$PANL
Pangaea Logistics Solutions Ltd. Stock $panl

$panl Overview Financials Valuation SEC Filings Company Website

2017 Q3 Form 10-Q Financial Statement

#000160690917000101 Filed on November 09, 2017

Income Statement

Concept	2017 Q3	2016 Q3	2015 Q4
Revenue	$107.0M	$70.80M	$55.93M
YoY Change	51.16%	-0.55%	-45.74%
Cost Of Revenue	$79.10M	$48.80M	$37.30M
YoY Change	62.09%	-4.31%
Gross Profit	$28.00M	$22.00M	$18.70M
YoY Change	27.27%	8.91%
Gross Profit Margin	26.16%	31.07%	33.44%
Selling, General & Admin	$4.800M	$3.200M	$3.100M
YoY Change	50.0%	-11.11%
% of Gross Profit	17.14%	14.55%	16.58%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$3.950M	$3.540M	$3.270M
YoY Change	11.58%	10.62%	-71.98%
% of Gross Profit	14.11%	16.09%	17.49%
Operating Expenses	$97.00M	$63.00M	$57.21M
YoY Change	53.97%	-5.01%	-51.14%
Operating Profit	$10.02M	$7.800M	-$1.288M
YoY Change	28.52%	60.21%	-90.82%
Interest Expense	$2.106M	$1.300M	$1.236M
YoY Change	62.01%	-12.96%	-5.34%
% of Operating Profit	21.01%	16.67%
Other Income/Expense, Net	-$1.267M	$0.00	-$1.101M
YoY Change		-100.0%	-70.26%
Pretax Income	$8.800M	$6.600M	-$4.800M
YoY Change	33.33%	135.71%
Income Tax			$0.00
% Of Pretax Income
Net Earnings	$7.181M	$6.100M	-$4.787M
YoY Change	17.73%	103.15%	-71.91%
Net Earnings / Revenue	6.71%	8.62%	-8.56%
Basic Earnings Per Share	$0.18	$0.17	-$0.14
Diluted Earnings Per Share	$0.17	$0.17	-$0.14
COMMON SHARES
Basic Shares Outstanding	40.80M shares	35.17M shares	35.05M shares
Diluted Shares Outstanding	41.07M shares	35.35M shares	35.38M shares

Balance Sheet

Concept	2017 Q3	2016 Q3	2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments	$29.30M	$28.20M	$37.50M
YoY Change	3.9%	-17.54%	25.84%
Cash & Equivalents	$33.34M	$28.19M	$37.52M
Short-Term Investments
Other Short-Term Assets	$2.616M	$3.095M	$1.004M
YoY Change	-15.48%	1118.9%	-44.06%
Inventory	$16.47M	$9.336M	$7.491M
Prepaid Expenses	$646.5K	$873.0K	$537.2K
Receivables	$30.92M	$14.81M	$19.62M
Other Receivables	$0.00	$0.00	$0.00
Total Short-Term Assets	$94.19M	$63.99M	$69.31M
YoY Change	47.18%	-12.59%	-18.34%
LONG-TERM ASSETS
Property, Plant & Equipment	$290.8M	$278.8M	$255.1M
YoY Change	4.31%	5.97%	22.86%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets	$30.30M		$0.00
YoY Change			-100.0%
Total Long-Term Assets	$321.1M	$290.6M	$297.7M
YoY Change	10.49%	2.8%	20.61%
TOTAL ASSETS
Total Short-Term Assets	$94.19M	$63.99M	$69.31M
Total Long-Term Assets	$321.1M	$290.6M	$297.7M
Total Assets	$415.3M	$354.6M	$367.0M
YoY Change	17.11%	-0.36%	10.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$17.69M	$11.04M	$14.06M
YoY Change	60.17%	-37.77%	-58.06%
Accrued Expenses			$5.233M
YoY Change			12.5%
Deferred Revenue
YoY Change
Short-Term Debt	$6.900M	$12.60M	$13.30M
YoY Change	-45.24%	-79.97%	-77.5%
Long-Term Debt Due	$19.60M	$18.00M	$19.50M
YoY Change	8.89%	-0.55%	9.55%
Total Short-Term Liabilities	$71.83M	$66.43M	$72.15M
YoY Change	8.13%	-45.84%	-50.13%
LONG-TERM LIABILITIES
Long-Term Debt	$138.9M	$112.0M	$129.5M
YoY Change	24.02%	-2.78%	49.54%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities	$138.9M	$112.0M	$129.5M
YoY Change	24.02%	-2.78%	49.54%
TOTAL LIABILITIES
Total Short-Term Liabilities	$71.83M	$66.43M	$72.15M
Total Long-Term Liabilities	$138.9M	$112.0M	$129.5M
Total Liabilities	$274.1M	$238.6M	$258.8M
YoY Change	14.88%	-1.85%	10.69%
SHAREHOLDERS EQUITY
Retained Earnings	-$13.62M	-$17.48M	-$24.87M
YoY Change	-22.07%	-18.82%	-31.2%
Common Stock	$4.380K	$3.658K	$3.650K
YoY Change	19.74%	2.35%	5.01%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$141.2M	$116.0M	$108.2M
YoY Change
Total Liabilities & Shareholders Equity	$415.3M	$354.6M	$367.0M
YoY Change	17.11%	-0.36%	10.64%

