vessels And Vessel Improvements Property Plant And Equipement Gross VesselsAndVesselImprovementsPropertyPlantAndEquipementGross	227372453	USD
CY2013Q4	cik0001606909	Accumulated Depreciation Depletion And Amortization Vessel Improvements AccumulatedDepreciationDepletionAndAmortizationVesselImprovements	21579365	USD
CY2014Q4	cik0001606909	Accumulated Depreciation Depletion And Amortization Vessel Improvements AccumulatedDepreciationDepletionAndAmortizationVesselImprovements	22682586	USD
CY2013Q4	cik0001606909	Vessels And Vessel Improvements Property Plant And Equipment Net VesselsAndVesselImprovementsPropertyPlantAndEquipmentNet	194596271	USD
CY2014Q4	cik0001606909	Vessels And Vessel Improvements Property Plant And Equipment Net VesselsAndVesselImprovementsPropertyPlantAndEquipmentNet	204689867	USD
CY2013Q4	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	3116351	USD
CY2014Q4	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	3656308	USD
CY2013Q4	us-gaap	Accumulated Depreciation Depletion And Amortization Property Plant And Equipment AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment	558733	USD
CY2014Q4	us-gaap	Accumulated Depreciation Depletion And Amortization Property Plant And Equipment AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment	678562	USD
CY2013Q4	us-gaap	Property Plant And Equipment Other Net PropertyPlantAndEquipmentOtherNet	2557618	USD
CY2014Q4	us-gaap	Property Plant And Equipment Other Net PropertyPlantAndEquipmentOtherNet	2977746	USD
CY2013Q4	us-gaap	Time Deposits TimeDeposits	26110000	USD
CY2014Q4	us-gaap	Time Deposits TimeDeposits	29786000	USD
CY2013Q4	us-gaap	Dividends Payable Current And Noncurrent DividendsPayableCurrentAndNoncurrent	23177503	USD
CY2014Q4	us-gaap	Dividends Payable Current And Noncurrent DividendsPayableCurrentAndNoncurrent	12824825	USD
CY2013	cik0001606909	Recognized Beneficial Conversion Feature Of Convertible Redeemable Preferred Stock At Issuance Date RecognizedBeneficialConversionFeatureOfConvertibleRedeemablePreferredStockAtIssuanceDate	0	USD
CY2014	cik0001606909	Recognized Beneficial Conversion Feature Of Convertible Redeemable Preferred Stock At Issuance Date RecognizedBeneficialConversionFeatureOfConvertibleRedeemablePreferredStockAtIssuanceDate	0	USD
CY2013	cik0001606909	Stock Issued During Period Value Issuance Of Convertible Redeemable Preferred Stock For Cash StockIssuedDuringPeriodValueIssuanceOfConvertibleRedeemablePreferredStockForCash	-7517915	USD
CY2013	cik0001606909	Stock Issued During Period Value Issuance Of Convertible Redeemable Preferred Stock As Settlement Of Accrued Dividends StockIssuedDuringPeriodValueIssuanceOfConvertibleRedeemablePreferredStockAsSettlementOfAccruedDividends	-45843	USD
CY2014	cik0001606909	Stock Issued During Period Value Issuance Of Convertible Redeemable Preferred Stock As Settlement Of Accrued Dividends StockIssuedDuringPeriodValueIssuanceOfConvertibleRedeemablePreferredStockAsSettlementOfAccruedDividends	-11776661	USD
CY2013	cik0001606909	Stock Issued During Period Value Issuance Of Convertible Redeemable Preferred Stock As Repayment Of Notes Payable StockIssuedDuringPeriodValueIssuanceOfConvertibleRedeemablePreferredStockAsRepaymentOfNotesPayable	-1429217	USD
CY2013	cik0001606909	Dividend On Common Stock And Participating Preferred Dividend Declared DividendOnCommonStockAndParticipatingPreferredDividendDeclared	12700000	USD
CY2013	us-gaap	Payments Of Stock Issuance Costs PaymentsOfStockIssuanceCosts	274000	USD
CY2013	cik0001606909	Noncontrolling Interest Imputed Interest On Related Party Long Term Debt NoncontrollingInterestImputedInterestOnRelatedPartyLongTermDebt	17873285	USD
CY2014	cik0001606909	Noncontrolling Interest Imputed Interest On Related Party Long Term Debt NoncontrollingInterestImputedInterestOnRelatedPartyLongTermDebt	322946	USD
CY2013	cik0001606909	Restructuring Of Subsidiaries RestructuringOfSubsidiaries	718925	USD