Cashflow Statement

Concept	2017 Q3	2016 Q3	2015 Q4
OPERATING ACTIVITIES
Net Income	$7.181M	$6.100M	-$4.787M
YoY Change	17.73%	103.15%	-71.91%
Depreciation, Depletion And Amortization	$3.950M	$3.540M	$3.270M
YoY Change	11.58%	10.62%	-71.98%
Cash From Operating Activities	$5.400M	$8.330M	$7.980M
YoY Change	-35.17%	59.58%	-60.42%
INVESTING ACTIVITIES
Capital Expenditures	-$470.0K	-$290.0K	$10.00K
YoY Change	62.07%	625.0%	-100.02%
Acquisitions
YoY Change
Other Investing Activities	$0.00	-$2.970M	-$23.09M
YoY Change	-100.0%	924.14%	-327.71%
Cash From Investing Activities	-$460.0K	-$3.260M	-$23.10M
YoY Change	-85.89%	918.75%	-32.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	-5.030M	-9.310M	18.43M
YoY Change	-45.97%	91.96%	-27.64%
NET CHANGE
Cash From Operating Activities	5.400M	8.330M	7.980M
Cash From Investing Activities	-460.0K	-3.260M	-23.10M
Cash From Financing Activities	-5.030M	-9.310M	18.43M
Net Change In Cash	-90.00K	-4.240M	3.310M
YoY Change	-97.88%	-8580.0%	-70.68%
FREE CASH FLOW
Cash From Operating Activities	$5.400M	$8.330M	$7.980M
Capital Expenditures	-$470.0K	-$290.0K	$10.00K
Free Cash Flow	$5.870M	$8.620M	$7.970M
YoY Change	-31.9%	63.88%	-87.67%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
	dei	Amendment Flag AmendmentFlag	false
	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q3
	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2017
	dei	Document Period End Date DocumentPeriodEndDate	2017-09-30
	dei	Document Type DocumentType	10-Q
	dei	Entity Central Index Key EntityCentralIndexKey	0001606909
CY2017Q4	dei	Entity Common Stock Shares Outstanding EntityCommonStockSharesOutstanding	43795182	shares
	dei	Entity Filer Category EntityFilerCategory	Smaller Reporting Company
	dei	Entity Registrant Name EntityRegistrantName	Pangaea Logistics Solutions Ltd.
CY2016Q4	panl	Accounts Payable Accrued Expenses And Other Current Liabilities AccountsPayableAccruedExpensesAndOtherCurrentLiabilities	23231179	USD
CY2017Q3	panl	Accounts Payable Accrued Expenses And Other Current Liabilities AccountsPayableAccruedExpensesAndOtherCurrentLiabilities	30160371	USD
CY2016Q4	panl	Accrued Receivable AccruedReceivable	1319220	USD
CY2017Q3	panl	Accrued Receivable AccruedReceivable	5042672	USD
CY2016Q4	panl	Accrued Voyage Expenses AccruedVoyageExpenses	6955389	USD
CY2017Q3	panl	Accrued Voyage Expenses AccruedVoyageExpenses	11656486	USD
CY2016Q4	panl	Advance Hire Current AdvanceHireCurrent	2232444	USD
CY2017Q3	panl	Advance Hire Current AdvanceHireCurrent	5159896	USD
	panl	Amortization Of Deferred Financing Costs And Bank Fees AmortizationOfDeferredFinancingCostsAndBankFees	513311	USD
	panl	Amortization Of Deferred Financing Costs And Bank Fees AmortizationOfDeferredFinancingCostsAndBankFees	527348	USD
	panl	Amortizationofprepaidrent Amortizationofprepaidrent	0	USD
	panl	Amortizationofprepaidrent Amortizationofprepaidrent	-91453	USD
CY2016Q4	panl	Capitalleaseassetnet Capitalleaseassetnet	0	USD
	panl	Payment For Drydocking Costs PaymentForDrydockingCosts	1043164	USD
	panl	Payment For Purchase Of Vessels PaymentForPurchaseOfVessels	3372433	USD
CY2017Q3	panl	Capitalleaseassetnet Capitalleaseassetnet	30285569	USD
CY2016Q3	panl	Charter Hire Expense CharterHireExpense	19655327	USD
	panl	Charter Hire Expense CharterHireExpense	43199730	USD
CY2017Q3	panl	Charter Hire Expense CharterHireExpense	34764942	USD
	panl	Charter Hire Expense CharterHireExpense	91140160	USD
CY2016Q3	panl	Charter Revenue CharterRevenue	4797572	USD
	panl	Charter Revenue CharterRevenue	10173501	USD
CY2017Q3	panl	Charter Revenue CharterRevenue	13334202	USD
	panl	Charter Revenue CharterRevenue	31293637	USD
CY2017Q3	panl	Dividendspayabletothefounders Dividendspayabletothefounders	6334000	USD
	panl	Extinguishmentof Related Party Debt ExtinguishmentofRelatedPartyDebt	0	USD
	panl	Extinguishmentof Related Party Debt ExtinguishmentofRelatedPartyDebt	9278800	USD
	panl	Increase Decrease In Account Payable Accrued Expenses And Other Current Liabilities IncreaseDecreaseInAccountPayableAccruedExpensesAndOtherCurrentLiabilities	-743918	USD
	panl	Increase Decrease In Account Payable Accrued Expenses And Other Current Liabilities IncreaseDecreaseInAccountPayableAccruedExpensesAndOtherCurrentLiabilities	8021053	USD
	panl	Payment For Drydocking Costs PaymentForDrydockingCosts	42478	USD
	panl	Payment For Purchase Of Vessels PaymentForPurchaseOfVessels	47328517	USD
	panl	Purchasefromnoncontrollinginterest Purchasefromnoncontrollinginterest	0	USD
	panl	Purchasefromnoncontrollinginterest Purchasefromnoncontrollinginterest	832572	USD
CY2016Q3	panl	Rentalexpenseperyearunderbareboatcharternext5years Rentalexpenseperyearunderbareboatcharternext5years	365000	USD
CY2017Q2	panl	Sharesissuedinconnectionwithshareofferingpercentageofthencommonstock Sharesissuedinconnectionwithshareofferingpercentageofthencommonstock	0.17
	panl	Stockissuedduringperiodvalueissuranceofcommonstockassettlementofaccrueddividends Stockissuedduringperiodvalueissuranceofcommonstockassettlementofaccrueddividends	0	USD
	panl	Stockissuedduringperiodvalueissuranceofcommonstockassettlementofaccrueddividends Stockissuedduringperiodvalueissuranceofcommonstockassettlementofaccrueddividends	4385000	USD
CY2016Q3	panl	Technical Management Fees TechnicalManagementFees	538000	USD
	panl	Technical Management Fees TechnicalManagementFees	1411000	USD
CY2017Q3	panl	Technical Management Fees TechnicalManagementFees	718000	USD
	panl	Technical Management Fees TechnicalManagementFees	2022000	USD
CY2016Q3	panl	Vessel Operating Expense VesselOperatingExpense	7483507	USD
	panl	Vessel Operating Expense VesselOperatingExpense	22277417	USD
CY2017Q3	panl	Vessel Operating Expense VesselOperatingExpense	9144472	USD
	panl	Vessel Operating Expense VesselOperatingExpense	26810071	USD
CY2016Q4	panl	Vessels And Vessel Improvements Property Plant And Equipment Net VesselsAndVesselImprovementsPropertyPlantAndEquipmentNet	272382798	USD
CY2017Q3	panl	Vessels And Vessel Improvements Property Plant And Equipment Net VesselsAndVesselImprovementsPropertyPlantAndEquipmentNet	287446942	USD
CY2016Q3	panl	Voyage Expense VoyageExpense	29166651	USD
	panl	Voyage Expense VoyageExpense	74434257	USD
CY2017Q3	panl	Voyage Expense VoyageExpense	44305446	USD
	panl	Voyage Expense VoyageExpense	124174513	USD
CY2016Q3	panl	Voyage Revenue VoyageRevenue	65986320	USD
	panl	Voyage Revenue VoyageRevenue	161509615	USD
CY2017Q3	panl	Voyage Revenue VoyageRevenue	93688834	USD
	panl	Voyage Revenue VoyageRevenue	251608298	USD
CY2016Q4	us-gaap	Accounts Payable And Other Accrued Liabilities Current AccountsPayableAndOtherAccruedLiabilitiesCurrent	23231179	USD
CY2017Q3	us-gaap	Accounts Payable And Other Accrued Liabilities Current AccountsPayableAndOtherAccruedLiabilitiesCurrent	30160371	USD
CY2016Q4	us-gaap	Accounts Payable Current AccountsPayableCurrent	15435179	USD
CY2017Q3	us-gaap	Accounts Payable Current AccountsPayableCurrent	17690288	USD
CY2016Q4	us-gaap	Accounts Receivable Net Current AccountsReceivableNetCurrent	20476797	USD
CY2017Q3	us-gaap	Accounts Receivable Net Current AccountsReceivableNetCurrent	30915458	USD
CY2016Q4	us-gaap	Additional Paid In Capital AdditionalPaidInCapital	133677321	USD
CY2017Q3	us-gaap	Additional Paid In Capital AdditionalPaidInCapital	154781731	USD
CY2016Q4	us-gaap	Allowance For Doubtful Accounts Receivable AllowanceForDoubtfulAccountsReceivable	4752265	USD
CY2017Q3	us-gaap	Allowance For Doubtful Accounts Receivable AllowanceForDoubtfulAccountsReceivable	4183826	USD
CY2016Q4	us-gaap	Assets Assets	362193902	USD
CY2017Q3	us-gaap	Assets Assets	415310805	USD
CY2016Q4	us-gaap	Assets Current AssetsCurrent	68544266	USD
CY2017Q3	us-gaap	Assets Current AssetsCurrent	94187699	USD
CY2016Q4	us-gaap	Capital Lease Obligations Current CapitalLeaseObligationsCurrent	0	USD
CY2017Q3	us-gaap	Capital Lease Obligations Current CapitalLeaseObligationsCurrent	1759303	USD
CY2016Q4	us-gaap	Capital Lease Obligations Noncurrent CapitalLeaseObligationsNoncurrent	0	USD
CY2017Q3	us-gaap	Capital Lease Obligations Noncurrent CapitalLeaseObligationsNoncurrent	25472098	USD
CY2017Q3	us-gaap	Capital Leases Future Minimum Payments Due CapitalLeasesFutureMinimumPaymentsDue	34198916	USD
CY2017Q3	us-gaap	Capital Leases Future Minimum Payments Due Current CapitalLeasesFutureMinimumPaymentsDueCurrent	3278295	USD
CY2017Q3	us-gaap	Capital Leases Future Minimum Payments Due In Five Years CapitalLeasesFutureMinimumPaymentsDueInFiveYears	6858295	USD
CY2017Q3	us-gaap	Capital Leases Future Minimum Payments Due In Four Years CapitalLeasesFutureMinimumPaymentsDueInFourYears	3278295	USD
CY2017Q3	us-gaap	Capital Leases Future Minimum Payments Due In Three Years CapitalLeasesFutureMinimumPaymentsDueInThreeYears	3278295	USD
CY2017Q3	us-gaap	Capital Leases Future Minimum Payments Due In Two Years CapitalLeasesFutureMinimumPaymentsDueInTwoYears	3278295	USD
CY2017Q3	us-gaap	Capital Leases Future Minimum Payments Due Thereafter CapitalLeasesFutureMinimumPaymentsDueThereafter	14227441	USD
CY2017Q3	us-gaap	Capital Leases Future Minimum Payments Interest Included In Payments CapitalLeasesFutureMinimumPaymentsInterestIncludedInPayments	6967515	USD
CY2017Q3	us-gaap	Capital Leases Future Minimum Payments Present Value Of Net Minimum Payments CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments	27231401	USD
CY2015Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	37520240	USD
CY2016Q3	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	28192492	USD
CY2016Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	22322949	USD
CY2017Q3	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	29336687	USD
	us-gaap	Cash And Cash Equivalents Period Increase Decrease CashAndCashEquivalentsPeriodIncreaseDecrease	-9327748	USD
	us-gaap	Cash And Cash Equivalents Period Increase Decrease CashAndCashEquivalentsPeriodIncreaseDecrease	7013738	USD
CY2016Q4	us-gaap	Commitments And Contingencies CommitmentsAndContingencies		USD
CY2017Q3	us-gaap	Commitments And Contingencies CommitmentsAndContingencies		USD
CY2016Q4	us-gaap	Common Stock Par Or Stated Value Per Share CommonStockParOrStatedValuePerShare	0.0001
CY2017Q3	us-gaap	Common Stock Par Or Stated Value Per Share CommonStockParOrStatedValuePerShare	0.0001
CY2016Q4	us-gaap	Common Stock Shares Authorized CommonStockSharesAuthorized	100000000	shares
CY2017Q3	us-gaap	Common Stock Shares Authorized CommonStockSharesAuthorized	100000000	shares
CY2016Q4	us-gaap	Common Stock Shares Issued CommonStockSharesIssued	36590417	shares
CY2017Q3	us-gaap	Common Stock Shares Issued CommonStockSharesIssued	43795182	shares
CY2016Q4	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	36590417	shares
CY2017Q3	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	43795182	shares
CY2016Q4	us-gaap	Common Stock Value CommonStockValue	3659	USD
CY2017Q3	us-gaap	Common Stock Value CommonStockValue	4380	USD
CY2016Q3	us-gaap	Cost Of Services Depreciation And Amortization CostOfServicesDepreciationAndAmortization	3532171	USD
	us-gaap	Cost Of Services Depreciation And Amortization CostOfServicesDepreciationAndAmortization	10576223	USD
CY2017Q3	us-gaap	Cost Of Services Depreciation And Amortization CostOfServicesDepreciationAndAmortization	3950661	USD
	us-gaap	Cost Of Services Depreciation And Amortization CostOfServicesDepreciationAndAmortization	11604168	USD
CY2016Q4	us-gaap	Deferred Revenue Current DeferredRevenueCurrent	6422982	USD
CY2017Q3	us-gaap	Deferred Revenue Current DeferredRevenueCurrent	7913518	USD
	us-gaap	Depreciation Depletion And Amortization DepreciationDepletionAndAmortization	10576223	USD
	us-gaap	Depreciation Depletion And Amortization DepreciationDepletionAndAmortization	11604168	USD
CY2015Q4	us-gaap	Derivative Number Of Instruments Held DerivativeNumberOfInstrumentsHeld	1	swap
CY2016Q4	us-gaap	Development In Process DevelopmentInProcess	18383964	USD
CY2017Q3	us-gaap	Development In Process DevelopmentInProcess	0	USD
CY2016	us-gaap	Dividends Cash DividendsCash	100000	USD
	us-gaap	Dividends Cash DividendsCash	1001424	USD
CY2016Q4	us-gaap	Dividends Payable Current DividendsPayableCurrent	12624825	USD
CY2017Q3	us-gaap	Dividends Payable Current DividendsPayableCurrent	7238401	USD
CY2015Q4	us-gaap	Dividends Payable Current And Noncurrent DividendsPayableCurrentAndNoncurrent	12724825	USD
CY2016Q4	us-gaap	Dividends Payable Current And Noncurrent DividendsPayableCurrentAndNoncurrent	12624825	USD
CY2017Q3	us-gaap	Dividends Payable Current And Noncurrent DividendsPayableCurrentAndNoncurrent	7238401	USD
CY2016Q4	us-gaap	Due To Related Parties Current DueToRelatedPartiesCurrent	15972147	USD
CY2017Q3	us-gaap	Due To Related Parties Current DueToRelatedPartiesCurrent	6929885	USD
CY2016Q3	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	0.17
	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	0.21
CY2017Q3	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	0.18
	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	0.10
CY2016Q3	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	0.17
	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	0.21