CY2014	us-gaap	Use Of Estimates UseOfEstimates	<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 9pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 9pt"> <b><i><u><font style="FONT-FAMILY: 'Times New Roman','serif'; COLOR: black; FONT-SIZE: 10pt"> Use of Estimates</font></u></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; COLOR: black; FONT-SIZE: 10pt">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 0.25in" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; COLOR: black; FONT-SIZE: 10pt"> The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include the establishment of the allowance for doubtful accounts, the fair value of convertible redeemable preferred stock, the discount on interest free loans and the estimate of salvage value used in determining vessel depreciation expense.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2013	us-gaap	Debt Issuance Costs DebtIssuanceCosts	273740	USD
CY2014	us-gaap	Revenue Recognition Deferred Revenue RevenueRecognitionDeferredRevenue	<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 0.25in" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 9pt"> <b><i><u><font style="FONT-FAMILY: 'Times New Roman','serif'; COLOR: black; FONT-SIZE: 10pt"> Deferred Revenue</font></u></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 0.25in" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; COLOR: black; FONT-SIZE: 10pt">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 0.25in" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; COLOR: black; FONT-SIZE: 10pt"> Billings for services for which revenue is not recognized in the current period are recorded as deferred revenue. Deferred revenue recognized in the accompanying consolidated balance sheets is expected to be realized within 12 months of the balance sheet date.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2014	us-gaap	Concentration Risk Credit Risk ConcentrationRiskCreditRisk	<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 0.25in" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 9pt"> <b><i><u><font style="FONT-FAMILY: 'Times New Roman','serif'; COLOR: black; FONT-SIZE: 10pt"> Concentrations of Credit Risk</font></u></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; COLOR: black; FONT-SIZE: 10pt">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 0.25in" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; COLOR: black; FONT-SIZE: 10pt"> The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash equivalents, trade receivables and derivative instruments. The Company maintains its cash accounts with various high-quality financial institutions in the United States, Germany, and Bermuda. The Company performs periodic evaluations of the relative credit standing of these financial institutions. The Company does not believe that significant concentration of credit risk exists with respect to these cash equivalents. Trade accounts receivable are recorded at the invoiced amount, and do not bear interest. Credit risk with respect to trade accounts receivable is limited due to the long-standing relationships with significant customers, and their relative financial stability. The Company performs ongoing credit evaluations of its customers’ financial condition, but does not require collateral. Derivative instruments are recorded at fair value. During the year ended December 31, 2014, the Company had losses relating to the bankruptcy of its counterparty to certain fuel swap contracts of approximately $2,146,000, which is included in other (expense) income in the consolidated statements of operations. The Company does not have any off-balance sheet credit exposure related to its customers.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 0.25in" align="justify"><b><font style="FONT-FAMILY: 'Times New Roman','serif'; COLOR: black; FONT-SIZE: 10pt">  </font></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 0.25in" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; COLOR: black; FONT-SIZE: 10pt"> At December 31, 2014, three customers accounted for 35% of the Company’s trade accounts receivable. At December 31, 2013, there were three customers that accounted for 49% of the Company’s trade accounts receivable.