CY2017Q3	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	0.17
	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	0.10
	us-gaap	Gain Loss On Sale Of Other Assets GainLossOnSaleOfOtherAssets	0	USD
	us-gaap	Gain Loss On Sale Of Other Assets GainLossOnSaleOfOtherAssets	-9134908	USD
CY2016Q3	us-gaap	Gain Loss On Sale Of Properties GainLossOnSaleOfProperties	0	USD
	us-gaap	Gain Loss On Sale Of Properties GainLossOnSaleOfProperties	0	USD
CY2017Q3	us-gaap	Gain Loss On Sale Of Properties GainLossOnSaleOfProperties	-70000	USD
	us-gaap	Gain Loss On Sale Of Properties GainLossOnSaleOfProperties	-9275042	USD
CY2016Q3	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	3179287	USD
	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	9151608	USD
CY2017Q3	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	4762860	USD
	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	11418900	USD
	us-gaap	Income Loss From Equity Method Investments IncomeLossFromEquityMethodInvestments	-68477	USD
	us-gaap	Income Loss From Equity Method Investments IncomeLossFromEquityMethodInvestments	282362	USD
	us-gaap	Increase Decrease In Accounts Receivable IncreaseDecreaseInAccountsReceivable	-3824491	USD
	us-gaap	Increase Decrease In Accounts Receivable IncreaseDecreaseInAccountsReceivable	10428305	USD
	us-gaap	Increase Decrease In Deferred Revenue IncreaseDecreaseInDeferredRevenue	-925490	USD
	us-gaap	Increase Decrease In Deferred Revenue IncreaseDecreaseInDeferredRevenue	1490536	USD
	us-gaap	Increase Decrease In Inventories IncreaseDecreaseInInventories	1845707	USD
	us-gaap	Increase Decrease In Inventories IncreaseDecreaseInInventories	3267454	USD
	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	2471301	USD
	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	7118526	USD
	us-gaap	Increase Decrease In Restricted Cash For Operating Activities IncreaseDecreaseInRestrictedCashForOperatingActivities	-499269	USD
	us-gaap	Increase Decrease In Restricted Cash For Operating Activities IncreaseDecreaseInRestrictedCashForOperatingActivities	0	USD
CY2016Q3	us-gaap	Interest Expense InterestExpense	1258105	USD
	us-gaap	Interest Expense InterestExpense	4158143	USD
CY2017Q3	us-gaap	Interest Expense InterestExpense	2106139	USD
	us-gaap	Interest Expense InterestExpense	5981237	USD
CY2016Q3	us-gaap	Interest Expense Related Party InterestExpenseRelatedParty	79712	USD
	us-gaap	Interest Expense Related Party InterestExpenseRelatedParty	235212	USD
CY2017Q3	us-gaap	Interest Expense Related Party InterestExpenseRelatedParty	79713	USD
	us-gaap	Interest Expense Related Party InterestExpenseRelatedParty	236538	USD
	us-gaap	Interest Paid InterestPaid	3520635	USD
	us-gaap	Interest Paid InterestPaid	5052102	USD
CY2016Q4	us-gaap	Interest Payable Current InterestPayableCurrent	412984	USD
CY2017Q3	us-gaap	Interest Payable Current InterestPayableCurrent	604041	USD
CY2016Q4	us-gaap	Inventory Net InventoryNet	13202937	USD
CY2017Q3	us-gaap	Inventory Net InventoryNet	16470391	USD
CY2016Q4	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	362193902	USD
CY2017Q3	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	415310805	USD
CY2016Q4	us-gaap	Liabilities Current LiabilitiesCurrent	77878979	USD
CY2017Q3	us-gaap	Liabilities Current LiabilitiesCurrent	71832474	USD
CY2017Q3	us-gaap	Long Term Debt LongTermDebt	133158548	USD
CY2017Q3	us-gaap	Long Term Debt Maturities Repayments Of Principal After Year Five LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive	401865	USD
CY2017Q3	us-gaap	Long Term Debt Maturities Repayments Of Principal In Year Five LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive	52779228	USD
CY2017Q3	us-gaap	Long Term Debt Maturities Repayments Of Principal In Year Four LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour	18921949	USD
CY2017Q3	us-gaap	Long Term Debt Maturities Repayments Of Principal In Year Three LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree	25225098	USD
CY2017Q3	us-gaap	Long Term Debt Maturities Repayments Of Principal In Year Two LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo	17999412	USD
CY2017Q3	us-gaap	Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear	17830996	USD
CY2016Q4	us-gaap	Minority Interest MinorityInterest	60405671	USD
CY2017Q3	us-gaap	Minority Interest MinorityInterest	63408583	USD
	us-gaap	Net Cash Provided By Used In Financing Activities Continuing Operations NetCashProvidedByUsedInFinancingActivitiesContinuingOperations	-23956825	USD
	us-gaap	Net Cash Provided By Used In Financing Activities Continuing Operations NetCashProvidedByUsedInFinancingActivitiesContinuingOperations	41429662	USD
	us-gaap	Net Cash Provided By Used In Investing Activities Continuing Operations NetCashProvidedByUsedInInvestingActivitiesContinuingOperations	-3688251	USD
	us-gaap	Net Cash Provided By Used In Investing Activities Continuing Operations NetCashProvidedByUsedInInvestingActivitiesContinuingOperations	-48161089	USD
	us-gaap	Net Cash Provided By Used In Operating Activities Continuing Operations NetCashProvidedByUsedInOperatingActivitiesContinuingOperations	18317328	USD
	us-gaap	Net Cash Provided By Used In Operating Activities Continuing Operations NetCashProvidedByUsedInOperatingActivitiesContinuingOperations	13745165	USD
CY2016Q3	us-gaap	Net Income Loss NetIncomeLoss	6064336	USD
	us-gaap	Net Income Loss NetIncomeLoss	7391074	USD
CY2017Q3	us-gaap	Net Income Loss NetIncomeLoss	7181251	USD
	us-gaap	Net Income Loss NetIncomeLoss	3790913	USD
CY2016Q3	us-gaap	Net Income Loss Attributable To Noncontrolling Interest NetIncomeLossAttributableToNoncontrollingInterest	517701	USD
	us-gaap	Net Income Loss Attributable To Noncontrolling Interest NetIncomeLossAttributableToNoncontrollingInterest	1429132	USD
CY2017Q3	us-gaap	Net Income Loss Attributable To Noncontrolling Interest NetIncomeLossAttributableToNoncontrollingInterest	1576209	USD
	us-gaap	Net Income Loss Attributable To Noncontrolling Interest NetIncomeLossAttributableToNoncontrollingInterest	787063	USD
CY2016Q3	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	-8097	USD
	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	-42754	USD
CY2017Q3	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	977795	USD
	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	1885801	USD
CY2016Q3	us-gaap	Operating Expenses OperatingExpenses	63016943	USD
	us-gaap	Operating Expenses OperatingExpenses	159639235	USD
CY2017Q3	us-gaap	Operating Expenses OperatingExpenses	96998381	USD
	us-gaap	Operating Expenses OperatingExpenses	274422854	USD
CY2016Q3	us-gaap	Operating Income Loss OperatingIncomeLoss	7766949	USD
	us-gaap	Operating Income Loss OperatingIncomeLoss	12043881	USD
CY2017Q3	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	-1267195	USD
	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	-3901105	USD
	us-gaap	Payment Of Financing And Stock Issuance Costs PaymentOfFinancingAndStockIssuanceCosts	45755	USD
	us-gaap	Payment Of Financing And Stock Issuance Costs PaymentOfFinancingAndStockIssuanceCosts	896175	USD
	us-gaap	Payments Of Dividends Common Stock PaymentsOfDividendsCommonStock	100000	USD
	us-gaap	Payments Of Dividends Common Stock PaymentsOfDividendsCommonStock	1001424	USD
CY2017Q3	us-gaap	Other Accrued Liabilities Current OtherAccruedLiabilitiesCurrent	209556	USD
CY2016Q4	us-gaap	Other Assets Current OtherAssetsCurrent	1045397	USD
CY2017Q3	us-gaap	Other Assets Current OtherAssetsCurrent	2616102	USD
CY2016Q4	us-gaap	Other Long Term Debt Current OtherLongTermDebtCurrent	19627846	USD
CY2017Q3	us-gaap	Other Long Term Debt Current OtherLongTermDebtCurrent	17830996	USD
CY2016Q3	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	-1184912	USD
	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	-3223675	USD
	us-gaap	Payments To Acquire Other Property Plant And Equipment PaymentsToAcquireOtherPropertyPlantAndEquipment	315818	USD
CY2017Q3	us-gaap	Operating Income Loss OperatingIncomeLoss	10024655	USD
	us-gaap	Operating Income Loss OperatingIncomeLoss	8479081	USD
CY2017Q3	us-gaap	Operating Leases Future Minimum Payments Due OperatingLeasesFutureMinimumPaymentsDue	1657025	USD
CY2017Q3	us-gaap	Operating Leases Future Minimum Payments Due Current OperatingLeasesFutureMinimumPaymentsDueCurrent	585717	USD
CY2017Q3	us-gaap	Operating Leases Future Minimum Payments Due In Five Years OperatingLeasesFutureMinimumPaymentsDueInFiveYears	0	USD
CY2017Q3	us-gaap	Operating Leases Future Minimum Payments Due In Four Years OperatingLeasesFutureMinimumPaymentsDueInFourYears	285348	USD
CY2017Q3	us-gaap	Operating Leases Future Minimum Payments Due In Three Years OperatingLeasesFutureMinimumPaymentsDueInThreeYears	365446	USD
CY2017Q3	us-gaap	Operating Leases Future Minimum Payments Due In Two Years OperatingLeasesFutureMinimumPaymentsDueInTwoYears	420514	USD
CY2017Q3	us-gaap	Operating Leases Future Minimum Payments Due Thereafter OperatingLeasesFutureMinimumPaymentsDueThereafter	0	USD
CY2016Q4	us-gaap	Other Accrued Liabilities Current OtherAccruedLiabilitiesCurrent	427627	USD
	us-gaap	Payments To Acquire Other Property Plant And Equipment PaymentsToAcquireOtherPropertyPlantAndEquipment	0	USD
CY2016Q4	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.0001
CY2017Q3	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.0001
CY2016Q4	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	1000000	shares
CY2017Q3	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	1000000	shares
CY2016Q4	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0	shares
CY2017Q3	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0	shares
CY2016Q4	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0	shares
CY2017Q3	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0	shares
CY2016Q4	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	6441583	USD
CY2017Q3	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	13465163	USD
CY2016Q4	us-gaap	Prepaid Expense Current PrepaidExpenseCurrent	1844522	USD
CY2017Q3	us-gaap	Prepaid Expense Current PrepaidExpenseCurrent	646493	USD
	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	0	USD
	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	9631530	USD
	us-gaap	Proceeds From Issuance Of Long Term Debt ProceedsFromIssuanceOfLongTermDebt	1375971	USD
	us-gaap	Proceeds From Issuance Of Long Term Debt ProceedsFromIssuanceOfLongTermDebt	25000000	USD
	us-gaap	Proceeds From Legal Settlements ProceedsFromLegalSettlements	462000	USD
	us-gaap	Proceeds From Minority Shareholders ProceedsFromMinorityShareholders	1600000	USD
	us-gaap	Proceeds From Payments To Minority Shareholders ProceedsFromPaymentsToMinorityShareholders	0	USD
	us-gaap	Proceeds From Related Party Debt ProceedsFromRelatedPartyDebt	1522500	USD
	us-gaap	Proceeds From Related Party Debt ProceedsFromRelatedPartyDebt	0	USD
	us-gaap	Proceeds From Repayments Of Restricted Cash Financing Activities ProceedsFromRepaymentsOfRestrictedCashFinancingActivities	-5000000	USD
	us-gaap	Proceeds From Repayments Of Restricted Cash Financing Activities ProceedsFromRepaymentsOfRestrictedCashFinancingActivities	2100000	USD
CY2016Q3	us-gaap	Profit Loss ProfitLoss	6582037	USD
	us-gaap	Profit Loss ProfitLoss	8820206	USD
CY2017Q3	us-gaap	Profit Loss ProfitLoss	8757460	USD
	us-gaap	Profit Loss ProfitLoss	4577976	USD
CY2016Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	275265672	USD
CY2017Q3	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	290837537	USD
CY2016Q4	us-gaap	Property Plant And Equipment Other Net PropertyPlantAndEquipmentOtherNet	2882874	USD
CY2017Q3	us-gaap	Property Plant And Equipment Other Net PropertyPlantAndEquipmentOtherNet	3390595	USD
	us-gaap	Provision For Doubtful Accounts ProvisionForDoubtfulAccounts	982393	USD
	us-gaap	Provision For Doubtful Accounts ProvisionForDoubtfulAccounts	-10356	USD
	us-gaap	Repayments Of Long Term Capital Lease Obligations RepaymentsOfLongTermCapitalLeaseObligations	0	USD
	us-gaap	Repayments Of Long Term Capital Lease Obligations RepaymentsOfLongTermCapitalLeaseObligations	768599	USD
	us-gaap	Repayments Of Long Term Debt RepaymentsOfLongTermDebt	20809044	USD
	us-gaap	Repayments Of Long Term Debt RepaymentsOfLongTermDebt	20635670	USD
	us-gaap	Repayments Of Related Party Debt RepaymentsOfRelatedPartyDebt	2500497	USD
	us-gaap	Repayments Of Related Party Debt RepaymentsOfRelatedPartyDebt	0	USD
CY2016Q4	us-gaap	Restricted Cash And Cash Equivalents At Carrying Value RestrictedCashAndCashEquivalentsAtCarryingValue	6100000	USD
CY2017Q3	us-gaap	Restricted Cash And Cash Equivalents At Carrying Value RestrictedCashAndCashEquivalentsAtCarryingValue	4000000	USD
CY2016Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-17409579	USD
CY2017Q3	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-13618666	USD
CY2016Q3	us-gaap	Revenues Revenues	70783892	USD
	us-gaap	Revenues Revenues	171683116	USD
CY2017Q3	us-gaap	Revenues Revenues	107023036	USD
	us-gaap	Revenues Revenues	282901935	USD
	us-gaap	Sale Leaseback Transaction Net Proceeds Financing Activities SaleLeasebackTransactionNetProceedsFinancingActivities	0	USD
	us-gaap	Sale Leaseback Transaction Net Proceeds Financing Activities SaleLeasebackTransactionNetProceedsFinancingActivities	28000000	USD