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 0.25in" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; COLOR: black; FONT-SIZE: 10pt">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 0.25in" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; COLOR: black; FONT-SIZE: 10pt"> At December 31, 2014, customers in each of the following countries accounted for at least 10% of the Company’s accounts receivable; Canada (33%), the United States (27%), and Brazil (11%). At December 31, 2013 customers in each of the following countries accounted for at least 10% of the Company’s accounts receivable; the United States (27%) and Switzerland (11%).</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 0.25in" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; COLOR: black; FONT-SIZE: 10pt">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 0.25in" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; COLOR: black; FONT-SIZE: 10pt"> For the year ended December 31, 2014, revenue from customers in each of the following countries accounted for at least 10% of total revenue; the United States (21%), Switzerland (18%) and Canada (11%). For the year ended December 31, 2013 customers in each of the following countries accounted for at least 10% of total revenue; the United States (27%), Switzerland (11%), and Canada (10%).</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 0.25in" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; COLOR: black; FONT-SIZE: 10pt">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 0.25in" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; COLOR: black; FONT-SIZE: 10pt"> For the years ended December 31, 2014 and 2013, no single customer accounted for 10% or more of total revenue.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2014Q4	us-gaap	Accounts Payable And Accrued Liabilities Current AccountsPayableAndAccruedLiabilitiesCurrent	40201794	USD
CY2014	us-gaap	Prior Period Reclassification Adjustment Description PriorPeriodReclassificationAdjustmentDescription	<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 0.25in" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 9pt"> <b><i><u><font style="FONT-FAMILY: 'Times New Roman','serif'; COLOR: black; FONT-SIZE: 10pt"> Reclassifications</font></u></i></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 0.25in" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; COLOR: black; FONT-SIZE: 10pt">  </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 0.25in" align="justify"><font style="FONT-FAMILY: 'Times New Roman','serif'; COLOR: black; FONT-SIZE: 10pt"> Certain prior year amounts in the consolidated financial statements have been reclassified to conform to the current year’s presentation. These reclassifications had no effect on the Company’s previously reported consolidated operations or shareholders’ equity.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2013Q4	us-gaap	Deferred Finance Costs Gross DeferredFinanceCostsGross	2393517	USD
CY2014Q4	us-gaap	Deferred Finance Costs Gross DeferredFinanceCostsGross	2143550	USD
CY2013Q4	us-gaap	Accumulated Amortization Deferred Finance Costs AccumulatedAmortizationDeferredFinanceCosts	1050808	USD
CY2014Q4	us-gaap	Accumulated Amortization Deferred Finance Costs AccumulatedAmortizationDeferredFinanceCosts	1339285	USD
CY2013Q4	us-gaap	Deferred Finance Costs Net DeferredFinanceCostsNet	1342709	USD
CY2014Q4	us-gaap	Deferred Finance Costs Net DeferredFinanceCostsNet	804265	USD
CY2013	us-gaap	Amortization Of Financing Costs AmortizationOfFinancingCosts	485684	USD
CY2014	us-gaap	Amortization Of Financing Costs AmortizationOfFinancingCosts	493283	USD
CY2013Q4	us-gaap	Accounts Payable Current AccountsPayableCurrent	39201642	USD
CY2014Q4	us-gaap	Accounts Payable Current AccountsPayableCurrent	33538153	USD
CY2013Q4	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	3839531	USD