CY2016Q4	us-gaap	Secured Debt SecuredDebt	128794208	USD
CY2017Q3	us-gaap	Secured Debt SecuredDebt	133158548	USD
CY2016Q4	us-gaap	Secured Debt Current SecuredDebtCurrent	19627846	USD
CY2017Q3	us-gaap	Secured Debt Current SecuredDebtCurrent	17830996	USD
CY2016Q4	us-gaap	Secured Long Term Debt SecuredLongTermDebt	107637851	USD
CY2017Q3	us-gaap	Secured Long Term Debt SecuredLongTermDebt	113430205	USD
	us-gaap	Share Based Compensation ShareBasedCompensation	274286	USD
	us-gaap	Share Based Compensation ShareBasedCompensation	878759	USD
CY2016Q4	us-gaap	Stockholders Equity StockholdersEquity	116271401	USD
CY2017Q3	us-gaap	Stockholders Equity StockholdersEquity	141167445	USD
CY2016Q4	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	176677072	USD
CY2017Q3	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	204576028	USD
CY2016Q4	us-gaap	Unamortized Debt Issuance Expense UnamortizedDebtIssuanceExpense	1528511	USD
CY2017Q3	us-gaap	Unamortized Debt Issuance Expense UnamortizedDebtIssuanceExpense	1897347	USD
	us-gaap	Unrealized Gain Loss On Cash Flow Hedging Instruments UnrealizedGainLossOnCashFlowHedgingInstruments	1212434	USD
	us-gaap	Unrealized Gain Loss On Cash Flow Hedging Instruments UnrealizedGainLossOnCashFlowHedgingInstruments	430869	USD
CY2016Q3	us-gaap	Unrealized Gain Loss On Derivatives UnrealizedGainLossOnDerivatives	161002	USD
	us-gaap	Unrealized Gain Loss On Derivatives UnrealizedGainLossOnDerivatives	1212434	USD
CY2017Q3	us-gaap	Unrealized Gain Loss On Derivatives UnrealizedGainLossOnDerivatives	-59138	USD
	us-gaap	Unrealized Gain Loss On Derivatives UnrealizedGainLossOnDerivatives	430869	USD
CY2016Q3	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	35347403	shares
	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	35299839	shares
CY2017Q3	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	41074592	shares
	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	37674123	shares
CY2016Q3	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	35165532	shares
	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	35148793	shares
CY2017Q3	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	40796867	shares
	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	37225825	shares
	us-gaap	Basis Of Accounting BasisOfAccounting	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Basis of Presentation</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying consolidated balance sheet as of </font><font style="font-family:inherit;font-size:10pt;">September 30, 2017</font><font style="font-family:inherit;font-size:10pt;">, the consolidated statements of income and cash flows for the </font><font style="font-family:inherit;font-size:10pt;">three and nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September 30, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;"> are unaudited. The unaudited interim consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position as of September 30, 2017 and December 31, 2016, and its results of operations and cash flows for the </font><font style="font-family:inherit;font-size:10pt;">three and nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September 30, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;">. The financial data and the other information disclosed in these notes to the consolidated financial statements related to these </font><font style="font-family:inherit;font-size:10pt;">three and nine</font><font style="font-family:inherit;font-size:10pt;"> month periods are unaudited. Certain information and disclosures included in the annual consolidated financial statements have been omitted for the interim periods pursuant to the rules and regulations of the SEC. The results for the </font><font style="font-family:inherit;font-size:10pt;">three and nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September 30, 2017</font><font style="font-family:inherit;font-size:10pt;"> are not necessarily indicative of the results for the year ending </font><font style="font-family:inherit;font-size:10pt;">December 31, 2017</font><font style="font-family:inherit;font-size:10pt;"> or for any other interim period or future years.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> The preparation of consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates and assumptions of the Company are the estimated fair value used in determining loss on sale and leaseback of vessel, the estimated future cash flows used in its impairment analysis, the estimated salvage value used in determining depreciation expense and the allowances for doubtful accounts.</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Advance hire, prepaid expenses and other current assets were comprised of the following: </font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="9" rowspan="1"></td></tr><tr><td style="width:72%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">September 30, 2017</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">December 31, 2016</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(unaudited)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Advance hire</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">5,159,896</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,232,444</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Prepaid expenses</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">646,493</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,844,522</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accrued receivables</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">5,042,672</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,319,220</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other current assets</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2,616,102</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,045,397</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">13,465,163</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,441,583</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accounts payable, accrued expenses and other current liabilities were comprised of the following:</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="9" rowspan="1"></td></tr><tr><td style="width:72%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">September 30, 2017</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">December 31, 2016</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">(unaudited)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accounts payable</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">17,690,288</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15,435,179</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accrued voyage expenses</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">11,656,486</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,955,389</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accrued interest</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">604,041</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">412,984</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other accrued liabilities</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">209,556</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">427,627</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">30,160,371</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">23,231,179</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Recently Issued Accounting Pronouncements</font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">    </font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued an ASU 2016-02, Accounting Standards Update for Leases. The update is intended to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. The Company does not typically enter into charters for terms exceeding six months. The standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. The Company does not expect adoption of this guidance to have a material impact on its financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued an ASU 2014-09, Accounting Standards Update for Revenue from Contracts with Customers. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2017. Management has organized a working group and is currently analyzing contracts with our customers covering the significant streams of the Company's annual revenues under the provisions of the new standard as well as changes necessary to information technology systems, processes and internal controls to capture new data and address changes in financial reporting. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">While we are continuing to assess all potential impacts of the standard, the Company's preliminary expectation is that revenue from vessels operating on time charter will continue to be recognized under current revenue recognition policies because the services being provided to its customers currently reflect the consideration to which the entity expects to be entitled in exchange for those services, and because these arrangements qualify as single performance obligations that meet the criteria to recognize revenue over time, as the customer is simultaneously receiving and consuming the benefits of these services. The performance obligation in a voyage charter is also the transportation service provided and also meets the criteria to recognize revenue over time. However, under the new standard, our expectation is that revenue for these voyages will be recognized over the period between load port and discharge port in contrast to the current recognition policy to recognize revenue from discharge port to discharge port. The Company also believes that under the new standard, it will recognize an asset from certain costs incurred to fulfill contracts that have not begun to load if they meet the criteria outlined in this update. Such assets will be amortized pro rata over the period of the contract. Neither of these changes is expected to have a material impact on the consolidated financial statements because the number of open voyages at any point in time are not a significant portion of the annual total and the difference in revenue is expected to be only a small percentage of such voyage revenue. The Company will apply the new revenue standard on a modified retrospective basis with a cumulative effect adjustment to the opening balance of retained earnings as of January 1, 2018. Prior periods will not be retrospectively adjusted. The Company is prepared to implement the new revenue standard on the effective date and will follow recently issued guidance on practical expedients as part of our transition. </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In November 2016, the FASB issued an ASU 2016-18 Accounting Standards Update for Statement of Cash Flows. The amendments in this Update provide guidance on the presentation of restricted cash or restricted cash equivalents in the statement of cash flows, thereby reducing the diversity in practice. Specifically, this Update addresses how to classify and present changes in restricted cash or restricted cash equivalents that occur when there are transfers between cash, cash equivalents, and restricted cash or restricted cash equivalents and when there are direct cash receipts into restricted cash or restricted cash equivalents or direct cash payments made from restricted cash or restricted cash equivalents The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The amendments in this Update should be applied using a retrospective transition method to each period presented. The Company does not expect adoption of this guidance to have a material impact on its financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2017, the FASB issued an ASU 2017-12 Accounting Standards Update for Derivatives and Hedging. The amendments in this Update better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. To meet that objective, the amendments expand and refine hedge accounting for both nonfinancial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The amendments in this Update are effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early application is permitted in any interim period after issuance of the Update. All transition requirements and elections should be applied to hedging relationships existing on the date of adoption. The effect of adoption should be reflected as of the beginning of the fiscal year of adoption. For cash flow and net investment hedges existing at the date of adoption, an entity should apply a cumulative-effect adjustment related to eliminating the separate measurement of ineffectiveness to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year that an entity adopts the amendments in this Update. The amended presentation and disclosure guidance is required only prospectively. The Company does not expect adoption of this guidance to have a material impact on its financial statements.</font></div></div>