CY2014Q4	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	4651503	USD
CY2013Q4	us-gaap	Interest Payable Current InterestPayableCurrent	716575	USD
CY2014Q4	us-gaap	Interest Payable Current InterestPayableCurrent	540862	USD
CY2013Q4	us-gaap	Other Accrued Liabilities Current OtherAccruedLiabilitiesCurrent	2120630	USD
CY2014Q4	us-gaap	Other Accrued Liabilities Current OtherAccruedLiabilitiesCurrent	1471276	USD
CY2013Q4	us-gaap	Longterm Debt Percentage Bearing Fixed Interest Amount LongtermDebtPercentageBearingFixedInterestAmount	83046146	USD
CY2014Q4	us-gaap	Longterm Debt Percentage Bearing Fixed Interest Amount LongtermDebtPercentageBearingFixedInterestAmount	42044477	USD
CY2013Q4	us-gaap	Long Term Debt Fair Value LongTermDebtFairValue	85855343	USD
CY2014Q4	us-gaap	Long Term Debt Fair Value LongTermDebtFairValue	45960663	USD
CY2013	cik0001606909	Allowance For Doubtful Accounts Percentage Of Accounts Receivable AllowanceForDoubtfulAccountsPercentageOfAccountsReceivable	0.5	pure
CY2014	cik0001606909	Allowance For Doubtful Accounts Percentage Of Accounts Receivable AllowanceForDoubtfulAccountsPercentageOfAccountsReceivable	0.25	pure
CY2013	us-gaap	Allowance For Doubtful Accounts Receivable Write Offs AllowanceForDoubtfulAccountsReceivableWriteOffs	341316	USD
CY2014	us-gaap	Allowance For Doubtful Accounts Receivable Write Offs AllowanceForDoubtfulAccountsReceivableWriteOffs	397760	USD
CY2014Q4	us-gaap	Property Plant And Equipment Salvage Value PropertyPlantAndEquipmentSalvageValue	375	USD
CY2013	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	263000	USD
CY2014	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	364000	USD
CY2013Q4	us-gaap	Money Market Funds At Carrying Value MoneyMarketFundsAtCarryingValue	17622598	USD
CY2014Q4	us-gaap	Money Market Funds At Carrying Value MoneyMarketFundsAtCarryingValue	24238756	USD
CY2013Q4	us-gaap	Cash And Due From Banks CashAndDueFromBanks	1305329	USD
CY2014Q4	us-gaap	Cash And Due From Banks CashAndDueFromBanks	5578751	USD
CY2013	us-gaap	Asset Impairment Charges AssetImpairmentCharges	0	USD
CY2014	us-gaap	Asset Impairment Charges AssetImpairmentCharges	11506631	USD
CY2013Q4	us-gaap	Accounts Payable And Accrued Liabilities Current AccountsPayableAndAccruedLiabilitiesCurrent	45878378	USD
CY2013	us-gaap	Preferred Stock Dividend Rate Percentage PreferredStockDividendRatePercentage	0.08	pure
CY2014	cik0001606909	Accrued Convertible Redeemable Preferred Stock Dividends AccruedConvertibleRedeemablePreferredStockDividends	6303747	USD
CY2013	us-gaap	Debt Instrument Convertible Beneficial Conversion Feature DebtInstrumentConvertibleBeneficialConversionFeature	8959421	USD
CY2015Q1	dei	Entity Common Stock Shares Outstanding EntityCommonStockSharesOutstanding	34756980	shares
CY2013Q4	us-gaap	Assets Of Disposal Group Including Discontinued Operation Current AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent	0	USD
CY2014Q4	us-gaap	Assets Of Disposal Group Including Discontinued Operation Current AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent	4523804	USD
CY2013Q4	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0	shares
CY2014Q4	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0	shares
CY2013Q4	cik0001606909	Accounts Payable Accrued Expenses And Other Current Liabilities AccountsPayableAccruedExpensesAndOtherCurrentLiabilities	45878378	USD
CY2014Q4	cik0001606909	Accounts Payable Accrued Expenses And Other Current Liabilities AccountsPayableAccruedExpensesAndOtherCurrentLiabilities	40201794	USD
CY2014	us-gaap	Stock Issued During Period Value Issued For Noncash Considerations StockIssuedDuringPeriodValueIssuedForNoncashConsiderations	-2727409	USD
CY2014	us-gaap	Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures	1816	USD
CY2013	cik0001606909	Retroactive Restatement To Reflect Common Stock Issued For Mergers RetroactiveRestatementToReflectCommonStockIssuedForMergers	0	USD
CY2014	cik0001606909	Stock Issued During Period Shares Stock Dividend StockIssuedDuringPeriodSharesStockDividend	16556.3	shares