Files In Submission

Name	View Source	Status
0001606909-17-000101-index-headers.html	Edgar Link	pending
0001606909-17-000101-index.html	Edgar Link	pending
0001606909-17-000101.txt	Edgar Link	pending
0001606909-17-000101-xbrl.zip	Edgar Link	pending
FilingSummary.xml	Edgar Link	unprocessable
Financial_Report.xlsx	Edgar Link	pending
panl-20170930.xml	Edgar Link	completed
panl-20170930.xsd	Edgar Link	pending
panl-20170930_cal.xml	Edgar Link	unprocessable
panl-20170930_def.xml	Edgar Link	unprocessable
panl-20170930_lab.xml	Edgar Link	unprocessable
panl-20170930_pre.xml	Edgar Link	unprocessable
panl-9302017x10q.htm	Edgar Link	pending
panl-9302017xex311.htm	Edgar Link	pending
panl-9302017xex312.htm	Edgar Link	pending
panl-9302017xex321.htm	Edgar Link	pending
panl-9302017xex322.htm	Edgar Link	pending
R1.htm	Edgar Link	pending
R10.htm	Edgar Link	pending
R11.htm	Edgar Link	pending
R12.htm	Edgar Link	pending
R13.htm	Edgar Link	pending
R14.htm	Edgar Link	pending
R15.htm	Edgar Link	pending
R16.htm	Edgar Link	pending
R17.htm	Edgar Link	pending
R18.htm	Edgar Link	pending
R19.htm	Edgar Link	pending
R2.htm	Edgar Link	pending
R20.htm	Edgar Link	pending
R21.htm	Edgar Link	pending
R22.htm	Edgar Link	pending
R23.htm	Edgar Link	pending
R24.htm	Edgar Link	pending
R25.htm	Edgar Link	pending
R26.htm	Edgar Link	pending
R27.htm	Edgar Link	pending
R28.htm	Edgar Link	pending
R29.htm	Edgar Link	pending
R3.htm	Edgar Link	pending
R30.htm	Edgar Link	pending
R31.htm	Edgar Link	pending
R32.htm	Edgar Link	pending
R33.htm	Edgar Link	pending
R34.htm	Edgar Link	pending
R35.htm	Edgar Link	pending
R4.htm	Edgar Link	pending
R5.htm	Edgar Link	pending
R6.htm	Edgar Link	pending
R7.htm	Edgar Link	pending
R8.htm	Edgar Link	pending
R9.htm	Edgar Link	pending
report.css	Edgar Link	pending
Show.js	Edgar Link	pending

Create your account

Find Stocks Worth Researching

Deeply Understand Businesses

Value Businesses Intelligently

$PANL
Pangaea Logistics Solutions Ltd. Stock $panl

2017 Q3 Form 10-Q Financial Statement

#000160690917000101 Filed on November 09, 2017

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$PANL Pangaea Logistics Solutions Ltd. Stock $panl

2017 Q3 Form 10-Q Financial Statement

#000160690917000101 Filed on November 09, 2017

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$PANL
Pangaea Logistics Solutions Ltd. Stock $panl