CY2013	us-gaap	Gain Loss On Sale Of Other Assets GainLossOnSaleOfOtherAssets	0	USD
CY2014	us-gaap	Gain Loss On Sale Of Other Assets GainLossOnSaleOfOtherAssets	3947600	USD
CY2013	us-gaap	Share Based Compensation ShareBasedCompensation	0	USD
CY2014	us-gaap	Share Based Compensation ShareBasedCompensation	1816	USD
CY2013	us-gaap	Payments For Merger Related Costs PaymentsForMergerRelatedCosts	0	USD
CY2014	us-gaap	Payments For Merger Related Costs PaymentsForMergerRelatedCosts	1853753	USD
CY2014	us-gaap	Impairment Of Long Lived Assets To Be Disposed Of ImpairmentOfLongLivedAssetsToBeDisposedOf	1531000	USD
CY2013	cik0001606909	Proceeds From Mergers ProceedsFromMergers	0	USD
CY2014	cik0001606909	Proceeds From Mergers ProceedsFromMergers	-5035636	USD
CY2014	us-gaap	Debt Instrument Interest Rate During Period DebtInstrumentInterestRateDuringPeriod	0.0223	pure
CY2013	us-gaap	Stock Issued1 StockIssued1	0	USD
CY2014	us-gaap	Stock Issued1 StockIssued1	4234015	USD
CY2013	cik0001606909	Stock Issued During Period Shares Issuance Of Convertible Redeemable Preferred Stock StockIssuedDuringPeriodSharesIssuanceOfConvertibleRedeemablePreferredStock	21899.181	shares
CY2013	us-gaap	Common Stock Dividends Per Share Declared CommonStockDividendsPerShareDeclared	145.43
CY2013	cik0001606909	Earnings Per Share Reconciliation Beneficial Conversion EarningsPerShareReconciliationBeneficialConversion	8959421	USD
CY2014	cik0001606909	Earnings Per Share Reconciliation Beneficial Conversion EarningsPerShareReconciliationBeneficialConversion	11776661	USD
CY2014	us-gaap	Stock Issued During Period Value Conversion Of Convertible Securities StockIssuedDuringPeriodValueConversionOfConvertibleSecurities	131569359	USD
CY2014	us-gaap	Extinguishment Of Debt Amount ExtinguishmentOfDebtAmount	242000	USD
CY2014	cik0001606909	Stock Issued During Period Value Issued For Merger StockIssuedDuringPeriodValueIssuedForMerger	5027826	USD
CY2013	us-gaap	Increase In Restricted Cash IncreaseInRestrictedCash	0	USD
CY2014	us-gaap	Increase In Restricted Cash IncreaseInRestrictedCash	500000	USD
CY2013	us-gaap	Decrease In Restricted Cash DecreaseInRestrictedCash	187500	USD
CY2014	us-gaap	Decrease In Restricted Cash DecreaseInRestrictedCash	0	USD

Files In Submission

Name	View Source	Status
0001144204-15-020193-index-headers.html	Edgar Link	pending
0001144204-15-020193-index.html	Edgar Link	pending
0001144204-15-020193.txt	Edgar Link	pending
0001144204-15-020193-xbrl.zip	Edgar Link	pending
cik0001606909-20141231.xml	Edgar Link	completed
cik0001606909-20141231.xsd	Edgar Link	pending
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cik0001606909-20141231_def.xml	Edgar Link	unprocessable
cik0001606909-20141231_lab.xml	Edgar Link	unprocessable
cik0001606909-20141231_pre.xml	Edgar Link	unprocessable
FilingSummary.xml	Edgar Link	unprocessable
Financial_Report.xls	Edgar Link	pending
Financial_Report.xlsx	Edgar Link	pending
R1.htm	Edgar Link	pending
R10.htm	Edgar Link	pending
R11.htm	Edgar Link	pending
R12.htm	Edgar Link	pending
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R7.htm	Edgar Link	pending
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report.css	Edgar Link	pending
Show.js	Edgar Link	pending
v405133_10k.htm	Edgar Link	pending
v405133_ex23-1.htm	Edgar Link	pending
v405133_ex23-2.htm	Edgar Link	pending
v405133_ex31-1.htm	Edgar Link	pending
v405133_ex31-2.htm	Edgar Link	pending
v405133_ex32-1.htm	Edgar Link	pending
v405133_ex32-2.htm	Edgar Link	pending

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$PANL
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2013 Q4 Form 10-K Financial Statement

#000114420415020193 Filed on March 31, 2015

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$PANL Pangaea Logistics Solutions Ltd. Stock $panl

2013 Q4 Form 10-K Financial Statement

#000114420415020193 Filed on March 31, 2015

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$PANL
Pangaea Logistics Solutions Ltd. Stock $panl